Digital Commons Network^™

Monetary Policy In Liberalized Financial Markets: The Mexican Case, Santiago Capraro, Carlo Panico

PERI Working Papers

The paper examines the conduct of monetary policy and the institutional organization of economic policy in Mexico during the years of financial liberalization and the outgrowth of the financial industry. It argues that they have favored the monetary and financial stability at the cost of reducing investment and negatively affecting the strength of the productive structure and the international competitiveness of the Mexican economy. The paper argues that these negative results will eventually make the present conduct of monetary policy unable to pursue the monetary and financial stability of the economy. Unlike other outstanding critical literature, the emphasis of our …

Magnitude And Mechanisms Of Capital Flight From Angola, CôTe D’Ivoire And South Africa, LéOnce Ndikumana, James Boyce

PERI Working Papers

This paper presents an updated methodology for estimation of capital flight, which is applied to the cases of Angola, Côte d’Ivoire and South Africa. The results indicate that the three countries have experienced substantial capital flight over the past four decades, amounting to $60 billion in constant 2015 dollars for Angola (over 1986-2015), $32 billion for Côte d’Ivoire (over 1970-2015), and $198 billion for South Africa (over 1970-2015). An important mechanism of capital flight is misinvoicing of exports and imports, especially in primary commodities. The fact that these outflows have persisted over a long period indicates that they are driven …

Green Growth And The Right To Energy In India, Rohit Azad, Shouvik Chakraborty

PERI Working Papers

Can growth in India be simultaneously made equitable and environ- mentally sustainable? The recent pattern of high growth in India has been inequitable even as serious questions have been raised about its ecological sustainability. In contrast to the current growth trajectory, this paper argues that an alternative growth trajectory can be de- veloped which answers the question in the affirmative. We propose an Energy Policy with Equity (EPE), which fundamentally changes the energy mix of the Indian economy towards greener forms of en- ergy as well as guarantees universal access to energy thus generated to the entire population, a feat …

External Balance Sheets Of Emerging Economies: Low-Yielding Assets, High-Yielding Liabilities, Yilmaz AkyüZ

PERI Working Papers

The new millennium has witnessed a rapid expansion of external balance sheets and significant changes in the capital, currency and sectoral compositions of foreign assets and liabilities of emerging economies. While foreign lending and investment in these economies have reached unprecedented levels, even deficit emerging economies have acquired sizeable amounts of foreign assets thanks to large inflows of capital. These changes in the size, composition and leverage of external balance sheets have created new channels of transmission of global financial shocks through their effects on international capital flows. They have also amplified the susceptibility of outstanding stocks of foreign assets …

A Marxist Theory Of Rent, Deepankar Basu

PERI Working Papers

This paper offers a unified analytical treatment of Marx’s theory of rent. I highlight the key role played by the price of the agricultural commodity in determining rent. I offer two closures of the model. The first closure is an elaboration of Marx’s argument in Volume III of Capital. The second closure explicitly allows for the role of demand. I also show that total rent can be decomposed into three components: absolute rent, differential rent I, and differential rent II. A Marxist theory can explain rent in any system of capitalist commodity production which uses privately owned nonreproducible resources.

The Comparative Advantage Of The U.S. Shadow Banking System And The U.S. Dollar, Junji Tokunaga

PERI Working Papers

In the 2000’s prior to the Global Financial Crisis (GFC) of 2008, European banks borrowed short-term dollar funds on liabilities side, in part, from the U.S., and then lent part of it back to invest in long-term dollar assets in the U.S. on assets side. What facilitated European banks to expand their USD-denominated balance sheets across the Atlantic in the 2000’s, despite the creation of the euro in 1999? Compared to the amount of studies on why European banks expanded their balance sheets, few studies have indeed been done to analyze what determined the currency denomination of European banks’ balance …

Kuznets, Kaya, And Shapley: The Economic And Energetic Determinants Of Carbon Emissions And The Implications For Development And Environmental Policy, Heidi Garrett-Peltier

PERI Working Papers

With global climate change becoming an increasingly pressing concern, the relationship between economic growth and environmental outcomes is as important as ever to understand, particularly in designing policies for low- and middle-income countries that incorporate both environmental and development objectives. The Environmental Kuznets Curve (EKC) shows the relationship between income and environmental outcomes. In this paper we examine the existence and shape of the EKC for 132 countries for the period 2000-2010. We add to the EKC literature by using the technique of Shapley Decomposition to assess Kaya identity factors for these 132 countries, grouped into income quartiles. The Kaya …

Inhibitors Of Success In Interorganizational Collaboration In Tourism Context And Best Practices To Face Them, Émilie Bourdages

TTRA Canada 2018 Conference

No abstract provided.

Keep Exploring, Sharing, And Tweeting: Connecting Millennials, Social Media And Destination Canada’S Brand, Michael Lever, Michael S. Mulvey, Statia Elliot

TTRA Canada 2018 Conference

Social media has become a powerful influencer in its ability to sway customer intentions and behaviors in an online setting. Given the importance of social media and its users in acting as information spreaders and disseminators, particularly in the context of global tourism, the goal of this research is to profile and/or understand youth travellers within the context of their social media behaviour. Using latent class analysis which helps to identify unobserved subgroups within a population, this study utilizes the rich dataset offered by Destination Canada which gives valuable traveler-focused information across the globe, including Brazil, China, Australia, Germany, South …

The Big Cost Of Big Medicine: Calculating The Rent In Private Healthcare, Mark Stelzner, Daniel Taekmin Nam

PERI Working Papers

Abstract: As a country, the United States spends significantly more on healthcare than other advanced industrialized countries, and Americans have comparably worse health outcomes. Both are developments of the last four decades. In this paper, we present a macro, long term explanation of these adverse changes by looking at the evolution of antitrust and patent laws in the United States, surveying the literature on how change in concentration and patent laws have led to increased prices, and constructing a counterfactual national health expenditure series for 1980 through 2006. We find that the cumulative excess cost of private healthcare spending on …

By The Content Of Their Character? Discrimination, Social Identity, And Observed Distributions Of Income, Paulo L. Dos Santos, Noé Wiener

PERI Working Papers

This paper develops a series of information-theoretic measures to consider the systemic effects on individual incomes of complex patterns of social and economic discrimination by race, ethnicity, and gender, in the U.S. It derives coefficients of joint, conditional or incremental, and mutual information that offer non-parametric characterizations of the relative influence of economic and social-identity characteristics in the determination of individual income for different groups. It reports on estimates of those coefficients obtained using large-scale cross- sectional data from that economy. Those estimates support two sets of conclusions. First, the informational significance of social identity in the determination of incomes …

The Role Of Intangible Assets In Explaining The Investment-Profit Puzzle, Özgür Orhangazi

PERI Working Papers

Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialization and globalization as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialization and globalization, we need to pay attention to the increased use of intangible assets by nonfinancial corporations in the last two decades. Intangibles such as brand names, trademarks, patents, and copyrights play a …

The Deerfield Street Initiative (Greenfield, Ma), Sarah Crowley, Grace Mccab, Toriellen Swistak, Alec Wade, August Williams-Eynon

Landscape Architecture & Regional Planning Studio and Student Research and Creative Activity

The goal of the Master of Regional Planning Studio is to develop a student’s techniques for collecting, analyzing, and synthesizing spatial and non-spatial data and then presenting that collective data in a manner (i.e., report, video, presentation, and charettes) that is understandable to academics, professionals, and the public. Planning Studio allows students to integrate knowledge from coursework and research, and apply such knowledge to resolving representative planning problems. At UMASS Amherst, these problems are found in neighborhood, rural, urban, and/or regional settings.

For the fall 2018 Planning Studio, the Town of Greenfieldtasked the Masters of Regional Planning Studio to prepare …

Imagine Community, Imagine Home (Chicopee, Ma), Christian Appia, Francesca Cigliano, Jenna Davis, Greg Labombard, Kristen Whitmore, Simeng Zhang

Landscape Architecture & Regional Planning Studio and Student Research and Creative Activity

The goal of the Master of Regional Planning Studio is to develop a student’s techniques for collecting, analyzing, and synthesizing spatial and non-spatial data and then presenting that collective data in a manner (i.e., report, video, presentation, and charettes) that is understandable to academics, professionals, and the public. Planning Studio allows students to integrate knowledge from coursework and research, and apply such knowledge to resolving representative planning problems. At UMASS Amherst, these problems are found in neighborhood, rural, urban, and/or regional settings.

For the fall 2018 Planning Studio, Chicopee tasked the Masters of Regional Planning Studio to prepare a Housing …

The Influence Of Tourism And Amenities On Place Attachment And Entrepreneurship In Remote Communities: A Case Study Of Tofino, Bc, Sreya Kumar, Nicole L. Vaugeois

TTRA Canada 2018 Conference

This study was undertaken to provide a better understanding new migrant entrepreneurs and what attracts them to rural and remote communities. Conducted as a case study in Tofino, the study was done using mixed methods including content analysis of place based promotional tools and semi-structured interviews with a sample of new migrant entrepreneurs who had moved to the community within the past 15 years . The study found that although there were no specific place promotion efforts directed at attracting entrepreneurs, businesses were often established as an indirect outcome of promotional efforts aimed at attracting tourists via destination marketing organizations. …

Addressing The Homogeneity Dilemma By Customizing Tourism Development Supports For Rural Regions Using The Typology Of Tourism Dependence, Nicole L. Vaugeois

TTRA Canada 2018 Conference

Despite the general tendency to generalize about rural areas, they are not homogenous. Programs to support development in rural areas often tend to assume homogeneity and as such, they are often created in a “one-size fits all” approach for application by communities. This paper advocates for more customized program supports that take into account the specific needs of destinations at all stages of development. The paper presents a typology of tourism dependence that classifies rural communities into three types differentiated on their level of engagement in tourism including tourism desperate, tourism active and tourism saturated communities. The typology was based …

Community Ownership In Winter Recreation And Tourism: Ski Hills And Club Fields, Massimo Morellato

TTRA Canada 2018 Conference

The winter recreation is facing several challenges in navigating the evolving trends and issues related to climate change, demographic patterns, falling demand and ways in which experiences are constructed and consumed. This work presents findings from the ongoing research on ski tourism experiences and ski area management with cases outside the main stream of the snow industry. Building new demand for skiing does not necessarily mean pursuing and replicating the pro-growth approach widely employed in the history of mountain resorts. Several ski hills in Northern BC as well as club fields in New Zealand provide examples of old and new …

Economic Impact Of Cruise Tourism In Atlantic Canada: Is Cruise Passenger Spending Exaggerated?, Brian Van Blarcom, Burc Kayahan Mr, Klein Ross Dr

TTRA Canada 2018 Conference

ECONOMIC IMPACT OF CRUISE TOURISM IN ATLANTIC CANADA

IS CRUISE PASSENGER SPENDING EXAGGERATED?

Introduction

Cruise tourism is of increasing importance in Atlantic Canada. Average annual growth during the 1990-2015 period in Halifax was 9.24% (Transport Canada, 2016). Total cruise ship visitors to Halifax has grown tenfold over the last two decades, from approximately 24,000 in 1990 to 238,217 in 2015 (Transport Canada, 2016). The number of cruise ship visitors to Newfoundland & Labrador increased from 10,000 in 2000 to 50,000 in 2015. The growth of cruise tourism in the last decades is accompanied by the expected growth of benefits for …

Tourists’ Level Of Awareness And Perceptions Of The Impacts Of Tourism In Lake Titicaca, Peru, Kelly-Ann Wright, Rachel Dodds, Frederic Dimanche

TTRA Canada 2018 Conference

The indigenous communities of Taquile and Amantani in Lake Titicaca, Peru, once sole players in the tourism industry they developed, have lost control of tourism activities to external tour operators. This study sought to understand tourists’ level of awareness of and perception regarding sustainable tourism impacts within Lake Titicaca, Peru, through a quantitative study of 125 respondents. The findings showed that the consumer demands and behaviour of tourists is a contributing factor to the rise in mass day-tourism and the reduced economic benefits to communities in Lake Titicaca. Tourists were also willing to pay more to ensure community development in …

How Would A Climate Change Interpretive Program Impact Visitors’ Leisure Experiences? Evidence From A Lab-Based Experiment, Mu He, Tom Hinch, Elizabeth Halpenny

TTRA Canada 2018 Conference

No abstract provided.

Assessing The Determinants Of Cross-Border Traveler Flows Between Canada And The United States, Tanja Armenski, Sean Clarke

TTRA Canada 2018 Conference

Canada and the US border accommodate the greatest portion of international cross-border traffic. Given its magnitude, the cross-border traffic is important for the national economies of both countries. There are, however, a number of factors that determine the volume of cross-border traffic.

This paper examines a number of economic, socioeconomic, and geopolitical determinants and their impact on the Canada-US car traffic between 2000 and 2017. Data are drawn from Frontier Counts. This is a database built by Statistics Canada from an extraction of administrative files comprising same-day and overnight car trips collected by Canadian Border Service Agency (CBSA).

To explain …

Does Health Aid Reduce Infant And Child Mortality From Diarrhea In Sub-Saharan Africa?, Lynda Pickbourn, Léonce Ndikumana

PERI Working Papers

Achieving sustained improvements in health outcomes remains a challenge for sub-Saharan Africa, where diarrhea remains a leading cause of death in children under the age of five. This paper examines the impact of foreign aid to the health sector on diarrhea mortality in children under five in 47 sub -Saharan African countries, using panel data on the sectoral allocation of official development assistance in conjunction with country -level data on health outcomes. After controlling for fixed effects and the potential endogeneity of health aid, we find that increased health aid and increased public health expenditure are associated with lower diarrhea …

Enhancing Visitors Experiences At Artisan Businesses: A Case Study Of The Économusée® Business Model In British Columbia, John Predyk, Nicole L. Vaugeois

TTRA Canada 2018 Conference

ÉCONOMUSÉE© is a non-profit organization founded in 1992 in Quebec, Canada which now includes over 70 Artisans from across Canada and Europe. The model promotes the preservation of traditional knowledge and local entrepreneurship by utilizing cultural tourism to showcase artisans and encourage the consumption of locally produced artisanal products. This study was completed in order to provide data on the growth and effectiveness of the ÉCONOMUSÉE program in British Columbia since it was first introduced in 2012. This paper highlights the results of the impact of the model on overall visitor experience. At this point in time, it appears that …

Investigating The Role Of Social Return On The Understanding Of Craft Brewery Visitors In British Columbia, Canada, Jarrett Bachman, John S. Hull

TTRA Canada 2018 Conference

Contributing to the Conference Theme: The role of social media in the development of Canada as a destination has been widely discussed locally, regionally, provincially, and federally. This research examines the role of using social media using a newly developed mechanism by which to consider how the use of social media relates to social involvement, memories, loyalty, place attachment, and authenticity. The context for this research is craft brewery tourism, one of the fastest growing aspects of tourism in many provinces. This abstract directly relates to multiple themes and sub-themes of the conference, including “Visitor experience design and measurement,” …

State And Capitalist Class In China’S Economic Transition: From Great Compromise To Strained Alliance, Isabel Nogueira, Hao Qi

PERI Working Papers

This article contributes to the debate on the role of the Chinese state in economic transition by shedding light on the relationship between the state and the emerging domestic capitalist class. In contrast to the literature that regards the state as a supra-class developmental state, we argue that the relation between the state and a new capitalist class is the product of a two- way movement of top-down forces and bottom-up forces over the course of a transition from a stage of what we call ‘Great Compromise’ to a stage of what we call ‘Strained Alliance’. The state-class relation has …

Spreading The Washington Consensus Into Food And Agriculture Sectors: The Case Of The International Monetary Fund, Adel Daoud, Bernhard Reinsberg, Alexander E. Kentikelenis, Thomas H. Stubbs, Lawrence P. King

PERI Working Papers

The mandate and competence of the International Monetary Fund (IMF) do not cover food and agriculture policies. Yet, signs indicate that IMF enages in these policies. Scholars lack a systematic empirical foundation to monitor the extent and impact of IMF’s operations on these sectors. Based on a combination of machine and human coding, we present a comprehensive database on IMF’s policy interventions in food and agriculture. Using new data on IMF conditionality between 1980 and 2014, we assess to what extent the IMF targets these sectors through its ‘conditionalities’—policies that governments need to implement to access IMF credit. The analysis …

Multi-Dimensional Explorations Into Visitors’ Experience Sharing Through Tripadvisor Using Social Media Analytics: An Investigation On Jasper National Park, Farshid Mirzaalian, Elizabeth Halpenny, Pariya Pourabedin

TTRA Canada 2018 Conference

User-generated content have been studied a lot in hospitality and tourism, however, existing studies tend to consider short samples which affects generalizability features of social media analytics research. The current study tries to examine the whole existing data on nature and park attractions of a specific destination on TripAdvisor (TA), the so-called big data. Big data analytics is a rising research paradigm that uses various data sources and analytical tools such as natural language processing and Web textual mining tools to make inferences and predictions about reality. By targeting Jasper Nation Park, around 13 K English online reviews about the …

Globalization Checkmated? Political And Geopolitical Contradictions Coming Home To Roost, Thomas I. Palley

PERI Working Papers

The deepening of economic globalization appears to have ground to a halt and the process may even unravel a little. The sudden stop has surprised economists, whose belief in globalization has strong parallels with Fukuyama’s (1989) flawed end of history hypothesis. The paper presents a simple analytic model that shows how economic globalization has triggered political and geopolitical contradictions. For the system to work, politics within countries and geopolitics across blocs must be supportive of the system. That is missing. The model is applied to a global economic core consisting of the US, China, and the European Union. It is …

Predicting Pro-Environment Behaviors Of Canadian Campers: Actual Behavior Measurement, Farhad Moghimehfar, Elizabeth A. Halpenny, Gordon J. Walker, Howard W. Harshaw

TTRA Canada 2018 Conference

No abstract provided.

Going Mobile: Outcomes Of Device Use During A Festival Experience, Christine Van Winkle, Jill Bueddefeld, Elizabeth Halpenny, Kelly Mackay

TTRA Canada 2018 Conference

No abstract provided.