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Articles 1 - 11 of 11
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External Contradictions Of The Chinese Development Model: Export-Led Growth And The Dangers Of Global Economic Contraction, Thomas I. Palley
External Contradictions Of The Chinese Development Model: Export-Led Growth And The Dangers Of Global Economic Contraction, Thomas I. Palley
PERI Working Papers
China’s development model faces an external constraint that could cause an economic hard landing. China has become a global manufacturing powerhouse, and its size now renders its export-led growth strategy unsustainable. China relies on the U.S. market, but the scale of its exports is contributing to the massive U.S. trade deficit, creating financial fragility and undermining the U.S. manufacturing sector. These developments could stall the U.S. economy’s expansion, in turn triggering a global recession that will embrace China. This is the external constraint. These considerations suggest China should transition from export-led growth to domestic demand-led growth. This requires growing the …
Monetary Policy And Financial Sector Reform For Employment Creation And Poverty Reduction In Ghana, Gerald Epstein, James Heintz
Monetary Policy And Financial Sector Reform For Employment Creation And Poverty Reduction In Ghana, Gerald Epstein, James Heintz
PERI Working Papers
This report summarizes the findings of a UNDP-sponsored study on the structure of the financial sector, central bank policy, and employment outcomes in Ghana. The financial sector is the primary conduit through which monetary policy affects real economic outcomes, and monetary policy determines the resources available to financial institutions. Therefore, monetary policy must be coordinated with financial sector reforms in order to improve employment opportunities, reduce poverty and support human development. The report develops a critique of financial programming and inflation targeting, presents a series of empirical estimates on the impact of monetary policy variables in Ghana, and describes the …
Why Racial Stereotyping Doesn’T Just Go Away: The Question Of Honesty And Work Ethic, Elaine Mccrate
Why Racial Stereotyping Doesn’T Just Go Away: The Question Of Honesty And Work Ethic, Elaine Mccrate
PERI Working Papers
One of the most persistent stereotypes about blacks concerns honesty and work ethic. These characteristics are also central to employers' evaluation of prospective and current workers; employers say that these traits matter more than skills. However, honesty and work ethic are difficult to observe and assess, placing them squarely in the terrain of statistical discrimination theory. One common criticism of this theory is that employers should be able to collect enough information on prospective workers to render race irrelevant, and that highquality workers have incentives to signal their productivity to employers regardless of race. As a result, inefficient stereotypes should …
Social Models, Growth And The International Monetary System: Implications For Europe And The United States, Lilia Costabile, Roberto Scazzieri
Social Models, Growth And The International Monetary System: Implications For Europe And The United States, Lilia Costabile, Roberto Scazzieri
PERI Working Papers
This paper explores the relationship between economic growth and the welfare state. We argue that: (i) the institutional constraints set by the international monetary system may be at least as effective determinants of growth differentials between countries as the different dimensions of their welfare states. We show how this international system may impose an asymmetric discipline/flexibility mix on the macreoconomic policies of different countries, thereby influencing their growth performance.; (ii) the European currency reshapes some of the pre-existing constraints and also open up new opportunities; (iii) in the new international setting, Europe is facing a choice between alternative models. In …
This Paper Explores The Relationship Between Economic Growth And The Welfare State. We Argue That: Postcommunist Mortality Crisis, Lawrence King, David Stuckler, Patrick Hamm
This Paper Explores The Relationship Between Economic Growth And The Welfare State. We Argue That: Postcommunist Mortality Crisis, Lawrence King, David Stuckler, Patrick Hamm
PERI Working Papers
During the transition to capitalism, the postcommunist countries have experienced unprecedented mortality crises, although there has been considerable variation within — and between — countries and regions. Much of this variation remains unexplained, although alcohol and psychological stress have been found to be major causes of declining life expectancy. We move beyond this finding by showing that the implementation of neoliberal-inspired rapid large-scale privatization programs (mass privatization) was a major determinant of the decline in life expectancy. We find that mass privatization also increased alcohol-related deaths, heart disease, and suicide rates, strong evidence that mass privatization created psychosocial stress that …
Accounting For Inequality: A Proposed Revision Of The Human Development Index, Elizabeth Stanton
Accounting For Inequality: A Proposed Revision Of The Human Development Index, Elizabeth Stanton
PERI Working Papers
The Human Development Index (HDI) is a country-level measure of social welfare based on national values for average life expectancy, rates of adult literacy and school enrollment, and gross domestic product (GDP) per capita. Since HDI is based entirely on national averages it can provide only limited information about distribution within countries. The distribution of access to key resources is an important determinant of the effect of health, education and income on both individual well-being and on the aggregate well-being of a population as a whole. This paper makes a case for the importance of inequality to measuring social welfare; …
Corruption And Pro-Poor Growth Outcomes: Evidence And Lessons For African Countries, Léonce Ndikumana
Corruption And Pro-Poor Growth Outcomes: Evidence And Lessons For African Countries, Léonce Ndikumana
PERI Working Papers
There is growing consensus on the view that corruption hurts economic performance by reducing private investment, by adversely affecting the quantity and quality of public infrastructure, by reducing tax revenue, and by reducing human capital accumulation. In addition to inefficiency effects – causing lower growth for a given endowment in factors and technology –, corruption also has adverse distributional effects as it hurts the poor disproportionately. For a given level of government budget and national income, high corruption countries achieve lower literacy rates, have higher mortality rates, and overall worse human development outcomes. Corruption deepens poverty by reducing pro-poor pubic …
Price-Based Vs. Quantity-Based Environmental Regulation Under Knightian Uncertainty: An Info-Gap Robust Satisficing Perspective, John K. Stranlund, Yakov Ben-Haim
Price-Based Vs. Quantity-Based Environmental Regulation Under Knightian Uncertainty: An Info-Gap Robust Satisficing Perspective, John K. Stranlund, Yakov Ben-Haim
PERI Working Papers
Conventional wisdom among environmental economists is that the relative slopes of the marginal social benefit and marginal social cost functions determine whether a price-based or quantity-based environmental regulation leads to higher expected social welfare. We revisit the choice between price-based vs. quantity-based environmental regulation under Knightian uncertainty; that is, when uncertainty cannot be modeled with known probability distributions. Under these circumstances, the policy objective cannot be to maximize the expected net benefits of emissions control. Instead, we evaluate an emissions tax and an aggregate abatement standard in terms of maximizing the range of uncertainty under which the welfare loss from …
Risk Aversion And Compliance In Markets For Pollution Control, John K. Stranlund
Risk Aversion And Compliance In Markets For Pollution Control, John K. Stranlund
PERI Working Papers
This paper examines the effects of risk aversion on compliance choices in markets for pollution control. A firm’s decision to be compliant or not is independent of its manager’s risk preference. However, noncompliant firms with risk averse managers will have lower violations than otherwise identical firms with risk neutral managers. The violations of noncompliant firms with risk averse managers are independent of differences in their benefits from emissions and their initial allocations of permits if and only if their managers’ utility functions exhibit constant absolute risk aversion. However, firm-level characteristics do impact violation choices when managers have coefficients of absolute …
Mandated Wage Floors And The Wage Structure: New Estimates Of The Ripple Effects Of Minimum Wage Laws, Jeanette Wicks-Lim
Mandated Wage Floors And The Wage Structure: New Estimates Of The Ripple Effects Of Minimum Wage Laws, Jeanette Wicks-Lim
PERI Working Papers
Minimum wage laws have become a key political issue, following on the heels of over 130 successful living wage campaigns around the country. In the debates surrounding these mandated wage floors, one recurring issue has been whether the legislation has wider-ranging impacts on wages than the legally-required raises alone. Advocates on both sides of the debate dispute the potential magnitude of 'ripple effects'- the nonmandated raises given by employers to maintain a similar wage hierarchy before and after a change in the wage floor. These ripple effects have the potential to greatly expand the overall impact of mandated wage floors. …
The Fallacy Of The Revised Bretton Woods Hypothesis: Why Today’S System Is Unsustainable And Suggestions For A Replacement, Thomas I. Palley
The Fallacy Of The Revised Bretton Woods Hypothesis: Why Today’S System Is Unsustainable And Suggestions For A Replacement, Thomas I. Palley
PERI Working Papers
Dooley et al. (2003) have argued that today’s international financial system has structural similarities with the earlier Bretton Woods (1946 – 71) arrangements and is stable. This paper argues that the comparison is misplaced and ignores fundamental microeconomic differences, and that today’s system is also vulnerable to a crash. Eichengreen (2004) and Goldstein and Lardy (2005) have also argued that the system is unsustainable. However, their focus is the sustainability of financing to cover the U.S. trade deficit, whereas the current paper focuses on inadequacies on the system’s demand side. The paper concludes with suggestions for a global system of …