Economic Policy Commons^™

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 …

State Economic Development Policies: What Works?, Timothy J. Bartik

Presentations

No abstract provided.

Tax Havens And Fdi Spillovers: Implications For Ldcs, Luisa Blanco, Cynthia Rogers

School of Public Policy Working Papers

Tax competition and spillover models offer ambiguous predictions concerning the economic impact of tax havens on non-tax havens. The implications of tax havens for less developed countries (LDCs), in particular, are not well understood and are little studied. This paper investigates the impact of tax havens on non-tax haven countries in terms of foreign direct investment (FDI). We investigate the importance of agglomeration effects by accounting for the level of FDI inflows as well as the role of geography by measuring proximity to the nearest tax haven. Our analysis yields several interesting findings. First, using panel data for 142 countries, …

Competition Between Tax Havens: Does Proximity Matter?, Luisa Blanco, Cynthia Rogers

School of Public Policy Working Papers

We study whether proximity to the nearest tax haven affects FDI and the number of American affiliates in a tax haven. Our results show that distance to the nearest tax haven is positively related to FDI inflows and the number of American affiliates in tax havens. These findings suggest that there is a harmful competition between tax havens. We also find evidence of positive spillovers: the number of American affiliates in a tax haven is positively related to the number of in its closest neighboring tax haven. This suggests the presence of agglomeration benefits given there is an affiliate in …

Unify, Regionalize, Diversify: An Economic Development Agenda For Nevada, Mark Muro

Brookings Mountain West Publications

Nevada stands at a crossroads, yet it appears ready to remap its future.

Silver Staters sense that the current economic slump has not been just a temporary reversal but a challenge to the state’s traditional growth model—one that has revealed an economy over-dependent on consumption sectors, prone to booms and busts, and too little invested in innovation and economic diversification. And yet, for all that Nevadans have been early to recognize that the current slump will beget, in some places, innovation and renewal, and in other places erosion—and so requires action.

To that end, this report draws on an intense …

The Finance–Growth Link Revisited And The Role Of Institutions As A Source Of Finance In Latin America, Luisa Blanco

School of Public Policy Working Papers

In a panel framework that includes 18 countries, this paper studies the short and long run effect of financial development on economic growth and the determinants of financial development in Latin America. Financial development shows a positive effect on economic growth in the long run, but a negative effect in the short run for the full sample. When the sample is divided by income levels, this result holds only for the high income group. For the low income group, financial development has no significant effect on economic growth in the short run or in the long run. In the analysis …

False Profits: An Economics Primer About Americans "Going For Broke" And Nearly Making It, Don P. Diffine Ph.D.

Belden Center Books

Has there been any time in history when government could successfully spend private sector money (by first taxing it), borrow the difference (deficit spending), and crowd out private sector long run borrowing (causing higher interest rates)--all to try to bring about growth, economic recovery, jobs, and stable prices? Should we worry that our government's ambitious spending plans could be like the proverbial drunken sailor squandering his paycheck on leave? At least it was his own money!

Remember Margaret Thatcher? "The problem with Socialism," she said, "is that, sooner or later, we run out of other people's money..."

Financing Maine's State Employees And Teachers Retirement System: Comparative Trends And Progress, 1982 - 2010, Moargan Beschle, Eric Davis, Tim Feeley

Muskie School Capstones and Dissertations

Among the many tough choices states must make is how to address funding shortfalls in public employee pension systems. In public sector employment, pensions have long been a key component of the compensation system and an integral way to attract and retain talent in public service positions. The pension is considered a form of deferred compensation, which means that workers receive a salary lower than the going rate for their education, skills and job requirements in exchange for an enhanced retirement package (Bender & Heywood, 2010). State employees incur an opportunity cost by taking a lower-salaried state job over a …

Child Support As Labor Regulation, Yiyoon Chung

The Journal of Sociology & Social Welfare

The development of child support policy over the past three decades provides an emblematic case study of the ways in which a new policy that reflects the rise of moral arguments about individual and family responsibility, once established, produces significant consequences for both the economic sphere and political dialogues. I use social control theory to examine a rarely appreciated consequence of child support policies: labor regulation. Particularly, I demonstrate the ways in which the discourse embedded in child support has exalted the importance of work even under the lowest terms, and has deflected public attention away from labor market issues.

Are Politicians Office Or Policy Motivated? The Case Of U.S. Governors' Environmental Policies, Per G. Fredriksson, Le Wang, Khawaja Mamun

WCBT Faculty Publications

Are elected politicians primarily motivated by holding office, thus choosing environmental policies accordingly? Or are they motivated by the chance to implement their preferred environmental policies? Do governors have character, in the sense that they promise and implement environmental policies consistent with their own preferences? To answer these questions, we study the differences in environmental spending across both re-electable and lame duck governors from the two main political parties. In our empirical analysis, we make use of parametric and non-parametric regression-discontinuity approaches. While re-electable governors do not set significantly different policies, lame duck governors do. We argue that in the …

Money, Bargaining, And Risk Sharing, Nicolas L. Jacquet, Serene Tan

Research Collection School Of Economics

We investigate the dual role of money as a self-insurance device and a means of payment when perfect risk sharing is not possible, and when the two roles of money are disentangled. We use a variant of Lagos–Wright (2005) where agents face a risk in the centralized market (CM): in the decentralized market (DM) money’s main role is as a means of payment, while in the CM it is as a self-insurance device. We show that state-contingent inflation rates can improve agents’ ability to self-insure in the CM, thereby improving the terms of trade in the DM. We then characterize …

Analysis On Situation And Competitive Of The Shipping Market In China, Yutian Ding

World Maritime University Dissertations

No abstract provided.

Research On Port-City Economic Interaction Effect Between Shanghai And Yangshan Port, Yifan Xu

World Maritime University Dissertations

No abstract provided.

Strategy Research On Competition And Co-Operation Of Shanghai Port And Ningbo Port, Zhouqi Yu

World Maritime University Dissertations

No abstract provided.

The Research On Site Selection Of Dry Port Cluster Of Ningbo Port, Jiawei Feng

World Maritime University Dissertations

No abstract provided.

Verifiable And Non-Verifiable Anonymous Mechanisms For Regulating A Polluting Monopolist, James Prieger, Nicholas J. Sanders

School of Public Policy Working Papers

Optimal regulation of a polluting natural monopolist must correct for both external damages and market power to achieve a social optimum. Existing non-Bayesian regulatory methods require knowledge of the demand function, while Bayesian schemes require knowledge of the underlying cost distribution. We introduce mechanisms adapted to use less information. Our Price-based Subsidy (PS) mechanisms give the firm a transfer that matches or approximates the incremental surplus generated each period. The regulator need not observe the abatement activity or know the demand, cost, or damage functions of the firm. All of the mechanisms induce the firm to price at marginal social …

Presentation On Early Childhood Programs And Economic Development To American Chamber Of Commerce Executives Convention, Timothy J. Bartik

Presentations

No abstract provided.

Multiparty Democracies And Rapid Economic Growth: A Twenty-First Century Breakthrough?, Devin K. Joshi

Research Collection School of Social Sciences

This essay examines whether developing countries with competitive multiparty democracies may be just as capable of sustaining rapid economic growth as single-party states. It begins with a literature review identifying political stability and the ability to mobilize labor and capital production inputs as key factors behind sustained rapid growth. It then develops the hypothesis that under certain conditions, multiparty democracies may be strong in these dimensions, but ceteris paribus, single-party states are likely to have an advantage. I test this hypothesis by exploring historical trends in rapid growth over the last five decades. Statistical regression analysis confirms that most sustained …

Responding To Skeptics Of Early Childhood Programs As Local Economic Development, Timothy J. Bartik

Presentations

No abstract provided.

A Centrist Solution To Central American Violence And Inequality, Devin Joshi

Human Rights & Human Welfare

The northern triangle of Central America (El Salvador, Guatemala, and Honduras) has experienced horrific violence, poverty, and a vicious cycle of human rights violations for decades. Repeated natural disasters and the re-routing of the drug trade through Central America are not helping the situation. On the other hand, nearby Costa Rica has achieved a much higher standard of human rights, public safety, and political stability. Why? Costa Rica has put in place four pillars of development and stability lacking in most other countries in the region: a stronger state, an educated population, inter-racial cooperation, and a more inclusive democracy. For …

Building A World-Class System In Ireland’S Financial Crisis, Ellen Hazelkorn

Articles

Irish higher education faces particular difficulties given the severity of its economic crisis. Like other countries, it is engaged in significant system restructuring coupled with managed policy direction. Where Ireland does differ is in its emphasis on a 'whole of country strategy' and commitment that teaching and research go hand-in-hand. This paper looks at the fortunes and mis-fortunes of Irish higher education.

Fiscal Federalism And Nigeria's Development: Comparative Perspectives From Canadian Fiscal Federalism, Olumide Victor Ekanade

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This paper evaluates the historical dynamics that have shaped the development of fiscal federalism in Nigeria and Canada over the years. It contends that certain contradictions have inhibited the efficient and equitable allocation of tax powers and expenditure responsibilities in Nigeria. These include Nigeria's defective federal structure, military rule, Presidential federalism, politicized sharing principles, and the parochial political culture. These absurdities now threaten the stability of the Nigerian federation. The paper submits that the Canadian Federation offers a viable option for renewal with principles such as autonomy of sub national units, the predominance of the civic culture, scientific equalization, and …

Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz

Department of Economics: Faculty Publications

The focus of this paper is on the house price stress test (termed ALMO) that was designed to assess the fiscal strength of Fannie Mae and Freddie Mac and, if necessary, to trigger remedial action in order to avert a crisis. We assess whether the ALMO stress test was an adequate representation of an extremely weak housing market, given the best available information leading up to the Great Recession. A Monte Carlo simulation model is developed to estimate the severity of low probability events (i.e., severe house price declines). We illustrate the complexity and subjective nature of the process used …

Generic Wish-Lists For State-Centric Policies, Edzia Carvalho

Human Rights & Human Welfare

The Central America depicted in the article under review resembles a region visited by the Four Horsemen of the Apocalypse—colonial Conquest, civil War, Famine and other natural disasters, and poverty, disease and Death. Added to this list of woes are the recent drug-fueled conflict, democratic instability, weak state capacity, and the socio-economic fallout of the economic recession in the United States. While the first half of the article records these problems, the author shifts gears in the second half and provides an array of responses to these challenges, with a forceful recommendation that states in the region focus their efforts …

Recommendations For Economic Development In Guadalupe, Ca, Larissa Requa Heeren

Master's Theses

It is recommended that the City of Guadalupe prepare and implement a small-scale business expansion and retention program using existing service providers in the area.  This type of program model seems to hold the most potential for Guadalupe. A mixed-methods approach including in-depth cases studies of existing economic development programs and an analysis of opportunities and constraints in Guadalupe informs a set recommendations for future economic development in the City. Data was collected in three phases: short interviews with a variety of economic development program staff, short interviews with Guadalupe business owners and City officials and in-depth interviews with staff …

What Works In Job Creation And Economic Development, Timothy J. Bartik

Presentations

No abstract provided.

La Génération Perdue: Youth Unemployment In France And The Policies Behind It, Katharine L. O'Kane

Senior Honors Projects

In the 1970s, the world began moving towards free market policies. Open borders, lower taxes, and market-based economies became more prominent as centrally planned governments declined in both number and significance. In order to participate in European trade and to enhance its global position, France also moved towards decentralization. French socialists became less concerned with centralized government, yet continued to preserve their strong national desire to protect French citizens. France experienced substantial growth in its employment costs during the 1980s. By the early 1990s, France introduced labor contracts that better defined the duration of employment. These contracts pressured French companies …

The Disability Screening Process And The Labor Market Behavior Of Accepted And Rejected Applicants: Evidence From The Health And Retirement Study, Seth H. Giertz, Jeffrey D. Kubik

Department of Economics: Faculty Publications

This paper uses Social Security earnings records linked to data from the Health and Retirement Study to examine the labor market behavior of rejected and accepted disability applicants prior to their application. We find that rejected applicants have substantially lower earnings and labor force participation rates during the decade prior to application than beneficiaries. Also, we find some evidence of a divergence between these groups, with rejected applicants leaving the labor force at a faster rate than beneficiaries as their application date approaches.  One interpretation of these results is that the disability screening process on average separates those who are …

World-Class Universities Or World-Class Systems? Rankings And Higher Education Policy Choices, Ellen Hazelkorn

Other resources

Is it always a good thing when a university rises up the rankings and breaks into the top 100? Do rankings raise standards by encouraging competition or do they undermine the broader mission to provide education? Should rankings be used to help decide educational policy and the allocation of scare financial resources? Should policy aim to develop world-class universities or to make the system world-class?

University rankings have dominated headlines and the attention of political and university leaders wherever or whenever they are published or mentioned. Politicians regularly refer to them as a measure of their nation’s economic strengths and …

Beyond The Demographic Transition: The Case Of Japan, Mary Beth Horiai

UNLV Theses, Dissertations, Professional Papers, and Capstones

A combination of declining birthrates and increasing life expectancy in industrial countries has led to aging populations. In addition, more rapidly declining birth rates combined with only slowly increasing life spans has led to declining populations in some countries. These continuing demographic shifts are likely to be accompanied by economic, political and social changes. Japan is unique relative to other countries in four ways: 1) it has reached the condition of aging faster than any other industrialized country, 2) it has the highest life expectancy rate among major industrialized countries, 3) the proportion of elderly population (over 65) is the …