Economics Commons^™

The Global Financial Tsunami : 2008, Juan Manuel Chaves Echeverri

Lingnan Journal of Banking, Finance and Economics

In 2008 a series of bankruptcies of financial institutions led the United States and the principal economies of the world into a recession of great magnitude that required exceptional government intervention.

It started on September 14th when Lehman Brothers announced that it was entering into chapter 11 bankruptcy. After this, there was intervention in recognized multinational corporations like Fannie Mae, Freddie Mac, and American International Group. There were also the bank failures of Washington Mutual and Citigroup.

The main cause of this crisis was the excessive level of leverage of the financial industry, which had its roots in the real …

Economic Impact Of The Ability Of Nebraska Agriculture To Irrigate: The Case Of 2012, Nebraska Farm Bureau, Decision Innovation Solutions

Nebraskiana Publications: Resources and Materials on the 37th State

With the harsh 2012 growing season behind for Nebraska crop producers, sights are now on the prospects for 2013. An exceptional drought gripped much of the United States from mid-June to the end of the growing season. In many regards, the drought persists in many parts of the country. Without significant moisture accumulations prior to spring planting 2013, drought conditions may continue into next year’s growing season. Since the drought of 2012 became a cause of concern in mid-2012, there have been discussions regarding ways to limit the use of water for agricultural purposes. Many of these discussions will result …

Economic Reforms In Pakistan: One Step Forward, Two Steps Backward, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

In 1998 I was invited by Dr. Sarfraz Qureshi, the then Director of PIDE to deliver a lecture on “The Political Economy of Reforms: A Case Study of Pakistan” . This lecture was subsequently published by PIDE as a monograph. A year later, in December 1999 I had the honour of becoming the Governor of the State Bank of Pakistan and actually participated actively in the formulation and implementation of economic reforms. During the six year period of public policy making I realized that my knowledge about the political economy as manifested in my PIDE lecture was incomplete. The narrative …

The Effect Of Women’S Intrahousehold Bargaining Power On Child Health Outcomes In Bangladesh, Eleanor M. Schmidt

Undergraduate Economic Review

Trends in developing economies suggest that as relative female intrahousehold bargaining power improves, consumption preferences favor basic needs which promote child welfare. This study seeks to examine whether greater household bargaining power by Bangladeshi women is related to an improvement the health of their children. Results suggest that certain aspects of bargaining power, including female participation in decision-making about child health care, large household purchases and daily needs, are associated with larger child height-for-age z-scores. There exists a positive correlation between children in families where their mothers have decision-making authority and child health outcomes.

Why Do We Have A State Budget Mess? Think Ventura Years And Baby Boomers, Louis D. Johnston

Economics Faculty Publications

No abstract provided.

Return On Investment In Workforce Development Programs, Kevin Hollenbeck

Upjohn Institute Working Papers

Under more and more fiscal scrutiny because of shrinking state and local budgets, workforce development programs are being asked to estimate their return on investment (ROI). This paper introduces basic concepts of ROI in workforce development programs. It distinguishes ROIs estimated for workforce programs from those that are estimated for financial investments or capital projects. The paper furthermore exposits the basic ingredients of an ROI study—identification of the treatment and time periods of analysis, identification of the net impacts of the program, and identification of net costs. Finally, the paper presents results from the estimation of the ROI for postsecondary …

The Nature Of Risk Preferences: Evidence From Insurance Choices, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum, Ted O'Donoghue

Georgetown Law Faculty Publications and Other Works

The authors use data on insurance deductible choices to estimate a structural model of risky choice that incorporates "standard" risk aversion (diminishing marginal utility for wealth) and probability distortions. They find that probability distortions--characterized by substantial overweighting of small probabilities and only mild insensitivity to probability changes--play an important role in explaining the aversion to risk manifested in deductible choices. This finding is robust to allowing for observed and unobserved heterogeneity in preferences. They demonstrate that neither Kőszegi-Rabin loss aversion alone nor Gul disappointment aversion alone can explain our estimated probability distortions, signifying a key role for probability weighting.

A Household Model Of Careers And Education Investment, Jessica F. Young

Undergraduate Economic Review

This paper develops a two-stage non-cooperative household game, in which parents make career decisions and an investment into their child’s human capital. The model is solved for Nash equilibrium outcomes and extended for a cooperative solution. In non-cooperative pure strategies, both parents choosing to work is a Nash equilibrium, though there are alternative outcomes when the conditions underlying the career decision are varied. The investment behaviour of agents is analysed. We find that choices are critically affected by the magnitude of the cost (and reflected quality) of a high education investment relative to a low investment, and the intrinsic value …

The Economic Impact Of Latin American & Other Immigrants Iowa, Nebraska And The Omaha-Council Bluffs Metropolitan Area, Christopher Decker, Jerry Deichert, Lourdes Gouveia

Latino/Latin American Studies Reports

Although recent research from the Pew Hispanic Center suggests that the rate of recent immigration to the United States has slowed considerably, other studies clearly show that immigrants make substantial economic contributions to the communities in which they settle.

This report focuses attention on the quantitative economic impact of first-generation, foreign-born individuals on the Omaha-Council Bluffs economy as well as the Nebraska and Iowa state economies in 2010.

Do Immigrants Enhance International Trade In Services? The Case Of Us Tourism Services Exports, Roger White, Bedassa Tadesse

Economics

That immigrants affect trade in goods between their home and host countries is well established in the literature. Little evidence exists, however, as to whether immigrants also affect trade in services. Using data on international tourist arrivals from 86 countries to the United States during the years 1995–2004, we provide the first empirical evidence on the effect of immigrants on exports of tourism services. Our results suggest that immigrants significantly enhance exports of tourism services (as measured by the number of tourist arrivals in the US from different home countries).

Income Inequality: Challenges In Bridging The Gap, Singapore Management University

Perspectives@SMU

Increase social spending. Fine-tune foreign labour policies. Create more job opportunities.

These were just a few of the suggestions made during a forum organized by the anti-poverty group, ONE (Singapore) and Singapore Management University's Wee Kim Wee Centre on how to bridge the income inequality gap in Singapore.

Halimah Yacob, the Minister of State for the Ministry of Social and Family Development, said in the forum that a concern with income inequality is its impact on social mobility, as people need to have “a sense of hope and optimism that they can aspire to a better life”. How each society …

Rhode Island Current Conditions Index — November 2012, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Designing International Institutions For Global Security, Rupayan Gupta

Fall 2012 Faculty Showcase

This talk focuses on the challenges inherent in designing international institutions for global security. The area of inquiry is interdisciplinary in nature, incorporating insights from economics, international relations, and mathematics (game theory). It is argued that this line of research would benefit from greater incorporation of techniques from bargaining theory and mechanism design. An agenda is proposed for interdisciplinary collaboration and some interesting results are presented from author’s published and ongoing research.

Graph Matching Based Decision Support Tools For Mitigating Spread Of Infectious Diseases Like H1n1, Jomon Aliyas Paul, Kedar Sambhoos

Faculty Articles

Diseases like H1N1 can be prevented from becoming a wide spread epidemic through timely detection and containment measures. Similarity of H1N1 symptoms to any common flu and its alarming rate of spread through animals and humans complicate the deployment of such strategies. We use dynamic implementation of graph matching methods to overcome these challenges. Specifically, we formulate a mixed integer programming model (MIP) that analyzes patient symptom data available at hospitals to generate patient graph match scores. Successful matches are then used to update counters that generate alerts to the Public Health Department when the counters surpass the threshold values. …

Should Voting Be Mandatory? Democratic Decision Making From The Economic Viewpoint, Olga Kosheleva, Vladik Kreinovich, Boakun Li

Departmental Technical Reports (CS)

Many decisions are made by voting. At first glance, the more people participate in the voting process, the more democratic -- and hence, better -- the decision. In this spirit, to encourage everyone's participation, several countries make voting mandatory. But does mandatory voting really make decisions better for the society? In this paper, we show that from the viewpoint of decision making theory, it is better to allow undecided voters not to participate in the voting process. We also show that the voting process would be even better -- for the society as a whole -- if we allow partial …

What Is Profit?, Fred Foldvary

Faculty Publications

Basically, profit is revenue minus costs. It sounds simple, but the concepts of “revenue” and “cost” are complex when we examine them closely.

Income Inequality In U.S. Metropolitan Areas: Which Areas Have The Greatest Inequality And Why?, C. Peterson Compton

Electronic Theses and Dissertations

In recent years, much focus has been placed on the high and growing level of income inequality in the United States. This composition begins to fill a void in the existing literature by examining specific urban areas that have particularly high levels of inequality and the characteristics that factor into inequality. In this paper, I construct a qualitative model for a particularly unequal metropolitan area. I then apply the model to a set of U.S. metros that are among the most unequal in the country and share a particular set of characteristics consistent with the model.

The Continuing Saga Of Globalism: Comparing Ethiopia’S Developmental State Strategies To Those Of Malaysia, Asayehgn Desta

Collected Faculty Scholarship

Using the conceptual framework of a developmental state, forwarded by the Economic Commission for Africa, it was found that Ethiopia’s democratic developmental state is unique and operates differently from the Malaysian developmental state model. Economically, Ethiopia has recorded staggering economic growth since it adopted the developmental state. The Malaysian developmental state was developed to be market-oriented and as a result Malaysia’s GDP grew at 5.23 percent from 2005-2011. Malaysia’s incidence of poverty declined from 49% in 1970 to less than 5% in 2000. Ethiopia has focused on a planned developmental state, without speeding the direction of industrialization, and has achieved …

A Matter Of Scale: Assessing The Great Recession Against The Great Depression, Steven L. Danver

Walden Faculty and Staff Publications

The Great Depression of the 1930s and the Great Recession of the late 2000s are compared using economic, social, and political measures to determine if the later economic downturn was as much of a bellwether event as its predecessor.

Demand For Accessible Type A Apartment Units In The City Of El Paso, Texas, Roberto Tinajero, David Ramirez, Lisa Tomaka, Dennis L. Soden

IPED Technical Reports

No abstract provided.

Multigenerational Families And Food Insecurity, James P. Ziliak, Craig Gundersen

University of Kentucky Center for Poverty Research Discussion Paper Series

The prevalence of multigenerational families is on the rise in the United States, as is food insecurity. We estimate the effect of resident grandchildren on the risk of and transitions in food insecurity using repeated cross sections and longitudinally linked two-year panels of the Current Population Survey from 2001-2010. We find that rates of food insecurity in families with a grandchild present are at least twice as high in a typical year compared to families without a resident grandchild, and the extent of very low food security increased substantially faster among these households over the past decade. The rise in …

A Missed Opportunity In California, John Yinger

Center for Policy Research

It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.

Adam Smith And The Modern Science, James Konow

Economics Faculty Works

Third-party decision-makers, or spectators, have emerged as a useful empirical tool in modern social science research on moral motivation. Spectators of a sort also serve a central role in Adam Smith's moral theory. This paper compares these two types of spectatorship with respect to their goals, methodologies, visions of human nature and emphasis on moral rules. I find important similarities and differences and conclude that this comparison suggests significant opportunities for philosophical ethics to inform empirical and theoretical research on moral preferences and vice versa.

Can Us Economic Variables Predict Chinese Stock Market?, Jeremy Goh, Fuwei Jiang, Jun Tu, Yuchen Wang

Research Collection Lee Kong Chian School Of Business

In the last few decades, we observed a significant increase in global economic activities and these activities may have an impact on both China's economy and stock market. Given the potential impact, we empirically examine whether US economic variables are leading indicators of the Chinese stock market. Prior to China joining the World Trade Organization (WTO) in the end of 2001, we find no statistical relationship between US economic variables and the Chinese stock market returns. However, we find US economic variables have statistically significant predictive power for periods after China's admission into the WTO. In addition, we show that …

Economic Effects Of The Minimum Wage, Kevin F. Hallock

Economics Faculty Publications

The US minimum wage, at almost 75 years old, remains the topic of many academic studies and much policy debate despite the fact that only about 5% of hourly employees are currently paid at or below the federal minimum. There are many possible and interesting economic effects of the minimum wage. The issue that has received by far the most attention is whether increasing the minimum wage has a negative effect on employment, and if so, for whom and by how much. Economists first approach this question through the basic theory of a perfectly competitive labor market where all workers …

Problematique, David A. Westbrook

Other Scholarship

No abstract provided.

How Do Latino Groups Fare In A Changing Economy? Occupation In Latino Groups In The Greater New York City Area, 1980-2009, Stephen Ruszczyk

Center for Latin American, Caribbean, and Latino Studies

Introduction: This study examines demographic and socioeconomic factors of racial/ethnic groups in New York City between 1980 and 2009 – particularly the Latino population.

Methods: Data on Latinos and other racial/ethnic groups were obtained from the U.S. Census Bureau American Community Survey, reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa. Cases in the dataset were weighted and analyzed to produce population estimates.

Results: Trends from 1990 continued in 2000, with numbers of Puerto Ricans in production dropping to only 14% of that group. More than a fifth of Puerto Ricans worked in management and professional …

Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar M. Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri

Economics Faculty Publications and Presentations

This paper assesses the impact of a cluster development policy in Latin America. A Local Productive Arrangement (APL) is a cluster of firms within the same territory, operating around the same activity and maintaining ties of cooperation and learning among themselves and with other stakeholders. Using firm-level data comprising information on SMEs from Brazil for the years 2002 to 2009 we apply fixed effects, matching and reweighting methods to estimate both the direct and the indirect – i.e. spillovers – causal effect of participating in APLs on a series of SMEs’ performance indicators, including level of employment, value of exports …

Borderplex Economic Outlook: 2012-2014, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

Dinámica Del Consumo De Gasolina En Ciudad Juárez: 2001 - 2009, Thomas M. Fullerton Jr., Gabriel Múnoz Sapien, Martha Patricia Barraza De Anda, Lisbeily Domínguez Ruvalcaba

Border Region Modeling Project

This research analyzes short-run gasoline consumption dynamics in Ciudad Juárez, Chihuahua, México. Parameter estimation is carried out using linear transfer function ARIMA analysis. This market is of interest because it is influenced by regional, national, and international economic conditions due to its location on the border with the United States. Explanatory variables that satisfy the significance criterion include the real price of gasoline in Ciudad Juárez, the price of gasoline in Ciudad Juárez relative to that charged across the border in El Paso, Texas, USA, and formal sector employment in Ciudad Juárez. Sample data are for January 2001 to December …