Digital Commons Network^™

Unmasking The Tipping Point For The Next U.S. Financial Crisis, Darrol J. Stanley, Donald M. Atwater

Graziadio Working Paper Series

The risks of the next U.S. Financial Crisis are increasing. Many Americans are fearful of the very negative financial impact of the next crisis especially since it could occur so soon after the negative impact of the Covid Pandemic on the economy. Financial safety nets are weak. The scope of the crisis includes decreasing values of assets, a recession caused by government policies, decreases in the value of existing bonds, and significant social stress fueled by political polarization after the 2022 midterm elections. We believe the solution to the fear begins with knowledge and a logical approach to assess key …

College Street Journal (October 2022), College Of The Holy Cross

College Street Journal

College Street Journal serves as a student platform for business-related news, opportunities and resources at Holy Cross. Readers will discover a broad range of important topics from relevant news and economic issues, career development opportunities and advice, as well as Ciocca center and campus-wide opportunities to grow outside of the classroom.

Highlights of this edition include an interview with Rob Murner, student loan forgiveness, intership experinence at the United Nations, women in business, alumni interviews with Mary Ann Rettig-Zucchi '76 and Stephanie Lizzartz '90, and a faculty editorial.

A Survey Of Retail Trade Patterns In South Dakota: 2012-2021, Rand E. Wergin

Faculty Publications

This paper provides an analysis of retail sales and retail trade in the state of South Dakota for the years 2012 to 2021. This analysis will provide valuable information to community leaders in the cities and towns of South Dakota. Along with measures such as unemployment and inflation, Retail Pull (RP) provides a measure of community’s economic health. For example, retail is often the largest employer in a city, particularly the smaller communities of South Dakota, and a robust retail sector provides a tax base to support community services. Thus, the economic health of the community depends on the viability …

Economic Interdependence And Conflict: An International Relations Theory Analysis, Sam M. Arkin

Glatfelter Gazette

Theories of International Relations are constructed to help make sense of how power is divided amongst international actors. Three prominent theories: Realism, Liberalism, and Neo-Marxism, interpret international phenomena differently based on their assumptions about structures of global power. Economic interdependence is seen by each theory to impact who has power and how that power is maintained. These theories diverge in interpreting how economic interdependence impacts forms of conflict. These pieces do not interpret which theory is correct but work to emphasize the contextual foundations and analytical framework for how each theory perceives the entanglement of economic interdependence and conflict.

Commonality In Credit Spread Changes: Dealer Inventory And Intermediary Distress, Zhiguo He, Paymon Khorrami, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Two intermediary-based factors—a corporate bond dealer inventory measure and a broad intermediary distress measure—explain more than 40% of the puzzling common variation in credit spread changes beyond canonical structural factors. A simple intermediary-based model with partial market segmentation accounts for intermediary factors’ explanatory power and delivers three further implications with empirical support. First, whereas bond sorts on risk-related variables produce monotonic loading patterns on intermediary factors, non-risk-related sorts produce no pattern. Second, dealer inventory comoves with corporate-credit assets only, whereas intermediary distress comoves with both corporate-credit and non-corporate-credit assets. Third, dealers’ inventory responds to (instrumented) bond sales by institutional investors.

British Public Investment, Government Spending, Housing, And The Industrial Revolution: A Study Of Governmental And Social Surplus Absorption, Thomas E. Lambert

Faculty and Staff Scholarship

When it comes to the British Industrial Revolution of the 18^th Century, much of the mainstream economics literature has tended to focus on how property rights, limitations on the crown or government, and changes in agricultural and manufacturing techniques have caused a great transformation in the nation’s economic formation. Marxian and other heterodox economics views acknowledge these developments but also emphasize the enclosure movement and the development of a class of people that becomes an exploited proletariat. Both sets of views acknowledge the role of the British government in facilitating the Industrial Revolution, but in doing a review for …

The Effect Of Monitoring And Crowds On Crime And Law Enforcement: A Natural Experiment From European Football, Brad R. Humphreys, Alexander Marsella, Levi Perez

Economics Faculty Working Papers Series

Technological advancements like the presence of smart phones and body cameras have led to increased monitoring of police, but little evidence exists on their impact. We address these problems using data on fouls from football matches in five European football leagues over six seasons. This period contains exogenous changes in monitoring rule enforcers through introduction of Video Assistant Referee review and limited "bystanders" from Covid-19 restrictions. Results from difference-in-differences models estimated separately for each league indicate that both events influenced the number of fouls called with substantial heterogeneity across leagues and home/away teams.

Mechanism And Empirical Analysis Of The Optimization And Upgrading Of The Tourism Industry Structure—Takes Western Jilin As An Example, Xu Bo, Alaa N. Abukhalifeh, Yichao Wu, Qiong Zhao, Xinbo Zhou, Biao Gao

University of South Florida (USF) M3 Publishing

This paper analyzes the role of the structure of tourism has been improved and upgraded on the industrial development. The research, especially the relevant data analysis of Western Jilin, provides good data support for this research. Secondly, this article starts from the seven elements of the tourism industry structure, analyzes the accommodation, catering and transportation aspects, and proposes different measures according to the different situation of each city. Finally, from the perspective of the internal development of the tourism industry structure, this paper makes relevant suggestions on the tourism industry structure in Western Jilin. Improve the tourism service facilities, establish …

Online Interactive Pedagogical Tools For The Principles Of Microeconomics Curriculum, Amy Ehinomen Eremionkhale, Mya Eveland, Shelby Frost, J. Todd Swarthout

Business Analytics Faculty Publications

We discuss over one hundred interactive learning tools that we created and piloted in introductory open-education (OER) microeconomics classes. These interactive tools cover a wide range of microeconomics topics. They are highly randomized so that the presented scenario and correct answers are different on each usage of a tool, which not only provides students with unlimited practice attempts, but also significantly reduces the possibility of cheating by sharing answers. These tools can be uploaded into most learning management systems, and scores are automatically recorded. Student feedback is positive. The tools are available to others at no monetary cost at http://econreimagined.gsu.edu …

Made In Singapore, Pao-Li Chang, Tran Bao Phuong Nguyen

Research Collection School Of Economics

In this paper, we characterize the position of Singapore in global value chains and identify Singapore’s key upstream and downstream trade partners. We trace how the position of Singapore in global value chains has changed in the past two decades: whether it has moved upstream or downstream, how involved it is in global value chains, how its trend compares with the other major Asian exporters (China, Japan, Korea, Taiwan and Hong Kong), and which key sectors of Singapore play a major role in these global trade networks.

Robust Testing For Explosive Behavior With Strongly Dependent Errors, Yiu Lim Lui, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A heteroskedasticity-autocorrelation robust (HAR) test statistic is proposed to test for the presence of explosive roots in financial or real asset prices when the equation errors are strongly dependent. Limit theory for the test statistic is developed and extended to heteroskedastic models. The new test has stable size properties unlike conventional test statistics that typically lead to size distortion and inconsistency in the presence of strongly dependent equation errors. The new procedure can be used to consistently time-stamp the origination and termination of an explosive episode under similar conditions of long memory errors. Simulations are conducted to assess the finite …

On The Optimal Forecast With The Fractional Brownian Motion, Xiaohu Wang, Chen Zhang, Jun Yu

Research Collection School Of Economics

This paper examines the performance of alternative forecasting formulae with the fractional Brownian motion based on a discrete and finite sample. One formula gives the optimal forecast when a continuous record over the infinite past is available. Another formula gives the optimal forecast when a continuous record over the finite past is available. Alternative discretiza-tion schemes are proposed to approximate these formulae. These alternative discretization schemes are then compared with the conditional expectation of the target variable on the vector of the discrete and finite sample. It is shown that the conditional expectation delivers more accurate forecasts than the discretization-based …

The Use Of Data Envelopment Analysis To Improve The Efficiency Of The Scientific Departments In The Technical Institute Of Al-Suwaira, Muna Shaker Salman, Ruqayah Yassir Abdul Ameer, Athraa Kamel Al Mashhadani

Muthanna Journal of Administrative and Economics Sciences

The mechatronics system is considered one of the most important systems developed globally due to its effective importance in implementing various works such as producing goods, services, industrial products, and communication systems. It is concerned with designing products and integrating industrial, electrical, mechanical, and computer processes into a modern production system. Therefore, the effective performance and organization’s effective achievement of its goals and the emphasis on the quality of performance, as the system is one of the keys to success and how to provide advanced technological products, as the design of the mechatronics system is characterized by efficiency and competitiveness …

الكفاءة الذاتية, التنمر في مكان العمل ودورهما في جودة الخدمة الفندقية, مروة عبد الكريم الزهيري, مريم إبراهيم الكرعاوي, ازهار عزيز العبيدي

Muthanna Journal of Administrative and Economics Sciences

ان الهدف الاساسي للدراسة يتمحور حول معرفة طبيعة العلاقة بين متغيرات البحث (الكفائة الذاتية, التنمر في مكان العمل و جودة الخدمة الفندقية) في مجوعة فنادق الثلاث نجوم في مدينه النجف الاشرف. ولندرة الدراسات العربية في هذا الميدان تعد الدراسة الحالية محاولة جادة لتقديم مجموعة حلول لتحسين جودة الخدمة في الفنادق التي تستقطب زائرين من مختلف انحاء العالم. تم جمع البيانات من خلال استبانه موزعة على (121) عامل تم استرجاع 105 منها, اي كانت نسبة الاسترجاع تقريبا(87%) وهذه نسبة جيدة يمكن اعتمادها في تحصيل النتائج. ومن خلال الاستعانه ببرنامج SPSS الاحصائي, تبين ان هناك تأثير ايجابي للكفاءة الذاتية على جودة الخدمة …

الايرادات البديلة (غير النفطية) واثرها على الموازنة العامة باستخدام الدالة اللوغاريتيمة, عقيل حميد الحلو, قمر ماجد الغرابي

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى تحليل واقع الايرادات غير النفطية وسبل تعزيزها من اجل دعم الموازنة الاتحادية، فضلاً عن إمكانية تبني الدولة لسياسات اقتصادية لأنعاش القطاعات الاقتصادية (الصناعية، الزراعية، السياحية، الضرائب، المنافذ الحدودية … الخ)، ولتقدير العلاقة بين متغيرات الدراسة تم اعتماد منهجية الابطاء الذاتي الموزع ARDL، بإعتباره احد نماذج التنبؤ بالعلاقة الدالية بين الايرادات وأثرها على الموازنة الاتحادية وايضاً تقدير العلاقة بين عجز الموازنة والايرادات الاخرى باستخدام الدالة اللوغاريتمية، وتوصلت الدراسة الى جملة من الاستنتاجات اهمها: عدم وجود تخطيط سليم وادارة فعالة للمرحلة ما بعد 2003، وفشل خطط التنمية الاقتصادية التي سعت الى تنويع منافذ الايرادات العامة، ووجود عجز دائم في …

The Extent Of Readiness Of Organizations To Establish A Mechatronics System An Exploratory Study Of The Opinions Of A Sample Of Workers In The General Company For North Electricity Distribution, Raafat Assi, Safa Adnan Altaie

Muthanna Journal of Administrative and Economics Sciences

The mechatronics system is considered one of the most important systems developed globally due to its effective importance in implementing various works such as producing goods, services, industrial products, and communication systems. It is concerned with designing products and integrating industrial, electrical, mechanical, and computer processes into a modern production system. Therefore, the effective performance and organization’s effective achievement of its goals and the emphasis on the quality of performance, as the system is one of the keys to success and how to provide advanced technological products, as the design of the mechatronics system is characterized by efficiency and competitiveness …

Public Interest Or Policy Diffusion: Analyzing The Effects Of Massage Therapist Municipal Licensing, Darwyyn Deyo, Kofi Ampaabeng, Conor Norris, Edward Timmons

Economics Faculty Working Papers Series

Massage therapy is widely licensed by the states. However, municipalities also often passed massage therapist licensing, motivated by preventing prostitution. Using a novel dataset on municipal licensing and crime data from the FBI, we test if local massage therapist licensing reduced prostitution. We also test a policy diffusion hypothesis, in which cities pass responsive massage therapist licensing. We find that municipal massage therapist licensing does not lead to a reduction in prostitution, but we find support for the policy diffusion hypothesis, with municipalities up to 65% more likely to pass responsive licensing within three years of their neighbor doing so.

Can Micropolitan Areas Bridge The Urban/Rural Divide?, Sheila Foster, Clayton P. Gillette

Georgetown Law Faculty Publications and Other Works

There exists a well-known and significant divide between urban and rural areas in the United States. The divide has been documented along multiple dimensions – social, economic, and political – and is seen as a detrimental characteristic of our national identity and capacity for both economic development and civil political discourse. In this Article, we explore a subset of the urban/rural divide and propose a mechanism for reducing its economic and political effects within that limited realm. Specifically, we focus on the subset of rural areas that lie within what the Office of Management and Budget defines as micropolitan areas. …

Lessons Learned: Christopher Spoth, Sandra Ward

Journal of Financial Crises

As senior deputy director of the Division of Supervision and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC), Spoth led examinations, enforcement actions, problem bank remediations, and failure resolutions, among a range of responsibilities. During the Global Financial Crisis, he was on the front lines of fast-moving policy discussions and actions to help stabilize the financial system, and he oversaw the closure and restructuring of some of the nation’s largest banks. This abstract is based on an interview with Spoth on February 4, 2021.

Lessons Learned: Kieran J. Fallon, Matthew A. Lieber

Journal of Financial Crises

Presently the senior deputy general counsel for regulation and government affairs at PNC Fi-nancial Services Group, Kieran Fallon completed a 16-year tenure in the legal division of the Board of Governors of the Federal Reserve System in 2011. As associate general counsel dur-ing the Global Financial Crisis (GFC), he helped design the Federal Reserve’s Commercial Pa-per Funding Facility, restructure American International Group (AIG), and implement the Dodd-Frank Act. Relatedly, Fallon also served as general counsel for the Financial Stability Oversight Board from 2008 to 2011. This Lessons Learned is based on an interview conducted with Fallon on August 13, 2020.

Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge

Journal of Financial Crises

Scholars frequently assert that financial legislation in the United States is primarily crisis driven. This “crisis-legislation hypothesis” is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is poorly conceived and inadequate to the problems it aims to address. Other scholars embrace the hypothesis, but from the perspective that crises are the needed impetus to prompt constructive reforms. Despite the prevalence of this hypothesis, however, its threshold assumption—that Congress passes major financial legislation only when financial crises arise—has never been analyzed empirically. This article provides that analysis. We first devise a new system …

Scalability And Robustness Of Feed Yard Mortality Prediction Modeling To Improve Profitability, Ryan Feuz, Kyle Feuz, Jeffrey Gradner, Miles Theurer, Myriah Johnson

Applied Economics Faculty Publications

Cattle feed yards routinely track and collect data for individual calves throughout the feeding period. Using such operational data from nine U.S. feed yards for the years 2016-2019, we evaluated the scalability and economic viability of using machine learning classifier predicted mortality as a culling decision aid. The expected change in net return per head when using the classifier predictions as a culling aid as compared to the status quo culling protocol for calves having been pulled at least once for bovine respiratory disease was simulated. This simulated change in net return ranged from - $1.61 to $19.46/head. Average change …

The Case For Dynamic Cities, Brian J. Asquith, Margaret C. Bock

Upjohn Institute Working Papers

Cities today are confronting never-before-seen challenges to their top spot in the economic hierarchy. In this chapter, we lay out four challenges, past and future, that cities face today and identify policies that can help address the problems we identify. We call attention to the need for many U.S. cities to redevelop the large amount of aging postwar single-family housing, while reforming past exclusionary zoning and infrastructure decisions that exacerbated inequality. Cities will have to fix these past mistakes against the backdrop of an aging population and the rise of remote working, both of which undercut cities’ traditional source of …

Deepen Combination Of Science, Technology And Finance To Empower Enterprises To Carry Out High-Quality Innovation, Wei Xue, Beibei Hu, Shijie Wei

Bulletin of Chinese Academy of Sciences (Chinese Version)

China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of highquality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the …

Intellectual Property Strategies In Promoting Integration Of Sci-Tech And Financing, Haibo Liu, Pengfei Wang, Yafeng Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Intellectual property (IP) is a key in strengthening the integration of sci-tech and financing for the aim of innovation-driven development. Sci-tech activities are a type of investment in nature. Innovative entities can attract investment with high-quality IP, and investors can profit from innovation by investing in IP. This study analyzes the investment nature of sci-tech activities from two periods of research & development and transformation of sci-tech achievements, and analyzes the role of IP in the two periods. Based on practical foundations, the main considerations are put forward from the aspects of national needs, industry characteristics, endowment difference, and target …

Effect Of Socio-Economic Factors On Loan Repayment Performance Of Youth Revolving Fund In Oromia Regional State, Ethiopia, Abebe Negesse Bantu, N.S. Malik

Arab Economic and Business Journal

Youth Revolving Fund (YRF) loan was established to help unemployed youths alleviate their economic and social difficulties. However, its loan repayment performance is not as expected. Thus, the objective of this study was to examine effect of socio-economic factors on loan repayment performance of YRF in Oromia Regional State. 328 data collected from 328 respondents and the result showed peer pressure, loan diversion, time of maturity of investment and predominant economic shocks were affected loan repayment at 5% level of significance. Finally, government is recommended to create awareness about YRF loan, reconsider training and guidance, and alternative fund utilization strategy.

The Impact Of Intangible Capital On The Productivity Of Small Firms, Črt Kostevc, Tjaša Redek

Economic and Business Review

Despite the mounting evidence in support of the role of intangible capital on firm performance, some research gaps remain. This paper focuses on the link between intangible capital and firm performance with a particular focus on the effect firm size has on the relationship by studying the population of Slovene enterprises between 2007 and 2020. We find that while intangible assets are positively associated with productivity, the link is by no means linear. Furthermore, micro firms appear to benefit most from investing in intangible assets, while the effect is less robust for small and medium-size enterprises (SMEs) and large firms. …

Reviewing John Maynard Keynes: The Economic Consequences Of The Peace, John C. Daniel

Liberty University Journal of Statesmanship & Public Policy

The 1919 Treaty of Versailles is one of the most impactful documents in world history. The treaty effectively ended World War I, decimated Germany, and laid the foundation for World War II. In his analysis The Economic Consequences of the Peace, John Maynard Keynes gives a first-hand account of the influence of world leaders President Woodrow Wilson, English Prime Minister David Lloyd George, and French Prime Minister Georges Clemenceau and the roles they played during the Paris Peace Conference. Keynes explains the treaty from a geopolitical lens, argues against the treaty’s reparations clause, and advocates for alternative solutions. Almost …

Climate Change Adaptation And Mitigation In A Small Archipelago: The Role Of Ecotourism In Malta, Karl Agius

International Journal of Islands Research

The aim of this paper is to present the potential of ecotourism to develop into a niche contributing to climate change adaptation strategies whilst making the existing tourism industry more resilient. The paper provides an overview of mitigation measures adopted in Malta by the aviation, tourism and hospitality industry as well as policy makers in the archipelago to respond to major challenges that climate change poses for tourism. These changes are vital to lure ecotourists and to support ecotourism development. Six main themes emerged from the research in the context of the role ecotourism can play as an adaptation to …

Interfirm Network Analysis In Marginal Tourist Destinations: The Mediator Company In Business Relationships, Giovanni Ruggieri, Gaspare Varvaro, Salvatore Iannolino

International Journal of Islands Research

The literature on tourist destinations and the use of empirical approaches evidence the need to adopt this model to increase tourism economies. In model application, the enterprises, and local stakeholders, sometimes represent limitations or opportunities. This article opens the view to tourist destination networks, described as relational structures that can influence and determine the destination-building process. The Network Analysis methodology offers a better understanding of inter-firm relational dynamics when applied in a small context, and in this case, the application was undertaken on the island of Sicily, in Menfi town and its hinterland. Findings show the presence of a company …