Economics Commons^™

International Monetary Fund: Foreign Exchange Liquidity Through The Special Drawing Rights Allocation, 2021, Vincient Arnold

Journal of Financial Crises

The official response to the COVID-19 pandemic was costly for governments, particularly those in developing economies with significant existing external debt. On August 2, 2021, the International Monetary Fund (IMF) announced in a press release the allocation of SDR 456 billion (USD 650 billion) in Special Drawing Rights (SDRs) to “address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.” The COVID-19 allocation was a form of unconditional (or “concessional”) liquidity to IMF member nations, similar to a capital injection or grant. It was the fourth-ever general allocation and the largest …

From Rural Fields To Urban Kitchens: Structural Change And The Decline Of Women's Work In India, Michael Peters, Pamela Torola, Lindsey Uniat, Fabrizio Zilibotti

Discussion Papers

India’s GDP per capita grew threefold between 1987 and 2019, coinciding with rapid urbanization. During this period, female labor force participation (FLFP) declined significantly. Consistent with this observation, we document a pronounced urban-rural participation gap, where FLFP is higher in poorer, rural labor markets. Using time-use data, we show that this is primarily driven by an extensive margin: in rural districts, women often engage in part-time activities, typically related to agriculture and informal family businesses. These activities are less common in urban areas, where some women take formal jobs, but a larger share withdraws from the labor market to focus …

Relocation Incentives In Alaska; Or, The Call Of The Wild And Transfer Payments, Nathan Miller

The Journal of Purdue Undergraduate Research

No abstract provided.

Universal Basic Income Policy And Its Potential Impact On Welfare Reform, Adriana S. Hines, Lindsay Gietzen

Pacific Journal of Health

This systematic review synthesizes the current Universal Basic Income (UBI) research. As income inequality continues to affect health outcomes, UBI has been proposed as a strategy to reduce gaps in healthcare access, food security, housing, and overall well-being. The review examines 12 peer-reviewed articles to understand how UBI can impact the direct and indirect factors contributing to the disparities that the current welfare system may not adequately address. The findings indicate that UBI can help alleviate poverty-related stress, potentially leading to better mental and physical health outcomes through improved nutrition, more stable housing, and greater life satisfaction. Additionally, UBI has …

Partisan Rhetoric And Polarization: The Year In C-Span Archives Research, Volume 10

The Year in C-SPAN Archives Research

Partisan Rhetoric and Polarization: The Year in C-SPAN Archives Research, Volume 10 features chapters written from a variety of perspectives that address divisions in American politics. The topics range widely, including TikTok, abortion, the middle class, the January 6 riot, and partisan rhetoric in Congress. The unifying theme of the volume is that each author uses C-SPAN videos to examine how members of Congress and other elites speak and act on these issues. Two other thoughtful pieces examine Supreme Court justices speaking off the bench and emotional reactions in presidential debates. Partisan Rhetoric and Polarization provides context to understand how …

Working Paper No. 85, Alexis De Tocqueville And The American Wealth Gap, Chloe Kneedler

Working Papers in Economics

This inquiry seeks to establish that French lawyer and scholar, Alexis de Tocqueville, observed as early as the 1830s, what would later emerge as the American wealth gap. After a nine-month journey that included his traveling through different parts of the nascent United States, Tocqueville wrote a two-volume book titled: Democracy in America [1835]. Over the length of his two volumes, Tocqueville reflects upon his experiences and observations drawn from the American nation in its fifth decade. Throughout this book, Tocqueville described the democratic structure of this country as emblematic of what could be expected from this “New World,” and …

Working Paper No. 86, The Evolution Of Japan's Economy, Kasandra Reyes Fernandez

Working Papers in Economics

This inquiry seeks to establish that already from its feudal era characterized by fiefdoms and kingdoms to its development as a modern nation- state, Japan’s economic history reveals discernible variants of capitalism. Highlighting these variants assist us in defining distinct eras that also offer the observer a sense of the evolution of Japan’s economy. In advancing this thesis, the first part considers differences between variants of capitalism found in the Tokugawa Era and, after 1868, what is designated as the Meiji Era. The focus shall be on the economic foundations of the Tokugawa shogunate versus the nascent industrialization during the …

Working Paper No. 92, Karl Polanyi, Human Labor, And The Working Class, Niccolo Cellini

Working Papers in Economics

This inquiry seeks to establish that Karl Polanyi advanced ideas regarding human labor that we could judge as both seminal and enduring. Through examining his famous book, The Great Transformation, we could draw out three interconnected theses central to his critique of market-oriented economies. Firstly, we could emphasize that Polanyi judges labor as a fictitious commodity, emphasizing distinct aspects associable with labor’s emergence during the industrialization of England. In developing his ideas Polanyi draws upon the historical examples of the Speenhamland System and Frederick Engels' accounts of industrial labor that highlighted the destabilizing effects of embedding labor within …

Entropy-Regularized Optimal Transport In Information Design, Jorge Justiniano, Andreas Kleiner, Benny Moldovanu, Martin Rumpf, Philipp Strack

Cowles Foundation Discussion Papers

In this paper, we explore a scenario where a sender provides an information policy and a receiver, upon observing a realization of this policy, decides whether to take a particular action, such as making a purchase. The sender’s objective is to maximize her utility derived from the receiver’s action, and she achieves this by careful selection of the information policy. Building on the work of Kleiner et al., our focus lies specifically on information policies that are associated with power diagram partitions of the underlying domain. To address this problem, we employ entropy-regularized optimal transport, which enables us to develop …

What Is The Value Of The Child And Dependent Care Credit?, Gabrielle Pepin

Upjohn Institute Working Papers

The Child and Dependent Care Credit (CDCC) subsidizes child care costs for working families. In response to the Covid-19 pandemic, the American Rescue Plan Act of 2021 increased the CDCC’s generosity during 2021 only. I find that while the CDCC is of relatively little value in its current form, increases in eligibility rates and conditional benefits under the pandemic expansion increased the credit’s value dramatically. Conditional on CDCC eligibility, higher-income households experienced the largest increases in benefit levels under the expanded CDCC, but lower-income households benefited disproportionately when measuring benefits as a share of income or child care spending.

Avon Está Desapareciendo. Para Muchas Mujeres Sigue Siendo Su Sustento, Darian E. Mozo

Capstones

El negocio de Avon pasó de ser un negocio símbolo del empoderamiento femenino a una empresa en decadencia, pero algunas representantes de Avon latinas en Estados Unidos todavía dependen de este negocio, enfrentándose así a los retos económicos y tecnológicos actuales.

https://medium.com/@darianmozocortes/avon-est%C3%A1-desapareciendo-para-muchas-mujeres-sigue-siendo-su-sustento-58502dd427e9

Five Key Lessons For Five Core Groups Shaping Place-Based Policy, Kathleen Bolter, Timothy J. Bartik, Brad J. Hershbein, Michelle Miller-Adams, Alfonso Hernandez, Kyle Huisman, Bridget Timmeney

Reports

No abstract provided.

Ceo General Ability And The Takeover Market, A. Can Inci, Leila Zbib

Finance Department Faculty Journal Articles

The purpose of this study is to examine the mechanisms behind the higher performance of generalist CEOs in the takeover market compared to their specialist counterparts as measured by the market reactions to the deal announcement. We study three non-inclusive mechanisms that could enhance the performance in the takeover market for the generalist CEOs: target complexity, deal structure, and the CEO’s past merger and acquisitions (M&A) activity. We proxy target complexity by the size of the target firm, the number of segments, and the level of R&D. For the deal structure, we study the effect of tender offer, horizontal acquisition, …

New Employer Payroll Taxes And Entrepreneurship, Audrey Guo, Melanie Wallskog

Upjohn Institute Working Papers

How costly are taxes for young firms? In this paper, we demonstrate that even small payroll taxes significantly distort entry, growth, and hiring decisions. First, leveraging cross-sectional variation in the taxes faced by new employers, we find that higher taxes discourage new firms from hiring their first workers, with an elasticity of the number of new employers to taxes of −0.1. Second, studying changes in taxes after entry, we find that higher taxes lead more firms to exit, while also reducing employment for those who survive and leading some firms to avoid taxes by using non-taxable contract labor.

Strategi Pemenuhan Pemeriksa Di Lembaga Internasional Pada Badan Pemeriksa Keuangan, Afrizal Afrizal

Jurnal Administrasi Bisnis Terapan

This research aims to analyze the factors that are considered in the selection of auditors in carrying out audit assignments in international institutions and formulate strategies for the fulfillment of employees for audits in international institutions at The Audit Board of The Republic of Indonesia. The research was carried out at the Audit Board of the Republic of Indonesia at the Human Resources Bureau. This research is intended to formulate more effective and efficient policies in human resource management, especially the management of auditors in The Audit Board of The Republic of Indonesia.

The author uses several theories related to …

Between The Satirical And The Sectarian: Review Of The Film Kneecap (2024), Alan Bradshaw

Markets, Globalization & Development Review

No abstract provided.

Protection Of Trade Secrets In Global Markets And International Business: Implications For Labor Relations, Oleg M. Yaroshenko, Oleksii Tykhonovych, Yaroslav Kostohryz, Yuliia Ivchuk, Dmytro Sirokha

Markets, Globalization & Development Review

Against the background of globalization and the constant evolution of economic relations, the protection of trade secrets in labor relations becomes a necessity to ensure the sustainable competitiveness of enterprises in the international market. This article analyzes the multifaceted dimensions of trade secret protection, covering global business strategies, intercultural labor practices, international economic relations, and public policy fundamentals. Through the analysis of international agreements such as the TRIPS Agreement and the European Union Directive on Non-Competition Provisions, the article explores how various legal systems address trade secrets in labor relations, emphasizing the need for global harmonization. It also considers cultural …

Institutions Matter: How So?, Alper Duman

Markets, Globalization & Development Review

This paper examines the influential theory of Daron Acemoglu, Simon Johnson, and James Robinson (AJR) on the role of institutions in economic development, highlighting its strengths, limitations, and areas for further research. A central contribution of their work is the emphasis on power and conflict in institutional formation and change.

The theory's focus on the interplay between inequality, political power, and institutional change provides a valuable framework for understanding development trajectories. This paper also considers critiques of AJR's work, including the lack of robustness of the positive correlation between inclusive institutions and economic performance in lower-income countries and the significant …

Potential Impact Of Artificial Intelligence On Small And Medium Enterprises Innovation In The Eu: A Perspective From Poland, Malgorzata Wilczynska, Alina Walenia, Artur Dabek, Daniel Salabura, Halina Kot

Markets, Globalization & Development Review

The development of small and medium-sized enterprises is a complex process that requires the use of all approaches to achieve success. In this regard, finding opportunities to use artificial intelligence in such companies is of great importance. The study aims to assess how this technology affects the innovation and financial performance of small and medium-sized enterprises. To draw the main conclusions, the implementation of artificial intelligence at Polish enterprises, including in the context of their financial performance, namely the level of return on assets and the level of debt, was analysed. The study showed that the introduction of artificial intelligence …

The Global Tour Continues: Poland, Ukraine, Ireland, Turkey, And More, Nikhilesh Dholakia, Zeynep Ozdamar Ertekin, Delphine Godefroit-Winkel, Deniz Atik

Markets, Globalization & Development Review

No abstract provided.

Essays In Economic Theory, Kohei Yamagata

Arts & Sciences Graduate Student Theses and Dissertations

This dissertation consists of three theoretical analyses. In the first chapter "Who Takes Responsibility and Preventive Action? Centralized vs. Decentralized Risk Management in an Organization with Heterogeneous Agents," we investigate the optimal allocation of risk management responsibilities in organizations with multiple agents possessing heterogeneous preventive action costs. Extending the principal-agent framework to a multi-agent context, we analyze how a manager and agents choose preventive efforts to mitigate risks. Two scenarios are considered: (1) centralized risk management, where the manager bears all expected damages, and (2) decentralized risk management, where agents bear their own damages. Our findings show that centralized risk …

Working Paper No. 96, Swedish Social Democracy And The ‘Meidner’ Plan, Aden Quenemoen

Working Papers in Economics

This inquiry seeks to establish that what became known as the “Meidner Plan” should be understood as an attempt to resolve contradictions within Swedish Social Democracy through promoting collective ownership. This thesis is demonstrated through a three-part structure. To elucidate the contradictions that gave rise to this policy proposal, part one situates Swedish Social Democracy within the broader social democratic tradition before analyzing its historical development as an economic model. Part two investigates the development of the Meidner Plan as an effort to address these contradictions, analyzing its theory, design, and transformative implications. Finally, part three examines the opposition that …

Does Central Bank Transparency Curb Foreign Exchange Vulnerability?, Muhammad Aftab, Kate Phylaktis

CBER Conference

This study examines the relationship between central bank transparency (CBT) and foreign exchange market vulnerability, focusing on exchange market pressure (EMP) to provide a comprehensive understanding. Using panel bounds testing approach to cointegration based analysis, the study covers both developed and emerging markets, incorporating the global financial crisis (GFC) and various control variables. External policy uncertainty and FX regimes are also considered to elucidate the nuanced relationship between CBT and EMP. Findings reveal that improved CBT reduces EMP, with financial development moderating this effect, suggesting well-developed financial systems lead to more stable exchange markets. CBT consistently relieves EMP during both …

Bayesian Estimation Of A Pragmatic Model For Monetary Policy Analysis: The Case Of Pakistan, Shahzad Ahmad, Waliullah .

CBER Conference

In this study, Bayesian maximum likelihood estimation of quarterly projections model for Pakistan as presented, as documented in Ahmad & Pasha (2015). Estimation results based on quarterly data from 2001 to 2023 show substantial differences in values of estimated versus calibrated parameters related to aggregate demand, aggregate supply, monetary policy rule and exogenous shock processes. The aim of this study is to compare forecasting performance for key macro variables. It shows that the estimated model provides more precise forecasts in case of headline inflation, real GDP growth, interest rate and exchange rate over 8-quarters forecast horizon. An estimated model for …

Monetary Policy In Good Times And In Bad: Empirical Evidence From Pakistan, Haider Ali

CBER Conference

A significant body of literature explores and establishes the impact of monetary policy on output and prices, at least in the short run. However, the subsequent question is whether this effect is symmetric concerning the various states of the economy (see, Tenreyro and Thwaites, 2016; Bernstein, 2021; Eichenbaum et al., 2022; among others). This study contributes to the literature on state-dependent (non-linear) effects of unanticipated monetary policy shocks according to two important features of the economy. The amount of slack in the economy and the amount of the public-sector footprint in the market. Evaluating state-dependent effects is crucial because assuming …

A Review On Fiscal And Debt Policies In Pakistan, Karim Khan

CBER Conference

Pakistan has been pursuing an active albeit expansionary fiscal policy since 1970s. In the mid1970s to early-1980s, such policy choice was manifested in externally financed development spending, primarily in the form of investment in public enterprises. Despite excessive deficit financing, Pakistan’s economic performance never took off; rather, it remained on a path of truncated growth which, in turn, created structural hurdles like low productivity, poor investment climate, and higher unemployment. Likewise, deficit financing has been threatening the sustainability of fiscal framework as excessive public spending is not accompanied by corresponding enhances in domestic revenues. Consequently, these policies have caused persistence …

Authoritarian Legality Of Sifc: An Inquiry Into The Dual State And Economic Decision Making In Pakistan, Hassan Zaheer

CBER Conference

Pakistan is no stranger to the union of authoritarianism with its economic decision-making. From the grand designs of Ayub Khan’s industrialization to Bhutto’s nationalization to Zia’s privatization, the country has been practically a laboratory of authoritarian experimentation over nature and the processes of the national economy. However, certain ideas have been coherent throughout time and space when it comes to the fusion of authoritarian law, arbitrary power, and economic decisions. These ideas have historically shaped the fusion of authoritarian power with economic decisions in the country. Resultantly, the authoritarian legality approach establishes a Dual-State in Pakistan by undermining normative processes …

Pros And Cons Of Debt Financing: An Objective Analysis, Anwar Shah

CBER Conference

Debt financing plays an important role in the modern financial system. It is claimed that the interest rate equilibrates demand and supply in the loanable funds markets and helps in the efficient allocation of financial capital. It is also claimed that interest rates simply break up investment risk to suit the requirements of lenders and users of funds. However, the occurrence of the Global Recession in 2008 due to excessive debt financing in real estate (mortgage loans) and the resemblance of interest rate with usury requires investigation of the other side of debt financing. This paper aims to fill this …

The Economic Contribution Of Cherry To The Household Economy In Pakistan. A Case Study From Lower-Hunza, Gilgit Baltistan, Pakistan, Rizwan Akhtar

CBER Conference

The cherry, one of the most recognized fruit crops, has become a significant source of income for rural farmers in Pakistan. However, limited research has been conducted on the economic impact of cherry farming. Consequently, there is a growing demand for a deeper understanding of cherries' economic contribution to the domestic economy. This study used socio-economic data from 315 cherry-producing households in Lower Hunza, GilgitBaltistan, to examine the role of cherries in community income. Data was collected through direct face-to-face interviews and semi-structured questionnaires with cherry producers, emphasizing group family discussions and interactions with local cherry traders. The findings indicate …

Fiscal Decentralization And Education Index; Evidence From Punjab Pakistan, Noor Ahmed

CBER Conference

Disparities in the distribution of public services have persisted throughout Pakistan's history. Current research on regional development has stressed the need of evaluating human development phenomena using spatial models such as density, locality, and distance. The study investigates how fiscal decentralization influences the education index at the district level in Pakistan's Punjab province. The research is based on the education index, which has five components. The Principal Component Analysis (PCA) integrates these variables to provide a final education index. The study's findings revealed that the significant positive effects of fiscal decentralization on the education index at the district level depend …