Social and Behavioral Sciences Commons^™

Is Fdi A Panacea? Unveiling Spillover Effects On Efficiency And Risk In Indonesian Manufacturing, Fichrie Fachrowi Adli, Dyah Wulan Sari, Dian Enggar Lintang Pertiwi, Mohammad Zeqi Yasin

Bulletin of Monetary Economics and Banking

This study builds on Javorcik (2004), who argues that countries attract Foreign Direct Investment (FDI) with the expectation that spillovers will benefit local firms. However, empirical evidence on this effect remains inconsistent. This research addresses the gap by examining the impact of horizontal spillovers not only on production efficiency but also on production risk. It also accounts for firm heterogeneity in the manufacturing sector by classifying technological intensity using unsupervised machine learning, specifically K-means clustering, into three categories based on OECD (2011): High Technology (HT), Medium Technology (MT), and Low Technology (LT). The study uses data from Statistik Industri (SI) …

Expansion, Diversification, And Delinquency In Indonesian Fintech Lending Platforms, Muhammad Miqdad Robbani, Megat Nagainaka, Mahanani Margani

Bulletin of Monetary Economics and Banking

This study examines the impact of loan expansion and diversification strategies on credit risk in Indonesia’s fintech lending sector using panel data from 102 registered platforms between 2022 and 2025. Employing fixed-effects regression models, we analyse how loan growth and diversification influence delinquent loans. The findings reveal a non-linear relationship between loan growth and delinquent loans, implying that while moderate expansion reduces risk, excessive growth is associated with increased credit defaults, and diversification is not significant. These findings emphasise the importance of prudent growth and targeted risk management to ensure the sustainability of the fintech lending ecosystem.

Millennials Will Pay The Price: Demographic Imbalance And Reform Inertia In Canada’S And Spain’S Pension Systems, Javier E. Burgos Oliva

Journal of New Finance

This paper examines how demographic imbalance and policy inertia undermine intergenerational equity in Canada’s partially funded and Spain’s pay-as-you-go pension systems. Despite structural differences, both nations transfer financial risks to Millennials and Gen Z due to aging populations, low fertility, and political resistance to reform. Using a comparative political economy framework and a stylized hyperbolic discounting model, the study shows institutional design alone cannot prevent unsustainability when incentives favor short-term gains. Policy recommendations include automatic adjustment mechanisms, independent fiscal councils, and private pension incentives.

The Other Side Of Peruvian Private Pension System, Paolo Daniel Jara

Journal of New Finance

Between 2020 and 2025, Peru's Congress authorized eight extraordinary withdrawal rounds from the Private Pension System (SPP), liquidating USD 38 billion. This paper argues that the trajectory is the empirical convergence of two analytically distinct failures. The first, from below, reflects the mismatch between the system's behavioral assumptions and a heterogeneous, predominantly informal workforce. The second, from above, reflects short-cycle electoral incentives, institutional asymmetry between Congress and the regulator, and slippery-slope dynamics. The paper proposes a reform combining free disposal of pension funds with individual fiscal responsibility, mediated by a binding waiver of the state-funded solidarity pension.

[Review Of] The Divine Economy: How Religions Compete For Wealth, Power And People, Steven Pfaff

Sociology Faculty Articles and Research

A review of Paul Seabright's The Divine Economy: How Religions Compete for Wealth, Power, and People.

The Road To Gerontocracy, Juan David Bohorquez Pacateque, Alonso Morales Sánchez Mejorada, Paul Alexander Villegas Muñoz

Journal of New Finance

The purpose of this article is to develop a reform proposal for current pension systems based on a robust political economy approach. The research is documentary, conducting critical analysis of texts and evidence collection from various pension schemes from a public choice perspective to elaborate a comparative institutional analysis. Pension schemes, being influenced by political processes, are susceptible to adopting institutions that are inefficient, so a politically and economically robust reform is proposed. In conclusion, taking into account that pension systems can be co-opted by the political process, it is not sufficient to propose financially sustainable schemes but also ones …

Retirement At Risk: The Political Economy Of Public Pension Governance, Allen Mendenhall, Dan Sutter

Journal of New Finance

State public pension systems manage over $6 trillion in assets while facing approximately $1.3 trillion in unfunded liabilities, raising fundamental questions about governance effectiveness and fiduciary accountability. This Article examines these challenges through the analytical framework of governance, applying insights from public choice, principal-agent models, and corporate governance to argue that details in implementation significantly impact outcomes.  We offer Ohio’s State Teachers Retirement System (STRS) as a case study. Recent governance reforms in Ohio—including legislative restructuring of the STRS board and enactment of fiduciary standards legislation modeled on the American Legislative Exchange Council’s framework—suggest the potential for earlier governance problems. …

Analyzing Retirement Systems Through A Triad Framework: Lessons For U.S. Reform, Romina Boccia, Ivane Nachkebia

Journal of New Finance

As U.S. Social Security approaches insolvency, this paper analyzes the program’s challenges through a political economy lens and makes two new contributions. First, it introduces a normative triad framework for evaluating retirement systems based on individual autonomy, fiscal sustainability, and poverty alleviation. Second, it applies this framework to five advanced economies—Canada, Germany, New Zealand, Sweden, and the U.S.—to identify institutional features associated with differences in outcomes. Deriving implications for U.S. reform, we propose four recommendations: transition Social Security to a flat-benefit system, slow benefit growth, adopt automatic stabilizers, and expand flexible savings options.

Education For Sustainable Economic Development – Insights From Brazil, Ozéias Rodrigues Da Rocha

Doctoral

Purpose: This doctoral thesis examines the impact of Education for Economic Sustainable Development (ESD) in the municipality of Turmalina-MG, Brazil, with a focus on how primary education contributes to sustainable economic growth, environmental sustainability, and social equity. The research is guided by the central question: What is the impact of Education for Economic Sustainable Development (ESD)? The study also evaluates the extent to which local educational initiatives align with specific Sustainable Development Goals (SDGs), particularly SDG 4 (Quality Education) and SDG 8 (Decent Work and Economic Growth).

Methodology: Data were collected from one dominant primary school in Turmalina-MG through semi-structured …

The Interplay Between Deficit Spending And Financial Instability: An Examination Of Fiscal And Monetary Policy Interactions, Heidie Jean George

Doctoral Dissertations and Projects

This study investigates the impact of fiscal and monetary policy on financial stability and fragility, focusing on how government spending and deficits contribute to the economic and financial system. Drawing on Minsky’s Financial Instability Hypothesis (FIH) and Financial Fragility Hypothesis (FFH), the research examines the dynamic relationship between fiscal policy, financial stability, and economic stability. The study focuses on understanding how government spending and deficits affect the economic and financial system in context of private and public debt and policy interactions and the role of system risk factors. The study uses Principal Component Analysis (PCA), Vector Autoregression (VAR), Impulse Response …

From Innovation To Speculation: Ai And The Magnificent Seven, Rerotlhe B. Basele, Peter C. B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

The AI boom has driven the Nasdaq and the Magnificent Seven tech stocks to record highs. But how much do these new records reflect underlying value, how much is speculation, and how vulnerable are these stocks and the wider market to a major downturn? Our evidence and analyses show clear signs of bubble exuberance in most of these stocks, concentrated in a few names like Nvidia, leading to latent risks for investors who assume their index funds are safely diversified and supported by wider economic fundamentals.

Manufactured Homes In The Mountain West, 2025, Yiselle Olivas Ruiz, Dre Boyd-Weatherly, Taylor Volk, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents 2025 data on manufactured homes in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The Construction Coverage report, “U.S. States Investing Most in Manufactured Homes,” based on analysis from the U.S Census Bureau and Zillow’s Home Value Index, includes data on all fifty states. This fact sheet focuses on the number of manufactured homes, site-built home permits, and the average price of manufactured homes in the Mountain West.

Innovation Hubs In Mountain West Cities, 2025, Cason Noll, Sean Curry, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents data on 20 innovation-dense Mountain West cities across Arizona, Colorado, Nevada, New Mexico, and Utah. The CommercialCafe report, “Santa Clara, Berkeley & Tempe Lead Among Western Innovation Hubs,”  uses 15 indicators to rank 63 western cities for innovation hub activity across three categories: employment and talent, education, and business activity.

Parental Gender Bias In Youth Employment Standards: Evidence From Upper Egypt, Mahmoud Saeed

Theses and Dissertations

Youth unemployment remains a critical challenge in Egypt, with female labor force participation among the lowest globally. While structural factors such as limited job creation and public sector contraction are well-documented, the role of family-level decision-making in constraining women's labor market entry has received limited quantitative attention. This thesis examines parental gender bias in employment standards in Upper Egypt, investigating whether and how parents impose systematically different job requirements for daughters compared to sons. Using primary survey data from 17,284 unemployed youth aged 18-35 across six governorates, paired with responses from their parents, this study analyzes parental preferences across six …

Michigan's Automotive Workforce Transition, Erik Vasilauskas, Michael Horrigan

Upjohn Institute Technical Reports

This report examines how changes in automobile production, specifically the shift from internal-combustion-engine (ICE) vehicles toward hybrids and battery-electric vehicles (BEVs), are likely to affect employment in Michigan’s automotive manufacturing and distribution system over the next decade. The goal is to quantify how many jobs in Michigan depend on the automotive supply chain today, how that employment has evolved since the early 2000s, and how it may change through 2030 under alternative production-and-demand scenarios. The results are intended to inform the workforce planning and community transition strategies of the Michigan Department of Labor and Economic Opportunity’s Community and Worker Economic …

Special Economic Zones And Industrial Pollution: Evidence From Vietnam, Hannah Huang

Economics Undergraduate Senior Theses

Vietnam has seen rapid economic development, driven in part due to a proliferation of over 300 Special Economic Zones (SEZs) across the country since 1991. This paper exploits the staggered rollout of SEZs across the country to identify the effect of SEZ establishment on local air pollution in Vietnam from 2009 to 2019. I find that establishing an SEZ significantly reduces local PM2.5 concentration, with the largest reduction concentrated in the first years following establishment and attenuating over the longer term. I also find evidence that SEZs shift local firm composition toward higher-technology manufacturing, but zones focusing on dirtier industries …

Trade Liberalization & Local Labor Markets: Evidence From The U.S.-Korea Free Trade Agreement, Josephine Jungha Lee

Economics Undergraduate Senior Theses

This paper examines the local labor market effects of tariff reductions under the U.S.-Korea Free Trade Agreement (KORUS). While free trade agreements are often evaluated through aggregate gains, their adjustment costs may be concentrated in specific industries and local labor markets. This paper constructs a shift-share measure of KORUS exposure by combining national industry-level tariff reductions with pre-KORUS commuting zone (CZ) industrial composition, then estimates how more exposed CZs changed after implementation. The results show that greater KORUS exposure is associated with statistically significant declines in employment, employment-to-population ratios, labor force participation, and working-age population, alongside increases in unemployment. These …

Congestion Pricing: A Comprehensive Look At International Congestion Pricing Models And Applying Them To The United States, Ian Ertel

Electronic Theses and Dissertations

Urban traffic congestion imposes large costs through wasted time, excess fuel consumption, air pollution, and lost productivity. Although congestion pricing has been recognized as the economically efficient remedy since Pigou and Vickrey, implementation has been rare. This thesis examines the conditions under which congestion pricing succeeds by analyzing three pioneering cases: London, Singapore, and New York City. Across all three, charges reduced traffic volumes and improved speeds within the priced zones. Benefits extended beyond cordon boundaries, with measurable improvements on untolled suburban roads. The distributional effects depended on how revenues were recycled rather than on the charge itself. Political viability, …

Driving Development: Coalitions, Policies, And Upgrading Brazilian Automotive Technology (1988–2025), Henrique Estides Delgado

Electronic Theses and Dissertations

Among industrial activities in Brazil, the automotive sector generates some of the most significant and multifaceted multiplier effects on the country’s gross domestic product (GDP). The sector integrates activities ranging from raw materials to high-tech services, incorporating advanced technologies that influence innovation and positioning in global value chains (GVCs). Remarkably, this industry has been structured over time by public policies that have decisively shaped incentives for its participants. The world’s largest automotive multinationals have been attracted to operate in the country through varied institutional arrangements involving domestic capital and incentives across federative units. This dissertation analyzes how variations in institutional …

Neoliberalism & The Care Economy: Exploring The Gendered Impacts Of Social Protection Systems, Rachel Carruthers

Electronic Theses and Dissertations

This thesis examines how neoliberal transformation of social protection policy influences gender dynamics within the care economy. Care is necessary for well-being, but traditionally excluded from economic thinking. This thesis completes a historical overview of how care has been incorporated or excluded by different economic paradigms and is anchored in feminist political economy that emphasizes care as a central consideration. A comparative analysis across California, Texas, and Sweden demonstrates how social protection, specifically access to paid parental leave, varies across regimes and results in inconsistent care outcomes. The findings suggest that social protections can reduce some inequalities, but inadequately address …

A Theoretical And Empirical Framework To Estimate The Impact Of Conflict On The Economic Resilience Of Clustered Firms In Ukraine, Alexander D. Ginn

Electronic Theses and Dissertations

In this thesis, I develop a theoretical and empirical framework to estimate whether participation in industrial clusters contributes to firm-level economic resilience to conflict-based shocks. Focusing on Ukraine following the full-scale Russian invasion in February 2022, the study situates industrial organization and firms’ resilience to conflict within a dynamic environment characterized by spatially heterogeneous exposure to conflict events and persistent institutional constraints. I document how Ukraine’s contemporary economic geography reflects the interaction of Soviet-era industrial path dependence, uneven post-transition institutional development, and conflict-induced reconfiguration, evaluating how these dynamics generate systematic variation in both firms’ baseline vulnerability and their exposure to …

Testing Potential Correlations Between Childhood Lead Exposure And Authoritarianism In Adulthood, Kragen Anderson

University Honors Theses

A significant body of research links lead exposure during childhood to negative effects ranging from increased impulsivity to societal level effects such as an increased likelihood of committing violent crime in adulthood. Due to exposure vectors such as lead water pipes, lead solder, lead based paints, and leaded gasoline there was significant lead exposure during childhood for large portions of the American population. This paper tested and found a statistically significant association between average population level lead exposure in childhood and likelihood of voting for candidate Trump later in life.

The Dictatorial Public Goods Game, Gabriele Camera, Gary Charness, Nir Chemeya, Ro'i Zultan

ESI Working Papers

We propose a novel game, the Dictatorial Public Goods Game, to study the interplay between collective resource generation and centralized provision of public goods. After making choices in a standard Voluntary Contribution Mechanism (VCM), one player is selected from the group to administrate the contributions: either provide the public good or expropriate the collected resources for personal gain. We find that adding this centralized mechanism reduces efficiency compared to the standard VCM. Although higher contributions increase the material incentive to expropriate, they lead to more provision. Thus, pro-social choices in the contribution and in the provision stages act as …

Determinants Of Corporal Punishment And Severe Physical Punishment In Egypt: A Mixed-Methods Analysis For Child Protection Policy, Marwa Moustafa Nassef

Theses and Dissertations

Corporal punishment (CP) and severe physical punishment (SPP) remain a major public health, child rights, and child protection policy concern. In Egypt, despite legislative reforms, survey-weighted analysis of the 2021 Egypt Family Health Survey (EFHS) 2021 (CAPMAS, 2022) reveals prevalence rates of 60.5% for CP and 27.4% for SPP among children aged 1–14 (author’s calculations using EFHS-2021, n=7623), yet evidence distinguishing the determinants of routine corporal punishment from escalation to severe physical punishment remains limited in low- and middle-income contexts. Guided by Bronfenbrenner’s ecological framework, this mixed-methods study identifies key drivers of CP and its escalation to SPP among Egyptian …

Beyond Emergency: Charting Pathways To Sustainable Development In Fragile And Conflict-Affected Settings: A Case Study Of Yemen, Sharif Abdurabu Salem Farid Alsahbool

Theses and Dissertations

For nearly a decade, Yemen's eastern governorates of Hadramawt, Shabwah, and Al‑Mahrah have been relatively stable, yet the international aid system has kept delivering short‑term humanitarian relief like food baskets and water trucking instead of shifting to sustainable development that could rebuild people's lives, create jobs, fix infrastructure, and strengthen local government. This thesis investigates why this transition has taken so long. Based on 21 interviews with government officials, international NGO staff, and local NGO managers in these three governorates, the study develops a new way of understanding the problem. It introduces three ideas: the 'emergency mentality', which is a …

The Case For The Exclusion Of Exclusion: Intellectual Property, Masculine Legal Reason, And The Ethics Of Care, Ragya Shoukry

Theses and Dissertations

This thesis argues that current legal ideals of objectivity and neutrality are historically gendered and inseparable from the development of capitalist property relations and imperial expansion. It traces origins that begin with early modern witch hunts and Francis Bacon’s empiricism, where a new “scientific rationality” emerges alongside intensified patriarchal violence. The thesis then examines John Locke’s labour-based justification of property and the figure of the rational individual, showing how this framework legitimizes enclosure, dispossession and colonial appropriation under the guise of improvement and development. Building on this foundation, the analysis turns to moral psychology and how its allegedly universal stage …

Determinants Of Public-To-Private Transitions: Evidence From Firm-Level Selection Patterns, Joshua S. Wolfson

Economics Undergraduate Senior Theses

This paper considers which publicly traded firms are most likely to exit public markets through acquisition, and how those patterns differ between financial sponsors and strategic acquirers. Using a panel of 3,320 U.S. public firms from 2000 to 2024, I estimate discrete-time hazard models and find that lower valuation multiples, higher leverage, and stronger free cash flow predict going private. These characteristics vary for financial sponsors and strategic acquirers who select on different criteria. Strategic selection is driven mainly by leverage and valuation while private equity is also driven by free cash flow. These criteria are not stable over time, …

Distance And Trade Elasticity: The Red Sea Crisis As A Natural Experiment, Felix C. Feldman

Economics Undergraduate Senior Theses

This paper exploits the 2023 Houthi attacks on shipping through the Bab el-Mandeb Strait at the entrance to the Red Sea and the subsequent mass rerouting around the Cape of Good Hope to estimate modern-day elasticities with respect to effective trade cost. This event is unique among chokepoint disruptions as it did not lead to a complete blockage. Instead, many ships voluntarily rerouted away the area, but not all. This paper uses a structural approach to infer unobservable costs incurred by inframarginal Red Sea shippers. This paper combines a reduced-form gravity specification with a discrete route-choice model where ships select …

The Economic Benefits And Costs Of State And Local Incentives For Clean Energy Projects, Timothy J. Bartik, Gerrit Anderson, Brian J. Asquith, Kathleen Bolter, Kyle Huisman, Iryna V. Lendel, Jeremy Morris, Sevrin Williams

Upjohn Institute Technical Reports

This report evaluates the benefits and costs of investment incentives for 50 large clean energy supply chain manufacturing and infrastructure projects. The findings suggest that these incentives generate modest but typically positive economic returns, with a median benefit-cost ratio of 1.47, meaning benefits exceed costs by 47 percent for the typical project. Returns vary significantly across projects—approximately 70 percent of projects produced net positive benefits over a 20-year period, while 30 percent failed to recover incentive costs. Project performance depends heavily on incentive design and local conditions. Excessively large cash incentives reduce returns, while customized services, strong job multipliers, investment …

Unionization Rates And Wage Growth: Trade, Transportation And Utilities, Nathaniel V. Thomas

Binghamton University Undergraduate Journal

This research examines how unionization rates influence wage growth in the United States’ transportation, trade, and utilities sector. Drawing on secondary data from the Bureau of Labor Statistics, the study compares union and non-union wage trends while taking in factors like industry characteristics. By using historical and comparative analyses across multiple industries, it aims to determine if higher union density consistently translates into stronger wage gains. Prior research in both U.S. and international contexts shows that union presence can positively affect wages, but this influence varies by sector, labor strength, and political backdrop