Economics Commons^™

Banks And The World's Major Banking Centers, 2010, Adrian E. Tschoegl, Sang Rim Choi, Daekun Park

Adrian E Tschoegl

We update three earlier articles on the determinants of interpenetration of financial centers by banks by adding the year 2010 to our analyses for 1970 and 1980, 1990, and 2000. In addition, we also re-estimate our model to include data for Beijing/Shanghai, and add those emerging centers for 2010. First, the number of banks in our data and the number of their offices in other centers has fallen by 46% and 24% since peaking in 1990. Second, even so our matrix saw less turbulence than in the prior two decades as density and number of presences in other centers per …

Government Economists As ‘Global Economists’”, Giulio M. Gallarotti

Giulio M Gallarotti

With the advent of globalization, economists that serve the U.S. government have had to become more sensitized to the greater internationalization of the challenges facing America's leaders. As this globalized world has turned domestic issues into international issues, the analysis of U.S. government economists has had to concomitantly become more internationalized. Only through such a broad analytical perspective can government economists best understand issues and solve problems in a globalized world.

A History Of Financial Regulation In The Usa From The Beginning Until Today: 1789 To 2011, Gary Richardson

Gary Richardson

No abstract provided.

La Economía Política De La Desigualdad De Ingreso En Chile, 1850-2009, Javier E. Rodríguez Weber

Javier E. Rodríguez Weber

This dissertation studies the relationship between income inequality and the development process, considered as the sum of economic, social and political changes produced over time. It does so using the case of Chile between 1850 and 2009. Its goals are to describe the tendencies in income distribution over time, and also to explain, signalling their causes and some of their consequences. In the empirical area, the main contributions of the dissertation are the estimates of historical series of salaries, wages, and different measures of income distribution –Gini index, Theil, labour share and the income of the top 1%. To make …

Microfoundations Of The Rule Of Law, Gillian K. Hadfield, Barry R. Weingast

Gillian K Hadfield

Many social scientists rely on the rule of law in their accounts of political or economic development. Many however simply equate law with a stable government capable of enforcing the rules generated by a political authority. As two decades of largely failed efforts to build the rule of law in poor and transition countries and continuing struggles to build international legal order demonstrate, we still do not understand how legal order is produced, especially in places where it does not already exist. We here canvas literature in the social sciences to identify the themes and gaps in the existing accounts. …

The Cobden-Chevalier Effect: Evaluating The Causal Effect Of The Most Favoured Nation Clause In Presence Of Network Interdependence, Luca De Benedictis, Silvia Nenci

Luca De Benedictis

Presentazione, Mario Pianta

Mario Pianta

Were Jews In Interwar Poland More Educated?, Ran Abramitzky, Hanna Halaburda

Hanna Halaburda

Research suggests that Jews have tended to be more educated than non-Jews. We confirm this finding for the case of interwar Poland, but show that it is driven by a composition effect. In particular, most Jews lived in cities and most non-Jews lived in rural areas, and people in cities were more educated than people in villages regardless of their religion. We find that while Jews were more educated than non-Jews in rural Poland, they were less educated than non-Jews in urban Poland.

¿Hasta Cuándo Las Ofensas?, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Un Repaso. Desde La Mano Invisible A La Resurrección De Keynes, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

La revolución industrial capitalista y la consolidación de la economía liberal, cambiaron el curso de la historia. Hoy por hoy, el desarrollo de la tecnología y la capacidad de la economía para interpretar estos avances han desplazado a la filosofía como fuente de transformación y cambio del sistema mundial. En las relaciones internacionales, por ejemplo, las doctrinas westfalianas de seguridad y soberanía han sido debilitadas por la globalización y la nterdependencia económica. En el campo social, los problemas de la pobreza, de la distribución de ingreso y de la falta de acceso a las oportunidades, son comprensibles a la luz …

Especialización Industrial Y Crecimiento Urbano En México, Isaac L. Sánchez-Juárez, Rosa M. García-Almada

Isaac Sánchez-Juárez

La temática abordada es la especialización industrial y el crecimiento urbano en México. Hacemos uso del análisis econométrico retrospectivo, esperando que el estudio del pasado ayude a entender lo que ocurre en el presente. Consideramos que la investigación que ponemos en sus manos puede ser de utilidad para aquellos investigadores ocupados en entender la reestructuración productiva del territorio mexicano, particularmente a partir de la operación del TLCAN.

Alza, Caída Y Resurgimiento De La Economía Japonesa-Lecciones, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

The Internal Impact Of A Customs Union; Baden And The Zollverein, Florian Ploeckl

Florian Ploeckl

Tariffs can affect the growth of states. But how do they affect regional growth within states? Using Baden's 1836 entry into the Zollverein, the customs union of German states, I investigate the internal impact of a change in tariffs. With a new data set of regional employment data I demonstrate that the Zollverein had a substantial positive effect. Two market access effects are shown, one follows the standard market access predictions and the second triggers the direct investment by Swiss entrepreneurs in German regions close to their home base. Furthermore occupational change within the crafts sector was shifting labour towards …

A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz

Justin Schwartz

Just as Marx's insights into capitalism have been most strikingly vindicated by the rise of neoliberalism and the near-collapse of the world economy, Marxism as social movement has become bereft of support. Is there any point in people who find Marx's analysis useful in clinging to the term "Marxism" - which Marx himself rejected -- at time when self-identified Marxist organizations and societies have collapsed or renounced the identification, and Marxism own working class constituency rejects the term? I set aside bad reasons to give on "Marxism," such as that the theory is purportedly refuted, that its adoption leads necessarily …

Finanzkapital And Consumers: How Financialization Shaped Twentieth Century Marketing, Nikhilesh Dholakia

Nikhilesh Dholakia

Purpose – By tracing the history of the links of financialization to consumer behaviors and marketer actions in the twentieth century, this paper aims to show that consumer market phenomena are often shaped by the imperatives of finance. Design/methodology/approach – The paper employs selective historical overviews, mainly focusing on the USA, of four tranches of the past century: the run up to the Great Depression; from post-Depression to the Second World War; the post-Second World War Bretton Woods system and its collapse in the 1970s; and the increasingly risk-charged last three post-Bretton Woods decades of the twentieth century. Findings – …

¿Quo Vadis Paraguay? ¿A Westfalia O Al Mercosur?, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

Las relaciones políticas y económicas entre países están estrechamente vinculadas entre sí. Para entender los cambios en la economía mundial, es necesario ahondar en los aspectos centrales de la política internacional, o en otras palabras, de las relaciones internacionales. El sistema actual de las relaciones internacionales se sustenta sobre pilares de los Tratados de Paz de Westfalia de 1648. Estos acuerdos se firmaron con el propósito de poner fin a la guerra de los treinta años, librada entre las potencias hegemónicas de la Europa del Siglo XVII. Los dos aportes más importantes de estos Tratados fueron la imposición del concepto …

Slavery And Information, Giuseppe Dari-Mattiacci

Giuseppe Dari-Mattiacci

This article shows how asymmetric information shaped slavery by determining the likelihood of manumission. A theoretical model explains the need to offer positive incentive to slaves working in occupations characterized by a high degree of asymmetric information. As a result, masters freed (and, more generally, rewarded) slaves who performed well. The model’s implications are then tested against the available evidence: both in Rome and in the Atlantic world, slaves with high-asymmetric-information tasks had greater chances of manumission. The analysis also sheds light on the master’s choices of carrots versus sticks and of labor versus slavery.

Local Convergence: Baden 1829-1847, Florian Ploeckl

Florian Ploeckl

This paper investigates whether internal institutional homogenisation during nation-state formation led to internal local convergence. We use the case of Baden with a new economic measure based on tax revenues derived from archival records. Our measure of local economic activity shows no evidence for convergence, unconditional or conditional, for the period 1829–1847. However, looking at sub-periods the six year interval after Baden's 1836 entry into the Zollverein customs union exhibits an adjustment effect resembling absolute convergence. Rejecting urbanisation as the reason behind this pattern we discuss alternative mechanisms in particular the reallocation of labour.

Capitalist Class Agency And The New Deal Order: Against The Notion Of A Limited Capital-Labor Accord, Richard Mcintyre

RICHARD P MCINTYRE

Radical economists’ thinking continues to be influenced by the notion of a “limited postwar capital-labor accord.” But a careful accounting of historical scholarship since the 1980s shows the stylized thinking found in social structures of accumulation (SSA) literature and radical political economy generally to be inaccurate and misleading: inaccurate because it creates an image of a golden age that never was, and misleading in that it suggests a politics of social cooperation rather than worker militancy.

Struggling Recovery And Economic Policy Uncertainty: Testimony Before The Joint Revenue Hearing, House And Senate Ways And Means Committees, Massachusetts State House, Boston, Ma, Christian Weller

Christian Weller

The U.S. economy is in the fourth year of a recovery that started in June 2009. The fact that the economy is in recovery, even modestly, is something of a miracle given how stacked the deck is against it. This is absolutely unique in American economic history: There has never been a recovery without the housing market expanding substantially as well; There has never been a recovery with state and local governments shrinking for three years in a row; There has never been a recovery with households owing, on average, well more than 100 percent of their after-tax income in …

The Bank Of Tanzania (Bot) As The Custodian Of The Tanzanian Economy: Opportunities And Challenges, Conrad John Masabo Mr.

Conrad John Masabo Mr.

When Tanzania embarked on fundamental transformation of its economy almost two decades ago one of the top agenda in the economic reforms was the need to overhaul the financial system. And in view of pivotal role it plays in the country’s economy, the banking sector was the first to undergo reforms. Implementation of the reforms followed recommendations of the Presidential Commission on the need to modernize the banking sector dubbed the Nyirabu Commission. The BOT Act of 1995 was a landmark in Tanzania’s monetary history by adopting a single policy objective, i.e. price stability and moving away from multiple-policy objectives. …

Odd Couple: International Trade And Labor Standards In History. By Michael Huberman. New Haven, Ct: Yale University Press, 2012. Pp. Xii, 237. $65.00, Cloth., Joshua L. Rosenbloom

Joshua L. Rosenbloom

The years between 1870 and 1914 constituted a first episode of globalization, characterized by rising levels of international trade and robust economic growth. They were also, at least in Europe, the time when important elements of the welfare state—insurance against the risks of unemployment, sickness, industrial accidents, and old age—as well as labor protections—such as factory inspection and limits on the hours of work of women and children—were first introduced.

Credit And Debt In Economic Theory: Which Way Forward?, Thorvald Grung Moe

Thorvald Grung Moe

Background paper for INET workshop on Debt and finance in economics in Waterloo, Toronto nov. 2012

Back To The Future Of Green Powered Economies, Juan B. Moreno-Cruz, M. Scott Taylor

Juan B. Moreno-Cruz

The purpose of this paper is to introduce the concept of power density [Watts/m2] into economics. By introducing an explicit spatial structure into a simple general equilibrium model we are able to show how the power density of available energy resources determines the extent of energy exploitation, the density of urban agglomerations, and the peak level of income per capita. Using a simple Malthusian model to sort population across geographic space we demonstrate how the density of available energy supplies creates density in energy demands by agglomerating economic activity. We label this result the density-creates-density hypothesis and evaluate it using …

Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid

Muhammad Irfan Chani

This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically tests the standard growth model consisting of gross domestic product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Autoregressive distributive lag (ARDL) bound testing approach to cointegration is used to check the long-run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, pair-wise Granger causality test is used for time series …

Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan

Muhammad Irfan Chani

This study aims to investigate the role that various socioeconomic factors like female education, urbanization and female labour force participation play in determining fertility of women in Pakistan. ARDL bound test approach to cointegration is used to analyze the long-run relationship of the variables by using the data for the period from 1980 to 2009. The empirical results show that there exists a long-run as well as short-run relationship between fertility and urbanization, female labour force participation and female education in Pakistan. The analysis indicates there is a negative relationship between all 3 determinants with fertility. Female education and urbanization …

History Lessons: Understanding The Decline In Manufacturing, Louis D. Johnston

Louis D. Johnston

No abstract provided.

Labor Economics, George R. Boyer, Robert Smith

George R. Boyer

The authors hypothesize that most labor economists "sooner or later had to incorporate at least the appearance of institutional concerns in their papers to avoid indigestion whenever lunching with colleagues outside the field of economics" They add: "If the new interests of modern labor economics are in fact driven by the imperatives of science, then the institutionalist and the neoclassical approaches may well synthesize".

The Upside Of Government Default, Jeffrey Rogers Hummel

Jeffrey Rogers Hummel

No abstract provided.

The Union Wage Effect In Late Nineteenth Century Britain, Timothy J. Hatton, George R. Boyer, Roy E. Bailey

George R. Boyer

[Excerpt] This paper offers an historical dimension to the impact of trade unions on earnings by estimating the union wage effect in Britain in 1889-90 using data from the US Commissioner of Labor survey conducted at that time. The determinants of union status are also investigated in terms of a probit estimation using individual characteristics which may be correlated with union membership. The results of this first step are used in the computation of selectivity corrected estimates of the union wage effect. It is found that the effect of union membership on earnings at this time was of the order …