Economic History Commons^™

Antinomies Of Globalization, Yahya Mete Madra

Markets, Globalization & Development Review

The defining antinomy of the post-2008 crash phase is argued to be the one between neoliberalism and populism. This essay aims to complicate the terms of this antinomy and offers a reading that problematizes the association of neoliberalism with internationalism and globalization on the one hand and populism with nationalism and anti-imperialism on the other. Not only internationalism in its historical origins is an anti-imperialist concept but also today we can easily discern how reactionary forms of populist nationalisms are made possible by globalization of finance—a hallmark of neoliberalism. The essay concludes with a discussion of the possibility of …

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an …

Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande

Undergraduate Economic Review

This essay aims to analyse the classification of unilateral transfers under the current account at Bretton Woods despite significant opposition from larger delegations of major Allied powers, bringing to the forefront the global liquidity of remittances in the post-War years permitted by their fully currency convertible nature. Using the example of the Indian State of Kerala, this paper charts the relevance of their sustained uninterrupted flow to their subsequent exponential growth in the last three decades, using the case study as a pivot to argue for better policy measures that maximise their multiplier effect.

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …

The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr.

Master's Theses

Abstract: Involvement in the outbreak of an armed conflict can present a variety of potential risks to an involved nation’s economy. In this paper I examine if one one of those risks, specifically that a new war could scare away foreign investment actually occurs and whether the intensity of the conflict increases or lessens the potential impact. Using ordinary least squares on panel data from 1966 to 2015, I examine the short and long term impacts of armed conflict on global foreign direct investment (FDI) inflows using two measures of conflict intensity: Large conflicts or ‘wars’, with 1000 or more …

Planet Of The Celtic Tiger, Alexid Wai Kit Lam

Renée Crown University Honors Thesis Projects - All

Due to the vast developments in technology and information sharing, developing countries now have instant access to a library full of articles documenting the growth of various developed countries in the world. As these countries are searching for an economic model and hoping to replicate its result, they often come across Ireland’s economic success during the Celtic Tiger times. During this period, Ireland transformed from the “poorest of the rich” to “one of Europe’s shining lights.” Although Ireland's economic growth seems extremely appealing, how likely is it that another country could follow Ireland’s success by adopting its economic approach?

This …

Benefits Of Eu Membership For The Transition Countries: The Case Of Latvia, Marko Martinovic

Economics Honors Projects

This paper estimates the benefits of EU membership for Latvia, a former communist country and a member of the former USSR. It is widely believed that the EU membership significantly contributes to raising living standards and growth of the economies of new members. Using counterfactual analysis with the official date of accession of 2003 I find that Latvia demonstrates stronger economic growth from the EU membership, but only up to 2009. After the 2009 financial crisis Latvia’s economic growth is severally compromised as a consequence of joining the EU. When 1999 is treated as the treatment year, the year when …

What Is The 'Economic Value' Of Learning English In Spain?, Molly M. Robbins

Scripps Senior Theses

This paper uses historical and economic references to evaluate the economic value of learning English in Spain. Seeing that English is the lingua franca in politics, business, and technology, it is a necessary skill for Spanish citizens to possess in order to efficiently interact in foreign relations of all kinds. Due to Franco’s harsh language policies, and Spain’s ineffective education system, Spain has lacked the same linguistic exposure to foreign languages—especially English—than the rest of Europe. By referencing the previous literature written about the relationship between language and earnings, this paper seeks to find the economic incentive for Spaniards to …

Trade, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of analysis of U.S. foreign trade policy during the early decades of the country's history. Examines bilateral U.S. trade relations with France and Great Britain, provides import and export statistics, details on commodities and products imports and exported, trade statistics, and information on the political and economic factors shaping U.S. trade during this period.

The Effect Of Macroeconomic Conditions On Applications To Supplemental Security Income, Ke Xu

Renée Crown University Honors Thesis Projects - All

This study examines whether macroeconomic conditions affect applications to the Supplemental Security Income program. Specifically, we focus on the impact of unemployment rate on under age 18 applications. Using data from 2002 through 2012, we found that a higher unemployment rate is associated with an increased intention to apply for Supplemental Security Income benefits for both disabled adults and children. However, the effect is much higher for adults. These findings suggest that under age 18 applications of Supplemental Security Income is sensitive to the macroeconomic conditions.

The Political History Of Sugarcane-Based Ethanol In Brazil, Joshua Gagner

Political Science Theses and Capstones

With the Middle East putting an embargo on oil in 1973, oil prices ascended to levels that made importation of oil expensive. Brazil also faced another issue with sugar prices going down in 1973, putting much of their sugar supply on reserve. Brazil’s military government then made a decision to adopt the sugarcane-based ethanol program, Pro-Alcool. Pro-Alcool’s goal was to produce an alternative energy source to gasoline and take pressure off of oil importation. While initially intended to be a short-term fix, a second oil strike in 1979 pushed Pro-Alcool to higher levels. Oil industries were initially opposed to ethanol …

Economic Voting, Sociotropic Vs. Checkbook: Cases From Greece And Germany, Matthew Coen-Tuff

Political Science Theses and Capstones

Economic voting, the theory that when the economy is good the party in control gains support and when the economy is bad the party in power suffers. This is a simplistic definition and economic voting is so much more. In this paper I seek to prove how economic voting can be broken down into two categories, sociotropic and checkbook. I do this by looking at two countries in very different situation. Greece is a country going through economic turmoil and is constantly changing which party is in control of the government. It has been suffering especially hard from a debt …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Economics and Finance Faculty Publications

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

Export Controls: A Contemporary History, Bert Chapman

Libraries Faculty and Staff Presentations

Provides highlights of my recently published book Export Controls: A Contemporary History. Describes the roles played by multiple U.S. Government agencies and congressional oversight committees in this policymaking arena including the Commerce, Defense, State, and Treasury Departments. It also reviews the roles played by international government organizations such as the Missile Technology Control Regime, export oriented businesses, and research intensive universities.

Subsidies, Agricultural, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides historical and contemporary information on U.S. Government agricultural subsidies and how they affect agricultural policy in the Western U.S.

Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier

Economics and Finance Faculty Publications

Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related majors.

The Gettysburg Economic Review, Volume 6, Spring 2012

Gettysburg Economic Review

No abstract provided.

Japan As A Clean Energy Leader, Stefan N. Norbom

Gettysburg Economic Review

Over the past several decades, Japan’s energy strategy had positioned it as the world’s leader in clean and efficient electricity production and usage. This strategy, heavily dependent on nuclear energy, was essentially destroyed by one of history’s largest earthquakes, followed by a tsunami which overwhelmed five nuclear reactors on March 11, 2011. As of April 2012, all of Japan’s 54 nuclear reactors have been shut down and it is uncertain when and how many may be restarted. This paper examines Japan’s options for crafting a new way forward with an energy policy to power the world’s third largest economy while …

The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier

Economics and Finance Faculty Publications

Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements and student …

Water Policy: The World's Most Important Resource Politicized, Ethan Gilbert

CMC Senior Theses

Water is the most important resource on the planet for sustaining life, and many consider access to water as a fundamental human right. However, in light of its necessity, the distribution and allocation of water has become a highly politicized issue. Economic and political conditions have been shown to be influential in shaping a country’s water policy, more so then recognition of water as a basic human right. The reason for this is that many agree that there needs to be a value assigned to water to encourage its conservation and efficient use, and different methods of addressing that issue …

Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski

WCBT Faculty Publications

Developing resilience to contagion effects from global financial crises and economic recessions has been an ongoing crucial task for policymakers in emerging market economies. The recent global financial crisis of 2007-2009 has underscored the importance of pursuing disciplined macroeconomic policies and of devising sound macroprudential regulations that would strengthen the immunity of emerging markets and their institutions to various types of risks, including credit, default, sovereign, liquidity and market risks. The studies included in this symposium are not intended to provide a comprehensive overview of financial vulnerabilities in a broad spectrum of emerging markets. Rather, they share a common aim …

Chaebol And Korea's Industrial Finance, Murat Doral, Michael Patrono

Journal of Global Initiatives: Policy, Pedagogy, Perspective

The Korean economy is based on a government led and export oriented growth model centered on business groups or conglomerates known as chaebols which have close relationships with the government. The government led growth model, also known as Guided or Managed Capitalism, relies on a government dominated, but privately owned, business sector. The private business sector is itself dominated by chaebols which are family owned or controlled business groups. These groups are supported by preferential relationships with the government. While the chaebol system was an important element of South Korea's early industrial growth, it ultimately had to be reformed. The …

The Labor Market Effects Of U.S. Immigration: What Is The Latest Evidence?, Orn Bodvarsson

Western Migration Conference Series

Bio:

Örn Bodvarsson is Professor of Economics, Chair of the Department of Management, and Interim Chair of the Department of Social Work at St. Cloud State University. He is also a Research Fellow at the Institute for the Study of Labor (IZA) in Bonn, Germany. A labor economist, Bodvarsson has been working in the immigration field since 2001, focusing on host country distributional effects of immigration, determinants of migration, internal migration in China, and wage discrimination against the foreign-born. In 2009 Springer published his co-authored book, The Economics of Immigration: Theory and Policy, recently reviewed in Journal of Economic …

Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott

Gettysburg Economic Review

At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …

The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal

CMC Senior Theses

This paper will employ unit root tests for finding structural breaks endogenously among India’s key macroeconomic aggregate series, as well as their components and subcomponents. The same analysis will be repeated, wherever data are available, for states. The results from these unit root tests will then be used in regression models for national and state level data to understand the causes behind structural breaks. We find that breakpoints cluster around 1982 and 2003 for most series at the national and state level. The services component appears to be a promising candidate for explaining the 2003 structural break in some of …

Has The Franco-German Power Balance In The European Union Tipped In Favor Of Germany?, Stephanie C. Haffner

CMC Senior Theses

The power balance between France and Germany in the European Union has been one of great discussion and debate. Countless journalists and scholars have argued that Germany’s power has risen gradually against the seemingly perpetually stronger France over the past sixty years, and is now finally set to surpass France; but how true are these claims? How can power within the EU truly be measured? Through an analysis of Franco-German collaboration through unionization, a critique of the contemporary discourse on the relationship, and an examination of changing contributions to the EU budget, my paper argues that the Franco-German power balance …

The Eternal Flame: Politics Of The Olympic Games, Alyssa Gunstrom

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

Illusions Of Market Paradise: State, Business, And Economic Reform In Post-Socialist Russia And Post-1980s Crisis Argentina, Jeffrey K. Hass, Gastón J. Beltrán

Sociology and Anthropology Faculty Publications

The 1980s and early 1990s were characterized by sweeping, radical neoliberal, monetarist-inspired economic reforms designed to correct financial or structural crises. Latin American countries initiated the wave, followed by Eastern Europe and the former USSR, although the timing, scope, and policies varied. Often one reads accounts of friends and foes of reform lined up to do battle in domestic and international alliances. However, reform processes and outcomes do not always follow the formula of reformers versus conservatives; there is more to the balance of power than these all-too-common accounts would suggest. Industrial managers in the Soviet Union and post-Soviet Russia …

The Fischer Black Hypothesis: Some Time-Series Evidence, Tony Caporale, Barbara Mckiernan

Economics and Finance Faculty Publications

We estimate an ARCH-M model to analyze the relationship between the conditional standard deviation of real gross national product (GNP) and its growth rate for the period 1871-1993. We find that variability significantly increases output growth rates. In addition, impulse response functions show that the effect of variability on growth rates is dynamic. These results provide evidence in favor of Black's (1987) business cycle hypothesis.

The Euro: Ready Or Not? A Retrospective On European Unification: Some Lessons For 1999, Joseph Santos

Economics Pamphlet Series (1985-2016)

On January 1, 1999, fifteen independent nation-states of Europe are set to relinquish their national currencies in favor of a single European monetary unit, called the euro. While the origins of the European Union (EU) (formerly referred to as the European Community) date back to the Marshall Plan, the inception of the euro occurred in February of 1992 with the passage of the Treaty on European Union, or Maastricht Treaty. Though the prospect of a European Monetary Union (EMU) has attracted many observers from the economics, finance, and business communities, the history of the EU, and its current plan to …