New Institutional Economics eJournal最新文献

{"title":"Capitalism and Socialism: Review of Kornai's Dynamism, Rivalry, and the Surplus Economy","authors":"Chenggang Xu","doi":"10.1257/JEL.20151282","DOIUrl":"https://doi.org/10.1257/JEL.20151282","url":null,"abstract":"Understanding the nature of capitalism has been a central theme of economics. The collapse of the Eastern Bloc and the global financial crisis spurred the reemergence of the political economy as a new frontier and the revival of interest in the nature of capitalism. Janos Kornai's book Dynamism, Rivalry, and the Surplus Economy: Two Essays on the Nature of Capitalism fills an important intellectual gap in understanding the dynamic nature of capitalism by comparing it with its mirror image, socialism. To further develop the themes contained in the book, serious challenges are posed theoretically and empirically, as well as in subjects, such as hybrid capitalism.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131105997","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":"Institutions and the Stages of Growth","authors":"Alan Green, J. Russo","doi":"10.2139/ssrn.2905055","DOIUrl":"https://doi.org/10.2139/ssrn.2905055","url":null,"abstract":"This paper reconsiders growth regressions from the perspective of Walt Whitman Rostow’s classic growth stages framework. We revised Rostow’s stages and then code every country that has data available according to the framework. We then estimate growth regression by stage and with interaction variables between institutions and growth stages. We find that the determinants of growth do vary by stage and that different institutions have different impacts by stage.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129517194","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":"Governance and Geopolitics in the Age of Blockchains and Cryptocurrencies","authors":"Kartik Hegadekatti","doi":"10.2139/ssrn.2889314","DOIUrl":"https://doi.org/10.2139/ssrn.2889314","url":null,"abstract":"The advent of Cryptocurrencies (like Bitcoins) is challenging traditional financial and governance institutions. It is expected that over a period of the next few years, cryptocurrencies may be the dominant mode of value exchange. In such a scenario, there will be a paradigm shift in the relationship between governments, people and institutions. This paper deals with the impact of cryptocurrencies and Blockchain technology on governance and Geopolitics. First, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) and Blockchain is explained. Then the idea of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. The effect of cryptocurrencies on governments and people is deliberated. The paper finally concludes by assessing the probable end result of the impact of Blockchains and cryptocurrencies on governance and geopolitics.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117255863","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 Equal Employment Opportunity Omission","authors":"William Lazonick, Philip W. Moss, Joshua Weitz","doi":"10.2139/SSRN.2993928","DOIUrl":"https://doi.org/10.2139/SSRN.2993928","url":null,"abstract":"On June 2, 1965, under a mandate established by Title VII of the Civil Rights Act of 1964, the U.S. Congress created the Equal Employment Opportunity Commission (EEOC) to enforce federal anti-discrimination laws related to employment. The expectation was that African Americans would be prime beneficiaries of the EEOC. There was no assumption that the EEOC, on its own, could reverse deep-rooted employment discrimination against blacks. But in the late 1960s there was optimism that, in combination with equal educational opportunity and the strong demand for unionized workers in the well-paid manufacturing jobs that marked the post-World War II decades, the EEOC could help to ensure that an ever-increasing number of blacks would ascend to the American middle class. \u0000African Americans as a group are better educated than they were in the 1960s, and, as discriminatory norms and practices have lessened, large numbers of college-educated blacks have experienced upward employment mobility into professional, technical, and administrative occupations. But the promise of a large-scale ascendancy of blacks to middle-class status, characterized by secure and well-paid employment, has not been fulfilled. Our basic thesis is that, in combination with the institutions of racism which remain widespread in American society, the erosion of secure and well-paid employment opportunities is a major reason for the persistence since the 1980s of African Americans as disproportionately disadvantaged. Our contribution to the larger debate on the economics of race is to focus on the role of corporate resource allocation as the prime determinant of the quantity and quality of employment opportunities in the economy. The decline of middle-class employment opportunities has adversely affected the majority of the U.S. labor force of all races, ethnicities, and genders. African Americans, however, have been more vulnerable than other demographic groups to this decline. \u0000U.S. institutions of corporate governance vest power over major resource-allocation decisions in the hands of senior executives, supported by their hand-picked corporate boards. Given the enormous size of the major business corporations and their centrality to economic activity, the resource-allocation decisions made by senior executives of major U.S. corporations profoundly influence the operation and performance of the economy as a whole—including the availability, or not, of secure and well-paid employment opportunities. The failure to include an analysis of corporate resource allocation and how it has changed over the past half century in the policy debate on income inequality is what we call the “equal employment opportunity omission.”","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124581266","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":"Institutional Governance Reforms: Examining the Case of ECOWAS","authors":"Araniyar C. Isukul, J. Chizea","doi":"10.9734/ARJASS/2016/29336","DOIUrl":"https://doi.org/10.9734/ARJASS/2016/29336","url":null,"abstract":"In the last two decades, several member countries of the Economic Communities of West African States (ECOWAS) have put in place several institutional reforms aimed at improving corporate governance. It had been anticipated that the institutionalization of democracy would bring forth several expected benefits such as good governance, strengthen existing institutions, enhance corporate governance practices, and overall, improve the general welfare of the citizenry. This research uses data from World Bank Governance Indicators for all ECOWAS countries, and examines the quality of institutional governance from 1996 to 2012. The findings of this research show that the embracing of democratic culture has not significantly improved the quality of institutional governance of many ECOWAS countries. Rather, the data reveals that there has been an increasing trend of political instability and violence in some of the ECOWAS countries such as Guinea Bissau, Cote d’Ivoire, Nigeria, Senegal, Gambia, and Togo. In addition, regulatory quality and governance effectiveness for many ECOWAS countries are either declining or at best stagnated. Ceremonial institutional conformity tends to be the norm rather than the exception. More importantly, restraining of press freedom and institutionalized corruption have significantly negatively influenced the quality of corporate governance practices in the region. Therefore, it is important to strengthen the electoral institutions to ensure free and fair elections that will reduce political violence and enhance political stability and by so doing strengthen corporate governance practices.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117081837","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":"원화 국제화를 위한 국내 제도개선 방안 (Institutional Requirements for the Internationalization of the Korean Won)","authors":"Janghyun Lee","doi":"10.2139/SSRN.2859990","DOIUrl":"https://doi.org/10.2139/SSRN.2859990","url":null,"abstract":"Korean Abstract: 통화의 국제화나 자본계정거래의 자유화를 추구하는 국가에 대한 전통적인 견해는 금융시장이 불안정해질 우려가 있기 때문에 선행조건을 갖출 때까지 통화 국제화 및 외환거래 자유화를 신중하게 추진하라는 것이다. 그러나 한국은 경제의 성숙도나 대외적 건전성, 금융시스템의 복원력 등의 측면에서 이미 선행조건을 대부분 갖추었다. 경상수지는 흑자기조가 유지되면서 대외자산이 대외부채를 추월하고 있으며, 외환보유고나 외채의 만기구조는 상당히 안정되어 있다. 특히 은행의 신용위험과 외화유동성 위험 관리능력은 2019년 바젤(Basel) 3 기준이 본격적으로 시행되면 현저하게 향상될 전망이다. 최근 위안화의 급속한 국제화 진전에 따라 국가간 위안화 역외허브 시장경쟁이 시작되고 있는데, 우리나라는 중국의 최대 인근교역국가로서 시너지효과를 누리기 위해서라도 원화의 국제화 정책을 다시 검토해야 할 시점에 와 있다. 원화의 국제화는 기업에는 환전수수료를 절감하게 해주고 자본거래를 하는 금융회사에는 자금조달 비용을 낮춰주며 자산운용을 국제적으로 다변화할 수 있게 해 준다. 정부로서도 원화로 외채를 발행할 수 있으며, 중앙은행은 금융위기시 국가간 담보제도의 이용이 가능해짐에 따라 외화유동성을 확보할 수 있다. 원화가 국제화되면 한국증시의 MSCI 선진국지수 편입 등으로 국가신인도가 개선되며 외환시장이 더 발전할 수 있는 계기가 된다. 원화의 국제화로 인해 투기적 공격 가능성과 통화정책의 효과성 저하, 경제주체들이 직면하는 금융 리스크 증가 등의 부작용이 예상된다. 그러나 이러한 부작용과 위험요인은 환율정책 등 경제정책의 일관성과 투명성 증대, 금융규제와 감독의 선진화, 자본시장과 외환시장의 효율성 개선, 민간 경제주체의 리스크 관리 향상 등으로 해결해나갈 수 있다. 중국 위안화에 대한 투기적 공격과 당국의 신속한 대응사례에서 본 바와 같이 투기의 인센티브를 근본적으로 차단할 수 있는 다양한 정책수단의 개발과 시장과의 소통 강화, 비상시 세이프가드(safeguard) 장치 마련으로 얼마든지 대처할 수 있다. 따라서 조속히 원화 국제화 및 외환거래 전면자유화에 대한 로드맵을 마련하여 비거주자에 대한 원화차입 제한의 철폐 및 해외에서 원화사용 허용 등을 골자로 하는 외환규제개혁을 단행할 필요가 있으며, 안정적인 원화 국제화 추진을 위한 국내제도 및 시장의 정비계획도 병행해서 추진하는 것이 바람직하다. (후략) English Abstract: The conventional wisdom on full currency convertibility is that countries should pursue it with a steady and gradual approach, because it can be destabilizing, for instance as with speculative currency attacks, erosion of monetary policy effectiveness, and additional risks faced by financial institutions. This paper aims to identity domestic institutional requirements for successful currency convertibility in Korea. Authorities should undertake reforms in the following four areas to accompany capital account liberalization: establishment of a sound and consistent macroeconomic policy framework; establishment of a strong prudential and supervisory framework; improvement of the market infrastructure for local capital and foreign exchange markets; and enhancement of risk management capabilities for financial institutions. This study emphasizes, among others, the importance of a credible macroeconomic policy stance, consistent with t he exchange rate regime, and a financial market structure sufficiently strong and flexible to allow for an effective defense against speculative currency attacks. Also examined are the Chinese government’s concerted policies to internationalize the renminbi (RMB) and the mechanics of recent speculative attacks on the RMB. The paper determines that despite the speculative pressures, the Chinese authorities can continue on with the RMB internationalization policy as they have sufficient resources and safeguard policy tools to sustain the currency convertibility program. To conclude, the Korean won can be successfully internationalized if it pursues foreign exchange liberalization policies with accompanying reforms to strengthen its macroeconomic, financial, and prudential regulatory policy framework. (The rest omitted).","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116810925","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":"Market Integration as a Mechanism of Growth","authors":"W. Keller, Carol H. Shiue","doi":"10.2139/ssrn.2858760","DOIUrl":"https://doi.org/10.2139/ssrn.2858760","url":null,"abstract":"In what sense are institutions a deep determinant of growth? In this paper, we address this question by examining the relationship between city growth and institutional reform in 19th century Germany, when some cities experienced deep institutional reform as a result of French rule. Employing an instrumental-variables approach, we find there is a hierarchy of growth factors in which institutions affect market integration more than market integration affects institutions. It was institutional improvements that were crucial to market integration, rather than just declining transport costs, which increased city growth during this time period. The institutional reforms, however, were transmitted through the mechanism of market integration. This created a much larger impact on city growth compared to the institutional impact independent from the market integration mechanism. The approach we take can be applied to other causes of economic growth.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125147818","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":"Antitrust: Where Did It Come from and What Did It Mean?","authors":"R. Langlois","doi":"10.2139/ssrn.2856658","DOIUrl":"https://doi.org/10.2139/ssrn.2856658","url":null,"abstract":"This paper is a draft chapter from an ongoing book project I am calling The Corporation and the Twentieth Century. In The Visible Hand, Alfred Chandler explained the rise of the large vertically integrated corporation in the United States mostly in terms of forces of technology and economic geography. Institutions, including government policy, played a quite minor role. In my own attempt to explain the decline of the vertically integrated form in the late twentieth century, I stayed true to Chandler’s largely institution-free approach. This book will be an exercise in bringing institutions back in. It will argue that institutions, notably various forms of non-market controls imposed by the federal government, are a critical piece of the explanation of the rise and decline of the multi-unit enterprise in the U. S. Indeed, non-market controls, including those imposed in response to the dramatic events of the century, account in significant measure for the dominance of the Chandlerian corporation in the middle of the twentieth century. One important form of non-market control – though by no means the only form – has been antitrust policy. This chapter traces the history of antitrust and argues that, far from being a coherent attempt to address an actual economic problem of monopoly, the Sherman Antitrust Act emerged from the distributional political economy of the nineteenth century. More importantly, the chapter argues that the form in which antitrust emerged would prove significant for the corporation, as the Sherman Act and its successors outlawed virtually all types of inter-firm coordinating mechanisms, thus effectively evacuating the space between anonymous market transactions and full integration.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133662980","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":"Anticipating Autonomy: Institutions & Politics of Robot Governance","authors":"A. Mannes","doi":"10.2139/SSRN.3025193","DOIUrl":"https://doi.org/10.2139/SSRN.3025193","url":null,"abstract":"The purpose of this paper is to consider the institutional needs of the U.S. government in responding to issues raised by autonomous systems. This paper is an evolution of a previous paper on robotics governance which presented a range of institutional options for addressing robotics issues. However, that paper was written from an internalist perspective of the bureaucracy that incorporated organizational analysis and bureaucratic politics. This paper attempts to supplement the discussion from an externalist perspective about how political decision-makers actually structure bureaucracies. The first part of this paper summarizes the first paper, describing U.S. government missions vis-a-vis robotics and then considering different institutional options to perform these missions. This is the internalist take. The second part of the paper describes the externalist perspective – that is the application of the New Institutionalism to public sector bureaucracies. The final section discusses a case study of how a past re-organization was used by political leaders to pursue their preferred policy goals and the implications of this approach on robotics policy.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124539132","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":"Vat Compliance, Trade, and Institutions","authors":"Peter M. Morrow, M. Smart, Artur Świstak","doi":"10.1596/1813-9450-7780","DOIUrl":"https://doi.org/10.1596/1813-9450-7780","url":null,"abstract":"This paper examines resource misallocation within narrow industries in Turkey. It finds that resource misallocation in Turkey is substantial. The hypothetical gain from moving to\"U.S. efficiency\"is 24.5 percent of manufacturing total factor productivity in 2014. The evolution of resource misallocation over time and across disaggregated sectors is also examined. Improvement in allocative efficiency was sizable between 2003 and 2013, but significantly slower after 2007. However, the earlier trend reversed in 2014 and resource misallocation worsened in Turkey's manufacturing. The cross-sector analysis reveals that misallocation is most pronounced in textiles, transport, food, and leather.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124520571","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}