Economic Policy Commons^™

China's Economic Retaliation Against Norway After Liu Xiaobo's 2010 Nobel Peace Prize, Ian Murphy, Shaomin Li

Management Faculty Publications

This case study analyzes China's geoeconomic retaliation against Norway after the 2010 Nobel Peace Prize was awarded to Liu Xiaobo. China employed non-tariff barriers, diplomatic freezes, and restricted exchanges, severely impacting sectors like salmon exports. This occurred despite the Nobel Committee's independence from the Norwegian government. Although Norway's overall economic impact was mitigated by market adjustments, the six-year diplomatic freeze significantly influenced its human rights foreign policy. This case exemplifies China's strategic use of informal economic tools to punish and deter, showcasing the link between political sensitivities and economic leverage in international relations.

Power Asymmetry Dynamics: Assessing Interdependence In France-Cameroon Relations Through Economic And Security Cooperation (2000–2024), Chick Edmond

Political Science & Geography Faculty Publications

This paper examines the dynamics of power asymmetry in the interdependent relationship between Cameroon and France from 2000 – 2024 with a focus on security and economic cooperation. The main research question asks: To what extent has power asymmetry reinforced or mitigated the interdependent relationship between Cameroon and France within the realm of economic and security cooperation? Based on the hypothesis that increased interdependence between these two states during this period has strengthened existing power disparity. The paper examines how such dynamics have restrained Cameroon’s autonomy and its capacity to pursue policy goals.

The theoretical framework combines dependency theory, postcolonial …

Post Soviet Russia: Challenges To Transition And Modernization, Chick Edmond

Political Science & Geography Faculty Publications

The dissolution of the Soviet Union in 1991 marked the beginning of a complex, often turbulent, period of transition and modernization for Russia. Unlike the anticipated linear path toward Western-style democracy and market economics, Russia’s post-Soviet experience has been defined by profound contradictions, reversals, and ongoing contestations over its political, economic, and social order (Minakov, 2016). The initial wave of reforms, particularly in the 1990s, brought about radical economic restructuring, privatization, and an attempted shift to a free-market system. Yet, these rapid changes led to significant economic dislocation, social inequality, and the rise of oligarchic power structures, which ultimately undermined …

Introduction To The Issue, Craig S. Maher, Bruce D. Mcdonald Iii

School of Public Service Faculty Publications

This edition of Public Finance Journal brings together research exploring critical issues in public finance, from voter perceptions of fiscal health to the evolving landscape of municipal finance and intergovernmental grants. As governments at all levels navigate financial sustainability, transparency, and accountability, these studies provide fresh insights into how financial policies and practices influence governance and public trust. The articles examine the political consequences of municipal credit ratings, the practical challenges of public records laws, the complexities of managing federal grants at the local level, and the rise of green bonds as a financial instrument for sustainable development. This research …

High-Resolution Modeling Of Extreme Heat Events With Socioeconomic Consideration: A Real-Case Wrf-Les Approach, Maryam Golbazi, Frank Liu, Yin-Hsuen Chen, Timothy W. Juliano, Heather Richter

ODU Articles

The overarching goals of this work is to explore best practices for micro-scale modeling of a real case, identify relevant phenomena by using high-resolution modeling, and to explore their implications for public health, and climate resilience strategies in Hampton Roads, VA, USA. This project employs the Weather Research and Forecasting (WRF) model to conduct a comprehensive study of Hampton Roads, utilizing a coupled mesoscale to microscale modeling capable of resolving boundary layer turbulence. This study has three primary objectives: (1) to establish the optimal mesoscale to Large-Eddy Simulation (LES) configurations for complex geographical regions such as the Hampton Roads (HR) …

Transformative Impact Of Ai And Digital Technologies On The Fintech Industry: A Comprehensive Review, Soudeh Pazouki, Behdad Jamshidi, Armia Jalali, Arya Tafreshi

Finance Faculty Publications

This paper examines the impact of artificial intelligence (AI) and digital technologies on the financial technology (FinTech) industry and demonstrates how AI- enabled strategies are increasing the ability of businesses not only to grow, but also to better serve their customers through operational efficiencies. But as immersive as the technological advancements may be, they present challenges in connection with increasingly complicated licensing regulations and a constantly evolving technological landscape. We examine the way AI and algorithms are streamlining workflows, enhancing productivity and expanding access to financial resources for traditionally under – served populations. The paper also discusses the macroeconomic implications …

Forging Monetary Hawks: Early-Life Inflation Experiences And Government Debt In Africa, Christine Strong

Economics Faculty Publications

This study uses a novel dataset to examine the impact of early‐life inflation experiences on government debt across 30 African nations from 1980 to 2022. We propose that central bankers who encountered inflation crises during their formative years are more likely to develop preferences for hawkish monetary policies. However, for these preferences to influence fiscal outcomes, central bankers must operate within an environment of institutional independence. Indeed, our analysis reveals that past exposures to inflation crises, on their own, have no statistically significant impact on government debt. However, when central bank independence is accounted for, a significant negative relationship emerges, …

What Role Do Finance Ministers Play In Political Business Cycles? Evidence-Based On A New African Dataset, Christine Olivia Strong

Economics Faculty Publications

This study investigates how the personal characteristics of finance ministers influence political budget cycles in Africa. Using a new dataset covering 300 finance ministers across 23 countries from 1980 to 2020, we find that political budget cycles primarily take the form of increased government consumption during election years. Ministers with prior central banking experience are less likely to amplify spending in election years, effectively curbing political budget cycles. These results remain consistent after accounting for institutional quality, ministerial tenure, and other confounding factors. The findings contribute to the literature by showing that the appointment of finance ministers in African countries …

Maximum Trimmed Likelihood Estimation For Discrete Multivariate Vasicek Processes, Thomas M. Fullerton Jr., Michael Pokojovy, Andrews T. Anum, Ebenezer Nkum

Mathematics & Statistics Faculty Publications

The multivariate Vasicek model is commonly used to capture mean-reverting dynamics typical for short rates, asset price stochastic log-volatilities, etc. Reparametrizing the discretized problem as a VAR(1) model, the parameters are oftentimes estimated using the multivariate least squares (MLS) method, which can be susceptible to outliers. To account for potential model violations, a maximum trimmed likelihood estimation (MTLE) approach is utilized to derive a system of nonlinear estimating equations, and an iterative procedure is developed to solve the latter. In addition to robustness, our new technique allows for reliable recovery of the long-term mean, unlike existing methodologies. A set of …

Exploring Clustering Patterns In Msmes And Large Enterprises In Maharashtra: Analyzing Industrial Dynamics Using Cluster Coefficient And Other Economic Indicators, Priyanshu Bist

2024 REYES Proceedings

The paper discusses an attempt to explore and assess the economic clustering in Maharashtra by focusing on the MSMEs (Micro, Small and Medium Enterprises) and large enterprises in six major districts, namely Konkan, Nashik, Pune, Aurangabad, Amravati, and Nagpur. Cluster coefficients, total number of workers, and other economic indicators of units were considered to understand how industries are spread and perform regionally. Our research was a combination of exploratory and descriptive research, ensuring the data to be garnered had already been collected from the reports and records of the governments concerned and of industries. This entails that we have a …

Removing Development Incentives In Risky Areas Promotes Climate Adaptation, Hannah Druckenmiller, Yanjun (Penny) Liao, Sophie Pesek, Margaret Walls, Shan Zhang

Economics Faculty Publications

As natural disasters grow in frequency and intensity with climate change, limiting the populations and properties in harm’s way will be key to adaptation. This study evaluates one approach to discouraging development in risky areas—eliminating public incentives for development, such as infrastructure investments, disaster assistance and federal flood insurance. Using machine learning and matching techniques, we examine the Coastal Barrier Resources System (CBRS), a set of lands where these federal incentives have been removed. We find that the policy leads to lower development densities inside designated areas, increases development in neighbouring areas, reduces flood damages and alters local demographics. Our …

A Polyphonic Debate On Social Equity Budgeting, Bruce D. Mcdonald Iii, Laurence Ferry, Sean A. Mccandless, Meagan M. Jordan, Ileana Steccolini, John R. Bartle, Thomas Ahrens, Jim Haslam, Philip G. Joyce, Tobias Polzer

School of Public Service Faculty Publications

This paper is polyphonic (i.e., a debate involving multiple perspectives) and highlights emerging interdisciplinary thoughts on past, current, and future social equity budgeting (SEB). We present a vision for the field and emphasize the potential impact of this paper. We hope to enliven debates regarding context, underpinning philosophies, and methods, thus fostering a greater theoretical and practical reconsideration of SEB. The impact of this paper is significant, as it leads to a fundamental rethinking of SEB and related research, profoundly influencing the field. To do so, this paper has brought together 10 international scholars to foster an interdisciplinary approach regarding …

A Bargaining Theory Of Us-China Economic Rivalry: Differentiating The Trade And Technology Wars, Cathy Xuauxuan Wu

Political Science & Geography Faculty Publications

This article examines the outbreak and persistence of US–China economic war, which comprises both the trade war, featured with retaliatory tariffs, and the technology war, featured with restrictions on Chinese access to US technologies. Building on the analytical framework of bargaining and war, I argue that different components of the economic war emerged from distinct causes. The outbreak of the trade war was primarily driven by the information problem, characterized by mutual uncertainty and the lack of effective communications. The technology war was largely a result of the commitment problem driven by the existing power’s concern regarding potential future changes …

Forecasting Crude Oil Price Using Multiple Factors, Hind Aldabagh, Xianrong Zheng, Mohammad Najand, Ravi Mukkamala

Computer Science Faculty Publications

In this paper, we predict crude oil price using various factors that may influence its price. The factors considered are physical market, financial, and trading market factors, including seven key factors and the dollar index. Firstly, we select the main factors that may greatly influence the prices. Then, we develop a hybrid model based on a convolutional neural network (CNN) and long short-term memory (LSTM) network to predict the prices. Lastly, we compare the CNN–LSTM model with other models, namely gradient boosting (GB), decision trees (DTs), random forests (RFs), neural networks (NNs), CNN, LSTM, and bidirectional LSTM (Bi–LSTM). The empirical …

Accounting Reporting Complexity, Audit Engagement Partner Mandatory Rotation, And Audit Quality, Clement Chen, Zhenfeng Liu, Wenye Tang, Ling Tuo

Accounting Faculty Publications

This paper investigates the influence of a firm's accounting reporting complexity (ARC) on financial statement audit quality. We predict and find that there is a non‐linear relationship between a firm's ARC and audit quality. Specifically, a more complex accounting environment—measured by ARC—leads to higher quality audits, but this effect diminishes when ARC continues to increase. Further analyses reveal that the effect is more salient among client firms that do not purchase non‐audit services (NAS). We also examine whether ARC affects audit quality in the circumstance of mandatory audit partner rotation. Empirical results show a moderating effect of ARC on the …

What Type Of Central Banker Dampens The Political Business Cycle? The Case Of Africa, Christine Strong

Economics Faculty Publications

This article investigates the extent to which central bank independence can help to reduce political business cycles in Africa. Like previous studies, we find evidence of political cycles in our sample of 34 African countries for the period 1980–2018, but our findings show that politicians' ability to manipulate both fiscal and monetary policy depends on the degree of alliance between the fiscal authority and the monetary authority. Indeed, our analysis reveals that the political business cycle worsens when the central banker is an ally whereas a non‐ally central banker is associated with a decrease in the ability of the incumbent …

Protecting Low-Income Consumers In The Era Of Digital Grocery Shopping: Implications For Wic Online Ordering, Qi Zhang, Priyanka Patel, Caitlin M. Lowery

Community & Environmental Health Faculty Publications

The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) is now expected to allow participants to redeem their food benefits online, i.e., via online ordering, rather than only in-store. However, it is unclear how this new benefit redemption model may impact participants’ welfare since vendors may have an asymmetric information advantage compared with WIC customers. The WIC online ordering environment may also change the landscape for WIC vendors, which will eventually affect WIC participants. To protect WIC consumers’ rights in the new online ordering model, policymakers need an appropriate legal and regulatory framework. This narrative review provides that …

Three Essays On Clean Water State Revolving Funds: Determinants Of State Leveraging And Measurement Of Debt Affordability, Lien T. Nguyen

School of Public Service Theses & Dissertations

Leveraging is a popular option among Clean Water State Revolving Funds (CWSRFs). Most states choose to issue bonds to meet the requirement of the state match contribution, and to provide additional funding into the pool of funds available for community loan assistance. Leveraging offers short-term remedies to fill a financial resources gap; however, this raises concern about any costs associated with leveraging that might negatively influence the sustainability of CWSRFs in the long run. This dissertation comprises three essays that examine the different factors that motivate CWSRFs to leverage, and it offers a look at how they measure their affordability …

The Economic Efficiency Of Aid Targeting, Ariel Benyishay, Matthew Dilorenzo, Carrie Dolan

Political Science & Geography Faculty Publications

How efficient is the targeting of foreign aid to populations in need? A long literature has focused on the impacts of foreign aid, but much rarer are studies that examine how such aid is allocated within countries. We examine the extent to which donors efficiently respond to exogenous budget shocks by shifting resources toward needier districts within a given country, as predicted by theory. We use recently geocoded data on the World Bank’s aid in 23 countries that crossed the lower-middle income threshold between 1995 and 2010 and thus experienced sharp aid reductions. We measure locations’ need along a number …

Local Fiscal Adjustments From Depopulation: Evidence From The Post–Cold War Defense Contraction, Timothy M. Komarek, Gary A. Wagner

Economics Faculty Publications

In this paper, we estimate the long-term causal effect of population losses on local government revenue, expenditure, and debt by exploiting a quasi-exogenous change that reduced the number of US military personnel by about 40 percent between the late 1980s and 2000. Aggregating across governmental units within commuting zones, we find that real per capita total revenues and expenditures remained unchanged for remaining citizens. At the same time, however, we note several important compositional effects. First, local governments appear to have offset reductions in state intergovernmental aid by increasing property tax revenues. Second, they significantly shifted the composition of expenditures …

How Does The World Bank Influence The Development Policy Priorities Of Low-Income And Lower-Middle Income Countries?, Stephen Knack, Bradley C. Parks, Ani Harutyunyan, Matthew Dilorenzo

Political Science & Geography Faculty Publications

This study investigates the World Bank’s use of lending and non-lending instruments to affect the policy priorities of developing countries. In a typical year, the World Bank lends more than $30 billion to its client countries. It also spends approximately $200 million on the provision of analytical and advisory products each year. However, insufficiently granular data on the nature, timing, and distribution of these analytical and advisory products and the policy priorities of client countries has made it difficult for policymakers and scholars to understand which World Bank instruments are most useful for effectuating change in the direction of government …

A Systematic Public Capital Management And Budgeting Process, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf, Kenneth A. Kritz

School of Public Service Faculty Publications

This chapter introduces the readers to a public capital management and budgeting process and its role in generating public infrastructure networks. The main purpose of the chapter is to describe the normative public capital management and budgeting practices that are recommended by the public finance literature. These normative practices are segregated into four main components: (1) long-term capital planning, (2) capital budgeting and financial management, (3) capital project execution and project management, and (4) infrastructure maintenance. Given that the literature recommends specific practices to maximize efficiency in public capital spending, the four main components, combined, are referred to as the …

Summary, Initial Observations, And Getting To A Tentative Theory Of Public Investment Behavior, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf

School of Public Service Faculty Publications

This chapter evaluates the 12 countries' capital management practices according to the systematic public capital management and budgeting process described in Chapter 1. The chapter characterizes and classifies the management practices of the twelve countries based on the authors' evaluation using the case study descriptions. The authors offer some initial observations based on comparisons across the case study countries and analysis of relationships between capital management and budgeting practices and political, economic, and public sector variables. The chapter proposes a tentative theory of public investment behavior and offers five propositions regarding the factors driving different practices across the case study …

Economic Consequences Of Failing To Adapt To Sea Level Rise In The Hampton Roads Region, George Van Houtven, Brooks Depro

May 18, 2016: The Economic Impacts of Sea-Level Rise in Hampton Roads

PDF of powerpoint presentation given at the workshop "The Economic Impacts of Sea-Level Rise in Hampton Roads: An Appraisal of the Projects Underway" on May 18, 2016 at the Virginia Modeling and Simulation Center, 1030 University Blvd, Suffolk, VA 23435

How To Strike The Wealth Balance, Shaomin Li, Seung Ho Park

Management Faculty Publications

The underlying attitude towards wealth within a country can have a big impact on a company's decision to invest there. Shaomin Li and Seung Ho Park look at ways in which 'wealth tolerance' can be measured.

For The People: Popular Financial Reporting Practices Of Local Governments, Juita-Elena (Wie) Yusuf, Meagan M. Jordan, Katharine A. Neill, Merl Hackbart

School of Public Service Faculty Publications

Popular financial reports are reports distributed to citizens and other interested parties who lack a background in formal government financial reporting but who desire an overview of the government’s financial status and activities. This paper examines the current state of local government popular financial reporting in the U.S. The results of a survey of large cities and counties indicate that 75 percent of these local governments have issued popular financial reports and that the types of reports and methods of distribution vary. Many of the reasons for providing popular reports relate to providing information and improving transparency and accountability by …

Changing And/Or Funding Opeb Promises: A Typology Of Local Government Responses To Gasb 45 And The Realization Of Opeb Liabilities, Juita-Elena Yusuf, Thomas Musumeci

School of Public Service Faculty Publications

GASB Statement No. 45 addresses how governmental units account for employees' other post-employment benefits (OPEB), requiring government employers to replace OPEB reporting on a pay-as-you-go basis with an accounting of the cost of current and future benefits. This requirement and the resulting OPEB liability may prompt government employers to reconsider key questions regarding their OPEB provision. The size of the OPEB liability depends on both the benefit promises made to employees and the assets to fund these promises. We propose a typology that defines four approaches for governments to respond to GASB 45 and their OPEB liabilities. These approaches represent …

The Value Of Modeling And Simulation Standards, Andrew J. Collins, David Meyr, Solomon Sherfey, Andreas Tolk, Mikel Petty

VMASC Publications

In the current economic climate, there is a requirement to justify all government spending by demonstrating the added-value that the expenditure gives. Modeling and Simulation (M&S) community is not exempted from this rule. This paper focuses on attempts to value standards and demonstrates that even though a myriad of different standards exist in the United States today, no one has "cracked the nut" on determining their value. This does not mean that standards are without value. The paper highlights their importance to our society and human development as a whole. Thus if we cannot give a value to M&S standards, …

How Effective Is The International Fuel Tax Agreement As A Multistate Tax Administration Model? A View From The States, Juita-Elena Yusuf, Lenahan O'Connell

School of Public Service Faculty Publications

The International Fuel Tax Agreement (IFTA) was established to reduce the complexities of reporting, allocating, and collecting diesel fuel taxes from interstate commercial carriers operating in multiple jurisdictions. This paper examines IFTA's effectiveness as a multistate tax administration model from the perspective of the states. We identify three criteria of effectiveness and use a survey of IFTA officials in the member states and provinces as well as additional data provided by IFTA, Inc to assess IFTA's effectiveness. We conclude that (1) IFTA promotes inter-jurisdictional cooperation and revenue transfers; (2) carriers do not locate disproportionately in low tax jurisdictions; and (3) …

The State Of The Region: Hampton Roads 2006, James V. Koch, Vinod Agarwal, Adrianne Barrett, David Basco, John R. Broderick, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Marshall Hutto, Elizabeth Janik, Mark Koch, Feng Lian, Terry Lindvall, Sharon Lomax, Janet Molinaro, John A. Sokolowski, Ray White, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's seventh annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a sound …