Political Economy - Development: Political Institutions eJournal最新文献

{"title":"Возможности расчетов в национальных валютах со странами - партнерами России по интеграционным объединениям (Current Possibilities of Bank Settlements in National Currencies of Russia’s Partner Countries in International Economic Associations)","authors":"Yu I. Kuznetsov, V. Utkin","doi":"10.18288/1994-5124-2020-6-66-89","DOIUrl":"https://doi.org/10.18288/1994-5124-2020-6-66-89","url":null,"abstract":"<b>Russian Abstract:</b> В статье исследуется вопрос о развитии международных расчетов в национальных валютах стран — партнеров России по международным интеграционным объединениям — Евразийскому экономическому союзу, Шанхайской организации сотрудничества и экономическому блоку БРИКС. Актуальность исследования обусловлена потребностями экономической интеграции, расширением практики экономических санкций в отношениях между государствами, а также кризисными явлениями в мировой финансовой системе. Эмпирической базой исследования являются результаты опроса представителей девятнадцати крупнейших российских банков. Опрос проводился по смешанной методике с формализованной и неформализованной составляющими. В анкете содержались вопросы о возможностях открытия счетов в валютах стран-партнеров, проведения расчетных операциях в них, об использовании различных систем передачи финансовых сообщений для расчетных операций, а также о перспективах развития расчетов в национальных валютах. Исследование позволяет сделать вывод, что переход на расчеты в национальных валютах сам по себе не может решить проблемы минимизации отрицательных последствий внешних ограничений. Помимо хорошо изученных экономических характеристик национальных валют стран с формирующимися рынками, таких как волатильность, неразвитость валютного рынка, ограниченность возможностей кредитования и т. п., существенным препятствием для развития расчетов в них являются регуляторные издержки. Одним из основных направлений развития расчетов в национальных валютах может стать существенное упрощение норм и процедур валютного контроля при взаимных расчетах со странами-партнерами в национальных валютах, а также гармонизация соответствующей нормативной базы в рамках интеграционных объединений, прежде всего ЕАЭС. В сфере услуг по передаче финансовых сообщений не следует стремиться к тому, чтобы cистема передачи финансовых сообщений Банка России стала коммерчески эффективной и завоевала как можно бóльшую долю рынка. Она должна развиваться как резервная система, и основное внимание следует уделять обеспечению легкости перехода на нее в случае отключения РФ от системы SWIFT, а также совместимости с аналогичными системами, действующими в странах ЕАЭС.<br><br><b>English Abstract:</b> The article examines the issue of the development of international settlements in the national currencies of Russia’s partner countries in international integra­tion associations—the Eurasian Economic Union, the Shanghai Cooperation Organization, and the BRICS economic bloc. The relevance of the study is due to the needs of economic integration and the expansion of the practice of economic sanctions in relations between states, as well as crisis phenomena in the global financial system. A survey of representatives of 19 largest Russian banks serves as the empirical base of the study. The survey has been conducted using a hybrid methodology with formalized and non-formalized elements. The questionnaire contained questions about the poss","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"31 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120822175","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":"Monarchy Versus Republic in the Political Discourse of Modern Spain","authors":"E. Astakhova","doi":"10.2139/ssrn.3748078","DOIUrl":"https://doi.org/10.2139/ssrn.3748078","url":null,"abstract":"The \"monarchy-republic\" dichotomy is not conjunctural, but historical in nature and reflects the confrontation between the \"two Spains\". Each time against the backdrop of crises in the society the conflict worsens. At present, this alternative is closely linked to the revisionism of the last 45 years of Spanish history - the assessment of democratic transition, the formation of democracy, government policy, specific political events, the Catalan crisis and the problem of the country's territorial integrity. Spanish society remains divided on this and other key issues of social life. Different political forces benefit from the \"monarchy-republic\" dilemma, presenting arguments for and against the existing form of government. This issue is particularly acute in Catalonia. At the same time, for the majority of Spain's population, regardless of the region, urgent social and economic issues remain crucial. In the near and medium term, the Spaniards, despite allowing themselves to be \"progressive\", choose \"republican monarchism\", which ensures political stability.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"49 16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115877178","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":"Estimation of Optimal Government Size for Economic Growth: Armey Curve Application","authors":"naftaly mose","doi":"10.2139/ssrn.3903772","DOIUrl":"https://doi.org/10.2139/ssrn.3903772","url":null,"abstract":"This study, assuming a balanced budget, attempts to estimate the optimal size of devolved government expenditure in 47 Kenyan counties using the panel ARDL regression and Scully (2008) model for the period 2014-2018. The estimation model examined Armey’s idea of a quadratic curve that explains the level of government expenditure in an economy and the corresponding level of economic growth. The panel ARDL series analysis reveals that devolved government size is optimized when county expenditures stand at 9.7% of GCP (Gross County Product). The estimated threshold size is higher than the current size of county government in Kenya. The low level of devolved government size in counties reflects the low level of economic activities in Counties. This study therefore recommends that county governments should increase its spending budget on infrastructure, social and economic activities to 9.7% of GCP to stimulate overall county economic growth.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131605418","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":"Deposit Insurance, Bank Ownership and Depositor Behavior","authors":"Sümeyra Atmaca, Karolin Kirschenmann, S. Ongena, K. Schoors","doi":"10.2139/ssrn.3766016","DOIUrl":"https://doi.org/10.2139/ssrn.3766016","url":null,"abstract":"We employ proprietary data from a large bank to analyze how (in times of crisis) depositors react to a bank nationalization, re-privatization and an accompanying increase in deposit insurance. Nationalization slows depositors fleeing the bank, provided they have sufficient trust in the national government, while the increase in deposit insurance spurs depositors below the new 100K limit to deposit more. Prior to nationalization, depositors bunch just below the then-prevailing 20K limit. But they abandon bunching entirely during state-ownership, to return to bunching below the new 100K limit after re-privatization. Especially depositors with low switching costs are moving money around.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125442123","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":"Dynamic Banking and the Value of Deposits","authors":"P. Bolton, Ye Li, Neng Wang, Jinqiang Yang","doi":"10.2139/ssrn.3624119","DOIUrl":"https://doi.org/10.2139/ssrn.3624119","url":null,"abstract":"We propose a dynamic theory of banking where the role of deposits is akin to that of productive capital in the classical Q-theory of investment for non-financial firms. As a key source of leverage, deposits create value for well-capitalized banks. However, unlike productive capital of nonfinancial firms that typically has a positive marginal q, the deposit q can turn negative for undercapitalized banks. Demand deposit accounts commit banks to allow holders to withdraw or deposit funds at will, so banks cannot perfectly control leverage. Therefore, for banks with insufficient capital to buffer risk, deposit inflow destroys value through the uncertainty it brings in future leverage. This intertemporal channel complements the focus of static models on value destruction of deposit outflow and bank run. Our model predictions on bank valuation and dynamic asset-liability management are broadly consistent with the evidence. Moreover, our model lends itself to a re-evaluation of the costs and benefits of leverage regulation, offers alternative perspectives on banking in a low interest rate environment, and reveals new aspects of deposit market power that has unique implications on bank franchise value.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"254 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120940129","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":"History's Masters: The Effect of European Monarchs on State Performance","authors":"Sebastian Ottinger, Nico Voigtländer","doi":"10.3386/w28297","DOIUrl":"https://doi.org/10.3386/w28297","url":null,"abstract":"We create a novel reign-level dataset for European monarchs, covering all major European states between the 10th and 18th centuries. We first document a strong positive relationship between rulers’ intellectual capabilities and state-level outcomes. To address endogeneity issues, we exploit the facts that i) rulers were appointed according to primogeniture, independent of their ability, and ii) the wide-spread inbreeding among the ruling dynasties of Europe led to quasi-random variation in ruler ability. We code the degree of blood relationship between the parents of rulers. The ‘coefficient of inbreeding’ is a strong predictor of ruler ability, and the corresponding instrumental variable results imply that ruler ability had a sizeable bearing on the performance of states and their borders. This supports the view that ‘leaders made history,’ shaping the European map until its consolidation into nation states in the 19th century. We also show that rulers mattered only where their power was largely unconstrained. In reigns where parliaments checked the power of monarchs, ruler ability no longer affected their state’s performance. Thus, the strengthening of parliaments in Northern European states (where kin marriage of dynasties was particularly widespread) may have shielded them from the detrimental effects of inbreeding.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122803792","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 Comprehensive Index to Evaluate the Performance of Commercial Banks","authors":"Mounzer Mourhij","doi":"10.2139/ssrn.3057123","DOIUrl":"https://doi.org/10.2139/ssrn.3057123","url":null,"abstract":"This study differs from other previous studies in the field of performance evaluating, where the researcher developed a quantitative and composite index to evaluate the performance of commercial banks.<br>The comprehensive index takes into account a range of financial ratios related to the main objectives of the commercial Banks (profitability, liquidity and safety), and links them to reflect the actual performance compared with the planned performance, thus, the performance level is determined on a relative scale ranging from 0% to 100%.<br><br>The calculated ratio (IR) of comprehensive index shows the effectiveness and quality of performance in the commercial bank, while the remaining percentage of that ratio indicates the level of performance that needed to achieve good and acceptable objectives.<br>","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"672 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131886541","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":"History of Nigerian Accounting Practice: Progress and Contemporary Issues","authors":"Jude Edeigba","doi":"10.2139/ssrn.3726767","DOIUrl":"https://doi.org/10.2139/ssrn.3726767","url":null,"abstract":"This study provides the background to the Nigerian financial reporting environment and discusses the progressive journey from the Nigerian Generally Accepted Accounting Principles (GAAP) to the adoption of International Financial Reporting Standards (IFRS). The analysis of the progress in Nigerian financial reporting regulation from 1957 to post IFRS adoption in 2010 is discussed in this study. Discussion of the findings follows a genealogical approach to posit development of financial reporting regulation in Nigeria. From the analysis, the time accounting was first practised in Nigeria cannot be traced to a particular date. However, the formalisation of accounting in Nigeria is discussed in this study. It was found that the regulation of accounting practice in Nigeria begins in 1957. Lastly, challenges and obstacles to accounting practice in Nigeria are discussed, particularly post IFRS adoption.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124278696","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":"Undemocratic Protection for Democracy in Welfare States","authors":"Kun Heo","doi":"10.2139/ssrn.3729684","DOIUrl":"https://doi.org/10.2139/ssrn.3729684","url":null,"abstract":"What could go wrong if we allow democracy to be democratic about its participatory qualifications? In this paper, I explore the sustainability of fair elections when parties can propose election laws affecting ethnic minorities’ voting rights with a game-theoretical model. In an infinitely repeated probabilistic voting game with complete information, I track the choice of voters in the single special election that defines voting rights discrimination for all future elections. In this model, whether the voters vote for or against fairer elections endogenously arises from the primitives of each game. The two main questions in the paper are: 1) Can we can expect fair elections to sustain themselves and 2) Can the socio-economic advances of minority status, such as residential integration or a rise in the number of rich minorities, guarantee fairer elections? This model finds that the answer to both questions is ‘no.’ Rather, the equilibrium outcome mostly depends on the size of the redistribution from the rich to the poor. In addition, the model shows that even social progress, such as residential integration, cannot guarantee the fairer-elections outcome if the government cannot reduce the size of redistribution to a very small amount by exempting the rich from taxation, regardless of the present electoral discrimination level. Economic progress of an ethnic minority may negate such conditions only when the rich ethnic minority is substantially richer than the rich ethnic majority, given the present level of discrimination.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126345015","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 Role of Fiscal Dependency in Political Development","authors":"Rafael A Acevedo, H. J. Faria, Hugo M. Montesinos, Carlos E. Navarro","doi":"10.2139/ssrn.3664149","DOIUrl":"https://doi.org/10.2139/ssrn.3664149","url":null,"abstract":"To the best of our knowledge, the empirical corpus of work on the origins and persistence of democracy has not evaluated the impact of governments' fiscal independence from peoples' taxes on the quality of democracy. Our proxy for fiscal independence is the component 1C titled \"government enterprises and investments\" taken from the Economic Freedom of the World index. Component 1C measures in a given country the fraction of total investment that is supplied by the government and state-owned enterprises. A higher fraction corresponds to greater fiscal independence. The econometric analysis employing a variety of IV estimators, which includes Lewbel (2012) generated instruments, reveals a conditional negative, robust, and statistically significant effect of fiscal independence on the degree of democracy. The study also unveils a statistically and economically significant impact of fiscal independence on variables inherent to democracy, such as judicial independence and freedom of the press, as well as on human capital, a proximate determinant of democracy. These findings account for the observed heterogeneity in the potentially confounding effects of democratic rule determinants commonly used in the democratization literature. In particular, the study allows for years of education, ethno-linguistic fractionalization, the individualism-collectivism cultural trait, legal origin, risk of expropriation protection, income inequality, geographical characteristics such as latitude and availability of oil reserves, and fixed effects to control for unobserved heterogeneity bias induced by time-invariant variables at the continent level. The evidence uncovered suggests a novel mechanism under-girding the onset, and more crucially, the persistence of democratic rule. The unveiled finding on fiscal dependency is congruous with landmark historical events such as the English Glorious Revolution as well as the tardier emergence of democracy in continental Europe. Similarly, our findings cast light on the modern heterogeneity of democratic outcomes. Specifically, results inform the flourishing Western democracies experience, and the absence or low levels of democracy among countries where governments are owners of revenue-generating companies or recipients of substantial tax revenues paid by private or state-owned corporations. Conspicuous examples of nations, with governments mostly fiscally independent, are Saudi Arabia and Venezuela.","PeriodicalId":443031,"journal":{"name":"Political Economy - Development: Political Institutions eJournal","volume":"31 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133960708","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}