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The Fih And The Paradox Of Debt: A Microeconometric Approach For Latin America, Alejandro GonzáLez, Esteban Perez-Caldentey
The Fih And The Paradox Of Debt: A Microeconometric Approach For Latin America, Alejandro GonzáLez, Esteban Perez-Caldentey
PERI Working Papers
Hyman Minsky’s financial instability hypothesis (FIH) argues that as part of the normal functioning of capitalist economies robust financial structures tend to evolve into highly leveraged fragile financial structures. The paradox of debt challenges the very foundation of Minsky’s FIH as it sustains that upward and downward phases of the business cycles need not be characterized by processes of respective leveraging and deleveraging. Using a panel of firm-level data and seemingly unrelated regressions we analyze the relationship between debt and investment for twelve Latin American countries for the years 2005 (expansion) and 2009 (contraction). We reject the Paradox of Debt …
Reinvestigating The Prebisch-Singer Hypothesis 1900-2015, Shouvik Chakraborty
Reinvestigating The Prebisch-Singer Hypothesis 1900-2015, Shouvik Chakraborty
PERI Working Papers
This paper analyses the empirical validity of Prebisch-Singer hypothesis using the time series Grilli-Yang Commodity Price Index data spanning from 1900 to 2015. The methodology employed is encapsulated in a three fold approach: a) endogenous detection of structural breaks; b) estimation of trend through piecewise linear regression; and c) validation of the statistical significance of the trends applying the Mann-Kendall test. The four structural breaks endogenously determined, primarily, coincides with four important historical/economic events over the last century: (a) World War I (1914 to 1918) and, thereafter, the Great Depression (1929 to 1939), (b) World War II (1939-1945) and immediate …
Three Essays On Sustainable Development In China: Social, Economic And Environmental Aspects, Ying Chen
Three Essays On Sustainable Development In China: Social, Economic And Environmental Aspects, Ying Chen
Doctoral Dissertations
The first essay focuses on the role of the hukou (i.e. Household Registration System) with full awareness of the economic system it operates under, and the development model it assists. I find that hukou’s main role in the planned economy was to assist socialist industrialization while averting the Lewis development model, a development strategy based on unlimited supply of labors from the rural sector, largely adopted in developing countries. In the market reform period, hukou performed exactly the opposite function, which is to assist the Lewis model based on the unlimited supply of rural surplus labor “released” from the …
Elite Capture, Free Riding, And Project Design: A Case Study Of A Community-Driven Development Project In Ceará, Brazil, Jessica Carrick-Hagenbarth
Elite Capture, Free Riding, And Project Design: A Case Study Of A Community-Driven Development Project In Ceará, Brazil, Jessica Carrick-Hagenbarth
Doctoral Dissertations
This dissertation explores the successes and failures of a community-driven development project, São José Agrário (SJA), conducted in Northeastern Brazil. The project was co-funded by the World Bank and the State of Ceará and co-directed by a social movement (the Landless Workers Movement, MST) and the State of Ceará. The dissertation employs a mixed methods approach based on eight case studies, a census survey of six communities, and interviews with a wide variety of actors connected to the project. I address the problem of elite capture, either by non-targeted communities or by an elite within the targeted communities disproportionately benefiting …
Three Essays On The Social Determinants Of Early Childhood Health And Development, Andrew Barenberg
Three Essays On The Social Determinants Of Early Childhood Health And Development, Andrew Barenberg
Doctoral Dissertations
This three-paper dissertation examines the social determinants of early childhood and in-utero health. The first chapter examines the impact of early childhood stunting on educational outcome in Tanzania. Using the extent of third-trimester overlap with the Tanzania hunger season to create an exogenous variation in stunting, I find that a one standard deviation stunting decreases educational achievement by .88 school years compared to a child's siblings. A placebo group not affected by the hunger season is used to confirm that in-utero nutrition deprivation is the cause of the education differences. The second paper utilizes the food price shocks and price …
The Political Economy Of Smallholder Incorporation And Land Acquisition, Alfredo R. Rosete
The Political Economy Of Smallholder Incorporation And Land Acquisition, Alfredo R. Rosete
Doctoral Dissertations
Of late, development institutions and economists have argued that one way to accomplish the modernization, and thus, poverty alleviation in the rural sector is through smallholder incorporation- partnerships between agribusiness firms and smallholders in order to cultivate high valued export crops. Smallholders in developing countries often face numerous challenges that result in low incomes, and limited opportunities. As a result of these challenges, smallholders in developing countries continue to cultivate subsistence crops, or, use less technologically intensive techniques. Thus, many are unable to maximize the use of their holdings. Agribusiness firms may provide the material inputs, infrastructure, and transport needed …
Three Essays On Sustainability, Mark V. Paul
Three Essays On Sustainability, Mark V. Paul
Doctoral Dissertations
Chapter 1 investigates the inverse relationship between farm size and agricultural yield. While there are a large number of studies internationally, there have been few conducted in African countries. Using household-level data from a national survey we explore the relationship between farm size and yield in Ethiopia's post land reform scenario. We find a robust inverse relationship between farm size and yield, and a positive association between yield and land fragmentation. These findings raise important questions for current agricultural development strategies that favor larger farms and less fragmentation in Africa Chapter 2 investigates the uptake of top-down flood mitigation policies …
Three Essays On Labor Market Friction And The Business Cycle, Jong-Seok Oh
Three Essays On Labor Market Friction And The Business Cycle, Jong-Seok Oh
Doctoral Dissertations
This dissertation examines the macroeconomic impact of reduced labor market friction on the U.S. business cycle after the mid-1980s. The first two essays investigate the relationship between labor market flexibility and macroeconomic stability from a post-Keynesian perspective. In the third essay which reviews the relationship between labor market flexibility and patterns of U.S. business cycle, I test the argument that after 1985 Okun’s coefficient became larger due to the flexible labor market. In essay 1, considering two aspects of labor market flexibility, employment flexibility and real wage flexibility, I adopt the flex-output model (Skott, 2015) to first discuss employment flexibility …
Three Essays On The Macroeconomic Impacts Of Rent Seeking, Kurt Von Seekamm
Three Essays On The Macroeconomic Impacts Of Rent Seeking, Kurt Von Seekamm
Doctoral Dissertations
Chapter 1 of this dissertation focuses on the political economy of rent seeking. Using trading in financial markets, patent litigation and managerial privilege as descriptive examples from the modern economy, it identifies situations where rent seeking opportunities occur. The challenge of correctly distinguishing between productive activities and rent seeking activities demonstrate the empirical challenges of examining rent seeking. This chapter also suggests that in addition to the opportunity cost of physical capital, modern rent seeking has a significant opportunity cost in the form of the misallocation of human capital. Chapter 2 explores the relationship between increased rent seeking, aggregate demand, …
Colonial And Post-Colonial Origins Of Agrarian Development: The Case Of Two Punjabs, Shahram Azhar
Colonial And Post-Colonial Origins Of Agrarian Development: The Case Of Two Punjabs, Shahram Azhar
Doctoral Dissertations
This study explores the colonial and post-colonial origins of agrarian development by looking at the role of historical institutions, class formations and the state (ICS) in shaping the process. It contributes to the “divergence debates” in economics, which make an attempt to explain the ‘fundamental causes’ of divergence between countries. While one strand of the divergence literature presents the process as being functional to ‘geography’, a second strand focuses on the institutional legacies of colonialism; what is common to both sets of explanations, however, is the view that future outcomes are completely pre-determined by one or another time-invariant factor, leading …
Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Doctoral Dissertations
This dissertation consists of three essays which analyze the role of household debt in the financial crisis of 2007-2009, and weak recovery that followed. In these essays, I pursue the following research topics: 1) Estimation of the effects of mortgage fraud on losses to foreclosure, 2) Estimation of whether loan modifications increased or decreased debt, and 3) Analyzing the historical evolution of housing finance regulation to advance a proposal for reform. While formally independent, these essays share a common theoretical perspective located at the intersection of financial macroeconomics and political economy. These essays analyze how conflicts of interest and inside …
A Theory Of Economic Policy Lock-In And Lock-Out Via Hysterisis: Rethinking Economists’ Approach To Economic Policy, Thomas I. Palley
A Theory Of Economic Policy Lock-In And Lock-Out Via Hysterisis: Rethinking Economists’ Approach To Economic Policy, Thomas I. Palley
PERI Working Papers
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment.
The Economics Of Just Transition: A Framework For Supporting Fossil Fuel-Dependent Workers And Communities In The United States, Robert Pollin, Brian Callaci
The Economics Of Just Transition: A Framework For Supporting Fossil Fuel-Dependent Workers And Communities In The United States, Robert Pollin, Brian Callaci
PERI Working Papers
We develop a Just Transition framework for U.S. workers and communities that are currently dependent on domestic fossil fuel production. Our rough high-end estimate for such a program is a relatively modest $600 million per year. This level of funding would pay for 1) income, retraining and relocation support for workers facing retrenchments; 2) guaranteeing the pensions for workers in the affected industries; and 3) mounting effective transition programs for what are now fossil-fuel dependent communities. The paper first summarizes the evidence on how much the U.S. fossil fuel industry will need to contract to achieve CO2 emissions reduction targets …
No Country For Young Girls: Market Reforms, Gender Roles, And Pre-Natal Sex Selection In Post-Soviet Ukraine, Lawrence King, Marc Michael
No Country For Young Girls: Market Reforms, Gender Roles, And Pre-Natal Sex Selection In Post-Soviet Ukraine, Lawrence King, Marc Michael
PERI Working Papers
Amartya Sen’s seminal “100 Million Missing Women” brought to light the rapid increase of sex-selective infanticide in India. Since then, interest in the related problem of pre-natal sex-selection has proliferated. Most analyses of the phenomenon, however, have been restricted to developing countries and been carried out at the national or large sub-national region. Pre-natal sex selection is understood as a product of the pull to reduce family size caused by a “demographic transition” combined with the swift spread of modern scanning technology within a still traditional culture or kinship structure that prioritizes male children. This article opens up the analysis …
Opening The Farm Gate To Women? Sustainable Agriculture In The United States, Mark Paul, Anders Fremstad
Opening The Farm Gate To Women? Sustainable Agriculture In The United States, Mark Paul, Anders Fremstad
PERI Working Papers
This paper analyzes the relationship between the growth in the number of women farmers and the rise in sustainable agriculture using the US Census of Agriculture. Assessing full time farmers, we show that farms operated by women earn much lower farm incomes than farms operated by men, such that the gender gap in agriculture is amongst the largest in any occupation. While this inequity can be partly explained by the patrilineal inheritance of land and capital, farms headed by women generate nearly 40 percent less income after controlling for farm assets, work time, age, experience, farm type, and location. We …
The Bonus-Driven “Rainmaker” Financial Firm: How These Firms Enrich Top Employees, Erode Shareholder Value And Create Systemic Financial Instability, Economic Crises And Rising Inequality, James Crofty
PERI Working Papers
We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One precondition for the crisis was the perverse, bonus-driven compensation structure employed in important financial institutions such as investment banks. This structure provided the rational incentive for key decision makers in these firms (who I call “rainmakers”) to take the excessive risk and employ the excessive leverage that helped create the bubble and made the crisis so severe. This paper presents and evaluates extensive data on compensation practices in …
Microfinance, Household Indebtedness And Gender Inequality, Theresa Mannah-Blankson
Microfinance, Household Indebtedness And Gender Inequality, Theresa Mannah-Blankson
Doctoral Dissertations
My dissertation explores the implications of access to microfinance for gender equity and household welfare in Ghana. The study draws on the quantitative and qualitative evidence from a unique dataset generated from a survey of 499 households, with and without access to microfinance, during my field research work in Ghana from May to July 2013. The motivation for the dissertation derives from evidence suggesting that access to finance is an important tool for fighting poverty and reducing inequality. However, for most developing countries access to finance for the poor is mainly through the informal or the semi-formal sector, including microfinance …
Managing The Agricultural Biotechnology Revolution: Responses To Transgenic Seeds In Developing Countries, Alper Yagci
Managing The Agricultural Biotechnology Revolution: Responses To Transgenic Seeds In Developing Countries, Alper Yagci
Doctoral Dissertations
There has been heated debate over transgenic or genetically modified (GM) crops in agriculture. Advocates and critics argue over possible economic, environmental, public health implications of this technology. This study examines varying policy approaches to regulating GM crop cultivation in four developing countries where the technology has large potential application. Why have some countries banned GM crop cultivation in their territory while others encouraged it? In countries where GM crops were allowed, why have varying systems of intellectual property rights (IPR) protection been constructed? To investigate these questions I comparatively examine the policy experience (1995-2015) of Argentina, Brazil, Turkey relying …
Endogenous Capacity, Multiple Equilibria And Thirlwall's Law: Theory And An Empirical Application To Mexico: 1950 - 2012., Juan Alberto Vázquez Muñoz
Endogenous Capacity, Multiple Equilibria And Thirlwall's Law: Theory And An Empirical Application To Mexico: 1950 - 2012., Juan Alberto Vázquez Muñoz
Doctoral Dissertations
This dissertation incorporates the investment variable in two alternative post-Keynesian theories, Thirlwall’s Law and The Endogeneity of the Natural Rate of Growth, and then uses them in order to explain the performance of the rate of growth of the Mexican economy during the 1950 – 2012 period. In chapter two we elaborate an extension of the Thirlwall’s Law model in which exports are not the only source of growth but so is investment. The demand for imports is affected in a negative way when capital accumulation alters the internal structure of economic production to substitute for imports. Then, the rate …
Employment And Family Leave Mandates: Three Essays On Labor Supply And Demand, Nontraditional Families, And Family Policy, Samantha Schenck
Employment And Family Leave Mandates: Three Essays On Labor Supply And Demand, Nontraditional Families, And Family Policy, Samantha Schenck
Doctoral Dissertations
Many American families have a difficult time balancing their obligations at work with their responsibilities at home. This is especially the case when a member of the family needs an increased level of care giving, for instance after the birth of a child or when a family member is seriously ill. Governments around the world have passed legislation to make these difficult times easier for workers by mandating that employers provide paid family leave to their employees. However the US federal government mandates only 12 weeks of job-protected leave through the Family and Medical Leave Act of 1993, which only …
Modeling Choice Problems With Heterogeneous User Preferences In The Transportation Network, Mahyar Amirgholy
Modeling Choice Problems With Heterogeneous User Preferences In The Transportation Network, Mahyar Amirgholy
Doctoral Dissertations
Users of transportation systems need to make a variety of different decisions for their trips in the network, while their objective is to keep the generalized costs of their own trips minimized. In the transportation network, there is a diversity of different factors that can influence the decisions of the users, while the relative importance of these factors varies among the heterogeneous users with different trip purposes. Nonetheless, the cumulative result of the individual decisions of the users seeking to minimize their costs according to their own preferences leads to the user equilibrium condition in which no one can reduce …
The Gospel Of Co-Operative Capitalism: Acolytes And Apostates, William E. Mccolloch
The Gospel Of Co-Operative Capitalism: Acolytes And Apostates, William E. Mccolloch
PERI Working Papers
The present paper seeks to locate the Bhaduri-Marglin (B-M) model as an historical outcome of the Left's internal disputes over the prospects for social democracy. In better contextualizing the B-M model as a historical response to the perceived political economic failings of the social compromises upon which the growth of post-War advanced capitalist economies had rested, both the model’s popularity and its potential limitations can more easily be understood. Though the B-M framework has frequently come to be referred to as the neo- or post-Kaleckian growth model, such labels perhaps obscure the model's diverse ancestry. The model constituted an attempt …
Profit-Led Growth And The Stock Market, Thomas R. Michl
Profit-Led Growth And The Stock Market, Thomas R. Michl
PERI Working Papers
This paper presents a simple stock-flow consistent model of corporate capitalism with a financial market for firm equities issued by managers as part of their investment plan with the investment rate in turn sensitive to the q-ratio, workers who save for life-cycle motives, and capitalist rentier households who save from a bequest motive. The model assumes full capacity utilization; saving and investment decisions are co-ordinated through changes in the valuation of the capital stock or q-ratio. Changes in valuation can induce enough investment and capitalist consumption to fill the demand gap left by a reduction in the wage share. But …
Capital Controls In A Time Of Crisis, Ilene Grabel
Capital Controls In A Time Of Crisis, Ilene Grabel
PERI Working Papers
The startling resuscitation of capital controls during the global crisis has substantially widened policy space in the global north and south. The paper highlights five factors that contribute to the evolving rebranding of capital controls. These include: (1) the rise of increasingly autonomous developing states, largely as a consequence of their successful response to the Asian crisis; (2) the increasing confidence and assertiveness of their policymakers in part as a consequence of their relative success in responding to the global crisis at a time when many advanced economies have and still are stumbling; (3) a pragmatic adjustment by the IMF …
Inequality And Growth In Neo-Kaleckian And Cambridge Growth Theory, Thomas I. Palley
Inequality And Growth In Neo-Kaleckian And Cambridge Growth Theory, Thomas I. Palley
PERI Working Papers
This paper examines the relationship between inequality and growth in the neo-Kaleckian and Cambridge growth models. The paper explores the channels whereby functional and personal income distribution impact growth. The growth – inequality relationship can be negative or positive, depending on the economy’s characteristics. Contrary to widespread claims, inequality per se does not impact growth. Instead, both growth and inequality are impacted by changes in the underlying forms and pattern of income payments. However, inequality is critical at the microeconomic level as it explains differences in household propensities to consume which are at the foundation of neo-Kaleckian and Cambridge growth …
Do Minimum Wages Lead To Job Losses? Evidence From Oecd Countries On Low-Skilled And Youth Employment, Simon Sturn
Do Minimum Wages Lead To Job Losses? Evidence From Oecd Countries On Low-Skilled And Youth Employment, Simon Sturn
PERI Working Papers
This paper investigates the impact of minimum wages on low-skilled and female low-skilled employment, and reassesses their effect on youth employment. The sample consists of 19 OECD countries from 1997-2013 for low-skilled, and 1983-2013 for young workers. Several different estimation approaches are applied, such as two-way fixed effects, a data-driven approach (LASSO) to pick relevant covariates, an instrumental variable approach to address the potential endogeneity of the minimum wage variable, dynamic difference and system GMM, and a specification in first differences. I present three versions of these estimates, controlling for up to quadratic country- specific time trends. I further investigate …
Essays On Household Health Expenditures, National Health Insurance And Universal Access To Health Care In Ghana, Evelyn Kwakye
Essays On Household Health Expenditures, National Health Insurance And Universal Access To Health Care In Ghana, Evelyn Kwakye
Doctoral Dissertations
Access to quality health services is essential for maintaining a healthy population and economic development hence the growing global consensus that universal health coverage is necessary. Ghana attempts to expand access by making basic health services free at the point of delivery through its National Health Insurance Scheme (NHIS). Prior studies indicate NHIS increases demand for health services, but questions remain about its impact on out of pocket payments, quality of services, and the financial viability of the program. Hence, this dissertation analyzes the financial risk in health care seeking, the effect of NHIS on out of pocket payments and …
Three Essays On Economic Stages And Transition, Ricardo R. Fuentes-Ramírez
Three Essays On Economic Stages And Transition, Ricardo R. Fuentes-Ramírez
Doctoral Dissertations
Cuba and Venezuela have been argued to be examples of state capitalism, populist capitalism, socialism, or simply the ambiguous “mixed economy.” By focusing on these countries as social formations in movement, or in transition, a more adequate understanding is presented. The first essay develops a theory of socialist transition, with focus on the dynamic, rather than static character of socialism. Furthermore, worker cooperatives are analyzed with a focus on the roles they play in the different stages of the transition to socialism. Finally, this framework is utilized to analyze the experience of the Bolivarian Revolution in Venezuela. The second essay …
Three Essays On Women's Land Rights In Rural Peru, Rosa L. Duran
Three Essays On Women's Land Rights In Rural Peru, Rosa L. Duran
Doctoral Dissertations
This dissertation investigates the relationship between female land rights and cultural, policy, and regional variables, and asks to what degree, and in what ways, the highly contextual nature of the relationships between these variables have determined local-specific causes and effects of female land rights in Peru. This dissertation consists of three essays. The first essay provides the socioeconomic and institutional context for the entire dissertation, introducing a brief historical account of the evolution of female land rights in Peru. This essay pays particular attention to the relationship between property rights and geographical context in the Peruvian countryside, examining the region-specific …
Wheels Within Wheels Within Wheels: The Importance Of Capital Inflows In The Origin Of The Spanish Financial Crisis, Rafael Fernandez, Clara GarcíA
Wheels Within Wheels Within Wheels: The Importance Of Capital Inflows In The Origin Of The Spanish Financial Crisis, Rafael Fernandez, Clara GarcíA
PERI Working Papers
With the creation of the Euro, the Spanish economy established an exchange rate regime similar to that adopted by many emerging economies during the 1990s. At the same time, the Eurozone as a whole adopted a currency system with features similar to the U.S. currency regime. In emerging economies, as in the U.S. economy, the adoption of these models was accompanied by strong growth in capital inflows, as well as severe financial (mostly banking) and/or macroeconomic (mostly trade) imbalances. Several authors have linked capital inflows with imbalances as cause and effect. This work uses some of those arguments, along with …