Economics Commons^™

Do Asymmetric Terms Of Trade Shocks Affect Private Savings In A Transition Economy?, Abdur Chowdhury

Economics Faculty Research and Publications

This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies. A simple three-period framework is developed to show that, in the presence of binding credit constraints in bad states of nature, savings rates can be sensitive to favorable movements in the permanent component of the terms of trade. This result contrasts with the prediction of the conventional consumption-smoothing model. Empirical analysis with a dynamic panel model further confirms that while favorable movements in the permanent component of the terms of trade have an asymmetric effect on private savings, the magnitude of the …

Will Social Values Influence The Development Of Hmos?, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

The Emperor's Clothes, John B. Davis

Economics Faculty Research and Publications

Argues that neoclassical economics is primarily a theory of the human individual in economic life but contemporary mainstream economics does not posses a theory of the human individual. Definition of mainstream economics; Origin of the Enlightenment theory of the individual that came to underlie neoclassical economics at the end of the nineteenth century; Problems in neoclassical economics' treatment of individuals.

Student Attitudes Towards The Market System: An Inquiry And Analysis, Charles Breeden, Noreen Lephardt

Economics Faculty Research and Publications

No abstract provided.

Real Money Balances And Production Efficiency: A Panel-Data Stochastic Production Frontier Study, Farrokh Nourzad

Economics Faculty Research and Publications

This paper examines the effect of four alternative measures of real money balances on production efficiency using annual panels of 10 developed and 10 developing countries. Using maximum likelihood, separate stochastic production frontiers are estimated, along with the parameters of an equation relating technical inefficiency to real money balances. The results for the sample of developed economies indicate that increases in real simple-sum M1, simple-sum M2, Divisia M1, and Divisia M2 enhance efficiency in the production sector. On the other hand, in the sample of developing nations, there is no evidence that real money balances reduce technical inefficiency.

Corporations And Structural Linkages In World Commerce, Joseph P. Daniels, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

A Marxist Influence On Wittgenstein Via Sraffa, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

Student Attitudes Toward The Market System: Predicting Student Achievement, Charles Breeden, Noreen Lephardt

Economics Faculty Research and Publications

No abstract provided.

Collective Intentionality And Individual Behavior, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

By How Much Does Conflict Reduce Financial Development?, Tony Addison, Abdur Chowdhury, Syed M. Murshed

Economics Faculty Research and Publications

Financial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system, thereby undermining the sustainability of financial institutions. Conflict therefore reduces the social return to financial liberalization and other financial-sector reforms. This paper presents a theoretical model integrating the effects of conflict and financial liberalization, and then tests the model on data for 79 countries. Using an explanatory variable that measures the intensity of conflict (from low to high) the results show that …

What Determines Public Education Expenditures In A Transition Economy?, Inna Verbina, Abdur Chowdhury

Economics Faculty Research and Publications

Recent studies suggest that the allocation of expenditures in education matters for growth. Public education spending in many transition economies, however, is often inefficient and inequitable with education outlays misallocated across sectors. This highlights the need for an assessment of the nature of education expenditures in these countries. This paper attempts to fill the gap in the literature by estimating the determinants of education expenditures in the Russian Federation. Results from panel data analysis show that revenue and the student-population ratio have a positive impact on education expenditures while the effect of population density is negative. Three regional variables also …

The "Income-Variance" Risk Factor And Jones & Laughlin V. Pfeifer Guidelines For The Calculation Of Present Value, Charles Breeden

Economics Faculty Research and Publications

No abstract provided.

Optimal Currency Basket Pegs For Developing And Emerging Economies, Joseph P. Daniels, Peter Toumanoff, Marc Von Der Ruhr

Economics Faculty Research and Publications

The exchange rate arrangement represents an important policy choice for emerging and transitional economies as they strive to become stable and market-driven. A wide variety of arrangements have emerged, ranging from currency boards, basket-currency pegs and single-currency pegs to floating rates. Recently the IMF has recommended that, if the exchange value of a currency is to be pegged, it is better to peg to a basket of currencies rather than a single currency. Nonetheless, there has been little theoretical research on the management and optimal design of basket-peg arrangements. In this paper we extend the small-country macroeconomic model of Turnovsky …

Risk Based Urban Watershed Management Under Conflicting Objectives, Vladimir Novotny, David E. Clark, Robert J. Griffin, Douglas Booth

Economics Faculty Research and Publications

Ecological impairment and flooding caused by urbanization can be expressed numerically by calculating the risks throughout the watershed (floodplain) and along the main stems of the streams. The risks can be evaluated in terms of the present and/or future. This article describes the methodologies for ascertaining the risks in the Geographical Information Systems (GIS) environment. The objectives of urban flood controls and ecological preservation/restoration of urban waters are often conflicting and, in the past, the sole emphasis on flood control led to destruction of habitat and deterioration of water quality. An optimal solution to these two problems may be achieved …

Agent Identity In Economics, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

Introduction To Economics Broadly Considered, Jeff E. Biddle, John B. Davis, Steven G. Medema

Economics Faculty Research and Publications

No abstract provided.

Gifts And Trade: Microwskian, Gudemanian, And Milbergian Themes, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

Donald E. Moggridge As An Historian Of Economic Thought, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

The Impact Of Financial Reform On Private Savings In Bangladesh, Abdur Chowdhury

Economics Faculty Research and Publications

Over the course of the last decade, Bangladesh has implemented a broad-based program of financial and market reforms, encompassing changes in the structure of the financial system, prudential and supervisory frameworks, and monetary management. This paper estimates a savings function to evaluate the impact of various determinants of private savings in Bangladesh—with special emphasis on the impact of financial reform. The results show that the level of income, real interest rates, and the share of agriculture in GDP have a positive impact on the savings rate. Dependency rate and public savings rate, on the other hand, have a negative impact …

External Debt And Growth In Developing Countries: A Sensitivity And Causal Analysis, Abdur Chowdhury

Economics Faculty Research and Publications

The paper aims to enhance the existing literature on the debt-growth nexus by analysing the relationship in two separate country groups using the extreme bounds analysis for sensitivity tests and the mixed, fixed, and random coefficient approach that allows for heterogeneity in the causal relationship between debt and growth. Irrespective of the debt measure used, the results are robust across the two country groups—HIPC and non-HIPC—as well as two different testing procedures. The extreme bounds analysis shows that the relationship between a debt measure and economic growth is robust to changes in the conditioning set of information included in the …

Introduction To Guiding Global Order: G8 Governance In The Twenty First Century, John J. Kirton, Joseph P. Daniels, Andreas Freytag

Economics Faculty Research and Publications

No abstract provided.

The G8'S Contributions To Twenty-First Century Governance, John J. Kirton, Joseph P. Daniels, Andreas Freytag

Economics Faculty Research and Publications

No abstract provided.

Using Gis To Evaluate The Effects Of Flood Risk On Residential Property Values, Alena Bartosova, David E. Clark, Vladimir Novotny, Kyra S. Taylor

Economics Faculty Research and Publications

Annually, flooding causes more property damage in the United States than any other type of natural disaster. One of the consequences of continued urbanization is the tendency for floodplains to expand, increasing flood risks in the areas around urban streams and rivers. Hedonic modeling techniques can be used to estimate the relationship between residential housing prices and flood risks. One weakness of hedonic modeling has been incomplete controls for locational characteristics influencing a given property. In addition, relatively primitive assumptions have been employed in modeling flood risk exposures.

We use GIS tools to provide more accurate measures of flood risks, …

U.S. Corporations In Globalization, John B. Davis, Joseph P. Daniels

Economics Faculty Research and Publications

No abstract provided.

An Analysis Of The Interest Elasticity Of Financial Asset Holdings By Income, Brian Amick, James Mcgibany

Economics Faculty Research and Publications

A Keynesian money demand model is used to examine the interest elasticity of financial asset holdings by income level. In this model, once an individual receives income, they first make transactions, and any leftover income goes for speculative purposes. Since only speculative balances are assumed to change with interest rates, individuals with income used mainly for transactions purposes are theorized to have asset holdings that are unresponsive to interest rates, while higher income individuals with speculative balances are expected to be more responsive to interest rates. The results support the Keynesian model, as lower income households are found to have …

The Impact Of Public School Attributes On Home Sale Prices In California, David E. Clark, William E. Herrin

Economics Faculty Research and Publications

The quality of public schools is often cited as an important attribute which distinguishes a community. Indeed, a recent public opinion poll conducted by the California Public Education Partnership indicates that residents rank improvements in public education higher than such high profile issues as environmental quality and crime reduction. In order to explore the role of educational quality in determining residential property values, a hedonic housing price model is used on a large sample of homes which sold within Fresno County in California over the period 1990-1994. After controlling for a wide range of housing characteristics and neighborhood features, the …

Speculative Attacks Or Economic Fundamentals: Evidence From The Asian Currency Crisis, Abdur Chowdhury

Economics Faculty Research and Publications

This paper argues that what led to the Asian financial crisis was a fatal combination of several self-reinforcing factors including external sector weaknesses, fragility in domestic financial markets due to inadequately administered financial liberalisation, loss of confidence, and short-term capital flows, maturing within less than a year and denominated in unhedged dollars. Some of these factors were country-specific while others were common to the entire region.

Asia's financial crisis will almost certainly lead to important changes in the international financial system, as countries try to find an appropriate balance between the benefits from gaining access to intentional capital flows and …

Global Capital Flows: Maximising Benefits, Minimising Risks, Joseph P. Daniels

Economics Faculty Research and Publications

No abstract provided.

Helen Stuart Campbell, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

Review Of Economics For The Common Good: Two Centuries Of Social Economic Thought In The Humanistic Tradition, John B. Davis

Economics Faculty Research and Publications

No abstract provided.