Political Economy Commons^™

Legal Regimes And Political Particularism: An Assessment Of The "Legal Families" Theory From The Perspectives Of Comparative Law And Political Economy, John W. Cioffi, D. Gordon Smith

BYU Law Review

The “legal families” theory of corporate law and ownership structures pioneered by Rafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, and Robert Vishny provides one of the most influential accounts of why “law matters” in shaping economic organization and outcomes. However, the empirical bases and theoretical logic of the theory contain serious flaws and limitations. First, as has been pointed out by a number of critics engaged in this revision, the legal origins literature contains numerous problematic characterizations of substantive law that expose the serious problems of quantitative operationalization of legal rules as a mode of comparative legal analysis. Second, the …

Regulatory Theory, Matthew D. Adler

All Faculty Scholarship

This chapter reviews a range of topics connected to the justification of government regulation, including: the definition of “regulation”; welfarism, Kaldor-Hicks efficiency, and the Pareto principles; the fundamental theorems of welfare economics and the “market failure” framework for justifying regulation, which identifies different ways in which the conditions for those theorems may fail to hold true (such as externalities, public goods, monopoly power, and imperfect information); the Coase theorem; and the different forms of regulation.

Ua37/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke Confirmation Hearing Q&A, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Question and answers from Ben Bernanke's confirmation hearing as distributed to members of the St. Louis Federal Reserve Board.

Strong Firms Lobby, Weak Firms Bribe: A Survey-Based Analysis Of The Demand For Influence And Corruption, Sven Feldmann

Sven Feldmann

We use survey responses by firms to examine the firm-level determinants and effects of political influence, their perception of corruption and prevalence of bribe paying. We find that: (a) measures of political influence and corruption/bribes are uncorrelated at the firm level; (b) firms that are larger, older, exporting, government-owned, are widely held and/or have fewer competitors have more political influence, perceive corruption to be less of a problem and pay bribes less often; (c) influence increases sales and government subsidies and in general makes the firm have a more positive view on the government. In sum, we show that strong …

From Outrage To Action, Henry Krisch

Human Rights & Human Welfare

Kristof and WuDunn provide a vivid panoramic view of problems faced by women (primarily in the “developing” world), what has been done and what more could be done to help them achieve dignity and autonomy in their lives, and how vindication of their rights could contribute to the broader social development of their societies. In this they provide us with important insights into how human rights might be effectively proclaimed and successfully implemented. In reviewing their considerable contributions, I shall also suggest some limitations on both their analysis and their policy recommendations.

From Economic Crisis To Reform: Imf Programs In Latin America And Eastern Europe By Grigore Pop-Eleches (Book Review), Aleksandra Sznajder Lee

Political Science Faculty Publications

Grigore Pop-Eleches’s book on the interaction of international and domestic determinants of IMF-style reforms in developing countries makes a significant contribution to international and comparative political economy literature. His effort to capture the dynamics of the contentious and complex relationship between the IMF and developing countries/emerging markets inLatin AmericaandEastern Europerepresents mid-range theorizing at its best. The author combines insights from international and comparative political economy literatures to pursue complementary questions. From the international effect perspective: what role do economic crises play in the initiation and implementation of IMF-backed economic reform? Is the IMF impartial in its policy and financial support …

State Finance In Times Of Crisis, Brian Galle, Jonathan Klick

All Faculty Scholarship

As recent events illustrate, state finances are pro-cyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well-known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policy makers should consider so-called “automatic” stabilizers, such as are found in the federal tax …

The Future Of The Oecd, Richard Woodward

Books/Book Chapters

The Organisation for Economic Co-operation and Development (OECD) is one of the least written about and least understood of our major global institutions. This new book builds a well-rounded understanding of this crucial, though often neglected, institution, with a range of clearly written chapters that:

• outline its origins and evolution, bringing its story fully up-to-date

• present a clear framework for understanding the OECD

• set the institution within the broader context of global governance

• outline key criticisms and debates

• evaluate its future prospects.

Given the immense challenges facing humanity at the start of the 21st century, the need for the OECD …

Future Generations: A Prioritarian View, Matthew D. Adler

All Faculty Scholarship

Should we remain neutral between our interests and those of future generations? Or are we ethically permitted or even required to depart from neutrality and engage in some measure of intergenerational discounting? This Article addresses the problem of intergenerational discounting by drawing on two different intellectual traditions: the social welfare function (“SWF”) tradition in welfare economics, and scholarship on “prioritarianism” in moral philosophy. Unlike utilitarians, prioritarians are sensitive to the distribution of well-being. They give greater weight to well-being changes affecting worse-off individuals. Prioritarianism can be captured, formally, through an SWF which sums a concave transformation of individual utility, rather …

Post-Structural Logic In Marx's Theory Of Value, David Kristjanson-Gural

Faculty Journal Articles

In this essay I use Louis Althusser’s observation concerning the synchrony and diachrony of Marx’s logic in Capital to detail changes in the meaning of value, defined as socially necessary abstract labor time, throughout the three volumes of Capital. I use this analysis to identify three common types of logical error in reading Marx that result from failing to recognize this aspect of his methodology, and I provide examples to illustrate each of these common errors. I then argue that, by recognizing the synchrony and diachrony of Marx’s method, it is possible to read value theory in a way that …

Where Concerned Citizens Perceive Police As More Responsive To Troublesome Teen Groups: Theoretical Implications For Political Economy, Incivilities And Policing, Christopher Salvatore, Ralph B. Taylor, Christopher Kelly

Department of Justice Studies Faculty Scholarship and Creative Works

The current investigation extends previous work on citizens' perceptions of police performance. It examines the origins of between-community differences in concerned citizens' judgments that police are responding sufficiently to a local social problem. The problem is local unsupervised teen groups, a key indicator for both the revised systemic social disorganization perspective and the incivilities thesis. Four theoretical perspectives predict ecological determinants of these shared judgments. Less perceived police responsiveness is anticipated in lower socioeconomic status (SES) police districts by both a political economy and a stratified incivilities perspective; more predominantly minority police districts by a racialized justice perspective; and in …

A Nation In Dilemma, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

following the Global financial Crisis there were economic collapses in all the world. Sudan officials claimed that the country was immune from that epidemic. Such declaration were truly weird as it has been deeply affected from the first instant. That article presented many questions about the economic and social conditions and the eminent southern Sudan, Darfur crises.

Religion, Longevity, And Cooperation: The Case Of The Craft Guild, Gary Richardson

Gary Richardson

Whenthe mortality rate is high, repeated interaction alonemaynot sustain cooperation, and religion may play an important role in shaping economic institutions. This insight explains why during the fourteenth century, when plagues decimated populations and the church promoted the doctrine of purgatory, guilds that bundled together religious and occupational activities dominated manufacturing and commerce. During the sixteenth century, the disease environment eased, and the Reformation dispelled the doctrine of purgatory, necessitating the development of new methods of organizing industry. The logic underlying this conclusion has implications for the study of institutions, economics, and religion throughout history and in the developing world …

Economic Performance, Creditor Protection, And Labour Inflexibility, Felipe Balmaceda Assoc Prof., Ronald Fischer Full Professor

Felipe Balmaceda

We present a static general equilibrium model of an open economy where agents are heterogeneous in terms of observable wealth and there are endogenous credit constraints due to imperfect creditor protection. Improved credit protection, harder assets, and more efficient bankruptcy procedures increase output, investment, and credit penetration. Better credit protection and harder assets lead to higher interest rate spreads. In a capital constrained (unconstrained) economy, greater (lower) wealth inequality leads to higher (lower) investment and output. Interest rate spreads are lower in richer and more unequal economies in terms of their wealth distribution. We also show that increased labour protection …

The Impact Of Real Exchange Rate Flexibility On East Asian Exports, Mizanur Rahman

Mizanur Rahman

This paper estimates the impact of intra-regional real exchange rate flexibility on East Asian exports. The hypothesis is that the impact would be negative for East Asian countries regardless of their exchange rate regimes. The results validate the hypothesis. The findings show that for Chinese exports the long-run effect is as much as that of a real appreciation of renminbi. By contrast, for Japanese exports the effect is three times larger than that of a real appreciation of the yen. The findings imply that a regional currency basket mechanism would lessen the adverse effect of exchange rate flexibility and engineer …

Some Remarks On The Effects Of Active Labour Market Policies In Post-Transition, Joanna Tyrowicz, Piotr Wojcik

Joanna Tyrowicz

Social cohesion is the principal goal behind active labour market policies (ALMPs), including those financed at supra-national level, like the European Social Fund. In this paper we use NUTS4 level data on the local labour market dynamics in an attempt to verify direct and indirect effects of ALMPs. We use data for 2000-2007 for Poland, while this period comprised both stark increases and reductions in the unemployment rates. Over this time also the financing of ALMPs has been increased considerably, transforming both to higher intensity of ALMPs (wider coverage) and higher extensiveness of these activities (increase in per treatment cost). …

The Janjaweed And The Armed Movements Of Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The emergence of the Janjaweed as an armed force working with the government to suppress rebellions in Darfur region outraged the international community. They were marked by brutality, destruction, burning, killings and mass rapes. They were also described as Arabs. However, that was not the whole picture, no one observed the living conditions of the Arabs or how were they victims also as the other inhabitants of Darfur. No one also observed that they were used by the Ingaz government to execute the dirty work and bear the consequences. The Arab tribes however, also had other thoughts as they realized …

Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson

Gary Richardson

Bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This article tests competing theories about the causes of New York’s banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money center banks to events overseas.

Assessing The Viability Of Investment In Sudan (1979-2008), Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Most developing and underdeveloped countries beside Sudan suffer from low levels of income in addition to the low savings that are result from the lack of public savings channels. Hence, investments depend on the individuals' abilities on savings where they are major motivating vehicle for economic activity due to its direct correlation with capital accumulation process that increases the productive capacity for the national economy and help to create job opportunities and achieving economic development. Subsequently, the importance of the investment comes from the effective role that can be practiced on the national product. Currently, Sudan endures severe economic crisis …

Three Essays On Conflict And Cooperation, Sungha Hwang

Open Access Dissertations

Conflict theory has in recent years found important applications and made contributions in fields such as economics, political sciences and evolutionary biology. Economists have examined various aspects and implications of appropriation, a typical example of conflicting economic interests, in rent-seeking models. Political scientists, focusing on political turmoil such as war, civil war and demonstration, have scrutinized the effects of conflictual outcomes on political transitions and political systems. More importantly, early human lethal conflict is being recognized as a key factor in explaining human cooperation in evolutionary biology. The first essay concerns the technical aspects of conflict theories. Two well-known forms …

Economic Reforms In East African Countries: The Impact On Government Revenue And Public Investment, Adam Beni Swebe Mwakalobo

Open Access Dissertations

In the empirical literature on the revenue consequences of trade liberalization, most studies have focused on cross-country analysis. Because these studies are static in nature, they have not addressed the short-run and long-run dynamic public revenue and public investment consequences of economic reforms in developing countries. This dissertation contributes to the literature employing a dynamic time series analysis of the three East African countries-Tanzania, Kenya and Uganda. The dissertation uses a co-integration and error-correction framework to distinguish between short-run and long-run relationships. The results indicate that trade reforms in Tanzania, Kenya and Uganda had varying impacts on government revenue, tax …

Rogue Counrty And Potential Cooperation: The United States And Sudan And Feasible Economic Partnership, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The United States declared Sudan as a rogue country in 1995 due to many political considerations. It has imposed many economic and political sanctions against it since that time which represented hindrance to development and resulted in economic crises. Oil explorations started long time by Total Oil Company and resumed by Chevron that halted her activities in Sudan after the flaring of the civil war between the Northern and Southern parts of the country. That work was resumed in 1996 by Chinese companies and was crowned by success and commercial production in 1999. Although the economic situations of Sudan improved …

Who Cries For Sudan: من الذي يرثي السودان, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The institutional collapse in Sudan started long time ago. However, it has accelerator in the past years since Nivasha Comprehensive Peace Agreement and Darfur war.

Making – Or Picking – Winners: Evidence Of Internal And External Price Effects In Historic Preservation Policies, Douglas S. Noonan, Douglas J. Krupka

Douglas S. Noonan

Much has been written identifying property price effects of historic preservation policies. Little attention has been paid to the possible policy endogeneity in hedonic price models. This paper outlines a general case of land use regulation in the presence of externalities and then demonstrates the usefulness of the model in an instrumental-variables estimation of a hedonic price analysis – with an application to historic preservation in Chicago. The theoretical model casts doubt on previous results concerning price effects of preservation policies. The comparative statics identify some determinants of regulation that seem, on the face of it, most unlikely to also …

The Relation Between Regulation And Class Actions: Evidence From The Insurance Industry, Eric Helland, Jonathan Klick

All Faculty Scholarship

Standard law and economics models imply that regulation and litigation serve as substitutes. We test this by looking at the incidence of insurance class actions as a function of measures of regulatory enforcement. We also look specifically at whether states with clear regulatory standards regarding the use of OEM parts experience less litigation over this issue. We find no evidence of substitution between regulation and litigation. We also examine the possibility that litigation is more frequent in states where regulators are more likely to be captured by industry interests, finding no support for this hypothesis either. Instead, litigation is more …

Bankruptcy Or Bailouts?, Kenneth M. Ayotte, David A. Skeel Jr.

All Faculty Scholarship

The usual reaction if one mentions bankruptcy as a mechanism for addressing a financial institution’s default is incredulity. Those who favor the rescue of troubled financial institutions, and even those who prefer that their assets be promptly sold to a healthier institution, treat bankruptcy as anathema. Everyone seems to agree that nothing good can come from bankruptcy. Indeed, the Chapter 11 filing by Lehman Brothers has been singled out by many the primary cause of the severe economic and financial contraction that followed, and proof that bankruptcy is disorderly and ineffective. As a result, ad-hoc rescue lending to avoid bankruptcy …

Self-Regulation, Poonam Mehra

Poonam Singh Mehra

No abstract provided.

政治资源、 经济资源与收入差距, 路征

Zheng Lu (Chinese: 路征)

在制衡机制缺位的前提下，政治资源和经济资源的扭曲结合恶化了资源分配的不平等，它是居民收入差距和地区收入差距扩大的重要原因。 文章认为，解决政治资源分配不均以及由其导致的经济资源分配不均，即实现政治资源和经济资源的合理结合，对缩小收入差距有积极作用，也是进一步值得研究的重要课题。

The Misdirection Of Resources And The Current Recession, Mario J. Rizzo

Mario Rizzo

An analysis of the deficiencies of the stimulus pakage of February, 2009 from the point of view of a microeconomist.

2009 American Incentive System Almanac, Don P. Diffine Ph.D.

Belden Center Monographs

No abstract provided.