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The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati 2017 Duke Law School

The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati

Faculty Scholarship

Market reports in the summer of 2016 suggest that Venezuela is on the brink of default on upwards of $65 billion in debt. That debt comprises of bonds issued directly by the sovereign and those issued by the state-owned oil company PDVSA. Based on the bond contracts and other legal factors, it is not clear which of these two categories of bonds would fare better in the event of a restructuring. However, market observers are convinced — and we agree — that legal and contractual differences would likely impact the payouts on the bonds if Venezuela defaults. Using a comparison of recent ...


Delivering In Nairobi-And After, Andrea Spear, Mia Mikic 2016 United Nations ESCAP

Delivering In Nairobi-And After, Andrea Spear, Mia Mikic

Mia Mikic

Much hinges on the outcome of the World Trade Organization's Tenth Ministerial Conference in Nairobi in mid-December. The World Trade Organization (WTO) is marking the 20th anniversary of its establishment during the Uruguay Round, almost half a century after 23 countries set up its predecessor for trade in goods, the General Agreement on Tariffs and Trade (GATT). Yet the mood is far from celebratory. Admittedly, trade has not been helping the global economy much in recent times. The downbeat feeling, however, is more related to the question of the WTO's relevance, now and in future. The WTO was ...


The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene 2016 Iowa State University

The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene

Wallace Huffman

New food products using genetically modified crops appeared in U.S. supermarkets starting in 1996, and consumers’ perceived some risks. This paper examines the role of consumers prior beliefs about genetic modification and of diverse, new information on their willingness to pay for foods that might be genetically modified. We use data from economics experiments and show that participants who had informed prior beliefs discounted GM-labeled food products more highly than those who had uninformed prior beliefs. Uninformed participants were especially susceptible to information from interested and third parties. In contrast, informed participants were generally not affected significantly by new ...


Implications Of Agency Theory For Optimal Land Tenure Contracts, Wallace E. Huffman, Richard E. Just 2016 Iowa State University

Implications Of Agency Theory For Optimal Land Tenure Contracts, Wallace E. Huffman, Richard E. Just

Wallace Huffman

For more than 2 centuries, economists have been interested in agricultural contracts, especially landowner-tenant contracts. The early work by Marshall (1890) argued that share tenancy was inefficient relative to owner cultivation and should not be expected to persist when other arrangements are available. Later D. Gale Johnson (1950) and Cheung (1969) argued that, if landowners can costlessly monitor and enforce tenants’ effort, then share tenancy can compete effectively with owner cultivation or cash rental. Subsequently, Stiglitz (1974) and Newberry and Stiglitz (1979) introduced principal-agent models in the more realistic case where monitoring is costly to study optimal landowner-tenant risk sharing ...


Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman 2016 University Politecnica de Catalunya

Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman

Wallace Huffman

Most observers have come to agree that Research and Development (R&D) is fundamental to the innovations that take place in advanced countries and that drive growth and development around the world. This is equally true for agricultural R&D, which has substantially increased the supply of food and fiber over time. Given the evident importance of agricultural R&D, we look at the forces that determine the amount of privately funded research in this vital sector using a sample of European countries. We construct indicators of private incentives, property rights, and publicly funded research in the various countries. Private research has grown with unusual speed in recent years and offers the prospect of advances in the quality of agricultural goods as well as reductions in their costs. Furthermore, considerable interest exists in knowing how changes in private and public research expenditures are related empirically; for example, are they complements or substitutes?1 If they are substitutes, then additional private agricultural R&D expenditures may not result in larger total agricultural research expenditures.


Property Rights And International Trade: An Institutional Determinant Of Export Structure, Gregory Alan Bonadies 2016 The University of Southern Mississippi

Property Rights And International Trade: An Institutional Determinant Of Export Structure, Gregory Alan Bonadies

Dissertations

This work investigates the connection, independent of other factors, between a country’s system of law and property rights and patterns of trade. Stronger property rights institutions are hypothesized to lead to greater diversity in exports and a greater proportion of higher value-added exports. Production and export possibilities depend on capital, labor, and technology. Technology is the way in which capital and labor resources can be organized for productive purposes. Property rights condition expressions of technology and thus production possibilities and export potential. Consequently, if property rights vary between countries, then technological expression, production possibilities, and export potential vary as ...


Policy Measurement And Multilateral Resistance In Gravity Models, Luca De Benedictis, Claudio Vicarelli, Maria Pina Cipollina, Luca Salvatici 2016 University of Molise

Policy Measurement And Multilateral Resistance In Gravity Models, Luca De Benedictis, Claudio Vicarelli, Maria Pina Cipollina, Luca Salvatici

Luca De Benedictis

Over the past decade, the gravity equation has emerged as the empirical workhorse in international trade to study the ex-post effects of trade policies on bilateral trade. In this paper we are concerned with the issue of how the econometric specification and the policy measurement choices can affect the goal to obtain accurate estimates of the coefficient associated with bilateral trade policies within a theoretically-consistent model. The problem is even more serious when the policy treatment is approximated through dummies as it is still often the case in the literature. Using a Monte Carlo simulation analysis, this paper shows that ...


Income-Generating Functions In A Low Income Country: Colombia, Gary S. Fields, T. Paul Schultz 2016 Cornell University

Income-Generating Functions In A Low Income Country: Colombia, Gary S. Fields, T. Paul Schultz

Gary S Fields

Income generating functions are statistical tools used to explain income inequality and other economic outcomes and behavior. These functions are often associated with a strict human capital framework, but they need not be. Instead, they may be viewed as a reduced form equation summarizing the relationship between income and various personal and locational characteristics. Following this latter interpretation, we develop the regression and analysis of variance approaches to income generating functions and estimate them empirically using micro-economic data from one low income country, Colombia. Proceeding to increasingly parsimonious specifications of income generating functions, insights are gained into the structure of ...


Employment, Income Distribution And Economic Growth In Seven Small Open Economies, Gary S. Fields 2016 Cornell University

Employment, Income Distribution And Economic Growth In Seven Small Open Economies, Gary S. Fields

Gary S Fields

[Excerpt] Resurgent interest has been manifested among development economists in trickle-down, i.e., the view that the more rapid the rate of economic growth, the more rapid the improvement in employment and income distribution. Throughout this paper, the term ‘income distribution’ will refer to the location and dispersion of the pattern of incomes, i.e., to ‘absolute incomes and poverty’ and to ‘relative income inequality’. Empirical evidence supports trickle-down in some cases, but the evidence is contrary to trickle-down in others.

These data indicate:

  1. A high rate of economic growth is neither necessary nor sufficient for inequality to decline.
  2. A ...


Import Competition In The High-Wage Sector And Trade Policy Effects On Labor, Gary S. Fields, Earl L. Grinols 2016 Cornell University

Import Competition In The High-Wage Sector And Trade Policy Effects On Labor, Gary S. Fields, Earl L. Grinols

Gary S Fields

This article evaluates the employment and welfare effects of increased trade competition and protection in economies with wage dualism, unemployment, and on-the-job search. A micro-based measure of economy welfare distinguishes between workers and other sectors of the economy is developed to deal with labor market imperfections and distributional issues. For example, increased competition in high-wage sector goods reduces high-wage employment, but may or may not increase overall unemployment. Policy may be chosen to mitigate loss in worker earnings that are partly or wholly offset by gains to consumers of the importable.


Over-Nutrition And Changing Health Status In High Income Countries, Wallace E. Huffman, Sonya K. Huffman, Kyrre Rickertsen, Abebayehu Tegene 2016 Iowa State University

Over-Nutrition And Changing Health Status In High Income Countries, Wallace E. Huffman, Sonya K. Huffman, Kyrre Rickertsen, Abebayehu Tegene

Wallace Huffman

As per capita incomes in developed countries have grown over the past three decades, overnutrition leading to obesity and elevated health risks for cardiovascular disease, diabetes and some forms of cancer has occurred. We use economic and econometric models to identify the impact of food prices on the aggregate demand for calories and the supply of health, as reflected in mortality rates. Our models are fitted to unique panel data for 18 developed countries over 1971-2001, a period when the relative price of food first rose and then declined steadily. Some findings, using de-trended data, are that a lower real ...


The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward 2016 University of California, Berkeley

The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward

Undergraduate Economic Review

This paper sets out to study the role of cultural and institutional differences across European countries in explaining patterns of bilateral trade within Europe by using a gravity model approach on panel data for 24 European countries, covering the years 2002 through 2006. It may be expected that cultural and institutional “distance” between Eurozone countries would have a comparatively smaller impact on bilateral trade flows by virtue of the countries’ shared currency relative to the impact of such determinants on bilateral trade flows between two countries that do not share a currency. Alternatively, such determinants could have a significant impact ...


Determining Yuan Valuation- An Extension Of The Imf External Balance Assessment Approach, Shantanu A. Banerjee 2016 University of Texas at Austin

Determining Yuan Valuation- An Extension Of The Imf External Balance Assessment Approach, Shantanu A. Banerjee

Undergraduate Economic Review

This paper applies the IMF EBA methodology to a China-specific time series analysis, using a 2SLS instrumented regression with Newey-West standard errors to determine the policy gap that results from PBOC intervention. We find the impact of reserve accumulation to be more significant in magnitude than indicated by the EBA, demonstrating a modest improvement in accuracy with the introduction of central bank liquidity swaps as a novel instrument. Evidence of a long term equilibrium relationship is also found between the real effective exchange rate and reserve accumulation, with the presence of medium level capital controls.


Sanitation And Hygiene Deficiencies As Contributing Factors In Contamination Of Imported Foods, Fengxia Dong, Helen H. Jensen 2016 Iowa State University

Sanitation And Hygiene Deficiencies As Contributing Factors In Contamination Of Imported Foods, Fengxia Dong, Helen H. Jensen

Helen Jensen

Imports of agricultural products into the United States represent a significant share of many foods consumed in the United States today. Increased income, better transportation, and global food supply chains support vast trade in agricultural products. In 2006, the United States imported more than $64 billion worth of agricultural products. Beverages, tropical products, fruits, and vegetables led the import value (Dohlman and Gehlhar, 2007).


The Impacts Of Biofuels Targets On Land-Use Change And Food Supply: A Global Cge Assessment, Govinda R. Timilsina, John Beghin, Dominique van der Mensbrugghe, Simon Mevel 2016 The World Bank

The Impacts Of Biofuels Targets On Land-Use Change And Food Supply: A Global Cge Assessment, Govinda R. Timilsina, John Beghin, Dominique Van Der Mensbrugghe, Simon Mevel

John Beghin

We analyze the long-term impacts of large-scale expansion of biofuels on land-use change, food supply and prices, and the overall economy in various countries or regions using a multi-country, multi-sector global computable general equilibrium model augmented with an explicit land-use module and detailed biofuel sectors. We find that an expansion of biofuel production to meet the existing or even higher targets in various countries would slightly reduce GDP at the global level but with mixed effects across countries or regions. Significant land re-allocation would take place with notable decreases in forest and pasture lands in a few countries. The expansion ...


A Meta-Analysis Of The Impact Of Technical Barriers To Trade, Yuan Li, John Beghin 2016 Iowa State University

A Meta-Analysis Of The Impact Of Technical Barriers To Trade, Yuan Li, John Beghin

John Beghin

A meta-analysis explains the variation in estimated trade effects of technical barriers to trade broadly defined, using available estimates from the empirical international trade literature, and accounting for data sampling and methodology differences. Agriculture and food industries tend to be more impeded by these barriers than other sectors. SPS regulations on agricultural trade flows from developing exporters to high-income importers tend to impede trade. Controlling for “multilateral resistance” lowers the propensity to find that these policies impede trade. Estimations correcting endogeneity by using panel data and time fixed effect yield more negative (or less positive) trade effects of technical measures.


Animal Feed Vs. Human Food: Challenges And Opportunities In Sustaining Animal Agriculture Toward 2050, Jude Capper, Larry Berger, Mindy Brashears, Helen Jensen 2016 Montana State University

Animal Feed Vs. Human Food: Challenges And Opportunities In Sustaining Animal Agriculture Toward 2050, Jude Capper, Larry Berger, Mindy Brashears, Helen Jensen

Helen Jensen

To feed the nine-plus billion people projected to inhabit the earth by 2050, some are proposing that land would be best used through systems producing food consumed directly by humans. There are only two approaches by which this could be accomplished. The first is to harvest forages currently produced and feed them directly to humans. The second is to cultivate grazing land to produce other crops that could be consumed directly by humans. Both of these approaches are impractical on a large scale and have great ecological risks.


Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande 2016 Columbia University

Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande

Undergraduate Economic Review

This essay aims to analyse the classification of unilateral transfers under the current account at Bretton Woods despite significant opposition from larger delegations of major Allied powers, bringing to the forefront the global liquidity of remittances in the post-War years permitted by their fully currency convertible nature. Using the example of the Indian State of Kerala, this paper charts the relevance of their sustained uninterrupted flow to their subsequent exponential growth in the last three decades, using the case study as a pivot to argue for better policy measures that maximise their multiplier effect.


Policy Measurement And Multilateral Resistance In Gravity Models, claudio vicarelli, Maria Cipollina, Luca De Benedictis, Luca Salvatici 2016 University of Molise

Policy Measurement And Multilateral Resistance In Gravity Models, Claudio Vicarelli, Maria Cipollina, Luca De Benedictis, Luca Salvatici

Claudio Vicarelli

Over the past decade, the gravity equation has emerged as the empirical workhorse in international trade to study the ex-post effects of trade policies on bilateral trade. In this paper we are concerned with the issue of how the econometric specification and the policy measurement choices can affect the goal to obtain accurate estimates of the coefficient associated with bilateral trade policies within a theoretically-consistent model. The problem is even more serious when the policy treatment is approximated through dummies as it is still often the case in the literature. Using a Monte Carlo simulation analysis, this paper shows that ...


The Impact Of Trade Costs On The European Regional Trade Network: An Empirical And Theoretical Analysis, Luca De Benedictis, Roberto Basile, Pasquale Commendatore, Ingrid Kubin 2016 Selected Works

The Impact Of Trade Costs On The European Regional Trade Network: An Empirical And Theoretical Analysis, Luca De Benedictis, Roberto Basile, Pasquale Commendatore, Ingrid Kubin

Luca De Benedictis

Using intra-European interregional trade data, we analyze the topology of the EU regional trade network. A triad census analysis reveals that the interregional trade network (and, thus, the European economic integration) is far from being complete. The majority of the EU interregional trade patterns are characterized by simple, at best bilateral, configurations. Moreover, we analyze the effect of trade costs in shaping the topological structure of the network. It emerges that the relative presence of simple trade configurations increases with distance, while the relative presence of more complex trade configurations decreases with distance. Finally, we discuss the theoretical underpinnings of ...


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