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Articles 1 - 10 of 10
Full-Text Articles in Economics
Public Actors In Private Markets: Toward A Developmental Finance State, Robert Hockett, Saule Omarova
Public Actors In Private Markets: Toward A Developmental Finance State, Robert Hockett, Saule Omarova
Saule T. Omarova
The recent financial crisis brought into sharp relief fundamental questions about the social function and purpose of the financial system, including its relation to the “real” economy. This Article argues that, to answer these questions, we must recapture a distinctively American view of the proper relations among state, financial market, and development. This programmatic vision – captured in what we call a “developmental finance state” – is based on three key propositions: (1) that economic and social development is not an “end-state” but a continuing national policy priority; (2) that the modalities of finance are the most potent means of …
Asean Public Private Partnership Guidelines, Fauziah Zen, Michael Regan
Asean Public Private Partnership Guidelines, Fauziah Zen, Michael Regan
Michael Regan
The ASEAN PPP Guidelines are designed for ASEAN nations and provide a common set of policy principles for member countries. The Guidelines offer a broad framework based on best practice standards that will help government departments to manage the processes and procedures that need to be taken when implementing PPP projects. In this respect, common policy principles provide consistency, confidence and certainty to foreign private investors and help facilitate cross-border PPP projects and enhance greater connectivity through harmonisation of member’s regulatory requirements. ASEAN nations will already have in place PPP laws and policies, and many international agencies provide financial assistance …
Understanding The Contribution Of Highway Investment To National Economic Growth: Comments On Mamuneas’S Study, Randall W. Eberts
Understanding The Contribution Of Highway Investment To National Economic Growth: Comments On Mamuneas’S Study, Randall W. Eberts
Randall W. Eberts
This paper reviews and summarizes current literature by Theofanis P.Mamuneas (2008) and Mamuneas with M. Ishaq Nadiri (2003) on the returns to highway investments. This paper first provides an overview of the conceptual relationship between highways and output. The next section describes the highway capital stock estimated by Fraumeni and used by Mamuneas. Next, the paper describes the study conducted by Mamuneas and analyzes the results for consistency within the modeling framework and in context with other studies. The paper then briefly summarizes the broad range of estimates from the literature to offer additional context. Finally, the paper offers an …
Does The Quality Of Electricity Matter? Evidence From Rural India, Ujjayant Chakravorty, Martino Pelli, Beyza Ural Marchand
Does The Quality Of Electricity Matter? Evidence From Rural India, Ujjayant Chakravorty, Martino Pelli, Beyza Ural Marchand
Ujjayant Chakravorty
This paper estimates the returns to household income due to improved access to electricity in rural India. We examine the effect of connecting a household to the grid and of the quality of electricity, defined as hours of daily supply. The analysis is based on two rounds of a representative panel of more than 10,000 households. We use the district-level density of transmission cables as instrument for the electrification status of the household. We find that a grid connection increases non-agricultural incomes of rural households by about 9 percent during the study period (1994-2005). However, a grid connection and a …
Don't Blame Faculty For High Tuition: The Annual Report On The Economic Status Of The Profession, 2003-04, Ronald Ehrenberg
Don't Blame Faculty For High Tuition: The Annual Report On The Economic Status Of The Profession, 2003-04, Ronald Ehrenberg
Ronald G. Ehrenberg
[Excerpt] The bottom line is that although faculty and staff salary in-creases obviously contribute to increases in tuition, other factors have played more important roles during the last quarter century. These factors include the escalating costs of benefits for all employees, reductions in state support of public institutions, growing institutional financial-aid costs, expansion of the science and research infrastructure at research universities, and the increasing costs of information technology. If tuition and fee increases had been held to the rate of average faculty salary increases during this period, average tuition and fees would be substantially lower today in both the …
Unequal Progress: The Annual Report On The Economic Status Of The Profession 2002-03, Ronald Ehrenberg
Unequal Progress: The Annual Report On The Economic Status Of The Profession 2002-03, Ronald Ehrenberg
Ronald G. Ehrenberg
[Excerpt] Most colleges and universities adopted budgets for the 2002-03 academic year in the spring and early summer of 2002. At that time, a pessimist might have cited several factors – negative rates of return from institutional endowments, a rising unemployment rate, an economic recession, and large increases in college and university enrollments, for example - to predict that faculty members would not see their earnings increase substantially in real terms in the coming year. The good news is that, overall and on average, the pessimists' worst fears proved incorrect. The bad news is that the overall aver-ages don't tell …
Australia's Hybrid Approach To Project Finance, Pierre Tapper, Michael Regan
Australia's Hybrid Approach To Project Finance, Pierre Tapper, Michael Regan
Michael Regan
Extract: Project finance generally refers to long-term, limited recourse debt structured to meet the specific requirements of capital-intensive resource and infrastructure projects. Project finance is designed to the strength of future cash flow and there is less reliance on more traditional credit benchmarks such as the credit standing of the borrower and the security value of the asset being financed.
Infrastructure For Economic Growth And Development: The Financing Gap, Michael Regan
Infrastructure For Economic Growth And Development: The Financing Gap, Michael Regan
Michael Regan
Extract: Infrastructure is one of the most important tools for accelerating economic development in developing and transition economies. However, the benefits are not always uniform across nations; the results vary significantly between industries, and improved social returns from additional investment have more to do with the procurement method and operational efficiencies than the amount of money that is employed. This article provides a review of the role that infrastructure plays in strengthening economic development and poverty reduction and reducing trade costs to support improved regional cooperation and integration in Commonwealth countries.
Critical Foundations: Providing Australia’S 21st Century Infrastructure, Michael Regan
Critical Foundations: Providing Australia’S 21st Century Infrastructure, Michael Regan
Michael Regan
Extract:
Infrastructure is undoubtedly the least understood of the major asset classes in Australia. A tradition of public ownership and operation, its status as a public good and a lack of information about its investment characteristics in both public and private hands has contributed to limited recognition of its role in national and regional economies. However, this situation is changing. A coincidence of political, economic and financial events in the lead up to the worldwide economic recession of the late 1980s and Australia's microeconomic reforms of the 1990s b[r]ought into sharper focus the central role that infrastructure plays in both …
Water Allocation Under Distribution Losses: Comparing Alternative Institutions, Ujjayant N. Chakravorty, Eithan Hochman, Chieko Umetsu, David Zilberman
Water Allocation Under Distribution Losses: Comparing Alternative Institutions, Ujjayant N. Chakravorty, Eithan Hochman, Chieko Umetsu, David Zilberman
Ujjayant Chakravorty
The distribution of water resources is characterized by increasing returns to scale. Distribution links water generation to its end-use. Standard economic analysis overlooks the interaction among these micro-markets - generation, distribution and end-use. We compare water allocation when there is market power in each micro-market. These outcomes are compared with benchmark cases - social planning and a competitive business-as-usual regime. Simulations suggest that institutions with market power in generation and end-use generate significantly higher welfare than the distribution monopoly and the competitive regime. However, if the policy goal is to maximize the size of the grid, a distribution monopoly is …