This paper presents an estimation of the impacts of microcredit on labor and human capital following a quasi-experiment specifically designed to control for endogeneity and selection bias in the context of urban Mexico. We find important indirect trickle-down effects of credit through labor expenditure that benefit poor laborers; however, these effects were only observed when loan-supported enterprising households reached a level of income well above the poverty line. We also find significant, although small impacts of credit on children´s schooling that could be potentially reinforced by improvements in lending technology, school grants and additional ex-ante preventive and ex-post protective riskcoping products.
{"title":"Wider Impacts of Microcredit: Evidence from Labor and Human Capital in Urban Mexico","authors":"M. Niño-Zarazúa, P. Mosley","doi":"10.2139/ssrn.1274859","DOIUrl":"https://doi.org/10.2139/ssrn.1274859","url":null,"abstract":"This paper presents an estimation of the impacts of microcredit on labor and human capital following a quasi-experiment specifically designed to control for endogeneity and selection bias in the context of urban Mexico. We find important indirect trickle-down effects of credit through labor expenditure that benefit poor laborers; however, these effects were only observed when loan-supported enterprising households reached a level of income well above the poverty line. We also find significant, although small impacts of credit on children´s schooling that could be potentially reinforced by improvements in lending technology, school grants and additional ex-ante preventive and ex-post protective riskcoping products.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122327469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates public pension funding using a dynamic general equilibrium macroeconomic model (DSGE) that facilitates investigation of distortionary effects of fiscal and pension policy responses to ageing. The model is calibrated to the Finnish economy, which will encounter substantial ageing pressures in the near future. During the transition to an older population structure ageing costs can be substantially lowered by allowing public funds to smooth out the tax responses. Cutting down on pension prefunding at a time when the pace of ageing is at its peak reduces the necessary tax hikes and stimulates labour supply growth at the moment when the labour market is tightest. With smaller funding needs, ageing leads to a slower growth in labour costs, a better employment conditions and faster production growth.
{"title":"Government Funds and Demographic Transition - Alleviating Ageing Costs in a Small Open Economy","authors":"H. Kinnunen","doi":"10.2139/ssrn.1299566","DOIUrl":"https://doi.org/10.2139/ssrn.1299566","url":null,"abstract":"This paper investigates public pension funding using a dynamic general equilibrium macroeconomic model (DSGE) that facilitates investigation of distortionary effects of fiscal and pension policy responses to ageing. The model is calibrated to the Finnish economy, which will encounter substantial ageing pressures in the near future. During the transition to an older population structure ageing costs can be substantially lowered by allowing public funds to smooth out the tax responses. Cutting down on pension prefunding at a time when the pace of ageing is at its peak reduces the necessary tax hikes and stimulates labour supply growth at the moment when the labour market is tightest. With smaller funding needs, ageing leads to a slower growth in labour costs, a better employment conditions and faster production growth.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"164 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116286084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we study the relationship among schooling, youth employment and youth crime. The framework, a multinomial discrete choice vector autoregression, provides a comprehensive analysis of the dynamic interactions among a youth’s schooling, work and crime decisions and arrest and incarceration outcomes. We allow for observable initial conditions, unobserved heterogeneity, measurement error and missing data. We use data from the NLSY97 on black male youths starting from age 14. The estimates indicate important roles both for heterogeneity in initial conditions and for stochastic events that arise during one’s youth in determining outcomes as young adults.
{"title":"The Transition from School to Jail: Youth Crime and High School Completion among Black Males","authors":"Antonio Merlo, K. Wolpin","doi":"10.2139/ssrn.1270633","DOIUrl":"https://doi.org/10.2139/ssrn.1270633","url":null,"abstract":"In this paper, we study the relationship among schooling, youth employment and youth crime. The framework, a multinomial discrete choice vector autoregression, provides a comprehensive analysis of the dynamic interactions among a youth’s schooling, work and crime decisions and arrest and incarceration outcomes. We allow for observable initial conditions, unobserved heterogeneity, measurement error and missing data. We use data from the NLSY97 on black male youths starting from age 14. The estimates indicate important roles both for heterogeneity in initial conditions and for stochastic events that arise during one’s youth in determining outcomes as young adults.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130010466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper focuses on the time allocation of spouses and the impact of economic variables. We present a stylized model of the time allocation of spouses to illustrate the expected impact of wages and non-labour income. The empirical model simultaneously specifies three time-use choices -paid work, childcare, and housework- and wage and employment equations for each spouse, allowing for correlation across the errors of the ten equations. We exploit the rich information in the French time-use survey 1998-99 to estimate the model. The predictions of the theoretical model are mostly validated with the main exception of the standard hypothesis that performing housework does not bring utility. Parents' market time responds positively to changes in own wage. The own-wage elasticity of housework is negative while childcare does not react to changes in own wage. Women's non-market time is independent of their husband's wage; but both housework and childcare of fathers react positively to an increase in their wife's wage. Non-labour income reduces paid work by parents and increases their non-market time. Higher-educated and older parents spend more time with their children. There are significant and positive correlations across the errors of the spousal equations.
{"title":"How Do Parents Allocate Time?","authors":"Hans G. Bloemen, E. Stancanelli","doi":"10.2139/ssrn.1262231","DOIUrl":"https://doi.org/10.2139/ssrn.1262231","url":null,"abstract":"This paper focuses on the time allocation of spouses and the impact of economic variables. We present a stylized model of the time allocation of spouses to illustrate the expected impact of wages and non-labour income. The empirical model simultaneously specifies three time-use choices -paid work, childcare, and housework- and wage and employment equations for each spouse, allowing for correlation across the errors of the ten equations. We exploit the rich information in the French time-use survey 1998-99 to estimate the model. The predictions of the theoretical model are mostly validated with the main exception of the standard hypothesis that performing housework does not bring utility. Parents' market time responds positively to changes in own wage. The own-wage elasticity of housework is negative while childcare does not react to changes in own wage. Women's non-market time is independent of their husband's wage; but both housework and childcare of fathers react positively to an increase in their wife's wage. Non-labour income reduces paid work by parents and increases their non-market time. Higher-educated and older parents spend more time with their children. There are significant and positive correlations across the errors of the spousal equations.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116798115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper incorporates compassion into social preferences and tracks individuals' choices over ten allocation decisions, categorizing participants' behavior more precisely than previous work. We provide important evidence relevant to the on-going debate as to whether social preferences are better characterized as inequity aversion or social surplus maximization. We find social preferences to be heterogeneous: approximately two-thirds of participants exhibit consistent preferences in all ten exercises and other-regarding individuals are almost evenly split between inequity aversion and social surplus maximization. Women are significantly more likely than men to be inequity averters and less likely to be social surplus maximizers. A large majority of participants choose one or more allocations consistent with compassion but which reduce own payoff, increase inequality, or reduce social surplus. Individuals respond to lower prices of giving by being less self-interested and to larger payoff gaps by being more compassionate. Men are more responsive than women to the price of giving because they are more often social surplus maximizers who react more to costs while women are more often inequity averters who are less sensitive to the price of giving.
{"title":"On Measuring Compassion in Social Preferences Do Gender, Price of Giving, or Inequality Matter?","authors":"L. Kamas, A. Preston","doi":"10.2139/ssrn.1357784","DOIUrl":"https://doi.org/10.2139/ssrn.1357784","url":null,"abstract":"This paper incorporates compassion into social preferences and tracks individuals' choices over ten allocation decisions, categorizing participants' behavior more precisely than previous work. We provide important evidence relevant to the on-going debate as to whether social preferences are better characterized as inequity aversion or social surplus maximization. We find social preferences to be heterogeneous: approximately two-thirds of participants exhibit consistent preferences in all ten exercises and other-regarding individuals are almost evenly split between inequity aversion and social surplus maximization. Women are significantly more likely than men to be inequity averters and less likely to be social surplus maximizers. A large majority of participants choose one or more allocations consistent with compassion but which reduce own payoff, increase inequality, or reduce social surplus. Individuals respond to lower prices of giving by being less self-interested and to larger payoff gaps by being more compassionate. Men are more responsive than women to the price of giving because they are more often social surplus maximizers who react more to costs while women are more often inequity averters who are less sensitive to the price of giving.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132753119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A family preference for sons over daughters may manifest itself in different ways, including higher mortality, worse health status, or lower educational attainment among girls. This study focuses on one measure of son preference in the developing world, namely the likelihood of continued childbearing given the gender composition of existing children in the family. The authors use an unusually large data set, covering 65 countries and approximately 5 million births. The analysis shows that son preference is apparent in many regions of the developing world and is particularly large in South Asia and in the Eastern Europe and Central Asia region. Modernization does not appear to reduce son preference. For example, in South Asia son preference is larger for women with more education and is increasing over time. The explanation for these patterns appears to be that latent son preference in childbearing is more likely to manifest itself when fertility levels are low. As a result of son preference, girls tend to grow up with significantly more siblings than boys do, which may have implications for their wellbeing if there are quantity-quality trade-offs that result in fewer material and emotional resources allocated to children in larger families.
{"title":"Development, Modernization, and Son Preference in Fertility Decisions","authors":"D. Filmer, J. Friedman, Norbert R. Schady","doi":"10.1596/1813-9450-4716","DOIUrl":"https://doi.org/10.1596/1813-9450-4716","url":null,"abstract":"A family preference for sons over daughters may manifest itself in different ways, including higher mortality, worse health status, or lower educational attainment among girls. This study focuses on one measure of son preference in the developing world, namely the likelihood of continued childbearing given the gender composition of existing children in the family. The authors use an unusually large data set, covering 65 countries and approximately 5 million births. The analysis shows that son preference is apparent in many regions of the developing world and is particularly large in South Asia and in the Eastern Europe and Central Asia region. Modernization does not appear to reduce son preference. For example, in South Asia son preference is larger for women with more education and is increasing over time. The explanation for these patterns appears to be that latent son preference in childbearing is more likely to manifest itself when fertility levels are low. As a result of son preference, girls tend to grow up with significantly more siblings than boys do, which may have implications for their wellbeing if there are quantity-quality trade-offs that result in fewer material and emotional resources allocated to children in larger families.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126926271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-08-11DOI: 10.1111/j.1540-5850.2008.00913.x
Tim V. Eaton, John R. Nofsinger
Using a comprehensive sample of 2002 and 2005 U.S. public retirement systems, we found that public pension plan underfunding grew dramatically in these years despite a good economy, increasing state tax revenues, and strong stock market returns on average, plans were only 83% funded. Teacher plans and plans with the most retirees were more underfunded. We found no significant differences related to asset allocations or actuarial assumptions about inflation and rate of return. A primary factor associated with significantly lower underfunding was more female active participants in the plan, suggesting another risk to women's retirement income.
{"title":"Funding Levels and Gender in Public Pension Plans","authors":"Tim V. Eaton, John R. Nofsinger","doi":"10.1111/j.1540-5850.2008.00913.x","DOIUrl":"https://doi.org/10.1111/j.1540-5850.2008.00913.x","url":null,"abstract":"Using a comprehensive sample of 2002 and 2005 U.S. public retirement systems, we found that public pension plan underfunding grew dramatically in these years despite a good economy, increasing state tax revenues, and strong stock market returns on average, plans were only 83% funded. Teacher plans and plans with the most retirees were more underfunded. We found no significant differences related to asset allocations or actuarial assumptions about inflation and rate of return. A primary factor associated with significantly lower underfunding was more female active participants in the plan, suggesting another risk to women's retirement income.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129676683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We use the SHIW panel dataset to characterize the properties of household income patterns in Italy. Our model treats income as a linear combination of deterministic, persistent AR(1) and transitory MA(1) components. We find the typical hump-shape commonly observed on US data only for households with a highly educated head. Our estimates for the persistent and transitory shocks are instead in line with previous findings for the US. The autoregressive coefficient is insignificantly different from one. Households with a highly educated head face a higher persistent risk and a lower transitory risk. Self-employed workers face higher persistent and transitory risks.
{"title":"An Empirical Assessment of Household Income Patterns in Italy","authors":"A. Bucciol","doi":"10.2139/ssrn.1262228","DOIUrl":"https://doi.org/10.2139/ssrn.1262228","url":null,"abstract":"We use the SHIW panel dataset to characterize the properties of household income patterns in Italy. Our model treats income as a linear combination of deterministic, persistent AR(1) and transitory MA(1) components. We find the typical hump-shape commonly observed on US data only for households with a highly educated head. Our estimates for the persistent and transitory shocks are instead in line with previous findings for the US. The autoregressive coefficient is insignificantly different from one. Households with a highly educated head face a higher persistent risk and a lower transitory risk. Self-employed workers face higher persistent and transitory risks.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124268074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-08-05DOI: 10.1111/j.1475-4991.2008.00278.x
Magnus Gustavsson
Using a large individual longitudinal database, I decompose the cross-sectional variance of male annual earnings in Sweden between 1960 and 1990 into persistent and transitory components. The persistent variance displays a downward trend during the whole sample period, but with the rate of decline more rapid up until the early 1980s than afterwards. The transitory variance has increased from 1960 until the early 1970s, decreased slightly until the late 1970s, and then risen again during the second half of the 1980s. An important lesson from these results concern the interpretation of the rise in cross-sectional inequality observed after the 1983 breakdown of centralized bargaining in Sweden. While it has often been presumed that this growth reflected increased returns to skills, this study shows that it was in fact due to increased transitory earnings fluctuations.
{"title":"A New Picture of Swedish Earnings Inequality: Persistent and Transitory Components, 1960-1990","authors":"Magnus Gustavsson","doi":"10.1111/j.1475-4991.2008.00278.x","DOIUrl":"https://doi.org/10.1111/j.1475-4991.2008.00278.x","url":null,"abstract":"Using a large individual longitudinal database, I decompose the cross-sectional variance of male annual earnings in Sweden between 1960 and 1990 into persistent and transitory components. The persistent variance displays a downward trend during the whole sample period, but with the rate of decline more rapid up until the early 1980s than afterwards. The transitory variance has increased from 1960 until the early 1970s, decreased slightly until the late 1970s, and then risen again during the second half of the 1980s. An important lesson from these results concern the interpretation of the rise in cross-sectional inequality observed after the 1983 breakdown of centralized bargaining in Sweden. While it has often been presumed that this growth reflected increased returns to skills, this study shows that it was in fact due to increased transitory earnings fluctuations.","PeriodicalId":106212,"journal":{"name":"Labor: Demographics & Economics of the Family","volume":"235 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132369064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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