Economics

Predatory Investments, Richard S. Markovits

ExpressO

No abstract provided.

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Kalamazoo County: Looking To Our Past For The Future, George A. Erickcek

Reports

No abstract provided.

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Partnerships With Monarchs: Univeiling And Re-Examining The Pattern Of "Third World" Economic Development In The Petroleum And Energy Sector, Diane M. Bales

ExpressO

No abstract provided.

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Banking The Poor, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

Low-income households often lack access to banking accounts and face high costs for transacting basic financial services through check cashers and other alternative financial service providers. These families find it more difficult to save and plan financially for the future. Living paycheck to paycheck leaves them vulnerable to medical or job emergencies that may endanger their financial stability, and lack of longer-term savings undermines their ability to improve skills, purchase a home, or send their children to college. Additionally, high cost financial services and inadequate access to bank accounts may undermine widely-shared societal goals of reducing poverty, moving families from …

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Toward A New Theory Of Notice And Deterrence, Dru Stevenson

ExpressO

This article sets forth a new model of “notice” and deterrence that helps explain some long-standing contradictions in the literature on deterrence. Nearly all the work in the area of criminal law and deterrence has included an assumption that would-be offenders know the laws and the threatened sanctions, and therefore adjust their behavior in light of these disincentives. The fact that most people seem to be ignorant of the exact boundaries of the rules, and ignorant of the sanctions, presents an enormous conceptual problem for the classic model of deterrence. This new model presents an alternative mechanism for deterrence based …

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The Evolution Of Sherman Act Jurisdiction: A Roadmap For Competitive Federalism, D. Bruce Johnsen

ExpressO

Recent Supreme Court decisions confirm for the first time in over six decades that federal regulatory authority under the Commerce Clause truly is limited. These decisions coincide with an increasing appreciation among scholars and jurists for the concept of competitive federalism. This paper derives the implications of competitive federalism for the evolution of federal jurisdiction over trade restraints under the Sherman Antitrust Act (1890). It provides a clear and substantively reasoned jurisdictional test based on the analysis of geographic market power familiar to antitrust scholars, practitioners, and regulators in evaluating horizontal mergers. To be subject to federal antitrust jurisdiction under …

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In Defense Of Paid Family Leave, Gillian Lester

ExpressO

In this article I defend state provision of paid family leave. Such a program would allow workers to take compensated time off work to care for a newborn infant or ill family member. I normatively ground my claim in the argument that paid leave would allow women, who have historically performed a disproportionate share of family caregiving labor, to participate more fully in the paid workforce. This enhancement in labor force participation, I argue, would in turn increase women's independence and capacity to determine the conditions of their lives. In taking this position, I distinguish myself from those who would …

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Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar

Law & Economics Working Papers Archive: 2003-2009

The ideal of individual liberty and autonomy requires that society provide relief against coercion. In the law, this requirement is often translated into rules that operate “post-coercion” to undo the legal consequences of acts and promises extracted under duress. This Article argues that these ex-post anti-duress measures, rather than helping the coerced party, might in fact hurt her. When coercion is credible—when a credible threat to inflict an even worse outcome underlies the surrender of the coerced party—ex post relief will only induce the strong party to execute the threatened outcome, to the detriment of the coerced party. Anti-duress relief …

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Tax, Corporate Governance, And Norms, Steven Bank

ExpressO

This paper examines the use of federal tax provisions to effect changes in state law corporate governance. There is a growing academic controversy over these provisions, fueled in part by their popularity among legislators as a method of addressing the recent spate of corporate scandals. In order to better understand and distinguish between the possible uses of tax as a tool of corporate governance, this paper takes a historical approach by focusing on two measures enacted during the New Deal – the undistributed profits tax in 1936 and the overhaul of the tax-free reorganization provisions in 1934 – and considers …

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Rhode Island Current Conditions Index -- March 2004, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Vertical Structure And Strategic Environmental Trade Policy, Stephen F. Hamilton, Till Requate

The idea that environmental trade policy can be used to achieve competitive advantage in international markets has important implications for the way we conceive free trade. This paper considers strategic environmental policy in a model that makes explicit the vertical structure that supports production of the traded good. Including intranational vertical relationships in the analysis of strategic environmental trade policy has substantial qualitative effects. When vertical contracts are allowed, the optimal policy to levy on a polluting input under both quantity and price competition in the international market is the Pigouvian tax.

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Using Value-Focused Thinking To Evaluate The Effectiveness Of Air Force Utility Privatization, Carlos Braziel

Theses and Dissertations

The majority of the Air Force s stateside utility systems are old, obsolete, and unreliable. The cost to upgrade and repair these systems is currently estimated at over $4 billion. In response, the Air Force began efforts to convey ownership of these utility systems to the private sector through privatization efforts. However, privatization critics believe that newly privatized entities of government will cost the public more money and provide a lower level of service. Therefore, independent audits are a necessity to ensure government initiatives, meet their intended goals. However, the Air Force currently lacks an effective auditing tool to ensure …

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Smoothed Empirical Likelihood Methods For Quantile Regression Models, Yoon-Jae Whang

Cowles Foundation Discussion Papers

This paper considers an empirical likelihood method to estimate the parameters of the quantile regression (QR) models and to construct conﬁdence regions that are accurate in ﬁnite samples. To achieve the higher-order reﬁnements, we smooth the estimating equations for the empirical likelihood. We show that the smoothed empirical likelihood (SEL) estimator is ﬁrst-order asymptotically equivalent to the standard QR estimator and establish that conﬁdence regions based on the smoothed empirical likelihood ratio have coverage errors of order n –1 and may be Bartlett-corrected to produce regions with an error of order n –2 , where n denotes the sample size. …

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Keynote Address, Sanusi O. Joseph

Bullion

This is a keynote address delivered at the 5^th Annual Finance Correspondents and Business Editors Seminar held in Owerri, lmo State from 26^th – 28^th January, 2004. It is the fifth in the series of the seminar initiated by the Central Bank of Nigeria (CBN), to enhance the understanding and analytical ability of Finance Correspondents and Business Editors on topical economic issues, particularly monetary and financial sector development. It presents an opportunity for them to appreciate and analyse the Bank's policies and operations better, as well as, facilitate improvement in reporting on those issues. It will help …

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An Overview Of The Nigerian Financial System, Aderibigbe J. O.

Bullion

Financial systems, the world over, play fundamental roles in the development and growth of the economy. The effectiveness and efficiency in performing these roles, particularly the intermediation between the surplus and deficit units of the economy, depend largely on the level of development of the financial system. It is to ensure its soundness that the financial sector appears to be the most regulated and controlled by the government and its agencies. This paper discusses issues and strategies for enhancing the soundness and stability of the nation's financial system, the roles of the financial system in the promotion of economic growth …

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The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben

Bullion

The central bank is pivotal in the management of the national economy. lts role is not only to regulate and monitor the financial system, but also to ensure its development, prevent financial distress which could undermine confidence in the system as well as facilitate sustained growth. This paper presents an overview of the Nigerian financial system, the functions of the Central Bank of Nigeria (CBN). It examines the Bank's monetary management, surveillance and promotional roles and the challenges for the CBN. The study concludes that, the enhanced operational autonomy of the CBN has provided a unique opportunity for the Bank …

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Understanding And Interpreting Financial Statements, Awoyungbo B. O.

Bullion

As the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial …

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The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan

Bullion

The Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean "any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate". This paper affords the opportunity to explain and …

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Causes Of Bank Distress And Resolution Options, Donli J. G

Bullion

A meaningful analysis of causes of bank distress and the options for resolution would probably need to be preceded by a brief discussion of the role of banks in an economy. This paper examines the meaning of bank distress, it presents a detailed discussion of the main causes of bank distress as they relate to Nigeria in particular, it provides a review of the literature on resolution options as well as an enumeration of resolution options adopted to address bank distress in Nigeria. lt's has been observed in the paper that while the general causes of bank distress appear to …

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The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius

Bullion

Capital occupies a vital position in the life of a bank, like any other business. It plays the role of a cushion for losses resulting from crystallisation of the various risks a business entity is exposed to. This paper summarises the 1988 Accord and its inadequacies. It introduces the new Accord, the need for it and its structure. It highlights the challenges to both operators and regulators, and It discusses efforts of the supervisory authorities to implement the Accord in Nigeria. The challenges highlighted in this paper are by no means exhaustive but it is believed that the attempt would …

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A Quantilogram Approach To Evaluating Directional Predictability, Oliver B. Linton, Yoon-Jae Whang

Cowles Foundation Discussion Papers

In this note we propose a simple method of measuring directional predictability and testing for the hypothesis that a given time series has no directional predictability. The test is based on the correlogram of quantile hits. We provide the distribution theory needed to conduct inference, propose some model free upper bound critical values, and apply our methods to stock index return data. The empirical results suggests some directional predictability in returns especially in mid range quantiles like 5%-10%.

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An Elementary Discussion Of Commodity Money, Fiat Money And Credit: Part 1, Thomas Quint, Martin Shubik

Cowles Foundation Discussion Papers

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions among the diﬀerent types of money and ﬁnancial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. Part 1 covers models in which the money is a consumable storable; the economies in Part 2 use durable money, ﬁat money, or credit. Under this framework we are able to successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We are also able to model the importance …

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Three Strikes And You’Re Out: Reply To Cooper And Willis, Ricardo J. Caballero, Eduardo Engel

Cowles Foundation Discussion Papers

Cooper and Willis (2003) is the latest in a sequence of criticisms of our methodology for estimating aggregate nonlinearities when microeconomic adjustment is lumpy. Their case is based on “reproducing” our main ﬁndings using artiﬁcial data generated by a model where microeconomic agents face quadratic adjustment costs. That is, they supposedly ﬁnd our results where they should not be found. The three claims on which they base their case are incorrect. Their mistakes range from misinterpreting their own simulation results to failing to understand the context in which our procedures should be applied. They also claim that our approach assumes …

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The Organisation For Economic Cooperation And Development, Richard Woodward

Articles

This article reviews the role of the OECD, a much cited but little studied institution, in global governance.

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Does Money Matter? By Laurence H. Meyer In Federal Reserve Bank Of St. Louis Review Sept./Oct. 2001: A Review, Gloria A. Joseph-Raji

Economic and Financial Review

The major objective of the paper was to assess the influence of money and the role of monetarism in shaping the current thinking about macroeconomic modeling and the conduct of Monetary Policy in the United States. The author opined that the monetarist idea that Monetary Policy has responsibility for inflation was now conventional wisdom.

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The Role Of Foreign Direct Investment And Natural Resources In Economic Development By Jose De Gregorio: A Review, P. D. Golit

Economic and Financial Review

The paper analyzed the role of Foreign Direct Investment (FDI) and discussed the part played by natural resources in economic growth. Some of the issues regarding FDI in developing countries were considered, particularly, two issues highlighted in recent discussions and research. The first was whether and through which channels FDI affects economic growth. The second was the impact on economic growth of the exploitation of natural resources, normally developed by foreign investors. The policy implications regarding the treatment of FDI in developing countries were examined.

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The Role Of Deposit Insurance In Financial Sector Stability, Umoh N. Peter

Bullion

It might be necessary to start explaining the terms involved in the above topic. A Deposit insurance Scheme (DlS) is an arrangement whereby a designated agency (usually government-owned) guarantees deposits in insured financial institutions This paper discusses the guarantee function and financial sector stability, the supervisory function and financial sector stability, the liquidation function and financial sector stability and the other contributions of Nigeria Deposit Insurance Corporation (NDIC). The study concluded that, "Financial Sector Stability: lssues and Challenges" is not only appropriate but quite timely given the rumours making the rounds about unfounded banking distress.

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The Experience Of Banking Supervision In Financial Sector Surveillance., Imala O. I.

Bullion

A country's financial sector is the major channel through which funds are mobilized for borrowing and lending transactions. A poorly regulated or managed financial sector or one with insufficient capital for the risks it takes, can increase a country's vulnerability to financial crises. This paper highlights the importance of financial sector regulation and supervision, techniques of supervision, symptoms and causes of distress, measures put in place by the regulatory/supervisory authorities to guard against future systematic distress and the role of multilateral agencies. However, the study concluded that there is no doubt that good corporate governance is a major factor in …

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The Experience Of Bank Examination In Financial Sector Surveillance, Oni S. A.

Bullion

The financial intermediation role of banks is very crucial to the efficiency and growth of every economy. The safety, stability and soundness of the banking system is therefore paramount to the regulatory authority of the financial system of any nation. Between 1929 and 1951. The Nigerian Banking system experienced a few banking crises due mainly to the absence of legal and regulatory framework for the operation of banking business in Nigeria. The bank examination function was established by the Central Bank of Nigeria, to monitor banks compliance with the regulatory and prudential requirements governing the conduct of banking business to …

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Macroeconomics/Structural Policies And Financial Sector Stability: The Challenges, Nnanna O. J

Bullion

The financial system plays an important role in the process of economic growth and development of a country. A financial system consists of various institutions, markets, instruments and operators that interact within an economy to provide financial services. It plays the crucial roles of lubricating the payment mechanism, resource mobilisation and credit allocation. The Nigerian financial sector comprises the regulatory/supervisory authorities, deposit money banks, and other nonbank financial institutions. The objective of this paper is to examine the effect of macroeconomic/ structural policies on the financial sector, as well as the challenges of maintaining financial sector stability in Nigeria. The …

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Full-Text Articles in Economics

Predatory Investments, Richard S. Markovits

ExpressO

Kalamazoo County: Looking To Our Past For The Future, George A. Erickcek

Reports

Partnerships With Monarchs: Univeiling And Re-Examining The Pattern Of "Third World" Economic Development In The Petroleum And Energy Sector, Diane M. Bales

ExpressO

Banking The Poor, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

Toward A New Theory Of Notice And Deterrence, Dru Stevenson

ExpressO

The Evolution Of Sherman Act Jurisdiction: A Roadmap For Competitive Federalism, D. Bruce Johnsen

ExpressO

In Defense Of Paid Family Leave, Gillian Lester

ExpressO

Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar

Law & Economics Working Papers Archive: 2003-2009

Tax, Corporate Governance, And Norms, Steven Bank

ExpressO

Rhode Island Current Conditions Index -- March 2004, Leonard Lardaro

The Rhode Island Current Conditions Index

Vertical Structure And Strategic Environmental Trade Policy, Stephen F. Hamilton, Till Requate

Economics

Using Value-Focused Thinking To Evaluate The Effectiveness Of Air Force Utility Privatization, Carlos Braziel

Theses and Dissertations

Smoothed Empirical Likelihood Methods For Quantile Regression Models, Yoon-Jae Whang

Cowles Foundation Discussion Papers

Keynote Address, Sanusi O. Joseph

Bullion

An Overview Of The Nigerian Financial System, Aderibigbe J. O.

Bullion

The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben

Bullion

Understanding And Interpreting Financial Statements, Awoyungbo B. O.

Bullion

The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan

Bullion

Causes Of Bank Distress And Resolution Options, Donli J. G

Bullion

The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius

Bullion

A Quantilogram Approach To Evaluating Directional Predictability, Oliver B. Linton, Yoon-Jae Whang

Cowles Foundation Discussion Papers

An Elementary Discussion Of Commodity Money, Fiat Money And Credit: Part 1, Thomas Quint, Martin Shubik

Cowles Foundation Discussion Papers

Three Strikes And You’Re Out: Reply To Cooper And Willis, Ricardo J. Caballero, Eduardo Engel

Cowles Foundation Discussion Papers

The Organisation For Economic Cooperation And Development, Richard Woodward

Articles

Does Money Matter? By Laurence H. Meyer In Federal Reserve Bank Of St. Louis Review Sept./Oct. 2001: A Review, Gloria A. Joseph-Raji

Economic and Financial Review

The Role Of Foreign Direct Investment And Natural Resources In Economic Development By Jose De Gregorio: A Review, P. D. Golit

Economic and Financial Review

The Role Of Deposit Insurance In Financial Sector Stability, Umoh N. Peter

Bullion

The Experience Of Banking Supervision In Financial Sector Surveillance., Imala O. I.

Bullion

The Experience Of Bank Examination In Financial Sector Surveillance, Oni S. A.

Bullion

Macroeconomics/Structural Policies And Financial Sector Stability: The Challenges, Nnanna O. J

Bullion