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Revisiting The Gender Wage Gap In Korea: Focusing On Working Hours By Occupation, Nayeon Lim, Minsik Choi
Revisiting The Gender Wage Gap In Korea: Focusing On Working Hours By Occupation, Nayeon Lim, Minsik Choi
PERI Working Papers
This paper explores the relationship between working hours and the residual gender wage gap in Korea. Because the labor practice of working long hours in Korea favors men, who tend to spend little time on domestic labor, long working hours can influence the residual gender wage gap by discriminating against women. We analyze this discrimination empirically using data from the wage structure parts of the Survey on Labor Conditions by Employment Types from 2009 to 2016, and find the following results. First, the returns from working long hours are not high in most occupations in Korea. Thus, long working hours …
Does Greater Public Ownership In The Financial System Promote Superior Performance?: A Survey Of The Literature, Devika Dutt
Does Greater Public Ownership In The Financial System Promote Superior Performance?: A Survey Of The Literature, Devika Dutt
PERI Working Papers
This paper examines whether greater prevalence of government-owned banks leads to qualitatively different outcomes. By reviewing the extensive literature on government owned banks, the paper determines whether greater government participation in the financial system leads to greater financial stability, and greater provision of finance for welfare generating activities. The evidence in literature suggests that the effects of government participation in the financial system are complex and context-dependent. This paper finds that while government banks not only provide finance that privately owned banks fail to provide and finance long-term projects that contribute to the capital development of an economy, they are …
Workers And Technological Change In The United States, Mark Stelzner, Enzo Cerrutti
Workers And Technological Change In The United States, Mark Stelzner, Enzo Cerrutti
PERI Working Papers
In this paper, we put forward a theoretical framework for understanding a positive relationship between labor laws and innovation and rigorously test it against both historical and empirical data. We show how several periods in the economic history of the United States – like the increase in slave-field hand productivity in cotton picking in the Antebellum South, the transition in the North from artisanal shops to nonmechanized factories, the increase in productivity in mechanized textile factories in the Northeast in the late Antebellum period, and the increase in productivity in sharecropping after the Civil War – can be understood, at …
Punishment Or Forgiveness? Loan Modifications In Private Label Residential Mortgage Backed Securities From 2008-2014, Thomas Herndon
Punishment Or Forgiveness? Loan Modifications In Private Label Residential Mortgage Backed Securities From 2008-2014, Thomas Herndon
PERI Working Papers
I estimate the extent to which modifications of privately securitized mortgages increased or forgave debt during the Great Recession and aftermath, from 2008-2014. I find that loan modifications weakened household balance sheets by adding $20 billion to household debt, with the net amount of debt added per modification doubling from 2010-2014. I also find that the increase in debt is consistent with capitalization of fees, but not missed interest payments. Capitalization of fees is significant because it has been associated with a principal-agent problem between investors and mortgage servicers preventing efficient loss mitigation, as well as consumer financial protection abuses.
The Costs Of Exclusion: Gender Job Segregation, Structural Change, And The Labour Share Of Income, Stephanie Seguino, Elissa Braunstein
The Costs Of Exclusion: Gender Job Segregation, Structural Change, And The Labour Share Of Income, Stephanie Seguino, Elissa Braunstein
PERI Working Papers
While women’s share of employment has risen in many countries over the last two decades, they are increasingly excluded from ‘good’ jobs in the industrial sector, and gender job segregation has worsened. In this paper, the determinants of gender job segregation are assessed using panel data for a broad set of developing countries covering the period 1991-2015. The effect of gender job segregation on all workers, via the labour share of income, is also analysed. The results identify two major contributors to gender job segregation—the rising capital/labour ratio and the ratio of female/male labour force participation rates—indicative of ‘crowding’ and …
Austerity Versus Green Growth For Puerto Rico, Amanda Page-Hoongrajok, Shouvik Chakraborty, Robert Pollin
Austerity Versus Green Growth For Puerto Rico, Amanda Page-Hoongrajok, Shouvik Chakraborty, Robert Pollin
PERI Working Papers
Puerto Rico is experiencing a severe economic and social crisis. The crisis conditions began emerging in the late 1990s after the collapse of a development model dependent on U.S. corporate handouts. The island is now saddled with an overwhelming and unpayable level of public debt. Various proposals for solving the crisis are now being fought over by the Puerto Rican government, its creditors, and the Financial Oversight Board established by the U.S. Congress in 2016 to manage the crisis. But the predominant idea guiding these discussions is an austerity agenda. Austerity policies in Puerto Rico now will deepen the crisis …
A Short-Run Distributional Analysis Of A Carbon Tax In The United States, Anders Fremstad, Mark Paul
A Short-Run Distributional Analysis Of A Carbon Tax In The United States, Anders Fremstad, Mark Paul
PERI Working Papers
This paper examines the distributional impacts of a $50 tax per ton of CO2. Using Input-Output tables we calculate the carbon intensity of goods to estimate households’ carbon footprints. Findings indicate the tax is regressive. Using the revenue to reduce taxes on labor leaves 60 percent of people worse off, while rebating the revenue in equal dividends increases welfare for 55 percent of individuals, including 84 percent in the bottom half of the distribution. Many economists have dismissed dividends on efficiency grounds, but we show that potential macroeconomic benefits of tax cuts are insufficient to protect the poor.
Liar’S Loans, Mortgage Fraud, And The Great Recession, Thomas Herndon
Liar’S Loans, Mortgage Fraud, And The Great Recession, Thomas Herndon
PERI Working Papers
Losses in the market for private label residential mortgage backed securities (RMBS) were at the epicenter of the financial crisis from 2007-2009. Existing research has shown that a substantial portion of the poor performance of the loans securitized in this market was caused by fraudulent origination practices, and that these practices were misrepresented to investors who purchased securities based on these loans. However, to date no paper has estimated the effects of mortgage fraud on losses from foreclosure in this market. This paper fills this gap by 1) Accounting for total losses from foreclosure due to no/low documentation loans which …
The Revenue Potential Of A Financial Transaction Tax For U.S. Financial Markets, Robert Pollin, James Heintz, Thomas Herndon
The Revenue Potential Of A Financial Transaction Tax For U.S. Financial Markets, Robert Pollin, James Heintz, Thomas Herndon
PERI Working Papers
This paper estimates the revenue potential of a financial transaction tax (FTT) for U.S. financial markets. We focus on analyzing the revenue potential of the Inclusive Prosperity Act that was introduced in the U.S. House of Representatives in 2012 and the U.S. Senate in 2015. The tax rates stipulated in this Act include 0.5 percent (50 basis points) for all stock transactions; 0.1 percent (10 basis points) for all bond transactions; and 0.005 percent (0.5 basis points) on the notional value of all derivative trades. We examine three sets of evidence to generate potential revenue estimates: 1) the levels of …
Dynamics Of The Rate Of Surplus Value And The “New Normal” Of The Chinese Economy, Hao Qi
Dynamics Of The Rate Of Surplus Value And The “New Normal” Of The Chinese Economy, Hao Qi
PERI Working Papers
This paper builds homogenous series of the rate of surplus value for the Chinese economy over the extended period 1956-2014 with a Marxian approach. It finds that the high profitability that stimulated capital accumulation in the decade before the 2008 crisis had relied on the continuous growth in the rate of surplus value. Given that the global crisis and changes in the domestic economy undermine all the conditions maintaining the accumulation model (an expanding external market, a relatively large reserve army of labor, and a low debt-income ratio), the rate of surplus value has failed to increase and profitability declined …
Renewable Energy Investment And Employment In China, Ying Chen
Renewable Energy Investment And Employment In China, Ying Chen
PERI Working Papers
The potential trade-off between environmental protection and employment stability has been a concern in the literature. However, in the case of China, the employment issue has not been adequately addressed despite government’s big push on investing in renewable energy since 2007. This essay addresses the employment issue through estimating the relative employment impacts of renewable energy investments versus spending within the traditional fossil fuel sectors based on input-output modeling with China-specific data of sector and sub-sector weighting techniques. I find that spending within three segments of the renewable energy sectors—solar, wind and bioenergy, will produce in combination about twice as …
How Saving Data Is Estimated, Gokcer Ozgur
How Saving Data Is Estimated, Gokcer Ozgur
PERI Working Papers
Gross national saving is one of the widely used economic data in empirical studies, and it used in for saving-investment debate, economic growth and similar studies. However, there is a discrepancy between the general definition of saving and gross national saving data. Gross national saving does not represent a certain amount of funds, it is estimated or derived ex post. This study will focus on two different methods of the estimation of gross national saving and the methodology of these estimations. These findings show that using gross national saving cannot be used in empirical studies for saving-investment debate or similar …
The Empirical Analysis Of Minsky Regimes In The U.S. Economy, Leila E. Davis, Joao Paulo A. De Souza, Gonzalo Hernandez
The Empirical Analysis Of Minsky Regimes In The U.S. Economy, Leila E. Davis, Joao Paulo A. De Souza, Gonzalo Hernandez
PERI Working Papers
In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky’s financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky’s definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the evolution of Minskian regimes. We highlight striking growth in the share of Ponzi firms in the post-1970 US, concentrated among small corporations. This secular growth in the incidence of Ponzi firms is consistent with the possibility of a long wave of increasingly fragile finance in the US economy. Second, we explore the possibility of short-run Minskian dynamics …
Trump’S International Political Economy: Neocon Neoliberalism Camouflaged With Anti-Globalization Circus, Thomas Palley
Trump’S International Political Economy: Neocon Neoliberalism Camouflaged With Anti-Globalization Circus, Thomas Palley
PERI Working Papers
This paper explores the likely contours of Trump’s international economic policy. A key element of Trump’s political success has been his masquerade of being pro-worker, which includes being anti-globalization. However, his true economic interest is the exact opposite. That creates conflict between Trump’s political and economic interests. Understanding the calculus of that conflict is critical for understanding Trump’s international economic policy. Trump will strongly criticize globalization but the bark will be worse than the bite because globalization has increased corporate profits. Trump also expresses neocon unilateralist tendencies that are not a one-off temporary political aberration. Instead, they reflect intrinsic and …
Public Debt And Growth: An Assessment Of Key Findings On Causality And Thresholds, Michael Ash, Deepankar Basu
Public Debt And Growth: An Assessment Of Key Findings On Causality And Thresholds, Michael Ash, Deepankar Basu
PERI Working Papers
We provide a comprehensive assessment of the relationship between public debt and GDP growth in the postwar advanced economies. We use the timing of changes in public debt and growth to account for endogeneity, and find little evidence of a negative relationship. Semi-parametric estimates do not indicate any threshold effects. Finally, we reconcile our results with four recent, influential papers that found a substantial negative relationship, especially when public debt exceeds 90 percent of GDP. These earlier results appear to derive mostly from peculiar parametric specifications of nonlinearities, or use of small samples which amplify the influence of outliers.
In Kind Benefits As Partial Payment Of Wages: A Review Of Laws Around The World, Richard Anker, Nicole Anker
In Kind Benefits As Partial Payment Of Wages: A Review Of Laws Around The World, Richard Anker, Nicole Anker
PERI Working Papers
This paper is concerned with in kind benefits received by workers and how they are treated in national laws – in particular whether the value of in kind benefits are considered as partial payment of wages and, if so, under what conditions and how their monetary value is determined. This review is based to a large extent on information on national laws in 162 countries from around the world. This analysis is supplemented by analysis of how in kind benefits are treated in International Labor Organization ("ILO") conventions; laws and regulations of the federal government and five states in the …
Asymmetric Exchange Rate Policy In Inflation Targeting Developing Countries, Ahmet Benlialper, Hasan CöMert, Nadir ÖCal
Asymmetric Exchange Rate Policy In Inflation Targeting Developing Countries, Ahmet Benlialper, Hasan CöMert, Nadir ÖCal
PERI Working Papers
In the last decades, many developing countries abandoned their existing policy regimes and adopted inflation targeting (IT) by which they aimed to control inflation through the use of policy interest rates. During the period before the crisis, most of these countries experienced large appreciations in their currencies. Given that appreciation helps central banks curb inflationary pressures, we ask whether central banks in developing countries have different policy stances with respect to depreciation and appreciation in order to hit their inflation targets. To that end, we analyze central banks’ interest rate decisions by estimating a nonlinear monetary policy reaction function for …
The Wages Of Care: Bargaining Power, Earnings And Inequality, Nancy Folbre, Kristin Smith
The Wages Of Care: Bargaining Power, Earnings And Inequality, Nancy Folbre, Kristin Smith
PERI Working Papers
The uneven bargaining power of both firms and workers may be contributing to increased earnings inequality in the U.S. Econometric analysis of earnings from the 2015 Current Population Survey shows that the earnings of managers and professionals employed in care industries (health, education, and social services), characterized by high levels of public and non-profit provision, are significantly lower than in other industries. Overall, earnings in care industries are more compressed, with lower ratios of earnings at the 90th percentile to those at the 50th and 10th percentiles. The specific features of care work, including moral commitments, the difficulty of capturing …
Fixing The Euro’S Original Sins: The Monetary-Fiscal Architecture And Monetary Policy Conduct, Thomas Palley
Fixing The Euro’S Original Sins: The Monetary-Fiscal Architecture And Monetary Policy Conduct, Thomas Palley
PERI Working Papers
The euro zone (EZ) was created in January 1999. Its weak economic performance is significantly due to the euro’s neoliberal monetary architecture and the design of monetary policy. Those features undermine national political sovereignty and consign the EZ to severe economic under-performance, which in turn fosters political demands for exit from the euro. Escaping this dynamic requires restoring fiscal space to EZ countries, and also changing the design of EZ monetary policy. The paper shows how this can be done. It decomposes the challenge of reform into generic problems related to the neoliberal construction of monetary policy, and specific problems …
Environmental Destruction In The New Economy: Offshore Finance And Mangrove Forest Clearance In Grand Cayman, Katrina Jurn, Joseph Lavallee, Lawrence P. King
Environmental Destruction In The New Economy: Offshore Finance And Mangrove Forest Clearance In Grand Cayman, Katrina Jurn, Joseph Lavallee, Lawrence P. King
PERI Working Papers
Mangrove forests, which provide critical ecosystem services in tropical and subtropical coastal regions around the world, are increasingly threatened, with total mangrove area declining from 18.8 million hectares to 15.2 million hectares globally between 1980 and 2005. Focusing on the mangrove wetlands of the Cayman Islands, we use GIS spatial analysis to document past trends and project future trends of mangrove clearance, and a near-exhaustive series of 57 interviews with key business and political figures as well as leaders of environmental NGOs to identify the social forces driving these trends. Analysis of the satellite images shows that mangrove loss on …