Download or read book Essays on Markets and Institutions in Emerging Economies written by TAREK FOUAD GHANI and published by . This book was released on 2015 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market frictions pervade emerging economies and constrain private sector development. In such settings, formal institutions to help address contract enforcement, property rights and information asymmetries are typically weak or absent. Instead, market participants must rely on informal practices and institutions to mitigate uncertainty, instability and opportunism. For example, personalized exchange relationships are useful when contract enforcement is weak, and cash holdings can be attractive when financial institutions are unreliable. In three specific emerging economy settings, I explore how informal practices and institutions interact with formal market development, and in particular the role that market frictions play in determining outcomes for firms, technologies and employees. The first chapter of this dissertation explores how changes in formal upstream market structure affect the economics of downstream relationships using original data from the ice industry in Sierra Leone. In this setting, a monopoly ice manufacturer sells through independent retailers to fishermen buyers. I demonstrate that a shock that increases upstream competition among manufacturers improves the contractual terms offered by retailers to buyers. Under the monopoly manufacturer, late deliveries are common due to outside demand shocks. To help mitigate this uncertainty, retailers prioritize loyal customers when faced with shortages, and buyers respond by rarely switching retailers. When manufacturers compete, prices fall, quantities increase and services improve with fewer late deliveries. Entry upstream also disrupts collusion among retailers by increasing the value of competing for buyer relationships. Competing retailers expand trade credit provision as a new basis for loyalty, and stable buyer relationships reemerge after a period of intense switching. The findings suggest that market structure shapes informal contractual institutions, and that competition can reconstitute the nature of relationships. The second chapter addresses the relationship between violence and financial decisions in Afghanistan. In particular, I investigate how violence affects the tradeoff between informal cash holdings - which are liquid but insecure - and usage of a more secure but less liquid formal financial account. Using three separate data sources, I find that individuals experiencing violence retain more cash and are less likely to adopt and use mobile money, a new financial technology. First, combining detailed information on the entire universe of mobile money transactions in Afghanistan with administrative records for all violent incidents recorded by international forces, I find a negative relationship between violence and mobile money use. Second, in the context of a randomized control trial, violence is associated with decreased mobile money use and greater cash balances. Third, in financial survey data from nineteen of Afghanistan's 34 provinces, I find that individuals experiencing violence hold more cash. Collectively, the evidence indicates that individuals experiencing violence prefer cash to mobile money. More speculatively, it appears that this is principally because of concerns about future violence. These results emphasize the difficulty of creating robust financial networks in conflict settings. Finally, in the third chapter, I study how informal behaviors interact with incentives to affect employees' decisions to formally save in the context of a large firm in Afghanistan. I analyze a mobile phone-based account that allows savings to be automatically deducted from salaries. Employees who are automatically enrolled in this defined-contribution account are 40 percentage points more likely to contribute than individuals with a default contribution of zero. Analyzing randomly assigned employer matching contributions, I find that the effect of automatic enrollment on participation is approximately equivalent to providing financial incentives equal to a 50 percent match. To understand why default enrollment increases participation, some employees are randomly offered an immediate financial consultation, and others a financial consultation in one week. Employees are more likely to discuss changing their savings contributions in one week, suggesting that defaults raise contributions because of the perceived complexity of financial decisions, and because employees procrastinate in developing a financial plan for the future.

Download or read book Three Essays on Emerging Market Business Groups written by Zhixiang Liang and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of the literature on emerging market Business Group (henceforth BG) views the subject in a monochrome 'paragons or parasites' dichotomy. In these divergent perspectives, BGs have either a positive or negative effect on economic and institutional development. In the paragon view, BGs emerge as an organizing mechanism to address weak institutions by internalizing market transactions. However, with the development of market-supporting institutions, BGs become less efficient and theory predicts their dissolution and replacement with independent freestanding firms. In the parasite view, BGs emerge but develop strong economic and political power, which are used to block the development of market supporting institutions and support their entrenchment in a stagnant domestic economy, consistent with a middle-income trap.The overarching goal of this thesis is to address this dichotomous paradigm and investigate why neither perspective adequately explains the phenomenon of long-lived and efficient BGs. In some economies, BGs emerge, persist, and exhibit increasing efficiency and international competitiveness accompanied by continuing institutional development. More specifically, this thesis aims to offer more nuanced understanding between BGs and their institutional context to understand their resilience during market transitions. The dissertation addresses its theme with three related essays. The first investigates the fundamental source of the emergence and persistence of BG in a shifting institutional environment. Empirical results show that several complementary bundles of management practice differentiate BG affiliates and independent firms in the early phase of development but become less prominent at later stages. The second essay considers the export performance of BG affiliates through organizational capability lens to distinguish between market and nonmarket capabilities. This paper finds support for the hypothesis that BGs utilized superior nonmarket capabilities on enhancing their export performance and suppressing other's internationalization, but these advantages would be mitigated in a jurisdiction with better political and social support. The third essay complements process theories of emerging market BGs internationalization by considering the structural conditions for successful early-stage internationalization. We propose that international political economy origins have long-lasting path-dependent effects on BG strategy and structure and find strong evidence that BG affiliates in Latin America are less likely to export than are those in Asia. The overall implication of the thesis is to present a vibrant picture of BGs in their institutional context. Empirically, this thesis is among the first few to perform empirical research with firm-level microdata BG, collected from the World Bank Enterprise Surveys. The large multi-country dataset allows for a comparative analysis of the issues, while most BG research focuses on single country settings. This thesis contributes a cross-country study using a BG standard definition, thereby adding to a comparative understanding of BG persistence. This thesis also adds to the literature by identifying explicitly non-financial consequences of group affiliation. To sum up, this thesis offers insights for future research on the broader spectrum regarding institutional spheres where BGs associated with and its either positive or negative inter-connections.

Download or read book Essays on the Role of Markets and Institutions in Developing Economies written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Platinum Essays in the Philosophy of Applied Economics of Development written by Herbert Onye Orji and published by AuthorHouse. This book was released on 2011-09 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, Platinum Essays In The Philosophy Of Applied Economics Of Development, is a collection of interrelated and interconnected essays on applied economics of development with underlying philosophy contents. The topic and areas of coverage were carefully chosen to comprehensively reflect a mandatory range of issues, germane to the understanding, teaching, research, publication and practice of applied economics of development, particularly in medium-to low income emerging markets. There are twenty one chapters each with a topic of major developmental significance in applied economics. Based on the clear and lucid underlying philosophical statements, the broad scope of the applied definitions, analytical and descriptive review of relevant modern and dated literatures, germane to the discourse, observations, recommendations, conclusions and range of ease or otherwise of policy implementations, the key objectives of the book have been achieved.

Download or read book Essays in Contemporary Economics written by George C. Bitros and published by Springer. This book was released on 2014-11-27 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of original essays grouped into four parts under the headings “Greece and European integration,” “Issues in the Methodology of Economics,” “Institutions and the Free Market Economy,” and “Insights for Today from Ancient Greece.” The essays appeal to both researchers in the corresponding fields of knowledge and also to policy makers who are looking for ideas and approaches to confront present day challenges. In particular, given the present state of turmoil in the European Union, the international economy, and democracies in general, most of the essays offer new insights for economic and social policies.

Download or read book Market Institutions Governance and Development written by Dilip Mookherjee and published by Oxford University Press, USA. This book was released on 2006 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: On development economics theories in India.

Download or read book Essays on Markets and Institutions in Developing Countries written by Sreyashi Sen and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Virtue and Economy written by Andrius Bielskis and published by Routledge. This book was released on 2016-03-09 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in Aristotelianism and in virtue ethics has been growing for half a century but as yet the strengths of the study of Aristotelian ethics in politics have not been matched in economics. This ground-breaking text fills that gap. Challenging the premises of neoclassical economic theory, the contributors take issue with neoclassicism’s foundational separation of values from facts, with its treatment of preferences as given, and with its consequent refusal to reason about final ends. The contrary presupposition of this collection is that ethical reasoning about human ends is essential for any sustainable economy, and that reasoning about economic goods should therefore be informed by reasoning about what is humanly and commonly good. Contributions critically engage with aspects of corporate capitalism, managerial power and neoliberal economic policy, and reflect on the recent financial crisis from the point of view of Aristotelian virtue ethics. Containing a new chapter by Alasdair MacIntyre, and deploying his arguments and conceptual scheme throughout, the book critically analyses the theoretical presuppositions and institutional reality of modern capitalism.

Download or read book Reflections on Progress written by Kemal Dervis and published by Brookings Institution Press. This book was released on 2016-08-30 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now, more than ever, the world needs growth-oriented and socially inclusive policymaking. Is the world giving up on the promise of ever-greater prosperity for all, on functioning democratic institutions, and on long-term peace? Is the special set of circumstances that led to the recent rapid growth in emerging markets unlikely to be present in the future? Will the second decade of the twenty first century end with “secular stagnation”? Does the rise of authoritarianism, populism, and fanatic nihilism—all experienced over the last few years—threaten to unravel what has been built painstakingly since the catastrophe of World War II? Kemal Dervis addresses these and similar questions in this thought-provoking series of essays written for Project Syndicate from 2011 to 2015. The essays are organized in three sections: global economic interdependence, inequality and the political economy of reform, and the specific challenge of Europe. The common theme is the need for growth-oriented and socially inclusive policymaking in an interdependent world. These kinds of policies offer the potential for another wave of unprecedented human progress aided by breathtaking new technologies. However, a huge and destabilizing disruption is possible if policymaking is not globally cooperative and is not focused on inclusion and greater equity. These essays synthesize the experience and analysis of a scholar and policymaker with national, regional, and international experience at the highest levels. Dervis exhibits a passion for combining strongly held values with political feasibility.

Download or read book Essays in History written by Charles Poor Kindleberger and published by University of Michigan Press. This book was released on 1999 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classic Kindleberger: Engaging and stimulating reading on eclectic topics in finance, economics, and the life of this captivating author

Download or read book Triumph of the Market written by Edward Herman and published by . This book was released on 1997-02-04 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: **** The third edition (1990) is cited in Brandon-Hill. A text that focuses on the decision-making process which precedes and governs the selection of treatment of various pediatric orthopedic conditions. Each author provides the basic science that relates to the condition under discussion and the scientific basis for treatment decisions. This revised and updated edition is also completely reorganized, adding a second editor and 16 new authors. New chapters deal with orthopedic genetics, history taking and examination of the pediatric patient, syndromes and localized disorders affecting bone, neuromuscular disorders, and fracture treatment, a major portion of pediatric orthopedic practice. Thoroughly illustrated in bandw. Annotation copyright by Book News, Inc., Portland, OR

Download or read book Essays on the World Economy and Its Financial System written by Brigitte Granville and published by Skyhorse Publishing. This book was released on 2000 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributors from member organizations of the Tokyo Club discuss the topics "Reflections on the Economies of Three Major Western Players," "Assessment and Responses to Financial Turmoil," "In Search of an Exchange Rate Regime," and "Managing Risks in an Integrating World Financial System." Members of the Tokyo Club include the Brookings Institution (USA), IFO-Institut Fur Wirtschaftsforschung (Germany), Institut Francais des Relations Internationales (France), The Royal Institute of International Affairs (UK), and Nomura Research Institute, Ltd. (Japan).

Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

Download or read book Economic Development and Financial Instability written by Jan A. Kregel and published by Anthem Press. This book was released on 2014-10-15 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.

Download or read book Essays on Institutions in Developing Economies written by Xiao Yu Wang (Ph. D.) and published by . This book was released on 2013 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary goal of this thesis is to gain a deeper understanding of how institutional structure responds and evolves in equilibrium, particularly in the idiosyncratic and dynamic settings of developing economies. I use methods from market design to study these questions. The first chapter characterizes the equilibrium response of informal insurance relationships to changes in the formal sector, when risk-averse agents may choose what risk to bear in addition to how to share a given risk. The second chapter studies informal insurance relationships in a setting with one-sided moral hazard, and shows how the tradeoff between incentive and insurance provision shapes the composition and nature of informal relationships. The third chapter focuses on a more general setting, where the standard price mechanism fails or is not available, and provides an explanation for why the stable mechanism used in its place works well in practice, despite appearing to be easily manipulable. In the first chapter, I develop a theory of endogenous matching between heterogeneously risk-averse individuals who, once matched, choose both the riskiness of the income stream they face (ex ante risk management) as well as how to share that risk (ex post risk management). I find a clean condition on the fundamentals of the model for unique positive-assortative and negative-assortative matching in risk attitudes. From this, I derive an intuitive falsifiability condition, discuss support for the theory in existing empirical work, and propose an experimental design to test the theory. Finally, I demonstrate the policy importance of understanding informal insurance as the risk-sharing achieved within the equilibrium network of partnerships, rather than within a single, isolated partnership. A hypothetical policy which red c aggregate risk is a strict Pareto improvement if the matching is unchanged, but can be se n to h the most risk-averse individuals and to exacerbate inequality when the endogenous network response is taken into account: the least risk-averse individuals abandon their "oles as informal insurers in favor of entrepreneurial partnerships. This results in an increase in the risk borne by the most risk-averse agents, who must now match with each other on low-return investments. The aim of my second chapter is to understand the impact of optimal provision of both risk and incentives on the choice of contracting partners. I study a risky setting where heterogeneously risk-averse employers and employees must match to be productive. They face a standard one-sided moral hazard problem: mean output increases in the noncontractible input of the employee. Better insurance comes at the cost of weaker incentives, and this tradeoff differs across partnerships of different risk compositions. I show that this heterogeneous tradeoff determines the equilibrium matching pattern, and focus on environments in which assortative matching is the unique equilibrium. This endogenous matching framework enables a concrete and rigorous analysis of the interaction between formal and informal insurance. In particular, I show that the introduction of formal insurance crowds out informal insurance, and may leave those individuals acting as informal insurers in the status quo strictly worse off. My third chapter is motivated by the observation that mechanisms which implement stable matchings often work well in practice, even in environments where individuals could gain by using simple strategies to game the mechanism. Why might individuals refrain from strategic manipulation, even when the complexity cost of manipulation is low? I study a two-sided, one-to-one matching problem with no side transfers, where utility is interdependent in the following intuitive sense: an individual's utility from a match depends not only on her preference ranking of her assigned partner, but also on that partner's ranking of her. I show that, in a world of complete information and linear interdependence, a unique stable matching emerges, and is attained by a modified Gale-Shapley deferred acceptance algorithm. As a result, a stable rule supports truthtelling as an equilibrium strategy. Hence, these results offer a new intuition for why stable matching mechanisms seem to work well in practice, despite their theoretic manipulability: individuals may value being liked.

Download or read book Essays on Monetary Policy Institutions and Terms of Trade Shocks in Emerging Market Economies written by Seedwell Hove and published by . This book was released on 2012 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Essays on Developing Countries written by Tun Wai (U.) and published by Springer. This book was released on 1980 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: