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2003

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Articles 241 - 270 of 628

Full-Text Articles in Economics

Research Projects Within The Sdsu Economics Department, Larry Janseen, Richard Shane Jun 2003

Research Projects Within The Sdsu Economics Department, Larry Janseen, Richard Shane

Economics Commentator (1972- 2016)

No abstract provided.

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Does Fund Size Erode Performance? Liquidity, Organizational Diseconomies And Active Money Management, Joseph S. Chen, Harrison Hong, Ming Huang, Jeffrey D. Kubik Jun 2003

Does Fund Size Erode Performance? Liquidity, Organizational Diseconomies And Active Money Management, Joseph S. Chen, Harrison Hong, Ming Huang, Jeffrey D. Kubik

Economics - All Scholarship

We investigate the effect of fund size on performance among active mutual funds. We first document that fund returns, both before and after management fees, decline with fund size, even after adjusting performance by various benchmarks and controlling for other fund characteristics such as turnover and age. We then explore a number of potential explanations for this relationship. We find that the effect of fund size on fund returns is most pronounced among funds that play small cap stocks. Interestingly, performance only depends on fund size and does not decline with family size. Finally, small funds are better than large …

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Policies And International Integration: Influences On Trade And Foreign Direct Investment, G. Nicoletti, Stephen S. Golub, D. Hajkova, D. Mirza, K.-Y. Yoo Jun 2003

Policies And International Integration: Influences On Trade And Foreign Direct Investment, G. Nicoletti, Stephen S. Golub, D. Hajkova, D. Mirza, K.-Y. Yoo

Economics Faculty Works

This paper assesses the importance of border and non-border policies for global economic integration. The focus is on four widely-advocated policies: removing explicit restrictions to trade and FDI; promoting domestic competition; improving the adaptability of labour markets; and ensuring adequate levels of infrastructure capital. The analysis covers FDI and trade in both goods and services, thus aiming to account for the most important channels of globalisation and dealing with most modes of cross-border services supply. It first describes trends in trade, FDI and the four sets of policies using a large set of structural policy indicators recently constructed by the …

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Changing Paradigms Of Capacity Building, Ishrat Husain Dr. Jun 2003

Changing Paradigms Of Capacity Building, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The dominant paradigm of capacity building in most developing countries was State-Centric and was based on the premise that a highly educated and talented generalist well trained in public administration and on-the-job can perform a variety of managerial jobs in the Government Ministries without much difficulty. He could rise on the hierarchical ladder according to a pre-determined time path and occupy highest positions in the government. As the government and later public sector corporations or state owned enterprises covered, by and large, the entire spectrum of policy, production, business, regulatory, welfare and operational activities encompassing all areas of economic, technical …

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Why Isn't There More Financial Intermediation In Developing Countries?, Michael Kevane, Jonathon Conning Jun 2003

Why Isn't There More Financial Intermediation In Developing Countries?, Michael Kevane, Jonathon Conning

Economics

This paper proposes to organize thinking about the opportunities for improving and extending financial markets and safety nets for the poor, by focusing on factors that may explain why the linkage of local financial networks and safety nets with the larger economy often fails or is incomplete. Understanding the nature of these impediments is the first step in proposing policies to help promote more effective linkage and intermediation. We propose four explanations for the slowness of adoption of intermediation (high costs of delegated monitoring aggravated by limited intermediary capital; lock-in and crowding out effects from local insurance arrangements, social norms …

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The Inflationary Bias Of Real Uncertainty And The Harmonic Fisher Equation, Ioannis Karatzas, Martin Shubik, William D. Sudderth, John Geanakoplos Jun 2003

The Inflationary Bias Of Real Uncertainty And The Harmonic Fisher Equation, Ioannis Karatzas, Martin Shubik, William D. Sudderth, John Geanakoplos

Cowles Foundation Discussion Papers

Arrow’s original proof of his impossibility theorem proceeded in two steps: showing the existence of a decisive voter, and then showing that a decisive voter is a dictator. Barbera replaced the decisive voter with the weaker notion of a pivotal voter, thereby shortening the first step, but complicating the second step. I give three brief proofs, all of which turn on replacing the decisive/pivotal voter with an extremely pivotal voter (a voter who by unilaterally changing his vote can move some alternative from the bottom of the social ranking to the top), thereby simplifying both steps in Arrow’s proof. My …

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The Computation Of Counterfactual Equilibria In Homothetic Walrasian Economies, Donald J. Brown, Ravi Kannan Jun 2003

The Computation Of Counterfactual Equilibria In Homothetic Walrasian Economies, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose a nonparametric test for multiple calibration of numerical general equilibrium models, and we present an effective algorithm for computing counterfactual equilibria in homothetic Walrasian economies, where counterfactual equilibria are solutions to the Walrasian inequalities.

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The Harmonic Fisher Equation And The Inflationary Bias Of Real Uncertainty, Ioannis Karatzas, Martin Shubik, William D. Sudderth, John Geanakoplos Jun 2003

The Harmonic Fisher Equation And The Inflationary Bias Of Real Uncertainty, Ioannis Karatzas, Martin Shubik, William D. Sudderth, John Geanakoplos

Cowles Foundation Discussion Papers

The classical Fisher equation asserts that in a nonstochastic economy, the inflation rate must equal the difference between the nominal and real interest rates. We extend this equation to a representative agent economy with real uncertainty in which the central bank sets the nominal rate of interest. The Fisher equation still holds, but with the rate of inflation replaced by the harmonic mean of the growth rate of money. Except for logarithmic utility, we show that on almost every path the long-run rate of inflation is strictly higher than it would be in the nonstochastic world obtained by replacing output …

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Indeterminacy, Nonparametric Calibration And Counterfactual Equilibria, Donald J. Brown, Ravi Kannan Jun 2003

Indeterminacy, Nonparametric Calibration And Counterfactual Equilibria, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities.

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Real Determinacy With Nominal Assets, Pradeep Dubey, John Geanakoplos Jun 2003

Real Determinacy With Nominal Assets, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal.

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Determinacy With Nominal Assets And Outside Money, Pradeep Dubey, John Geanakoplos Jun 2003

Determinacy With Nominal Assets And Outside Money, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal.

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Cross-Section Regression With Common Shocks, Donald W.K. Andrews Jun 2003

Cross-Section Regression With Common Shocks, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper considers regression models for cross-section data that exhibit cross-section dependence due to common shocks, such as macroeconomic shocks. The paper analyzes the properties of least squares (LS) and instrumental variables (IV) estimators in this context. The results of the paper allow for any form of cross-section dependence and heterogeneity across population units. The probability limits of the LS and IV estimators are determined and necessary and sufficient conditions are given for consistency. The asymptotic distributions of the estimators are found to be mixed normal after re-centering and scaling. t , Wald, and F statistics are found to have …

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Educational Investments In A Spatially Varied Economy, Andrew G. Mude, Christopher B. Barrett, John G. Mcpeak, Cheryl R. Doss Jun 2003

Educational Investments In A Spatially Varied Economy, Andrew G. Mude, Christopher B. Barrett, John G. Mcpeak, Cheryl R. Doss

Economics - All Scholarship

This paper presents a simple two-period, dual economy model in which migration options may affect the informal financing of educational investments. When credit contracts are universally available and perfectly enforceable, spatially varied returns to human capital have no effect on educational investment patterns. But when financial markets are incomplete and informal mechanisms subject to imperfect contract enforcement must fill the breach, spatial inequality in infrastructure or other attributes that affect the returns to education create spatial differentiation in educational lending and consequently, in educational attainment. Although migration options can increase the returns to education, they can also choke off the …

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The Demand For Foreign Currencies In Nigeria: An Empirical Analysis, O.M. Fakiyesi Jun 2003

The Demand For Foreign Currencies In Nigeria: An Empirical Analysis, O.M. Fakiyesi

Economic and Financial Review

The effective management of foreign reserves and the exchange market in Nigeria continue to pose challenges to the Central Bank of Nigeria. From inception to date and particularly after structural adjustment programme of 1986, different foreign exchange policies had been formulated not only to reduce the demand for foreign currencies, but also to enhance the supply and conserve the level of international reserves. These policies achieved varying degrees of success. Against this background, this paper utilized the effort correction framework in identifying relevant factors that impact on the demand for foreign currencies in Nigeria. The essence of our results was …

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The Role Of Equipment Investment In Nigeria's Growth Process, James Akperan Adam, Oladipo Tajudeen Busari Jun 2003

The Role Of Equipment Investment In Nigeria's Growth Process, James Akperan Adam, Oladipo Tajudeen Busari

Economic and Financial Review

This paper examines empirically the role of equipment investment in Nigeria's growth process. A growth accounting equation was utilized to analysed the contribution of private capital stock to growth. A Granger-causality test was also employed to explore the relationship between components of domestic fixed investment, productivity growth, labour force growth and economic growth. In addition, regression analysis was employed to complement the other methods. The first conclusion is that for sustainable growth, private capital stock growth need to rise to a level of 9 percent, for fixed investment- GDP ratio to oncrease by 18 percent. In the second approach, the …

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Antidumping Practices Under The Wto, Doaa Mohie Mahmoud Jun 2003

Antidumping Practices Under The Wto, Doaa Mohie Mahmoud

Archived Theses and Dissertations

No abstract provided.

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Uniformity Of Economic Freedom And Economic Growth, Ahmed Sabry Abou-Zaid Jun 2003

Uniformity Of Economic Freedom And Economic Growth, Ahmed Sabry Abou-Zaid

Archived Theses and Dissertations

No abstract provided.

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Wire-Net Area Industry Profile Analysis, Robert Sadowski, Ziona Austrian Jun 2003

Wire-Net Area Industry Profile Analysis, Robert Sadowski, Ziona Austrian

All Maxine Goodman Levin School of Urban Affairs Publications

No abstract provided.

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The Determinants Of Immigration-Policy Preferences In Advanced Economies: A Cross-Country Study, Joseph P. Daniels, Marc Von Der Ruhr Jun 2003

The Determinants Of Immigration-Policy Preferences In Advanced Economies: A Cross-Country Study, Joseph P. Daniels, Marc Von Der Ruhr

Economics Faculty Research and Publications

This paper employs survey data to examine the determinants of immigration-policy preferences among ten advanced economies. Ordered probit specifications suggest that skill level is a robust determinant of immigration-policy preferences and that less-skilled workers are more likely to express a preference for policies that restrict immigration. The results also suggest that older individuals, members of trade unions, and those who classify their political ideology as conservative are more likely to favor limiting immigration while non-citizens are less likely to favor such policies. Individual country-level regression results vary, in particular with regard to the influence of trade union member- ship, which …

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The Shapley-Shubik Index, The Donation Paradox And Ternary Games, Vincent C. H. Chua, H. C. Huang Jun 2003

The Shapley-Shubik Index, The Donation Paradox And Ternary Games, Vincent C. H. Chua, H. C. Huang

Research Collection School Of Economics

In this paper, we show that although the Shapley-Shubik index is immune to the donation paradox in weighted binary games, extension of the index to ternary games along the direction suggested in Felsenthal and Machover (1996, 1997) will cause it to be vulnerable to the paradox and this is the case as long as the number of players in the game exceeds three. This undermines the attractiveness of the Shapley-Shubik index as a measure of a priori voting power.

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On The Asymptotic Effect Of Substituting Estimators For Nuisance Parameters In Inferential Statistics, Zhenlin Yang, Yiu Kuen Tse, Zhidong Bai Jun 2003

On The Asymptotic Effect Of Substituting Estimators For Nuisance Parameters In Inferential Statistics, Zhenlin Yang, Yiu Kuen Tse, Zhidong Bai

Research Collection School Of Economics

This paper studies the general problem of making inferences for a set of parameters ? in the presence of another set of (nuisance) parameters λ, based on the statistic T(y; ˆλ, θ), where y = {y1, y2, · · · , yn} represents the data, ˆλ is an estimator of λ and the limiting distribution of T(y; λ, θ) is known. We provide general methods for finding the limiting distributions of T(y; ˆλ, θ) when ˆλ is either a constrained estimator (given θ) or an unconstrained estimator. The methods will facilitate hypothesis testing as well as confidence-interval construction. We also …

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Schooling Costs And Child Work In Rural Pakistan, Gautam Hazarika, Arjun Bedi Jun 2003

Schooling Costs And Child Work In Rural Pakistan, Gautam Hazarika, Arjun Bedi

School of Economics and Finance Faculty Publications

A conventional argument in the child–labour debate is that improvements in access to schools are an effective way to reduce the labour force participation of children. It is argued that schooling competes with economic activity in the use of children's time, and enhanced access to schools, interpretable as reduction in schooling costs, may raise school attendance at the expense of child labour. In this article, we draw a distinction between child labour within the household (intra-household) and child work in the labour market (extra-household), and examine the separate effects of schooling costs upon these two types of child labour in …

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New Mexico Labor Market Review 05-31-2003, New Mexico Department Of Labor May 2003

New Mexico Labor Market Review 05-31-2003, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers April 2003.

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South Dakota Farmland Rental Markets: Latest Conditions And Practices, John Cole, Larry Janssen May 2003

South Dakota Farmland Rental Markets: Latest Conditions And Practices, John Cole, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

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Technical Efficiency Of Australian Wool Production: Point And Confidence Interval Estimates, William C. Horrace May 2003

Technical Efficiency Of Australian Wool Production: Point And Confidence Interval Estimates, William C. Horrace

Economics - All Scholarship

A balanced panel of data is used to estimate technical efficiency, employing a fixed-effects stochastic frontier specification for wool producers in Australia. Both point estimates and confidence intervals for technical efficiency are reported. The confidence intervals are constructed using the multiple comparisons with the best (MCB) procedure of Horrace and Schmidt (1996, 2000). The confidence intervals make explicit the precision of the technical efficiency estimates and underscore the dangers of drawing inferences based solely on point estimates. Additionally, they allow identification of wool producers that are statistically efficient and those that are statistically inefficient. The data reveal at the 95% …

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Social Security Reform: An Expository Report, Nathan J. Voss May 2003

Social Security Reform: An Expository Report, Nathan J. Voss

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

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Michigan's Economic Development Policies, Timothy J. Bartik, George A. Erickcek May 2003

Michigan's Economic Development Policies, Timothy J. Bartik, George A. Erickcek

Testimonies

No abstract provided.

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Cibola County Labor Force And Technical Employment, University Of New Mexico Bureau Of Business And Economic Research May 2003

Cibola County Labor Force And Technical Employment, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

A report prepared for NM Trains by the Bureau of Business and Economic Research at UNM on the potential for employment in particular 'technical' fields in Cibola County.

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Strivers And Underachievers: Effects On First Year College Grades And Retention, Heather M. O'Neill May 2003

Strivers And Underachievers: Effects On First Year College Grades And Retention, Heather M. O'Neill

Business and Economics Faculty Publications

In 1999, the Educational Testing Service created a Strivers Index where students who scored 200 points higher than expected on the SAT exam, based on their socioeconomic background, were called Strivers. Similarly, an Underachiever is a student who scores 200 below expected on the SAT. The presumption is that tagging a student as Striver or Underachiever will assist admissions offices in selecting the students. How Strivers and Underachievers perform in their first year academically and their college persistence patterns are examined in this paper.

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Data Mining Mining Data: Msha Enforcement Efforts, Underground Coal Mine Safety, And New Health Policy Implications, Thomas J. Kniesner, John D. Leeth May 2003

Data Mining Mining Data: Msha Enforcement Efforts, Underground Coal Mine Safety, And New Health Policy Implications, Thomas J. Kniesner, John D. Leeth

Economics - All Scholarship

Studies of industrial safety regulations, Occupational Safety and Health Administration (OSHA) in particular, often find little effect on worker safety. Critics of the regulatory approach argue that safety standards have little to do with industrial injuries, and defenders of the regulatory approach cite infrequent inspections and low fines for violating safety standards. We use recently assembled data from the Mine Safety and Health Administration (MSHA) concerning underground coal mine production, safety inspections, and workplace injuries to shed new light on the regulatory approach to workplace safety. Because all underground coal mines are inspected at least once per quarter, MSHA regulations …

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