Institutional & Transition Economics Policy Paper Series最新文献

{"title":"Estimating the Value of a Unitization Law for Shale Gas","authors":"Andrew N. Kleit, Eakasit Leelachutipong, J. Wang","doi":"10.2139/SSRN.2974050","DOIUrl":"https://doi.org/10.2139/SSRN.2974050","url":null,"abstract":"Horizontal drilling together with hydraulic fracturing has become a very effective mechanism for the extraction of natural gas in several shale plays in the United States. Efficient horizontal drilling, however, generally requires operating in a “unit,” across the property of numerous landowners. If a particular landowner, however, is unwilling to allow drilling below their property, the result can be harm to both to the producing company and to other landowners in the unit. \u0000To address this problem, most major oil and nature gas states, with the exception of Pennsylvania, have unitization statutes. We examine the impact of such laws by looking the recent Emersyn matter from the state of Ohio. We estimate that the unitization ordered by the State of Ohio greatly increased the potential recoverable product from the proposed unit. Just as importantly, it more than proportionally increased the profits to the producer and royalty owners. Our results also show that the break-even production price is very sensitive to whether or not forced unitization is available to the producer. \u0000At least two policy issues arise from this analysis. First, the rationale for unitization is not clear in all circumstances. In the Emersyn matter, the State of Ohio required access to property rights, even though not allowing such access would not have “stranded” any other landowners, and where the party in question was a sophisticated producer, rather than a landowner. Second, there appears to be no guidance for setting reimbursements to property owners who are forced to allow producers access to their property.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134260025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Blockchain Technology - An Instrument of Economic Evolution?","authors":"Kartik Hegadekatti","doi":"10.2139/SSRN.2943960","DOIUrl":"https://doi.org/10.2139/SSRN.2943960","url":null,"abstract":"Man has not only evolved biologically and culturally but also economically. Human economy has grown over many centuries through continuous addition of value. This value addition has been an evolutionary factor as it has influenced the formation of the main economic sectors-namely Primary, Secondary and Tertiary. Recently after the advent of Blockchain technology, Bitcoin achieved Gold parity. This paper analyses whether such an event will have any impact on the evolution of our economies. First, I discuss the various sectors of the economy. Then I evaluate how Bitcoin (BTC) achieving Gold Parity (GP) may influence the outcome of future economic scenarios. The paper concludes by summarizing the importance of technology in our economic systems and how technology affects its evolution.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113966000","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Change in Economic Policy Paradigm: Privatization and State Capture in Poland","authors":"Piotr Kozarzewski, Maciej Bałtowski","doi":"10.2139/ssrn.2814116","DOIUrl":"https://doi.org/10.2139/ssrn.2814116","url":null,"abstract":"Kozarzewski and Ba³towski analyse the causes and manifestations of this trend in economic policy in Poland. They use privatization policy as an example. The authors examine the effects of the privatization policy and point to a large unfinished agenda in ownership transformation that has had an adverse impact on the institutional setup of the Polish state, creating grounds for rent seeking and cronyism, which, in turn, impede the pace of privatization. They find out that it is the increasing capture of the state by rent-seeking groups, and not, contrary to popular opinion, the global financial crisis, that most contributes to the growing statist trends of Poland’s economic policy.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115379646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Using Univariate Time Series Models to Forecast Unemployment Rates: Evidence from State of Maine","authors":"K. Dalvand","doi":"10.2139/ssrn.3097301","DOIUrl":"https://doi.org/10.2139/ssrn.3097301","url":null,"abstract":"Unemployment rate has been always one of the major issues that policy makers deal with. Having a future forecast of unemployment rate can really help policy makers in making right decision. Forecasting is a process that determines what will happen to the desired variable in future, which involves lots of uncertainties and risks, by studying and analyzing the past and the present. This paper uses ARIMA models to constructing a time series model based on historical data and then projecting it to the future to have a forecast on unemployment rate in the state of Maine. ARIMA models have the advantage of relatively low research costs compared to other econometric models and also a good efficiency in short-term forecasting. The time interval for the data is 1996M1-2015M4 and the data are taken from the “Center for Workforce Research and Information” website","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116918103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inner Workings of the Chinese Economy and the U.S.-China Trade War","authors":"Winston W. Chang","doi":"10.2139/SSRN.2752030","DOIUrl":"https://doi.org/10.2139/SSRN.2752030","url":null,"abstract":"The recent economic downturn in China has severely impacted the global economy. Chinese GDP growth has slowed sharply; corporate-debt ratios are unprecedentedly high; the equity markets are exceptionally volatile; the renminbi has depreciated and capital flight has drained China's forex reserves at an alarming rate. This paper investigates the root causes of all these events and shows the complexities and difficulties, such as the thorny trilemma (impossible trinity) problem, faced by the policymakers in their attempt to fix these problems. The paper then discusses some feasible policies Chinese officials can consider in dealing with the current situations and some structural reforms to steer away from these problems.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132233920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Book Review: Humanitarian Economics: War, Disaster and the Global Aid Market","authors":"Caroline Brassard","doi":"10.18003/ajpa201601","DOIUrl":"https://doi.org/10.18003/ajpa201601","url":null,"abstract":"Humanitarian Economics marks the start of a long-term interdisciplinary research agenda on the complex aid-conflict-disaster nexus. This well-researched and thoroughly referenced book is aimed at professionals working in humanitarian and development agencies, NGOs, private sector and governments. The book is also highly timely given the inaugural World Humanitarian Summit (WHS) coming up in Istanbul on 23-24 May 2016. It is a must-read for anyone seeking a thorough understanding of, and a broader perspective on, the complexities behind the developmental and humanitarian challenges for countries in crisis situations — either undergoing conflicts or human and ‘natural’ (climatic-related) disasters.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122830038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Demystifying the Ontology of Taxation Rulings in the Gambia: Issues and Challenges","authors":"Dr. Assan Jallow","doi":"10.2139/ssrn.2727568","DOIUrl":"https://doi.org/10.2139/ssrn.2727568","url":null,"abstract":"This study set out to examine the issues and challenges on the non-publication and circulation of taxation rulings in The Gambia. In addition, this paper presents the rationale of making and publishing a Commissioner General’s rulings on the application and interpretation of certain provisions on the tax laws where there is ambiguity in order to avoid distortions and differing inconsistent applicable views of persons. In this paper, the author provides a holistic demystification on the ontology of taxation rulings within the context of The Gambia’s laws of taxation, citing the Gambia Revenue Authority as an example. The study however, indicates that no previous study of this nature has ever been commissioned in The Gambia, thus catapulting the need to conduct such study to add to the body of knowledge by limiting the dearth of literature in the discourse of public finance and in order to examine the mechanism of taxation rulings in terms of making provisions to prepare tax rulings, reproduce them in adequate numbers, distribute them to officials and made them available to the general taxpayers. On a simpler note, this study discusses on the need for objective clarifications and better codification on the provisions of the existing tax laws, policies and regulations within the operational and administrative parameters of taxation. In summary, the paper indicates that a public ruling is still yet to be conventionally made available to the tax officials and the taxpayers. Finally, the results of this study should be of interest to taxing authority as it concludes with some prescriptive recommendations and solutions identified as the essential mechanics and alternative paradigms towards having in place a robust, mutually-inclusive, well-established and functional tax ruling mechanism.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121091015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do We Need a Global ‘Central Planner’ and ‘Optimal’ Economic Policy for All?","authors":"S. Drobyshevsky","doi":"10.2139/ssrn.2706671","DOIUrl":"https://doi.org/10.2139/ssrn.2706671","url":null,"abstract":"Recently we see a growing interest to and debates on the role of international associations like G20 or BRICS in the global economic renewal and global economic governance. Along with this there is a lot of issues related to establishing new international financial institutions like the New Development Bank or the Asian Infrastructure Investment Bank. However, in our view, all these discussions are based on the experience of the preceding economic crises and false theoretical backgrounds. In the paper we consider the necessity of current processes as a natural response to a new systemic crisis and the probable secular stagnation in the global economy. We argue that because the situation is completely new for both academic economists and policy makers the appropriate response to the global economic challenges is to give more competition and independence to international institutions and national policies. Correspondingly, the role and tasks of G20, or BRICS, as well as role of the World Bank, the IMF, or the WTO should change. We see all those organizations rather as venues for presenting and discussion of domestically oriented national policies and cooperation of international financial organizations than ‘central planners’ aiming at elaborating jointly agreed policy favorable for all member countries.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133909086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rural Livelihoods and Environmental Resource Dependence in Cambodia","authors":"Trung-Thanh Nguyen, T. Do, D. Bühler, R. Hartje, U. Grote","doi":"10.2139/ssrn.2691285","DOIUrl":"https://doi.org/10.2139/ssrn.2691285","url":null,"abstract":"Understanding rural livelihood strategies and environmental resource dependence can help to reduce and prevent livelihood stresses induced by environmental resource degradation. This study identifies livelihood strategies of farm households in rural Cambodia and explores their determinants with a focus on environmental resource dependence. The data are derived from a survey of 580 households in 30 villages of Stung Treng province in Cambodia undertaken in 2013. An activity-based two-step cluster analysis is conducted to identify different livelihood clusters and regression models are performed to determine the major factors affecting the choice of livelihood strategies and the extraction of environmental resources. The results demonstrate how different levels of environmental and household capital influence livelihood strategies. Environmental resources contribute a significant portion of household income (27%) and act as a means to reduce income inequality (7%) among households. The absolute environmental income is positively correlated with the total income but the relative environmental income decreases with an increase in total income. Thus, it appears that low income households are not to be blamed for environmental degradation, because they are unable to undertake activities with high return. The findings of this study suggest that promoting off-farm employment, education and social networking reduces the extraction of environmental resources.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126301071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Determinants of Sovereign Bond Yield Spreads in the EMU: A GVAR Model","authors":"Jean-Baptiste Lau-Hansen","doi":"10.2139/ssrn.2677203","DOIUrl":"https://doi.org/10.2139/ssrn.2677203","url":null,"abstract":"The literature about the sovereign yield spreads grew substantially with the euro debt crisis, mainly because of the rising concerns about the Eurozone future and the skepticism regarding the radical shifts in few EMU countries’ interest rates which cannot be explained by standard models. With unsustainable borrowing cost levels, Greece, Ireland and Portugal lost access to the market and part of the public opinion condemned what they called a market irrational behavior. Academics try to bring new lights to these market reactions.Our paper aims to contribute to the growing body of literature that studies the determinants of bond yield differentials in the Eurozone and differs in many ways from the previous works. First of all, we use longer data sets, which cover the recent Eurozone crisis events. Then, we use a new risk aversion proxy based on European data, which can be described as the difference between the euro corporative bond indexes Bbb and Aaa. We also perform an event study of the European Commission fiscal forecasts publication for European countries to help specify our model with the fiscal fundamentals that significantly influence the spreads. Finally, this paper proposes a new application of a GVAR model for the sovereign bond spreads analysis in the Eurozone that outperforms standard models thanks to the inclusion of fiscal fundamental and contagion variables. Indeed we extend the Global Vector Autoregressive (GVAR) model introduced by Favero (2013) in whom we add variables capturing the credit risk (real GDP growth), the contagion effect and a dummy variable for the crisis.The results estimated with our GVAR model suggest a lack of consensus among euro countries and significant differences between the GIIPS and the Core countries in terms of spreads determinants. Moreover by taking the model to country by country data, the R-squared drastically increase which shows the importance of idiosyncratic behavior in the spreads movements. Overall, we find that the sovereign bond yield spreads were mainly influenced by the expected debt to GDP, the risk aversion and the contagion factors, which is in line with the related literature findings.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127129496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}