312 research outputs found
The structure and evolution of dark matter halos and their implications for cosmology
Get PDFThis is a study of how the properties of dark matter halos can be used to probe fundamental questions in cosmology. Similar to the inner regions of a halo the outer density profiles of the dark matter halo carry a wealth of information regarding its formation epoch, accretion history and environment. I study how the splashback feature, which is a steepening of the slope of the density profile in a narrow, localized region near the outskirts of the halo, is in reality a powerful physical length scale within the halo that naturally demarcates the actual boundary of its virialized region. This feature can also be used to probe cosmology and fundamental physical processes like dynamical friction. Apart from the density profile I also study the shapes of halos and how to measure them using three-point galaxy statistics and finally I study the evolution of substructure in dark matter halos and its implication for galaxy evolution in clustered environments.Submission original under an indefinite embargo labeled 'Open Access'. The submission was exported from vireo on 2017-09-29 without embargo termsThe student, Susmita Adhikari, accepted the attached license on 2017-05-17 at 10:39.The student, Susmita Adhikari, submitted this Dissertation for approval on 2017-05-17 at 10:54.This Dissertation was approved for publication on 2017-05-25 at 15:13.DSpace SAF Submission Ingestion Package generated from Vireo submission #11159 on 2017-09-29 at 11:25:48Made available in DSpace on 2017-09-29T16:37:46Z (GMT). No. of bitstreams: 2
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Previous issue date: 2017-05-2
Voucher privatization with investment funds : an institutional analysis
Get PDFCommon wisdom among post-socialist reformers has beento use voucher investment funds to provide the corporate governance needed to restructure newly privatized enterprises after mass privatization efforts. The idea has been that mass privatization would spread the ownership too wide and make corporate governance difficult. The author examines the likely institutional behavior of voucher funds and the possible effects of their development on a transition economy. Since most policy advice has been in favor of voucher privatization with investment funds, the author can be seen as playing the devil's advocate, but his argument is institutional, not statistical. Policymaking requires insight and foresight into how institutions will tend to function. He concludes that voucher funds will introduce a bias in the economy away from the real industrial sector toward an ersatz"financial sector"that will have little if any positive financial role but will be well-protected by friendly regulators. One long-term consequence of voucher privatization with investment funds, according to this view, is a de facto"industrial policy"of real sector decapitalization in favor of short-term rent-seeking by fund managers through board sinecures and lucrative side deals with portfolio companies and through financial market manipulation and paper entrepreneurship in the"financial sector."Without strong corporate governance from the funds and without stable ownership of their own, many enterprise managers will exploit the post-socialist version of the"separation of ownership and control"to grab what they can in the form of salaries, bonuses, perquisites, and side deals. The most likely results of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers -- together with the accompanying drift, stagnation, and decapitalization of the privatized industrial sector.Economic Adjustment and Lending,Payment Systems&Infrastructure,International Terrorism&Counterterrorism,Economic Theory&Research,Banks&Banking Reform,International Terrorism&Counterterrorism,Banks&Banking Reform,Economic Adjustment and Lending,Environmental Economics&Policies,Economic Theory&Research
Environmental regulation and development : a cross-country empirical analysis
Get PDFThe authors develop comparative indices of environmental policy and performance for 31 countries using a quantified analysis of reports prepared for the United Nations Conference on Environmental and Development. In cross-country regressions, they find a very strong, continuous association between their indicators and national income per capita, particularly when adjusted for purchasing power parity. Their results suggest a characteristic progression in development. Poor agrarian economies focus first on natural resource protection. With increased urbanization and industrialization, countries move from initial regulation of water pollution to air pollution control. The authors highlight the importance of institutional development. Environmental regulation is more advanced in developing countries with relatively secure property rights, effective legal and judicial systems, and efficient public administration.Public Health Promotion,Environmental Economics&Policies,Health Economics&Finance,Agricultural Research,Economic Theory&Research,Environmental Economics&Policies,Health Economics&Finance,Agricultural Research,Economic Theory&Research,Environmental Governance
The benefits of growth for Indonesian Workers
Get PDFIndonesia's adopted development model has proved to be the most successful in alleviating poverty and benefiting workers in developing countries. The government's development efforts focused on agriculture, education, and transport infrastructure. It emphasized providing productive employment opportunities and gradually improving the labor quality through education and training. The wage, employment, and income growth rates were left to market forces. Although the rapid growth of labor-intensive manufacturing has led to more jobs and higher wages benefiting workers, workers employed in these industries have expressed growing dissatisfaction. They complain about problems of child labor, the denial of centrally mandated wages and benefits to workers, poor working conditions, and the abuse of young female workers. The government has tried to improve worker's wages and working conditions by centrally mandating higher labor standards, relying principally on minimum wages. Enforcement has improved and, despite low compliance, minimum wages are beginning to bite. Indonesians are debating whether they need labor intensive industries and whether it is a mistake to base Indonesia's growth on cheap labor. They argue that if labor is more expensive, manufacturers must substitute some capital for labor. However, if labor-intensive industries are rejected, the capacity of the economy to absorb plentiful workers will be reduced. The main alternatives are to push up wages now, or to let wages be determined by market forces and strengthen institutions that could improve working conditions, such as labor unions. The author recommends maintaining flexible labor markets and allowing market forces to set the pace of change, while strengthening labor unions.Environmental Economics&Policies,Public Health Promotion,Labor Policies,Health Monitoring&Evaluation,Work&Working Conditions,Environmental Economics&Policies,Health Monitoring&Evaluation,Banks&Banking Reform,Work&Working Conditions,Municipal Financial Management
Water pollution abatement by Chinese industry : cost estimates and policy implications
Get PDFUsing factory-level data provided by China's National Environmental Protection Agency and the Tianjin Environmental Protection Bureau, the authors of this report estimate the costs of water pollution abatement for Chinese industry. Using their econometric results, they analyze the cost-effectiveness of current pollution control policy in China and make the conclusions that follow. (1) For each pollutant, marginal abatement costs exhibit great differences by sector, scale, and degree of abatement. (2) The benefits of stricter discharge standards should be weighed carefully against the costs. (3) Emissions charges as low as $1 per ton would be sufficient to induce 80 percent abatement of suspended solids, chemical oxygen demand, and biological oxygen demand, respectively. (4) The current regulatory system provides an economic incentive to abate by charging a levy on pollution that exceeds the standard. The results of this analysis suggest, however, that changing to a full emissions charge system would greatly reduce overall abatement costs. The approach the authors recommend for measuring the costs of abatement is to use joint abatement cost functions that relate total costs to treatment volume and the simultaneous effect of reductions in suspended solids, chemical oxygen demand, biological oxygen demand, and other pollutants. Tests of alternative functional forms suggest that a simple (constant elasticity) model fits the data as well as a complex (translog) model does, permitting sophisticated policy experiments with relatively simple calculations.Pollution Management&Control,Environmental Economics&Policies,Water and Industry,Sanitation and Sewerage,Water Conservation,Environmental Economics&Policies,Water and Industry,Pollution Management&Control,TF030632-DANISH CTF - FY05 (DAC PART COUNTRIES GNP PER CAPITA BELOW USD 2,500/AL,Sanitation and Sewerage
01-07 "Dirt is in the Eye of the Beholder: The World Bank Air Pollution Intensities for Mexico"
Get PDFThis paper identifies a number of errors and inconsistencies in a series of air pollution intensities for Mexico that were recently created by the World Bank. Because these data are being used to conduct public policy analysis and advice for Mexico and countries at similar levels of development, knowledge of the limits of these data is of utmost importance. In addition to identifying the problems with these data, this paper makes a series of adjustments to offer a corrected dataset. These newly corrected data are available on the World Bank's New Ideas in Pollution Regulation (NIPR) web page.
Banking reform in transition countries
Get PDFIn reforming the financial sector in transition economies, one important debate is whether governments should try to reform existing state-owned banks (the rehabilitation approach) or whether a new private banking system should be allowed to emerge (a new entry approach). Or should there be a mix of the two approaches, in which the state bank activities are restricted while a parallel private banking system develops? The authors'cross-country comparison of banks'institutional development in 25 transitional economies suggests that progress can be faster under the new entry approach, especiallyrelative to initial conditions. Progress under the rehabilitation approach appears to be inhibited by poor incentives. In most countries, even those with a good banking infrastructure and a large segment of good banks, a two track process has evolved, with differences between weak and strong banks. Weak banks have moved little beyond central planning. Regression estimates suggest that slow progress of weak banks is associated with: cover concentration, government preferential treatment, and limited new banks entry. The causality direction is often unclear. Policies and structural conditions can affect bank quality. The role of banks will remain limited in many transition economies due to weak legal infrastructures, much uncertainty and inside information, and problems associated with highly leveraged financial intermediaries - including fraud, political interference, and implicit guarantees. In the short run, self-finance and intermediation among enterprises and through nonbank financial institutions may prevail.Financial Intermediation,Banks&Banking Reform,Payment Systems&Infrastructure,Financial Crisis Management&Restructuring,Municipal Financial Management,Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Municipal Financial Management,Settlement of Investment Disputes
Does strict employment protection discourage job creation? Evidence from Croatia
Get PDFEmployment protection legislation in Croatia is among the most strict in Europe. Firing is difficult and costly, and flexible forms of employment are limited. Is this apparent rigidity reflected-as one would expect based on standard economic theory-in low labor market dynamics? Is job creation low and hiring limited? Is the job security of insiders achieved at the cost of outsiders not being able to enter thelabor market? The author attempts to answer these questions by examining job flows. If the employment protection legislation is binding, then job and worker turnover should be low. He shows that this is indeed the case. Hiring is limited and the average job tenure is very long in Croatia. Job destruction is low, however job creation is still lower. The result is accumulation of unemployment, in large part due to new labor market entrants not being able to find a job. The high degree of job protection also seems to strengthen the bargaining position of insiders and results in relatively high wages. So, wages in Croatia are higher than among its competitors, even after adjusting for productivity. These high labor costs are likely to contribute to limited job creation in existing firms, but also are likely to discourage the entry of-and thus job creation in-new firms. The author presents evidence that firm growth has been indeed limited in Croatia, contributing to the low employment level. The author examines other potential causes of high unemployment in Croatia (the unemployment benefit system, labor taxation, the wage structure, and skill and spatial mismatches). He argues that they do not play a substantial part in accounting for poor labor market outcomes in Croatia. The author concludes that the stringent employment protection legislation is the key labor market institution behind low job creation and high unemployment. Based on this he recommends specific measures aimed at liberalizing the labor market to foster job creation and employment.Labor Management and Relations,Labor Policies,Labor Markets,Environmental Economics&Policies,Trade Finance and Investment,Labor Markets,Labor Management and Relations,Labor Standards,Banks&Banking Reform,Environmental Economics&Policies
Governance and economic growth
Get PDFBecause protection of property rights cannot be appropriated by any individual, it is widely recognized as being the state's responsibility. Moreover, recent empirical evidence suggests that protection of property rights leads to higher investment levels and faster growth. The extent of property rights protection differs significantly across countries. The author integrates the emergence of property rights within a simple growth framework. Drawing on North (1990), he presents a model where economic performance and enforcement of property rights may reinforce each other.Initial conditions determine the economy's convergence to a high-income or a low-income steady state. Existing empirical evidence offers tentative support for this theory.Judicial System Reform,Labor Policies,Economic Theory&Research,Environmental Economics&Policies,Common Property Resource Development,Economic Theory&Research,Inequality,Common Property Resource Development,Environmental Economics&Policies,Governance Indicators
Addressing the education puzzle : the distribution of education and economic reform
Get PDFNo country has achieved sustained economic development without substantially investing in human capital. Previous studies have shown the handsome returns to various forms of basic education, research, training, learning-by-doing, and capacity-building. But education by itself does not guarantee successful development, as history has shown in the former Soviet bloc, Sri Lanka, the Philippines, and the Indian states of Kerala and West Bengal. The question is, when and how does education bring high payoffs? Although theory has suggested a strong causal link between education and growth, the empirical evidence has not been unanimous and conclusive. The authors examine two explanatory factors. First, who gets educated matters a good deal, but the distribution of education is complex and not much has been written about it. They construct an asset allocation model that elucidates the importance of the distribution of education to economic development. Second, how education affects growth is greatly affected by the economic policy environment. Policies determine what people can do with their education. Reform of trade, investment, and labor policies can increase the returns from education. Using panel data from 12 Asian and Latin American countries for 1970-94, they investigate the relationship between education, policy reform, and economic growth. Their empirical results are promising. First, the distribution of education matters. Unequal distribution of education tends to have a negative impact on per capita income in most countries. Moreover, controlling for human capital distribution and the use of appropriate functional form specifications consistent with the asset allocation model makes a difference for the effect of average schooling on per capita income. Controlling for education distribution leads to positive and significant effects of average schooling on per capita income, while failure to do so leads to insignificant, even negative effects, of average education. Second, the policy environment matters a great deal. Our results indicate that economic policies that suppress market forces tend to dramatically reduce the impact of human capital on economic growth. Investment in human capital can have little impact on growth unless people can use education in competitive and open markets. The larger and more competitive these markets are, the greater are the prospects for using education and skills.Curriculum&Instruction,Economic Theory&Research,Decentralization,Public Health Promotion,Health Monitoring&Evaluation,Health Monitoring&Evaluation,Teaching and Learning,Curriculum&Instruction,Economic Theory&Research,Gender and Education
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