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Articles 1 - 30 of 31
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The Correlates Of Rentier Returns In Oecd Countries, Arjun Jayadev, Gerald Epstein
The Correlates Of Rentier Returns In Oecd Countries, Arjun Jayadev, Gerald Epstein
PERI Working Papers
This paper examines the correlates of rentier returns – returns to the ownership of financial assets -- in a sample of OECD countries between 1960 and 2000. We develop a simple bargaining model among three classes – industrial capitalists, rentiers and workers – and show that rentier income returns increase when domestic and foreign real interest rates costs of capital mobility fall, and the power of labor declines. Using an unbalanced panel dataset, the paper also econometrically investigates the impacts of proxies for these variables on rentier incomes. We find that interest rate liberalization, the reduction in the unionization rate …
Patterns Of Adjustment Under The Age Of Finance: The Case Of Turkey As A Peripheral Agent Of Neoliberal Globalization, Erinc Yeldan
Patterns Of Adjustment Under The Age Of Finance: The Case Of Turkey As A Peripheral Agent Of Neoliberal Globalization, Erinc Yeldan
PERI Working Papers
Turkey experienced a severe economic and political crisis in November 2000 and again in February 2001. The IMF has been involved with the macro management of the Turkish economy both prior and after the crisis, and provided financial assistance of $20.4 billions, net, between 1999 and 2003. Following the crisis, Turkey has implemented an orthodox strategy of raising interest rates and maintaining an overvalued exchange rate. The government was forced to follow a contractionary fiscal policy towards attaining a primary surplus to the 6.5% of the GNP, and promised to satisfy the customary IMF demands: reduce subsidies to agriculture, privatize, …
Uprooting Diversity? Peasant Farmers’ Market Engagements And The On-Farm Conservation Of Crop Genetic Resources In The Guatemalan Highlands, S, Ryan Isakson
Uprooting Diversity? Peasant Farmers’ Market Engagements And The On-Farm Conservation Of Crop Genetic Resources In The Guatemalan Highlands, S, Ryan Isakson
PERI Working Papers
The long-term security of the global food supply is contingent upon the on-farm conservation of crop genetic diversity. Without it, food crops lack the ability to evolve in the face of new pests, emerging plant diseases, and changing environmental conditions. The genetic diversity of many of humankind’s major food crops is cultivated in the field, primarily by peasant farmers of the Global South. As the widening of global markets affects the lives of these farmers in new ways, the future provisioning of crop genetic resources and, ultimately, the security of the global food supply is in doubt. In this paper …
Engendering Human Development: A Critique Of The Undp’S Gender-Related Development Index, Elizabeth A. Stanton
Engendering Human Development: A Critique Of The Undp’S Gender-Related Development Index, Elizabeth A. Stanton
PERI Working Papers
This article reviews the literature critiquing the UNDP’s Gender-related Development Index (GDI), which is a measure of human development penalized for the extent of gender inequality in each country; presents several original critiques of GDI; and presents proposed corrections to the GDI in response to both received and original critiques.
Gender, Distribution, And Balance Of Payments Constrained Growth In Developing Countries, Stephanie Seguino
Gender, Distribution, And Balance Of Payments Constrained Growth In Developing Countries, Stephanie Seguino
PERI Working Papers
An unresolved debate in the development literature concerns the impact of gender inequality on economic growth. Previous studies have found that the effect varies, depending on the measure of inequality (wages or capabilities). This paper expands that discussion by considering both the short- and long-run, evaluating the effects of gender equality in two types of economies—semi-industrialized economies (SIEs) and low-income agricultural economies (LIAEs). Further, it incorporates the effect of gender equity on the balance of payments constraint to growth. These preliminary results suggest that gender equality is more likely to stimulate growth in LIAEs than in SIEs in both the …
Options For Revenue Generation In Post-Conflict Environments, Michael Carnahan
Options For Revenue Generation In Post-Conflict Environments, Michael Carnahan
PERI Working Papers
The need to build legitimate and capable states in wartorn societies is now widely recognized. The Principles for Good International Engagement in Fragile States, adopted by the development ministers of major donor countries in march 2005, declares that statebuilding is ‘the central objective.’ This represents a striking break from the prevailing wisdom in the closing decades of the 20th century, when the state was widely regarded as the problem. The state has been rediscovered: it is now invoked as the solution. The policy rhetoric has changed from downsizing states to building state capacity. Yet little systematic work has been done …
U.S. Debt And Global Imbalances, Jane D’Arista
U.S. Debt And Global Imbalances, Jane D’Arista
PERI Working Papers
The paper begins with a discussion of the ways in which a fiat currency and privatized payments system under the guardianship of a few wealthy developed countries and their private multinational financial institutions have contributed to the problem. This is followed by an examination of U.S. debt and global imbalances that focuses on the U.S. international investment position, the link between foreign exchange reserves held in the U.S. and liquidity creation and the link between net capital flows and credit expansion. Part II analyses the risks in failing to address the U.S. foreign debt problem and Part III offers proposals …
Unchained Melody: East Asia In Performance, Edsel, Jr. L. Beja
Unchained Melody: East Asia In Performance, Edsel, Jr. L. Beja
PERI Working Papers
Indonesia, Malaysia, South Korea, and Thailand continue to perform unsatisfactorily today, ten years after 1997 Asian Crisis. As of 2007, these crisis-affected economies have not fully recouped their losses from the lost opportunities from the Crisis. Unless economic performances return to past trends, another type of economic miracle story may be needed to reclaim their past economic standings. Unless GDP per capita expands faster than present trends, they will continue to face the costs of the lost opportunities. A positive combination of policies is needed: taking up the useful components of the past arrangements and putting in the missing instruments …
U.S., China, And The Unraveling Of Global Imbalances, Minqi Li
U.S., China, And The Unraveling Of Global Imbalances, Minqi Li
PERI Working Papers
During the 1950s and 1960s, the capitalist world economy experienced unprecedented rapid growth, widely known as the “golden age.” However, by the late 1960s new contradictions emerged. High levels of employment, welfare state institutions, and the depletion of the rural surplus labor force in the advanced capitalist countries changed the balance of power between the capitalist class and the working class to the latter’s favor. Labor militancy grew throughout the advanced capitalist countries as well as in some semi-peripheral countries (such as Latin America and Eastern and Southern Europe). Moreover, the rapid expansion of the world economy tended to improve …
Some Stylized Facts On The Finance-Dominated Accumulation Regime, Engelbert Stockhammer
Some Stylized Facts On The Finance-Dominated Accumulation Regime, Engelbert Stockhammer
PERI Working Papers
While there is an agreement that the Fordist accumulation regime has come to an end in the course of the 1970s, there is no agreement on how to characterize the post-Fordist regime (or if a such is already in place). The paper seeks put together various arguments related to financialization (in the broad sense) from a macroeconomic point of view and investigate the relevance of these arguments by means of an analysis stylized facts for EU countries. The paper discusses changes in investment behaviour, consumption behaviour and government expenditures, investigating to what extent changes are related to financialization. Households experience …
A Scheme To Coordinate Monetary And Fiscal Policies In The Euro Area, Carlo Panico, Marta Vàzquez Suàrez
A Scheme To Coordinate Monetary And Fiscal Policies In The Euro Area, Carlo Panico, Marta Vàzquez Suàrez
PERI Working Papers
This paper deals with the problems of coordination between monetary and fiscal policies in the Euro area. It examines how the existing institutions handle these problems and presents a proposal to re-organise them.
Cap And Dividend: How To Curb Global Warming While Protecting The Incomes Of American Families, James K. Boyce, Matthew Riddle
Cap And Dividend: How To Curb Global Warming While Protecting The Incomes Of American Families, James K. Boyce, Matthew Riddle
PERI Working Papers
This essay examines the distributional effects of a “cap-and-dividend” policy for reducing carbon emission in the United States: a policy that auc-tions carbon permits and rebates the revenue to the public on an equal per capita basis. The aim of the policy is to reduce U.S. emissions of carbon dioxide, the main pollutant causing global warming, while at the same time protect-ing the real incomes of middle-income and lower-income American families. The number of permits is set by a statutory cap on carbon emissions that gradually diminishes over time. The sale of carbon permits will generate very large revenues, posing …
Employment And Millenium Development Goals: Analytics Of The Linkage In The Context Of An Accelerated Effort To Achieve The Mdgs, A. R. Khan
PERI Working Papers
With the ratification of the Millennium Development Goals at the United Nations Millennium Summit in 2000 a question that naturally arises is how the multiple objectives that the international development community has become committed to are related to one another and whether they are even consistent with one another. First, there is the goal of economic growth, a growth in per capita income and living standard. Then there is the objective of poverty reduction which had received an overwhelming emphasis from the donors and the developing countries alike in recent decades. This came to be broadened by the adoption of …
The U.S. Employment Effects Of Military And Domestic Spending Priorities, Robert Pollin, Heidi Garrett-Peltier
The U.S. Employment Effects Of Military And Domestic Spending Priorities, Robert Pollin, Heidi Garrett-Peltier
PERI Working Papers
This study is focused on the employment effects of military spending versus channeling some significant part of the military budget into alternative purposes. We begin by introducing the basic input-output modeling technique for considering issues such as these in a systematic way. We also review the results of earlier efforts to compare the employment effects of military spending versus alternative government spending priorities. We then present some simple alternative spending scenarios, namely devoting $1 billion to the military versus the same amount of money spent for five alternatives: tax cuts which produce increased levels of personal consumption; health care; education; …
Emigrant Or Sojourner? Migration Intensity And Its Determinants, Florian Kaufmann
Emigrant Or Sojourner? Migration Intensity And Its Determinants, Florian Kaufmann
PERI Working Papers
This paper develops the concept of migration intensity, defined as the degree to which a migrant shifts his attachment, association and engagement from his place of origin to the migration destination. Among male Mexican migrants to the United States, we find strong complementarities among remittances, migration patterns, and localized investments in physical, social and human capital. Based on these, we derive a unidimensional Index of Migration Intensity (IMI). The IMI reveals that Mexicans use a continuum of migration strategies. The majority of Mexicans are characterized by low levels of migration intensity, but migration intensity has been growing over time. Cross-sectional …
Current Global Imbalances And The Keynes Plan, Lilia Costabile
Current Global Imbalances And The Keynes Plan, Lilia Costabile
PERI Working Papers
The main objective of the present paper is to ask whether the Currency) Union scheme prepared by Keynes in the Forties, “Keynes Plan”, may still i.e. the Clearing (or at least in principleprovide useful remedies for this “terrorist” type of international imbalances. This will be done in two stages. Firstly, in section 2, the origins of international disequilibria are investigated. The purpose is to enquire whether current international monetary arrangements may generate some of the imbalances referred to above, because of the mechanisms built into them. Secondly, section 3 applies the remedies envisaged by the “Keynes Plan” to this source …
External Shocks, Structural Change, And Economic Growth In Mexico, 1979–2006, Robert A. Blecker
External Shocks, Structural Change, And Economic Growth In Mexico, 1979–2006, Robert A. Blecker
PERI Working Papers
This paper estimates the effects of external constraints on growth and investment in the Mexican economy, and how those effects have changed since the economic liberalization of the 1980s and the formation of NAFTA in 1994. Shocks to net financial inflows, world oil prices, the U.S. growth rate, and the real value of the peso explain most of the fluctuations in Mexico’s annual growth since 1979 (with structural breaks in some of these effects due to liberalization or NAFTA). Both Hausman weak exogeneity tests and simultaneous equations estimates generally support the view that growth drives investment but not the other …
Wage Share, Globalization, And Crisis: The Case Of The Manufacturing Industry In Korea, Mexico, And Turkey, Özlem Onaran
Wage Share, Globalization, And Crisis: The Case Of The Manufacturing Industry In Korea, Mexico, And Turkey, Özlem Onaran
PERI Working Papers
The aim of this paper is to analyze the changes in the wage share in manufacturing industry in Mexico, Turkey, and Korea in the era of globalization. The focus is on the one hand over the effects of globalization on the wage share , which are measured by the effects of international trade and FDI intensity of the economy. On the other hand, the process of opening up has been accompanied by major currency crises in most developing countries in the last decade, which has affected the wage share through exchange rate depreciation and economic recession. The paper develops a …
Forensic Accounting: Hidden Balance Of Payments Of The Philippines, Edsel, Jr Beja
Forensic Accounting: Hidden Balance Of Payments Of The Philippines, Edsel, Jr Beja
PERI Working Papers
An examination of the available data between 1990 and 2005 reveals that the balance of payments of the Philippines does not record large amounts of international transactions. Unrecorded international transactions for this period amount to US$ 192 billion (in 1995 prices). The results suggest a serious problem in the government’s macroeconomic management of the Philippines, and expose a weak or weakening capacity in the governance of international transactions.
Do Surges In Less-Skilled Immigration Have Important Wage Effects? A Review Of The U.S. Evidence, David R. Howell
Do Surges In Less-Skilled Immigration Have Important Wage Effects? A Review Of The U.S. Evidence, David R. Howell
PERI Working Papers
This paper reviews a small part of a vast professional literature on the labor market effects of new immigrants. It focuses on recent studies that have employed econometric techniques to estimate wage effects of less-skilled immigrants during the two great American immigration surges (roughly 1870-1914 and 1980 to the present). This literature is fairly consistent in finding that large long-term immigrant surges have at least small negative wage effects for less-advantaged members of the labor force, and that these are likely to be largest for earlier cohorts of foreign-born workers and less-educated African-Americans in major immigrant-receiving regions. While this is …
The Human Development Index: A History, Elizabeth A. Stanton
The Human Development Index: A History, Elizabeth A. Stanton
PERI Working Papers
This article recounts the intellectual history of the UNDP’s Human Development Index. It begins with the early history of welfare economics and follows this field through three successive revolutions in thought culminating in the theory of human development. The first section traces this history from the origins of economic “utility” theory to Sen’s human capabilities approach. The second section is a chronicle of past and present measures of social welfare used in the fields of economics and development, including national income and a variety of composite measures up to and including HDI.
Changes In Homeowners’ Financial Security During The Recent Housing And Mortgage Boom, Christian Weller, Kate Sabatini
Changes In Homeowners’ Financial Security During The Recent Housing And Mortgage Boom, Christian Weller, Kate Sabatini
PERI Working Papers
From the late 1990s through 2005, the U.S. experienced an unprecedented housing boom, which boosted the asset values of many families. This meant, on the one hand, that families with homes had more collateral to borrow against, but it also meant that new home buyers needed to take out larger mortgages to afford a home. After 2001, the U.S. saw a sharp acceleration in the growth rate of household debt. Using data from the Survey of Consumer Finances conducted by the Federal Reserve, which we supplement with data from the Flow of Funds Accounts generated by the Federal Reserve, we …
Financialization And Capital Accumulation In The Non-Financial Corporate Sector: A Theoretical And Empirical Investigation Of The U.S. Economy: 1973-2003, Özgür Orhangazi
Financialization And Capital Accumulation In The Non-Financial Corporate Sector: A Theoretical And Empirical Investigation Of The U.S. Economy: 1973-2003, Özgür Orhangazi
PERI Working Papers
Recent research has explored the growing ‘financialization’ process in the U.S. and other advanced economies. The term is a catch-all phrase used to denote important changes in the structure of non-financial corporations’ balance sheets, including the growth of income from financial subsidiaries and investment as well as growth in the transfer of earnings to financial markets in the forms of interest payments, dividend payments and stock buybacks. This paper seeks to empirically explore the relationship between financialization in the U.S economy and real investment at the firm level. Using data from a sample of non-financial corporations from 1973 to 2003, …
The Meaning Of Poverty Questions Of Distribution And Power, Arthur Macewan
The Meaning Of Poverty Questions Of Distribution And Power, Arthur Macewan
PERI Working Papers
My purpose here is, first, to review the different ways we can define poverty. I will argue (Section II) that what people generally mean by poverty – or, more generally, by economic well-being – cannot be adequately captured by a single, absolute measure. In particular, the meaning cannot be adequately captured by a person’s or a people’s absolute level of income. This point has been widely recognized and is embodied in the UN’s Human Development Index (HDI), Sen’s capabilities concept, and to a degree in the Millennium Development Goals (MDGs) themselves. The fact that there are several goals in the …
Have Differences In Credit Access Diminished In An Era Of Financial Market Deregulation?, Christian E. Weller
Have Differences In Credit Access Diminished In An Era Of Financial Market Deregulation?, Christian E. Weller
PERI Working Papers
Over the past few decades, financial markets became increasingly deregulated and household debt expanded, sometimes rapidly. It is thus possible that greater deregulation led to improved credit access for typically underserved groups, such as minorities and low-income families, relative to their counterparts. Credit access is measured here by loan denials, discouraged applications, and costs of credit. Based on data from the Federal Reserve’s Survey Consumer Finances and using multivariate tests, there is no clear trend, though, towards equalization of credit access from 1989 to 2004. Specifically, gaps in loan denials and discouraged applications only improved for Hispanics relative to Whites. …
An Eu Sky Trust: Distributional Analysis For Hungary, Viola Ferjentsik, Michael Ash
An Eu Sky Trust: Distributional Analysis For Hungary, Viola Ferjentsik, Michael Ash
PERI Working Papers
We analyze the effects of EU adoption of a Sky Trust (Barnes and Breslow 2003) on the income distribution of Hungary, a lower-middle income EU member. We use plausible parameters for an EU carbon charge and revenue recycling system, input-output data to track the effect of a carbon charge on commodity prices, and household consumption survey data to examine the effect on expenditure by decile. We find that the carbon-charge revenue collection is nearly flat with respect to income. Combined with Sky Trust revenue recycling, the net effect on income distribution is moderately progressive. For a Sky Trust structure that …
Is Inequality Bad For The Environment?, James K. Boyce
Is Inequality Bad For The Environment?, James K. Boyce
PERI Working Papers
By respecting nature’s limits and investing in nature’s wealth, we can protect and enhance the environment’s ability to sustain human well-being. But how humans interact with nature is intimately tied to how we interact with each other. Those who are relatively powerful and wealthy typically gain disproportionate benefits from the economic activities that degrade the environment, while those who are relatively powerless and poor typically bear disproportionate costs. All else equal, wider political and economic inequalities tend to result in higher levels of environmental harm. For this reason, efforts to safeguard the natural environment must go hand-in-hand with efforts to …
If Financial Market Competition Is So Intense, Why Are Financial Firm Profits So High? Reflections On The Current ‘Golden Age’ Of Finance, James Crotty
PERI Working Papers
In 1997 former Federal Reserve Board Chairman Paul Volker posed a question about the commercial banking system he said he could not answer. The industry was under more intense competitive pressure than at any time in living memory, Volcker noted, “yet at the same time the industry never has been so profitable.” I refer to the seemingly strange coexistence of intense competition and historically high profit rates in commercial banking as Volcker’s Paradox. In this paper I extend the paradox to all important financial institutions and discuss four developments that together help resolve it. They are: rapid growth in the …
Promoting Group Justice: Fiscal Policies In Post-Conflict Countries, Frances Strewart, Graham Brown, Alex Cobham
Promoting Group Justice: Fiscal Policies In Post-Conflict Countries, Frances Strewart, Graham Brown, Alex Cobham
PERI Working Papers
The need to build legitimate and capable states in wartorn societies is now widely recognized. The Principles for Good International Engagement in Fragile States, adopted by the development ministers of major donor countries in march 2005, declares that statebuilding is ‘the central objective.’ This represents a striking break from the prevailing wisdom in the closing decades of the 20th century, when the state was widely regarded as the problem. The state has been rediscovered: it is now invoked as the solution. The policy rhetoric has changed from downsizing states to building state capacity. Yet little systematic work has been done …
Financialization: What It Is And Why It Matters, Thomas I. Palley
Financialization: What It Is And Why It Matters, Thomas I. Palley
PERI Working Papers
Financialization is a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic system at both the macro and micro levels. Its principal impacts are to (1) elevate the significance of the financial sector relative to the real sector; (2) transfer income from the real sector to the financial sector; and (3) increase income inequality and contribute to wage stagnation. Additionally, there are reasons to believe that financialization may render the economy prone to risk of debt-deflation and prolonged recession. Financialization operates through three different conduits: …