Economics Commons^™

South Dakota's International Trade, Evert Van Der Sluis, Benno Wymar

Economics Commentator

No abstract provided.

Rediscovering The Economics Of Loss Causation , Richard Kaplan, Madge Thorsen, Scott Hakala

ExpressO

Abstract This article explores the economic principles and theories underlying loss causation in the context of securities fraud litigation. It explains the difference between “investment loss” and recoverable “inflationary loss” and posits that the latter consists of the difference between inflation in stock prices caused by the fraud at the time of purchase and inflation in the price at the time of sale. It reviews scenarios in which inflationary loss due to fraud may occur and would be recognized as a matter of economic theory as well as a matter of law. It urges that Dura v. Broudo Pharmaceuticals, 125 …

Extending Predation Analysis To Monopolist's Bundled Discounts Under Section 2: An Economic, Legal, And Comparative Perspective, Seth B. Chertok

ExpressO

In LePage’s v. 3M, the Third Circuit decided the first case at the federal appellate court level that dealt with the subject of bundled discounts by a monopolist under Section 2 of the Sherman Act in the period following the U.S. Supreme Court’s decision in Brooke Group Ltd. v. Brown & Williamson Tobacco Corporation. Prior to the decision in Brooke Group, the Third Circuit had only once before addressed this topic in Smithkline Corp. v. Eli Lilly and Company. Smithkline is only significant because it nearly suggested that any bundled discount, regardless of whether above or below cost, was anti-competitive. …

The Dual Purpose Of The American Jobs Creation Act Of 2004, Dennis J. Kokenos

ExpressO

The American Jobs Creation Act of 2004 claims to help bring offshore investments back to the United States. In reality, the AJCA does much more. The AJCA of 2004 makes adjustments to the U.S. tax code which helps bring the U.S. in line with existing international trade obligations as well as stimulating the U.S economy.

Entry And Vertical Disintegration, Christiaan Hogendorn

Christiaan Hogendorn

We formalize and extend George Stigler’s famous article “The division of labor is limited by the extent of the market.” We emphasize economies of scale in intermediate goods production as a determinant of firm boundaries and vertical control. We show that there are potential coordination failures which may prevent efficient vertical disintegration, and we discuss how these might be either overcome or used to the advantage of incumbent firms.

Working Paper No. 30, On The Origins Of Laissez-Faire, Thomas Breaden

Working Papers in Economics

This paper traces laissez-faire back to its French roots, and in particular, to its origins as a political philosophy evoking an economic approach. Related to his visit to France in the 1760s and his personal contacts, we suggest that Adam Smith serves as the link between selected French thinkers and what after Smith’s Inquiry would be widely accepted as a quintessentially Anglo-Saxon tradition in economics. Exploring doctrine, we offer linkages between F. Quesnay, A. Turgot, J.J. Rousseau, and Smith’s ideas. Similarities in Smith’s understanding and the French exponents regarding economic activity vis-a- vis a public sector are presented, along with …

Insuring Major Spring Crops In South Dakota, Matthew A. Diersen

Economics Commentator

No abstract provided.

Tax Management, Burton Plflueger

Economics Commentator

No abstract provided.

Did Reform Of Prudent Trust Investment Laws Change Trust Portfolio Allocation?, Max M. Schanzenbach, Robert H. Sitkoff

Law and Economics Papers

This paper investigates the effect of changes in state prudent trust investment laws on asset allocation in noncommercial trusts. The old prudent man rule favored “safe” investments

such as government bonds and disfavored “speculation” in stock. The new prudent investor rule, now widely adopted, relies on modern portfolio theory, freeing the trustee to invest based on risk and return objectives reasonably suited to the trust and in light of the composition of the trust portfolio as a whole. Using state- and institution-level panel data from 1986-1997, we find that after a state’s adoption of the new prudent investor rule, trust …

Capital Flight From The Philippines, 1970-2002, Edsel L. Beja Jr

Economics Department Faculty Publications

Capital flight is defined as the movement of capital from resource-scarce developing countries to avoid social controls. It is measured as net unrecorded capital outflow, or the residual between officially recorded uses and sources of funds. Total capital flight from the Philippines was estimated at USD 138 billion (in 1995 constant prices) for the period 1970-2002. Including imputed interest earnings, the stock of capital flight as of 2002 was USD 218 billion. Indeed, by any yardstick, these figures are significant amounts of lost resources that could have been utilized to generate additional output and jobs in the country. Were it …

Welcome Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Y. Nuhu

Economic and Financial Review

This is the welcome address by Alhaji Y. Nuhu at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Special Remarks At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects., O. J. Nnanna

Economic and Financial Review

This is the special remarks by Dr. O. J. Nnanna at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren

Economic and Financial Review

This is the opening address by Mrs. O. A. Demuren at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Keynote Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Obadiah Mailafia

Economic and Financial Review

This is the keynote address by Dr. Obadiah. Mailafia at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

The Role Of The Mortgage Industry In Economic Development, Kayode Omotosho

Economic and Financial Review

This article examines the role of the mortgage industry in economic development with a view to identifying its problems, challenges and opportunities. Possible areas of assistance from other stakeholders are also highlighted. The article discussed the evolution of mortgage banking and financing in Nigeria and the demand/market for mortgage sector finance services in Nigeria. It estimates that Nigeria needed N50 billion annually to provide an estimate of 8 million housing units in 2000. The article then examines the Federal Mortgage Bank of Nigeria (FMBN) in the last decade (1990 - 2000) and National Housing Fund (NHF) as well as the …

Legal And Regulatory Framework For The Mortgage Industry In Nigeria, J. A. Akinwale

Economic and Financial Review

This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The outline of major issues on legal and regulatory framework for mortgage institutions discussed in the article include: Functions of PMI’s vis-a-vis their enabling laws and role in the overall financial system; licensing; assets and liability powers; capital requirements; supervision; disclosure and verification of information; staffing, and developmental issues.

Mortgage Institutions And Financing In Nigeria: Performance, Constraints And Prospects, S. A. Oni

Economic and Financial Review

The article, mortgage institutions and financing in nigeria: performance, constraints and prospects, reviews the performance of the mortgage institutions in Nigeria. The rest of the paper is divided into four parts. Following this introduction is part 2 that focuses on the evolution of mortgage financing in Nigeria. Part 3 reviews the performance of mortgage institutions, while part 4 highlights the constraints in the sub-sector and the prospects of mortgage financing in Nigeria. Part 5 concludes the paper.

Understanding The Technical Operation Of Mortgage Market: Financing Options And Valuation Techniques, Femi Ekundayo

Economic and Financial Review

This paper aims to discuss the. evolution of mortgage banking in Nigeria, development and practice of mortgage financing and valuation techniques using Primary Mortgage Institutions (PMI) as a thrust. It is also to elicit contributions from others and subject the final product to further research for development of the scheme in Nigeria.

The National Housing Fund Scheme: The Journey So Far, O. A. Adeniji

Economic and Financial Review

This article reviews the National Housing Fund and highlight the successes and constraints. The rest of the article is divided into five sections. Section 2 reviews the National Housing Fund Scheme. The lessons of experience from other countries are contained in section 3, while section 4 highlights the achievements of the Federal Mortgage Bank of Nigeria (FMBN) since the inception of the reforms. The problems militating against the effective implementation of the NHF is the focus of section 5. Section 6 concludes the article.

Central Bank Independence In A (Very) Non-Neoclassical World, Eduardo Zambrano

Economics

What if it could be possible to convince a completely non-neoclassical economist of the importance of Central Bank independence? The profession currently favors arguments in favor of Central Bank independence that are based on the seminal work by Barro and Gordon (1983 a,b), a model with naturally strong neoclassical assumptions. As a consequence of this, the argument in favor of Central Bank independence routinely given by economists is often not bought by those who question the validity of the neoclassical assumptions. In this paper I argue that Central Bank independence can be beneficial for society even when the economy is …

On Some Subtle Implications Of The Choice Of Numeraire For Monetary Policy In Developing Countries, Eduardo Zambrano

Economics

Numeraire choice is often deemed a problem of purely analytical convenience. In this paper I show that there is more to numeraire selection than meets the eye for the formulation of monetary policy in countries with weak fiscal institutions. I show how (a) improper numeraire choice can dramatically overstate or understate Central Bank profits and (b) how this can threaten the ability of a Central Bank to keep inflation under control. I show point (a) in the context of Monte Carlo experiments calibrated for the Venezuelan economy and point (b) in an infinitely lived representative agent model that illustrates the …

An X-Ray Of The Mortgage Industry In Nigeria, Fortune Ebie

Economic and Financial Review

This article provides a detailed examination of the Mortgage Industry in Nigeria with a view to identifying the issues, challenges and prospects. The rest of the paper is divided into five sections. The overview of housing industry in Nigeria is the focus of section 2 while section 3 reviews the structure of the mortgage industry. Section 4 focuses on the regulatory/institutional framework for mortgage financing in Nigeria. The x-ray of mortgage industry is undertaken in section 5 while section 6 concludes the paper.

The Land Tenure System: Which Land Title For The Nigerian Mortgage Industry?, J. A. Akinwale

Economic and Financial Review

The article examines among issues raised in the 2001 Report of the Presidential Committee on Urban Development and Housing, which made recommendations for the National Housing Policy. ln order to appreciate the kind of land tenure system that is operated in the country, the objective of this paper is to highlight the process and procedure individuals or corporate bodies will have to go through in order to secure finance for building or buying a house. The paper is divided into three sections. Following this introduction, is section two which discusses mortgage loan perfection, while section three appraises the land tenure …

Together...We Compete... (In Greek), Triantafillia Giotopoulou, Andreas Drichoutis, Vassilis Karalis, Lykouropoulou Eirini

Andreas Drichoutis

No abstract provided.

Firm-Sponsored General Training, Felipe Balmaceda Assoc Prof.

Felipe Balmaceda

This article analyzes firm and worker’s incentives to invest in general and specific training when these are separable in the production technology and wages are determined by the outside-option principle. It is shown that firms pay for general training, while workers receive the full return on it, and firms and workers share both the costs and benefits of specific training. The case of delayed general training is also studied. When general training is delayed, it is shown that the strategic complementarity between specific and general training increases the worker’s incentives to invest in specific training.

Competitive Auction Markets In British Columbia, Peter Cramton, Susan Athey

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

(Review) Pierre Force, Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-52183060-5.

(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.

Rhode Island Current Conditions Index -- December 2005, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Social Preferences In Small‐Scale Societies, Alexander J. Field

Economics

This volume reports on a cross‐cultural investigation of social preferences in 15 small‐scale, non‐Western societies. Participants from all 15 groups played the ultimatum game with members of their own culture; subjects from a subset also played dictator and voluntary contribution to public goods games. The bulk of the book (Chapters 4 through 14) consists of reports by the field workers (mostly anthropologists). Each chapter includes ethnographic information, a description of how members of the group make their living, details on the experimental protocols and results, and some discussion. Although none of the results are consistent with the predictions of the …