Всего публикаций в данном разделе: 22230
Опубликовано на портале: 15-12-2002Mark R. Rosenzweig Oxford Review of Economic Policy. . Vol. 17. No. 1. P. 40-54.
The empirical literature on savings in low-income countries has exploited some remarkable data sets to shed new light on savings behavior in the poor agricultural households that make up the majority of the population in such countries. A number of conclusions have emerged: 1. The degree of consumption smoothing over seasons within the year and across years, in response to very large income fluctuations, is higher than was supposed. 2. The lack of complete insurance and credit markets, however, is manifested in asset stocks and asset compositions among farmers, especially small farmers, that are inefficient. 3. The combination of low and volatile incomes is an important cause of inefficiency and income inequality. 4. The proximity of formal financial institutions increases financial savings and crowds out informal insurance arrangements, thus, in principle, better facilitating financial intermediation. 5. Simple life-cycle models of savings do not appear to explain long-term savings in low-income settings.
Опубликовано на портале: 15-12-2002William J. Wilhelm Oxford Review of Economic Policy. . Vol. 17. No. 2. P. 235-247.
Financial markets are markets for information. As such, they are directly influenced by advances in information dissemination, storage, and processing associated with the commercial development of the Internet. On the other hand, given the long-standing centrality of information in financial markets, the consequences of the Internet for financial markets can be understood as evolutionary rather than revolutionary. This paper provides a framework for understanding how the historical interplay between information technology and human capital has influenced financial market structure. In doing so, it sheds light on the recent reorganization of financial markets. Implications for reorganization of product markets where the impact of the Internet is more abrupt might be inferred.
Опубликовано на портале: 15-12-2002Neil Gandal Oxford Review of Economic Policy. . Vol. 18. No. 1. P. 80-91.
Given the dramatic growth of the Internet and information technology industries in general, and the importance of interconnection in these networks, the economics of compatibility and standardization has become mainstream economics. Several key policy aspects of standard-setting in industries with network effects are examined.
Опубликовано на портале: 15-12-2002Stephen Nickell, Glenda Quintini Oxford Review of Economic Policy. . Vol. 18. No. 2. P. 202-220.
Both the overall macroeconomic performance of the UK labour market since 1997 are considered, as well as some of the underlying micro problems, particularly those facing unskilled workers. On the macro front, unemployment has declined to its lowest level for a generation without excessive inflationary pressure. The main factors behind this decline in equilibrium unemployment stem from actions taken by the previous government. Changes introduced in the labour market since 1997 are likely to have only small effects on equilibrium unemployment. Underlying this favourable aggregate labour-market performance are serious problems facing unskilled men who have seen dramatic increases in their unemployment and inactivity rates, concentrated particularly in Wales and the northern regions of Britain. The policy response since 1997 has focused on encouraging the unskilled into work (the New Deal) while simultaneously raising the rewards for working. These polices have had a positive impact on youth employment and have significantly reduced child poverty. So far, however, existing policies do not seem likely to have a serious impact on the high levels of worklessness among unskilled men.
Taxes and transfers 1997-2001 [статья]
Опубликовано на портале: 15-12-2002Tom Clark, Andrew Dilnot, Alissa Goodman Oxford Review of Economic Policy. . Vol. 18. No. 2. P. 187-201.
Significant change was made to both tax and benefits systems during the period 1997-2001. The impact of the changes which directly affect households is highly progressive, reflecting a significant increase in means-tested benefit levels. But the underlying distribution of income has moved such that overall inequality of income has not fallen, and the government has made less progress on reducing poverty than it had hoped. This paper described the aggregate impact of changes on the level of tax and public spending and on the composition of the tax system. The main changes that were introduced to the system are also discussed. The distributional impact of the main changes directed at personal incomes, and the direction of change in the structure of intervention by government in individual outcomes is presented.
Опубликовано на портале: 15-12-2002Samantha Punch Work, Employment, and Society. 2001. Vol. 15. No. 4. P. 803-823.
Many studies have examined the household division of labour from a gender perspective, but comparatively few have considered age and the intergenerational distribution of household work. Using empirical evidence from my ethnographic study of rural households in Bolivia, I argue that whilst adult household labour is highly determined by gender roles, children's unpaid household work often cuts across gender stereotypes and does not merely mirror the adult division of labour. Furthermore, this paper argues that it is not sufficient to include only an intergenerational and gender analysis of household divisions of labour but that other intragenerational issues also need to be considered. Drawing on both children's and adults' perspectives, this paper discusses the nature of generation-specific tasks not only by gender but also by age, birth order and sibling composition. Whilst the paper is based on a case study of a rural community in a low-income country, it highlights the importance of the sibling order which has frequently been overlooked or ignored in household divisions of labour throughout the world. The findings show that the allocation of household labour in rural Bolivia is worked out according to generation, age, gender, birth order and sibling composition.
The role of the state in skill formation: evidence from the Republic of Korea, Singapore, and Taiwan [статья]
Опубликовано на портале: 15-12-2002Francis Green, David Ashton, Donna James Oxford Review of Economic Policy. . Vol. 15. No. 1. P. 82-96.
We propose a new interpretation of the role of the state in skill formation, with reference to three East Asian newly industrialized economies. Rather than see the state as simply redressing externalities, we interpret the state as matching the supply and demand for skills in a rapidly growing economy. This role can be superior to a strategy of allowing education and training institutions to be driven by autonomous processes. The role is most likely to be observed in developmental states. We examine the political mechanisms that have helped to ensure that educational and training policy formation are subordinated to the imperatives of economic growth. While the East Asian model cannot be imported wholesale to western countries such as Britain in different historical circumstances, the example lends credence to the value of the state taking a strategic approach to education and training policy.
The impact of the regulation of low wages on inequality and labour-market adjustment: A comparative analysis [статья]
Опубликовано на портале: 15-12-2002Stephen Bazen Oxford Review of Economic Policy. . Vol. 16. No. 1. P. 57-69.
In all continental European countries there exist non-market mechanisms that determine or regulate wage rates for the low-paid. The experience of three countries that have national minimum wages - France, Belgium, and the Netherlands - and three where low wage rates are determined through widespread collective bargaining - Germany, Italy, and Denmark, are considered. It is found that overall there is less inequality (both wage and income) and less poverty than in the UK and the US, where low wages are less regulated. Furthermore, patterns of labor-market adjustment - employment, unemployment, and gross job flows - vary greatly, suggesting that there is no one-to-one mapping between the presence of mechanisms to regulate low wages and labor-market performance. Furthermore, wage shares have been falling since the early 1980s. It is therefore difficult to attribute high and persistent rates of unemployment found in certain countries to the existence of mechanisms to regulate low wages.
Опубликовано на портале: 15-12-2002David Webster Oxford Review of Economic Policy. . Vol. 16. No. 1. P. 114-128.
This paper argues that British welfare to work policies are inadequate, given the geographical concentration of worklessness in northern regions and in cities and former coalfields. While unemployment has been converging geographically, inactivity has not. All the welfare to work target groups - youth unemployed, long-term unemployed, lone parents, the long-term sick, and partners of the unemployed - have closely similar geographical distributions. Official arguments that there are adequate job vacancies everywhere are shown to be flawed. The geography of worklessness is largely explained by the weakness of adjustment through migration and commuting to the loss of jobs in manufacturing and mining, the cities being particularly affected by urban-rural manufacturing shift. Policy needs to promote more relevant employment in high unemployment areas, through increased spending on derelict land reclamation and on transport and other infrastructure. The case for more supportive policies towards manufacturing should also be considered.
Опубликовано на портале: 15-12-2002Yishay Yafeh Oxford Review of Economic Policy. . Vol. 16. No. 2. P. 74-84.
Much has been written about the Japanese model of corporate governance. This article describes the evolution of corporate governance in Japan since the Second World War, and surveys the empirical evidence on its performance. Although there is substantial evidence on the effectiveness of the Japanese system, there is also evidence on its significant shortcomings. The article also evaluates the effects of the current macroeconomic and banking crises on corporate governance in Japan, and suggests possible directions for future changes, which are likely to make Japan more similar to the U.S. in this respect.
Опубликовано на портале: 15-12-2002Yutaka Imai, Masaaki Kawagoe Oxford Review of Economic Policy. . Vol. 16. No. 2. P. 114-123.
It is argued that the comparatively low levels of business start-ups in Japan need not be a matter of concern insofar as the pattern of growth relying on existing companies persists. But the declining trend of start-up rates may be worrisome for it may indicate waning entrepreneurship and weakening mechanisms of resource reallocation and economic growth. Policy measures to promote business start-ups are not based on well founded studies at an aggregate level, which are lacking in the absence of comparable data, but rather are inspired by the successful U.S. experience. This paper looks into two specific areas of policy-private equity markets and bankruptcy-where important progress has been made, and points to further scope for improvement.
Опубликовано на портале: 15-12-2002Xavier Vives Oxford Review of Economic Policy. . Vol. 17. No. 4. P. 535-547.
This paper reviews the role of competition in banking against the background of a transforming sector. It uses industrial organization and modern financial intermediation analysis to study the relationships between the level of competition, risk-taking incentives, and the regulatory frame. The consequences for market structure of the liberalization process and the need for competition policy in the sector are highlighted.
Опубликовано на портале: 15-12-2002Kiminori Matsuyama Journal of Political Economy. 2002. Vol. 110. No. 5. P. 1035-1070.
This paper studies mechanisms behind the rise of mass consumption societies. The development process depicted follows the Flying Geese pattern, in which a series of industries take off one after another. As productivity improves in these industries, each consumer good becomes affordable to an increasingly large number of households, which constantly expand the range of goods they consume. This in turn generates larger markets for consumer goods, which leads to further improvement in productivity. For such virtuous cycles of productivity gains and expanding markets to occur, income distribution should be neither too equal nor too unequal. With too much equality, the economy stagnates in a poverty trap. With too much inequality, the development stops prematurely.
Опубликовано на портале: 15-12-2002Michael Pryke, John Allen Economy and Society. 2000. Vol. 29. No. 2. P. 264 - 284.
This paper examines some of the ways in which the everyday is becoming connected into the world of finance, a process facilitated through so-called derivatives.The increasing use of derivatives is traced to the collapse of the Bretton Woods agreement and the ways in which innovative developments in financial engineering were used to overcome the uncertainties of interest rate, currency and price risks that grew apace from the early 1970s. We argue that these risks are not more of the same.They are qualitatively different and run deeper through the highly integrated financial markets of today. And, as later parts of the paper argue taking their cue from the works of Paul Virilio and Georg Simmel, notably the latters Philosophy of Money, the manner in which these risks interact and the speed of their interaction suggest the emergence of new forms of money, a new monetization of time-space. The paper then moves on to consider how the calculative practices that lie at the heart of derivatives involve a process of socialization of the understanding of the risks that new money forms are made to negotiate successfully. The idea of money of what it is now supposed to be capable of doing with and across time-space thus stems from a new money imaginary. The paper concludes by reemphasizing the reasons why, when understood through areading of Virilio and Simmel, derivatives should be viewed as representing new forms of money.
Опубликовано на портале: 15-12-2002Milan Zafirovski Economy and Society. 2000. Vol. 29. No. 2. P. 181 - 206.
That the extension of the rational choice model beyond the economy to all society can finally lead to integration of social theory is often claimed by the models advocates. The underlying assumption is that this model is valid for both the economy and society, in the form of an economic approach to, or a utilitarian paradigm of, all social behaviour. The meta-theoretical presupposition or injunction that agents are (should be) profit-seekers or utility-optimizers is therewith given the mission to integrate and save contemporary social science. However, such extensions of the rational choice model from the economy to society neglect the fact that this presupposition has been partly mitigated and compromised within economics itself. If so, then suspicion is strong that the rational choice model would be even less appropriate for the other social sciences and thus fall short of achieving its self-designated role of integration of social theory. The conclusion of an interdisciplinary analysis drawing both from economics and sociology is that rational choice is far from being an integrative model of the economy and society.
Опубликовано на портале: 15-12-2002Ben Fine, Costas Lapavitsas Economy and Society. 2000. Vol. 29. No. 3. P. 357 - 382.
This article addresses the issue of how the market and the non-market are to be understood especially by concentrating on the theory of money. For mainstream economics, the market is simply an institution facilitating exchange, money being the key instrument for alleviating the inefficiencies of barter. In contrast, recent work in other social sciences, such as that by Zelizer, distinguishes among markets, and various roles of money, depending on cultural and social content. While being sympathetic to such an approach, we claim that the commodity is a better analytical starting point than the market. Based on Marx's work, we then show what commodities have in common and establish a common essence for money as generalized purchasing power. This is a peculiarly bland essence that allows money to undertake the variety of social roles identified by Zelizer.
Insuring morality [статья]
Опубликовано на портале: 15-12-2002Tom Baker Economy and Society. 2000. Vol. 29. No. 4. P. 559 - 577.
This article describes and compares two forms of moral regulation employed in connection with insurance institutions. The first governs through moralized personal attributes or pressures like 'temptation' and 'character'. The second governs through moralized institutional or system attributes and processes described in terms of 'efficiency'. The article traces these forms of moral regulation from the mid-nineteenth century to the present, arguing that both continue to inform popular and specialized discourses of risk.
Опубликовано на портале: 15-12-2002Philip Hanson Economy and Society. 2002. Vol. 31. No. 1. P. 62 - 84.
Russia's economic adjustment to the fall of communism has been notoriously troubled. The output recovery since 1998 is widely judged to be fragile. What is less often noted is that Russia is far from unique in its 'transition' troubles. In this paper the main hypotheses put forward to account for Russia's transition difficulties are reviewed in the context of economic change in all ex-communist countries. Accounts relying on (unexplained) mistakes in economic policy are inadequate. Two accounts may be sustainable in the light of evidence from other ex-communist countries: one based on inherited economic structure and one based on cultural factors. The latter hypothesis is shown to be susceptible to testing.
Опубликовано на портале: 15-12-2002Nicholas Thoburn Economy and Society. 2002. Vol. 31. No. 3. P. 434 - 460.
This article considers the place of difference in Marx's politics through an exploration of his categories of the lumpenproletariat and the proletariat. Far from a simple set of class subjects or empirical peoples, these two categories are argued to describe particular modes of political composition. Despite the frisson of difference and excess which is usually associated with Marx's lumpenproletariat, it is argued to describe a mode of composition - and, in relation to anarchism, a politics - oriented not towards difference and becoming, but towards present identity. The proletariat, on the other hand, is shown to be not a People, historical Subject or identity, but a 'minor' political mode of composition immanent to the manifolds of capitalism, and premised on the condition that, as Deleuze puts it, 'the people are missing'.
"Carry your credit in your pocket": The early history of the credit card at Bank of America and Chase Manhattan [статья]
Опубликовано на портале: 15-12-2002Timothy Wolters Enterprise and Society. 2000. Vol. 1. No. 2. P. 315-354.
Drawing from newly available archival material, this article explores the early history of one of today's most ubiquitous financial instruments, the bank credit card. It focuses on the managerial decisions that led to the implementation and development of charge card programs at the 2 largest American banks of the late 1950s and early 1960s. Even though the initial performance of the 2 programs was comparable, top management at each bank ultimately adopted different business strategies. The differences resulted from managers' contrasting interpretations of the appropriate market for the credit card, interpretations formed within the context of 2 distinct banking cultures.