In this note we map the Irish policy space, locating both voters and parties on the most salient policy dimensions in Ireland. Estimates of the voter locations are based on the Irish National Election Survey (INES), conducted in 2002. Estimates of the party positions are based on an expert survey of party positions conducted by the authors in late 2002. We show that respondent self-placements on a priori policy scales are highly biased and difficult to interpret, and we rely instead on building scale positions for respondents from their answers to relevant attitude questions in the INES. The results provide a methodological template for locating voters and parties in a common space – a significant problem for any analyst who wants to create an empirical elaboration of a spatial model of party competition.
{"title":"Mapping the Irish Policy Space: Voter and Party Spaces in Preferential","authors":"K. Benoit, M. Laver","doi":"10.2139/SSRN.922017","DOIUrl":"https://doi.org/10.2139/SSRN.922017","url":null,"abstract":"In this note we map the Irish policy space, locating both voters and parties on the most salient policy dimensions in Ireland. Estimates of the voter locations are based on the Irish National Election Survey (INES), conducted in 2002. Estimates of the party positions are based on an expert survey of party positions conducted by the authors in late 2002. We show that respondent self-placements on a priori policy scales are highly biased and difficult to interpret, and we rely instead on building scale positions for respondents from their answers to relevant attitude questions in the INES. The results provide a methodological template for locating voters and parties in a common space – a significant problem for any analyst who wants to create an empirical elaboration of a spatial model of party competition.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131252874","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}
Looking back upon the centuries one would suspect that in earlier ages universities of medieval France and Italy were very different from the multiplicity of organizational and institutional forms of higher education institutions in modern times, and yet one would be surprised how much these old universitas and modern universities have in common. One of the common features may be corruption and academic misconduct that can often bee seen in universities. The increasing scale and scope of corruption in higher education in the former Soviet Bloc as well as numerous other countries urges a better understanding of the problem within the context of socio-economic transformations. Corruption in higher education is deeply rooted in the organizational structure of each higher education institution. Corruption has a long history and a proud tradition. Corruption in higher education is an organic part of corruption overall, with its culture, traditions, functions, and mechanisms. The goal of this paper is to present a description of modern day higher education corruption from a historical perspective. This paper is based on the techniques of positive analysis along with some elements of comparative analysis, and withstands from normative or moral judgments. A well-structured description of higher education corruption in a historical context is helpful in developing strategies for its eradication or prevention. This paper first presents the concept of corruption as a historical category and then analyzes corrupt legacies at the stages of admission, teaching and learning, and graduation. It also addresses issues of funding, discrimination against foreign nationals, publishing, and state-university relations. The genesis of forms of corruption and the determination of corruption as such is understood in a changing historical context.
{"title":"Corruption as a Legacy of the Medieval University: Financial Affairs","authors":"Ararat L. Osipian","doi":"10.2139/SSRN.1124711","DOIUrl":"https://doi.org/10.2139/SSRN.1124711","url":null,"abstract":"Looking back upon the centuries one would suspect that in earlier ages universities of medieval France and Italy were very different from the multiplicity of organizational and institutional forms of higher education institutions in modern times, and yet one would be surprised how much these old universitas and modern universities have in common. One of the common features may be corruption and academic misconduct that can often bee seen in universities. The increasing scale and scope of corruption in higher education in the former Soviet Bloc as well as numerous other countries urges a better understanding of the problem within the context of socio-economic transformations. Corruption in higher education is deeply rooted in the organizational structure of each higher education institution. Corruption has a long history and a proud tradition. Corruption in higher education is an organic part of corruption overall, with its culture, traditions, functions, and mechanisms. The goal of this paper is to present a description of modern day higher education corruption from a historical perspective. This paper is based on the techniques of positive analysis along with some elements of comparative analysis, and withstands from normative or moral judgments. A well-structured description of higher education corruption in a historical context is helpful in developing strategies for its eradication or prevention. This paper first presents the concept of corruption as a historical category and then analyzes corrupt legacies at the stages of admission, teaching and learning, and graduation. It also addresses issues of funding, discrimination against foreign nationals, publishing, and state-university relations. The genesis of forms of corruption and the determination of corruption as such is understood in a changing historical context.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132472981","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 studies the relationship between civil war and private investment in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader in 2002. We find that the stock market perceived this event as ‘bad news’ rather than ‘good news’ for companies holding concessions in Angola, as their abnormal returns declined by 4 percentage points. The event had no effect on a control portfolio of otherwise similar diamond mining companies. This finding is corroborated by other events and by the adoption of alternative methodologies. We also use nonparametric techniques with daily data on the intensity of conflict, and find that moderate levels of violence increased the abnormal returns of the ‘Angolan’ portfolio. We interpret our results in the light of the widespread rent seeking in the Angolan mineral industry.
{"title":"Diamonds are Forever, Wars are Not. Is Conflict Bad for Private Firms?","authors":"Eliana La Ferrara, Massimo Guidolin","doi":"10.2139/ssrn.586485","DOIUrl":"https://doi.org/10.2139/ssrn.586485","url":null,"abstract":"This Paper studies the relationship between civil war and private investment in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader in 2002. We find that the stock market perceived this event as ‘bad news’ rather than ‘good news’ for companies holding concessions in Angola, as their abnormal returns declined by 4 percentage points. The event had no effect on a control portfolio of otherwise similar diamond mining companies. This finding is corroborated by other events and by the adoption of alternative methodologies. We also use nonparametric techniques with daily data on the intensity of conflict, and find that moderate levels of violence increased the abnormal returns of the ‘Angolan’ portfolio. We interpret our results in the light of the widespread rent seeking in the Angolan mineral industry.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115362669","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 : 2004-07-01DOI: 10.1111/J.1468-0343.2004.00136.X
Eugene Beaulieu, C. Magee
This paper uses campaign contribution data to examine trade policy preferences among political action committees. With perfect factor mobility, as the Heckscher-Ohlin (HO) model assumes, interest group trade positions should depend on their factor of production but not on their industry. We show, consistent with the 2 × 2 HO model, that capital groups consistently back representatives supporting trade liberalization while labor groups favor protectionists. Unlike previous work, we also measure the variation in trade policy preferences within capital and labor groups. We find evidence that the industry net export position significantly affects labor unions' trade policy preferences. Industry characteristics have no impact on capital group lobbying. The former result suggests that empirical analyses of labor PAC contributions that exclude industry characteristics may be misspecified. Copyright Blackwell Publishing Ltd 2004.
{"title":"Four Simple Tests of Campaign Contributions and Trade Policy Preferences","authors":"Eugene Beaulieu, C. Magee","doi":"10.1111/J.1468-0343.2004.00136.X","DOIUrl":"https://doi.org/10.1111/J.1468-0343.2004.00136.X","url":null,"abstract":"This paper uses campaign contribution data to examine trade policy preferences among political action committees. With perfect factor mobility, as the Heckscher-Ohlin (HO) model assumes, interest group trade positions should depend on their factor of production but not on their industry. We show, consistent with the 2 × 2 HO model, that capital groups consistently back representatives supporting trade liberalization while labor groups favor protectionists. Unlike previous work, we also measure the variation in trade policy preferences within capital and labor groups. We find evidence that the industry net export position significantly affects labor unions' trade policy preferences. Industry characteristics have no impact on capital group lobbying. The former result suggests that empirical analyses of labor PAC contributions that exclude industry characteristics may be misspecified. Copyright Blackwell Publishing Ltd 2004.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124920552","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 identifies eight reasons why it is rational not to trust large complex Anglo corporations and how these reasons could be removed. Two reasons are that directors are overloaded with information but also lack information independent of management to evaluate management and the business. A third reason is that directors do not have systemic processes to discover if their trust in management is misplaced. A fourth and fifth reason is that directors have absolute power to manage their own conflicts of interest and a dominant shareholder can enter into related party transactions that can unfairly extract value. The sixth and seventh reasons are the incentive for directors not to blow the whistle on their colleagues and the impotence of a director to act alone. The eighth reason is that shares can be manipulated and traded covertly. Four changes in corporate constitutions are identified that could remove these concerns. These are to establish a watchdog board, introduce cumulative voting for directors, establish stakeholder councils and introducing sunlight share trading.
{"title":"Why Anglo Corporations Should Not Be Trusted: And How They Could Be Trusted","authors":"S. Turnbull","doi":"10.22495/CBV1I1ART1","DOIUrl":"https://doi.org/10.22495/CBV1I1ART1","url":null,"abstract":"This paper identifies eight reasons why it is rational not to trust large complex Anglo corporations and how these reasons could be removed. Two reasons are that directors are overloaded with information but also lack information independent of management to evaluate management and the business. A third reason is that directors do not have systemic processes to discover if their trust in management is misplaced. A fourth and fifth reason is that directors have absolute power to manage their own conflicts of interest and a dominant shareholder can enter into related party transactions that can unfairly extract value. The sixth and seventh reasons are the incentive for directors not to blow the whistle on their colleagues and the impotence of a director to act alone. The eighth reason is that shares can be manipulated and traded covertly. Four changes in corporate constitutions are identified that could remove these concerns. These are to establish a watchdog board, introduce cumulative voting for directors, establish stakeholder councils and introducing sunlight share trading.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115618938","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 studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital flight. The optimal financial repression is shown to depend on the openness of the economy to international trade, the efficiency of the tax system (which in turn may be affected by political economy considerations), and on political polarization and the degree of opportunism. Similar predictions are obtained in a model where authorities pursue an opportunistic policy representing the interest of a narrow pressure group that engages in capital flight due to political uncertainty. We confirm the predictions of the models, showing that de-facto financial openness [measured by (gross private capital inflows + outflows)/GDP] depends positively on lagged trade openness, and GDP/Capita. For developing countries, we find that a one standard deviation increase in commercial openness is associated with a 9.5 percent increase in de-facto financial openness (% of GDP), a one standard deviation increase in the democratization index reduces financial openness by 3.5%, and a one standard deviation increase in corruption is associated with a 3% reduction of financial openness. Similar negative dependence applies for measures of political competition. The impact of a budget surplus on financial openness is negative for developing countries, but positive for the OECD. The theoretical and empirical analysis leads us to conclude that a more openly competitive, free and inclusive political system will lead to lower levels of de-facto financial openness after controlling for incomes, macroeconomic policy (inflation and budget surpluses), interest rates and commercial openness.
{"title":"Endogenous Financial Openness: Efficiency and Political Economy Considerations","authors":"J. Aizenman, Ilan Noy","doi":"10.3386/W10144","DOIUrl":"https://doi.org/10.3386/W10144","url":null,"abstract":"This paper studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital flight. The optimal financial repression is shown to depend on the openness of the economy to international trade, the efficiency of the tax system (which in turn may be affected by political economy considerations), and on political polarization and the degree of opportunism. Similar predictions are obtained in a model where authorities pursue an opportunistic policy representing the interest of a narrow pressure group that engages in capital flight due to political uncertainty. We confirm the predictions of the models, showing that de-facto financial openness [measured by (gross private capital inflows + outflows)/GDP] depends positively on lagged trade openness, and GDP/Capita. For developing countries, we find that a one standard deviation increase in commercial openness is associated with a 9.5 percent increase in de-facto financial openness (% of GDP), a one standard deviation increase in the democratization index reduces financial openness by 3.5%, and a one standard deviation increase in corruption is associated with a 3% reduction of financial openness. Similar negative dependence applies for measures of political competition. The impact of a budget surplus on financial openness is negative for developing countries, but positive for the OECD. The theoretical and empirical analysis leads us to conclude that a more openly competitive, free and inclusive political system will lead to lower levels of de-facto financial openness after controlling for incomes, macroeconomic policy (inflation and budget surpluses), interest rates and commercial openness.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121134049","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 welfaristic method of policy evaluation focuses exclusively on the effect of the policy on individuals' utilities. In contrast, a non-welfaristic way of assessing policies attaches some importance to factors other than the effects of policies on individuals' utilities. This paper develops a general framework to examine alternative approaches to policy assessment and their compatibility with the dominance rule underlying the weak Pareto principle.
{"title":"Non-Welfaristic Policy Assessment and the Pareto Principle","authors":"P. Pattanaik, Yongsheng Xu","doi":"10.2139/ssrn.892621","DOIUrl":"https://doi.org/10.2139/ssrn.892621","url":null,"abstract":"A welfaristic method of policy evaluation focuses exclusively on the effect of the policy on individuals' utilities. In contrast, a non-welfaristic way of assessing policies attaches some importance to factors other than the effects of policies on individuals' utilities. This paper develops a general framework to examine alternative approaches to policy assessment and their compatibility with the dominance rule underlying the weak Pareto principle.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127327381","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}
Political economists have traditionally been indifferent to the communicative construction of money and central banking in the public sphere. It does not matter to them whether monetary affairs become a rational game aimed at preserving the value of currency or take on the form of a medieval morality play. This paper suggests that the very political economy of central bank independence requires a departure from such practice. It is argued that communicative coordination of the monetary game is relevant to understanding how independent central banks can achieve institutional efficiency and why they face no trade-off between institutional efficiency and democratic legitimacy. It is particularly suggested that an institutionally efficient central bank cannot but act as an agent of communicative empowerment for the audience providing the local context for its operation.
{"title":"Is Institutional Efficiency in Independent Central Banking a Communicative Matter?","authors":"Carlo Tognato","doi":"10.32468/BE.263","DOIUrl":"https://doi.org/10.32468/BE.263","url":null,"abstract":"Political economists have traditionally been indifferent to the communicative construction of money and central banking in the public sphere. It does not matter to them whether monetary affairs become a rational game aimed at preserving the value of currency or take on the form of a medieval morality play. This paper suggests that the very political economy of central bank independence requires a departure from such practice. It is argued that communicative coordination of the monetary game is relevant to understanding how independent central banks can achieve institutional efficiency and why they face no trade-off between institutional efficiency and democratic legitimacy. It is particularly suggested that an institutionally efficient central bank cannot but act as an agent of communicative empowerment for the audience providing the local context for its operation.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"AES-4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126501663","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}
The excess return in the stock market is higher under Democratic than Republican presidencies: 9 percent for the value-weighted and 16 percent for the equal-weighted portfolio. The difference comes from higher real stock returns and lower real interest rates, is statistically significant, and is robust in subsamples. The difference in returns is not explained by business-cycle variables related to expected returns, and is not concentrated around election dates. There is no difference in the riskiness of the stock market across presidencies that could justify a risk premium. The difference in returns through the political cycle is therefore a puzzle.
{"title":"The Presidential Puzzle: Political Cycles and the Stock Market","authors":"Pedro Santa-clara, Rossen Valkanov","doi":"10.1111/1540-6261.00590","DOIUrl":"https://doi.org/10.1111/1540-6261.00590","url":null,"abstract":"The excess return in the stock market is higher under Democratic than Republican presidencies: 9 percent for the value-weighted and 16 percent for the equal-weighted portfolio. The difference comes from higher real stock returns and lower real interest rates, is statistically significant, and is robust in subsamples. The difference in returns is not explained by business-cycle variables related to expected returns, and is not concentrated around election dates. There is no difference in the riskiness of the stock market across presidencies that could justify a risk premium. The difference in returns through the political cycle is therefore a puzzle.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"323 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118691108","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 presents a schematic history of the global economy since 1800. The economic and political logic of global capitalism in this period is defined by its ability to derive a growing share of its energy from fossil fuels. The explosive growth of this period, the dominance of capital, the growing military superiority of centers of capitalist growth, and the widening disparities in the global economy are ultimately driven by the logic of fossil-based capitalism. From 1800 to 1950, the global economy experienced growing centralization of capital and power, dividing the global economy into an advanced and dominant Center and a backward and subordinate Periphery. A period of decentralization follows from 1950 to 1990, when most segments of the Periphery regained various levels of control over their economies. Since the early 1990s, the forces of centralization have gained the upper hand.
{"title":"A Short History of the Global Economy Since 1800","authors":"M. Shahid Alam","doi":"10.2139/ssrn.951929","DOIUrl":"https://doi.org/10.2139/ssrn.951929","url":null,"abstract":"This paper presents a schematic history of the global economy since 1800. The economic and political logic of global capitalism in this period is defined by its ability to derive a growing share of its energy from fossil fuels. The explosive growth of this period, the dominance of capital, the growing military superiority of centers of capitalist growth, and the widening disparities in the global economy are ultimately driven by the logic of fossil-based capitalism. From 1800 to 1950, the global economy experienced growing centralization of capital and power, dividing the global economy into an advanced and dominant Center and a backward and subordinate Periphery. A period of decentralization follows from 1950 to 1990, when most segments of the Periphery regained various levels of control over their economies. Since the early 1990s, the forces of centralization have gained the upper hand.","PeriodicalId":367470,"journal":{"name":"Political Economy (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123049751","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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