Economics Commons^™

The Ethics Of The Other, Luis Ruben Diaz

Open Access Theses & Dissertations

I consider that our society is going through a globalization process where different vantages are being forced to face other cultures. This process revealed the weakness of our traditional moral systems where conflicts could be solved through a belief system that was accepted by the majority of the individuals of a given society. Since a global society needs to incorporate different beliefs systems in its moral considerations, and this implies that there will undoubtedly be a clash between the different moral codes, we need to find a way where individuals relate to the other in an ethical way. In my …

The Elasticity Of Taxable Income: Influences On Economic Efficiency And Tax Revenues, And Implications For Tax Policy, Seth H. Giertz

Department of Economics: Faculty Publications

While research into the elasticity of taxable income (ETr), which measures the responsiveness of reported taxable income to changes in tax rates, dates back to at least Lindsey (1987), recognition of its importance as a central parameter for tax policy design did not begin to take hold until the second half of the 1990s. In fact, a 1998 survey to determine public and labor economists' views on key policy parameters (Fuchs, Krueger, and Poterba 1998) included no questions on the ETI. I suspect that a 2008 survey would include such questions, just as I suspect that a 1998 conference entitled …

A Response To Seth H. Giertz, Daniel Feenberg

Department of Economics: Faculty Publications

There are two aspects of Seth Giertz's excellent chapter that I want to talk about. One is slightly technical; I want to try to provide some explanation for why estimating elasticity of taxable income (ETI) is so difficult. I think this difficulty is unappreciated by nonspecialists, who are quick to latch onto a favorite estimate without understanding the weaknesses in the estimation. The other aspect is a bit more philosophical and addresses the different functions of the partial equilibrium analysis done here and the general equilibrium work done a few years back in the macro group at the Congressional Budget …

Unauthorized Immigration, Örn  B. Bodvarsson, Hendrik F. Van Den Berg

Department of Economics: Faculty Publications

One of the results of the clash between immigration policies and economic incentives is unauthorized immigration. There is no accurate data on unauthorized immigration, but estimates permit some empirical work. The motives for immigrants to enter the destination country without formal authorization are the same as those that lead immigrants to seek legal entry, and the static labor market model of immigration can be used to explain the flows of unauthorized immigrants. There are additional factors to consider, however. Unauthorized immigrants do not normally enjoy the same civil rights as legal immigrants, so the potential rewards from immigrating are …

Hispanic Immigration To The United States, Örn B. Bodvarsson, Hendrik F. Van Den Berg

Department of Economics: Faculty Publications

This chapter presents some of the exceptional characteristics of recent Hispanic immigration to the United States. In 2005, there were nearly 40 million Hispanic immigrants and descendants of Hispanic immigrants living in the U.S. The assimilation experience of this large cultural group does not seem to be following the path past immigrants to the U.S. followed. Most third generation Hispanics in the U.S. still find themselves with income and education levels below the U.S. averages. Most forecasts predict that about 60 million Hispanics and Hispanic-Americans will be living in the U.S. by 2030.

The Elasticity Of Taxable Income With Respect To Marginal Tax Rates: A Critical Review, Emmanuel Saez, Joel B. Slemrod, Seth H. Giertz

Department of Economics: Faculty Publications

This paper critically surveys the large and growing literature estimating the elasticity of taxable income with respect to marginal tax rates (ETI) using tax return data. First, we provide a theoretical framework showing under what assumptions this elasticity can be used as a sufficient statistic for efficiency and optimal tax analysis. We discuss what other parameters should be estimated when the elasticity is not a sufficient statistic. Second, we discuss conceptually the key issues that arise in the empirical estimation of the elasticity of taxable income using the example of the 1993 top individual income tax rate increase in the …

Markov Switching Var Model Of Speculative Pressure: An Application To The Asian Financial Crisis, Gregorio Iii Alfredo Vargas

Dissertations and Theses Collection (Open Access)

Markov switching models with time-varying transition probabilities address the limitations of the earlier methods in the early warning system literature on currency crises. Most of the Markov switching models in the literature are largely based on univariate models of exchange rate fluctuations. In this thesis, the components of the index of speculative pressure are modeled using the Markov Switching VAR with time-varying transition probabilities of Martinez Peria (2002). Two approaches, both of which are derived from this model, are taken to determine the probability of a currency crisis: the probability of a turbulent regime and the expected value of the …

Multivariate Garch Models For The Greater China Stock Markets, Xiaojun Song

Dissertations and Theses Collection (Open Access)

This paper reviews the commonly used multivariate GARCH models and uses the daily data of the four Greater China region stock markets, namely Hongkong, Shanghai,Shenzhen, and Singapore, and data of Japan as one ex-ogenous variable to investigate the volatility and shocks spillover behavior and to establish the market linkage among the four markets. We find that the volatility spillover between Shanghai and Shenzhen is obvious and correlation contagion is detected. Conditional variance and conditional correlations are time varying and dynamic which conforms to the arguments in most of the literature. Shanghai and Shenzhen present a very high correlation level during …

The Functional Specification Of The Wageexperience Relationship And Male Wage Inequality In The Philippines: A Decomposition Analysis, Lawrence B. Dacuycuy

DLSU Business & Economics Review

This study analyzed the factors that have contributed to the increase in wage inequality among male workers in the Philippines. Using the Fields (2003) framework as a decomposition platform, the validity of the usual parametric specification of the wage-experience relationship to ascertain the effects of functional misspecification on wage decomposition estimates was investigated. The study found that the quadratic specification of the nonlinear relationship is inadequate, thereby favoring the use of the semiparametric partially linear model, which does not impose any functional assumption on the said relationship.

An Evaluation Of Financial And Non-Financial Environmental Disclosures Of Ten Publicly-Listed Mining Companies In The Philippines, Nimpha M. Aquino

DLSU Business & Economics Review

This study determined the environmental disclosure practices of 10 mining companies in the Philippines by examining the nature and extent of disclosures in the financial and non-financial sections of their 2006 corporate annual reports. It was found out that there was no uniformity in the environmental disclosures of the 10 mining companies. It was also discovered that there was no existing environmental reporting standards as far as environmental disclosure is concerned. The study provided recommendations to the standard-setting council to improve the firms’ environmental disclosure compliance with a discussion regarding the benefits these recommendations might offer.

Stock Diversification And Integer Programming, Emilina R. Sarreal

DLSU Business & Economics Review

This study shows how investors can maximize returns by preparing and monitoring their own stock portfolio by using an integer programming model with an algorithm that can be computed in spreadsheet and linear programming software. Further, the study emphasizes the importance of diversifying stockholdings to reap optimal returns and minimum volatility/risk. It also suggests employing behavioral portfolio theory where goals/aspirations of investors are combined with their reward-to-volatility profile.

Risk Management In The Indian Petrochemical Industry (With Special Reference To Haldia Petrochemicals Ltd.), Tamma K. Reddy, Subhayan Basu

DLSU Business & Economics Review

This study focuses on the identification and acceptance or offsetting of the risks threatening the profitability and existence of any petrochemical organization. It deals with the foreign exchange risk management policy of Haldia Petrochemicals Ltd. and how it could be implemented in the risk minimization or the profit maximization of the company. It applies theories about risks and offers insights and recommendations to the company regarding their management of risk exposures.

Exchange Rate Pass-Through For Selected Southeast Asian Countries, Stephanie L. Chan

DLSU Business & Economics Review

Long- and short-run exchange rate pass-through coefficients were estimated for Malaysia, Indonesia, Thailand, and the Philippines using a simple model based on absolute purchasing power parity. Results were lower than 0.30 for all four countries. Cointegration tests confirmed the existence of a long-run relationship between CPI, GDP, exchange rate, and the U.S. PPI for the countries studied. However, the post-estimation tests showed that a more comprehensive model may need to be developed. The low coefficients reflect the success of the countries in stabilizing their inflation levels, though implying that exchange rate interventions may be less effective in restoring trade balance.

Las Vegas: The Perils Of Deception Fueled Growth, William J. Smith, Ahmad Safi

Public Policy and Leadership Faculty Research

There are two types of deception – the deception of others and self-deception. Las Vegas thrives on both. Many would be aware of the importance of the first type of deception for the health of the Las Vegas economy, as they would for Macau, Monte Carlo, etc. Without the symbol of wealth to achieve elite global tourism status, and the ‘moth to the flame’ illusion of the likelihood of visitors to get ‘lucky’ and win great wealth, there would be no Las Vegas as it is known today. There is no other major reason to come to the city. There …

Vertical Integration And Wage Inequality In Mexico In The Nafta Era, Maximilian Sirianni

Economics Honors Projects

No abstract provided.

Abr And Walras Law, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2001, January 29). Ex post stock/flow [Handwritten lecture notes for Lecture 205]. Unpublished manuscript.

• Shaikh, A. (2003, December 15). Structure of Godley’s basic ex ante model [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (2002, May 3). Stock/flow accounts and restraints [Handwritten notes]. Unpublished manuscript.

• Korliras, P. G., & Thorn, R. S. (1979). Part four: Disequilibrium macroeconomics. In Modern macroeconomics: Major contributions to contemporary thought [Book excerpt]. Publisher unknown.

• Shaikh, A. (n.d.). Add to KK/classical [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (2009, April 25). Adjustment time and involuntary unemployment [Handwritten notes]. …

Interest Rate Theory My Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• General notes by Anwar Shaikh (Unpublished manuscript, July 5, 2007) (22-36_Inte... p. 2)
• Interest rate & arbitrage & Gibson's paradox by Anwar Shaikh (Unpublished handwritten notes, June 14, 2007) (22-36_Inte... p. 7)
• Typical classical starting point by Anwar Shaikh (Unpublished handwritten notes, October 26, 2004) (22-36_Inte... p. 9)
• Notes on bonds and rates of return by Anwar Shaikh (Unpublished manuscript, October 16, 1998) (22-36_Inte... p. 11)
• Ape II interest rate theory by Anwar Shaikh (Unpublished handwritten notes, April 29, 2009) (22-36_Inte... p. 13)
• Wojnilower, A. M. (2005). Why monetary policy? Paper presented at the 15th Annual Hyman …

Crisis - General, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Shaikh, A. (2008, December 11). Questions Korea: Notes on the hegemony of the U.S., the welfare state, the economic crisis, a Free Trade Agreement, and immigration [Handwritten notes]. Manuscript in possession of the author.

• Hong, J. (2008). Notes on Korean presidents, the financial crisis, the Wall Street model, and economic blocs [Handwritten notes]. Manuscript in possession of the author.

• Shaikh, A. (2008, December 9). The falling rate of profit (FROP): Marx’s propositions on accumulation and technological change [Handwritten notes]. Manuscript in possession of the author.

• Shaikh, A. (1995, October). The long wave in …

Environmental Impacts Of Trade-Oriented Development Policies, Jonathan Daniel Dean

Masters Theses

This work integrates trade-development theory with trade-pollution theory in attempt to find if certain trade policies can be used for sustainable development. Three trade oriented development policies are analyzed: inward orientation, outward orientation, and trade liberalization. A theoretical model is developed to analyze the effects of scale, composition, and technique. The theoretical model is then tested empirically using a panel regression, cross-section by country and across time. The panel regression uses S0 2 against economic indicators and dummy variables reflecting the theoretical model. The theoretical model proves that trade policies can be manipulated to create an intelligent trade design, which …

Adam Smith And The Place Of Faction, Sandra J. Peart, David M. Levy

Jepson School of Leadership Studies articles, book chapters and other publications

Our approach to faction focuses on Smith’s account of the interrelation between social distance and small group cohesion. We make the case that social distance is not necessarily constant in Smith’s system. As social distance shrinks, sympathy becomes more habitual and the affection we have for others increases (Peart and Levy, 2005b). Factions reduce social distance, and this gives them power and makes them dangerous. By modifying social distance, they created a disconnect between behavior of which we approve (cooperation) and consequences of which we disapprove. It is in this context that we find virtuous behavior with deleterious consequences. The …

2008 Hes Presidential Address: We're All "Persons" Now: Classical Economists And Their Opponents On Marriage, The Franchise, And Socialism, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

My purpose is to paint a broad brush narrative—it will have some visual representations as well—of how nineteenth-century political economists and their critics confronted a set of basic and related questions: Are men and women equally capable of self governance? Are they equally able to decide when and whom to marry and how many children to have? Can they be trusted equally to cast a ballot? Is their right to property inviolate or might new arrangements be designed and adopted for the production and distribution of wealth?

This is a story interwoven with extraordinary characters: John Stuart Mill will be …

Natural Resources, Investment, And Growth In Low Income Countries, Dena L. Reavis

Masters Theses

Rents generated by natural resource endowments can be lucrative and highly productive sources of revenue for countries of all income levels. Countries able to develop sound investment strategies that efficiently allocate resource rents into highly productive activities can set themselves on paths of long-run stable growth. This study estimates the effects of several host-country characteristics on inflows of foreign direct investment and per capita incomes for low income countries finding that investments in human capital do attract inward foreign direct investment. Some evidence supports the hypothesis of a natural resource curse when the abundant resource is agriculture or food.

Competition And Tax Evasion : A Cross Country Study, Yiqun Wang

Lingnan Theses

This paper investigates the determinants of informality (tax evasion in particular) utilizing rich cross-country data of firm-level survey from the World Bank, and hypothesizing that competition is a significant factor determining tax evasion behaviors. Competition pressure is a key stimulus to induce questionable manipulations of tax reporting behaviors. However its effect works at a decreasing speed. It is also hypothesized that business obstacles facing firms such as tax administration and corruption play significant roles in explaining tax evasion. This paper further hypothesizes that firm characteristics such as size, age, ownership are important evasion determinants. Empirical results are found supporting these …

Decomposition Of Changes In Hong Kong Wage Dispersion Since 1980s : A Distributional Approach, Kai Wai Huang

Lingnan Theses

Wage dispersion is one of the social and economic issues arousing public concern in Hong Kong. There are many studies exploring the possible causes and changes in wage dispersion. They often focus on the study of summary measures such as Gini and Theil indexes, or adopt OLS-based regression approach. In foreign studies on wage dispersion, Oaxaca-Blinder decomposition, originated from Oaxaca (1974) and Blinder (1973), is a common method of decomposing changes or differences in mean wages between two groups into wage structure effect and composition effect, and then further decomposing the two effects into contributions of each control variable. Nevertheless, …

Hedonic Property Value Modeling Of Water Quality, Lake Proximity, And Spatial Dependence In Central Florida, Patrick Walsh

Electronic Theses and Dissertations

Hedonic property value analysis is one of the leading methods of environmental valuation. This non-market technique uses variation in home sales to infer the values of amenities or disamenities. While there have been numerous studies about air quality and hazardous waste, the number of papers focusing on water quality is much smaller. Consequently, there are still many unanswered questions about the proper handling of water quality through hedonic methods. Furthermore, estimates from hedonic property price analyses are rarely used in government cost benefit analyses. This dissertation investigates several important hedonic issues in a large analysis of water quality in central …

Exploring The Use Of Exchange Market Pressure And Rmu Deviation Indicator For Early Warning System (Ews) In The Asean+3 Region, Marvin Raymond F. Castell, Lawrence B. Dacuycuy

DLSU Business & Economics Review

Although macroeconomic and financial surveillance mechanisms have been in place both at the global level and at the Asia regional level, the results of the empirical analysis provide some evidence that a regional monetary unit (RMU) can be used to supplement existing surveillance tools for improved crisis detection and prevention. In particular, this study showed that the RMU may be useful as a tool for macroeconomic consultation.

An Excerpt From The Sec Commissioned Report: A Balance Sheet Disclosure Compliance Check Of Ten Publicly-Listed Companies, Ma. Gina T. Manaligod

DLSU Business & Economics Review

This study is an excerpt of a SEC-commissioned report. It investigated the extent of compliance of 10 publicly-listed finance companies with regard to the provisions of relevant PFRS/PAS on balance sheet disclosure requirements. This was accomplished by examining the balance sheet and the related note disclosures of the 10 companies. It was found the all 10 companies had deficiencies in their balance sheet disclosures. It can be implied from this study that deficiencies in disclosure requirements stem from the standards themselves. Recommendations for the improvement of disclosure compliance were provided.

Financial Crisis Containment, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.

First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …

David Hume On Monetary Policy: A Retrospective Approach, Maria Pia Paganelli

Economics Faculty Research

Monetary policy is a modern idea of which David Hume is generally considered a precursor. Moreover, thanks to Milton Friedman and Robert Lucas, he is often presented as one of the first and most illustrious endorser of monetarism. This paper argues against this view, and in agreement with Joseph Schumpeter, that Hume’s contribution to economics, while not insignificant, cannot claim any real novelties. It offers an interpretation of Hume as a descendant of a pre-modern understanding of money rather than a forerunner of modern monetary ideas, and as a scholar exposing common ideas of his time rather than a prophet …

Smithian Answers To Some Experimental Puzzles, Maria Pia Paganelli

Economics Faculty Research

This paper draws attention to the increased use of Adam Smith’s work in the experimental economics literature. It also offers examples of how studying Adam Smith can help formulate possible answers to some otherwise counter-intuitive (if the intuition is based on the Rational-Choice paradigm) experimental results. The first part of the paper presents a short account of how, in recent years, the field has come to recognize the importance of considering other-regarding preferences as well as self-regarding preferences and how it is noticing the wealth of Adam Smith, who dealt with both. The central section of the paper offers examples …