17,124 research outputs found
The rise of securities markets : what can government do?
No full textUsing U.S. securities markets as a case history, the author explores the role securities markets play in economic development, how they emerge, and how regulation can make them more effective. Why the United States? Two centuries ago, it was a small undeveloped country with serious financial problems. It confronted those problems and, guided by Alexander Hamilton, creatively reformed its financial system, which then became a foundation of the U.S. economic infrastructure and a bulwark for long-term growth. When Hamilton's program established public credit and securitiesmarkets in the 1790s, U.S. citizens were immediately able to borrow from older, richer countries. U.S. wealth then increased until, by the end of the nineteenth century, U.S. residents began to lend and invest more abroad than they borrowed. During the 1820s and 1830s, the United States (usually state governments) borrowed large sums from foreign investors to build roads, canals, and early railroads, to make other transportation improvements, and to capitalize state banks. From the 1830s to the end of the century, still larger sums from overseas went into private U.S. railway companies that provided cheap transcontinental transportation. Most of this borrowing took the form of state and corporate bond sales to overseas investors. The pristine U.S. government credit established by Hamilton thus rubbed off on U.S. state and corporate debt. The British stock market did better than the U.S. market until the United States adopted security-market regulation (including disclosuire rules) under the SEC. Then the U.S. market became a world leader. The U.S. stock market developed more slowly than the bond market, but it both aided and benefited from foreign investment in U.S. bonds. Foreign investors preferred debt securities to equities, yet equities create a safety margin for bondholders who, because of this margin, are more willing to purchase and hold bonds. Foreign investors preferred bonds; U.S. investors, after exporting bonds, held more stocks than bonds at home. Why? Because good stock markets permit the conversion of equity securities into cash.Environmental Economics&Policies,Payment Systems&Infrastructure,Financial Intermediation,International Terrorism&Counterterrorism,Economic Theory&Research,Housing Finance,Insurance&Risk Mitigation,Financial Intermediation,Environmental Economics&Policies,Economic Theory&Research
Why Do I Feel? [5-part series]
No full textAward-winning author and mental health expert, Nathan Filer invites us to consider a challenging emotion by listening to real-life stories and hearing from world-leading experts and therapists. We live in strange times, which have inspired many of us to examine our lives more closely. This podcast embraces that curiosity and self-reflection. Sometimes, this will touch upon deep sorrow, but there will also be joy, playfulness and hope
Monitoring Trade Costs in Southeast Asia
No full textThis paper develops an Index of Trade Costs for ASEAN Member Countries, 1990-2007 based on the gap between cif and fob values of ASEAN exports to Australia. The cif/fob gap is a commonly used aggregate measure of trade costs, and Australia is a useful benchmark for ASEAN countries because it is a large trading partner whose major ports of entry are roughly equidistant from the ASEAN countries. The case for using this Index as a measure of trade costs is set out in the first section. The second section examines the raw data for the ASEAN countries. The third section reports econometric analysis of the cif/fob measure to better understand why trade costs vary across countries and to compare the ASEAN members' record to the global average during the period 1990-2007. The final section presents the two versions of the Index, discusses some reservations to using the cif/fob measure of trade costs, and suggests how the Index could be upgraded, maintained and extended.Trade costs; ASEAN.
author: N.A. Taatgen J.R. Anderson
No full textLearning the English past tense is characterized by a U-shaped learning function for the irregular verbs. Existing cognitive models rely on a sudden increases in vocabulary, a high token-frequency of regular verbs, and convoluted schemes of feedback in order to model this phenomenon. All these assumptions are at odds with empirical data. In this paper a hybrid ACT-R model is presented that shows U-shaped learning without direct feedback, changes in vocabulary, or unrealistically high rates of regular verbs. The model is capable of learning the default rule, even if regular forms are infrequent. It can also help explore the question of why there is a distinction between regular and irregular verbs in the first place, by examining the costs and benefits of both types of verbs
Virtual vs. Standard Strike: An Experiment
No full textIn this paper we compare - in the laboratory - stoppage and virtual strike. Our experiment confirms that higher wages offered by an employer lead to considerably more costly effort provision. The number of strikes, the level of efforts and average total payoffs are higher under virtual strike than under standard strike. However, when standard strike is associated with reciprocal externalities, it induces higher effort levels, higher payoffs and an extremely reduced number of strikes than virtual strike. It is unclear whether this behavior re?ects reciprocity or other forms of social preferences. However our results might explain why standard strikes rather than virtual ones are generally adopted by workers.virtual strike, cooperation, reciprocity, fairness, experiments
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Why infrastructure financing facilities often fall short of their objectives
No full textTo encourage the private funding and provision of infrastructure services, governments have used specialized financing facilities to offer financial support to investors, often in the form of grants, soft loans, or guarantees. The authors present case studies of infrastructure financing facilities in various stages of development in Colombia, India, and Pakistan. They also present case studies of government-sponsored financing facilities (not of infrastructure) in Argentina, and Moldova. They find that these facilities have often fallen short of their objectives for two main reasons. First, the environment was not conducive to private participation in infrastructure because of poor sector policies, an unstable macroeconomic environment, and inadequate financial sector policies, among other reasons. Second, the facility was faulty in design - in terms of sectors targeted, pricing of instruments, and consistency of objectives, and instruments.Decentralization,Banks&Banking Reform,Payment Systems&Infrastructure,Public Sector Economics&Finance,Municipal Financial Management,Municipal Financial Management,Banks&Banking Reform,Housing Finance,Public Sector Economics&Finance,National Governance
Government expenditures as a citizens'evaluation of public output : public choice and the benefit principle of taxation
No full textCombining elements from the theories of public choice and benefit taxation, the author develops a framework in which private citizens can evaluate public activities. Why, and under what circumstances, do bureaucrats increase the size of the public sector and the amount of public spending in their own self interest? What does the private sector think public output should be, what is actual public output, and how does the private sector evaluate that output? The author applies the theoretical results of an attempt to answer these questions in four Central European countries (Czechoslovakia, Hungary, Poland, and Slovenia), using actual data for 1989-91 and projections for 1992. Interpreting indirect evidence, he shows that the private sector would prefer less government activity in all countries, from a low of 5 percent less public spending (in Poland) to a high of one-third less (in Slovenia). If those governments were to follow those guidelines, their spending-to-GDP ratios would more closely resemble the 1987-89 average for a selected group of European market economies. The author also introduces a more rigorous, if not necessarily more objective, approach to determining optimal government spending. This approach requires little information, but uses a static model and requires faith in the direction of causality for some key variables. To the extent that one can accept those limitations, the model may be a useful operational tool in public spending evaluation.Public Sector Economics&Finance,National Governance,Economic Theory&Research,Environmental Economics&Policies,Fiscal&Monetary Policy
The Quest for Citations: Drivers of Article Impact
No full textWhy do some articles become building blocks for future scholars, while many others remain unnoticed? We aim to answer this question by contrasting, synthesizing and simultaneously testing three scientometric perspectives – universalism, social constructivism and presentation – on the influence of article and author characteristics on article citations. To do so, we study all articles published in a sample of five major journals in marketing from 1990 to 2002 that are central to the discipline. We count the number of citations each of these articles has received and regress this count on an extensive set of characteristics of the article (i.e. article quality, article domain, title length, the use of attention grabbers and expositional clarity), and the author (i.e. author visibility and author personal promotion). We find that the number of citations an article in the marketing discipline receives, depends upon “what one says†(quality and domain), on “who says it†(author visibility and personal promotion) and not so much on “how one says it†(title length, the use of attention grabbers, and expositional clarity). Our insights contribute to the marketing literature and are relevant to scientific stakeholders, such as the management of scientific journals and individual academic scholars, as they strive to maximize citations. They are also relevant to marketing practitioners. They inform practitioners on characteristics of the academic journals in marketing and their relevance to decisions they face. On the other hand, they also raise challenges towards making our journals accessible and relevant to marketing practitioners: (1) authors visible to academics are not necessarily visible to practitioners; (2) the readability of an article may hurt academic credibility and impact, while it may be instrumental in influencing practitioners; (3) it remains questionable whether articles that academics assess to be of high quality are also managerially relevant.Impact;Citation Analysis;Referencing;Scientometrics;Cite
Governance and economic growth
No full textBecause 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
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