Economics Commons^™

Shin-Gate: Misunderstanding The Power Of Shame In South Korea, Koushik Ghosh

All Faculty Scholarship for the College of Business

Shame is not perceived the same way in different cultures, nor is it used the same way. How does that difference across cultures influence our interactions in public space? How does it affect our business interactions? It has been argued, especially in the wake of Asia’s financial crisis in 1997, that there was a lack of shame in Asian cultures aft er the economic crash. The same kind of argument has been presented in the United States following the financial crisis which began in 2008. President Obama has tried to shame the Wall Street crowd. Economic commentators have spoken of …

St. Cloud Area Quarterly Business Report, Vol. 12, No. 1, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

No abstract provided.

St. Cloud Area Quarterly Business Report, Vol. 11, No. 4, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

No abstract provided.

Spring 2010 Economics Newsletter, Economics Department

Economics Newsletter

No abstract provided.

Building A Kenyan Monetary Regime For The Twenty-First Century, C. S. Adam, B. O. Maturu, N. S. Ndung’U, Stephen A. O'Connell

Economics Faculty Works

No abstract provided.

Capitalism Reassessed, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

Credit Risk Models: An Analysis Of Default Correlation, Howard Qi, Yan Alice Xie, Sheen Liu

College of Business Publications

This paper examines one of the major problems in credit risk models widely used in the financial industry to forecast future defaults and bankruptcies. We find that even after proper calibration, a representative credit risk model can severely underestimate default correlation. We further find that a likely reason for the underestimation of default correlation is the problematic common practice in the financial industry of using observable equity correlation as a proxy for unobservable asset correlation when the model is applied to predict default correlation. However, our results show that this proxy in common practice is not valid.

Analyzing The Relationship Between Dependent And Independent Variables In Marketing: A Comparison Of Multiple Regression With Path Analysis, Junhong Min, Debi P. Mishra

College of Business Publications

Multiple regression models continue to be widely used in marketing. Within the regression framework, researchers have to grapple with and resolve several contentious issues. For example, multicollinearity, nonsimultaneous estimation of parameters, inherent measurement error in independent variables, absence of overall goodness of fit indices, and lack of compelling guidelines for adding and deleting model variables are some common estimation problems associated with this method. In the absence of universally acceptable guidelines, researchers often use judgment calls to deal with these issues. Such ad-hoc approaches, in turn, compromise the potential usefulness of multiple regression models. In this paper, we position path …

How Does Foreign Direct Investment Affect Growth In Developing Countries? An Empirical Investigation, E. M. Ekanayake, John R. Ledgerwood

Publications

This paper analyzes the effects of foreign direct investment on the economic growth of developing countries. The study uses annual data on a group of 85 developing countries covering Asia, Africa, and Latin America and the Caribbean for the period 1980-2007. We explore the hypothesis that foreign direct investment can promote growth in developing countries. We test this hypothesis using panel data series for foreign direct investment, while accounting for regional differences in Asian, African, Latin American, and the Caribbean countries as well as the differences in income levels. While the findings of previous studies are generally mixed, our results …

The Real Exchange Rate Volatility And U.S. Exports: An Empirical Investigation, E. M. Ekanayake, John R. Ledgerwood, Sabrina D'Souza

Publications

This paper investigates effects of exchange rate volatility on U.S. exports, using disaggregated sectoral data on U.S. exports to its major trading partners. In this paper, we use a generalized ARCH-type model (GARCH) to generate a measure of exchange rate volatility which is then tested in a model of U.S. exports. The analysis uses monthly trade data for the period from January 1990 through December 2007. Testing sectoral trade data allows us to detect whether the direction or magnitude of the impact of volatility differs depending on the types of goods that are traded. The results obtained in this paper …

Who Pays And Who Benefits: 21st Century Tax Reform For Maine, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

Most people do not enjoy paying taxes, which are the primary source of revenue for governments at all levels, but most people also probably agree that ultimately, some kind of taxation is necessary. However, public support for taxes is greatly influenced by perceptions of whether tax systems are fair or equitable, and these perceptions are unfortunately not always based on factual information or clear understanding. The ongoing debate over Maine’s latest attempt at tax reform is no exception.

Responsible Contractors Help Build Thriving Communities, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

What is responsible contractor language, and why is it important? Public construction projects are often costly undertakings. In recent years, municipalities and schools are increasingly using responsible contractor policies to "set certain minimum employment standards" for bidding on construction work. In response to this trend, responsible contractor (RC) language is being developed and used to provide needed reform in the construction contract bidding process. According to a recent study of responsible contractor reforms, the public policy goal of these reforms is to "ensure that all contracts for public works are awarded to reputable, responsible finns that have the qualifications, resources …

The Minimum Wage: Two Generations Of Neglect Add Up, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

Although a three-step raise in the Federal minimum wage that ended in July, 2009 is projected to generate a total of $10.4 billion in increased consumer spending,2 a survey of the wage situation in the U.S. today suggests that recent raises to the minimum wage are inadequate. Both Maine and the nation have been plagued by serious wage stagnation for many years. The overextended credit that helped fuel the recent economic crisis was exacerbated by what has been called a “collapse of hourly wage growth” by the Economic Policy Institute. In the longer term, the inflation-adjusted value of the minimum …

Update On Labor's Demographics, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

As in years past, unionization levels have continued to vary widely according to demographic and occupational characteristics of the U.S. workforce, as well as geographic region. The unionization level of the total employed U.S. wage and salary workforce is one measure. However, in order to obtain a more balanced perspective, it is also important to consider the specific levels of union membership in both public and private sector areas of employment, which play a significant role in the U.S. economy. Using data compiled and supplied by the U.S. Department of Labor, this briefing paper provides a statistical summary of unionization …

Diy Media: Movement Perspectives On Critical Moments, Produced By Mark Read. A Dvd Series From Deep Dish Tv (1988-2010), Martin Wallace

Library Staff Publications

This is part one of a two-part review of the DVD Series DIY Media: Movement Perspectives on Critical Moments, produced by Mark Read. This part of the review covers the following parts of the video series: Expression = Life – ACT UP, Video, and the AIDS Crisis; Many Yeses, One No – Confronting Corporate Globalization; and Resistencia Y Solidaridad – El Salvador, Colombia, and the U.S. Solidarity Movement. Both the technical quality of the series and its content are reviewed. The second part of this review, covering other parts of the series, was written by another …

Private Giving Crowding Government Funding In Public Higher Education, G. Thomas Sav

Economics Faculty Publications

Problem Statement:

Private giving and government funding are critical revenue sources for public colleges and universities. If increased private giving reduces government funding, then that type and extent of crowding out carries important managerial and public policy implications.

Approach:

The study used a government funding reaction function and an instrumental variable approach to empirically estimate the potential for crowding out.

Results:

The study examined the extent to which private giving reduces or crowds out state government funding of public colleges and universities. Government free riding was at question and investigated to determine how active it is in terms of private …

No. 53: Migration-Induced Hiv And Aids In Rural Mozambique And Swaziland, Jonathan Crush, Inês Raimundo, Hamilton Simelane, Bonaventura Cau, David Dorey

Southern African Migration Programme

South Africa’s gold mining workforce has the highest prevalence rates of tuberculosis and HIV infection of any industrial sector in the country. The contract migrant labour system, which has long outlived apartheid, is responsible for this unacceptable situation. The spread of HIV to rural communities in Southern Africa is not well understood. The accepted wisdom is that migrants leave for the mines, engage in high-risk behaviour, contract the virus and return to infect their rural partners. This model fails to deal with the phenomenon of rural-rural transmission and cases of HIV discordance (when the female migrant is infected and the …

No. 52: Migration, Remittances And ‘Development’ In Lesotho, Jonathan Crush, Belinda Dodson, John Gay, Thuso Green, Clement Leduka

Southern African Migration Programme

Lesotho is one of the most migration dependent countries in the world. Migrant remittances are the country’s major source of foreign exchange, accounting for 25% of GDP in 2006. Lesotho is also one of the poorest countries in the world due to high domestic unemployment, declining agricultural production, falling life expectancy, rising child mortality and half the population living below the poverty line. The majority of households and rural communities are dependent on remittances for their livelihood. Households without access to migrant remittances are significantly worse off than those that do have such access.

Since 1990, patterns of migration from …

Ua37/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke's Swearing In/Kevin Warsh's Speech & Op-Ed, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Email sent to members of the St. Louis Federal Reserve Board excerpting remarks by Ben Bernanke at his swearing in; speech of Kevin Warsh before the New York Association for Business Economics and Warsh's op-ed piece in the Financial Times.

Ua37/29 Gary Ransdell - Fed. Reserve Board - American Economic Association Annual Meeting, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Email sent to members of the St. Louis Federal Reserve Board excerpting speeches of Ben Bernanke and Donald Kohn delivered to the American Economic Association in Atlanta, GA.