Download or read book Essays on the Economic Effects of Equity written by Marcelo Tokman and published by . This book was released on 1999 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Equity and Efficiency in Economic Development written by Benjamin Howard Higgins and published by McGill-Queen's Press - MQUP. This book was released on 1992 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that the collapse of Eastern European socialism may favour ideological convergence between divergent economic systems and lead to blend of market and planned systems capable to deal with the varying conditions of diverse societies.

Download or read book Essays on Poverty Equity and Growth written by George Psacharopoulos and published by Pergamon. This book was released on 1991 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Effect of Local Offices and Economic Policy Uncertainty in the Private Equity Industry written by Sven Mettner and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Regional Economics written by John F. Kain and published by Cambridge, Mass : Harvard University Press. This book was released on 1971 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilation of essays on government policy and regional planning concerning developing areas in the USA - covers such topics as industrial development, industrial policy for both urban areas and rural areas surplus labour supply areas, urbanization, the employment opportunity promotion effects of new plants location (location of industry), capital flows, problems of rural poverty in Southern states, etc., and includes large-scale models for forecasting regional economic activity and descriptions of econometrics research methods.

Download or read book Three Essays on Housing and Labor Economics written by XUE HU and published by . This book was released on 2017 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays contribute towards our understanding of housing and labor economics. This dissertation is composed of three chapters. In the first chapter, I explore the impact of negative housing equity on households' geo- graphical mobility using data from Panel Study of Income Dynamics. The empirical analysis implies that addressing the endogeneity nature of homeowners' underwater mortgage status is crucial. Even with comprehensive controls for households' demographic characteristics and macro-level factors, omitted variable bias such as homeowners' attitudes towards their financial responsibility may still generate estimation bias that is quite large. After proper instrumenting for homeowners' underwater mortgage status using local shocks from housing and labor markets, the estimation results show that having underwater mortgages is associated with an average decline in mobility rate of about 17 percentage points. The second chapter investigates the role of housing choice and mortgage on employment transitions when there are uncertainties regarding income and house prices. Motivated by the empirical evidence on large employment-transition disparities between homeowners and renters, I develop and estimate a structural model in which mortgage obligations motivate homeowners to exert greater job-search efforts during unemployment spells. The model is used to understand individuals' response to housing and labor market shocks. I find that while the decline in house prices creates negative labor market externalities for renters, tightening mortgage constraints result in greater job search incentives for homeowners. With concurrent negative labor market shocks, the probability of transitioning out of unemployment for both renters and homeowners declines. Two policy experiments are conducted. The first shows that lower refinance cost discourages housing equity accumulation and is associated with a decline in the average employment rate. The second demonstrates that a lower down payment requirement encourages the transition into home ownership, which has positive labor market implications, especially for younger individuals. The first two chapters explore the relation between underwater mortgage and geographical mobility and impacts of mortgage debt obligation on employment incentives. Both analyses are based on individual-level data. The last chapter investigates the mysteries of regional housing market disparities from a macro perspective. This chapter shows that local economic conditions are correlated with deviations between house prices and rents in a price-rent model framework, suggesting that the demand for credit and housing is greater when a variety of local economic conditions are more supportive. Several different measures of local economic conditions are considered in this chapter: local unemployment rates, local unemployment rates relative to the natural rate of unemployment, local inflation rates, and measures of local perceptions of the cost of credit. This chapter attempts to offer explanations not as how or why house prices increased, but rather, given the myriad of national factors making home purchase easier and cheaper, where house prices increased. This approach also resolves a bit of a puzzle as to why the housing bubble was so pronounced in some areas and not others.

Download or read book Three Essays on the Cross national Impact of Trust and Social Factors on Culture of Equity written by John W. Goodell and published by . This book was released on 2008 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nations have broadly varying cultures of equity financing. This dissertation examines both cross-national differences in the price of equity risk and cross-national differences in preference for equity financing, with a view toward how social factors such as trust, in the sense of actual and perceived contract reliability, affects nations' cultures of equity. As a planning measure for long-term investments, the equity premium is an important estimate. Nevertheless, there is little agreement on the empirical estimates of the equity premium in various countries or on the methods most appropriate for estimating the equity premium. Using improved and consistent methodologies, for the first time this dissertation provides equity premium estimates using two different estimation procedures for wide sample of countries covering a recent eight-year period. While Residual Income Growth (RIV) and Abnormal Earnings Growth (AEG) estimates follow similar trends through time, it is found that AEG estimates are consistently lower and less variable. Next, unlike prior studies, this dissertation assesses national characteristics as determinants of cross-border differences in equity premia. It is found that country equity premia narrow with greater concentration of equity ownership and greater economic inequality. Country equity premia widen with more uncertainty avoidance as well as more stock and bond market development, and better legal protection and regulatory quality. Results point to non-pecuniary benefits to holding equity or to controlling ownerships having preferential access to capital. Further, there is little research on the degree to which nations' reliance on markets versus institutions is determined by cultural, legal, and other national characteristics. This dissertation documents that national preference for market financing is associated with increased private monitoring of banks, market openness, and market concentration. Less national preference for market financing is associated with measures reflecting greater anti-self dealing laws, more ambiguity aversion and greater official supervision of banking. Overall, this dissertation makes important new contributions to a better understanding of the nature and role of equity financing in wide range of countries. Given the importance of returns on long range corporate equity investments and corporate equity as a source of investments, these contributions should be of much interest to scholars, managers, and policymakers.

Download or read book Essays in Economic Policy and Economic Growth written by I. G. Patel and published by Palgrave Macmillan. This book was released on 1986-09-08 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research papers, economic policy, economic development, India - examines development policy, trade policy, balance of payments, agricultural policy, inflation, income distribution, economic planning, productivity policy, etc.; studies the repercussions on employment, basic needs fulfilment, low income families, etc; evaluates the impact on developing countries of development aid, economic aid and economic cooperation.

Download or read book Growth Equity Environment and Population written by Kanchan Ratna Chopra and published by SAGE Publications Pvt. Limited. This book was released on 2008-01-05 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: In India the process of modernization and development was initiated in the early 1950s, bringing in its fold a number of issues. This book discusses and analyzes from an economic and social perspective some of these vital concerns—growth, equity, environment and human resources. It is a collection of the work of researchers at the Institute of Economic Growth (IEG), inspired by the forthcoming Golden Jubilee Year of the IEG. The essays in the volume employ sophisticated quantitative techniques in the analyses, thereby enhancing the quality of the subject matter. The volume will prove immensely useful for planners and policymakers as well as students and scholars of development studies. The essays are organized in five sections. The first section comprises issues concerning growth viewed from the perspectives of macro-economics, agriculture and industry. Another section deals with regional and gender equity. Economics and sociology of the environment constitute a third section, while a fourth section is about population, migration and health. The last section discusses sociological perspectives on religion, the institution of family and its place in modern society.

Download or read book Three Essays on Empirical Asset Pricing in International Equity Markets written by Birgit Charlotte Müller and published by Springer Gabler. This book was released on 2021-08-20 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.

Download or read book Essays in Macro finance written by Jiwei Zhang and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of four essays in macro-finance, focusing on the cause and effect of asset prices, inequality, and welfare. In particular, these essays highlight the role of institutions and structural changes in shaping outcomes of asset markets and of the macro-economy. The two overarching objectives of these essays are to analyze mechanisms of asset price movements and to understand how these asset price movements affect the daily lives of people. The four chapters of this dissertation examine the implications of inertia and stock market non-participation for equity prices, risk sharing, and wealth inequality; causal effects of Chinese Communist Party's cadre promotion system on land prices in China; interconnection between homeownership and marriage; fiscal responses to income inequality shocks. The first chapter quantifies the general equilibrium effects of financial innovation that increases access to equity markets. I study an overlapping generations model with both idiosyncratic and aggregate risk, solved with machine learning techniques. A benchmark economy with limited stock market participation and rebalancing frictions matches the current dynamics of macro aggregates, equity and bond returns, as well as wealth and portfolio concentration. A counterfactual experiment shows how widespread adoption of target date funds would improve risk sharing, reduce inequality, and generate substantial welfare gains for households in the bottom 90% of wealth distribution. The equity premium drops from 6.4% to 1.7%, while the standard deviation of equity returns stabilizes from 21.9% to 14.6%. Welfare implications vary with risk aversion and age. In general, the bottom 90% benefit from improved access to equity markets and better risk sharing, while the top 10% su↵er losses in wealth accumulation. Outcomes are very close between an economy with target date funds and one without any participation costs or rebalancing frictions. The second chapter identifies the causal effect of the Chinese Communist Party's performance- based promotion system to the country's real estate boom from 2003 to 2015. City-level leaders prioritizing economic growth allocate land at discounted prices to industrial firms rather than housing developers. Our analysis reveals that personal connections with provincial superiors are crucial for promotion and hence affect local land and housing supply. When city leaders share the same hometown as newly appointed provincial leaders, their chances of promotion increase by 15%, and GDP performances no longer matters. This connection reduces the need for industrial land allocation, resulting in a higher residential land supply in the city. In addition, cities with leaders who have hometown connections experience significantly higher supplies of residential land, and housing price growth rates are also 5% lower in these cities. The third chapter studies the phenomenon of marriage house in China and its effects on demo- graphics and homeownership. We first show empirical evidence for the complementarity between marriage and homeownership: single males with a marriage house (a house where the newlywed can move into) have 70% higher odds of getting married compared to their counterparts who do not have a marriage house. In addition, the timing of home purchase exhibits a clear cut-o↵ around the time of marriage, with the probability of purchasing a house peaking 0-2 years before marriage and slumping immediately after the time of marriage. Moreover, in the cross section, county house prices and average age at marriage are highly correlated in both level and in growth rate. We then quantify the marriage related incentives for homeownership using a lifecycle consumption-savings model with housing demand and ownership-dependent marriage shocks. In a counterfactual world where the marriage-house complementarity is absent, 45% of households under age 45 would delay their home purchases. Removing the marriage house friction from the marriage market would have slowed down the rise in age at first marriage by 40% between 1995 and 2010. Our results suggest that policies directed at either housing affordability or demographics can have significant consequences for both marriage and housing markets in China. Using data on U.S. state and federal taxes and transfers over the last quarter century, the fourth chapter estimates a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income distribution changes and account for reverse causality using instruments based on exposure to international trade shocks, international commodity price shocks and national industry demand shocks, as well as lagged endogenous variables, with controls for the level of income, the business cycle and demographics. We find attenuation initially increases in quintile rank, peaks at the middle quintile and then falls for higher income quintiles, consistent with median voter political economy theory and the Stiglitz Director's law. We also provide evidence of considerable and systematic spillover effects on quintiles neither gaining nor losing in the "experiments, " also favoring the middle quintile. "Voting" and "income insurance" coalition analyses are presented. We find a strong negative relationship between average real income and the degree to which taxes and transfers are heavily redistributive.

Download or read book Equity and Well Being written by Hyun Hwa Son and published by Routledge. This book was released on 2013-04-03 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity is an abstract concept covering philosophical issues such as fairness and social justice, making its definition and measurement complex. This volume tackles these complexities head-on. The book is enriched with many empirical analyses and provides a comprehensive analysis of equity ranging from concepts and measurements to empirical illustrations and policy implications. After an extensive discussion on equity in the introduction, this volume begins with a chapter on well-being where the concepts of functioning and capability are discussed. This is followed by a few chapters on what an equitable distribution is and how equity can be measured. The volume then provides a definition and a methodology to measure equitable growth, examining the relationship between growth, inequality, and poverty. It also presents various empirical illustrations and country-specific experiences with three country case studies which assess whether publicly provided health and education services are equitable in developing Asia, examining the extent to which these social services favor the poor as well as the policy challenges to a more equitable delivery of these services. Finally, these country studies provide evidence–based policy recommendations to improve equity in social service delivery in developing countries. Achieving social equity has long been an important policy goal. There are relatively few studies on equity. This book aims to help fill this gap with an in-depth analysis of the issues associated with equity, covering its concept, measurement, and policy practices and implications.

Download or read book Essay on Natural Resources Economic Growth Development and Equity written by Thi Tuyet Mai Nguyen and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable development is an attractive topic for economists. In the literature on economic growth and sustainable development, there are two core approaches used in most discussions. The first one is recognizing the importance of natural resources as well as strategies for using these resources for economic development in the context of their depletion. The second one is the issue of intergenerational equity in which the needs of the present generations can be assured without compromising the ability to meet the needs of the future generation. My thesis aims to study theoretical models on natural resources, economic growth, development and equity. Chapter I considers a two-sector economy with externalities. We study a theoretical model that investigates the relationship between the optimal dynamics of economic growth using renewable resources and environmental quality. In this model, the industrial sector uses intermediate inputs to produce a final consumption good, and another sector, called the exploitation sector, engages in exploiting a renewable resource. This resource can be sold directly at an exogenously determined market price, generating an additional source of income. We also take into account the negative externalities of the polluting industrial sector on the regenerating capacity of the renewable resource sector. Without the usual convexity or the super-modularity, we prove that the economy evolves to increase the net gain of stock some day in the future. This property ensures that in the long run, the economy gets very close to a steady state. We also establish the conditions ensuring the convergence of the economy in the long run. For sustainable development, one of the most difficult problems relying on criteria for Social Welfare Function is the reconciliation between equality and efficiency. The Anonymity Axiom states that the social ordering is invariant to the information regarding individual orderings. The Pareto Axiom imposes that if at least one generation increases its utility then the social welfare must improve. However, there is no SWF which satisfies both the Anonymity and Pareto Axioms. To overcome this difficulty, some authors propose several approaches to mitigate these axioms. Therefore, a lot of criteria have been introduced such as: Dominance, Weak Dominance, Weak Pareto, Monotonicity and so on. In the second chapter of my thesis, we have revisited some properties of a SWF in the literature taking into account the continuity of this SWF under different topologies. [...] Furthermore, we propose the notions weak no-dictactorship and strong no-dictatorship of the present and the future following the spirit of Chichilniski and provide a detailed description for parameters characterizing the two No dictatorship. In chapter 3, we study an inter-temporal optimization problem using a criterion which is a combination of Ramsey and Rawls criteria. A detailed description of the saving behavior through time is provided. [...] The last chapter develops a theoretical model to access the determinants of the effectiveness of Special Economic Zone and the conditions for its implementation. The results of this study show that there is a threshold such that for all the initial savings of a country above this level, it will be optimal to invest in new technology. Moreover, several factors including the price of technological capital, the wage of high-skilled labor, the initial income of the economy and the total factor productivity in the SEZ sector, endogenously determine this threshold. This chapter also proposes a service sector as an additional source to the accumulated capital, that can help the country pass this threshold.

Download or read book Essays on Energy Equity and the Environment in Developing Countries written by Debra K. Israel and published by . This book was released on 1999 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this dissertation explore different environmental and public policy issues relevant to developing countries. Essay I examines household-level survey responses to the question "How willing would you be to pay somewhat higher taxes to the government if you knew the money would be spent to protect the environment and prevent land, water and air pollution?" Specifically, for twelve developing and three developed countries included in the survey, the empirical relationships among willingness to pay for environmental quality, relative household income and national income are investigated. The results indicate that when the effects of household and national income are combined, households with below-average income in low-income countries are less willing to pay for environmental protection than those with above-average income in high-income countries. Furthermore, willingness to pay for environmental protection increases more significantly with relative household income than with national income. Essay II uses data from urban Bolivia to study the determinants of household fuel choice, an important link between deforestation and indoor air pollution in developing countries. In particular, the effects of fixed fuel costs, income growth, and female earned income on household fuel choice are examined. The results imply that reduction in firewood use in developing countries is not likely to occur simply as the result of income growth. The essay discusses possible policy implications based on the results that fixed fuel costs appear to be a deterrent to switching to a cleaner fuel and households with female earned income seem less likely to use firewood than other households. Essay III analyzes the equity implications of the elimination of fuel subsidies in the 1985 Bolivian economic reforms. An analysis of the direct static burden shows that while the elimination of gasoline subsidies was progressively distributed, the elimination of LPG and kerosene subsidies was regressive. Overall, the impact was close to proportional. However, including the indirect effect of urban transportation fare increases adds to the regressivity of the subsidy removal, while including the partial equilibrium effects implies a more progressive burden.

Download or read book An Essay on the Economic Effects of the Reformation written by George Augustine Thomas O'Brien and published by London : Burns Oates & Washbourne. This book was released on 1923 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Economics written by Israel Hadas Romem and published by . This book was released on 2013 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1: Using a novel combination of administrative and proprietary data from 2007 to 2011 on King County, WA (metro Seattle), I estimate the effect of owner-occupants' home equity on their probability of sale and, indirectly, mobility. I exploit plausibly exogenous variation that follows only from changes in local housing price indices, and I account for confounding economic conditions that vary by time and location. The estimates indicate that sales decline dramatically over the combined loan-to-value ratio range from approximately 70% to 100%, well before homeowners reach negative equity levels. Chapter 2: A known shortcoming of Burdett and Mortensen's celebrated result of pure equilibrium wage dispersion is that it hinges upon the assumption of random matching. This chapter presents a modified version of their model, in which pure equilibrium wage dispersion arises under a form of balanced matching. Rather than modeling workers and firms, the model addresses workers and jobs. Matching is assumed to be random with respect to jobs, which amounts to balanced matching with respect to firms, when firm size is measured in terms of jobs. The bizarre implication of random matching with firms, whereby splitting a firm in two increases its recruitment rate, is eliminated. In addition to increasing employment, speeding up recruitment and reducing worker turnover, higher wages in the modified model also reduce the rate of job vacancy. Chapter 3: I model the relationship between a central government and its tax-collecting proxies. The Old Kingdom was the first great age of Ancient Egypt, witnessing the construction of such wonders as the pyramids of Giza and the Sphinx. Its downfall was the culmination of a long process, whereby the balance of power gradually shifted from the royal court to an emerging provincial elite. I maintain that the process was born out of state policy: Incapable of perceiving the long-run dynamics governing the equilibrium division of resources between itself and its local proxies, the royal court set the economy on a divergent path that empowered the provincial elite at the state's expense. The underlying strategic interaction between the royal court and its proxies was present throughout the Old Kingdom period. Careful attention is paid to the question of which decisions should be modeled by optimizing behavior and which should not. The paper fills a gap in the literature by addressing why, in the short run, the royal court could not decrease the flow of state resources to the provincial elite.

Download or read book Essays in Finance and Environmental Economics written by Thomas A. Becker and published by . This book was released on 2010 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three chapters, each of which contributes to the field of behavioral finance. Two of the chapters focus on topics in environmental economics and the third on U.S. household finance. All of the papers analyze the incentives and behavior of individuals (or firms in the case of the first chapter) to provide insight into macro phenomena. "The Effects of Carbon Markets on Equity Prices and Volatility" uses a firm-level dataset of carbon assets and liabilities between 2005 and 2007 to examine the impact of volatile carbon prices on equity prices. I find that the changes to firms' market capitalizations during a period of falling carbon prices are explained by the change in the net present value of emission permit holdings. Equity prices respond to changes in the mark-to-market value of firms' carbon permit shortfalls or surpluses and carbon price volatility increases the volatility of equity prices. I also document considerable delays in the equity and options markets responses to developments in carbon markets and attribute these lagged responses to information constraints and the novelty of carbon markets. "Outstanding Debt and the Household Portfolio," co-written with my classmate Reza Shabani, alters a simple portfolio choice model to allow households to retire outstanding debt and realize a risk-free rate of return equal to the interest rate on that debt. Using the Survey of Consumer Finances we find that households with mortgage debt are 10 percent less likely to own stocks and 37 percent less likely to own bonds compared to similar households with no outstanding mortgage debt. To show that our results are not driven by irrational behavior amongst a subset of households, we construct two proxy variables for financial naivete. Finally we calculate the costs of non-optimal investment decisions in the presence of various forms of household debt including mortgages, home equity loans and credit card debt. We find that 26 percent of households should forego equity market participation on account of the high interest rates that they pay on their debt. "Crude Drilling: An Analysis of Incentives and Behavior in the Oil Industry During the 1860s" explains why rates of oil extraction in the nascent oil industry far exceeded the profit maximizing levels predicted by the economic theory of non-renewable resources. The analysis combines historical narrative accounts with property sale and lease data and information on oil well owners to explain how individual incentives led to aggregate over-drilling. In particular, I focus on the incentives of under-capitalized wildcat drillers as an explanation for the excessive waste and under-investment that characterized the early oil market. I find that these poorer prospectors were incentivized to extract oil at higher than optimal rates because of the characteristics of their property lease contracts and the low-cost drilling technology they used to bore exploratory wells. Low barriers to entry in the early oil drilling business led to an influx of wildcat drillers into the nascent oil market and delayed the entry of additional well-capitalized drillers. The result was a market characterized by cyclical supply shocks, low levels of investment in storage and conservation, and corresponding price instability.