Economics Commons^™

Improving The Economy Of Local Communities Through Innovation Of The Potential Of Shariah-Based Natural Tourism In East Java, Maula Fadhilata Rahmatika, Agus Suman

International Journal of Religious Tourism and Pilgrimage

An area will experience rapid progress if local government alongside the community is able to develop local potential with various innovations. This study aims to describe the potential of nature and innovation by the government alongside the community based on Shariah when creating tourism destinations with economic value. The research was conducted in the coastal environment of Santen Island of Banyuwangi district, East Java with a qualitative approach to the research and case study design. Data were collected through participatory observation, in-depth interviews, and document analysis. With interactive data analysis, it was found that the Shariah-based innovation conducted by the …

Anchorite Sacred Caves In Serbia: Balancing Between Pilgrimage And Religious Tourism Development, Aleksandar Antić

International Journal of Religious Tourism and Pilgrimage

Serbia is a country with diverse karst terrain, full of various surface and underground karst formations. This terrain is one of the factors that influenced the development of cultures and civilizations in this area. Many archaeological findings indicate that prehistoric people found refuge, safety and peace in many caves in present-day Serbia. The natural environment has also influenced many spiritual endeavours, which have shaped cultural identities throughout history. In this study, Orthodox anchorite sacred caves in Serbia are explored, as well as their related pilgrimage activities and potential for religious tourism development. For the purpose of this research, three pilgrimage …

Subspace Portfolios: Design And Performance Comparison, Anqi Xiong

Dissertations

Data processing and engineering techniques enable people to observe and better understand the natural and human-made systems and processes that generate huge amounts of various data types. Data engineers collect data created in almost all fields and formats, such as images, audio, and text streams, biological and financial signals, sensing and many others. They develop and implement state-of-the art machine learning (ML) and artificial intelligence (AI) algorithms using big data to infer valuable information with social and economic value. Furthermore, ML/AI methodologies lead to automate many decision making processes with real-time applications serving people and businesses. As an example, mathematical …

The Effect Of Piracy Website Blocking On Consumer Behavior, Brett Danaher, Jonathan Hersh, Michael D. Smith, Rahul Telang

Economics Faculty Articles and Research

In this study, we ask what drives the success or failure of various supply-side anti-piracy enforcement actions such as piracy website blocking. We do this in the context of three court-ordered events affecting consumers in the United Kingdom: We first study Internet Service Providers’ blocking of 53 video piracy sites in 2014 and of 19 piracy sites in 2013, and we then study the blocking of a single dominant site, “The Pirate Bay,” in 2012.

We show that blocking 53 sites in 2014 caused treated users to decrease piracy and to increase their usage of legal subscription sites between 7% …

Irving Fisher, The Debt-Deflation Theory, And The Crisis Of 2008-2009, Zacharie Quiviger

Undergraduate Economic Review

Irving Fisher’s 1932 Booms and Depressions presents a fully specified, nine-pronged model of financial crises that has been widely forgotten by modern macroeconomists. This article builds on the renewed interest in Fisher’s Debt-Deflation Theory to explore its pertinence to the Great Recession. By parsing through macroeconomic data from the 2000s, it finds evidence of debt-deflation spiraling and of the nine Fisherian “main factors” co-varying as the author had predicted during the 2008-2009 financial crisis. The article concludes in assessing the uses of Fisher’s work in current macroeconomics and in arguing for a greater consideration of its insights.

The Impact Of Basic Education Reform On The Educational Participation Of 16 To 17-Year-Old Youth In The Philippines, Geoffrey Ducanes, Dina Joan S. Ocampo

Economics Department Faculty Publications

The study measures the impact on the school participation of 16 to 17-year-old learners in the Philippines of the implementation of the Senior High School program (SHS), which came into full effect in school year 2017–2018. The SHS program, which extended secondary education in the country from four to six years, was the most ambitious education reform action in the country in recent memory. The study found that the SHS program resulted in an increase in overall school participation rate of at least 13 percentage points among 16 to 17-year-olds. Perhaps more importantly, the increase in school participation rate was …

Coronavirus Food Assistance Program For Livestock Producers, Bradley Lubben

Extension Farm and Ranch Management News

United States Congress and the President have approved multiple phases of COVID-19 assistance to date including the $2.3 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act passed in March that provides financial support for agricultural producers as a small part of the overall relief.

While agricultural producers and agribusinesses are eligible for two programs administered through the Small Business Administration, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs), the primary support for agriculture is coming from USDA through the Coronavirus Food Assistance Program (CFAP). The CARES Act provided $9.5 billion directly to the Secretary of …

Disamenity Or A Signal Of Competence? The Empirical Political Economy Of Local Road Maintenance, Benjamin Blemings, Margaret Bock

Economics Faculty Working Papers Series

Empirical results find different conclusions than theoretical evidence of how electorates perceive road work. This paper uses a geographically smaller unit of analysis than prior work, political alignment, local election cycles, and difference-in-differences. It finds political distortions in invasive road maintenance timing and rules out maintenance seasonality. Spatial discontinuity plots leveraging ward boundary cutoffs confirm the shift. Results identify new public distortions to road maintenance, local election cycles, which are widespread and frequent. The estimates are used to calculate financial costs of local elections on road maintenance. Local elections have cost medium-large U.S. cities over $185.5 million from 1960- 2020.

Nebraska Monthly Economic Indicators: May 28, 2020, Eric Thompson

Leading Economic Indicator Reports

The LEI-N fell by 5.57% during April of 2020 as the COVID-19 Pandemic continued to impact Nebraska’s economy. The decline in April followed a large decline in March. Taken together, the two monthly drops suggest that the Nebraska economy will be smaller in the fall of 2020 than it was during January and February of this year. All components of the leading indicator worsened during April. There were few airline passenger enplanements during April. In addition, both building permits for single-family homes and manufacturing hours-worked declined while initial claims for unemployment insurance rose. There also was another increase in the …

Coronavirus Food Assistance Program For Crops Producers, Bradley Lubben

Extension Farm and Ranch Management News

The United States Congress and the President have approved multiple phases of COVID-19 assistance to date including the $2.3 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act passed in March that provides financial support for agricultural producers as a small part of the overall relief.

While agricultural producers and agribusinesses are eligible for two programs administered through the Small Business Administration, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs), the primary support for agriculture is coming from USDA through the Coronavirus Food Assistance Program (CFAP). The CARES Act provided $9.5 billion directly to the Secretary …

Total Factor Productivity And Idiosyncratic Volatility Trends, Hussein Abdoh, Yu Liu

School of Economics and Finance Faculty Publications

Firms’ idiosyncratic stock return volatility has become more volatile in the US since the 1960s. This paper investigates why individual stocks became more volatile over the 1964–2013 period using firm-level total factor productivity (TFP). On average, the volatility of idiosyncratic TFP growth rate has increased, being associated with higher idiosyncratic return volatility. The connection between TFP growth and economic profits provides an explanation for the increase in the idiosyncratic volatility of fundamental cash flows. The results are robust when using timeseries and panel regressions and controlling for cash flow and earnings variability, size, book-to-market, leverage, profitability, age, dividend yield, and …

The Heterogeneous Labor Market Impacts Of The Covid-19 Pandemic, Guido Matias Cortes, Eliza C. Forsythe

Upjohn Institute Working Papers

We study the distributional consequences of the Covid-19 pandemic’s impacts on employment. Using CPS data on stocks and flows, we show that the pandemic has exacerbated pre-existing inequalities. Although employment losses have been widespread, they have been substantially larger in lower-paying occupations and industries. Individuals from disadvantaged groups, such as Hispanics, younger workers, those with lower levels of education, and women, have suffered both larger increases in job losses and larger decreases in hiring rates. Occupational and industry affiliation can explain only part of the increased job losses among these groups.

The Ignatian Leader As Global Citizen, Jennifer Tilghman-Havens

Jesuit Higher Education: A Journal

This article highlights the various elements of the Ignatian worldview, as outlined by Superior General Peter-Hans Kolvenbach in his 1989 address. Drawing upon contemporary social science theorists, it illustrates the relevance of his remarks for today’s Jesuit institutions of higher education, especially as they undertake a critical consideration of race, gender and class in shaping Ignatian leaders for a more just, humane and sustainable world.

Projects Of Economic And Social Development In The Global South: The 20th And 21st-Century Developmental Trends And Their Impacts, Malachi Okechi Chukwu

2020 Symposium Posters

In the 1950’s Western countries promised to promote economic development in the underdeveloped world. However, the Global South remains behind, trapped in abject poverty. Eurocentric literature produced by mainstream scholars of economic growth in the past seven decades has continually promoted Structural Adjustment Programs and Millennium Development Goals designed to improve the Global South. Tragically, each of the West’s prescribed economic models failed at the expense of people of the Global South. The failure of Western promised growth led to an opportunity for China to offer an alternative model. Additionally, the long-term effects of the prescribed models of development have …

The Impact Of The Covid-19 Crisis On Nebraska's Ethanol Industry, John C. Beghin, Sushant Timalsina

Cornhusker Economics

This article looks at the impact of the pandemic crisis on Nebraska’s ethanol industry. We trace the changes in return margins since the last quarter of 2019 to early May of this year and show the deterioration of these margins and the resulting reduced returns, gross revenues and production reduction induced by the low returns.

Metro Monitor 2020: Las Vegas & Reno, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet presents changes in indicators of economic health for the State of Nevada using data provided by the Brookings Institution’s Metro Monitor analysis. Looking beyond gross domestic product (GDP) and job growth, researchers at Brookings’ Metropolitan Policy Program measure various indicators of economic well-being across 192 metropolitan statistical areas (MSAs) for a 1-year period (from 2017-2018) and a 10-year period (from 2008-2018). Metro areas are classified by size: midsized metros (with populations between 250,000 and 500,000), large metros (with populations between 500,000 and 1 million), and very large metros (with populations over 1 million). For the purpose of …

Determinants Of County-Level Poverty Rates In 2017: An Upper-Midwest Comparison, Trey V. Perez

Undergraduate Economic Review

The American upper-Midwest as a region throughout the 2010s has experienced lower-than-average poverty rates. This paper seeks to uncover the determinants that have the greatest impact on the county-level poverty rates for five states (Iowa, Minnesota, Wisconsin, and the Dakotas). Outcomes for this study came from an Ordinary Least Squares (OLS) regression to estimate the impact each independent variable had on the poverty rate. The empirical results showed the unemployment rate, the percentage of households headed solely by females, and percent of the population that was Native American in 2017 had a significant impact on a county’s poverty rate.

Immigrants And Their Voting Power In Nevada, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Demography

This Fact Sheet presents the number of both documented and undocumented immigrants in Nevada, synthesizing data provided by New American Economy (NAE), a bipartisan research non-profit organization. To estimate the total number of immigrants in the U.S. and across each of the 50 states, researchers reviewed various data sources including the U.S. Census, the American Community Survey, the Center for Migration Studies, and the United States Citizenship and Immigration Services (USCIS).

Minimum Wages In China: Evolution, Legislation, And Effects, Shi Li, Carl Lin

Faculty Books

This book considers the positive and negative impacts of the minimum wage policy in China. Since China enacted its first minimum wage law in 1994, the magnitude and frequency of changes in the minimum wage have been substantial, both over time and across jurisdictions. The results from China’s experience show that rapidly increasing minimum wages have helped increase average wages and reduce the gender wage gap, income inequality, and poverty. However, the fast-rising minimum wage has also resulted in the loss of employment for young adults, women, low-skilled workers, and migrant workers. Additionally, higher minimum wages have a negative impact …

Hyman Minsky: An Advocate Of Big Government, Juan Ramon Rallo

Journal of New Finance

In The End of Laissez Faire (1926) and in The General Theory of Employment, Interest and Money (1936), Keynes advocated a new model of the State which put an end to the laissez faire and leave to the Government the task of reaching macroeconomic stability through monetary, fiscal and even demographic control of investment. One of the most original and modern thinkers within this Keynesian tradition in defense of “Big Government” was the post-keynesian economist Hyman Minsky. The Great Recession has revived and reinvigorated the minskyian positions up to the point of becoming a “required reading” especially for central bankers …

Buffett’S Derivatives: Disruptive Financing At Low Cost, Florencia Roca, Juan Carlos Sanchez Meyer

Journal of New Finance

The well-established methodology for valuing options, the Black & Scholes formula, has been successfully challenged by Warren Buffet; who not only has been critical of the formula for the case of long-dated options, but has also applied a different approach in multi-billion derivative contracts. We study Berkshire Hathaway’s Equity Put transactions from a value-investing point of view. We show that Buffett is not using them as speculative investments, but as a disruptive -and cheap- financing source. We uncover Buffett’s methodology for valuing long-dated Equity Puts as long-term loans.

Is Modern Finance Geared Up To Support Financial Regulation?, Massimiliano Neri

Journal of New Finance

The chief intellectual assumptions behind financial regulation are that capital markets are efficient and market participants act rationally. These assumptions have always been subject to some challenges and their empirical verification occupies a large portion of modern finance literature. Nevertheless, they represented the leading financial market theory during the decades preceding the 2007-8 crisis. The crisis demonstrated that modern theory does not allow for solid risk assessment and reliable macroeconomic forecasting. Such challenges suggest that modern finance may be facing a paradigm crisis. While a debate must be opened to assess how to move forward from the current mainstream paradigm, …

Are Coco Bonds Suitable As Core Capital Instruments?, Kevin Dowd

Journal of New Finance

Basel III introduced significant innovations in bank regulation. One of them is the minimum required leverage ratio. To help banks implementing the new measure , Basel III created two different core capital measures: Common Equity Tier 1 (CET1) and Additional Tier 1 (AT1). Since raising capital for CET1 is expensive, other instruments are used to build up AT1 in case of need, like for example Contingent Convertible (CoCo), which can convert to equity or written-down when a bank is under stress. In this paper we show that CoCos are not suitable as regulatory core capital instruments. Problems of timing, incentives, …

Sanctuary Cities And Their Respective Effect On Crime Rates, Adam R. Schutt

Undergraduate Economic Review

According to the U.S. Center for Immigration Studies (2017), cities or counties in twenty-four states declare themselves as a place of “sanctuary” for illegal immigrants. This study addresses the following question: Do sanctuary cities experience higher crime rates than those cities that are not? Using publicly available data, this regression analysis investigates the relationship between crime rates in selected cities and independent variables which the research literature or the media has linked to criminal activity. Results of this research reveal that sanctuary cities do not experience higher violent or property crime rates than those cities that are not sanctuary cities.

Assessing The Determinants Of The Human Development Index In Oil-Dependent Nations, Adrian Fossaceca

Undergraduate Economic Review

Numerous rentier states from around the world derive all or a fundamental portion of their national revenues from the rent of natural resources. These revenues are essential for the policy-making strategies pertaining to social welfare programs and for the funding of development projects within the country. In order to determine the effectiveness of rentier states in terms of development promotion, this paper will utilize the Human Development Index (HDI) as a proxy variable for development levels. Regression analysis indicates that a substantial proportion of the variation of the Human Development Index in oil-dependent economies can be explained by the adolescent …

Effect Of Unemployment Length On Employment Expectations, Kamyar Kamyar

Undergraduate Economic Review

Unemployment often has devastating effects on individuals -- both in financial and psychological terms. Depending on the type and category of unemployment, its length varies; and as its length increases it may implement biased thought in individuals’ predictions regarding future employment. This paper’s primary purpose is to measure and discuss how the time length that one has been unemployed for affects his or her expectations on his or her own short-term possibility of employment. The results suggest a strong opposite link between one’s prediction of future employment and the same person’s prior unemployment period. This paper was originally written in …

Ua3/10/2 Budget Update, Wku President's Office - Caboni

WKU Administration Documents

Email from WKU president Timothy Caboni to faculty & staff regarding the budget.

Nigerien Fertility Choice In The Face Of Desertification, Samson R. Swan

University Honors Theses

While the majority of the world experienced rapid fertility decline in the second half of the twentieth century, Niger’s fertility rate has remained relatively constant. A high fertility rate in itself is not a problem for the population as long as the resulting population can be sustained by the economic activity of the population. This is not the case for Niger, as extreme droughts in the Sahel have cast doubt on the sustainability of the majority-subsistence economy since the mid-1960s. Although not extremely common, there are some demographers and fertility experts who hold the idea that fertility decision-making is driven …

Examining The Popularity Concept In The Initial Public Offering (Ipo) Market, Preston Rad

University Honors Theses

Popularity is the act of being liked. In Popularity: A Bridge Between Classical and Behavioral Finance, authors Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong (hereafter IIDX) explore the concept of Popularity in capital market theory. IIDX argue that certain companies have Popular characteristics that leads to overpricing caused by a Popularity premium. This paper begins with an overview of the historical methods of asset pricing, starting with the Capital Asset Pricing Model (CAPM). It progresses through the expansion of the model by financial theorists such as Eugene Fama and Kenneth French. Jay Ritter (1991) has documented the …

Regulatory Impacts On U.S. Financial Institutions, Ngeyan Almutairi

LSU New Orleans Theses and Dissertations

In this paper, I examine data from 2000 to 2019 to assess the impact of banks’ regulations on the U.S. financial institutions’ performance. The first essay examines the impact of the Dodd-Frank Act on the U.S. banking industry. The findings show that the Dodd-Frank Act has a negative impact on banks’ profits, efficiency, solvency and cost of intermediation, the effect is stronger for smaller banks. The act shrinks the advantage of banks that are members of bank holding company compared to standalone banks. Capital requirements are associated with higher profitability, efficiency, and cost of intermediation, while assets liquidity ratio has …