Template-Type: ReDIF-Article 1.0 Author-Name: Arvind panagariya Author-X-Name-First: Arvind Author-X-Name-Last: panagariya Author-Name: Dani Rodrik Author-X-Name-First: Dani Author-X-Name-Last: Rodrik Title: Editors’ introduction Journal: Pages: 1-2 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523354 File-URL: http://hdl.handle.net/10.1080/13841289608523354 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Guillermo A. Calvo Author-X-Name-First: Guillermo A. Author-X-Name-Last: Calvo Author-Name: Fabrizio Coricelli Author-X-Name-First: Fabrizio Author-X-Name-Last: Coricelli Title: Monetary policy and interenterprise arrears in post-communist economies: Theory and evidence Journal: The Journal of Policy Reform Pages: 3-24 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523355 File-URL: http://hdl.handle.net/10.1080/13841289608523355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:3-24 Template-Type: ReDIF-Article 1.0 Author-Name: Allan Drazen Author-X-Name-First: Allan Author-X-Name-Last: Drazen Title: The political economy of delayed reform Journal: The Journal of Policy Reform Pages: 25-46 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523356 File-URL: http://hdl.handle.net/10.1080/13841289608523356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:25-46 Template-Type: ReDIF-Article 1.0 Author-Name: Ricardo López Murphy Author-X-Name-First: Ricardo López Author-X-Name-Last: Murphy Author-Name: Federico Sturzenegger Author-X-Name-First: Federico Author-X-Name-Last: Sturzenegger Title: The feasibility of low inflation: theory with an application to the argentine case Abstract: In this paper we review the Argentine experience of hyperinflation, concentrating on understanding why stabilization took so long, and was only implemented by the most unlikely candidate. To explain these facts we present a voting model in which politicians' actions transmit information about the state of the economy and thus shape voters' behavior. We discuss the implications of the model for countries which are going through the same instability that characterized Argentina in the late 80s. Journal: The Journal of Policy Reform Pages: 47-73 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523357 File-URL: http://hdl.handle.net/10.1080/13841289608523357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:47-73 Template-Type: ReDIF-Article 1.0 Author-Name: Ratna Sahay Author-X-Name-First: Ratna Author-X-Name-Last: Sahay Author-Name: Carlos A. Végh Author-X-Name-First: Carlos A. Author-X-Name-Last: Végh Title: Inflation and stabilization in transition economies: An analytical interpretation of the evidence Abstract: A simple model is developed to understand inflationary pressures and stabilization in non-market economies. It is shown that in the typical planned economy, the endogeneity of the money supply and the over-determination of the system (given that both prices and wages are set by the planners) imply that a permanent increase in wages leads to an ever-increasing monetary overhang. The model also suggests that price liberalization should lead to a price level overshooting provided that wages remain a nominal anchor. In light of the model, the paper reviews the inflation and stabilization experiences of several transition economies in Eastern Europe and the former Soviet Union. The paper concludes that (i) transition economies have suffered from essentially the same inflationary pressures as did planned economies, and (ii) the exchange rate has been more effective than money as a nominal anchor in reducing inflation Journal: The Journal of Policy Reform Pages: 75-108 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523358 File-URL: http://hdl.handle.net/10.1080/13841289608523358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:75-108 Template-Type: ReDIF-Article 1.0 Author-Name: Roque B. Fernandez Author-X-Name-First: Roque B. Author-X-Name-Last: Fernandez Author-Name: Pablo E. Guidotti Author-X-Name-First: Pablo E. Author-X-Name-Last: Guidotti Title: Regulating the banking industry in transition economies: Exploring interactions between capital and reserve requirements Abstract: This paper examines the ‘prudential' role of reserve requirements in transition economies using a general-equilibrium banking model. The analysis stresses the role that reserve requirements may play in enforcing an adequate level of bank capitalization in a context in which it is difficult to assess the true value of bank assets. The paper also explores the interactions that exist between capital and reserve requirements and the effect of these regulations on the financial structure of banks and on the level of credit and interest rates. Journal: The Journal of Policy Reform Pages: 109-134 Issue: 1 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523359 File-URL: http://hdl.handle.net/10.1080/13841289608523359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:1:p:109-134 Template-Type: ReDIF-Article 1.0 Author-Name: Jakob De Haan Author-X-Name-First: Jakob Author-X-Name-Last: De Haan Author-Name: Clemens L.J. Siermann Author-X-Name-First: Clemens L.J. Author-X-Name-Last: Siermann Title: Central bank independence, inflation and political instability in developing countries Abstract: We test whether political instability affects central bank independence in developing countries. Both a legal measure and the turnover tate of central bank governors are used as proxies for central bank independence and the frequency of government transfers is used to proxy political instability. Only the number of coups affects the turnover rate of central bank governors. We also find that both the turnover rate of central bank governors and political instability affect the rate of inflation. Journal: The Journal of Policy Reform Pages: 135-147 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523360 File-URL: http://hdl.handle.net/10.1080/13841289608523360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:2:p:135-147 Template-Type: ReDIF-Article 1.0 Author-Name: Yingyi Qian Author-X-Name-First: Yingyi Author-X-Name-Last: Qian Author-Name: Barry R. Weingast Author-X-Name-First: Barry R. Author-X-Name-Last: Weingast Title: China's transition to markets: market-preserving federalism, chinese style Abstract: This paper studies the relationship between decentralization and the success of reform in China. We argue that a particular form of decentralization—called market-preserving federalism Chinese style—provides the critical foundations for market success. China's form of decentralization has served the critical purpose of creating markets at a time when political resistance to economic reform remained strong and when the durability of the reforms was important. Nonetheless, federalism, Chinese style, lacks some national public goods, and the new system needs to be institutionalized. We also highlight some parallels between the United States under the Articles of Confederation (1781-1787) and those of modern China. Journal: The Journal of Policy Reform Pages: 149-185 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523361 File-URL: http://hdl.handle.net/10.1080/13841289608523361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:2:p:149-185 Template-Type: ReDIF-Article 1.0 Author-Name: Mariano Tommasi Author-X-Name-First: Mariano Author-X-Name-Last: Tommasi Author-Name: Andrés Velasco Author-X-Name-First: Andrés Author-X-Name-Last: Velasco Title: Where are we in the political economy of reform? Abstract: We review the experiences of developing countries with market-oriented reforms, using the tools of modern political economy. We impose intellectual discipline by requiring that actors behave rationally using available information and that basic economic relationships such as budget constraints be accounted for. We attempt to integrate two approaches, one based on dynamic games played by interest groups, with one that focus on limited information and the dynamics of learning. We describe the “starting point” as the set of “old” policies and we attempt to explain the dynamics (political, economic and informational) that lead to reform (section II). We analyze strategies for reformers subject to political constraints (section Ш). We evaluate the aggregate and distributional costs of reforms, emphasizing the importance of looking at the right counterfactuals (section IV). We conclude by pointing to the challenges ahead: the second-stage institutional reforms necessary to take off from underdevelopment. Journal: The Journal of Policy Reform Pages: 187-238 Issue: 2 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523362 File-URL: http://hdl.handle.net/10.1080/13841289608523362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:2:p:187-238 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Gavin Author-X-Name-First: Michael Author-X-Name-Last: Gavin Title: Unemployment and the economics of gradualist policy reform Abstract: This paper investigates the efficiency of adjustment to economic reform programs when the cost of adjustment arises from high unemployment that can be generated as contracting sectors shrink faster than expanding sectors grow. Under plausible assumptions on the adjustment process, the speed of adjustment to “shock therapy” reforms is shown to be excessively rapid, and the rate of unemployment to be excessively high during the transition to the new equilibrium. The authorities can improve the efficiency of the adjustment by removing the distortion gradually, rather than abruptly. Gradualism has beneficial income distributional, as well as efficiency properties, because it improves welfare of the unemployed, who are necessarily the least advantaged social group in this model. Journal: The Journal of Policy Reform Pages: 239-258 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523363 File-URL: http://hdl.handle.net/10.1080/13841289608523363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:3:p:239-258 Template-Type: ReDIF-Article 1.0 Author-Name: Nathan Sheets Author-X-Name-First: Nathan Author-X-Name-Last: Sheets Title: Capital flight from the countries in transition: Some empirical evidence Abstract: This paper presents empirical evidence suggesting that the transition economies have tended to experience capital flight during periods of macroeconomic instability, such as high inflation and sharply declining output. The timing of these outflows, however, has differed somewhat across countries. Poland and Czechoslovakia experienced significant capital flight early in the transition process, but as reforms have progressed, capital outflows have slowed. By contrast, Russia registered a relatively steady flow of capital flight from 1991-94, with cumulative outflows totalling about $40 billion. Finally, capital flight from Hungary has been subdued, paralleling the gradual course of economic reforms and the country's comparative political stability. Journal: The Journal of Policy Reform Pages: 259-277 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523364 File-URL: http://hdl.handle.net/10.1080/13841289608523364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:3:p:259-277 Template-Type: ReDIF-Article 1.0 Author-Name: Bas Van Aarle Author-X-Name-First: Bas Author-X-Name-Last: Van Aarle Author-Name: Nina Budina Author-X-Name-First: Nina Author-X-Name-Last: Budina Title: Currency substitution and seignorage in eastern europe Abstract: Economic and political uncertainty, high inflation and liberalization of foreign exchange restrictions have encouraged substantial currency substitution in the economies in transition. This paper presents empirical evidence on currency substitution in four Eastern European countries in transition: Poland, Hungary, Romania and Bulgaria. It is shown how currency substitution affects money demand and by that seignorage revenues. The empirical estimates of the money demand functions are used to calculate the seignorage maximizing rate of inflation in the economies in transition. Journal: The Journal of Policy Reform Pages: 279-298 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523365 File-URL: http://hdl.handle.net/10.1080/13841289608523365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:3:p:279-298 Template-Type: ReDIF-Article 1.0 Author-Name: Jacques Mélitz Author-X-Name-First: Jacques Author-X-Name-Last: Mélitz Author-Name: Claire Waysand Author-X-Name-First: Claire Author-X-Name-Last: Waysand Title: The role of government aid to firms during the transition to a market economy: Russia 1992-1994 Abstract: The paper develops two economic grounds for gradualism in the context of the Russian move toward a market economy: one for the support of output through subsidies, another for similar support through credit. The first argument relates to the usual case for softening the blow to a sector hit by an adverse, permanent shock. The other argument depends on the absence of a well-functioning capital market. Having presented the two arguments, we discuss the extent to which they justify the course of Russian policy. Essentially we show that the arguments support much less gradualism than actually took place in Russia in 1992 and 1993. Journal: The Journal of Policy Reform Pages: 299-334 Issue: 3 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523366 File-URL: http://hdl.handle.net/10.1080/13841289608523366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:3:p:299-334 Template-Type: ReDIF-Article 1.0 Author-Name: Roberto Perotti Author-X-Name-First: Roberto Author-X-Name-Last: Perotti Title: Income distribution, fiscal policy, and delays in stabilization Abstract: This paper presents an explanation of the cycles of large fiscal expansions and macroeconomic stabilizations that are frequently observed in developing countries. In the model, different coalitions form and change depending on the position of three groups over the degree of redistribution and the timing of debt repayment. I show that seemingly unsustainable fiscal policies arise from a coalition of the poor and the rich when the distribution of income is highly unequal. When income is distributed more equally, instead, the patterns of fiscal policy and of the trade balance are consistent with the standard predictions of representative agent models. These features of the model seem consistent with available empirical evidence. Journal: The Journal of Policy Reform Pages: 335-355 Issue: 4 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523367 File-URL: http://hdl.handle.net/10.1080/13841289608523367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:4:p:335-355 Template-Type: ReDIF-Article 1.0 Author-Name: William B. Heller Author-X-Name-First: William B. Author-X-Name-Last: Heller Author-Name: Mathew D. McCubbins Author-X-Name-First: Mathew D. Author-X-Name-Last: McCubbins Title: Politics, institutions, and outcomes: Electricity regulation in Argentina and Chile Abstract: Risk, whether market or political, is an important determinant of private investment decisions. One important risk, subject to control by the government, is the risk associated with the hold-up problem: governments can force utilities to shoulder burdensome taxes, to use input factors ineffectively, or to charge unprofitable rates for their service. To attract private investment governments must be able to make commitments to policies that are nonexpropriative (either to contracts that guarantee very high rates of return or to favorable regulatory policies). These commitments, of course, must be credible. Judgments about the credibility of commitments to regulatoty policies are based upon two political factors: regulatory predictability and regime stability. Regulatory predictability implies that the regulatory process, in which prices and levels of service are set, is not arbitrary. If the condition of regulatory predictability holds, then investors can forecast their returns over time and hence can calculate the value of their investment. If there is regime stability, then there is minimal risk of wholesale changes in the way the government regulates the industry—the most extreme type of change being the denial of property rights, or expropriation. We argue that three characteristics of the regulatory process are, in turn, important determinants of regulatory predictability: agenda control, reversionary regulatory policy, and veto gates. Moreover, regime stability is also, in part, a function of these three characteristics. We examine our theory of political risk and regulatoty commitment by comparing the cases of Argentine and Chilean electricity investment and regulation. Journal: The Journal of Policy Reform Pages: 357-387 Issue: 4 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523368 File-URL: http://hdl.handle.net/10.1080/13841289608523368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:4:p:357-387 Template-Type: ReDIF-Article 1.0 Author-Name: Farida C. Khan Author-X-Name-First: Farida C. Author-X-Name-Last: Khan Title: The incidence of import liberalization with and without a value added tax: an application to bangladesh Abstract: This paper examines the impact of import tariffs and tariff-replacing indirect taxes on the welfare of households grouped by the size distribution of income. A computable general equilibrium model for Bangladesh is simulated to examine the removal of quantitative restrictions and tariffs as well as the replacement of trade taxes with a value added tax (VAT). Import liberalization alone expands the manufacturing sector and increases the welfare of lower income households. If a uniform VAT is placed on both imports and all non-agricultural production in order to replace the lost tariff revenue for the government, some of the gains from import liberalization are diminished. If exports are exempted from the VAT, the gains are sustained to a greater degree. With a combination of tariff liberalization, quota markups, and the VAT, the economy goes through a contraction and the welfare of all households is reduced. Journal: The Journal of Policy Reform Pages: 389-412 Issue: 4 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523369 File-URL: http://hdl.handle.net/10.1080/13841289608523369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:4:p:389-412 Template-Type: ReDIF-Article 1.0 Author-Name: Joshua Aizenman Author-X-Name-First: Joshua Author-X-Name-Last: Aizenman Author-Name: Peter Isard Author-X-Name-First: Peter Author-X-Name-Last: Isard Title: The sustainability of economic transformation Abstract: The paper analyzes the feasibility of sustaining both macroeconomic stability and political support during economic transformation. Macroeconomic stability requires that state sector losses plus public infrastructure investment be financed by tax revenue plus any external assistance. Political sustainability depends on the income gains and losses experienced by three groups—state sector workers, private sector workers, and private savers/investors. The aggregate income gains from allowing heterogeneous workers to make occupational choices consistent with their comparative advantages can outweigh or significantly offset the short-run economic efficiency costs of maintaining political support for the transformation. Successful transformation may depend on external assistance, but this need will diminish over time. Journal: The Journal of Policy Reform Pages: 413-440 Issue: 4 Volume: 1 Year: 1996 X-DOI: 10.1080/13841289608523370 File-URL: http://hdl.handle.net/10.1080/13841289608523370 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:1:y:1996:i:4:p:413-440 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523371 File-URL: http://hdl.handle.net/10.1080/13841289808523371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: James A. Robinson Author-X-Name-First: James A. Author-X-Name-Last: Robinson Title: Theories of “bad policy” Abstract: Recent growth theory fails to provide a convincing account of underdevelopment in terms of economic “fundamentals”. As a result, many accounts cite “bad” government policy (including the failure to support appropriate institutions) as a causal factor behind stagnation. Yet this perspective is hard to understand from the viewpoint of welfare economics. This paper studies theories of endogenous policy which can possibly account for such bad policy. I stress three (interrelated) general intuitions about the causes of bad policy which apply, irrespective of the type of political regime: (1) inability to use transfers to separate efficiency and distribution, (2) inability to commit, (3) the close connection between development and changes in the distribution of political power. I particularly stress the ability (or inability) of these theories to explain cross country differences. Journal: The Journal of Policy Reform Pages: 1-46 Issue: 1 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523372 File-URL: http://hdl.handle.net/10.1080/13841289808523372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:1:p:1-46 Template-Type: ReDIF-Article 1.0 Author-Name: Ibrahim A. Elbadawi Author-X-Name-First: Ibrahim A. Author-X-Name-Last: Elbadawi Title: From macroeconomic stabilization to medium-term growth in sub-saharan africa: some lessons from world bank-supported adjustment programs Abstract: Using a methodology that allows for endogenizing the participation decisions on World Bank adjustment lending programs, as well as for testing the validity of the maintained assumptions regarding program participation, this paper studies the effectiveness of these programs in Sub-Saharan Africa (SSA). The evidence of this paper show that adjustment programs in SSA have had no statistically significant effect on growth in the second half of the 1980s compared to the first half. But they have had a significant and deleterious effect on investment between the two periods. The results also show that adjustment lending programs have contributed significantly to improved export performance in Sub-Saharan Africa, at least relative to nonadjusting African countries. These findings imply that the perceived improvements on export competitiveness and on the efficiency of investment—supposed to be generated by the reform programs—has not been sufficient, to counterbalance the ensuing decline in investment, and hence to restore economic growth in SSA. However, an important qualification to the above results—which is also a point of departure for future research—is that the paper's methodology for classifying countries into adjusting and non-adjusting does not explicitly allow for the degree of implementation. Therefore, strictly speaking, the findings of this paper are in fact an assessment of the effectiveness of a proxy (adjusting lending) for the adjustment programs. Journal: The Journal of Policy Reform Pages: 47-71 Issue: 1 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523373 File-URL: http://hdl.handle.net/10.1080/13841289808523373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:1:p:47-71 Template-Type: ReDIF-Article 1.0 Author-Name: Nejat Anbarcia Author-X-Name-First: Nejat Author-X-Name-Last: Anbarcia Author-Name: Mehmet E. Karaaslanb Author-X-Name-First: Mehmet E. Author-X-Name-Last: Karaaslanb Title: An efficient privatization mechanism Abstract: We consider the privatization of State-Owned Enterprises (SOEs) of which markets can be opened to competition once privatization takes place and competitors can compete successfully against them in a few years. The currently used “Revenue Maximization (RM)” scheme maximizes the government revenue from privatization but does not provide incentives for the privatized SOE to charge a price lower than the monopoly price until competition arises. We propose the “Welfare Maximization (WM)” scheme, which induces the privatized SOE to charge a competitive price without resorting to regulation. Also, WM provides greater incentives for post-privatization cost reduction. Journal: The Journal of Policy Reform Pages: 73-87 Issue: 1 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523374 File-URL: http://hdl.handle.net/10.1080/13841289808523374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:1:p:73-87 Template-Type: ReDIF-Article 1.0 Author-Name: Graham Bird Author-X-Name-First: Graham Author-X-Name-Last: Bird Title: The effectiveness of conditionality and the political economy of policy reform: is it simply a matter of political will? Abstract: Although widely used by international financial institutions, policy conditionality often fails in the sense that countries do not fully implement it. Up to now most research has focused on the design of conditionality. This paper, however, uses political economy analysis to address the issue of non-compliance. Either governments agree to conditions with little intention of carrying them through, or circumstances change the benefit-cost ratio of compliance. Analysis of these circumstances points to ways in which conditionality might usefully be reformed. Journal: The Journal of Policy Reform Pages: 89-113 Issue: 1 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523375 File-URL: http://hdl.handle.net/10.1080/13841289808523375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:1:p:89-113 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523376 File-URL: http://hdl.handle.net/10.1080/13841289808523376 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Stijn Claessens Author-X-Name-First: Stijn Author-X-Name-Last: Claessens Title: Banking reform in transition countries Abstract: An important debate about financial reform in transition economies is whether or not governments should try to rehabilitate existing state-owned banks or allow a new or parallel banking system to emerge. A comparison of institutional development of banks in twenty-five transition countries suggests that more rapid progress can be made with the entry of new banks as opposed to rehabilitation, especially relative to initial conditions. In most countries, however, a cadre of weak banks still exists. Regression estimates suggest that the progress of these weak banks is inhibited by poor troubled-bank intervention, preferential treatment and limited entry. Journal: The Journal of Policy Reform Pages: 115-133 Issue: 2 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523377 File-URL: http://hdl.handle.net/10.1080/13841289808523377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:2:p:115-133 Template-Type: ReDIF-Article 1.0 Author-Name: Satya P. Das Author-X-Name-First: Satya P. Author-X-Name-Last: Das Title: On the choice of international joint venture: the role of policy moral hazard Abstract: This paper examines the choice problem facing a multinational firm, whether to establish a wholly owned subsidiary or form a joint venture with a firm from the host country, as the mode of direct foreign investment. It is shown that, all other considerations aside, the prospect of policy variation toward the venture (restrictive or conducive), which is called policy moral hazard facing the host government, is a factor for joint venture to emerge as the preferred option. Journal: The Journal of Policy Reform Pages: 135-150 Issue: 2 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523378 File-URL: http://hdl.handle.net/10.1080/13841289808523378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:2:p:135-150 Template-Type: ReDIF-Article 1.0 Author-Name: Simeon Djankov Author-X-Name-First: Simeon Author-X-Name-Last: Djankov Author-Name: Bernard Hoekman Author-X-Name-First: Bernard Author-X-Name-Last: Hoekman Title: Trade reorientation and post-reform productivity growth in Bulgarian enterprises Abstract: This paper analyzes the importance of integration into world markets following the collapse of central planning in explaining the productivity growth performance of Bulgarian firms. Using a large panel data set on 1,300 manufacturing firms for 13 quarters, we find that a shift towards sourcing from - and exporting to - OECD markets is a significant factor explaining firm-level total factor productivity growth. Journal: The Journal of Policy Reform Pages: 151-168 Issue: 2 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523379 File-URL: http://hdl.handle.net/10.1080/13841289808523379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:2:p:151-168 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Dabrowski Author-X-Name-First: Marek Author-X-Name-Last: Dabrowski Title: Western aid conditionality and the post-communist transition 1990-1994 Journal: The Journal of Policy Reform Pages: 169-193 Issue: 2 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523380 File-URL: http://hdl.handle.net/10.1080/13841289808523380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:2:p:169-193 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523381 File-URL: http://hdl.handle.net/10.1080/13841289808523381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Amartya Lahiri Author-X-Name-First: Amartya Author-X-Name-Last: Lahiri Title: Current account and public debt implications of market distortions under structural rigidities Abstract: The development experience of a number of African and other developing countries has been characterized by policies of market interventions, agricultural taxation, and stateled industrialization in import substituting sectors. This paper investigates the potential implications of these policies for the current account and public debt of a small open economy with structural rigidities. I find that the current account dynamics associated with unsustainable public debt creation and distortionary tax finance of the government budget are nonunique, possibly nonmonotonic, and sensitive to private expectations regarding future policy. The paper also shows that in the presence of adjustment frictions, distortionary tax finance of government expending could lead to nonmonotonic government debt dynamics with an initial fall followed by an unsustainable expansion. Thus, short horizon government policies could lead to explosive public debt dynamics. This possibility seems pertinent for a number of African countries where the constant threats of military coups and political overthrow are unlikely to have been conducive to fostering governments with long horizons. Journal: The Journal of Policy Reform Pages: 195-221 Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523382 File-URL: http://hdl.handle.net/10.1080/13841289808523382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:195-221 Template-Type: ReDIF-Article 1.0 Author-Name: Anil B. Deolalikar Author-X-Name-First: Anil B. Author-X-Name-Last: Deolalikar Title: Increasing school quantity versus quality in kenya: impact on children from low-and high-income households Abstract: A common dilemma facing educational planners engaged in educational reform in developing countries is the allocation of sharply-reduced resources to the expansion of school facilities versus improvement of existing school facilities (say, by raising the teacher/pupil ratio). The empirical results presented in this paper for Kenya suggest that the two interventions have diametrically opposite effects on poor and nonpoor children. An expansion of school facilities increases the enrollment of children in the poorest expenditure quintiles but has no impact on the enrollment of children in the top quintiles. On the other hand, an improvement in the teacher-pupil ratio increases the enrollment rate of children in the top quintiles, and actually reduces the enrollment of children in the poor quintiles. These findings suggest that in situations where there is less than universal primary enrollment (UPE) and the government has set a time-bound goal of UPE, such as in Kenya, policies that serve to expand the number of school facilities may make more sense than interventions that increase the teacher-pupil ratio. Journal: The Journal of Policy Reform Pages: 223-246 Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523383 File-URL: http://hdl.handle.net/10.1080/13841289808523383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:223-246 Template-Type: ReDIF-Article 1.0 Author-Name: George Fane Author-X-Name-First: George Author-X-Name-Last: Fane Author-Name: John Nash Author-X-Name-First: John Author-X-Name-Last: Nash Title: Georgia's economic collapse, 1991-1994: the role of state orders and inflation Abstract: In the Republic of Georgia, hyperinflation interacted with the state order system to create a self-perpetuating cycle and an almost total collapse of the economy. Breaking this “vicious cycle” required a number of simultaneous reforms in price, trade, and tax policy, which would not have worked as well had they been undertaken piecemeal. This history argues in favor of a “big bang” approach to reform in transition economies. Journal: The Journal of Policy Reform Pages: 247-267 Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523384 File-URL: http://hdl.handle.net/10.1080/13841289808523384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:247-267 Template-Type: ReDIF-Article 1.0 Author-Name: Joshua Aizenman Author-X-Name-First: Joshua Author-X-Name-Last: Aizenman Author-Name: Sang-Seung Yi Author-X-Name-First: Sang-Seung Author-X-Name-Last: Yi Title: Regret theory and policy reform Abstract: This paper offers an explanation of policy reforms undertaken in times of an economic crisis. Our explanation does not depend either on conflicts of interests between different socio-economic groups, or on the informational imperfection about the effectiveness of the current policy regime. The single decision maker in our model experiences regrets when the uncertain reform outcome is worse than the status quo. We show that an economic crisis which reduces the status-quo income makes the regret-experiencing decision maker more eager to undertake reforms in times of an economic crisis, despite the higher utility costs of adjustments. Journal: The Journal of Policy Reform Pages: 269-280 Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523385 File-URL: http://hdl.handle.net/10.1080/13841289808523385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:269-280 Template-Type: ReDIF-Article 1.0 Author-Name: David Fielding Author-X-Name-First: David Author-X-Name-Last: Fielding Title: Adjustment, trade policy and investment slumps: evidence from east asia Abstract: This paper presents a model of investment in five East Asian economies over the 1970s and 80s, paying particular attention to the impact of the policy reforms which have accompanied Structural Adjustment Programmes. A priori, the impact of trade reform on investment can be positive or negative; in practise, it is found to be negative. Journal: The Journal of Policy Reform Pages: 281-299 Issue: 3 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523386 File-URL: http://hdl.handle.net/10.1080/13841289808523386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:3:p:281-299 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 4 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523387 File-URL: http://hdl.handle.net/10.1080/13841289808523387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Ashutosh Varshney Author-X-Name-First: Ashutosh Author-X-Name-Last: Varshney Title: Mass politics or elite politics? india's economic reforms in comparative perspective Abstract: In discussions of the politics of economic reforms, a distinction needs to be made between mass politics and elite politics. In a democracy, the former may be much more pressing for politicians. As is true in so many multiethnic societies today, ethnic conflicts may enter mass politics more quickly than disputes over economic reforms. The relegation of reforms to a secondary political status, however, can work to the advantage of reformers, for a mass preoccupation with ethnic issues provides political room to push reforms. Given a multiplicity of salient political issues, even minority governments can press ahead with economic reforms. Journal: The Journal of Policy Reform Pages: 301-335 Issue: 4 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523388 File-URL: http://hdl.handle.net/10.1080/13841289808523388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:4:p:301-335 Template-Type: ReDIF-Article 1.0 Author-Name: Myron Weiner Author-X-Name-First: Myron Author-X-Name-Last: Weiner Title: The regionalization of indian politics and its implications for economic reform Abstract: Is political decentralization an impetus for economic liberalism, or are state and local governments impediments to a rigorous reform process? This article describes India's federal system, the growth of regional parties and governments, the changing balance of power between India's state and central governments, and the deterioration of state administrations, then assesses the economic reform and human resource policies of the states. The factors which slow the pace of reforms (politically unstable governments, fiscal populism, organized local interests, patronage and rents for party and government officials) and those that push for reforms (fiscal deficits, the need for investments in infrastructures, and inter-state competition for private investment) are analyzed. Journal: The Journal of Policy Reform Pages: 337-367 Issue: 4 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523389 File-URL: http://hdl.handle.net/10.1080/13841289808523389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:4:p:337-367 Template-Type: ReDIF-Article 1.0 Author-Name: Ashok Kotwal Author-X-Name-First: Ashok Author-X-Name-Last: Kotwal Author-Name: Bharat Ramswami Author-X-Name-First: Bharat Author-X-Name-Last: Ramswami Title: Economic reforms of agriculture and rural growth Abstract: Successful rural growth episodes in India indicate a process of growth and diversification that is based on the development of producer services. A simple theoretical model of this process is sketched to suggest impediments to such a process of growth and thus to offer a possible explanation of rural stagnation in many areas in India. Agricultural policies in India of the present and the recent past are analysed in the light of such a framework. Journal: The Journal of Policy Reform Pages: 369-402 Issue: 4 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523390 File-URL: http://hdl.handle.net/10.1080/13841289808523390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:4:p:369-402 Template-Type: ReDIF-Article 1.0 Author-Name: Roberto Zagha Author-X-Name-First: Roberto Author-X-Name-Last: Zagha Title: Labor and india's economic reforms Abstract: Before liberalization in 1991, India had developed exceptionally complex labor regulations which strengthened the bargaining power of unions and increased job security in the formal economy, at the cost of employment. Deregulation and privatization can be expected to strengthen competition, accelerate productivity growth, narrow gaps between formal and informal labor markets outcomes, and weaken union power. Is this happening in post-1991 India? Because India liberalized its economy so recently, and so gradually, it is too early to tell. Key areas of the economy continue to be highly regulated, including labor markets. Yet, there are signs that industrial relations are changing. Increased competition in product markets and dissipation of rents are eroding the protection labor regulations once afforded workers in formal labor markets. In a more competitive environment, the same labor regulations that once increased job security, might expose workers to greater risks. Journal: The Journal of Policy Reform Pages: 403-426 Issue: 4 Volume: 2 Year: 1998 X-DOI: 10.1080/13841289808523391 File-URL: http://hdl.handle.net/10.1080/13841289808523391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:2:y:1998:i:4:p:403-426 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523392 File-URL: http://hdl.handle.net/10.1080/13841289908523392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: Shantayanan Devarajana Author-X-Name-First: Shantayanan Author-X-Name-Last: Devarajana Author-Name: Hafez Ghanem Author-X-Name-First: Hafez Author-X-Name-Last: Ghanem Author-Name: Karen Thierfelder Author-X-Name-First: Karen Author-X-Name-Last: Thierfelder Title: Labor market regulations, trade liberalization and the distribution of income in bangladesh Abstract: We examine the effects of labor market rigidities on the outcome of trade liberalization using a general-equilibrium model of Bangladesh. When there are no labor market distortions, the poorest households experience a real-wage increase following trade liberalization. When there are either severance pay regulations or minimum wages, the poorest households bear the burden of adjustment. When both sets of regulations are in effect, the net result is not very different from the case where there are no regulations. Journal: The Journal of Policy Reform Pages: 1-28 Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523393 File-URL: http://hdl.handle.net/10.1080/13841289908523393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:1-28 Template-Type: ReDIF-Article 1.0 Author-Name: Edward F. Buffie Author-X-Name-First: Edward F. Author-X-Name-Last: Buffie Title: Foreign exchange bottlenecks, devaluation and inflation Abstract: Devaluation is unambiguously deflationary when foreign exchange earned by the export sector pays for additional imports of intermediate inputs and the criterion for a foreign exchange bottleneck is satisfied. Journal: The Journal of Policy Reform Pages: 29-52 Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523394 File-URL: http://hdl.handle.net/10.1080/13841289908523394 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:29-52 Template-Type: ReDIF-Article 1.0 Author-Name: Bagala P. Biswal Author-X-Name-First: Bagala P. Author-X-Name-Last: Biswal Title: The implications of private tutoring on the school education in LDCs Abstract: In many LDCs, we observe that the public school teachers receive low wages, expend less than their full effort at school, and provide private tutoring to the students for a fee. To capture this institutional arrangement, we develop a theoretical model which shows that in comparison with ‘no-tutoring’, ‘tutoring’ is welfare reducing for all students in the economy. However, if the government considers only the students in the public system, then ‘tutoring’ can be welfare improving. In that case, the government would set a lower tax rate to pay wages to the teachers and let them provide tutoring to the students for a fee. Journal: The Journal of Policy Reform Pages: 53-66 Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523395 File-URL: http://hdl.handle.net/10.1080/13841289908523395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:53-66 Template-Type: ReDIF-Article 1.0 Author-Name: Karen Helene Midelfart Knarvik Author-X-Name-First: Karen Helene Midelfart Author-X-Name-Last: Knarvik Author-Name: Jostein Tvedt Author-X-Name-First: Jostein Author-X-Name-Last: Tvedt Title: The choice of trade regime: delayed reform under productivity fluctuations and cost of structural change Abstract: Despite the advantages of international trade, a number of countries have stuck to restricted trade regimes, allowing the productivity gap between themselves and the “trading” world to become huge before turning to a more outward oriented trade policy. As a supplement to the existing explanations for the hesitation to change trade regime, we present a model where the international productivity development shared by open economies, is uncertain. Due to uncertainty, it might be optimal to wait and maybe exercise the option to change trade regime later, i.e. to delay a trade reform. Journal: The Journal of Policy Reform Pages: 67-80 Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523396 File-URL: http://hdl.handle.net/10.1080/13841289908523396 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:67-80 Template-Type: ReDIF-Article 1.0 Author-Name: Pierre-Richard Agénor Author-X-Name-First: Pierre-Richard Author-X-Name-Last: Agénor Author-Name: Murat Ucer Author-X-Name-First: Author-X-Name-Last: Murat Ucer Title: Exchange market reform, inflation, and fiscal deficits Abstract: This paper examines the effects of exchange market reform on inflation and quasifiscal deficits in developing countries. The first part presents the conceptual framework, which identifies a variety of implicit taxes and subsidies that must be taken into account (in addition to implicit taxes on exports, as emphasized by Pinto (1991)) in assessing the fiscal and inflationary effects of exchange market reform. A formula that attempts to capture explicitly these taxes and subsidies is derived. The second part applies the formula to six countries (Guyana, India, Jamaica, Kenya, Sierra Leone, and Sri Lanka). The results suggest that exchange market reform may lead to a significant reduction in reliance on the inflation tax. Journal: The Journal of Policy Reform Pages: 81-96 Issue: 1 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523397 File-URL: http://hdl.handle.net/10.1080/13841289908523397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:1:p:81-96 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 2 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523398 File-URL: http://hdl.handle.net/10.1080/13841289908523398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:2:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: Richard E. Just Author-X-Name-First: Richard E. Author-X-Name-Last: Just Author-Name: Sinaia Netanyahu Author-X-Name-First: Sinaia Author-X-Name-Last: Netanyahu Author-Name: John K. Horowitz Author-X-Name-First: John K. Author-X-Name-Last: Horowitz Title: Water pricing and water allocation in israel Abstract: Marginal valuation of water is complicated because water authorities in most countries do not equate prices across users. Standard analyses imply that unequal valuation of water by users is inefficient and that economic efficiency can be improved by equating prices after accounting for transportation costs. Such inefficiencies are usually explained by the influence of political interest groups. We suggest alternatively that motivations such as food self-sufficiency, ideological settlement objectives, equity, and long run considerations may take precedence over short-run economic efficiency in Israeli water markets. If so, new peace accords, water projects, and water price equalization appear to have important complementary effects when exploited in combination. Journal: The Journal of Policy Reform Pages: 97-119 Issue: 2 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523399 File-URL: http://hdl.handle.net/10.1080/13841289908523399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:2:p:97-119 Template-Type: ReDIF-Article 1.0 Author-Name: Berta Heybey Author-X-Name-First: Berta Author-X-Name-Last: Heybey Author-Name: Peter Murrell Author-X-Name-First: Peter Author-X-Name-Last: Murrell Title: The relationship between economic growth and the speed of liberalization during transition Abstract: We examine existing results on the effect of speed of liberalization on growth during transition. We highlight methodological problems in existing studies, noting the existence of simultaneity and the use of variables that are not valid measures of the phenomena they supposedly represent. We implement solutions, examining the simultaneous relationship between growth and speed of liberalization. Initial conditions are much more important than policy changes in determining growth performance in the first four years of transition. Growth performance during the early years of transition has a strong effect on liberalization speed. Journal: The Journal of Policy Reform Pages: 121-137 Issue: 2 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523400 File-URL: http://hdl.handle.net/10.1080/13841289908523400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:2:p:121-137 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Fidrmuc Author-X-Name-First: Jan Author-X-Name-Last: Fidrmuc Title: Unemployment and the dynamics of political support for economic reforms Abstract: I analyze the dynamics of political support for economic reforms using a version of Rodrik's (1995) two-sector model of the transition economy. The key role is played by the pattern of flows between the state and private sectors and unemployment. It is shown that while the workers in the private sector always support rapid reforms, the workers in the state sector and the unemployed will support rapid reforms only at the outset of the transition. Later, state-sector workers and unemployed vote for a reduction in the speed of reforms. Journal: The Journal of Policy Reform Pages: 139-156 Issue: 2 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523401 File-URL: http://hdl.handle.net/10.1080/13841289908523401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:2:p:139-156 Template-Type: ReDIF-Article 1.0 Author-Name: Barry K. Goodwin Author-X-Name-First: Barry K. Author-X-Name-Last: Goodwin Author-Name: Thomas J. Grennes Author-X-Name-First: Thomas J. Author-X-Name-Last: Grennes Author-Name: Christine McCurdy Author-X-Name-First: Christine Author-X-Name-Last: McCurdy Title: Spatial price dynamics and integration in russian food markets Abstract: This paper evaluates dynamic elements of spatial market linkages for several important food commodities in the Russian Federation. We argue that delivery lags and other impediments to regional commodity trade may delay price responses. Standard regression and cointegration tests that compare contemporaneous price linkages in a short-run setting may not be flexible enough to address integration in such a setting. As an alternative, we complement conventional time-series tests of spatial integration with an analysis of dynamic responses to price shocks. The results provide tempered support for spatial integration, especially in retail markets. However, the results suggest that, because of gradual adjustments to price shocks, integration may occur mainly in the long run. Journal: The Journal of Policy Reform Pages: 157-193 Issue: 2 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523402 File-URL: http://hdl.handle.net/10.1080/13841289908523402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:2:p:157-193 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 3 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523403 File-URL: http://hdl.handle.net/10.1080/13841289908523403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:3:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: Torberg Falch Author-X-Name-First: Torberg Author-X-Name-Last: Falch Author-Name: Jorn Rattso Author-X-Name-First: Jorn Author-X-Name-Last: Rattso Title: School reforms and school spending growth Abstract: The evolution of school spending is related to legislative school reforms expanding the school system. This study addresses the determination of legislative reforms and primary school spending, using data for Norway 1880-1990. Reforms are the result of growth in demand for school services and economic and political conditions conducive to reform. 10 school reforms are identified, and they are shown to be systematically related to characteristics of the political structure. School spending is analyzed both as an aspect of reform and by assuming separability between legislative reform decisions and implementation of reform. When legislative reform is treated as an independent determinant of school spending, we find that reforms drive up teacher employment and that local governments react with a cost saving strategy increasing the class size. Journal: The Journal of Policy Reform Pages: 195-227 Issue: 3 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523404 File-URL: http://hdl.handle.net/10.1080/13841289908523404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:3:p:195-227 Template-Type: ReDIF-Article 1.0 Author-Name: E. Sridharan Author-X-Name-First: E. Author-X-Name-Last: Sridharan Title: Toward state funding of elections in india? a comparative perspective on possible options Abstract: This paper explores the issue of introduction of state funding of elections in India, focussing on the incentive structures of electoral finance reforms. After summarising the main points in the history of political finance reform in other democracies, and in India, the historical pattern of fund-raising and election expenditures of major parties in India is surveyed. Six electoral finance reform options for India are outlined. It is argued that the time is now ripe for state funding of elections from the point of view of the incentives facing parties and donors. Journal: The Journal of Policy Reform Pages: 229-254 Issue: 3 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523405 File-URL: http://hdl.handle.net/10.1080/13841289908523405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:3:p:229-254 Template-Type: ReDIF-Article 1.0 Author-Name: Marcus Noland Author-X-Name-First: Marcus Author-X-Name-Last: Noland Author-Name: Sherman Robinson Author-X-Name-First: Sherman Author-X-Name-Last: Robinson Author-Name: Ligang Liu Author-X-Name-First: Ligang Author-X-Name-Last: Liu Title: The economics of korean unification Abstract: We simulate the impact of a customs union and an exchange rate unification of North and South Korea. Factor mobility and technological change are of critical importance. If factor markets do not integrate, the macroeconomic impact on South Korea of economic integration is relatively small, while the effects on North Korea are large. With factor market integration, there is a significant impact on the South Korean income and wealth distribution. If integration is accompanied by external capital inflows, there is a significnt appreciation of the real exchange rate with deleterious implications for the South Korean traded-goods sector. Journal: The Journal of Policy Reform Pages: 255-299 Issue: 3 Volume: 3 Year: 1999 X-DOI: 10.1080/13841289908523406 File-URL: http://hdl.handle.net/10.1080/13841289908523406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:1999:i:3:p:255-299 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 4 Volume: 3 Year: 2000 X-DOI: 10.1080/13841280008523407 File-URL: http://hdl.handle.net/10.1080/13841280008523407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:2000:i:4:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: Philip R. Lane Author-X-Name-First: Philip R. Author-X-Name-Last: Lane Title: Disinflation, switching nominal anchors and twin crises: The irish experience Abstract: This paper reviews the Irish disinflation of 1979-86 and the subsequent success in maintaining a low and stable average inflation rate. Joining the German-led EMS in 1979 broke a 153-year link with Sterling and hence is an example of a country switching nominal anchors in order to disinflate. Reducing inflation was made more difficult by a parallel fiscal crisis and the tension in maintaining competitiveness against diverging trading partners (the UK and continental Europe). Having paid the costs of disinflation and fiscal adjustment, Ireland has made a remarkable economic recovery in the last decade, combining rapid GDP and employment growth with an average annual inflation rate of only 2.4 percent. Journal: The Journal of Policy Reform Pages: 301-326 Issue: 4 Volume: 3 Year: 2000 X-DOI: 10.1080/13841280008523408 File-URL: http://hdl.handle.net/10.1080/13841280008523408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:2000:i:4:p:301-326 Template-Type: ReDIF-Article 1.0 Author-Name: Fatih Özatay Author-X-Name-First: Fatih Author-X-Name-Last: Özatay Title: The 1994 currency crisis in Turkey Abstract: This paper analyzes the 1994 crisis in Turkey. The period preceding the crisis witnessed a continuous deterioration of macroeconomic fundamentals. However, domestic debt financing of public deficits prevented reserve losses and an increase in inflation rate. It is argued that despite weak fundamentals of the period preceding the crisis, in the absence of policy “mistakes” that played a role of a series of shocks in the second half of 1993, the financial crisis could have been avoided. Journal: The Journal of Policy Reform Pages: 327-352 Issue: 4 Volume: 3 Year: 2000 X-DOI: 10.1080/13841280008523409 File-URL: http://hdl.handle.net/10.1080/13841280008523409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:2000:i:4:p:327-352 Template-Type: ReDIF-Article 1.0 Author-Name: Johan Van Zyl Author-X-Name-First: Johan Author-X-Name-Last: Van Zyl Author-Name: Andrew N. Parker Author-X-Name-First: Andrew N. Author-X-Name-Last: Parker Author-Name: Bill R. Miller Author-X-Name-First: Bill R. Author-X-Name-Last: Miller Title: The myth of large farm superiority: Lessons from agricultural transition in poland Abstract: In Poland, larger farms are often actively promoted over small farms. This policy is based on the perception that there are economies of scale that favor large farms; however, this is contrary to international evidence, which generally indicates that larger farms are less efficient and use less labor than smallscale family farms. Using both total factor productivity measures and data envelopment analysis, empirical findings from Poland suggest that larger farms are no more efficient than smaller farms, and smaller farms are relatively more labor-intensive. These results have important policy implications for farm restructuring in Poland and other transition economies. Journal: The Journal of Policy Reform Pages: 353-372 Issue: 4 Volume: 3 Year: 2000 X-DOI: 10.1080/13841280008523410 File-URL: http://hdl.handle.net/10.1080/13841280008523410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:2000:i:4:p:353-372 Template-Type: ReDIF-Article 1.0 Author-Name: Pierre L. Siklos Author-X-Name-First: Pierre L. Author-X-Name-Last: Siklos Title: Capital flows in a transitional economy and the sterilization dilemma: The hungarian experience, 1992–97 Abstract: This paper evaluates Hungary's dilemma with sterilization in the context of the record of countries elsewhere that have experienced similar capital inflow episodes, e.g., Latin America and Asia. The study focuses on the short-run impact of sterilization on monetary policy. The empirical results indicate that sterilized interventions by the National Bank of Hungary (NBH) did not neutralize capital inflows until possibly the middle of 1995, following a change in government and, more significantly, a change in exchange rate regimes. Indeed, it appears that monetary policy was overly restrictive and that, for a time, the NBH overcompensated for the inflows of capital. Journal: The Journal of Policy Reform Pages: 373-392 Issue: 4 Volume: 3 Year: 2000 X-DOI: 10.1080/13841280008523411 File-URL: http://hdl.handle.net/10.1080/13841280008523411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:3:y:2000:i:4:p:373-392 Template-Type: ReDIF-Article 1.0 Author-Name: Jeffrey D. Sachs Author-X-Name-First: Jeffrey D. Author-X-Name-Last: Sachs Author-Name: Wing Thye Woo Author-X-Name-First: Wing Thye Author-X-Name-Last: Woo Title: Understanding china's economic performance Abstract: Broadly speaking, two schools of thought have emerged to interpret China's rapid growth since 1978: the experimentalist school and the convergence school. The experimentalist school attributes China's successes to the evolutionary, experimental, and incremental nature of China's reforms. Specifically, the resulting non-capitalist institutions are claimed to be successful in (a) agriculture where land is not owned by the fanners; (b) township and village enterprises (TVEs) which are owned collectively by rural communities; and (c) state owned enterprises (SOEs) where increased competition and increased wage incentive, but not privatization, have been emphasized. The convergence school holds that China's successes are the consequences of its institutions being allowed to converge with those of non-socialist market economies, and that China's economic structure at the start of reforms is a major explanation for the rapid growth. China had a high population density heavily concentrated in low-wage agriculture, a condition that was favorable for labor-intensive export-led growth in other parts of East Asia. The convergence school also holds that China's gradualism results primarily from a lack of consensus over the proper course, with power still divided between market reformers and old-style socialists; and that the “innovative” non-capitalist institutions are responses to China's political circumstances and not to its economic circumstances. Perhaps the best test of the two approaches is whether China's policy choices are in fact leading to institutions harmonized with normal market economies or to more distinctive innovations. In this regard, the recent policy trend has been towards institutional harmonization rather than institutional innovation, suggesting that the government accepts that the ingredients for a dynamic market economy are already well-known. Journal: The Journal of Policy Reform Pages: 1-50 Issue: 1 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523412 File-URL: http://hdl.handle.net/10.1080/13841280008523412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:1:p:1-50 Template-Type: ReDIF-Article 1.0 Author-Name: Norbert Wunner Author-X-Name-First: Norbert Author-X-Name-Last: Wunner Title: Bad loans, soft budget constraints and the political economy of financial market reform in transition economies Abstract: Financial market imperfections and especially the bad debt problem are among the most important factors impeding economic restructuring in transition economies. This paper analyses the implications of non-performing loans for the lending policy of banks and for the ensuing allocation of credit. It is shown that a lending bias exists in favour of old debtors, which not only impedes structural change but may also counteract policies intended to harden budget constraints and to promote restructuring. The paper also discusses from a political economy perspective, why despite these negative implications financial market reforms were not pursued more forcefully in most countries. Journal: The Journal of Policy Reform Pages: 51-74 Issue: 1 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523413 File-URL: http://hdl.handle.net/10.1080/13841280008523413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:1:p:51-74 Template-Type: ReDIF-Article 1.0 Author-Name: Arijit Mukherjee Author-X-Name-First: Arijit Author-X-Name-Last: Mukherjee Title: Host-country policy – commitment or no-commitment: a theoretical analysis Abstract: This paper develops a model of foreign entry strategy and examines welfare of the host-country under two situations - (i) where host-country government commits to the tax policy, (ii) where host-country government does not commit to the tax policy. It turns out that under the non-committed government policy the foreign firm does not prefer to hold equity share in the domestic project. The host-country welfare, however, is more under the committed government policy than the non-committed government policy when the foreign firm has sufficiently higher bargaining power. The possibility of technology choice by the foreign firm reduces the range of bargaining power of the foreign firm over which the host-country welfare is more under the committed policy compared to the non-committed policy. Journal: The Journal of Policy Reform Pages: 75-89 Issue: 1 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523414 File-URL: http://hdl.handle.net/10.1080/13841280008523414 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:1:p:75-89 Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo M.R.A Engel Author-X-Name-First: Eduardo M.R.A Author-X-Name-Last: Engel Title: Poisoned grapes, mad cows and protectionism Abstract: This paper studies two episodes where a ban on imports was imposed to safeguard people's health. The first case is the poisoned grapes crisis involving Chile and the United States in 1989. The second is the “mad cows” dispute, which broke out in 1996, between the United Kingdom and the European Union. These case studies motivate a new definition of “protectionist measure” which is applied to argue that the European Union's ban on British beef exports was not protectionist, while the US ban on Chilean fruit possibly classifies as such a measure. Journal: The Journal of Policy Reform Pages: 91-111 Issue: 2 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523415 File-URL: http://hdl.handle.net/10.1080/13841280008523415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:2:p:91-111 Template-Type: ReDIF-Article 1.0 Author-Name: Jonah B. Gelbach Author-X-Name-First: Jonah B. Author-X-Name-Last: Gelbach Author-Name: Lant H. Pritchett Author-X-Name-First: Lant H. Author-X-Name-Last: Pritchett Title: Indicator targeting in a political economy: Leakier can be better Abstract: In LDCs, policymakers sometimes cannot observe income among the poor. One oft-proposed approach to redistribution is indicator targeting: targeting transfers on corrrelations between income and “indicators” like geography, gender, or occupation. We build a simple model in which maximizing poverty reduction from a fixed budget requires indicator targeting. Because insurance motives drive political support for redistribution, the budget depends on the degree of targeting. When middle income agents receive targeted transfers sufficiently rarely, introducing targeting reduces poor agents’ welfare. The converse holds when middle income agents receive targeted transfers sufficiently rarely, i.e. if the redis-tributive bucket is sufficiently leaky. Journal: The Journal of Policy Reform Pages: 113-145 Issue: 2 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523416 File-URL: http://hdl.handle.net/10.1080/13841280008523416 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:2:p:113-145 Template-Type: ReDIF-Article 1.0 Author-Name: Damien Besancenot Author-X-Name-First: Damien Author-X-Name-Last: Besancenot Author-Name: Radu Vranceanu Author-X-Name-First: Radu Author-X-Name-Last: Vranceanu Title: Macroeconomic implications of voucher privatization in a model with incomplete information Abstract: Voucher privatization implies a significant wealth transfer from state to private agents who, in turn, would increase consumption. This paper investigates the consequences of this wealth effect on the macroeconomic equilibrium in a high unemployment economy. The model builds on a two-stage sequential game between the government and private agents. We verify the existence of a pooling equilibrium in which private agents cannot guess whether a policy of fast privatization will be continued in the future or not. This configuration presents an endogenous probability of privatization slowdown; as a consequence, the wealth effect is moderated and the genuine fast privatizer government bears an “undue” credibility cost in terms of employment Journal: The Journal of Policy Reform Pages: 147-164 Issue: 2 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280008523417 File-URL: http://hdl.handle.net/10.1080/13841280008523417 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:2:p:147-164 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Budina Author-X-Name-First: Nina Author-X-Name-Last: Budina Author-Name: Sweder Van Wijnbergen Author-X-Name-First: Sweder Van Author-X-Name-Last: Wijnbergen Title: Fiscal deficits, monetary reform and inflation stabilization in romania Abstract: Fiscal problems are widely recognized as a key factor behind persistent inflation in Eastern Europe post-1989. Deficits need to be cut back, but how much for a given inflation target? We develop a simple framework on debt, deficit and inflation to study the fiscal and monetary policy interactions for the Romanian economy. This framework is employed to assess consistency between inflation, monetary reform and fiscal policy in Romania. First, the direct impact of inflation on fiscal inconsistency measure is assessed. A discussion on the importance of consolidating public sector deficit and its implications for a correct assessment of consistency between monetary and fiscal policy follows. Next, we discuss the implications of exchange rate policy on fiscal sustainability. Finally we alter debt dynamic process to simulate the impact of delaying fiscal adjustment on fiscal sustainability. Journal: The Journal of Policy Reform Pages: 165-194 Issue: 3 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523418 File-URL: http://hdl.handle.net/10.1080/13841280108523418 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:3:p:165-194 Template-Type: ReDIF-Article 1.0 Author-Name: Chengze Simon Fan Author-X-Name-First: Chengze Simon Author-X-Name-Last: Fan Author-Name: Herschel I. Grossman Author-X-Name-First: Herschel I. Author-X-Name-Last: Grossman Title: Incentives and corruption in chinese economic reform Abstract: This paper argues that, given the legacy of Chinese communism and its political structure, corruption, together with the threat of punishment for corruption and the selective enforcement of this threat, serves as a method of compensation that both satisfies the political objectives of the Communist Party and provides an effective inducement to local officials to promote economic reform. Journal: Journal of Economic Policy Reform Pages: 195-206 Issue: 3 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523419 File-URL: http://hdl.handle.net/10.1080/13841280108523419 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:3:p:195-206 Template-Type: ReDIF-Article 1.0 Author-Name: Devesh Kapur Author-X-Name-First: Devesh Author-X-Name-Last: Kapur Title: Expansive agendas and weak instruments: governance related conditionalities of international financial institutions Abstract: This paper analyzes the new lending conditionalities of the Bretton Woods institutions in the area of “governance” in a sample of twenty-five upper tranche arrangements in 1999. It finds that the scope and number of conditions, defined both narrowly and loosely, have expanded. Is this expansion likely to improve the quality of the development process? The paper's findings are negative based on a retrospective analysis of the effectiveness of conditionalities in shaping borrower behavior as well as the content of the current agenda with respect to three important issues: the problems posed by aggregation and trade-offs among conditionalities; the relative emphasis on external versus internal factors; and the temporal dimension of the institutional underpinnings of “good governance.” The paper argues that the pessimistic prognosis is further reinforced when taking into account the governance and interests of the IFIs themselves and their consequences on the content and enforcement of conditionalities. Journal: The Journal of Policy Reform Pages: 207-241 Issue: 3 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523420 File-URL: http://hdl.handle.net/10.1080/13841280108523420 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:3:p:207-241 Template-Type: ReDIF-Article 1.0 Author-Name: Graham Bird Author-X-Name-First: Graham Author-X-Name-Last: Bird Author-Name: Dane Rowlands Author-X-Name-First: Dane Author-X-Name-Last: Rowlands Title: IMF lending: how is it affected by economic, political and institutional factors? Abstract: In seeking to understand IMF lending early large sample econometric studies tended to focus on economic factors. Political and institutional influences were often deemed to be reflected in the frequently large residual. At the same time increasing anecdotal evidence was being amassed to suggest that political factors were indeed important. However, more recent studies have claimed that, by using superior estimating techniques, a satisfactory explanation of Fund lending can be provided without needing to include political and institutional factors, which are in any case difficult to measure and model. This study shows that there is large sample evidence supporting the importance of some of these variables, though their contribution to predicting the pattern of IMF agreements is minimal. It goes on to discuss some of the implications of this for the Fund as the world's premier international financial institution. The research upon which this paper is based was supported by the UK Department for International Development (DFID). While this support is gratefully acknowledged, the views and opinions expressed are those of the authors alone. Thanks to Chris Worswick and two anonymous referees for comments, and Connie Tulus and Helgi Maki for research assistance. Journal: The Journal of Policy Reform Pages: 243-270 Issue: 3 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523421 File-URL: http://hdl.handle.net/10.1080/13841280108523421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:3:p:243-270 Template-Type: ReDIF-Article 1.0 Author-Name: Keith Cuthbertson Author-X-Name-First: Keith Author-X-Name-Last: Cuthbertson Author-Name: Don Bredin Author-X-Name-First: Don Author-X-Name-Last: Bredin Title: Money demand in the czech republic since transition Abstract: We analyse the demand for money since the “break up” of the Czech-Slovak Republics at the beginning of 1993 and for the aggregates M0, Ml, and M2 using monthly data. Due to the widespread use of foreign currency in formally centrally planned economies, we also investigate the issue of currency substitution. Because of our relatively small sample period the Johansen cointegration approach is not used and instead we use the general to specific methodology in a single equation framework. Previous empirical evidence on money demand in Eastern Europe, and specifically Czech Republic, has been mixed. Both graphical and empirical results suggest that any currency substitution was a one-off event due to increased uncertainty at the end of 1992 at the time of the monetary dissolution. Certainly, currency substitution in the Czech Republic is not as strong as has been found in other former centrally planned economies. However, our results do indicate that Czech National Bank may have to take account of foreign interest rates when interpreting movements in the monetary aggregates. Journal: The Journal of Policy Reform Pages: 271-290 Issue: 4 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523422 File-URL: http://hdl.handle.net/10.1080/13841280108523422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:4:p:271-290 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Dabrowski Author-X-Name-First: Marek Author-X-Name-Last: Dabrowski Author-Name: Stanislaw Gomulka Author-X-Name-First: Stanislaw Author-X-Name-Last: Gomulka Author-Name: Jacek Rostowski Author-X-Name-First: Jacek Author-X-Name-Last: Rostowski Title: Whence reform? A critique of the stiglitz perspective Abstract: This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the “Washington Consensus”, with regard to transition reforms and economic policies in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of empirical evidence, including the experience of countries outside China and Russia. Although some of the points Stiglitz makes are important for understanding what has happened in the transition, this paper argues that his perspective mis-interprets the key facts of the Chinese transition, mis-describes the facts of the Russian transition and fails to consider the theoretical and policy implications of the success of a “third model”, which is represented by some Central European and Baltic transitions. Journal: The Journal of Policy Reform Pages: 291-324 Issue: 4 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523423 File-URL: http://hdl.handle.net/10.1080/13841280108523423 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:4:p:291-324 Template-Type: ReDIF-Article 1.0 Author-Name: Joseph Stiglitz Author-X-Name-First: Joseph Author-X-Name-Last: Stiglitz Author-Name: David Ellerman Author-X-Name-First: David Author-X-Name-Last: Ellerman Title: Not poles apart: “Whither reform?” and “Whence reform?” Abstract: Tis only as the shades of night are falling that the Owl of Minerva spreads her mighty wings and takes to flight. (Hegel) The paper “Whence Reform?” by the Polish economists Marek Dabrowski, Stanislaw Gomulka, and Jacek Rostowski (DGR) is a welcome and revealing commentary on what is called the “Stiglitz Perspective.”1 Our main response is gratitude at DGR's agreement with the main theses of “Whither Reform!” such as the critiques of voucher privatization and of the attempts to quickly install institutional reforms involving long agency chains. Our positions are not poles apart. We say: “With ‘critics’ like these, who needs supporters?” It is nevertheless clear that DGR have worked hard to either discover or imagine disagreements and “mistakes” in the “Stiglitz perspective” that will help preserve their good standing in the fraternity of neoliberal reformers. We appreciate the exigencies of maintaining reputational capital so we will cross swords in some of the side scrimmages even though the main battle seems to be over. While we will not contest every real or imagined disagreement, we do think that identifying some of the major areas of agreement and disagreement may be useful in helping shape appropriate policies for the countries in transition going forward. Journal: The Journal of Policy Reform Pages: 325-338 Issue: 4 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523424 File-URL: http://hdl.handle.net/10.1080/13841280108523424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:4:p:325-338 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Dabrowski Author-X-Name-First: Marek Author-X-Name-Last: Dabrowski Author-Name: Stanislaw Gomulka Author-X-Name-First: Stanislaw Author-X-Name-Last: Gomulka Author-Name: Jacek Rostowski Author-X-Name-First: Jacek Author-X-Name-Last: Rostowski Title: The stiglitz-ellerman rejoinder: Our main criticisms remain unanswered Abstract: The rejoinder by the US economists Joseph Stiglitz and David Ellerman (S and E) is welcome above all as a clear acknowledgement that our interpretation of what we called the "Stiglitz Perspective" (but what we apparently should now call the "Stiglitz-Ellerman Perspective") is correct. However, S and E make a determined attempt to belittle the differences between their and our perspectives. This they do by emphasising broad agreement between us on the drawbacks of voucher privatization while largely ignoring our main criticisms: that they overlook the critical role of new non-state, mainly private, firms in successful transitions'; that they underplay the pre-transition causes of the transformational recession in the former Soviet Union (FSU) and Central Europe (CE); and that they chose China rather than Central European and Baltic countries, for the purpose of assessing reforms and performance in Russia and the Commonwealth of Independent States (CIS). S and E continue to argue as if the choice of methods for privatising state-owned enterprises (SOEs) has been crucial for the success or otherwise of transition - hence their singular preoccupation with privatisation to insiders. We wish to change the terms of this debate by drawing attention to the evidence which shows that what really matters are de novo firms and therefore the reforms and policies which foster their growth. Journal: The Journal of Policy Reform Pages: 339-348 Issue: 4 Volume: 4 Year: 2001 X-DOI: 10.1080/13841280108523425 File-URL: http://hdl.handle.net/10.1080/13841280108523425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:4:y:2001:i:4:p:339-348 Template-Type: ReDIF-Article 1.0 Author-Name: Lee Alston Author-X-Name-First: Lee Author-X-Name-Last: Alston Author-Name: Andrés Gallo Author-X-Name-First: Andrés Author-X-Name-Last: Gallo Title: The Political Economy of Bank Reform in Argentina Under Convertibility Abstract: We provide an analytical narrative of the political and economic causes and consequences of institutional changes in the Argentine banking system. We devote most of our attention to the privatization of the provincial banks. Our story differs from the prevailing wisdom in its stress on the key roles played by convertibility and an independent Central Bank rather than the Fondo Fiduciario (Fiduciary Fund). Journal: The Journal of Policy Reform Pages: 1-16 Issue: 1 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280212383 File-URL: http://hdl.handle.net/10.1080/13841280212383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Svend Jensen Author-X-Name-First: Svend Author-X-Name-Last: Jensen Author-Name: Jukka Lassila Author-X-Name-First: Jukka Author-X-Name-Last: Lassila Title: Reforming Social Security in a Transition Economy: The Case of Lithuania Abstract: This paper points out a number of problems associated with the existing pension system in Lithuania. Reforms are proposed, including (i) a substantial increase in the basic pension benefit rate, financed on a pay-as-you-go basis, provided universally, and regulated according to wage/price indexation; (ii) a significant cut in the tax contribution rate to the public pension system matched by a rise in the VAT; (iii) a rise in the retirement age to 65 for both men and women; and (iv) a gradual conversion to a private, funded, mandatory pension system to replace the earnings-related part of the current pension system. Journal: The Journal of Policy Reform Pages: 17-36 Issue: 1 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280212382 File-URL: http://hdl.handle.net/10.1080/13841280212382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:17-36 Template-Type: ReDIF-Article 1.0 Author-Name: Harry Broadman Author-X-Name-First: Harry Author-X-Name-Last: Broadman Author-Name: Francesca Recanatini Author-X-Name-First: Francesca Author-X-Name-Last: Recanatini Title: Corruption and Policy: Back to the Roots Abstract: Corruption is now recognized to be a pervasive phenomenon that can seriously jeopardize the best-intentioned reform efforts. This paper presents an analytical framework for examining the role basic market institutions play in rent-seeking and illicit behavior. The empirical results suggest that high barriers to new business entry and soft budget constraints on incumbent firms are particularly important institutional factors engendering opportunities for corruption. The findings also support the notion that economic development and maturation of democratic processes both temper corruption, as does, to a lesser extent, openness to international trade. Journal: The Journal of Policy Reform Pages: 37-49 Issue: 1 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280212381 File-URL: http://hdl.handle.net/10.1080/13841280212381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:37-49 Template-Type: ReDIF-Article 1.0 Author-Name: Indrani Roy Chowdhury Author-X-Name-First: Indrani Author-X-Name-Last: Roy Chowdhury Author-Name: Prabla Chowdhury Author-X-Name-First: Prabla Author-X-Name-Last: Chowdhury Title: International Joint Ventures: A Welfare Analysis Abstract: We examine the welfare implications of joint venture formation between an MNC and a firm from a less developed country (LDC). For symmetric firms greater the market size, greater is the incentive for joint venture formation. Moreover, joint venture formation is welfare reducing for both high, as well as low levels of demand. However, if the MNC is more efficient compared to the LDC firm then the results are different. We find that smaller the market size greater the incentive for joint venture formation. Moreover, joint venture formation is welfare enhancing for both high, as well as low levels of demand. Journal: The Journal of Policy Reform Pages: 51-60 Issue: 1 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280212384 File-URL: http://hdl.handle.net/10.1080/13841280212384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:51-60 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: The Moral Hazard Play: A Review of The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF Journal: The Journal of Policy Reform Pages: 61-64 Issue: 1 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280212385 File-URL: http://hdl.handle.net/10.1080/13841280212385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:61-64 Template-Type: ReDIF-Article 1.0 Author-Name: Josh Ederington Author-X-Name-First: Josh Author-X-Name-Last: Ederington Author-Name: Jenny Minier Author-X-Name-First: Jenny Author-X-Name-Last: Minier Title: Tariff Uniformity and Growth Abstract: Theoretical ambiguity exists regarding the potential benefits of adopting a uniform tariff schedule. In this paper, we investigate the empirical evidence on this question. From cross-country growth regressions over the period 1988-97 we find a nonlinear relationship between a country's standard deviation of tariffs and its growth rate. Specifically, we find that countries with either a large degree of tariff uniformity or very little tariff uniformity tended to grow faster over this time period, controlling for other factors. Journal: The Journal of Policy Reform Pages: 65-73 Issue: 2 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280214091 File-URL: http://hdl.handle.net/10.1080/13841280214091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:65-73 Template-Type: ReDIF-Article 1.0 Author-Name: Juliana Bambaci Author-X-Name-First: Juliana Author-X-Name-Last: Bambaci Author-Name: Tamara Saront Author-X-Name-First: Tamara Author-X-Name-Last: Saront Author-Name: Mariano Tommasi Author-X-Name-First: Mariano Author-X-Name-Last: Tommasi Title: The Political Economy of Economic Reforms in Argentina Abstract: In 1989, Argentina entered a process of sweeping transformation of its economic institutions which provided for the (temporary) recovery of economic growth and the taming of inflation. The Argentine experience with market-oriented reforms has been regarded by the literature as a salient case of radical and 'unconstrained' reform. Yet, a closer scrutiny portrays that the building and maintenance of a pro-"reform coalition determined the pace, depth and characteristics of the 'new economic institutions'. The idiosyncrasies of Argentina's political institutions, in turn, conditioned this coalition-building strategy. The same idiosyncrasies were at play in the 2001/2002 collapse of the convertibility regime and ensuing social and political chaos. Journal: The Journal of Policy Reform Pages: 75-88 Issue: 2 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280214092 File-URL: http://hdl.handle.net/10.1080/13841280214092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:75-88 Template-Type: ReDIF-Article 1.0 Author-Name: Bernd Hayo Author-X-Name-First: Bernd Author-X-Name-Last: Hayo Author-Name: Doh Shin Author-X-Name-First: Doh Author-X-Name-Last: Shin Title: Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis Abstract: The International Monetary Fund (IMF) has played an important role in restructuring the Korean economy over the past three years. Relying upon survey data collected in 1998 and 1999, we explore the role of the IMF in Korea as perceived by its citizens. In the eyes of the Korean people, the IMF helped their economy to recover from the crisis. However, those Koreans who experience a decline in their income are critical of the IMF's role in their economy. Finally, our analysis reveals that the generally pro-IMF orientation of most Korean people has little to do with their support for a market-oriented reform program. Journal: The Journal of Policy Reform Pages: 89-100 Issue: 2 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280214095 File-URL: http://hdl.handle.net/10.1080/13841280214095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:89-100 Template-Type: ReDIF-Article 1.0 Author-Name: Piyush Tiwari Author-X-Name-First: Piyush Author-X-Name-Last: Tiwari Author-Name: Tetsu Kawakami Author-X-Name-First: Tetsu Author-X-Name-Last: Kawakami Author-Name: Masayuki Doi Author-X-Name-First: Masayuki Author-X-Name-Last: Doi Title: Dual Labor Markets and Trade Reform in China Abstract: This paper specifically models rigidities in the labor market in China and analyzes the effect of labor market liberalization on economic growth using a computable general equilibrium (CGE) model. Our results indicate that labor market reforms are essential to the realization of significant gains from China's accession in November 2001 to the World Trade Organization (WTO). In the absence of labor market reform, the gains to accession to the WTO are estimated to be minimal. Journal: The Journal of Policy Reform Pages: 101-113 Issue: 2 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280214093 File-URL: http://hdl.handle.net/10.1080/13841280214093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:101-113 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Spilimbergo Author-X-Name-First: Antonio Author-X-Name-Last: Spilimbergo Title: Copper and the Chilean Economy, 1960-98 Abstract: This paper studies the links between world copper prices and the Chilean economy. The main conclusion is that world copper prices play an important role in short-term economic fluctuations. While many mechanisms may be at work, investment seems to play a major role. During a copper price boom, the higher copper revenues and associated capital inflows create upward pressure on the real exchange rate. In turn the, appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could explain why real wages grow more rapidly in this part of the cycle. Journal: The Journal of Policy Reform Pages: 115-126 Issue: 2 Volume: 5 Year: 2002 X-DOI: 10.1080/13841280214094 File-URL: http://hdl.handle.net/10.1080/13841280214094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:115-126 Template-Type: ReDIF-Article 1.0 Author-Name: Ryan Gibbs Author-X-Name-First: Ryan Author-X-Name-Last: Gibbs Author-Name: Omer Gokcekus Author-X-Name-First: Omer Author-X-Name-Last: Gokcekus Author-Name: Edward Tower Author-X-Name-First: Edward Author-X-Name-Last: Tower Title: Is Talk Cheap? Abstract: For the steel import quota bill of 1999, each word in the Congressional Record costs $39 in campaign contributions from the steel industry. Consequently, our answer is "Yes, talk is cheap!" Journal: The Journal of Policy Reform Pages: 127-131 Issue: 3 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128021000066071 File-URL: http://hdl.handle.net/10.1080/1384128021000066071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:3:p:127-131 Template-Type: ReDIF-Article 1.0 Author-Name: C. A. Claussen Author-X-Name-First: C. A. Author-X-Name-Last: Claussen Title: On the Dynamic Consistency of Reform and Compensation Schemes Abstract: To make reform possible, politically strong losers have to be bought out. Whether the losers are fully compensated upfront or given running compensation depends on their political influence after reform. We build a simple but general model to study dynamic consistency of compensation and political support for reform. We find that positive but decreasing compensation is required in every period up to the last period the losers have political influence. In that period it increases dramatically. If there are limited resources available to compensate the losers upfront, increasing the cost of reversing the reform may reduce the political feasibility of reform. Journal: The Journal of Policy Reform Pages: 133-144 Issue: 3 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128021000066107 File-URL: http://hdl.handle.net/10.1080/1384128021000066107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:3:p:133-144 Template-Type: ReDIF-Article 1.0 Author-Name: PIERRE-RICHARD AGÉNOR Author-X-Name-First: PIERRE-RICHARD Author-X-Name-Last: AGÉNOR Title: Business Cycles, Economic Crises, and the Poor Abstract: This paper examines whether output contractions associated with downturns and crises have an asymmetric effect on poverty. Several potential sources of asymmetry are identified first. A vector auto-regression model (involving the output gap, unemployment, real wages, and the poverty rate) is then used to test whether the initial cyclical position of the economy, and the magnitude of the initial drop in the output gap in a downturn, matter in assessing the impact of output shocks on poverty. Empirical results for Brazil indicate that poverty shows less sensitivity to output shocks when the economy is initially in a downturn. Journal: The Journal of Policy Reform Pages: 145-160 Issue: 3 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128021000066080 File-URL: http://hdl.handle.net/10.1080/1384128021000066080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:3:p:145-160 Template-Type: ReDIF-Article 1.0 Author-Name: Hans Genberg Author-X-Name-First: Hans Author-X-Name-Last: Genberg Title: Inflation Targeting - the Holy Grail of Monetary Policy? Abstract: Inflation targeting is a statement about the objective of central bank policy and not about operating procedures. Its success depends not only on the actions of the central bank, but requires a broad consensus concerning the proper role of monetary policy in the economy. It also requires the backing of a sound fiscal policy. As countries differ both in economic structure and monetary transmission mechanism, the implementation of inflation targeting must be country specific. Instability over time in the transmission mechanism also implies that inflation targeting strategies must evolve to avoid the fate of previous monetary policy targeting practices. Journal: The Journal of Policy Reform Pages: 161-171 Issue: 3 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128021000066099 File-URL: http://hdl.handle.net/10.1080/1384128021000066099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:3:p:161-171 Template-Type: ReDIF-Article 1.0 Author-Name: Graham Bird Author-X-Name-First: Graham Author-X-Name-Last: Bird Author-Name: Dane Rowlands Author-X-Name-First: Dane Author-X-Name-Last: Rowlands Title: The Pattern of IMF Lending: An Analysis of Prediction Failures Abstract: In recent years, the International Monetary Fund has seen a spate of critical analyses of its lending activities. It has even been suggested that politics influences the allocation of IMF lending with powerful industrialized countries being able to use Fund lending to further their own ambitions. We ask simple questions? Why did some countries borrow from the Fund when our models predicted that they would not? Why did other countries not borrow when our models predicted that they would? We resort to qualitative analysis of the individual cases to see whether we can retrospectively and reasonably explain our prediction failures. Journal: The Journal of Policy Reform Pages: 173-186 Issue: 3 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128021000066116 File-URL: http://hdl.handle.net/10.1080/1384128021000066116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:3:p:173-186 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Eigen Author-X-Name-First: Peter Author-X-Name-Last: Eigen Title: Measuring and combating corruption Abstract: Corruption thrives on misinformation and secrecy. In the Global Corruption Report 2003 , Transparency International ( TI ) puts access to information at the top of its agenda. TI catalogues a climate of mistrust that is working against the interests of shareholders and employees in the market economy, and against the interests of the developing world when economic and business decisions are taken on the basis of the size of a kickback rather than quality, competence and value for money. A sustainable and prosperous society requires a national integrity system based on the rule of law, checks and balances, and a thriving independent media and civil society. Journal: The Journal of Policy Reform Pages: 187-201 Issue: 4 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128032000096805 File-URL: http://hdl.handle.net/10.1080/1384128032000096805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:4:p:187-201 Template-Type: ReDIF-Article 1.0 Author-Name: Steve Hanke Author-X-Name-First: Steve Author-X-Name-Last: Hanke Title: On dollarization and currency boards: Error and deception Abstract: A diagnosis of the laws and balance sheets of the monetary authorities in Argentina, Bosnia, Bulgaria, Estonia, Hong Kong and Lithuania is presented. With the exception of Bosnia, all employ active monetary policies and engage in sterilization. Accordingly, they are not currency boards. The methods used to dismantle the Argentine system in 2001, prior to its eventual abandonment, are presented. An evaluation of the Hong Kong system (1997-1998) suggests that its so-called currency board was not a party to counter-speculation in the stock market. Evidence is presented to show how deception was employed by the US and the IMF during the Indonesian currency board debate (1998) as a means to engineer a political regime change. Journal: The Journal of Policy Reform Pages: 203-222 Issue: 4 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128032000096814 File-URL: http://hdl.handle.net/10.1080/1384128032000096814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:4:p:203-222 Template-Type: ReDIF-Article 1.0 Author-Name: William Easterly Author-X-Name-First: William Author-X-Name-Last: Easterly Title: The cartel of good intentions: The problem of bureaucracy in foreign aid Abstract: Well-meaning national and international bureaucracies dispense foreign aid under conditions in which bureaucracy fails. The environment that created aid bureaucracies led those organizations to (a) define their output as money disbursed rather than service delivered, (b) produce many low-return observable outputs (glossy reports and "frameworks") and few high-return less observable activities like ex - post evaluation, (c) engage in obfuscation, spin control, and amnesia (always describing aid efforts as "new and improved") exhibiting little learning from the past, (d) put enormous demands on scarce administrative skills in poor countries. To change this unhappy equilibrium, policymakers in rich and poor countries should experiment with decentralized markets, matching those who want to help the poor with the poor themselves freely expressing their needs and aspirations. Journal: The Journal of Policy Reform Pages: 223-250 Issue: 4 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128032000096823 File-URL: http://hdl.handle.net/10.1080/1384128032000096823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:4:p:223-250 Template-Type: ReDIF-Article 1.0 Author-Name: Lant Pritchett Author-X-Name-First: Lant Author-X-Name-Last: Pritchett Title: It pays to be ignorant: A simple political economy of rigorous program evaluation Abstract: This paper attempts to explain the scarcity of rigorous evaluations of public policy. I build a positive model to explain the "stylized fact" that there is under investment in the creation of reliable empirical knowledge about the impacts of public sector actions. The model shows how "advocates" of particular issues or solutions - the public action equivalent of entrepreneurs - have incentives to under invest in knowledge creation because having credible estimates of the impact of their preferred program may undermine their ability to mobilize political (budgetary) support. Journal: The Journal of Policy Reform Pages: 251-269 Issue: 4 Volume: 5 Year: 2002 X-DOI: 10.1080/1384128032000096832 File-URL: http://hdl.handle.net/10.1080/1384128032000096832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:5:y:2002:i:4:p:251-269 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Paus Author-X-Name-First: Eva Author-X-Name-Last: Paus Author-Name: Nola Reinhardt Author-X-Name-First: Nola Author-X-Name-Last: Reinhardt Author-Name: Michael Robinson Author-X-Name-First: Michael Author-X-Name-Last: Robinson Title: Trade Liberalization and Productivity Growth in Latin American Manufacturing, 1970-98 Abstract: We examine the relationship between trade liberalization and manufacturing labor productivity growth for 27 industries in seven Latin American countries from 1970 to 1998. Our trade variables are export and import growth and a commercial reform index, which capture the various channels through which productivity and trade liberalization may be related. Using the Arellano-Bond GMM estimator, we find a significant positive correlation between all three variables and productivity growth. US productivity growth and distance behind best-practice technology are also significantly correlated with productivity growth. These results have to be understood in the context of sweeping economic reforms and continuing economic difficulties in the countries under investigation. Journal: The Journal of Policy Reform Pages: 1-15 Issue: 1 Volume: 6 Year: 2003 X-DOI: 10.1080/13841280309599 File-URL: http://hdl.handle.net/10.1080/13841280309599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 Author-Name: Piyush Tiwari Author-X-Name-First: Piyush Author-X-Name-Last: Tiwari Author-Name: Masayuki Doi Author-X-Name-First: Masayuki Author-X-Name-Last: Doi Author-Name: Hidekazu Itoh Author-X-Name-First: Hidekazu Author-X-Name-Last: Itoh Title: A CGE Analysis of the Potential Impact of Information Technology on the Japanese Economy Abstract: In this paper we investigate the potential system-wide impact of information technology on the Japanese economy using a static computable general equilibrium model with base case calibrated for the year 1995. The information technology has two potential impacts: (1) it enhances the labour productivity, and (2) e-commerce improves the efficiency of marketing and reduces the cost of marketing, typically referred as "marketing margins" in the literature. There is a growing interest among policy makers in the impact of information technology on Japanese economy. The effect of e-commerce on the economy is through reduction in cost of B-to-B and B-to-C transactions. An existing estimate of the reduction in price due to the penetration of e-commerce in different sectors in Japan indicates that there is a possibility of price reduction between 1.39 percent in the automobile sector to 0.65 percent in the machine equipment sector and so on. Our model simulates the penetration of e-commerce in the Japanese economy, which will reduce market margins through direct selling on the Internet or the like. The results overall indicate that e-commerce has positive welfare benefits for consumers and that it also leads to structural changes in the economy. On top of this we impose IT-led, Harrod-type labour productivity gains and the results indicate that the Japanese economy would have large welfare gains through the penetration of IT into various sectors of the economy. Journal: The Journal of Policy Reform Pages: 17-33 Issue: 1 Volume: 6 Year: 2003 X-DOI: 10.1080/13841280309601 File-URL: http://hdl.handle.net/10.1080/13841280309601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:1:p:17-33 Template-Type: ReDIF-Article 1.0 Author-Name: Felipe Larraín B. Author-X-Name-First: Felipe Author-X-Name-Last: Larraín B. Author-Name: José Tavares Author-X-Name-First: José Author-X-Name-Last: Tavares Title: Regional Currencies Versus Dollarization: Options for Asia and the Americas Abstract: This paper undertakes an empirical assessment of Dollarization versus regional currency union as options for the economies of East Asia, South America and Central America. We use summary indicators of bilateral integration to examine the determinants of real exchange rate volatility within each region and between each region and the United States. While Europe is characterized by a high degree of regional integration, there is evidence of increasing integration in East Asia and persistently low integration in the Americas, especially as compared to the levels of bilateral integration vis-à-vis the United States. Our estimates confirm the patterns of regional integration above and reveal substantial regional differences as to the determinants of real exchange rate volatility. Journal: The Journal of Policy Reform Pages: 35-49 Issue: 1 Volume: 6 Year: 2003 X-DOI: 10.1080/13841280309602 File-URL: http://hdl.handle.net/10.1080/13841280309602 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:1:p:35-49 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Spechler Author-X-Name-First: Martin Author-X-Name-Last: Spechler Title: Returning to Convertibility in Uzbekistan? Abstract: Uzbekistan's system of multiple exchange rates arose when the sum was made inconvertible in 1996. This has caused many real problems to this transition economy, and promises to return to convertibility have been only partially carried out so far. The problems ahead are analyzed in this article. Journal: The Journal of Policy Reform Pages: 51-56 Issue: 1 Volume: 6 Year: 2003 X-DOI: 10.1080/13841280309600 File-URL: http://hdl.handle.net/10.1080/13841280309600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:1:p:51-56 Template-Type: ReDIF-Article 1.0 Author-Name: Bin Xu Author-X-Name-First: Bin Author-X-Name-Last: Xu Title: Trade and financial liberalization with asymmetric information in bank financing Abstract: We investigate trade and financial openness in a small developing country where entrepreneurs need bank financing to operate in an import‐competing sector but banks do not observe their ability. This informational asymmetry causes adverse selection of low‐ability individuals into entrepreneurship and also prevents poor but able individuals from being entrepreneurs. We find that trade opening improves national welfare, but a tax is needed on foreign financial capital. Trade opening reduces an income gap between the rich and the poor, while financial opening affects this income gap ambiguously. Journal: Policy Reform Pages: 57-69 Issue: 2 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000145297 File-URL: http://hdl.handle.net/10.1080/1384128032000145297 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:57-69 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Lotspeich Author-X-Name-First: Richard Author-X-Name-Last: Lotspeich Title: Crime and corruption in transitional economies: lessons for Cuba Abstract: Trends in aggregate crime rates across Europe reveal significant increases in crime in transitional countries. We identify causal mechanisms associated with the economic transition. Historical experience of corruption in the Soviet Union is reviewed, and connections between corruption and transition are analyzed. We apply the results to Cuba's current circumstances, examining the potential for growth in crime and corruption in Cuba and suggesting policies to ameliorate it. Journal: Policy Reform Pages: 71-87 Issue: 2 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000145305 File-URL: http://hdl.handle.net/10.1080/1384128032000145305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:71-87 Template-Type: ReDIF-Article 1.0 Author-Name: Abdur Chowdhury Author-X-Name-First: Abdur Author-X-Name-Last: Chowdhury Title: Banking reform in russia: winds of change? Abstract: Only a successful implementation of an overall reform program will enable Russian banks to provide financial intermediation and assist in the country's development from a nascent market economy to a mature financial system. The chances for reform are better now than at any time during the last decade. Favorable political and economic conditions and a change in attitude among bank management have created an unusual window of opportunity. This article analyzes the past performance of the Russian banking industry, evaluates the reform agenda of the monetary authority, and argues for an overall reform program in order to seize the available opportunity. Journal: Policy Reform Pages: 89-103 Issue: 2 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000145314 File-URL: http://hdl.handle.net/10.1080/1384128032000145314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:89-103 Template-Type: ReDIF-Article 1.0 Author-Name: Ronald Fischer Author-X-Name-First: Ronald Author-X-Name-Last: Fischer Author-Name: Alexander Galetovic Author-X-Name-First: Alexander Author-X-Name-Last: Galetovic Title: Regulatory governance and chile's 1998–1999 electricity shortage Abstract: We study regulatory incentives and governance during the 1998–1999 electricity shortage in Chile. We argue that it was feasible to manage the shortage with no outages. The outages can be blamed on the rigid price system and deficiencies in regulatory governance, which led to a weak regulator unable to make the price system work. The shortage shows the limitations of a rigid price system requiring regulatory intervention. It suggests that countries where governance structures are weak should rely as much as possible on market rules that clearly allocate property rights and leave contract terms to be freely negotiated by private parties. Journal: Policy Reform Pages: 105-125 Issue: 2 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000145323 File-URL: http://hdl.handle.net/10.1080/1384128032000145323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:105-125 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Paus Author-X-Name-First: Eva Author-X-Name-Last: Paus Author-Name: Nola Reinhardt Author-X-Name-First: Nola Author-X-Name-Last: Reinhardt Author-Name: Michael Robinson Author-X-Name-First: Michael Author-X-Name-Last: Robinson Title: Trade liberalization and productivity growth in latin american manufacturing, 1970–98 Journal: Policy Reform Pages: 127-127 Issue: 2 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000156655 File-URL: http://hdl.handle.net/10.1080/1384128032000156655 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:127-127 Template-Type: ReDIF-Article 1.0 Author-Name: Steve Hanke Author-X-Name-First: Steve Author-X-Name-Last: Hanke Title: Money and the rule of law in ecuador Abstract: The rule of law is defined and its implications in the monetary sphere are elaborated. When national monetary arrangements fail to comport with the rule of law, “dollarization” is desirable. That policy provides for more stable money and expectations about its future value. The salutary effects of Ecuador's “dollarization” program of 2000 are reviewed. In addition, a manifesto for economic reform in Ecuador is presented. Its elements are: financial integration, fiscal transparency and control, tax simplification and reform, supermajority voting, deregulation, and privatization. Journal: Policy Reform Pages: 131-145 Issue: 3 Volume: 6 Year: 2003 X-DOI: 10.1080/0951274032000175608 File-URL: http://hdl.handle.net/10.1080/0951274032000175608 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:131-145 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Hardy Author-X-Name-First: Daniel Author-X-Name-Last: Hardy Author-Name: Paul Holden Author-X-Name-First: Paul Author-X-Name-Last: Holden Author-Name: Vassili Prokopenko Author-X-Name-First: Vassili Author-X-Name-Last: Prokopenko Title: Microfinance institutions and public policy Abstract: Many governments and nongovernmental organizations have adopted policies to promote the growth of microfinance institutions (MFIs). The appropriate level and form of support for MFIs are discussed in this paper on the basis of a review of key MFI characteristics. Governments are also responsible for the regulation of MFIs; here, some principles concerning the extent and coverage of MFI regulation and supervision are developed. Journal: Policy Reform Pages: 147-158 Issue: 3 Volume: 6 Year: 2003 X-DOI: 10.1080/1350485032000175637 File-URL: http://hdl.handle.net/10.1080/1350485032000175637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:147-158 Template-Type: ReDIF-Article 1.0 Author-Name: John Baffes Author-X-Name-First: John Author-X-Name-Last: Baffes Author-Name: Bruce Gardner Author-X-Name-First: Bruce Author-X-Name-Last: Gardner Title: The transmission of world commodity prices to domestic markets under policy reforms in developing countries Abstract: This paper examines the degree to which world price signals have been transmitted into domestic prices for eight countries and ten commodities, a total of 31 country/commodity pairs. The main characteristic of these countries was that they all undertook substantial policy reforms during the mid‐1980s to early 1990s. The paper investigates the effect of reforms on the speed at which signals were transmitted to domestic markets and on the extent of price transmission. We find that Chile, Mexico, and Argentina are the only countries whose domestic commodity markets were integrated with world markets. For the remaining cases (Ghana, Madagascar, Indonesia, Egypt, and Colombia) in only a few country/commodity pairs is there some passthrough of world price changes. In terms of the effects of policy reforms, in the majority of the cases the hypothesis of a structural break following the reform year is rejected. Journal: Policy Reform Pages: 159-180 Issue: 3 Volume: 6 Year: 2003 X-DOI: 10.1080/0951274032000175770 File-URL: http://hdl.handle.net/10.1080/0951274032000175770 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:159-180 Template-Type: ReDIF-Article 1.0 Author-Name: Ali Kutan Author-X-Name-First: Ali Author-X-Name-Last: Kutan Author-Name: Brasukra Sudjana Author-X-Name-First: Brasukra Author-X-Name-Last: Sudjana Title: Investor reaction to IMF actions in the indonesian financial crisis Abstract: Many observers have criticized recent IMF actions and program announcements during the Asian crisis by arguing that the IMF's declaration that Asia needed drastic reforms with respect to institutional issues such as transparency, corporate governance and corruption has led investors to panic and withdraw from the region. We examine the reaction of investors in the Indonesian stock market to IMF news. Evidence indicates that IMF actions and program announcements are associated with a decline in market uncertainty. Hence, our finding does not appear to support the panic view. Policy implications of the findings are also discussed. Journal: Policy Reform Pages: 181-190 Issue: 3 Volume: 6 Year: 2003 X-DOI: 10.1080/1384128032000175780 File-URL: http://hdl.handle.net/10.1080/1384128032000175780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:181-190 Template-Type: ReDIF-Article 1.0 Author-Name: Jon Stern Author-X-Name-First: Jon Author-X-Name-Last: Stern Title: Regulation and Contracts for Utility Services: Substitutes or Complements? Lessons from UK Railway and Electricity History Abstract: It is frequently suggested that regulation by contract can effectively substitute for regulation by a specialist regulatory agency for utility service industries. We examine these arguments and consider legal aspects and the historical experience of the UK as regards railways and electricity. We conjecture that regulation and contracts are complements for network industries rather than substitutes so that a regulatory agency allows for better and simpler contracts, which are easier to monitor, enforce and revise. This is what would be expected from the theory of incomplete contracts. We demonstrate that UK historical experience is strongly consistent with this view. Journal: Policy Reform Pages: 193-215 Issue: 4 Volume: 6 Year: 2003 X-DOI: 10.1080/134841280410001698978 File-URL: http://hdl.handle.net/10.1080/134841280410001698978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:4:p:193-215 Template-Type: ReDIF-Article 1.0 Author-Name: Scott Wallsten Author-X-Name-First: Scott Author-X-Name-Last: Wallsten Title: Of Carts and Horses: Regulation and Privatization in Telecommunications Reforms Abstract: In the early 1990s, many advocated quick privatization of state‐owned monopolies in developing countries, assuming that market institutions would develop once firms were privately owned. More recent thinking emphasizes establishing institutions conducive to promoting competition before privatization. To date little empirical work has informed the debate. This paper addresses this gap by testing whether establishing a regulatory authority prior to privatizing incumbent telecommunications firms matters. I find that countries that established regulatory authorities prior to privatization saw increased telecom investment and telephone penetration compared to countries that did not. Moreover, investors paid more for telecom firms in countries that established a regulator prior to privatization. Journal: Policy Reform Pages: 217-231 Issue: 4 Volume: 6 Year: 2003 X-DOI: 10.1080/134841280410001698987 File-URL: http://hdl.handle.net/10.1080/134841280410001698987 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:4:p:217-231 Template-Type: ReDIF-Article 1.0 Author-Name: Bruce Blonigen Author-X-Name-First: Bruce Author-X-Name-Last: Blonigen Author-Name: Thomas Prusa Author-X-Name-First: Thomas Author-X-Name-Last: Prusa Title: The Cost of Antidumping: the Devil is in the Details Abstract: We argue that the costs of antidumping (AD) protection are substantially higher than standard tariff analysis would suggest. First, since AD duties are often adjusted during administrative reviews, the welfare cost of AD duties increases over time. These adjustments effectively transfer heavily distorted AD revenue to foreign firms. Second, AD duties are more costly than simply the visible costs of AD protection. There are significant additional costs associated with the prospect of protection imposed when foreign and domestic firms alter their profit maximizing behavior in order to influence the outcome of potential AD investigations. These costs may exceed the direct cost of AD duties. Journal: Policy Reform Pages: 233-245 Issue: 4 Volume: 6 Year: 2003 X-DOI: 10.1080/134841280410004698996 File-URL: http://hdl.handle.net/10.1080/134841280410004698996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:4:p:233-245 Template-Type: ReDIF-Article 1.0 Author-Name: Omer Gokcekus Author-X-Name-First: Omer Author-X-Name-Last: Gokcekus Author-Name: Edward Tower Author-X-Name-First: Edward Author-X-Name-Last: Tower Title: An Efficiency Enhancing Minimum Wage Abstract: We consider an economy with a tax on all labor earnings. We discover that a slightly binding minimum wage on one sector can enhance efficiency. The minimum wage attracts high‐reservation wage workers into the minimum‐wage sector. If the labor demand curve in the free sector is quite flat, the vast majority of workers displaced by the minimum wage find employment in the free sector, raising aggregate employment. This displacement of workers by the only slightly binding minimum wage has negligible effects on efficiency. So efficiency and tax revenue rise as the minimum wage pulls labor out of untaxed leisure, where too much of the labor force is lurking, into taxed work. Journal: Policy Reform Pages: 247-259 Issue: 4 Volume: 6 Year: 2003 X-DOI: 10.1080/134841280140001699003 File-URL: http://hdl.handle.net/10.1080/134841280140001699003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:6:y:2003:i:4:p:247-259 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Style guide Journal: The Journal of Policy Reform Pages: 185-186 Issue: 3 Volume: 7 Year: 2004 X-DOI: 10.1080/1384128042000301841 File-URL: http://hdl.handle.net/10.1080/1384128042000301841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:7:y:2004:i:3:p:185-186 Template-Type: ReDIF-Article 1.0 Author-Name: JOHN HALTIWANGER Author-X-Name-First: JOHN Author-X-Name-Last: HALTIWANGER Author-Name: ADRIANA KUGLER Author-X-Name-First: ADRIANA Author-X-Name-Last: KUGLER Author-Name: MAURICE KUGLER Author-X-Name-First: MAURICE Author-X-Name-Last: KUGLER Author-Name: ALEJANDRO MICCO Author-X-Name-First: ALEJANDRO Author-X-Name-Last: MICCO Author-Name: CARMEN PAGÉS Author-X-Name-First: CARMEN Author-X-Name-Last: PAGÉS Title: Introduction Journal: Policy Reform Pages: 189-190 Issue: 4 Volume: 7 Year: 2004 X-DOI: 10.1080/1384128042000302895 File-URL: http://hdl.handle.net/10.1080/1384128042000302895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:7:y:2004:i:4:p:189-190 Template-Type: ReDIF-Article 1.0 Author-Name: HANS GENBERG Author-X-Name-First: HANS Author-X-Name-Last: GENBERG Title: The macroeconomic effects of adjustment lending: A review and evaluation Abstract: Does external aid have an impact on economic growth, if so, through what channels? Does the domestic policy environment matter? In the past ten years, these questions have been the subject of a large number of empirical studies. This article surveys these studies and identifies the areas where there is consensus and those where there is not. It is argued that to move forward, empirical work must be based more explicitly on structural models of the link between aid and growth, notably by incorporating relationships between aid, government fiscal responses, private sector investment, and economic growth. Journal: The Journal of Policy Reform Pages: 1-40 Issue: 1 Volume: 8 Year: 2005 X-DOI: 10.1080/1384128042000328923 File-URL: http://hdl.handle.net/10.1080/1384128042000328923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:1:p:1-40 Template-Type: ReDIF-Article 1.0 Author-Name: HUGO TOLEDO Author-X-Name-First: HUGO Author-X-Name-Last: TOLEDO Title: Adjustment to trade reform in Ecuador Abstract: This paper simulates output adjustments and income redistribution in Ecuador with the emerging Free Trade Agreement of the Americas (FTAA). The Specific Factors (SF) model of production is used to develop comparative statistics elasticities of changing prices on factor prices and output as Ecuador adjusts to free trade. Skilled and unskilled labor stands to lose due to falling prices in the services and agricultural sectors. Returns to capital and output fall in sectors exposed to import competition while they increase in sectors expected to enjoy higher export demand. The magnitude of the adjustment is large. Journal: The Journal of Policy Reform Pages: 41-53 Issue: 1 Volume: 8 Year: 2005 X-DOI: 10.1080/1384128042000328932 File-URL: http://hdl.handle.net/10.1080/1384128042000328932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:1:p:41-53 Template-Type: ReDIF-Article 1.0 Author-Name: EDUARDO BORENSZTEIN Author-X-Name-First: EDUARDO Author-X-Name-Last: BORENSZTEIN Author-Name: JONG‐WHA LEE Author-X-Name-First: JONG‐WHA Author-X-Name-Last: LEE Title: Financial reform and the efficiency of credit allocation in Korea Abstract: This study analyzes some of the structural problems associated with the Korean financial sector, and investigates the efficiency of credit allocation by the financial system over the period from 1970 to 1996. Using data at the level of 32 industrial branches, we find no evidence that credit flows were directed sectors that were more profitable, either before or after financial reforms were initiated in the 1980s. We also find that the financial support did not contribute to improve the performance of the favored industries over time. Journal: The Journal of Policy Reform Pages: 55-68 Issue: 1 Volume: 8 Year: 2005 X-DOI: 10.1080/1384128042000328941 File-URL: http://hdl.handle.net/10.1080/1384128042000328941 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:1:p:55-68 Template-Type: ReDIF-Article 1.0 Author-Name: PATRICK MEAGHER Author-X-Name-First: PATRICK Author-X-Name-Last: MEAGHER Title: Anti‐corruption agencies: Rhetoric Versus reality Abstract: The anti‐corruption successes of Singapore and Hong Kong have encouraged the establishment of strong, centralized anti‐corruption agencies across the globe. This study charts the emergence of anti‐corruption agencies (ACAs), and then examines recent experiences with these bodies in developing countries. We propose a set of criteria for assessing and explaining their performance. The analysis applies within strict limits to those countries that have established the minimum political, legal, and socio‐economic conditions for effective governance. Where these conditions are in place, success is possible. However, ACAs in poor and badly governed states are generally ineffective, if not actively harmful. Journal: The Journal of Policy Reform Pages: 69-103 Issue: 1 Volume: 8 Year: 2005 X-DOI: 10.1080/1384128042000328950 File-URL: http://hdl.handle.net/10.1080/1384128042000328950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:1:p:69-103 Template-Type: ReDIF-Article 1.0 Author-Name: MATT SEKERKE Author-X-Name-First: MATT Author-X-Name-Last: SEKERKE Author-Name: STEVE H. HANKE Author-X-Name-First: STEVE H. Author-X-Name-Last: HANKE Title: A framework for the analysis of monetary reforms Abstract: Proposals for monetary reform based on inflation targeting, in Iraq and elsewhere, face a variety of practical and theoretical difficulties. In evaluating attempted reforms based on inflation targeting, we suggest some propositions broadly consistent with the new institutionalist critique. In particular, we stress the importance of recognizing path‐dependent features of the economic system. An awareness of the reduced generality of theoretical results in light of institutional limitations, combined with an impossibility criterion for economic policy technologies, holds promise for designing a set of readily attainable reforms. We argue that these criteria, far from being esoteric, actually interact in a way that underpins foundational results in monetary theory due to James E. Meade and Robert A. Mundell. Journal: The Journal of Policy Reform Pages: 105-117 Issue: 2 Volume: 8 Year: 2005 X-DOI: 10.1080/13841280500086289 File-URL: http://hdl.handle.net/10.1080/13841280500086289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:2:p:105-117 Template-Type: ReDIF-Article 1.0 Author-Name: CHRISTIAN WELLER Author-X-Name-First: CHRISTIAN Author-X-Name-Last: WELLER Author-Name: DEAN BAKER Author-X-Name-First: DEAN Author-X-Name-Last: BAKER Title: Smoothing the waves of pension funding: Could changes in funding rules help avoid cyclical under‐funding? Abstract: Defined benefit pensions are still an important part of retirement income security for 44 million people. After 2000, these plans experienced extreme difficulties. Although the magnitude of the problem was unprecedented, its causes were not. Interest rate and asset prices decline in a recession, when earnings are low. Pension funding rules reflect this regularity. This requires additional contributions when times are bad. We address this counter‐cyclicality through three proposed rule changes. We use a simulation model to evaluate these. Our results indicate that counter‐cyclicality would have diminished, while funding adequacy would have improved. Journal: The Journal of Policy Reform Pages: 131-151 Issue: 2 Volume: 8 Year: 2005 X-DOI: 10.1080/13841280500086339 File-URL: http://hdl.handle.net/10.1080/13841280500086339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:2:p:131-151 Template-Type: ReDIF-Article 1.0 Author-Name: ERA DABLA‐NORRIS Author-X-Name-First: ERA Author-X-Name-Last: DABLA‐NORRIS Author-Name: ANDREW FELTENSTEIN Author-X-Name-First: ANDREW Author-X-Name-Last: FELTENSTEIN Title: The underground economy and its macroeconomic consequences Abstract: This study develops a dynamic general equilibrium model in which optimizing agents evade taxes by operating in the underground economy. The cost to firms of evading taxes is that they find themselves subject to credit rationing from banks. Our model simulations show that in the absence of budgetary flexibility to adjust expenditures, raising tax rates too high drives firms into the underground economy, thereby reducing the tax base. Aggregate investment in the economy is lowered because of credit rationing. Taxes that are too low eliminate the underground economy, but result in unsustainable budget and trade deficits. Thus, the optimal rate of taxation, from a macroeconomic point of view, may lead to some underground activity. Journal: The Journal of Policy Reform Pages: 153-174 Issue: 2 Volume: 8 Year: 2005 X-DOI: 10.1080/13841280500086388 File-URL: http://hdl.handle.net/10.1080/13841280500086388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:8:y:2005:i:2:p:153-174 Template-Type: ReDIF-Article 1.0 Author-Name: Saibal Kar Author-X-Name-First: Saibal Author-X-Name-Last: Kar Author-Name: Basudeb Guha-Khasnobis Author-X-Name-First: Basudeb Author-X-Name-Last: Guha-Khasnobis Title: Foreign Capital, Skill Formation, and Migration of Skilled Workers Abstract: We study the interaction between foreign capital inflow and international migration of skilled labor when a small open economy is subject to exogenous shocks. The presence of a skill formation sector is central to our analysis, such that import liberalization and increased foreign capital inflow may lead to increased skill emigration both in absolute terms and as percentage of gross skill formation. Furthermore, a positive product price shock for the sector that uses foreign capital may turn out to be immiserizing. Finally, growth in the agricultural sector can lower the rate of skill formation as well as skill emigration. Journal: Journal of Economic Policy Reform Pages: 107-123 Issue: 2 Volume: 9 Year: 2006 X-DOI: 10.1080/13841280600772010 File-URL: http://hdl.handle.net/10.1080/13841280600772010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:9:y:2006:i:2:p:107-123 Template-Type: ReDIF-Article 1.0 Author-Name: Sarkis Joseph Khoury Author-X-Name-First: Sarkis Joseph Author-X-Name-Last: Khoury Author-Name: Clas Wihlborg Author-X-Name-First: Clas Author-X-Name-Last: Wihlborg Title: Outsourcing Central Banking: Lessons from Estonia Abstract: An orthodox currency board (CB) renders central banking redundant for interest and exchange rate determination. Thereby, monetary policy is de facto outsourced. Foreign direct investment (FDI) in banking can lead to outsourcing of the second important central bank function, responsibility for banking supervision. Economic and political conditions for outsourcing of central banking are discussed. Estonia's experience with a CB and expanding foreign involvement in banking is reviewed. The Argentine CB experience is discussed briefly to provide a contrast. The conclusion outlines the conditions for successful currency outsourcing to another country or regional authority. Journal: Journal of Economic Policy Reform Pages: 125-144 Issue: 2 Volume: 9 Year: 2006 X-DOI: 10.1080/13841280600772051 File-URL: http://hdl.handle.net/10.1080/13841280600772051 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:9:y:2006:i:2:p:125-144 Template-Type: ReDIF-Article 1.0 Author-Name: Kimberly Vachal Author-X-Name-First: Kimberly Author-X-Name-Last: Vachal Author-Name: John Bitzan Author-X-Name-First: John Author-X-Name-Last: Bitzan Author-Name: Tamara Vanwechel Author-X-Name-First: Tamara Author-X-Name-Last: Vanwechel Author-Name: Dan Vinje Author-X-Name-First: Dan Author-X-Name-Last: Vinje Title: Differential Effects of Rail Deregulation on US Grain Producers Abstract: The efficiency benefits of US rail industry deregulation have been widely documented. This research provides new insight regarding the accrual of benefits within the US grain industry. A study of rail grain rates from 1980 to 2000 finds railroads decreased rates for all grain shippers. The greatest gain in benefits was to producers in the most competitive market environments. Regions and products with less competitive transportation markets will become increasingly disadvantaged if the trend continues. Rail rates are a key determinant in grain market viability and producer profitability in these rail dominated markets. Journal: Journal of Economic Policy Reform Pages: 145-155 Issue: 2 Volume: 9 Year: 2006 X-DOI: 10.1080/13841280600771939 File-URL: http://hdl.handle.net/10.1080/13841280600771939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:9:y:2006:i:2:p:145-155 Template-Type: ReDIF-Article 1.0 Author-Name: Fatma El-Hamidi Author-X-Name-First: Fatma Author-X-Name-Last: El-Hamidi Title: General or Vocational Schooling? Evidence on School Choice, Returns, and 'Sheepskin' Effects from Egypt 1998 Abstract: In general, vocational education does not lead to higher wages. However, in some countries, labor markets are characterized by employment growth and skill shortages. In these, vocational schooling has produced higher wages and returns on investment than general education. Using 1998 Egyptian household survey, the study adds evidence to the debate on relative benefits of vocational education and of general education at the secondary level. The findings suggest that providing general education to the workforce followed by on-the-job training would provide the most benefit. Journal: Journal of Economic Policy Reform Pages: 157-176 Issue: 2 Volume: 9 Year: 2006 X-DOI: 10.1080/13841280600772861 File-URL: http://hdl.handle.net/10.1080/13841280600772861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:9:y:2006:i:2:p:157-176 Template-Type: ReDIF-Article 1.0 Author-Name: Christine Wen Author-X-Name-First: Christine Author-X-Name-Last: Wen Author-Name: Yuanshuo Xu Author-X-Name-First: Yuanshuo Author-X-Name-Last: Xu Author-Name: Yunji Kim Author-X-Name-First: Yunji Author-X-Name-Last: Kim Author-Name: Mildred E. Warner Author-X-Name-First: Mildred E. Author-X-Name-Last: Warner Title: Starving counties, squeezing cities: tax and expenditure limits in the US Abstract: Policy HighlightsWe create a 50 state Tax and Expenditure Limits (TEL) severity index by government type. Counties and municipalities differ in their revenue structure and economic functions.TELs constrict counties’ ability to raise revenue.Municipalities broaden revenue sources and debt in response to TEL severity.State aid needs to increase for counties to offset TEL’s restrictive effect.State-imposed local Tax and Expenditure Limits (TELS) are restricting revenue raising ability of local governments across the U.S. We create a 50-state index to measure the severity of TELS by type of tax limitation (rate limit, tax ceilings, etc.) for each type of local government: county, municipality and school district. We find in states with more restrictive TELs, counties are more restricted, while cities reduce their property tax dependence and shift to alternative revenue sources and incur more debt. State aid does not make up the difference. TELs increase stress for all local governments but are most severe for counties. Journal: Journal of Economic Policy Reform Pages: 101-119 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1509711 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1509711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:101-119 Template-Type: ReDIF-Article 1.0 Author-Name: George C. Homsy Author-X-Name-First: George C. Author-X-Name-Last: Homsy Title: Capacity, sustainability, and the community benefits of municipal utility ownership in the United States Abstract: Most literature on utility sustainability focuses on internal operations; this misses the role that utilities could play within a community. This study measures the impact of municipal ownership of water and electric utilities on the sustainability policymaking of local governments. I find that municipalities with government-owned water utilities adopt more sustainability measures than those with investor-owned service. Similarly, municipally-owned electric utilities have higher levels of energy sustainability in the community, but not in government operations. The utilities provide fiscal and technical capacity to municipalities. Interdepartmental coordination also strongly predicts sustainability policymaking. This study brings potential community benefits to the discussion of private investment in public service delivery. Journal: Journal of Economic Policy Reform Pages: 120-137 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1515014 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1515014 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:120-137 Template-Type: ReDIF-Article 1.0 Author-Name: Justin Yifu Lin Author-X-Name-First: Justin Yifu Author-X-Name-Last: Lin Author-Name: Khuong Vu Author-X-Name-First: Khuong Author-X-Name-Last: Vu Author-Name: Kris Hartley Author-X-Name-First: Kris Author-X-Name-Last: Hartley Title: A modeling framework for enhancing aid effectiveness Abstract: The development literature lacks consensus about the link between aid effectiveness and governance improvement. A basic rational actor model is introduced to clarify how donors can influence recipient behaviors and more broadly how foreign aid can support or impede governance quality improvement. Adopting the underutilized perspective of donor behavior, this study identifies mechanisms through which aid hinders governance improvement and offers substantive recommendations about how donors can enhance aid effectiveness, including strategies for donors to raise the level of effort recipients devote to project success. Journal: Journal of Economic Policy Reform Pages: 138-160 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1551137 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1551137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:138-160 Template-Type: ReDIF-Article 1.0 Author-Name: João Tovar Jalles Author-X-Name-First: João Tovar Author-X-Name-Last: Jalles Title: European commission’s fiscal forecasts in CEE countries: a thorough assessment Abstract: This paper assesses European Commission’s fiscal forecasts for a sample of 10 Central and Eastern European countries between 2005 and 2015. The analysis focus on forecasts of the budget balance, revenues, expenditures and debt and pays special attention to dynamics around business cycle turning points. Results suggest that the distribution of projection errors appears to be biased towards optimism of fiscal aggregates and accuracy increases as the forecast horizon shortens. We also find evidence of “forecast smoothing”. In addition, we find that, on average, the extent of optimism seems to increase during recessions (and to a lesser extent during recoveries). Moreover, errors in forecasting fiscal variables can be explained by forecasts errors of real GDP growth and inflation. Journal: Journal of Economic Policy Reform Pages: 161-183 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1520638 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1520638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:161-183 Template-Type: ReDIF-Article 1.0 Author-Name: Fumitoshi Mizutani Author-X-Name-First: Fumitoshi Author-X-Name-Last: Mizutani Author-Name: Tomoyasu Tanaka Author-X-Name-First: Tomoyasu Author-X-Name-Last: Tanaka Author-Name: Noriyoshi Nakayama Author-X-Name-First: Noriyoshi Author-X-Name-Last: Nakayama Author-Name: Shuji Uranishi Author-X-Name-First: Shuji Author-X-Name-Last: Uranishi Title: Structural reform of the electricity industry and economic growth Abstract: Using 782 panel data from 34 OECD countries from 1991 to 2013, this study aims to evaluate how structural reform affects GDP growth rate. We use the Barro-type GDP growth rate regression model and apply both fixed and random effect models. Eight structural reform variables are selected: (i) third party access, (ii) wholesale market dummy, (iii) choice of supplier, (iv) private ownership, (v) generation-others separation, (vi) transmission-others separation, (vii) distribution-others separation and (viii) overall vertical separation. Major finding results are as follows: (i) third party access can positively contribute to GDP growth rate, (ii) wholesale market and overall vertical separation might have a small negative effect, and (iii) other variables have no significant effect. Journal: Journal of Economic Policy Reform Pages: 184-208 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1469985 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1469985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:184-208 Template-Type: ReDIF-Article 1.0 Author-Name: Ernesto Crivelli Author-X-Name-First: Ernesto Author-X-Name-Last: Crivelli Author-Name: Klaas Staal Author-X-Name-First: Klaas Author-X-Name-Last: Staal Title: Nationalizations, bailouts and efficiency Abstract: We develop a theoretical model in which there are public and private firms and a government. When firms become insolvent, the government can intervene with bailouts or nationalizations. The government only intervenes when the bankruptcy of a firm entails social costs. In this setting, we analyze how government interventions affect allocative and productive efficiency. Nationalizations of private firms after unprofitable investments lead to increased allocative efficiency despite private ownership. The effort level chosen by the managers and employees working for a firm is also affected by the possibility of government interventions, reducing the productive efficiency advantage of private firms. Journal: Journal of Economic Policy Reform Pages: 209-228 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2019.1566065 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1566065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:209-228 Template-Type: ReDIF-Article 1.0 Author-Name: José Antonio Alonso Author-X-Name-First: José Antonio Author-X-Name-Last: Alonso Author-Name: Carlos Garcimartin Author-X-Name-First: Carlos Author-X-Name-Last: Garcimartin Author-Name: Virmantas Kvedaras Author-X-Name-First: Virmantas Author-X-Name-Last: Kvedaras Title: Determinants of institutional quality: an empirical exploration Abstract: Recent literature has underlined the role that institutions play in the process of development, making it essential to understand why differences exist in the quality of institutions across countries. The goal of this study is to investigate the determinants of institutional quality. Our results confirm that institutional quality is conditioned by variables that can be modulated by public policy, such as income per capita, international openness, education, taxation, and patterns of income (re)distribution. Our conclusions differ from the pessimistic outlooks of works highlighting deterministic factors, such as colonial or geographical factors, as determinants of institutional quality. Journal: Journal of Economic Policy Reform Pages: 229-247 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2020.1719102 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1719102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:229-247 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Reza Farzanegan Author-X-Name-First: Mohammad Reza Author-X-Name-Last: Farzanegan Author-Name: Sherif Maher Hassan Author-X-Name-First: Sherif Maher Author-X-Name-Last: Hassan Title: How does the flow of remittances affect the trade balance of the Middle East and North Africa? Abstract: The Middle Eastern and North African (MENA) economies have one of the highest degrees of dependency on received remittances worldwide. In this study, we have examined the role of remittances in the trade balance of 11 labour abundant MENA countries. Our panel regression analysis showed that the inflow of remittances has fostered the trade deficit. We also found that the final effect of remittances depends on the level of domestic capital formation. The results are robust after controlling for other drivers of trade deficit such as income, inflation, exchange rate and institutions as well as country and year fixed effects. Journal: Journal of Economic Policy Reform Pages: 248-266 Issue: 2 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2019.1609357 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1609357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:2:p:248-266 Template-Type: ReDIF-Article 1.0 Author-Name: Valerie D’Erman Author-X-Name-First: Valerie Author-X-Name-Last: D’Erman Author-Name: Paul Schure Author-X-Name-First: Paul Author-X-Name-Last: Schure Author-Name: Amy Verdun Author-X-Name-First: Amy Author-X-Name-Last: Verdun Title: Introduction to “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” Abstract: This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration. Journal: Journal of Economic Policy Reform Pages: 267-272 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2020.1762599 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1762599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:267-272 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel Mourlon-Druol Author-X-Name-First: Emmanuel Author-X-Name-Last: Mourlon-Druol Title: Adjusting an institutional framework to a globalising world: the creation of new institutions in the EEC, 1957-1992 Abstract: This article explores the development of all new EEC institutions between 1957 and 1992 within policy areas relevant to the possible development of a European single currency. It argues that if most institutions created pre-1992 were not crisis management institutions as would be the case post-2008, some important institutions were created in response to the perception of a structural international banking/political/economic crisis, particularly in the 1970s. This comparison in time underlines the continuity of reflections about the missing elements of a functioning single currency area, the obstacles to reform, and sheds light on the radical institutional changes that occurred post-2008. Journal: Journal of Economic Policy Reform Pages: 273-289 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2019.1683009 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1683009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:273-289 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Ehrmann Author-X-Name-First: Michael Author-X-Name-Last: Ehrmann Author-Name: Paul Schure Author-X-Name-First: Paul Author-X-Name-Last: Schure Title: The European Systemic Risk Board – governance and early experience Abstract: The European Systemic Risk Board is charged with the macroprudential oversight of the financial system in the European Union. We compare and contrast the ESRB with the U.S. National Transportation Safety Board, which some scholars proposed as a role model for systemic risk management. There are parallels and some differences between these organisations. Neither institution has direct regulatory power, which could paradoxically be beneficial as it may help preserve their independence and objectivity in the long run. We also review the ESRB’s activities after it started in 2010 and assess the effect of its first public recommendation. Journal: Journal of Economic Policy Reform Pages: 290-308 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2019.1683011 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1683011 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:290-308 Template-Type: ReDIF-Article 1.0 Author-Name: Magnus G. Schoeller Author-X-Name-First: Magnus G. Author-X-Name-Last: Schoeller Title: Germany, the problem of leadership, and institution-building in EMU reform Abstract: This article examines the extent to which Germany has provided leadership in creating institutions to overcome the euro area crisis. Under which conditions does Germany act as a driver of institutional change, and what are the implications for the Economic and Monetary Union? Germany’s leadership record is mixed: while it took the lead in enhancing austerity, it refrained from fostering burden-sharing. As a result, EMU faces a persistent imbalance between enhanced institutions of supervision and insufficient institutions of financial assistance. Moreover, the article points out that current conditions for the emergence of German leadership in the euro area are unfavourable. Journal: Journal of Economic Policy Reform Pages: 309-324 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2018.1541410 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1541410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:309-324 Template-Type: ReDIF-Article 1.0 Author-Name: C. Randall Henning Author-X-Name-First: C. Randall Author-X-Name-Last: Henning Title: U.S. policy in the euro crisis and the institutional deepening of the monetary union Abstract: Theoretical approaches to European integration often downplay and sometimes ignore the role of external actors.  But the regime complex through which the euro crisis of 2010-2015 was prosecuted involved the United states directly and indirectly through the IMF.  Tracing such external involvement shows that, although they preferred greater deepening of euro area institutions than was achieved, U.S. and IMF officials nonetheless contributed substantially to the creation of the EFSF/ESM, robust ECB action and launch of the banking union project.  The conclusion formulates falsifiable expectations on which a theory of external influence in regional integration can be developed and tested. Journal: Journal of Economic Policy Reform Pages: 325-341 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2020.1760099 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1760099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:325-341 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Demertzis Author-X-Name-First: Maria Author-X-Name-Last: Demertzis Author-Name: Guntram B. Wolff Author-X-Name-First: Guntram B. Author-X-Name-Last: Wolff Title: What are the prerequisites for a euro area fiscal capacity? Abstract: This paper discusses a pathway towards achieving fiscal union in the euro area. It outlines three steps and their prerequisites. In the first step, Banking Union would be completed to increase the financial stability of the euro area. It would render the “no bailout” clause more credible and thereby allow to deal better with insolvent governments. In the second step, more centralised funds would be created in order to provide important public goods and in order to deal with large asymmetric shocks. The third step, which is currently unattainable, consists of a true federalisation of important government functions. Journal: Journal of Economic Policy Reform Pages: 342-358 Issue: 3 Volume: 23 Year: 2020 Month: 7 X-DOI: 10.1080/17487870.2019.1624169 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1624169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:342-358 Template-Type: ReDIF-Article 1.0 Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Author-Name: Franco Malerba Author-X-Name-First: Franco Author-X-Name-Last: Malerba Author-Name: Annalisa Primi Author-X-Name-First: Annalisa Author-X-Name-Last: Primi Title: The fourth industrial revolution, changing global value chains and industrial upgrading in emerging economies Abstract: The 4IR can open windows of opportunity for emerging economies but also raises red flags in terms of the main challenges that these changes pose to firms, industrial systems and policy approaches. Benefiting from it will not be automatic, as these economies suffer from several gaps that hamper their possibility to operate in a digital industrial landscape. However, with a capable entrepreneurial state, developing economies could use the ongoing uncertain and fast-changing scenario to fast track their development. As partnerships become more relevant for innovations due to technological convergence, competition policies and standards to avoid monopolistic positions and excessive concentration are needed to maintain the space for bottom-up innovation. Journal: Journal of Economic Policy Reform Pages: 359-370 Issue: 4 Volume: 23 Year: 2020 Month: 10 X-DOI: 10.1080/17487870.2020.1735386 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1735386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:4:p:359-370 Template-Type: ReDIF-Article 1.0 Author-Name: Annalisa Primi Author-X-Name-First: Annalisa Author-X-Name-Last: Primi Author-Name: Manuel Toselli Author-X-Name-First: Manuel Author-X-Name-Last: Toselli Title: A global perspective on industry 4.0 and development: new gaps or opportunities to leapfrog? Abstract: This paper contributes to the debate on digitalisation and development focusing on industrial organisation and production processes. It analyses the evolution of the global development landscape since the 1990s and provides a taxonomy of channels through which Industry 4.0 is redefining the patterns of value creation and appropriation. It clarifies the impacts of these changes on developing economies and presents policy options to avoid that Industry 4.0 becomes another and even greater source of development gaps within and between countries. Journal: Journal of Economic Policy Reform Pages: 371-389 Issue: 4 Volume: 23 Year: 2020 Month: 10 X-DOI: 10.1080/17487870.2020.1727322 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1727322 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:4:p:371-389 Template-Type: ReDIF-Article 1.0 Author-Name: João Carlos Ferraz Author-X-Name-First: João Carlos Author-X-Name-Last: Ferraz Author-Name: David Kupfer Author-X-Name-First: David Author-X-Name-Last: Kupfer Author-Name: Julia Torracca Author-X-Name-First: Julia Author-X-Name-Last: Torracca Author-Name: Jorge N. P. Britto Author-X-Name-First: Jorge N. P. Author-X-Name-Last: Britto Title: Snapshots of a state of flux: how Brazilian industrial firms differ in the adoption of digital technologies and policy implications Abstract: This article analyses the adoption of digital technologies by a panel of Brazilian industrial firms in time. An ordered logistic regression model was used to relate modes of adoption to firm size, sector, capabilities and readiness levels to prepare for the future. Digitalisation levels are very basic in 2017. By 2027, most firms expect to move forward. Regardless of size and sector, more or less advanced modes of adoption are associated with higher or lower levels of capabilities and readiness. Two policy implications: policy must aim “moving targets” and be flexible enough to fosters firms at various stages of development. Journal: Journal of Economic Policy Reform Pages: 390-407 Issue: 4 Volume: 23 Year: 2020 Month: 10 X-DOI: 10.1080/17487870.2019.1578651 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1578651 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:4:p:390-407 Template-Type: ReDIF-Article 1.0 Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Author-Name: Chan-Yuan Wong Author-X-Name-First: Chan-Yuan Author-X-Name-Last: Wong Author-Name: Patarapong Intarakumnerd Author-X-Name-First: Patarapong Author-X-Name-Last: Intarakumnerd Author-Name: Chaiyatorn Limapornvanich Author-X-Name-First: Chaiyatorn Author-X-Name-Last: Limapornvanich Title: Is the Fourth Industrial Revolution a window of opportunity for upgrading or reinforcing the middle-income trap? Asian model of development in Southeast Asia Abstract: This paper focuses on the cases of Malaysia and Thailand and investigates the possibility of upgrading these countries from the middle-income trap and the possible roles of the 4th Industrial Revolution (4IR) in this process. The 4IR may induce firms to introduce factory automation to facilitate upgrade into higher segments with local spillovers. A key factor for this positive scenario is local institutions facilitating the training and upskilling of their local workforce. By contrast, increased problems are expected for other countries with the mid-range level of wages and mid-level of educated population, and firms in these economies mostly execute labor-intensive production and are likely to be substituted by additional factory automations or their multinational firms may move to neighboring countries for low wages. Journal: Journal of Economic Policy Reform Pages: 408-425 Issue: 4 Volume: 23 Year: 2020 Month: 10 X-DOI: 10.1080/17487870.2019.1565411 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1565411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:4:p:408-425 Template-Type: ReDIF-Article 1.0 Author-Name: Nicoletta Corrocher Author-X-Name-First: Nicoletta Author-X-Name-Last: Corrocher Author-Name: Roberto Mavilia Author-X-Name-First: Roberto Author-X-Name-Last: Mavilia Author-Name: Melissa Giorgio Author-X-Name-First: Melissa Author-X-Name-Last: Giorgio Title: The Sino-German alliance for the fourth industrial revolution: dynamics and policy implications Abstract: This paper contributes to the recent discussion concerning the interactions between China and Germany in the context of Industry 4.0, highlighting the most relevant innovation and trade trends and the policy implications of this collaboration. The qualitative analysis examines the features of the innovation systems in Germany and China and the strategies implemented to boost the innovation process. The quantitative analysis exploits trade, patent and publications data to identify trends related to China-Germany cooperation. The paper provides insights into the policy implications for both countries of Sino-German cooperation in relation to Industry 4.0. Journal: Journal of Economic Policy Reform Pages: 426-446 Issue: 4 Volume: 23 Year: 2020 Month: 10 X-DOI: 10.1080/17487870.2018.1547639 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1547639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:4:p:426-446 Template-Type: ReDIF-Article 1.0 Author-Name: Stefano Clò Author-X-Name-First: Stefano Author-X-Name-Last: Clò Author-Name: Massimo Florio Author-X-Name-First: Massimo Author-X-Name-Last: Florio Title: Science, innovation, and public services: editorial introduction Abstract: The quality of public services is critically influenced by innovation and, ultimately, by advances in basic research, which however embeds the feature of a global public good. Two broad issues emerge. The first concerns the evaluation of the socio-economic impact of science. What are the benefits and spillovers that R&D investments, research infrastructures and big science can bring to society? The second concerns which type of institutions and policies are most suitable for supporting R&D activities. These topics discussed in this article represent the core of the special issue “Innovation and Public Services: from the lab to enterprises and citizens” Journal: Journal of Economic Policy Reform Pages: 1-15 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2019.1649149 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1649149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 Author-Name: Massimo Florio Author-X-Name-First: Massimo Author-X-Name-Last: Florio Author-Name: Francesco Giffoni Author-X-Name-First: Francesco Author-X-Name-Last: Giffoni Author-Name: Gelsomina Catalano Author-X-Name-First: Gelsomina Author-X-Name-Last: Catalano Title: Should governments fund basic science? Evidence from a willingness-to-pay experiment in five universities Abstract: Tax-payers are usually the ultimate funders of large-scale research infrastructures (RIs), but the expected discoveries of such projects often do not have any known use-value. By interviewing 1,022 undergraduates, we study the drivers of preferences for paying for basic research, which are still little known. We focus on the LHC at CERN, where the Higgs boson was discovered. Income, awareness, and positive attitudes towards science drive a positive willingness-to-pay for science. Students in social sciences and the humanities are willing to contribute to scientific curricula at least as much as their peers. Findings offer support to government funding of basic research as a public good. Journal: Journal of Economic Policy Reform Pages: 16-33 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2018.1547638 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1547638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:16-33 Template-Type: ReDIF-Article 1.0 Author-Name: Alessandra Tassa Author-X-Name-First: Alessandra Author-X-Name-Last: Tassa Title: The socio-economic value of satellite earth observations: huge, yet to be measured Abstract: Earth-observing satellites provide regular and accurate data that can support evidence-based decisions and public policies in a wide range of domains, potentially bringing huge socio-economic benefits. However, obstacles to effective data exploitation and poor awareness about their impacts risk hindering this potentiality and threaten the investments. Leveraging on the case of the Copernicus Programme, we review the challenges related to the full exploitation of free environmental space data and to the measurement of the related impacts. We then discuss the need for empirical approaches based on value-chain analysis with the objective to stimulate further societal and economic research. Journal: Journal of Economic Policy Reform Pages: 34-48 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2019.1601565 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1601565 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:34-48 Template-Type: ReDIF-Article 1.0 Author-Name: Alessandro Sterlacchini Author-X-Name-First: Alessandro Author-X-Name-Last: Sterlacchini Title: Trends and determinants of energy innovations: patents, environmental policies and oil prices Abstract: This paper examines the relationship between energy innovations, environmental policies and oil prices. With a panel of 19 OECD countries over the period 1990–2013, we test how the stringency of environmental policies has affected the intensity of energy patents, while controlling for the effect of oil prices and other country-level variables. We found that the overall level of policy stringency has exerted a more significant impact than individual country measures. Moreover, the recent reduction of energy patenting is discussed, especially in the light of the staggering drop of oil prices. Journal: Journal of Economic Policy Reform Pages: 49-66 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2019.1565410 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1565410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:49-66 Template-Type: ReDIF-Article 1.0 Author-Name: David A. McDonald Author-X-Name-First: David A. Author-X-Name-Last: McDonald Title: Innovation and new public water Abstract: Technological innovation has made significant improvements to water services but water delivery remains largely unchanged since Victorian times. This is because water is an essential, non-substitutable resource with little potential for economies of scale. By contrast, there has been dynamic innovation in the governance of water services, with privatization now giving way to a significant shift back to public ownership and management, with new and creative forms of societal engagement. This article reviews these governance changes through the lens of a “hydrosocial cycle”, arguing that innovations in “new public water” can only be achieved by recognizing how water-society relations take place. Journal: Journal of Economic Policy Reform Pages: 67-82 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2018.1541411 File-URL: http://hdl.handle.net/10.1080/17487870.2018.1541411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:67-82 Template-Type: ReDIF-Article 1.0 Author-Name: Francesc Trillas Author-X-Name-First: Francesc Author-X-Name-Last: Trillas Title: Innovative behavioral regulatory agencies as second generation commitment devices Abstract: This article analyzes how the commitment problem in economic regulation, and a solution based on strategic delegation, are affected by the non-standard rationality of agents that participate in the regulatory interaction. As a result, on the one hand, independent regulators are seen as part of a potentially more robust innovative regulatory system, and, on the other hand, their contribution to this system can be based on a wider range of instruments. Second generation commitment mechanisms that take this into account may be a key ingredient of reforms in the regulation of those industries that require a long run perspective. Journal: Journal of Economic Policy Reform Pages: 83-99 Issue: 1 Volume: 23 Year: 2020 Month: 1 X-DOI: 10.1080/17487870.2019.1609358 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1609358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:23:y:2020:i:1:p:83-99 Template-Type: ReDIF-Article 1.0 Author-Name: Stefanie Tan Author-X-Name-First: Stefanie Author-X-Name-Last: Tan Author-Name: Alec Fraser Author-X-Name-First: Alec Author-X-Name-Last: Fraser Author-Name: Neil McHugh Author-X-Name-First: Neil Author-X-Name-Last: McHugh Author-Name: Mildred E. Warner Author-X-Name-First: Mildred E. Author-X-Name-Last: Warner Title: Widening perspectives on social impact bonds Abstract: Social Impact Bonds (SIBs) are a novel financing mechanism for public services delivery. This special issue about SIBs in the UK argues that they necessitate closer examination to understand the implications for all stakeholders. This introductory paper critically explores and challenges dominant practitioner narratives of SIBs as “win-win” solutions for governments and service providers. While SIBs may foster innovation it is unclear if they deliver better value given the complexity of public services. SIBs are a strategically ambiguous policy tool and policymakers should be cautious about SIBs due to contractual complexity and issues with ethics, governance, accountability and transparency. Journal: Journal of Economic Policy Reform Pages: 1-10 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1568249 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1568249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:1-10 Template-Type: ReDIF-Article 1.0 Author-Name: Stephen Sinclair Author-X-Name-First: Stephen Author-X-Name-Last: Sinclair Author-Name: Neil McHugh Author-X-Name-First: Neil Author-X-Name-Last: McHugh Author-Name: Michael J. Roy Author-X-Name-First: Michael J. Author-X-Name-Last: Roy Title: Social innovation, financialisation and commodification: a critique of social impact bonds Abstract: Despite a lack of evidence of their effectiveness there is increasing enthusiasm for Social Impact Bonds (SIBs) from diverse political perspectives across the world. This paper argues that while SIBs may potentially be applicable to some technical policy interventions which address relatively simple conditions, they are inappropriate for the complex conditions characterising wicked social problems. Enthusiasm for and over-extension of SIBs reflects a simplistic view of “evidence-based” policy. More fundamentally, SIBs commodify citizens and redefine service users as problems and potential revenue sources rather than conscious agents. SIBs therefore exemplify a prevalent ideology of marketisation and financialisation in social policy. Journal: Journal of Economic Policy Reform Pages: 11-27 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1571415 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1571415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:11-27 Template-Type: ReDIF-Article 1.0 Author-Name: Alec Fraser Author-X-Name-First: Alec Author-X-Name-Last: Fraser Author-Name: Stefanie Tan Author-X-Name-First: Stefanie Author-X-Name-Last: Tan Author-Name: Nicholas Mays Author-X-Name-First: Nicholas Author-X-Name-Last: Mays Title: To SIB or not to SIB? A comparative analysis of the commissioning processes of two proposed health-focused Social Impact Bond financed interventions in England Abstract: We explore the development of two proposed Social Impact Bond (SIB) financed interventions in the UK. This is important because little is known about the processes involved in the localised development of these nascent financing mechanisms. We apply a “decentred” approach to network governance to the case studies – one in which a SIB financed intervention was initiated and another in which it was not. Moving from the prevailing competitive quasi-market commissioning traditions to new forms of integrated commissioning requires a more collaborative approach to service procurement than has typically been the case thus posing dilemmas for the relevant networks. Journal: Journal of Economic Policy Reform Pages: 28-43 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1572508 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1572508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:28-43 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Morley Author-X-Name-First: Julia Author-X-Name-Last: Morley Title: The ethical status of social impact bonds Abstract: I develop a framework for assessing the ethical status of social impact bonds (SIBs), drawing on evidence from UK and US SIBs that address recidivism, education, homelessness and healthcare. I extend work on the ethics of markets by Debra Satz to render it suitable for application to SIBs, highlighting informational weaknesses, power imbalances and the generation of harm. Ethical issues observed include the lack of informed consent, denial of care, prioritisation of profit over therapeutic effectiveness and unfair contracting. I find that SIBs are morally permissible in principle but are at great risk of becoming unethical in practice. Journal: Journal of Economic Policy Reform Pages: 44-60 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1573681 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1573681 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:44-60 Template-Type: ReDIF-Article 1.0 Author-Name: Chris Fox Author-X-Name-First: Chris Author-X-Name-Last: Fox Author-Name: Stephen Morris Author-X-Name-First: Stephen Author-X-Name-Last: Morris Title: Evaluating outcome-based payment programmes: challenges for evidence-based policy Abstract: We review the state of evaluation within outcome-based commissioning in the United Kingdom. This is the first review to include empirical evaluations of both PbR and SIB programmes. We find a paucity of evaluation and that the quality of evaluations is not high. Moreover, studies tend to conflate the outcomes-based commissioning mechanism with the intervention or services that are funded, and are unable to assess the contribution of these separate elements to impact. Our review also highlights the challenges faced by evaluators in measuring social outcomes. We suggest ways to address these challenges. Journal: Journal of Economic Policy Reform Pages: 61-77 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1575217 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1575217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:61-77 Template-Type: ReDIF-Article 1.0 Author-Name: Eleanor Carter Author-X-Name-First: Eleanor Author-X-Name-Last: Carter Title: More than marketised? Exploring the governance and accountability mechanisms at play in Social Impact Bonds Abstract: Social Impact Bonds are considered a highly marketised form of public service delivery and are understood to “work” through the introduction of new capital into payment-by-results contracts. This paper, for the first time, connects findings from UK SIBs to the evaluation of conventional payment-by-results contracts and the theoretical literature on governance and accountabilities. Markets and capital emerge as a potential red herring with hybridity of governance and the “social” positioned as important dimensions facilitating qualitatively different services. This raises questions as to whether it is possible to extend SIBs, or whether increased scale and mainstream investors will dilute the “SIB effect”. Journal: Journal of Economic Policy Reform Pages: 78-94 Issue: 1 Volume: 24 Year: 2021 Month: 01 X-DOI: 10.1080/17487870.2019.1575736 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1575736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:78-94 Template-Type: ReDIF-Article 1.0 Author-Name: James H. Spencer Author-X-Name-First: James H. Author-X-Name-Last: Spencer Title: Small and big infrastructure: a community-planning theory of increments and interoperability Abstract: With urbanization, cities face extreme challenges of infrastructure development. Approaches emphasizing the scale economies of Large Technical Systems (LTS) often overlook the importance of Small-Scale Providers (SSP). This paper reviews the literature on formal and informal SSPs of water, and develops a theory for how they relate to LTSs, focusing on cycles of urban demand and changing household expenditures. This proposed theory of integrated small- and large-scale infrastructures describes an “interoperability” of hybrid systems at the urban and spatial level. Graphs presenting these proposed relationships can be tested empirically and improve public investment and management of urban water supplies. Journal: Journal of Economic Policy Reform Pages: 151-169 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1616547 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1616547 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:151-169 Template-Type: ReDIF-Article 1.0 Author-Name: Yoshihiro Hamaguchi Author-X-Name-First: Yoshihiro Author-X-Name-Last: Hamaguchi Title: Environmental policy effects: an R&D-based economic growth model with endogenous labour supply Abstract: We investigate the effect of environmental policy on economic growth by using an R&D-based growth model with endogenous labour supply and conducting a numerical analysis. The model brings together two channels for substituting polluting capital inputs: A static channel and a dynamic channel. A decrease in pollution permit levels indicates a direct effect on reducing growth rate and an indirect effect on rising growth rate via the two channels. Under the assumed functional forms of abatement and production technologies, the indirect effect dominates the direct effect at equilibrium. Thus, the policy can raise growth rate and improve welfare. Journal: Journal of Economic Policy Reform Pages: 236-252 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1631598 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1631598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:236-252 Template-Type: ReDIF-Article 1.0 Author-Name: Henrik Jordahl Author-X-Name-First: Henrik Author-X-Name-Last: Jordahl Author-Name: Lovisa Persson Author-X-Name-First: Lovisa Author-X-Name-Last: Persson Title: The end of a trend: retraction of choice in Swedish elderly care Abstract: In 2009, Sweden launched a freedom-of-choice reform that gave municipalities the option to introduce standardized quasi-markets in social services. The reform was initially popular to adopt in home care until the share of adopting municipalities leveled out just above 50 percent. In recent years, the trend has reversed, and several municipalities have abolished their choice system. Compared with municipalities with choice systems, the abolishing municipalities are more rural with fewer inhabitants. A fixed-effects regression suggests that decreases in the market share of private providers, political shifts towards the left, and increasing costs are related to the abolition of choice systems. Journal: Journal of Economic Policy Reform Pages: 189-200 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2020.1746660 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1746660 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:189-200 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno Frascaroli Author-X-Name-First: Bruno Author-X-Name-Last: Frascaroli Author-Name: Jailson Oliveira Author-X-Name-First: Jailson Author-X-Name-Last: Oliveira Author-Name: Má Almeida Author-X-Name-First: Má Author-X-Name-Last: Almeida Title: Public debt, economic policy coordination and their effectiveness: lessons from the EMU and Brazil Abstract: In this paper, we investigated two cases of regions that used expansionary fiscal policies in recent years to increase short-term economic activity: The European Monetary Union and Brazil. Using impulse response functions, we estimated the effects of fiscal stimuli in a New-Keynesian framework provided by the Markov-switching dynamic stochastic general equilibrium (MSDSGE) model. We produced a set of regime-dependent results that suggest that 1) economic policies should be analyzed from a coordination perspective and 2) the selected cases need to make better use of fiscal instruments and to make more accommodative public debt decisions. Journal: Journal of Economic Policy Reform Pages: 219-235 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1609356 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1609356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:219-235 Template-Type: ReDIF-Article 1.0 Author-Name: Jennifer Alonso-García Author-X-Name-First: Jennifer Author-X-Name-Last: Alonso-García Author-Name: Beatriz Rosado-Cebrian Author-X-Name-First: Beatriz Author-X-Name-Last: Rosado-Cebrian Title: Financial crisis and pension reform in Spain: the effect of labour market dynamics Abstract: We analyse the effect of post-financial crisis unemployment dynamics on the Spanish pension system’s financial health using Aggregate Accounting. We compare the basic scenario where the current labour market dynamics persist with a full employment (best-case) scenario. We find that economic risk is the main driver of unsustainability in the short run. However, in the long run, the main driver of expenditures lies in the ageing demographic structure. Our results suggest that future reforms should increase labour market participation but confirm that recent pension reforms do not attain sustainability in the long run, indicating the need of further pension reforms. Journal: Journal of Economic Policy Reform Pages: 201-218 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1599718 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1599718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:201-218 Template-Type: ReDIF-Article 1.0 Author-Name: Henry Möykkynen Author-X-Name-First: Henry Author-X-Name-Last: Möykkynen Author-Name: Aristeidis Pantelias Author-X-Name-First: Aristeidis Author-X-Name-Last: Pantelias Title: Viability gap funding for promoting private infrastructure investment in Africa: views from stakeholders Abstract: Viability gap funding (“VGF”) has emerged as one of the alternatives to leverage public funds in order to mobilise private infrastructure investment in developing countries. This paper is motivated by an interest to better understand how different stakeholders see VGF and whether the use of different VGF instruments can be an effective tool in promoting private infrastructure investment. The research found that there is a need for more VGF in low- and middle-income countries, among other important findings. Although the presented study is mainly focused on infrastructure development in Africa, its results can be of interest in other developing markets. Journal: Journal of Economic Policy Reform Pages: 253-269 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2020.1785296 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1785296 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:253-269 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Sánchez-Ancochea Author-X-Name-First: Diego Author-X-Name-Last: Sánchez-Ancochea Title: The surprising reduction of inequality during a commodity boom: what do we learn from Latin America? Abstract: Past experience and economic theory lead us to expect a positive relationship between income inequality and commodity booms. Yet Latin America’s recent improvement in income distribution coincided with a rapid growth in commodity exports. How was this positive outcome possible? This paper answers this question using a combination of primary and secondary sources. It highlights the role of (re)distributive policies that enlarged the impact of labour market outcomes. The paper concludes that political pressures forced governments to manage the commodity boom better than in the past but did not lead to significant transformations in the region’s elite-driven development model. Journal: Journal of Economic Policy Reform Pages: 95-118 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1628757 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1628757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:95-118 Template-Type: ReDIF-Article 1.0 Author-Name: Pepper D. Culpepper Author-X-Name-First: Pepper D. Author-X-Name-Last: Culpepper Author-Name: Tobias Tesche Author-X-Name-First: Tobias Author-X-Name-Last: Tesche Title: Death in Veneto? European banking union and the structural power of large banks Abstract: We argue that the evolving preferences and power resources of large cross-border banks help explain the crucial political moves to European banking union. As they became larger and more European, these banks benefited from the supranationalization of supervision through reduced compliance costs and the effective opening of European markets. The political divergence in the interests of large international banks and small national ones eventually caused the German and the French governments’ change of position in intergovernmental bargaining. Once in place, banking union accelerated balance sheet consolidation to the benefit of large banks that took over their weaker competitors. Journal: Journal of Economic Policy Reform Pages: 134-150 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2020.1722125 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1722125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:134-150 Template-Type: ReDIF-Article 1.0 Author-Name: Graham Bird Author-X-Name-First: Graham Author-X-Name-Last: Bird Author-Name: Faryal Qayum Author-X-Name-First: Faryal Author-X-Name-Last: Qayum Author-Name: Dane Rowlands Author-X-Name-First: Dane Author-X-Name-Last: Rowlands Title: The effects of IMF programs on poverty, income inequality and social expenditure in low income countries: an empirical analysis Abstract: This paper examines the effect of IMF programs on poverty, income inequality and government expenditure on education and health. It distinguishes between non-concessional and concessional programs and examines the effect of contingent factors; program completion, IMF resources, the size of the initial economic problems and aid dependency. Our findings suggest that, in general, IMF programs have not significantly increased poverty and income inequality; in some instances they are associated with reduced poverty and income inequality. Moreover, we find little evidence that IMF programs lead to severe cuts in social expenditure. Journal: Journal of Economic Policy Reform Pages: 170-188 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1689360 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1689360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:170-188 Template-Type: ReDIF-Article 1.0 Author-Name: Carmelo Mesa-Lago Author-X-Name-First: Carmelo Author-X-Name-Last: Mesa-Lago Author-Name: Mario A. González-Corzo Author-X-Name-First: Mario A. Author-X-Name-Last: González-Corzo Title: Agrarian reform and usufruct farming in socialist Cuba Abstract: This article analyzes the evolution, progress, and hurdles of usufruct farming in Cuba since its inception in 2008, as well as its impact on agricultural output, exports, and imports. It contributes to the existing literature based on the results of a field survey that provides the principal socioeconomic characteristics of usufruct farmers. The study concludes that despite some progress, Cuba’s usufruct contends with substantial challenges that limit its growth and potential economic contributions. Addressing these challenges is of the utmost economic and strategic importance for usufruct farming to achieve tangible improvements and raise the living standards of the Cuban people. Journal: Journal of Economic Policy Reform Pages: 119-133 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2019.1683010 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1683010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:119-133 Template-Type: ReDIF-Article 1.0 Author-Name: Juan-Francisco Albert Author-X-Name-First: Juan-Francisco Author-X-Name-Last: Albert Author-Name: Nerea Gómez-Fernández Author-X-Name-First: Nerea Author-X-Name-Last: Gómez-Fernández Title: The impact of economic and policy uncertainty shocks in Spain Abstract: The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks lead to an increase in unemployment and declines in consumption, investment, IBEX 35 index, and GDP. Based on our results, we can conclude that economic and policy uncertainty shocks have a significant negative impact on the Spanish economy. Journal: Journal of Economic Policy Reform Pages: 270-291 Issue: 2 Volume: 24 Year: 2021 Month: 04 X-DOI: 10.1080/17487870.2020.1760100 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1760100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:2:p:270-291 Template-Type: ReDIF-Article 1.0 Author-Name: Raymond Gradus Author-X-Name-First: Raymond Author-X-Name-Last: Gradus Author-Name: Martijn Schoute Author-X-Name-First: Martijn Author-X-Name-Last: Schoute Author-Name: Tjerk Budding Author-X-Name-First: Tjerk Author-X-Name-Last: Budding Title: Shifting modes of service delivery in Dutch local government Abstract: Analyzing shifts in the delivery mode of 12 municipal services between 2010 and 2018, in about 41% of the observations, shifts took place, with 54% toward outside production and 46% toward inside production. In the physical domain, most shifts were to cooperation, whereas in the operational domain reverse privatization and also cooperatization are dominant trends. Based on logit models, for services with high asset specificity, we find a lower likelihood of change, whereas for services with high measurement difficulty, we find a higher likelihood of change to outside and away from in-house, and a lower likelihood of change to inside. Journal: Journal of Economic Policy Reform Pages: 333-346 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1630123 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1630123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:333-346 Template-Type: ReDIF-Article 1.0 Author-Name: Mildred E. Warner Author-X-Name-First: Mildred E. Author-X-Name-Last: Warner Author-Name: Austin M. Aldag Author-X-Name-First: Austin M. Author-X-Name-Last: Aldag Title: Re-municipalization in the US: a pragmatic response to contracting Abstract: We conduct a national survey of US local governments and find service outcomes – quality, cost savings and efficiency – are the primary drivers of re-municipalization, not political pressures. Logistic regression of 2,187 governments finds larger, urban and suburban, professionally managed local governments with more service capacity are more likely to report re-municipalization. Fiscal stress perception, local debt, and unionization rates have no effect. Re-municipalization is more likely in governments that also study privatization and conduct activities to ensure successful contracting. Thus, re-municipalization in the US is a pragmatic process of contract management, not primarily driven by political interests. Journal: Journal of Economic Policy Reform Pages: 319-332 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1646133 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1646133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:319-332 Template-Type: ReDIF-Article 1.0 Author-Name: Bart Voorn Author-X-Name-First: Bart Author-X-Name-Last: Voorn Author-Name: Marieke L. Van Genugten Author-X-Name-First: Marieke L. Author-X-Name-Last: Van Genugten Author-Name: Sandra Van Thiel Author-X-Name-First: Sandra Author-X-Name-Last: Van Thiel Title: Re-interpreting re-municipalization: finding equilibrium Abstract: The remunicipalization literature posits that municipalities increasingly reject privatization in favor of in-house service delivery. A frequent interpretation is that remunicipalization therefore demonstrates a rejection of business-like service delivery in local public service delivery. We perform a systematic review of the literature on remunicipalization, to argue why this interpretation may be inaccurate. First, remunicipalization often involves corporatization, and these public corporations are very business-like. Second, cost savings are often at the root of remunicipalization rather than political ideology. We call for a more nuanced debate on remunicipalization in the literature. Journal: Journal of Economic Policy Reform Pages: 305-318 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1701455 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1701455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:305-318 Template-Type: ReDIF-Article 1.0 Author-Name: Judith Clifton Author-X-Name-First: Judith Author-X-Name-Last: Clifton Author-Name: Mildred E. Warner Author-X-Name-First: Mildred E. Author-X-Name-Last: Warner Author-Name: Raymond Gradus Author-X-Name-First: Raymond Author-X-Name-Last: Gradus Author-Name: Germà Bel Author-X-Name-First: Germà Author-X-Name-Last: Bel Title: Re-municipalization of public services: trend or hype? Abstract: Re-municipalization is part of a broader set of reverse privatization reforms. We argue the term re-municipalization lacks conceptual clarity, confusing municipal level reversals from national ones, new service delivery from reversals, and mixed market positions from full public control. This conceptual confusion makes measurement of re-municipalization difficult. While more case studies are being discovered, quantitative time series studies do not show remunicipalization is increasing. Much case study based research argues remunicipalization is politically transformative, but quantitative research generally finds re-municipalization to be part of a pragmatic market management process, a position confirmed by the papers in this special issue. Journal: Journal of Economic Policy Reform Pages: 293-304 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1691344 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1691344 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:293-304 Template-Type: ReDIF-Article 1.0 Author-Name: Emanuele Lobina Author-X-Name-First: Emanuele Author-X-Name-Last: Lobina Author-Name: Vera Weghmann Author-X-Name-First: Vera Author-X-Name-Last: Weghmann Title: Commentary: the perils and promise of inter-paradigmatic dialogues on remunicipalisation Abstract: Many epistemological perils of inter-paradigmatic dialogues originate from the ontological divides between schools of thought. Seeing through these cultural barriers does however offer the promise of inter-paradigmatic learning. This paper aims to suggest some basic conditions for seizing the learning opportunities that come from the competition, emulation, assimilation and regeneration of ideas across paradigms. It does so by looking at the case of the incipient dialogue between the heterodox and neoinstitutional traditions of remunicipalisation. These traditions diverge over the nature and societal implications of remunicipalisation as reverse privatisation. We thus identify three fundamental attributes of fruitful inter-paradigmatic dialogues: reflexivity as subjective predisposition to critical and self-critical inquiry within and across schools of thought; immanent critique as inquiry of the consistency between the beliefs and intentions held by the members of a school of thought and their intellectual practices; and, recursiveness as persistence in expanding learning opportunities through sustained inter-paradigmatic dialogue. Journal: Journal of Economic Policy Reform Pages: 398-404 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2020.1810473 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1810473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:398-404 Template-Type: ReDIF-Article 1.0 Author-Name: Andrej Christian Lindholst Author-X-Name-First: Andrej Christian Author-X-Name-Last: Lindholst Title: Addressing public-value failure: remunicipalization as acts of public entrepreneurship Abstract: The idea of “pragmatism” provides a successful account explaining why municipalities re-internalize previously privatized responsibilities for service delivery. This paper develops the idea by accounting for remunicipalization in contexts defined by failures with service innovation – rather than delivery – under privatization. This account highlights remunicipalization as an act of public entrepreneurship and offers a complementary explanation for the dynamics in local service restructuring. Analytical utility is demonstrated in a case study of the restructuring of local energy supply in Aalborg Municipality, Denmark. In perspective, the paper refines the understanding of contexts, behaviours, and dynamics leading to remunicipalizations in the twenty-first century. Journal: Journal of Economic Policy Reform Pages: 380-397 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1671192 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1671192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:380-397 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Albalate Author-X-Name-First: Daniel Author-X-Name-Last: Albalate Author-Name: Germà Bel Author-X-Name-First: Germà Author-X-Name-Last: Bel Title: Politicians, bureaucrats and the public–private choice in public service delivery: anybody there pushing for remunicipalization? Abstract: Empirical evidence on remunicipalization remains scarce, and even more so as regards potential differences in the roles played by politicians and bureaucrats in service delivery reform. We use information obtained from a survey of Spanish municipalities to investigate differences in the service delivery preferences of politicians and technical staff, as well as differences in their respective propensities to reform. The results we obtain suggest that bureaucrats have both a stronger preference for private participation in service delivery and for reforming services than do politicians. Journal: Journal of Economic Policy Reform Pages: 361-379 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1685385 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1685385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:361-379 Template-Type: ReDIF-Article 1.0 Author-Name: Cristina María Campos-Alba Author-X-Name-First: Cristina María Author-X-Name-Last: Campos-Alba Author-Name: Emilio José De La Higuera Molina Author-X-Name-First: Emilio José Author-X-Name-Last: De La Higuera Molina Author-Name: Gemma Pérez-López Author-X-Name-First: Gemma Author-X-Name-Last: Pérez-López Author-Name: José Luis Zafra-Gómez Author-X-Name-First: José Luis Author-X-Name-Last: Zafra-Gómez Title: Drivers of contracting back in local governments: analysing efficiency, opportunistic political cycles, political corruption and financial factors Abstract: The main aim of this paper is to examine the likelihood of local governments remunicipalising public services that were previously contracted out. To do so, we studied a sample of 141 Spanish municipalities with between 20,000 and 50,000 inhabitants, with particular reference to contracting back operations conducted in the period 2014–2016, using a random-effects panel logit model. We found that local authorities that contracted back public services were mainly influenced by the wish to achieve higher levels of efficiency, by political behaviour in a pre-electoral year, and by political corruption detected in the previous year. Journal: Journal of Economic Policy Reform Pages: 347-360 Issue: 3 Volume: 24 Year: 2021 Month: 07 X-DOI: 10.1080/17487870.2019.1689359 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1689359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:3:p:347-360 Template-Type: ReDIF-Article 1.0 Author-Name: Tabitha M. Benney Author-X-Name-First: Tabitha M. Author-X-Name-Last: Benney Title: Varieties of capitalism and renewable energy in emerging and developing economies Abstract: To better understand renewable energy uptake in emergingeconomies, we develop a typology of capitalism for 54 middle-income countries and use Qualitative Comparative Analysis (QCA) to test the Varieties of Capitalism (VoC) theory to illustrate which type of capitalism produced successful or unsuccessful renewables projects in these states. We find that even when the VoC approach is properly specified for developing states, it only explains about 44% of the outcome. Despite this, four causal pathways of combined economic institutions from the VoC theory were found to be sufficient for explaining this phenomenon, but liberal institutions performed poorly in each case. Journal: Journal of Economic Policy Reform Pages: 413-438 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1637584 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1637584 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:413-438 Template-Type: ReDIF-Article 1.0 Author-Name: Christian May Author-X-Name-First: Christian Author-X-Name-Last: May Author-Name: Michael Schedelik Author-X-Name-First: Michael Author-X-Name-Last: Schedelik Title: Comparative capitalism and innovation policy: complementarities and comparative institutional advantage Journal: Journal of Economic Policy Reform Pages: 456-471 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1637589 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1637589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:456-471 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Höpner Author-X-Name-First: Martin Author-X-Name-Last: Höpner Author-Name: Martin Seeliger Author-X-Name-First: Martin Author-X-Name-Last: Seeliger Title: Neither existing nor emerging: euro stabilization by means of European wage coordination Abstract: Since the 1990s and even more so since the introduction of the euro, European trade unions have been committed to the transnational coordination of wage demands. This commitment has prevailed until today although, under conditions of persistent institutional heterogeneity, coordination attempts have continuously failed. Keeping the commitment nevertheless alive aims at retaining the option of effective wage coordination for the long-term future. In the short to medium term, in contrast, no evidence suggests that transnational wage coordination will be able to correct the distorted real effective exchange rates that have emerged since the introduction of the euro. Journal: Journal of Economic Policy Reform Pages: 439-455 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1637587 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1637587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:439-455 Template-Type: ReDIF-Article 1.0 Author-Name: Christoph Scheuplein Author-X-Name-First: Christoph Author-X-Name-Last: Scheuplein Title: Private equity as a commodification of companies: the case of the German automotive supply industry Abstract: Private equity is a form of financialization in which companies become commodities. This paper examines for the first time the impact of private equity on a single sector, the automotive supply industry, in a coordinated market economy. It demonstrates that companies hereby entered a cycle of uncertainty: many were taken over by financial investors several times, they were divorced from their regional production ties, and were given international owners. In addition, corporate governance changed, keeping employees away from traditional information and decision-making channels Journal: Journal of Economic Policy Reform Pages: 472-487 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1637590 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1637590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:472-487 Template-Type: ReDIF-Article 1.0 Author-Name: Lukas Haffert Author-X-Name-First: Lukas Author-X-Name-Last: Haffert Title: Tax policy as industrial policy in comparative capitalisms Abstract: This paper analyzes fiscal policy from a growth model perspective, with a particular focus on taxation. It argues that tax policies channel resources into specific sectors of the economy and thereby affect the distribution of market incomes. Tax policy can thus be a mid-range form of industrial policy which does not leave resource allocation entirely to the market but does also not seek to “pick winners”. To develop policies that help to rebalance existing growth models and to reduce inequality, this understanding of tax policy, and fiscal policy more broadly, needs to return to the agenda of researchers and policymakers. Journal: Journal of Economic Policy Reform Pages: 488-504 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1638115 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1638115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:488-504 Template-Type: ReDIF-Article 1.0 Author-Name: Andreas Nölke Author-X-Name-First: Andreas Author-X-Name-Last: Nölke Title: In search of institutional complementarities: Comparative Capitalism and economic policy reform Abstract: The Comparative Capitalism research programme has become the dominant institutional approach with regard to the study of advanced economies. Still, very few scholars use it to develop proposals for economic policy reform. The introductory paper to the special issue discusses how this can be changed. It highlights the considerable institutional differences between contemporary models of capitalism. Moreover, it demonstrates how core Comparative Capitalism notions such as “institutional complementarities” can be used for designing policies. However, it also points to recent developments in Comparative Capitalism research that replace the traditional Varieties of Capitalism preoccupation with micro-economic equilibria through the heterodox macro-economic preference for the balancing out of Growth Models Journal: Journal of Economic Policy Reform Pages: 405-412 Issue: 4 Volume: 24 Year: 2021 Month: 10 X-DOI: 10.1080/17487870.2019.1637582 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1637582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:24:y:2021:i:4:p:405-412 Template-Type: ReDIF-Article 1.0 Author-Name: Judith Clifton Author-X-Name-First: Judith Author-X-Name-Last: Clifton Author-Name: Marcos Fernández-Gutiérrez Author-X-Name-First: Marcos Author-X-Name-Last: Fernández-Gutiérrez Author-Name: Michael Howlett Author-X-Name-First: Michael Author-X-Name-Last: Howlett Title: Assessing public services from the citizen perspective: what can we learn from surveys? Abstract: Surveys have become an established means by which scholars can evaluate and assess the quality of public services provided by governments. Though surveys must be interpreted with caution, as explained here, they also have the advantage of providing useful insights about public services that cannot easily be gauged from other assessment techniques. After briefly expounding on the use of surveys, we go on to present the papers included in this special issue and the main insights they bring onto questions of assessing public services from the citizen perspective. Journal: Journal of Economic Policy Reform Pages: 1-8 Issue: 1 Volume: 25 Year: 2022 Month: 01 X-DOI: 10.1080/17487870.2020.1795444 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1795444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:1:p:1-8 Template-Type: ReDIF-Article 1.0 Author-Name: Alessandro Bucciol Author-X-Name-First: Alessandro Author-X-Name-Last: Bucciol Author-Name: Martina Manfrè Author-X-Name-First: Martina Author-X-Name-Last: Manfrè Author-Name: Gregorio Gimenez Author-X-Name-First: Gregorio Author-X-Name-Last: Gimenez Title: The 2008 Chilean pension reform: household financial decisions and gender differences Abstract: We evaluate the effect of the 2008 pension reform in Chile, applying a difference-in-difference estimation method to longitudinal survey data representative of the Chilean population. Our evidence suggests that those who started to receive a basic pension increased their debt more than their assets. We interpret this as an indicator of debt sustainability. The debt ratio increased significantly more for women, who may be particularly exposed to financial crises. The results raise concerns about the potential financial vulnerability of the population targeted by the reform, due to over-indebtedness. Journal: Journal of Economic Policy Reform Pages: 62-79 Issue: 1 Volume: 25 Year: 2022 Month: 01 X-DOI: 10.1080/17487870.2020.1778475 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1778475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:1:p:62-79 Template-Type: ReDIF-Article 1.0 Author-Name: Valerie Braithwaite Author-X-Name-First: Valerie Author-X-Name-Last: Braithwaite Author-Name: Eliza Ahmed Author-X-Name-First: Eliza Author-X-Name-Last: Ahmed Author-Name: Deborah Cleland Author-X-Name-First: Deborah Author-X-Name-Last: Cleland Title: “Fair to me, fair to us, or fair to you?” Unresolved conflict between government and graduates over Australia’s tertiary education loans Abstract: Australia adopted income-contingent government loans for tertiary students 30 years ago, aiming to promote greater access and equity in higher education, as repayments were required only when income exceeded a threshold. Why then does the scheme still cause dissension and with what consequences for government? We analyse qualitative and quantitative survey data to answer this question. Contrary to the government’s universal conception of fairness, graduates keenly perceive unfairness relative to their peers. Our results indicate that perceptions of unfair treatment create enduring difficulties for governments in securing cooperation from their citizens. Journal: Journal of Economic Policy Reform Pages: 45-61 Issue: 1 Volume: 25 Year: 2022 Month: 01 X-DOI: 10.1080/17487870.2020.1785298 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1785298 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:1:p:45-61 Template-Type: ReDIF-Article 1.0 Author-Name: Steven Van de Walle Author-X-Name-First: Steven Author-X-Name-Last: Van de Walle Author-Name: Koen Migchelbrink Author-X-Name-First: Koen Author-X-Name-Last: Migchelbrink Title: Institutional quality, corruption, and impartiality: the role of process and outcome for citizen trust in public administration in 173 European regions Abstract: We empirically study whether citizens´ trust in public administration is influenced by the outcomes delivered by public services or by due process (administrative impartiality or absence of corruption) from a regional perspective. The paper fits a multilevel model on a unique dataset (N= 129,773) with observations nested in 173 European regions, using data from a series of pooled Eurobarometer surveys and from the European Quality of Government Index. We find that both public service outcomes and processes have a significant impact on citizens´ trust in public administration, but that process, and in particular absence of corruption is the strongest institutional determinant. Journal: Journal of Economic Policy Reform Pages: 9-27 Issue: 1 Volume: 25 Year: 2022 Month: 01 X-DOI: 10.1080/17487870.2020.1719103 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1719103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:1:p:9-27 Template-Type: ReDIF-Article 1.0 Author-Name: Shen Yang Author-X-Name-First: Shen Author-X-Name-Last: Yang Author-Name: Bo Miao Author-X-Name-First: Bo Author-X-Name-Last: Miao Author-Name: Alfred M. Wu Author-X-Name-First: Alfred M. Author-X-Name-Last: Wu Title: Immigration and public attitudes towards social assistance: evidence from Hong Kong Abstract: The paper investigates the puzzling phenomenon of why Hong Kong citizens have much lower support for increasing spending on social assistance when all other welfare programs have been favored by local residents. With a random sampling survey, we find that citizens’ support towards raising the requirement of immigration is negatively correlated with their support for social assistance (the CSSA scheme). This study highlights that the perception of “who benefits” will influence citizens’ support for welfare spending. The Hong Kong story enriches the debate about the impact of citizens’ attitudes towards immigration on welfare spending against a backdrop of deglobalization and anti-immigration. Journal: Journal of Economic Policy Reform Pages: 28-44 Issue: 1 Volume: 25 Year: 2022 Month: 01 X-DOI: 10.1080/17487870.2020.1760102 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1760102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:1:p:28-44 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastian Zwalf Author-X-Name-First: Sebastian Author-X-Name-Last: Zwalf Title: From turnpikes to toll-roads: a short history of government policy for privately financed public infrastructure in Australia Abstract: Australia has been a world leader in the use of privately financed public infrastructure projects (PFPI), otherwise known as public private partnerships (PPPs), since their first use in the modern-PFPI-era commencing in 1980. This article argues that Australian PFPI has evolved through four key phases and tracks the key inflection points in debate. Critical dimensions in these phases include the enabling policy apparatus, tax status, competitive tension, risk transfer, accounting treatment, value-for-money, government guarantees and hybrid finance. It suggests that the evolution of PFPI policy can be attributed to political tendencies, responses to public scrutiny and advances in technical approaches. Journal: Journal of Economic Policy Reform Pages: 103-120 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2020.1716754 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1716754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:103-120 Template-Type: ReDIF-Article 1.0 Author-Name: Beatriz Cuadrado-Ballesteros Author-X-Name-First: Beatriz Author-X-Name-Last: Cuadrado-Ballesteros Author-Name: Noemí Peña-Miguel Author-X-Name-First: Noemí Author-X-Name-Last: Peña-Miguel Title: Analysing the link between corruption and PPPs in infrastructure projects: an empirical assessment in developing countries Abstract: This study analyses the relationship between public-private partnerships (PPPs) and corruption. Several econometric analyses were developed using a sample of 92 low- and middle-income countries over the period 1995–2018. There is research in the literature that discusses the theoretical vulnerability of PPPs to corruption, but this study adds empirical evidence, considering that developing countries have more problems with corruption than do other countries. The results suggest that corruption has a positive impact on the number of PPP arrangements and on the amount of investment commitments. This provides evidence of a positive link between corruption and PPP projects. Journal: Journal of Economic Policy Reform Pages: 136-155 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2021.1973899 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1973899 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:136-155 Template-Type: ReDIF-Article 1.0 Author-Name: Carsten Greve Author-X-Name-First: Carsten Author-X-Name-Last: Greve Author-Name: Lene Tolstrup Christensen Author-X-Name-First: Lene Tolstrup Author-X-Name-Last: Christensen Author-Name: Christina Tvarnø Author-X-Name-First: Christina Author-X-Name-Last: Tvarnø Author-Name: Sandie Nøhr Nielsen Author-X-Name-First: Sandie Nøhr Author-X-Name-Last: Nielsen Author-Name: Sarah Maria Denta Author-X-Name-First: Sarah Maria Author-X-Name-Last: Denta Title: Public-private partnerships in the healthcare sector: limited policy guidelines, but active project development in Denmark Abstract: How and why has the formal policy development on PPPs in Denmark evolved? How and why do PPP projects develop in Danish healthcare sector? Despite limited policy guidelines and no PPP Act, a regional approach to PPPs has occurred in the healthcare sector. There are active projects in five hospital cases that use the PPP model. PPP projects in the Danish healthcare sector develop from a mixture of reasons, which include strategic interventions from finance institutions, change in specific formal rules on financing, and necessity for regional governments to find alternatives to public financing. Journal: Journal of Economic Policy Reform Pages: 121-135 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2020.1855174 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1855174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:121-135 Template-Type: ReDIF-Article 1.0 Author-Name: R. Richard Geddes Author-X-Name-First: R. Richard Author-X-Name-Last: Geddes Author-Name: Joshua Goldman Author-X-Name-First: Joshua Author-X-Name-Last: Goldman Title: Institutional Economics and the Cost of Capital for Infrastructure Projects Abstract: The growing use of public-private partnerships (PPPs) in infrastructure delivery has rekindled the public versus private cost-of-capital debate. Early debate concluded that the social cost of public-sector capital is below that of private capital because risk can be spread across numerous taxpayers. Intervening research focused on the agency costs that arise due to increased separation between equity holders and managers and the various mechanisms to control those agency costs. We analyze differences in public versus private residual claims and their associated agency costs. We conclude that earlier discussions that omitted agency-cost analysis should be revisited. Journal: Journal of Economic Policy Reform Pages: 85-102 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2020.1768856 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1768856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:85-102 Template-Type: ReDIF-Article 1.0 Author-Name: Matti Siemiatycki Author-X-Name-First: Matti Author-X-Name-Last: Siemiatycki Author-Name: Eoin Reeves Author-X-Name-First: Eoin Author-X-Name-Last: Reeves Author-Name: Dónal Palcic Author-X-Name-First: Dónal Author-X-Name-Last: Palcic Title: Editorial: The Unresolved Nature of Public-Private Partnerships Journal: Journal of Economic Policy Reform Pages: 81-84 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2022.2080408 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2080408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:81-84 Template-Type: ReDIF-Article 1.0 Author-Name: Dónal Palcic Author-X-Name-First: Dónal Author-X-Name-Last: Palcic Author-Name: Eoin Reeves Author-X-Name-First: Eoin Author-X-Name-Last: Reeves Author-Name: Darragh Flannery Author-X-Name-First: Darragh Author-X-Name-Last: Flannery Author-Name: R. Richard Geddes Author-X-Name-First: R. Richard Author-X-Name-Last: Geddes Title: Public-private partnership tendering periods: an international comparative analysis Abstract: PPPs are often characterised by lengthy tendering periods that have the potential to deter bidders for contracts and increase transaction costs. We analyse data on 877 PPP projects in seven countries and find considerable cross-country variation in tendering periods. Using a duration analysis model we find that this variation persists even when we control for observable factors such as capital value. The longest tendering periods are found in the housing, health and defence sectors and tendering periods are positively related to project size. Indicators of institutional quality are not found to be significant. Journal: Journal of Economic Policy Reform Pages: 156-172 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2019.1657016 File-URL: http://hdl.handle.net/10.1080/17487870.2019.1657016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:156-172 Template-Type: ReDIF-Article 1.0 Author-Name: Niccolò Cusumano Author-X-Name-First: Niccolò Author-X-Name-Last: Cusumano Author-Name: Matti Siemiatycki Author-X-Name-First: Matti Author-X-Name-Last: Siemiatycki Author-Name: Veronica Vecchi Author-X-Name-First: Veronica Author-X-Name-Last: Vecchi Title: The politicization of public–private partnerships following a mega-project disaster: the case of the Morandi Bridge Collapse Abstract: Drawing on the collapse of Morandi bridge (Genoa, Italy) exemplar and unique case and by applying a content analysis to the declarations made by politicians in the subsequent months after the tragedy, the paper highlights how longstanding debates about the relative merits of concessions vis a vis direct public operations can become the terrain of intense political contestation in the wake of a public tragedy. In particular, it shows how PPPs predicated on transferring risks to the partner best able to manage them create opportunities for blame shifting by politicians, bureaucracies and firms when failures occur. Journal: Journal of Economic Policy Reform Pages: 173-189 Issue: 2 Volume: 25 Year: 2022 Month: 04 X-DOI: 10.1080/17487870.2020.1760101 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1760101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:2:p:173-189 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1785299_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Andrew Feltenstein Author-X-Name-First: Andrew Author-X-Name-Last: Feltenstein Author-Name: Biplab Kumar Datta Author-X-Name-First: Biplab Kumar Author-X-Name-Last: Datta Title: Broad-based subsidies or targeted transfers? Distributional equity vs macroeconomic costs Abstract: We study the trade-off between “broad-based energy subsidy” and “subsidy reform and targeted transfer” in the developing country context. We analyze the incidence of an electricity tariff differential subsidy program in Pakistan and find that the greater share of subsidy benefit goes to relatively non-poor households. We then conduct a computable general equilibrium exercise of electricity subsidy reform and targeted transfer, and our results indicate that redistributing savings from electricity subsidy reform improves poor households’ real income. However, this comes at the cost of short-term economic slowdown, before the economy returns to the benchmark level in the long term. Journal: Journal of Economic Policy Reform Pages: 211-228 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1785299 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1785299 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:211-228 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1941958_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Francisco Candel-Sánchez Author-X-Name-First: Francisco Author-X-Name-Last: Candel-Sánchez Title: On foreign aid effectiveness: when conditionality met ownership Abstract: In this paper, we propose a game theoretic approach to deal with the problem of implementing the efficient allocation of aid and reform through policy conditionality. We show that optimality can only be attained by a conditional scheme that takes into account the characteristics of both donor and recipient. Moreover, the levels of aid and reform induced by such a mechanism are, under certain conditions, compatible with the goals of the recipient government. This result reconciles ownership with a specific form of conditionality. Journal: Journal of Economic Policy Reform Pages: 287-304 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2021.1941958 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1941958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:287-304 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1855175_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Jesus Ferreiro Author-X-Name-First: Jesus Author-X-Name-Last: Ferreiro Author-Name: Carmen Gomez Author-X-Name-First: Carmen Author-X-Name-Last: Gomez Title: Employment protection, employment and unemployment rates in European Union countries during the Great Recession Abstract: This paper analyses the impact of employment protection legislation on the evolution of employment and unemployment in European Union economies during the Great Recession. The results show that employment protection did not have a significant impact on employment growth. Regarding unemployment rates, we obtain contrasting results: high employment protection for temporary workers was associated with larger increases in unemployment rates, whereas high protection for permanent workers against individual dismissal was associated with lower increases in unemployment rates. Nonetheless, employment protection for permanent in conjunction with that for temporary workers had a positive impact on unemployment rates. Journal: Journal of Economic Policy Reform Pages: 240-258 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1855175 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1855175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:240-258 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1785300_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Per-Olov Johansson Author-X-Name-First: Per-Olov Author-X-Name-Last: Johansson Author-Name: Bengt Kriström Author-X-Name-First: Bengt Author-X-Name-Last: Kriström Title: On the social opportunity cost of unemployment Abstract: The handling of unemployment is a central issue in cost–benefit analysis. Typically, the shadow price of employing an unemployed is derived by considering a marginal change in the employment constraint faced by an unemployed or rather an underemployed. In contrast, in this paper, we consider the discrete shift from unemployment to (full) employment. The result provides guidance how to estimate the social cost of recruiting otherwise unemployed to a project. It is shown that the social cost is overestimated by using the private reservation wage. The common practice of adding different cost items is shown to be flawed. Journal: Journal of Economic Policy Reform Pages: 229-239 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1785300 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1785300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:229-239 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1785297_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Angela Garcia Calvo Author-X-Name-First: Angela Author-X-Name-Last: Garcia Calvo Author-Name: Steven Coulter Author-X-Name-First: Steven Author-X-Name-Last: Coulter Title: Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash Abstract: This paper examines industrial policy responses to the 2008 crisis in four European countries and gauges their long-term significance by asking: to what extent were these politicised, short term remedies; or enduring policy changes? We find that policy responses varied significantly in their coherence and long-term impact and argue that the key influential factors were: the presence of large, globally competitive manufacturing bases spanning several adjacent sectors; and the existence of strong public-private elite networks, rather than pre-existing institutional structures – which proved surprisingly malleable. The paper contributes to the understanding of the determinants of policy-making in times of crisis. Journal: Journal of Economic Policy Reform Pages: 191-210 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1785297 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1785297 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:191-210 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1942874_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Lucia Quaglia Author-X-Name-First: Lucia Author-X-Name-Last: Quaglia Author-Name: Aneta Spendzharova Author-X-Name-First: Aneta Author-X-Name-Last: Spendzharova Title: Disentangling derivatives: international policy reforms concerning central counterparties Abstract: After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an important role in setting relatively precise and consistent international standards on CCPs over time. Facing common challenges, such as market fragmentation and interlinkages between issues, fostered a problem-solving approach in transgovernmental networks. We also identify the policy coordination tools used by regulators. Journal: Journal of Economic Policy Reform Pages: 305-321 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2021.1942874 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1942874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:305-321 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1855177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Jakob Vestergaard Author-X-Name-First: Jakob Author-X-Name-Last: Vestergaard Author-Name: Stine Quorning Author-X-Name-First: Stine Author-X-Name-Last: Quorning Title: The ECB’s half-baked supervision mandate Or, how to get serious about shadow banking again Abstract: In debates on the need to “complete” the banking union, there has been little attention to the omission of shadow banks from the supervision mandate given to the European Central Bank with the establishment of the Single Supervisory Mechanism (SSM). We argue that there can be no completion of the banking union without dedicated pan-European supervision of all non-banking financial institutions. We identify four explanatory modalities for the omission of shadow banking from the SSM mandate and discuss organizational options for institutionalizing European supervision of its shadow banking sector. Journal: Journal of Economic Policy Reform Pages: 272-286 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1855177 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1855177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:272-286 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1855176_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Nathalie Hilmi Author-X-Name-First: Nathalie Author-X-Name-Last: Hilmi Author-Name: Salpie Djoundourian Author-X-Name-First: Salpie Author-X-Name-Last: Djoundourian Author-Name: Wassim Shahin Author-X-Name-First: Wassim Author-X-Name-Last: Shahin Author-Name: Alain Safa Author-X-Name-First: Alain Author-X-Name-Last: Safa Title: Does the ECB policy of quantitative easing impact environmental policy objectives? Abstract: The relationship between the environment and climate change on one hand and the financial system, financial regulation and monetary policy on the other is growing in importance. This paper examines the possible impact of the European Central Bank’s monetary policy of quantitative easing on the environmental policy of the European Union. Using data from Climate Bonds Initiative, the paper analyses the variation in the amount of “green labelled bonds” issued in the individual member countries of the Eurozone areas, as a function of liquidity inducing monetary policy variables. The paper finds a positive and significant relationship between the two measures. Journal: Journal of Economic Policy Reform Pages: 259-271 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2020.1855176 File-URL: http://hdl.handle.net/10.1080/17487870.2020.1855176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:259-271 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1952412_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Alessandro Muscio Author-X-Name-First: Alessandro Author-X-Name-Last: Muscio Author-Name: Andrea Ciffolilli Author-X-Name-First: Andrea Author-X-Name-Last: Ciffolilli Author-Name: Antonio Lopolito Author-X-Name-First: Antonio Author-X-Name-Last: Lopolito Title: Technological diversity in collaborative projects: insights into European research policy Abstract: Technology diversity is defined as the ability to perform research and development in different technological domains. We investigate the degree of technological diversity in the European regions, focusing on two main drivers: the regional capacity to obtain funding from the 7th Framework Programme, and the degree of regional network centrality in collaborative research. Our results support the hypothesis that regional capacity to access European funding and obtain a central position in collaborative networks fosters technological diversity in European regions. We also find that the high network centrality in a research collaboration network is correlated to a reduced FP7 effect on technological diversity. Journal: Journal of Economic Policy Reform Pages: 322-343 Issue: 3 Volume: 25 Year: 2022 Month: 07 X-DOI: 10.1080/17487870.2021.1952412 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1952412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:322-343 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1895778_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Juan-Francisco Albert Author-X-Name-First: Juan-Francisco Author-X-Name-Last: Albert Author-Name: Nerea Gómez-Fernández Author-X-Name-First: Nerea Author-X-Name-Last: Gómez-Fernández Title: Monetary policy and the redistribution of net worth in the U.S Abstract: This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality. Journal: Journal of Economic Policy Reform Pages: 420-434 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2021.1895778 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1895778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:420-434 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2053537_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mariana Mazzucato Author-X-Name-First: Mariana Author-X-Name-Last: Mazzucato Author-Name: Josh Ryan-Collins Author-X-Name-First: Josh Author-X-Name-Last: Ryan-Collins Title: Putting value creation back into “public value”: from market-fixing to market-shaping Abstract: In conventional economics, value creation occurs in the private sector with the state limited to correcting for “market failures”. Public management scholars have developed the term “public value” to describe how public sector managers can engage citizens in shaping effective policy. A more ambitious concept of public value rejects the “market failure” framework and puts public value at the centre of the economy. Public value is created by public sector actors creating and co-shaping markets in line with public purpose. This direction-setting role enables different sectors to collaborate to address major societal challenges, such as climate change and inequality. Journal: Journal of Economic Policy Reform Pages: 345-360 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2022.2053537 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2053537 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:345-360 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1968860_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Author-Name: Naoyuki Yoshino Author-X-Name-First: Naoyuki Author-X-Name-Last: Yoshino Author-Name: Ehsan Rasoulinezhad Author-X-Name-First: Ehsan Author-X-Name-Last: Rasoulinezhad Title: Unconventional monetary policy and income disparity in an aging society Abstract: The main objective of the Bank of Japan’s monetary policy is inflation targeting; however, it may be associated with the recently increased income disparity in Japan. Using the autoregressive distributed lag (ARDL) estimation model, this study conducted in the context of an aging society revealed that the bank’s monetary policy increased income inequality through increased financial asset prices, resulting in a widening of the income gap. We also find that in the long run, the aging population will increase income disparity in Japan; however, tax policy will partially mitigate the adverse effect on income inequality. Unconventional monetary policy will not bring a desirable result for the Japanese economy and the nation as a whole. In addition, the government needs to revise the incremental tax system so that wealthier groups pay more tax than before. In addition, expanding the tax system by adopting the carbon taxation scheme would be beneficial. The government with this kind of tax can pursue two major goals: reducing poverty and environmental pollution, which are ongoing challenges in Japan. Journal: Journal of Economic Policy Reform Pages: 451-470 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2021.1968860 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1968860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:451-470 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1949316_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Fernando Ballabriga Author-X-Name-First: Fernando Author-X-Name-Last: Ballabriga Author-Name: Karen Davtyan Author-X-Name-First: Karen Author-X-Name-Last: Davtyan Title: Distributional impact of monetary policy in the UK: from conventional to unconventional policy Abstract: We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily due to the positive impact of expansionary policy on the upper share of income distribution. Our counterfactual analysis reveals that unconventional monetary policy contributed to the increase in inequality and that the response to COVID-19 is likely to do the same. Journal: Journal of Economic Policy Reform Pages: 435-450 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2021.1949316 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1949316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:435-450 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2125391_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Sabyasachi Kar Author-X-Name-First: Sabyasachi Author-X-Name-Last: Kar Author-Name: Lant Pritchett Author-X-Name-First: Lant Author-X-Name-Last: Pritchett Author-Name: Spandan Roy Author-X-Name-First: Spandan Author-X-Name-Last: Roy Author-Name: Kunal Sen Author-X-Name-First: Kunal Author-X-Name-Last: Sen Title: Doing business in a deals world: the doubly false premise of rules reform Abstract: The Doing Business reports have evoked an intense policy debate about whether countries should simplify regulatory rules or make them more stringent. We argue that doing business in developing countries is based on deals struck between firms and the state, rather than rules. We show that there is a weak relationship between rules and deals, and at low levels of state capability, more stringent rules leading to less compliance, rather than more. We provide a diagnostic approach to rules reform where the appropriate reform depend on the level of stringency of the rules, and the level of its state capability. Journal: Journal of Economic Policy Reform Pages: 361-387 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2022.2125391 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2125391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:361-387 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2136175_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Siong Hook Law Author-X-Name-First: Siong Hook Author-X-Name-Last: Law Author-Name: Sylviana Maya Damayanti Author-X-Name-First: Sylviana Maya Author-X-Name-Last: Damayanti Author-Name: Ali M Kutan Author-X-Name-First: Ali M Author-X-Name-Last: Kutan Author-Name: Irwan Trinugroho Author-X-Name-First: Irwan Author-X-Name-Last: Trinugroho Title: Non-linearity and the threshold effect of transparency on economic growth: evidence from developing countries Abstract: This study examines the linear and non-linear threshold impacts of transparency on economic growth in 70 developing countries from 1984 through 2018, utilizing panel generalized method of moments (GMM) and dynamic-panel threshold estimations. We find that the impact of transparency on growth is stronger when we use non-linear GMM, and dynamic-panel threshold estimations. There is a U-shaped relationship between transparency and economic growth, while transparency is found to stimulate economic growth, especially in a high-transparency threshold regime. The result reveals that financial development plays an important role in moderating the transparency–economic growth nexus in developing countries. Journal: Journal of Economic Policy Reform Pages: 388-414 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2022.2136175 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2136175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:388-414 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1997748_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Philip Arestis Author-X-Name-First: Philip Author-X-Name-Last: Arestis Author-Name: Salvador Pérez-Moreno Author-X-Name-First: Salvador Author-X-Name-Last: Pérez-Moreno Title: Editorial: Distributional Effects of Monetary Policy Journal: Journal of Economic Policy Reform Pages: 415-419 Issue: 4 Volume: 25 Year: 2022 Month: 10 X-DOI: 10.1080/17487870.2021.1997748 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1997748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:25:y:2022:i:4:p:415-419 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1997747_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lisa Bagnoli Author-X-Name-First: Lisa Author-X-Name-Last: Bagnoli Author-Name: Salvador Bertomeu-Sanchez Author-X-Name-First: Salvador Author-X-Name-Last: Bertomeu-Sanchez Author-Name: Antonio Estache Author-X-Name-First: Antonio Author-X-Name-Last: Estache Author-Name: Maria Vagliasindi Author-X-Name-First: Maria Author-X-Name-Last: Vagliasindi Title: Does the ownership of utilities matter for social outcomes? A survey of the evidence for developing countries Abstract: This paper surveys the evidence on the relevance of the ownership choice for electricity and water and sanitation utilities with respect to access and affordability in developing countries. It shows that most of the widely quoted evidence is outdated and fails to reflect the long-term effects of choices made in the 1990s. The most recent data suggests that ownership affects social outcomes less than regulatory governance and market structure. The evidence is however not precise enough yet. More research is needed to determine how context and institutional constraints, including regulatory capacity, should influence ownership choices. Journal: Journal of Economic Policy Reform Pages: 24-43 Issue: 1 Volume: 26 Year: 2023 Month: 01 X-DOI: 10.1080/17487870.2021.1997747 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1997747 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:1:p:24-43 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2076678_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ugo Panizza Author-X-Name-First: Ugo Author-X-Name-Last: Panizza Title: State-owned commercial banks Abstract: This paper builds a new dataset on bank ownership and finds no evidence of a negative correlation between state-ownership of banks and economic growth. Banking crises predict increases in state-ownership but that there is no evidence that high state-ownership predicts banking crises. Contrary to past literature, the paper also shows that recent data show no difference between the profitability of private and public banks located in emerging and developing economies. The paper corroborates the existing literature which shows that in emerging and developing economies lending by state-owned banks is less procyclical than private bank lending. Journal: Journal of Economic Policy Reform Pages: 44-66 Issue: 1 Volume: 26 Year: 2023 Month: 01 X-DOI: 10.1080/17487870.2022.2076678 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2076678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:1:p:44-66 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2080409_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maria Vagliasindi Author-X-Name-First: Maria Author-X-Name-Last: Vagliasindi Author-Name: Tito Cordella Author-X-Name-First: Tito Author-X-Name-Last: Cordella Author-Name: Judith Clifton Author-X-Name-First: Judith Author-X-Name-Last: Clifton Title: Introduction: Revisiting the Role of State-Owned Enterprises in Strategic Sectors Abstract: A few years after the fall of the Berlin wall, the World Bank published Bureaucrats in Business, an influential report on State-Owned Enterprises (SOEs) that provided a road-map on how to reform - or privatize - those “loss making state-owned-enterprises that are a significant burden on government budgets and […] hinder growth, impede market liberalization and thus both directly and indirectly limit efforts to reduce poverty” (World Bank, 1995, p. ix). Some 25 years later SOEs are still pervasive. This special issue follows up on Bureaucrats in Business, and sheds light on the continued important phenomena of SOEs and attempts to understand what the perception is about the role that SOEs should play both in tranquil and in turbulent times. We firstly set out an overview of the presence of SOEs over time and across sectors and country groups). Because the topic of the role SOEs should play in the economy is influenced by politics, second, we summarize the results of a Delphi study that presents new consensus on SOEs according to experts. Third, we then review the linkages between ownership and performance in the infrastructure and financial sectors. Fourth, we shed light on the new phenomenon of SOEs abroad, and then conclude. Journal: Journal of Economic Policy Reform Pages: 1-23 Issue: 1 Volume: 26 Year: 2023 Month: 01 X-DOI: 10.1080/17487870.2022.2080409 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2080409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2076679_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eduardo Levy Yeyati Author-X-Name-First: Eduardo Author-X-Name-Last: Levy Yeyati Author-Name: Juan Negri Author-X-Name-First: Juan Author-X-Name-Last: Negri Title: State-owned enterprises: in search for a new consensus Abstract: The objective of this study is to identify whether there is a contemporary consensus on the role of SOEs in different countries on selected issues, through the view of experts around the globe. We conducted a survey to formulate prospective forecasts of the evolution of the role of SOE and to summarize the state of knowledge. Here we present a selection of the results obtained, with an emphasis on identifying consensus on SOE governance and conflicting goals. Because of that, the qualitative approach adopted in this paper is a natural complement to the more quantitative ones. We find that guaranteeing autonomy from state authorities and transparency in SOEs management are the most important challenges that public firms currently face. Journal: Journal of Economic Policy Reform Pages: 82-96 Issue: 1 Volume: 26 Year: 2023 Month: 01 X-DOI: 10.1080/17487870.2022.2076679 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2076679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:1:p:82-96 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2079509_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Judith Clifton Author-X-Name-First: Judith Author-X-Name-Last: Clifton Author-Name: Daniel Díaz Fuentes Author-X-Name-First: Daniel Author-X-Name-Last: Díaz Fuentes Title: How do State Owned Enterprise Multinationals behave abroad? A Multi-dimensional framework for analysis Abstract: Though State-Owned Multinational Enterprises (SOMNEs) make up around 15% of the world´s largest non-financial Multinational Enterprises (MNEs), little is known about why State-Owned Enterprises (SOEs) internationalize and how they behave once abroad. Whilst some scholars have claimed SOMNEs tend to behave as their private MNE counterparts, other scholars state SOMNEs transfer their “public mission” abroad. This article presents a novel, multi-dimensional framework designed to facilitate comparing the behaviour of SOEs and private enterprises abroad in the field of infrastructure. Journal: Journal of Economic Policy Reform Pages: 67-81 Issue: 1 Volume: 26 Year: 2023 Month: 01 X-DOI: 10.1080/17487870.2022.2079509 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2079509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:1:p:67-81 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1983432_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: María Hierro Author-X-Name-First: María Author-X-Name-Last: Hierro Author-Name: Adolfo Maza Author-X-Name-First: Adolfo Author-X-Name-Last: Maza Author-Name: José Villaverde Author-X-Name-First: José Author-X-Name-Last: Villaverde Title: Asylum burden-sharing within the EU revisited: are we moving on the right track? Abstract: The refugee crisis evidenced a myriad of flaws in the EU common asylum policy, especially the lack of fairness in asylum burden-sharing. This paper reveals that, despite some progress in terms of inequality, a bi-polarised distribution gained ground. Moreover, two novel convergence approaches in this field reveal that the message of previous articles on disparity reduction is incomplete; there was no pure convergence, as it was achieved due to frontrunners, with no role for laggards. Consequently, urgent political action and greater leadership by European institutions are required to pave the way for distributive justice between states in asylum burdens. Journal: Journal of Economic Policy Reform Pages: 126-144 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2021.1983432 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1983432 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:126-144 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1962716_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Arlette Beltran Author-X-Name-First: Arlette Author-X-Name-Last: Beltran Author-Name: Alberto Chong Author-X-Name-First: Alberto Author-X-Name-Last: Chong Author-Name: Mariano Montoya Author-X-Name-First: Mariano Author-X-Name-Last: Montoya Title: Socio-economic level, neighborhood segregation and determinants of reciprocity: evidence using representative artefactual data from Latin American cities Abstract: We study whether urban segregation is linked to social capital and, in particular, whether socio-economic level, measured by neighborhood of provenance, is detrimental to the formation of reciprocity. We employ representative data for six Latin American cities, an underrepresented region in terms of experimental research. Our main findings provide robust evidence that individuals with higher socio-economic level increasingly reward larger levels of trust in comparison to lower socio-economic level participants. Journal: Journal of Economic Policy Reform Pages: 145-159 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2021.1962716 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1962716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:145-159 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2076680_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jisun Lim Author-X-Name-First: Jisun Author-X-Name-Last: Lim Author-Name: Keun Lee Author-X-Name-First: Keun Author-X-Name-Last: Lee Title: Does Innovation by Firms Still Create Jobs even after the Business Stealing Effect at the Sector Level? Abstract: The literature on innovation and employment has not provided theory-consistent results about the question of whether innovation by firms would still create jobs after the canceling out by a negative or business stealing effect and a positive spillover effect at the sector level. This study addresses this issue using Korean firm and sector data over a long-term period. Beyond the consensus results by firm-level analyses, this study also produces the sector-level results confirming the significant and positive long-term effects of product innovation, as well as no significant effects of process innovation, on the net employment growth of a sector. Journal: Journal of Economic Policy Reform Pages: 97-125 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2022.2076680 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2076680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:97-125 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1976178_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eric Akobeng Author-X-Name-First: Eric Author-X-Name-Last: Akobeng Title: Harnessing remittances for the poor: the role of institutions Abstract: This paper investigates the direct effect of institutions on poverty and explores whether the remittances and poverty link can be strengthened by institutions in Sub-Saharan Africa. The results suggest that a country characterized by sound financial development and good and stable government with systems to control corruption and attract investment will provide the enabling environment to reduce the rate, depth and severity of poverty. Such quality institutional attributes reinforce the effectiveness of international remittances in reducing poverty. Journal: Journal of Economic Policy Reform Pages: 160-176 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2021.1976178 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1976178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:160-176 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2076677_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Giuseppe Montalbano Author-X-Name-First: Giuseppe Author-X-Name-Last: Montalbano Title: Public-Private Co-Regulation in the making of the capital markets union Abstract: This contribution investigates the conditions and dynamics of a public-private regulatory partnership in the making of the Capital Markets Union. According to our argument, structural interdependence and the strategic use of market narratives in a low salient policy domain allowed the EU financial industry to frame their interests as a solution to Europe’s missing recovery. Under the pressures of the Eurozone crisis and the EMU constraints, the goals of critical financial industry sectors and EU policy-makers met together, leading to a renewed regulatory cooperation. Such a mechanism is unveiled through a process-tracing case-study analysis on the EU covered bonds framework. Journal: Journal of Economic Policy Reform Pages: 199-215 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2022.2076677 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2076677 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:199-215 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2056461_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Konstantinos Efstathiou Author-X-Name-First: Konstantinos Author-X-Name-Last: Efstathiou Author-Name: Guntram Wolff Author-X-Name-First: Guntram Author-X-Name-Last: Wolff Title: What drives implementation of the European Union’s policy recommendations to its member countries? Abstract: With a specially prepared dataset, we investigate whether and why EU countries implement EU policy recommendations. We focus on recommendations outside the fiscal rules and find that implementation rates are modest and worsened at a time (pre-pandemic) when the economic environment had improved and market pressure on sovereigns had subsided. We empirically test three hypotheses determining implementation: (i) legal strength of the EU process; (ii) pressure from financial markets; and (iii) macroeconomic environment. The econometric estimates indicate that a higher sovereign default probability and economic fundamentals increase the likelihood of reform.Stronger EU surveillance does not seem to drive reforms. Journal: Journal of Economic Policy Reform Pages: 177-198 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2022.2056461 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2056461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:177-198 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2179488_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kamila Bielawska Author-X-Name-First: Kamila Author-X-Name-Last: Bielawska Author-Name: John A. Turner Author-X-Name-First: John A. Author-X-Name-Last: Turner Title: Trust and the behavioral economics of automatic enrollment in pensions: a comparison of the UK and Poland Abstract: Experience in the UK with auto enrolling workers in pensions indicates that once enrolled, most workers stay enrolled, suggesting that auto enrollment may be a desirable policy for other countries. However, the experience with auto enrollment is much different in Poland. This paper examines the argument that inertia is not a strong force when workers distrust in the security of future pension benefits. We present a simple conceptual framework where trust affects the subjective probability distribution of workers relating to future pension benefits. We investigate how this framework might explain the high opt-out rate in Poland. Journal: Journal of Economic Policy Reform Pages: 216-237 Issue: 2 Volume: 26 Year: 2023 Month: 04 X-DOI: 10.1080/17487870.2023.2179488 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2179488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:2:p:216-237 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_1905530_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Moritz Weiss Author-X-Name-First: Moritz Author-X-Name-Last: Weiss Author-Name: Felix Biermann Author-X-Name-First: Felix Author-X-Name-Last: Biermann Title: Cyberspace and the protection of critical national infrastructure Abstract: Protecting critical infrastructure against cyber-attacks is a policy challenge arising from the disruptive potential of emerging digital technologies. Governments face difficult choices since cybersecurity is a public responsibility, but often a private task: Should they design their capacities hierarchically or rely on collaboration with private firms? We argue that choices depend on the institutional setting and the nature of the challenge. Our comparison of state-capitalist France with the market-capitalist United Kingdom corroborates our expectations that the former controls intermediaries more hierarchically and that both governments adopt a more assertive role when safeguarding against threats than when managing risks. Journal: Journal of Economic Policy Reform Pages: 250-267 Issue: 3 Volume: 26 Year: 2023 Month: 07 X-DOI: 10.1080/17487870.2021.1905530 File-URL: http://hdl.handle.net/10.1080/17487870.2021.1905530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:3:p:250-267 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2125390_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tony Porter Author-X-Name-First: Tony Author-X-Name-Last: Porter Author-Name: Netina Tan Author-X-Name-First: Netina Author-X-Name-Last: Tan Title: An integrated complex adaptive governmental policy response to cyberthreats Abstract: This article analyzes the policy options available to governments for addressing the very costly economic impacts of cybersecurity threats. It contributes to complexity thinking in public policy. Complexity involves self-organization, emergence, feedback loops, and adaptation. We show that these are present with cyberthreats. In contrast to plans that involve a series of linear steps to a specific outcome, complexity thinking recommends adaptive design, which creates processes that involve coordinated decentralized capacity for experimentation and resilience. These are illustrated with an examination of the 2007 nation-wide cyberattack on Estonia and the lessons learned from this attack. Journal: Journal of Economic Policy Reform Pages: 283-297 Issue: 3 Volume: 26 Year: 2023 Month: 07 X-DOI: 10.1080/17487870.2022.2125390 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2125390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:3:p:283-297 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2103701_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wilson Wong Author-X-Name-First: Wilson Author-X-Name-Last: Wong Author-Name: Charles C. Hinnant Author-X-Name-First: Charles Author-X-Name-Last: C. Hinnant Title: Competing perspectives on the Big Data revolution: a typology of applications in public policy Abstract: While the Big Data revolution is transforming public policy, some debates and competing perspectives on the impact of the disruptive technology of Big Data analytics remain. Although trade-offs among objectives are inevitable in Big Data applications, its ultimate impact would depend on the moderating factors, which vary across contexts such as policy areas and national systems. Integrating the literature from multiple disciplines, this article identifies some of the critical moderating factors accounting for the differentials of Big Data impacts and develops a typology of its applications in public policy as a heuristic to understand and reconcile competing perspectives. Journal: Journal of Economic Policy Reform Pages: 268-282 Issue: 3 Volume: 26 Year: 2023 Month: 07 X-DOI: 10.1080/17487870.2022.2103701 File-URL: http://hdl.handle.net/10.1080/17487870.2022.2103701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:3:p:268-282 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2197599_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Devyani Pande Author-X-Name-First: Devyani Author-X-Name-Last: Pande Author-Name: Araz Taeihagh Author-X-Name-First: Araz Author-X-Name-Last: Taeihagh Title: Navigating the governance challenges of disruptive technologies: insights from regulation of autonomous systems in Singapore Abstract: The proliferation of autonomous systems like unmanned aerial vehicles, autonomous vehicles and AI-powered industrial and social robots can benefit society significantly, but these systems also present significant governance challenges in operational, legal, economic, social, and ethical dimensions. Singapore’s role as a front-runner in the trial of autonomous systems presents an insightful case to study whether the current provisional regulations address the challenges. With multiple stakeholder involvement in setting provisional regulations, government stewardship is essential for coordinating robust regulation and helping to address complex issues such as ethical dilemmas and social connectedness in governing autonomous systems. Journal: Journal of Economic Policy Reform Pages: 298-319 Issue: 3 Volume: 26 Year: 2023 Month: 07 X-DOI: 10.1080/17487870.2023.2197599 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2197599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:3:p:298-319 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2238867_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Araz Taeihagh Author-X-Name-First: Araz Author-X-Name-Last: Taeihagh Title: Addressing Policy Challenges of Disruptive Technologies Abstract: This special issue examines the policy challenges and government responses to disruptive technologies. It explores the risks, benefits, and trade-offs of deploying disruptive technologies, and examines the efficacy of traditional governance approaches and the need for new regulatory and governance frameworks. Key themes include the need for government stewardship, taking adaptive and proactive approaches, developing comprehensive policies accounting for technical, social, economic, and political dimensions, conducting interdisciplinary research, and addressing data management and privacy challenges. The findings enhance understanding of how governments can navigate the complexities of disruptive technologies and develop policies to maximize benefits and mitigate risks. Journal: Journal of Economic Policy Reform Pages: 239-249 Issue: 3 Volume: 26 Year: 2023 Month: 07 X-DOI: 10.1080/17487870.2023.2238867 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2238867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:3:p:239-249 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2238109_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Joaquim Vergés-Jaime Author-X-Name-First: Joaquim Author-X-Name-Last: Vergés-Jaime Title: Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions Abstract: This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis –like that unleashed in 2008–. An updated assessment of the evidence in this respect is developed, through a review of available empirical studies and analysis of the outcomes -in terms of recovery of economic activity- of having applied one and the other ‘competing’ economic policies. The approach focuses on the causal relationships involved, mainly between variations in public spending/fiscal deficit and changes in economic activity’s indicators. Journal: Journal of Economic Policy Reform Pages: 421-441 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2238109 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2238109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:421-441 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2220862_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jonathan E. Ogbuabor Author-X-Name-First: Jonathan E. Author-X-Name-Last: Ogbuabor Author-Name: Ekene ThankGod Emeka Author-X-Name-First: Ekene ThankGod Author-X-Name-Last: Emeka Author-Name: Anthony Orji Author-X-Name-First: Anthony Author-X-Name-Last: Orji Author-Name: Fidelia N. Onuigbo Author-X-Name-First: Fidelia N. Author-X-Name-Last: Onuigbo Title: The effects of international financial inflows on economic complexity in Africa: does institutional quality play a moderation role? Abstract: We investigated the effects of international financial inflows (remittances, foreign direct investment and foreign aid) on economic complexity in Africa and the moderation role of institutional quality. We used the dynamic system GMM framework for a panel of 31 African countries over the period 2010–2020. We find that these international financial inflows are significant drivers of economic complexity in Africa, and that institutional quality is significantly moderating and enhancing their effects on economic complexity. Among other recommendations, we encourage policymakers in Africa to continually create an enabling environment to attract these financial inflows in order to promote sustainable investment and economic growth. Journal: Journal of Economic Policy Reform Pages: 348-369 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2220862 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2220862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:348-369 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2238105_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan-Francisco Albert Author-X-Name-First: Juan-Francisco Author-X-Name-Last: Albert Author-Name: Nerea Gómez-Fernández Author-X-Name-First: Nerea Author-X-Name-Last: Gómez-Fernández Title: The effects of uncertainty shocks on income and wealth inequality Abstract: This paper assesses the impact of uncertainty on income and wealth inequality in Germany, France, Italy and Spain. For that purpose, mixed-frequency SVAR models are used. The results show that uncertainty shocks lead to heterogeneous responses across countries. A positive uncertainty shock increases income inequality in Spain, but reduces it in Germany and France. In the case of wealth, the response is statistically significant only in Spain and Italy, where an increase in inequality is experienced. Overall, these results highlight the important role of macroeconomic stabilisation policies in situations of high uncertainty. Journal: Journal of Economic Policy Reform Pages: 370-400 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2238105 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2238105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:370-400 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2238107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hüseyin Şen Author-X-Name-First: Hüseyin Author-X-Name-Last: Şen Author-Name: Ayşe Kaya Author-X-Name-First: Ayşe Author-X-Name-Last: Kaya Title: Do revenue-neutral tax swaps boost growth? Abstract: Do revenue-neutral tax swaps boost growth? To answer this question, we use a panel data set of nine OECD countries for the period 1981-2017 and arrive at the following main results under revenue-neutral conditions: First, the most growth-damaging tax is the corporate income tax, followed by the personal income tax. Second, a shift from income taxes to consumption taxes is associated with higher growth, while a shift from social security contributions and property taxes to payroll & workforce taxes has significant negative effects on growth. Overall, our results confirm the view that revenue-neutral tax reforms focusing on a shift from income taxation to consumption and property taxation would promote growth. Journal: Journal of Economic Policy Reform Pages: 401-420 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2238107 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2238107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:401-420 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2268250_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Duc Hong Vo Author-X-Name-First: Duc Hong Author-X-Name-Last: Vo Author-Name: Ngoc Phu Tran Author-X-Name-First: Ngoc Phu Author-X-Name-Last: Tran Author-Name: Toan Pham-Khanh Tran Author-X-Name-First: Toan Pham-Khanh Author-X-Name-Last: Tran Author-Name: Quan Thai-Thuong Le Author-X-Name-First: Quan Thai-Thuong Author-X-Name-Last: Le Author-Name: Phuc Van Nguyen Author-X-Name-First: Phuc Van Author-X-Name-Last: Nguyen Title: Government expenditure, budget deficit and shadow economy Abstract: The shadow economy has emerged as a challenging issue for countries globally, particularly emerging markets. An increased budget deficit prevents the governments from using public expenditure to control the increased shadow economy. This paper examines the effect of government expenditure on the shadow economy and the moderating role of budget deficit affecting this impact for the ASEAN-7 countries from 1990 to 2019. We find that increased government spending is associated with an increased shadow economy in ASEAN countries. Interestingly, the effects of government expenditure on the shadow economy intensify with increased budget deficit in the short and long term. Journal: Journal of Economic Policy Reform Pages: 442-460 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2268250 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2268250 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:442-460 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2187391_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hong Chuong Pham Author-X-Name-First: Hong Chuong Author-X-Name-Last: Pham Author-Name: Le Thanh Ha Author-X-Name-First: Le Thanh Author-X-Name-Last: Ha Author-Name: Doan Ngoc Thang Author-X-Name-First: Doan Ngoc Author-X-Name-Last: Thang Author-Name: Trung Thanh To Author-X-Name-First: Trung Thanh Author-X-Name-Last: To Title: The moderating role of institutional and credit constraints on the nexus between bribery and policy consistency Abstract: This article is the first to examine whether bribery hurts or promotes policy consistency for firms confronting institutional and credit constraints by using World Bank Enterprise Surveys covering 104 developing countries from 2002 to 2006. By using the questionnaire that is only available in the 2002-2006 survey, policy consistency is measured by firms’ perception of the degree of consistency in officials’ interpretation of the law. Bribery reduces the consistency of policy implementation. The adverse impact of bribery on policy consistency is evident only in lower-income countries. Furthermore, these effects become more significant for firms facing institutional and credit constraints. Journal: Journal of Economic Policy Reform Pages: 321-347 Issue: 4 Volume: 26 Year: 2023 Month: 10 X-DOI: 10.1080/17487870.2023.2187391 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2187391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:321-347 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2268251_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Howarth Author-X-Name-First: David Author-X-Name-Last: Howarth Author-Name: Helen Kavvadia Author-X-Name-First: Helen Author-X-Name-Last: Kavvadia Title: The European Investment Bank to the rescue? COVID-related lending as incremental change Abstract: The European Investment Bank (EIB) was officially part of a coordinated European Union (EU) strategy to address the impact of the COVID-19 pandemic. However, we argue that despite the worst socio-economic crisis to hit most European countries since the Second World War, the EIB failed to deviate from a set path that delimited acceptable forms of lending. We apply a historical institutionalist analysis to explain how and why the EIB continued to engage in principally low risk lending activities via the commercial banking sector, and failed to significantly increase lending to the public health sector. Journal: Journal of Economic Policy Reform Pages: 25-44 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2023.2268251 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2268251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:25-44 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2280969_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mariana Mazzucato Author-X-Name-First: Mariana Author-X-Name-Last: Mazzucato Title: Governing the economics of the common good: from correcting market failures to shaping collective goals Abstract: To meet today’s grand challenges, economics requires an understanding of how common objectives may be collaboratively set and met. Tied to the assumption that the state can, at best, fix market failures and is always at risk of “capture”, economic theory has been unable to offer such a framework. To move beyond such limiting assumptions, the article provides a renewed conception of the common good, going beyond the classic public good and commons approach, as a way of steering and shaping (rather than just fixing) the economy towards collective goals. Journal: Journal of Economic Policy Reform Pages: 1-24 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2023.2280969 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2280969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2302123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: I. W. Rathnayaka Author-X-Name-First: I. W. Author-X-Name-Last: Rathnayaka Author-Name: Rasheda Khanam Author-X-Name-First: Rasheda Author-X-Name-Last: Khanam Author-Name: Mohammad Mafizur Rahman Author-X-Name-First: Mohammad Mafizur Author-X-Name-Last: Rahman Title: Fiscal support during the COVID-19 pandemic and its determinants: evidence for OECD countries Abstract: This study examines the factors influencing governments’ fiscal support strategies during the pandemic, aiming to contribute to sustainable development. Through an analysis of data from 34 prominent economies, representative of OECD countries, up to the conclusion of 2022, and utilizing GMM regression analysis, we challenge conventional economic theories. Contrary to expectations, governments opted to reduce tax rates amid the pandemic, resulting in decreased revenue due to lockdown-induced economic disruptions. These findings underscore the imperative of expanding fiscal support during pandemics for progress toward Sustainable Development Goals (SDGs), particularly SDG 3 (Good Health and Wellbeing) and SDG 10 (Reducing Inequality). Journal: Journal of Economic Policy Reform Pages: 107-123 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2024.2302123 File-URL: http://hdl.handle.net/10.1080/17487870.2024.2302123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:107-123 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2275277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bas van Aarle Author-X-Name-First: Bas Author-X-Name-Last: van Aarle Author-Name: Joep Konings Author-X-Name-First: Joep Author-X-Name-Last: Konings Author-Name: Aaron Putseys Author-X-Name-First: Aaron Author-X-Name-Last: Putseys Title: Designing a European energy price regulation system: some basic principles Abstract: The recent surge in energy prices in Europe and their high volatility, have a very large impact on its economy. Policymakers have sought to counteract the impacts of the unprecedented energy price shock with a plethora of measures albeit with limited success. This paper proposes a dynamic, flexible system of energy price regulation at the retail level. The mechanism is simple, automatic and has a number of parameters that can be adjusted to fine tune its execution. It is shown how the mechanism leads to toppling of energy prices and reduces their volatility. At the same time, it does not prevent energy prices to absorb long-run fundamental/ market-conform price trends. Journal: Journal of Economic Policy Reform Pages: 45-65 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2023.2275277 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2275277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:45-65 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2275039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Noemí Peña-Miguel Author-X-Name-First: Noemí Author-X-Name-Last: Peña-Miguel Author-Name: Beatriz Cuadrado-Ballesteros Author-X-Name-First: Beatriz Author-X-Name-Last: Cuadrado-Ballesteros Title: Effect of public–private partnership projects on inequality in developing countries Abstract: This study examines the effect of public–private partnerships (PPPs) on income inequality, focusing on economic infrastructures. For that, we use a sample composed of data from 38 low- and middle-income countries over the period 2000–2018. The empirical findings suggest that inequality has not been reduced; by contrast, income inequality has increased in countries that have developed PPP projects to a greater extent. This study offers practical implications about the social cost that the PPP formula has in developing countries. Journal: Journal of Economic Policy Reform Pages: 66-86 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2023.2275039 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2275039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:66-86 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2281646_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hiep Ngoc Luu Author-X-Name-First: Hiep Ngoc Author-X-Name-Last: Luu Author-Name: Thao Thi Phuong Nguyen Author-X-Name-First: Thao Thi Phuong Author-X-Name-Last: Nguyen Author-Name: Tram Thi Mai Pham Author-X-Name-First: Tram Thi Mai Author-X-Name-Last: Pham Author-Name: Tram Ngoc Nguyen Author-X-Name-First: Tram Ngoc Author-X-Name-Last: Nguyen Title: Friend or foe? The impact of macroprudential policy on economic growth Abstract: In this paper, we examine the impact of macroprudential policy on economic growth. The results show that the implementation of macroprudential policies contributes to fostering economic growth, especially in the period following the onset of the global financial crisis. In particular, we show that tightening loan loss provisions, loan-to-value, lending restriction, liquidity requirements and systemically important financial institutions measures all lead to higher economic growth. However, we also find that, while tightening macroprudential policy is generally beneficial for the economy, excessive tightening policy can exert a negative growth impact. Journal: Journal of Economic Policy Reform Pages: 87-106 Issue: 1 Volume: 27 Year: 2024 Month: 01 X-DOI: 10.1080/17487870.2023.2281646 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2281646 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:1:p:87-106 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2281645_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sara Blåka Author-X-Name-First: Sara Author-X-Name-Last: Blåka Author-Name: Dag Ingvar Jacobsen Author-X-Name-First: Dag Ingvar Author-X-Name-Last: Jacobsen Title: Does shared service delivery affect cost? A study of the cost-capacity relation in Norwegian local child protection services Abstract: Intermunicipal cooperation is often seen as a means to increase capacity and reap economic benefits of scale. Prior research, however, shows that the effects of shared service delivery diverge, leaving scholars and practitioners to question whether, under what conditions and at what expense effects of cooperation manifest. Using a panel dataset on child protection services, we analyze how cooperation affects the cost-capacity relation. The results show that cooperation increases cost. This increase is only partly explained by investments in service capacity, indicating that there are significant transaction costs linked to cooperation as a mode of production. Journal: Journal of Economic Policy Reform Pages: 209-224 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2023.2281645 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2281645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:209-224 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2330438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ânia Peixoto Author-X-Name-First: Ânia Author-X-Name-Last: Peixoto Author-Name: Pedro J. Camões Author-X-Name-First: Pedro J. Author-X-Name-Last: Camões Author-Name: António Tavares Author-X-Name-First: António Author-X-Name-Last: Tavares Title: Local delivery of bus transportation services: a model of interdependency of provision and production choices Abstract: The article employs a model of interdependency of institutional choices and seeks to investigate the determinants of the provision and production of bus transportation services. We find that municipal population size and low levels of debt are the main drivers of service provision. The decision to cooperate in the provision of bus services is associated with municipalities that have lower levels of financial autonomy. Lastly, we find that larger municipalities and those not run by center left-wing mayors are more likely to opt for the externalization of bus services, either to municipal corporations or to private providers. Journal: Journal of Economic Policy Reform Pages: 185-208 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2024.2330438 File-URL: http://hdl.handle.net/10.1080/17487870.2024.2330438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:185-208 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2244628_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Austin M. Aldag Author-X-Name-First: Austin M. Author-X-Name-Last: Aldag Author-Name: Mildred E. Warner Author-X-Name-First: Mildred E. Author-X-Name-Last: Warner Title: Intermunicipal cooperation and agreement formalization Abstract: We explore the effects of agreement formalization and partners on cooperation costs in twelve local government services in New York State. Our survey differentiates agreement formalization (informal, memorandum of understanding, joint production, contracting and special districts) and controls for cooperation duration and non-profit partners. Cost data (1996–2016) enable panel models which find agreement formality often has no effect on costs. Non-profit partners typically reduce costs. Formality is associated with higher costs in services where quality improvements are sought, and lower costs where formality shifts budget authority. In general the costs of formality appear to be balanced by savings over time. Journal: Journal of Economic Policy Reform Pages: 249-268 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2023.2244628 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2244628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:249-268 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2249185_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mattia Casula Author-X-Name-First: Mattia Author-X-Name-Last: Casula Author-Name: Stefania Profeti Author-X-Name-First: Stefania Author-X-Name-Last: Profeti Title: Not a black or white issue: choosing alternative organizational models for delivering early childhood services Abstract: This article investigates how municipalities choose their organizational arrangements for delivering early childhood services and the interplay among the regional framework, local legacies, and agency factors influencing these choices. We answered these questions through a mix-method approach and a comparative analysis of four European regions in the same country (Italy). Our data shows that a variety of hybrid organizational models for service delivery is possible, and the fundamental role played by the regional framework in affecting organizational choices – with local factors such as legacy and agency compensating in the event of its absence. Journal: Journal of Economic Policy Reform Pages: 162-184 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2023.2249185 File-URL: http://hdl.handle.net/10.1080/17487870.2023.2249185 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:162-184 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2326410_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Katarina Sandberg Author-X-Name-First: Katarina Author-X-Name-Last: Sandberg Title: The more the merrier? Examining the effects of inter-municipal cooperation on costs and service quality in upper secondary education Abstract: For local governments, inter-municipal cooperation (IMC) has become an increasingly common solution to tackle fiscal constraints and demographic challenges. However, in many policy areas, it is still not clear whether IMC fulfills its promises of cost savings or increased service quality. This study aims to contribute new knowledge on the effects of IMC in one of these understudied policy areas – education – and does so by employing recent developments in difference-in-differences methods. The results show that being part of IMC significantly reduces expenditures on upper secondary education. However, there are indications that decreased costs come at a price, since joining a local federation also correlates with lower grades in the cooperating municipalities. Journal: Journal of Economic Policy Reform Pages: 225-248 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2024.2326410 File-URL: http://hdl.handle.net/10.1080/17487870.2024.2326410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:225-248 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2341657_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Germà Bel Author-X-Name-First: Germà Author-X-Name-Last: Bel Author-Name: Thomas Elston Author-X-Name-First: Thomas Author-X-Name-Last: Elston Author-Name: Marc Esteve Author-X-Name-First: Marc Author-X-Name-Last: Esteve Author-Name: Ole Helby Petersen Author-X-Name-First: Ole Helby Author-X-Name-Last: Petersen Title: Local government reform beyond privatization and amalgamation: advances in the analysis of inter-municipal cooperation Abstract: Inter-municipal cooperation, where two or more local governments jointly provide one or more public services across their jurisdictions, is an increasingly prevalent mode of public administration. In part, this reflects the limited success of prior rounds of privatization and amalgamation reform – and the continuing desire to economize and improve regional coordination. In part, it speaks of the wider policy fashion for seeking collaborative solutions to public problems. This article introduces a special issue on “the drivers and effects of inter-municipal cooperation.” It reviews the current evidence base and the contributions of six papers, and suggests productive avenues for future research. Journal: Journal of Economic Policy Reform Pages: 125-139 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2024.2341657 File-URL: http://hdl.handle.net/10.1080/17487870.2024.2341657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:125-139 Template-Type: ReDIF-Article 1.0 # input file: GPRE_A_2333306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ivo Bischoff Author-X-Name-First: Ivo Author-X-Name-Last: Bischoff Author-Name: Christian Bergholz Author-X-Name-First: Christian Author-X-Name-Last: Bergholz Author-Name: Peter Haug Author-X-Name-First: Peter Author-X-Name-Last: Haug Author-Name: Simon Melch Author-X-Name-First: Simon Author-X-Name-Last: Melch Title: Does intense tax competition boost public acceptance for inter-municipal cooperation? Evidence from a survey among German citizens and local politicians Abstract: Intense tax competition among local governments limits their potential for tax revenues. Inter-municipal cooperation (IMC) in general and joint business parks in particular constitute a platform to coordinate local tax rates with neighboring municipalities to reduce tax competition. We ask whether local politicians and citizens are aware of this logic and whether they account for it. Using survey data from German municipalities, we find citizens’ support for joint business parks to increase in the intensity of tax competition but not for other forms of IMC. For local politicians, we do not find any effect of tax competition on IMC support. Journal: Journal of Economic Policy Reform Pages: 140-161 Issue: 2 Volume: 27 Year: 2024 Month: 04 X-DOI: 10.1080/17487870.2024.2333306 File-URL: http://hdl.handle.net/10.1080/17487870.2024.2333306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jpolrf:v:27:y:2024:i:2:p:140-161