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Full-Text Articles in Entire DC Network
Unraveling The Enigma Of Japan’S Lost Decades: An Econometrics Study Using Var Model, Mingche Sun
Unraveling The Enigma Of Japan’S Lost Decades: An Econometrics Study Using Var Model, Mingche Sun
Senior Projects Spring 2023
This paper investigates the driving factors of Japan’s stagnation for over 20 years. Through reading various studies and reports, the main factors considered in this econometric study are the government policies, including fiscal and monetary policies, demographic change, and the international competition. These are represented by government spending, interest rates, age dependency ratio, and net export, respectively. The Vector Autoregression (VAR) Model is used in two separate periods. The findings show that for the first period (1991-2000), the age dependency ratio, net exports and interest rate slowed down the economy; however, for the second period, the net exports became the …
Financial Alcoholism: An Institutionalist Analysis Of The Repeal Of The Glass-Steagall Act And 2008 Financial Crisis, Eli C. Shapiro
Financial Alcoholism: An Institutionalist Analysis Of The Repeal Of The Glass-Steagall Act And 2008 Financial Crisis, Eli C. Shapiro
Senior Projects Spring 2023
The thesis argues that the the repeal of the Glass-Steagall Act in 1999 was not a leading cause of the 2008 Financial Crisis but did contribute to its scope. It finds that the American economy was already on track before the repeal for a late-2000s financial crisis due to sectoral imbalances as well as the rise of money manager capitalism during the decades before the repeal. However, the repeal contributed to the "legitimization" of financial holding companies and originate-to-distribute model, spreading toxic assets around the financial sector and exposing depositors to this risk during a time of rapidly increasing banking …
Determinants Of Profitability Of Commercial Bank In Afghanistan, Mohammad Osman Saeedi
Determinants Of Profitability Of Commercial Bank In Afghanistan, Mohammad Osman Saeedi
Senior Projects Fall 2023
Over the past two decades, the global financial sector, particularly the banking industry, has undergone significant transformations impacting its performance. Recognizing the pivotal role of the financial sector in economic growth, this study focuses on Afghanistan's banking sector, tracing its roots to the establishment of the first commercial banking institution, Bank Millie Afghan, in 1933. Following decades of war, the banking sector experienced revitalization after 2001, marked by the emergence of a new government, international aid inflow, and increased business activities. Despite remarkable growth, Afghanistan's banking sector faces challenges such as security concerns, cultural issues, and a developing banking culture. …
Price Is What You Pay: An Analysis Of Government Pricing Power, Denton Penn Lane
Price Is What You Pay: An Analysis Of Government Pricing Power, Denton Penn Lane
Senior Projects Spring 2022
Marketplaces for goods and services are defined by the existence of prices. In a market economy, the price is an important determinant for production and consumption. We analyze theories describing how private firms price their goods and how government activity affects those prices. This description of government pricing powers is done through the lens of Modern Money Theory so as to provide a detailed view of the current monetary system. Through exploring a series of fiscal policy options, this paper has shown government pricing power to be present and undertheorized. The resulting discussion is aimed at providing theoretical background for …
The Gold Standard And Fiat Money System, Khawaja Mohammad Mudasser
The Gold Standard And Fiat Money System, Khawaja Mohammad Mudasser
Senior Projects Fall 2022
This paper explains two world monetary orders, the Gold Standard and Fiat Money. The paper argues that the Fiat Money system is better than the Gold Standard system because the Gold Standard system increases risk of deflation and restricts economic growth unlike the Fiat Money system. The paper discusses history of both monetary regimes, policy mechanism under both systems and economic outcomes. The paper states the policy and framework for exchange rates and trading under both regimes. It also discusses monetary policy and gold/capital flows under both of the systems.
New Perspectives On Contemporary Chinese Growth: The Developmental State Model And China’S Success In The Reform Period, Adam T. Savino
New Perspectives On Contemporary Chinese Growth: The Developmental State Model And China’S Success In The Reform Period, Adam T. Savino
Senior Projects Spring 2021
The success of China since 1979 has often been boiled down to market fundamentals, neglecting its largely state directed system. This essay compares the developmental state theory of growth, established by historian Chalmers Johnson, to China’s economic practices over the last 40 years. Ultimately, the purpose of this essay is to demonstrate that China’s growth is based on a unique application of the developmental state model, and that this model is potentially transferable to other economies that have yet to develop as robustly.
Disruption In The Repo Market - A Sign Of Systemic Issues, Tinatin Bezhanidze
Disruption In The Repo Market - A Sign Of Systemic Issues, Tinatin Bezhanidze
Senior Projects Spring 2020
The Repurchase Agreement (repo) market is an essential part of the financial system. Thus, a disruption in the repo market in September of 2019, leading to the first Federal Reserve intervention since the Global Financial Crisis, sowed panic. This paper discusses some of the possible explanations of the repo crisis, such as tax payments draining liquidity at the same time as the Treasury bonds were settled, changes in regulations leading to inability to use the reserves on the market, a problem of market domination and change in behavior of the non-bank participants. It builds on the theories of the economist …
Intragovernmental Autonomous Stabilizers, Alex Williams
Intragovernmental Autonomous Stabilizers, Alex Williams
Theses - Graduate Programs in Economic Theory and Policy
We present a novel framework for understanding the relationship between the federal and state governments of the United States of America. Drawing on the experience of state government finances during and after the Great Recession in 2008, we propose the establishment of novel intragovernmental budgetary stabilization mechanisms. We draw out the flawed arguments of the existing fiscal federalism literature and demonstrate how the work of Michael Pettis and Modern Monetary Theory provide more usable insights when crafting public policy. We propose several potential policy responses and produce a counterfactual model of state finances after the Great Recession using the new …
Non-Increasing Cost Functions: Making The Connection Between Keynesian And Neoclassical Macroeconomics, Max Von Holtzendorff
Non-Increasing Cost Functions: Making The Connection Between Keynesian And Neoclassical Macroeconomics, Max Von Holtzendorff
Theses - Graduate Programs in Economic Theory and Policy
No abstract provided.
The Specter Of Caste, Kabir Raj Khanna
The Specter Of Caste, Kabir Raj Khanna
Senior Projects Spring 2018
Senior Project submitted to The Division of Social Studies of Bard College.
The Zambian Consensus, Stefan Jan Briggs
The Zambian Consensus, Stefan Jan Briggs
Senior Projects Spring 2018
Senior Project submitted to The Division of Social Studies of Bard College.
Does Financial Liberalization Increase Corruption?: Evidence From A Panel Analysis, Pranjal Sudhir Ghate
Does Financial Liberalization Increase Corruption?: Evidence From A Panel Analysis, Pranjal Sudhir Ghate
Senior Projects Spring 2018
This project investigates whether financial liberalization increases corruption on a global level. Arguments put forward by international institutions such as the World Bank and the IMF claim that financial globalization will reduce corruption. However, the experience of India suggests that opening up financial markets might have increased corruption. This project tests whether this experience is generalizable worldwide. I find evidence for the conjecture that financial liberalization increased corruption in a panel analysis using random effects and lagged independent variable.
Assessing The Effectiveness Of The Federal Reserve’S Quantitative Easing Policy In Lowering Long-Term Interest Rates, Lee Philip Perry
Assessing The Effectiveness Of The Federal Reserve’S Quantitative Easing Policy In Lowering Long-Term Interest Rates, Lee Philip Perry
Senior Projects Spring 2018
This project looks at the effectiveness of Quantitative Easing on lowering long-term interest rates. To come up with an answer I look through three separate channels in which QE works to lower long-term rates: the speculation channel, inflations expectation channel, and portfolio balance channel. In examining these channels and their respective effects, I combine relative channel and general economic theory with data relative to each channel such as long-term yields, inflation expectation data, public holdings of federal debt, and much more in order to understand whether QE was at the forefront of the reduction in yields. Through these channels, we …
The Arts In The United States: Can The Arts Become A Public Good?, Alexander Van Der Veen
The Arts In The United States: Can The Arts Become A Public Good?, Alexander Van Der Veen
Senior Projects Fall 2018
Senior Project submitted to The Division of Social Studies of Bard College.
Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones
Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones
Senior Projects Spring 2017
This Senior Project advances the modernization losers thesis, wherein the electoral successes of the far right in Western Europe are attributable to neoliberal fiscal policy, labor market shifts, and the institutional structure of the euro. Building on an existing body of literature that primarily assesses voting behavior through survey research, this paper assesses the relationship between right-wing electoral successes and the socioeconomic status of semi-skilled, blue-collar laborers thought to comprise the core voting base of extreme right parties, by using panel data at the national and provincial levels to answer the question, “To what extent has the declining position of …
From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes
From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes
Senior Projects Spring 2017
This project will analyze the historical foundation of the minimum wage in the United States prior to the first federal wage enactment in 1938 to the current federal wage as well as individual state wages. This paper will offer a historical overview along with economic ideology in determining appropriate minimum wage floors on state and federal levels of the economy. The question of raising either state or federal minimum wages has drawn great importance in the eyes of our country and in the eyes of economic thinkers, policymakers, and individuals. The minimum wage has been the backbone for working individuals …
Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet
Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet
Senior Projects Spring 2017
This project is composed of two essays examining the credit markets for the finance of automobiles. In particular, both chapters focus on subprime loans for the purchase of used cars, often financed by independent finance companies. In the first chapter, I review Hyman P. Minsky’s writing on credit and securitization to create a theoretical framework that explains how auto finance has evolved. This chapter’s analysis primarily compares the current period of subprime auto finance with short boom and bust cycle experienced by the auto finance sector in the 1990s. The second chapter reviews various evidence of discrimination in subprime auto …
An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick Mcinerney
An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick Mcinerney
Senior Projects Spring 2017
This project explores the stock-flow consistent (SFC) approach to modeling with the goal of examining the effectiveness of different fiscal policy tools, specifically tax policies and government expenditure. By exploring the historical and theoretical elements of stock-flow consistent models, we aim to gather insight on past successful models proven to predict crises. This paper begins with a history and continues into a simple SFC model thought experiment, which emphasizes the flexibility of the models as well as a precursor to the shock approach we employ at the end of the paper. We create Model ECONOMY with several strong assumptions, such …
The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn
The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn
Senior Projects Fall 2017
Governor Franklin D. Roosevelt created The New York State Temporary Emergency Relief Administration (TERA) in response to the Great Depression. Operating from 1931-37, this state-level jobs-and-income style policy featured comprehensive in-kind assistance, “home relief,” and emergency unemployment relief, “work relief.” Though the program is fascinating just in this respect, it has been systematically overshadowed by the alphabet soup of New Deal era relief policies. We revisit the TERA to shed light on what it offered to the people of NY and, overall, what it offered to the economy. We find significant evidence that the program stabilized the State economy by …
Establishing Public Banks To Address State And Local Government Fiscal Problems, Erind Disha
Establishing Public Banks To Address State And Local Government Fiscal Problems, Erind Disha
Senior Projects Fall 2016
Unlike the Federal Government, which has the unique legal power to issue a national currency, state and local governments (SLGs) depend on their revenue capacity for spending. Thus, the quality of public services provided by SLGs depends on adequate, stable funding and long-term commitments. This paper begins with an evaluation of the general fiscal condition of SLGs, meanwhile discerning specific budget areas that have become particularly distressed, such as education, healthcare, and infrastructure. Chapter 3 deals with how SLGs engage in municipal finance with private financial institutions. Finally, the fourth chapter presents how arranging a system of public banks across …
Examining Monetary Policy In The Absence Of A Central Bank And Sovereign Currency In Palestine, Salam Marwan Awartani
Examining Monetary Policy In The Absence Of A Central Bank And Sovereign Currency In Palestine, Salam Marwan Awartani
Senior Projects Spring 2016
There is extensive literature on the Israeli-Palestinian conflict that studies the historic, political, and social aspects. However, few scholars have examined the economic model that was born out of the conflict and the various implications behind it. According to Charles Goodhart: “A Central Bank has two main functions. Its first (macro-economic) function is the operation of discretionary monetary policy” and a “second (micro-economic) function, of providing support (e.g., via Lender of Last Resort assistance), and regulatory and supervisory services to maintain the health of the banking system”[1]. However, with the Israeli Occupation’s imposed restrictions on the PMA, the …
Roosevelt’S Recession, 1937: Lasting History And Contested Policy, Jonian Rafti
Roosevelt’S Recession, 1937: Lasting History And Contested Policy, Jonian Rafti
Senior Projects Spring 2015
Senior Project submitted to The Division of Social Studies of Bard College.
The Macroeconomics Of The Declining U.S. Labor Share: A Debt-Led Explanation, Alex Jianan Xu
The Macroeconomics Of The Declining U.S. Labor Share: A Debt-Led Explanation, Alex Jianan Xu
Senior Projects Spring 2015
This paper aims to answer two major conundrums in macroeconomic theory with regards to the U.S. economy. First, standard macroeconomic models such as Harrod-Domar and Solow theoryze that factor shares are constant; however, actual measures of the U.S. labor share have been on a downward trend since the early 1980s. The second conundrum relates to the Post-Kaleckian wage-led or profit-led view of economic growth. It indicates that a fall in the labor share in a wage-led economy will result in a fall in aggregate demand (due to deceases in consumption), and an increase in aggregate demand in a profit-led economy …
Southeast Asia's International Production Networks: Implications For Macroeconomic Stability, Abigail Eliana Zwick
Southeast Asia's International Production Networks: Implications For Macroeconomic Stability, Abigail Eliana Zwick
Senior Projects Spring 2013
Using the case of five Southeast Asian countries - Indonesia, Malaysia, Thailand, Singapore, and the Philippines - this paper examines the relationship between participation in international production networks and the volatility of export values in small, open developing economies. The region’s growth has been driven by the electronics and automotive industries over the past two decades, industries that rely on a system of intra-regional intermediate goods trade. While these countries diversified out of the agricultural industries in part to reduce volatility, there is evidence that they face new volatility risks in the new industries, as a result of dependence on …
Welfare Versus Stability In "Stabilizing An Unstable Economy": A Minskyan Growth Model, Stergios Mentesidis
Welfare Versus Stability In "Stabilizing An Unstable Economy": A Minskyan Growth Model, Stergios Mentesidis
Senior Projects Spring 2012
The paper focuses on Minsky's financial fragility hypothesis incorporated in a growth model and investigates whether an inherently unstable economy can be stabilized by a big and proactive government. Using dynamical systems theory and expanding a supply-driven growth model developed by Lin, Day and Tse (1992), the paper explores how different government spending programs and financing paths can affect the growth, as well as the stability of a capitalist economy. The results and implications of the new frameworks are analyzed, using analytical and numerical methods of bifurcation, to examine the dependence of optimal government intervention on the economic environment. The …
Sustaining Growth: A Projection Of China’S Rebalancing Efforts Towards Domestic Consumption, Yugai Zhu
Sustaining Growth: A Projection Of China’S Rebalancing Efforts Towards Domestic Consumption, Yugai Zhu
Senior Projects Spring 2011
According to the macroeconomic identity, combined private sector and public sector balance should match current account balance in any economy. This senior project applies the macroeconomic identity to Chinese data, and analyzes systematically China’s economic structure. The analysis finds that China is not as reliant on trade as people normally think despite that the private sector is running a large surplus. Furthermore, it also shows that the private sector can be induced to spend more, and the public sector has much potential to increase deficit spending. Based on these results, I recommend a combination of 10% to 20% exchange rate …
Uncertainty And The Institutional Structure Of Capitalist Economies, Hyman P. Minsky Ph.D.
Uncertainty And The Institutional Structure Of Capitalist Economies, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
No abstract provided.
Tariff For Revenue, Hyman P. Minsky Ph.D.
Tariff For Revenue, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
A shorter form of this is also attached.
The Employment System, Social Security And Structure Of Household Savings, Hyman P. Minsky Ph.D.
The Employment System, Social Security And Structure Of Household Savings, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
No abstract provided.
Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.
Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
Journal of Financial Services Research, Vol 9, No. 3-4, 197-208.