Why are capital flows so much more volatile in emerging than in developed countries?

The standard deviations of capital flows to emerging countries are 80 percent higher than those to developed countries. First, we show that very little of this difference can be explained by more volatile fundamentals or by higher sensitivity to fundamentals. Second, we show that most of the difference in volatility can be accounted for by three characteristics of capital flows: (i) capital flows to emerging countries are more subject to occasional large negative shocks ( crises ) than those to developed countries, (ii) shocks are subject to contagion, and (iii) the most important one shocks to capital flows to emerging countries are more persistent than those to developed countries. Finally, we study a number of country characteristics to determine which are most associated with capital flow volatility. Our results suggest that underdevelopment of domestic financial markets, weak institutions, and low income per capita, are all associated with capital flow volatility.

Book production and the onset of modern economic growth

Endogenous growth theory suggests that human capital formation plays a significant role for the wealth and poverty of nations. In contrast to previous studies which denied the role of human capital as a crucial determinant of for really long-term growth, we confirm its importance. Indicators of human capital like literacy rates are lacking for the period of 1450-1913; hence, we use per capita book production as a proxy for advanced literacy skills. This study explains how, and to what extent, growth disparities are a function of human capital formation.

Malthusian dynamism and the rise of Europe: Make war, not love

This paper argues that Malthusian regimes are capable of sustained changes in per capita incomes. Shifting mortality and fertility schedules can lead to different steady-state income levels, with long periods of growth during the transition. Europe checked the downward pressure on wages through late marriage, which reduced fertility, and a mortality regime that combined high death rates with high incomes. We argue that both emerged as a result of the Black Death.

Trends in hours, balanced growth and the role of technology in the business cycle

The present paper revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked. First, I argue that, contrary to what is often believed, there are many reasons why hours could be nonstationary in those models, while preserving the property of balanced growth. Second, I show that the postwar evidence for most industrialized economies is clearly at odds with the assumption of stationary hours per capita. Third, I examine the implications of that evidence for the role of technology as a source of economic fluctuations in the G7 countries.

DIGITAL LIBRARIES IN THE DEVELOPING COUNTRIES

Digital libraries (DL) are seen as a hope to developing countries in their struggle for accessing bibliographic resources, especially in a context where the traditional distribution mechanisms failed tragically. Several difficulties are however faced by these countries to build and use digital libraries, due mainly to its high development costs and to the poor existing ICT resources in these countries. This paper discusses the importance of digital libraries for developing countries and introduces the main challenges they face in building and using such libraries. The current alternatives and major initiatives for making digital information accessible to developing countries are also addressed.

The three horsemen of riches: Plague, war and urbanization in early modern Europe

How did Europe escape the "Iron Law of Wages?" We construct a simple Malthusian model withtwo sectors and multiple steady states, and use it to explain why European per capita incomes andurbanization rates increased during the period 1350-1700. Productivity growth can only explain a smallfraction of the rise in output per capita. Population dynamics changes of the birth and death schedules were far more important determinants of steady states. We show how a major shock to population cantrigger a transition to a new steady state with higher per-capita income. The Black Death was such ashock, raising wages substantially. Because of Engel's Law, demand for urban products increased, andurban centers grew in size. European cities were unhealthy, and rising urbanization pushed up aggregatedeath rates. This effect was reinforced by diseases spread through war, financed by higher tax revenues.In addition, rising trade also spread diseases. In this way higher wages themselves reduced populationpressure. We show in a calibration exercise that our model can account for the sustained rise in Europeanurbanization as well as permanently higher per capita incomes in 1700, without technological change.Wars contributed importantly to the "Rise of Europe", even if they had negative short-run effects. We thustrace Europe s precocious rise to economic riches to interactions of the plague shock with the belligerentpolitical environment and the nature of cities.

DETERMINANTES DO CRESCIMENTO ECONÓMICO: UMA

O objetivo central desta tese consiste em verificar se a reduzida dimensão do país representa uma barreira significativa no processo do crescimento económico. De uma forma global, foram realizadas análises descritivas e empíricas do impacto de algumas variáveis económicas e ambientais, na taxa de crescimento do PIB per capita dos países pequenos em comparação com os países grandes, e foi estudado o processo de crescimento económico de um país pequeno e insular, Cabo Verde. Para responder à questão de partida, primeiro, recorreu-se à revisão da literatura, teórica e empírica, dos efeitos da dimensão do país no crescimento económico e, posteriormente, foram efetuadas análises descritivas de algumas variáveis económicas no grupo de países pequenos e de países grandes, o que ajudou na definição das linhas orientadoras da investigação empírica. Com recurso à técnica estatística das análises de clusters e aos indicadores população e área, foram definidos os grupos de países pequenos e de países grandes. Conciliando a fórmula genérica do modelo de crescimento económico (que engloba o modelo de Solow aumentado e acrescido de outras variáveis determinantes do crescimento) com o estimador system-GMM, foi analisado empiricamente, no período 1970-2010, o impacto das variáveis de interesse Investimento Direto Estrangeiro, Abertura Comercial, Instituições Políticas, Sociais e Económicas, Geografia, Coesão Social e Vulnerabilidade Ambiental na taxa de crescimento do PIB per capita de países pequenos e de países grandes. A investigação foi, também, direcionada para identificar empiricamente os canais de transmissão (capital humano, capital físico e produtividade) das variáveis de interesse na taxa de crescimento do PIB per capita e o contributo destas variáveis na taxa de convergência entre os países de cada grupo. Os resultados encontrados indicam um certo equilíbrio entre o número de variáveis de interesse, cujo impacto é significativamente diferente, e aquelas cujo efeito é essencialmente igual, no crescimento económico dos países pequenos e dos países grandes. A produtividade foi identificada como o principal canal de transmissão das variáveis de interesse na taxa de crescimento do PIB per capita nos dois grupos de países. Os resultados evidenciam uma taxa de convergência β superior nos países pequenos, mas a diferença entre os coeficientes não é significativa. No geral, concluiu-se que os vários condicionantes associados à reduzida dimensão, apesar de influenciarem o impacto de alguns fatores no PIB per capita, não constituem um handicap ao crescimento económico, comparativamente aos países grandes. Adicionalmente, foi realizado o Growth Diagnostic da economia cabo-verdiana, com recurso ao modelo desenvolvido por Hausmann, Rodrik e Velasco (2005). Desta análise foram identificados vários fatores que têm dificultado os investimentos/crescimento económico em Cabo Verde, como a fraca intermediação financeira, deficientes infraestruturas, altos custos nas ligações entre as ilhas, ineficiente fornecimento de energia elétrica e desvios entre as necessidades de capital humano e as áreas de formação do ensino secundário e terciário. Assim, as políticas do Governo devem ser direcionadas no sentido de ultrapassar estas barreiras.

Iowa Public Library Statistics, July 2005-June 2006

The 2005-2006 (FY06) edition of Iowa Public Library Statistics includes information on income, expenditures, collections, circulation, and other measures, including staff. Each section is arranged by size code, then alphabetically by city. The totals and percentiles for each size code grouping are given immediately following the alphabetical listings. Totals for all reporting libraries are given at the end of each section. There are 542 libraries included in this publication; 10 did not report. The Table of Cities and Size Codes lists the libraries alphabetically and gives their size codes. The table allows a user of this publication to locate information about a specific library. The following table lists the size code designations, the population range in each size code, the number of libraries reporting in each size code, and the total population of the reporting libraries in each size code. The total population of the 542 libraries is 2,243,396. Population data is used to determine per capita figures used throughout the publication.

Iowa Public Library Statistics, July 2006-June 2007

The 2006-2007 (FY07) edition of Iowa Public Library Statistics includes information on income, expenditures, collections, circulation, and other measures, including staff. Each section is arranged by size code, then alphabetically by city. The totals and percentiles for each size code grouping are given immediately following the alphabetical listings. Totals and medians for all reporting libraries are given at the end of each section. There are 543 libraries included in this publication; 530 submitted a report. The table of size codes (page 6) lists the libraries alphabetically. The libraries in each section of the publication are listed by size code, then alphabetically by city. The following table lists the size code designations, the population range in each size code, the number of libraries reporting in each size code, and the total population of the reporting libraries in each size code. The total population served by the 543 libraries is 2,248,279. Population data is used to determine per capita figures throughout the publication.

Rural Library Funding, 2007

Rural library funding by county (.pdf) including per capita and by valuation, for FY07.

Rural Library Funding, 2009

Rural library funding by county (.pdf) including per capita and by valuation, for FY08.

Rural Library Funding, 2008

Rural library funding by county (.pdf) including per capita and by valuation, for FY08.

Rural Library Funding, 2008

Rural library funding by county (.pdf) including per capita and by valuation, for FY08.

Rural Library Funding, 2009

Rural library funding by county (.pdf) including per capita and by valuation, for FY08.

Iowa Public Library Statistics, July 2007-June 2008

The 2007-2008 (FY08) edition of Iowa Public Library Statistics includes information on income, expenditures, collections, circulation, and other measures, including staff. Each section is arranged by size code, then alphabetically by city. The totals and percentiles for each size code grouping are given immediately following the alphabetical listings. Totals and medians for all reporting libraries are given at the end of each section. There are 543 libraries included in this publication; 522 submitted a report. The table of size codes (page 6) lists the libraries alphabetically. The following table lists the size code designations, the population range in each size code, the number of libraries reporting in each size code, and the total population of the reporting libraries in each sizecode. The total population served by the 543 libraries is 2,248,279. Population data is used to determine per capita figures throughout the publication.