Social and Behavioral Sciences Commons^™

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 …

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 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 …

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 …

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 …

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 …

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 …

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.

Destination Place-Making Through The Sensuous Stories Of Travel Books, Kelley A. Mcclinchey Dr.

TTRA Canada 2018 Conference

No abstract provided.

On The Measurement Of “Grayness” Of Cities, Sripad Motiram, Vamsi Vakulabharanam

PERI Working Papers

We consider a situation where individuals belonging to multiple groups inhabit a space that can be divided into smaller distinguishable units, a feature characterizing many cities in the world. When data on an economic attribute (in our case, income) is available, we conceptualize a phenomenon that we refer to as “Grayness” - a combination of spatial integration based upon group-identity and income. Grayness is high when cities display a high degree of spatial co-existence in terms of both identity and income. We lay down some desirable properties of a measure of Grayness and develop a simple and intuitive index that …

A Tale Of Three Crises In Turkey: 1994, 2001, And 2008-09, Hasan CöMert, Erinç Yeldan

PERI Working Papers

Developing countries have encountered many economic crises since the 1980s, due mainly to structural problems related to their integration into the global economy. The Turkish economy is by no means an exception, and suffered significantly from the crises of 1994, 2001 and 2008– 09. This paper investigates the tales of these three crises to shed light on the propagation mechanisms of crises and their implications for developing countries, given the Turkish experience. Our study is aiming at complementing existing studies by giving a very broad comparative picture of the main macroeconomic trends before and after the crises at the expense …

Visitor Learning: In The Polar Bear Capital Of The World, Jill Bueddefeld, Christine Van Winkle, Mary Benbow

TTRA Canada 2018 Conference

This paper will discuss the visitor experience, design, and measurement when comparing in-situ and ex-situ nature-based tourism case studies. Particularly, this presentation will address the methods used to learn more about the social dynamics that help facilitate visitor learning and how to plan for particular types of visitor experiences. This research will also discuss the effect of place, authenticity and the importance of sustainable and responsible tourism in experiential visitor learning.

Tourism to ecologically sensitive areas, such as the Canadian Arctic, is often regarded as a way for people to learn about environmental issues such as climate change, as well …

The Two Year Tourist And Lifestyle Migration In Whistler Bc, Joe P. Pavelka

TTRA Canada 2018 Conference

Lifestyle migration occurs in many forms and this research explores the experience of daily life for a group of lifestyle migrants in Whistler BC Canada who also make a critical labour cohort. Unlike transient tourism workers this group is intent on long term residence in the area but encounters numerous structural challenges. This qualitative research highlights the motivations and challenges of this group with implications for the social sustainability of the Whistler resort community.

Restaurants Going Local: Motivations And Challenges For Sourcing Local Food, Mark Robert Holmes, Rachel Dodds, Katarina Pranjic, Jessica Krecisz, Hannah Taylor

TTRA Canada 2018 Conference

Visitors to destinations are frequently looking to partake of the local fare when travelling, either away from home or to another country (CRFA, 2016). Couple this with the local food movement and the increasing propensity for sustainable travel (Dodds and Holmes, 2017; Loureiro and Umberger, 2005), it begs the question of why restaurants might look towards sourcing locally and the barriers they face. This paper looks to investigate the greatest motivations for restaurants to implement local food in regard food quality, guest interests and appreciation, and social and environmental justice. As well, looking to gain an understanding of the barriers …

Eat Well And Look Up At The Stars: Deconstructing The Environmental Discourses Of A Residential Summer Camp's Canoe Trips Through Algonquin Park, Brandon Pludwinski, Bryan Grimwood

TTRA Canada 2018 Conference

Algonquin Park was established in 1893, making it the oldest provincial park in Canada, and is just over 7,350 km². There are over 1,200 campsites that can be booked out by various individual, groups, tour companies, organizations, and summer camps. As a result, Algonquin Park has become a massive tourism hub that hosts over 830, 000 visitors a year (Ontario Parks, 2010).

While being used by summer camps, those that travel through the land enact an environmental ethic that encourages them to think of the landscapes as pristine nature spaces that have traditionally existed outside of the human …

Just Big Enough: Imagining The Future Of "Small Home" Residential Design With A Master Plan At The Nexus Of Affordability And Sustainability, Maggie Kraus

Landscape Architecture & Regional Planning Masters Projects

Communities everywhere are experiencing significant and unpredictable shifts in the social and physical infrastructure of their landscapes. In the midst of a cultural, political, and ecological moment which has no precedent, it seems as though many of our contemporary crises have one thing in common: they will either be alleviated or drastically exacerbated by the alliance of professions working to improve the built environment. Now more than ever, the world is in need of designers, planners, and policy-makers who are willing to use this moment of great change as momentum to imagine a new era of community development, one which …

Restoring Landscape Experience: Research & New Design For The Battlefield Landscape Of Minute Man National Historic Park, Kathleen O'Connor

Landscape Architecture & Regional Planning Masters Projects

This project looked critically at the landscape design of three specific battle locations located in Minute Man National Historical Park: Meriam’s Corner (West Entrance), Paul Revere Capture Site, and Parker’s Revenge (East Main Entrance). The landscape re-designs address three specific goals: 1. Make the landscape central to the visitor experience. 2. Enhance the interpretation of the 1775 landscape of specific sites too often overlooked or passed by. 3. Transform the overall experience of the park through limited interventions at specific sites. The landscape at Minute Man National Historical Park is at present not conveying its historic significance or landscape character …

A Policy Proposal For Green Jobs In India: A Quantitative Analysis On Inclusivity Of Green Jobs, Rohit Azad, Shouvik Chakraborty

PERI Working Papers

This paper presents a green energy policy proposal, which not only has a higher employment potential but also delivers higher growth to the economy because of the increased fiscal expenditure that this pro- gram entails. Our estimates show that for every million US dollars invested in the Indian economy annually, the total number of jobs generated through our green energy program will be 197 jobs compared to only 82 jobs in the fossil fuel program. To the best of our knowledge, for the first time in the literature, this study analysed the composition of employment to reflect on the type …

Liquidity, Bank Runs, And Fire Sales Under Local Thinking, Thomas Bernardin, Hyun Woong Park

PERI Working Papers

In this paper, we examine the implications on banking crises when markets are populated by agents that neglect tail risks and form expectations conditioned on a favorable subset of all possible states of the economy. We find that optimal bank liq- uidity is lower than would be the case when banks are guided by rational expectations, and, consequently, the banking system is more vulnerable to adverse shocks, which leads to bank runs. Asset pledgeability of surviving banks is also affected so that their capacity to raise external funds for purchasing assets of distressed banks is weakened. Further, we examine the …