Public Economics Commons^™

Agents Cooperation And Network Sustainability: A Note On Social Capital, Massimiliano Mazzanti

Massimiliano Mazzanti

No abstract provided.

Inside The Black Box: How Should A Sovereign Bankruptcy Regime Be Structured?, Patrick Bolton, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.

The Contribution Of Business Services To Aggregate Productivity Growth, Henk Lm Kox

Henk LM Kox

Iraq Contracts Policy Bolsters Terrorist Agenda, Thierry Warin

Thierry Warin

Paul Wolfowitz, the US deputy secretary of defence, announced on December 9 a list of 63 countries allowed to bid on Iraq reconstruction contracts. A backlash is now in evidence: Germany, France and Russia will be excluded.

Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado

José-Manuel Martin Coronado

This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial resources, …

Was Japan’S Real Interest Rate Really Too High During The 1990s? The Role Of The Zero Interest Rate Bound And Other Factors, Hiro Ito

Economics Faculty Publications and Presentations

Japan’s more than a decade long “Great Recession” has presented a disconcerting case of what could happen if interest rates are bounded by zero and deflation sets in. Since Krugman (1998), the commonplace observation is that the deflationary situation combined with the zero nominal interest rate has caused elevated real interest rates, thereby nullifying monetary policy. This paper investigates this oft -cited claim and examines whether it is associated with anomalies in the way real interest rates are determined by employing an error correction model (ECM) based on the time-varying parameter model with Markov-switching variances. Using this model it is …

The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski

WCBT Faculty Publications

This study places a strong emphasis on the ability of Central European Countries to lower inflation and exchange rate risk premiums on their path of monetary convergence to the eurozone. A model of the nexus between both risk premiums is presented along with the recent evidence supporting well-coordinated interactions between these risk premiums for Poland, Hungary and the Czech Republic. The analysis implies that monetary policies based on direct inflation targeting are likely to contain these risk premiums in the candidate countries and can be effectively used during the remaining period of their preparations for entering the euro area.

Can Majority Voting Provisions Do It All?, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.

Discrete Choice Models And Valuation Experiments, Massimiliano Mazzanti

Massimiliano Mazzanti

No abstract provided.

Technical Efficiency Of The Danish Trawl Fleet: Are The Industrial Vessels Better Than Others?, Niels Vestergaard, Dale Squires, Frank Jensen, Jesper Levring Andersen

Niels Vestergaard

Technical efficiency in the Danish trawl fishery in the North Sea is estimated for 1997-1998 with a stochastic production frontier model. This model allows for both technical efficiency and a stochastic environment. The results show that the production frontier can be modelled by a translog function with time effects and a technical inefficiency function. The type of fishery (industrial or consumption) and size of vessel give a good explanation for the inefficiency of the fleet. The average technical efficiency is estimated to be 0.80. On avrage, industrial vessels have a higher technical efficiency than human consumption vessels, and smaller industrial …

A Principal-Agent Analysis Of Fisheries, Frank Jensen, Niels Vestergaard

Niels Vestergaard

Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the low-cost agent must be allowed a larger effort than under complete information.

Management Of Fisheries In Eu: A Principal-Agent Analysis, Frank Jensen, Niels Vestergaard

Niels Vestergaard

In this paper, an EU tax on fishing effort is studied as an alternative to the system of Total Allowable Catches (TACs). The analysis is conducted under imperfect information, and the hypothesis adopted is that the EU lacks information about the costs of individual fishermen. In light of this imperfection, there are at least two reasons for considering an EU tax. First, it can be used to correct part of the market failure associated with fisheries. Second, it can be used to secure correct revelation of fishermen types in light of asymmetric information.

Les 35 Heures, Tout N'Est Pas Noir, Thierry Warin

Thierry Warin

Si l’on n’y prend pas garde, la réduction du temps de travail légal entraînera des effets non anticipés par le gouvernement. L’un d’entre eux est celui de l’augmentation du « travail au noir ». Aujourd’hui, les salariés sont contraints à ne pas dépasser 39 heures. S’ils le désirent, ils peuvent travailler moins en utilisant les contrats à temps partiel, mais en aucun cas, ils ne peuvent dépasser cette durée légale. Pourtant, certains d’entre eux utilisent leur temps libre pour arrondir les fins de mois. Des métiers sont plus propices à ces activités illégales : qui n’a jamais utilisé les services …

Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan

WCBT Faculty Publications

Examines the volatility of the exchange rates in Central Europe. Role of capital account liberalization and financial market integration in exchange rate stability; Remedies employed to financial problems of each countries; Impact of Asian and Russian financial crises on currencies of Central European countries; Recommendations for European Union accession.

The Challenge Of Administration By Regulation: Preliminary Findings Regarding The U.S. Government's Venture Capital Funds, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

This article assesses the ability of elected officials to control public policy as implemented by public/private hybrid organizations, specifically, government venture capital funds. The study reveals greater control over OPIC investment funds than Enterprise Funds despite the existence of more traditional administrative tools of control for Enterprise Funds. This finding suggests that the regulatory infrastructure for hybrid organizations is more determinative of control than the existence (or lack) of traditional administrative control tools. Thus the challenge of hybrid government centers on the development of regulation as a substitute for administration.

Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Research on land tenure and use control and the socioeconomic sets of regulations in the agricultural rainfed sub sector of Sudan, come to focus for many reasons. Anthropogenic pressure, expanding animal population and migration led to accelerated impacts on both the ecological systems and land yields. Conflicts between governmental regulations and indigenous rules contribute to generate inconsistencies on who have the right to till the land and hence own it. With such transformation logically, more intensive commercial farming took place and land intake exponentially increased. Private or collective property rights of land are procured through traditional tenure, prescription, settlement or …

Measures Of Welfare Effects In Multiproduct Industries: The Case Of Multispecies Individual Quota Fisheries, Niels Vestergaard

Niels Vestergaard

A framework is developed to measure the welfare effects of individual quota reforms in multiproduct industries using the multimarket welfare measure techniques suggested by Just, Hueth, and Schmitz (1982) and the concept of virtual price in the production theory literature (Neary 1995; Squires and Kirkley 1996). Under joint in input production it shown that quasirent under a single quota can be measured by the producer surplus either in the output market for quota output or in the quota market. Under multiple quotas the welfare effects of quota policies can be measured in one of the quota markets using inverse derived …

Exchange-Rate Policies In Central Europe And Monetary Union, Lucjan Orlowski

WCBT Faculty Publications

Looks at the relationship between exchange-rate and monetary policies in transition economies (TEs) in central Europe bent on becoming part of the European Union. Review of practiced targets of monetary policy in response to the requirements of monetary union; Question of whether or not candidates will resort to a final currency devaluation; Suggestions for adjustments in short- and long-term monetary policy.

People Adrift: Migration And Development (In Dutch), Free University, Amsterdam, Henk Lm Kox, Ko Heins

Henk LM Kox

People adrift is an edited volume that offers a rich perspective on migration and development. The introductory chapter by both editors provides an analytic survey of the major issues and their relations. The ten next chapters deal with migration motives, economic mechanisms, environmental issues, social and economic impacts on regions, relation with refugee flows and immigration barriers.

Bæredygtig Udnyttelse Af Fornybare Ressourcer: Torskefiskeriet Ved Færøerne, Niels Vestergaard

Niels Vestergaard

The Faroe Islands cod fishery is analyzed for the period 1985-1992. It is shown that an approximately optimal and implementable fishery policy based on sustainability have increased the gross national income in the fishery by about 20%. This loss is due to an inoptimal organization of the fishery during that period combined with a very low cod stock at the end of 1992, which means reduced future catch possibilities. that the fishing capacity could have been reduced by about 1/3. The policy of sustainability is applied to the current situation in the fishery, and it is shown that the current …

Nigeria's Economic Outlook, B. U. Ekong

Bullion

The immediate post-war era brought into the Nigerian economy some of the most significant structural transformations ever imagined. From a position of dominant dependence on agriculture, the Nigerian economy swang over to that of dominant dependence on crude petroleum production for foreign exchange earnings, for government revenues and as the main source of incomes for investment, trade and general economic development. The article therefore reviews the post war policies covering 1973 to 1977. The paper further discusses Nigeria's economic outlook while focusing on fiscal outlook, exchange control measures, petroleum export, private sector investment, income policy, monetary and fiscal policy measures.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1965, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1965 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Two major developments dominated the world economic scene in 1965. One was the overall slowdown of economic expansion in most industrialized countries. The other was the overall contraction in the growth rate of world trade and in the flow of international capital. Due to the problem of balance of payment disequilibrium, the industrialized countries intensified economic measures to achieve internal stability and equilibrium …