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Author: Simon Johnson Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We model policy reform as a way to affect the stochastic process of relative returns that firms face when switching from old to new activities. This stochastic process has an Ito process component that is noncontrollable and policy reforms result in jumps in relative returns that arrive according to a Poisson process. The intensity of policy reform depends on the arrival rate and magnitude of jumps. We use a single firm model to understand the reaction of the firm to such a stochastic process and the usual hysteresis results in switching between old and new activities. Aggregation to the level of all firms leads to an appropriate definition of the government payoff function, and we use this to obtain the optimal level of reform. The results are as follows: there exists and optimal level of radical reform that overcomes the hysteresis behavior of firms; if such a level is not desirable, then the intensity of policy reform is not an extreme point; and this gradual level of optimal reform is lower if uncertainty is higher.
Author: Simon Johnson Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We model policy reform as a way to affect the stochastic process of relative returns that firms face when switching from old to new activities. This stochastic process has an Ito process component that is noncontrollable and policy reforms result in jumps in relative returns that arrive according to a Poisson process. The intensity of policy reform depends on the arrival rate and magnitude of jumps. We use a single firm model to understand the reaction of the firm to such a stochastic process and the usual hysteresis results in switching between old and new activities. Aggregation to the level of all firms leads to an appropriate definition of the government payoff function, and we use this to obtain the optimal level of reform. The results are as follows: there exists and optimal level of radical reform that overcomes the hysteresis behavior of firms; if such a level is not desirable, then the intensity of policy reform is not an extreme point; and this gradual level of optimal reform is lower if uncertainty is higher.
Author: Steven S. Smith Publisher: Princeton University Press ISBN: 9780691057378 Category : Political Science Languages : en Pages : 200
Book Description
Events in Russia since the late 1980s have created a rare opportunity to watch the birth of democratic institutions close at hand. Here Steven Smith and Thomas Remington provide the first intensive, theoretically grounded examination of the early development of the State Duma, the lower house of the Russian Federation's parliament created by the 1993 constitution. They offer an integrated account of the choices made by the newly elected members of the Duma in establishing basic operating arrangements: an agenda-setting governing body, a standing committee system, an electoral law, and a party system. Not only do these decisions promise to have lasting consequences for the post-communist Russian regime, but they also enable the authors to test assumptions about politicians' goals from the standpoint of institutional theory. Smith and Remington challenge in particular the notion, derived from American contexts, that politicians pursue a single, overarching goal in the creation of institutions. They argue that politicians have multiple political goals--career, policy, and partisan--that drive their choices. Among Duma members, the authors detect many cross currents of interests, generated by the mixed electoral system, which combines both single-member districts and proportional representation, and by sharp policy divisions and an emerging party system. Elected officials may shift from concentrating on one goal to emphasizing another, but political contexts can help determine their behavior. This book brings a fresh perspective to numerous theories by incorporating first-hand accounts of major institutional choices and placing developments in their actual context.
Author: Alexander Golub Publisher: Routledge ISBN: 1134041209 Category : Business & Economics Languages : en Pages : 346
Book Description
This book presents a compendium of methodologies for evaluating the economic impact of technological innovation upon climate-change policy. There is a broad consensus on the key elements of climate-change science and agreement that near-term actions are needed to prevent dangerous anthropogenic interference with the climate system. However, there is little agreement on the costs and benefits of climate policy. Any policy implementation will result in an irreversible but environment-improving investment in alternative technologies; this change will generate immediately-realized costs but significantly-delayed benefits. Hence, a critical element in policy selection is the inherent uncertainty in the climate and economy that can be expected over time.
Author: Erik Jones Publisher: Psychology Press ISBN: 9780415340632 Category : Business & Economics Languages : en Pages : 248
Book Description
This book provides an accessible introduction to diverse political economy perspectives on different aspects of European integration. It presents a critical appraisal of how scholars in the EU and US use theory to understand European integration.
Author: Luiza Antoun de Almeida Publisher: International Monetary Fund ISBN: 1484350391 Category : Business & Economics Languages : en Pages : 35
Book Description
This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms.
Author: Ligang Song Publisher: ANU E Press ISBN: 1925021777 Category : Business & Economics Languages : en Pages : 596
Book Description
The Chinese economy has entered a new phase of development in which sources of growth are not so much dependent upon pure increases in labour, investment and credit expansion, but from productivity improvement, structural changes, technological progress and the benefits from improvement of the social security and welfare improvement. When market functions are fully established to become a main channel for allocating resources, the entrepreneurship will flourish engaging in more innovative activities, workers will move more freely and have more incentives to improve their skills, firms will become more productive through market entry and exit, the economic structure will become more balanced because of the improved resource allocation, and in the end, growth will become more spontaneous and sustainable. In this sense, reforms could deliver ‘dividend’ by raising China’s potential economic growth rates. For China to confront all the challenges it faces at present, the reforms undertaken now have to be deep, comprehensive and far-reaching in order to succeed in paving the way for China to complete the task of transformation in the long-term. There is no better alternative than deepening the market-oriented reform in advancing the course of China’s modernisation for future development and prosperity and lifting China to the status of a developed economy in the next two decades. The recent China update books have covered the topic of reform from different angles and this new book is another attempt to address this important issue.
Author: Jakob, Michael Publisher: Edward Elgar Publishing ISBN: 1839103248 Category : Political Science Languages : en Pages : 360
Book Description
This insightful Handbook provides a comprehensive overview of the most recent developments in the academic debate on the numerous and complex linkages between international trade and climate change.
Author: Simon Johnson
Author: Simon Johnson
Author: Steven S. Smith
Author: James T. Kloppenberg
Author: J. B. Ruhl
Author: Alexander Golub
Author: Mathias Dewatripont
Author: Erik Jones
Author: Luiza Antoun de Almeida
Author: Ligang Song
Author: Jakob, Michael