Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.

Explaining Economic Growth: Factor Accumulation, Total Factor Productivity Growth, and Production Efficiency Improvement

This paper examines cross-country patterns of economic growth by estimating a stochastic frontier production function for 80 developed and developing countries and decomposing output change into factor accumulation, total factor productivity growth, and production efficiency improvement. In addition, this paper incorporates the quality of inputs in analyzing output growth, where the productivity of capital depends on its average age, while the productivity of labor depends on its average level of education. Our growth decomposition involves five geographic regions - Africa, East Asian, Latin America, South Asia, and the West. Factor growth, especially capital accumulation, generally proves much more important than either the improved quality of factors or total factor productivity growth in explaining output growth. The quality of capital positively and significantly affects output growth in all groups. The quality of labor, however, only possesses a positive and significant effect on output growth in Africa, East Asia, and the West. Labor quality owns a negative and significant effect in Latin America and South Asia.

Conflictividad social y dominación política en Argentina, 1989-2001. Acumulación de capital, Estado y luchas obreras

Este trabajo intenta abordar el interrogante que refiere a la dinámica que asume la lucha de la clase obrera en la Argentina de la década del noventa. Es decir, se propone observar las respuestas de la clase trabajadora -ocupada y desocupada- a las condiciones que presenta la ofensiva capitalista y la reestructuración social, en relación al modo de acumulación neoliberal y a las configuraciones particulares que asume el Estado en ese período histórico. Ahora bien, estas respuestas han sido objeto de observación desde una variada producción intelectual sobre la cual este trabajo se centrará. De esta manera, intentamos recuperar críticamente las categorías analíticas sobre dichos procesos que algunos de los investigadores más importantes del campo han desarrollado. En este sentido, es necesario analizar la acumulación capitalista, la forma que adopta el Estado y la dinámica de las luchas obreras, como dimensiones de unas mismas relaciones sociales capitalistas. Este trabajo intentará aproximarse a la determinación histórica específica que estos conceptos expresan analizándolos en el caso argentino en la década del noventa en particular. Y esta relación no es posible pensarla escindida de la relación básica de funcionamiento del capitalismo, la relación capital-trabajo

Conflictividad social y dominación política en Argentina, 1989-2001. Acumulación de capital, Estado y luchas obreras

Este trabajo intenta abordar el interrogante que refiere a la dinámica que asume la lucha de la clase obrera en la Argentina de la década del noventa. Es decir, se propone observar las respuestas de la clase trabajadora -ocupada y desocupada- a las condiciones que presenta la ofensiva capitalista y la reestructuración social, en relación al modo de acumulación neoliberal y a las configuraciones particulares que asume el Estado en ese período histórico. Ahora bien, estas respuestas han sido objeto de observación desde una variada producción intelectual sobre la cual este trabajo se centrará. De esta manera, intentamos recuperar críticamente las categorías analíticas sobre dichos procesos que algunos de los investigadores más importantes del campo han desarrollado. En este sentido, es necesario analizar la acumulación capitalista, la forma que adopta el Estado y la dinámica de las luchas obreras, como dimensiones de unas mismas relaciones sociales capitalistas. Este trabajo intentará aproximarse a la determinación histórica específica que estos conceptos expresan analizándolos en el caso argentino en la década del noventa en particular. Y esta relación no es posible pensarla escindida de la relación básica de funcionamiento del capitalismo, la relación capital-trabajo

Conflictividad social y dominación política en Argentina, 1989-2001. Acumulación de capital, Estado y luchas obreras

Este trabajo intenta abordar el interrogante que refiere a la dinámica que asume la lucha de la clase obrera en la Argentina de la década del noventa. Es decir, se propone observar las respuestas de la clase trabajadora -ocupada y desocupada- a las condiciones que presenta la ofensiva capitalista y la reestructuración social, en relación al modo de acumulación neoliberal y a las configuraciones particulares que asume el Estado en ese período histórico. Ahora bien, estas respuestas han sido objeto de observación desde una variada producción intelectual sobre la cual este trabajo se centrará. De esta manera, intentamos recuperar críticamente las categorías analíticas sobre dichos procesos que algunos de los investigadores más importantes del campo han desarrollado. En este sentido, es necesario analizar la acumulación capitalista, la forma que adopta el Estado y la dinámica de las luchas obreras, como dimensiones de unas mismas relaciones sociales capitalistas. Este trabajo intentará aproximarse a la determinación histórica específica que estos conceptos expresan analizándolos en el caso argentino en la década del noventa en particular. Y esta relación no es posible pensarla escindida de la relación básica de funcionamiento del capitalismo, la relación capital-trabajo

Economic growth and complementarity between stages of human capital

We study the impact of the different stages of human capital accumulation on the evolution of labor productivity in a model calibrated to the U.S. from 1961 to 2008. We add early childhood education to a standard continuous time life cycle economy and assume complementarity between educational stages. There are three sectors in the model: the goods sector, the early childhood sector and the formal education sector. Agents are homogenous and choose the intensity of preschool education, how long to stay in formal school, labor effort and consumption, and there are exogenous distortions to these four decisions. The model matches the data very well and closely reproduces the paths of schooling, hours worked, relative prices and GDP. We find that the reduction in distortions to early education in the period was large and made a very strong contribution to human capital accumulation. However, due to general equilibrium effects of labor market taxation, marginal modification in the incentives for early education in 2008 had a smaller impact than those for formal education. This is because the former do not decisively affect the decision to join the labor market, while the latter do. Without labor taxation, incentives for preschool are significantly stronger.

Income Ranking and convergence with physical and human capital and income equality

This paper presents an overlapping generations model with physical and human capital and income inequality. It shows that inequality impedes output growth by directly harming capital accumulation and indirectly raising the ratio of physical to human capital. The convergence speed of output growth equals the lower of the convergence speeds of the relative capital ratio and inequality, and varies with initial states. Among economies with the same balanced growth rate but different initial income levels, the ranking of income can switch in favor of those starting from low inequality and a low ratio of physical to human capital, particularly if the growth rate converges slowly. (C) 2004 Elsevier B.V. All rights reserved.

Public capital and total factor productivity:new evidence from the Italian regions, 1970-98

This paper analyses the relationship between industrial total factor productivity and public capital across the 20 Italian administrative regions. It adds upon the existing literature in a number of ways: it analyses a longer period (1970-98); it allows for the role of human capital accumulation; it tests for the existence of a long-run relationship between total factor productivity and public capital (through previously suggested panel techniques) and for weak exogeneity of public capital; and it assesses the significance of public capital within a non-parametric set-up based on the Free Disposal Hull. The results confirm that public capital has a significant impact on the evolution of total factor productivity, particularly in the Southern regions. This impact is mainly ascribed to the core infrastructures (road and airports, harbours, railroads, water and electricity, telecommunications). Also, core infrastructures are weakly exogenous. © 2005 Regional Studies Association.

Putting the Green in Bureaucracy: Practices of Quantification and Valuation in Environmental Regulation

While researchers have devoted considerable attention to exploring the ways that intentional environmental reregulation creates new avenues for capital accumulation (e.g. Smith, 2007; Castree, 2008), it remains somewhat unclear how the less grandiose day-to-day work of environmental regulators may also help create new sources of ecological value. Through an ethnographic study of environmental regulators tasked with enforcing key environmental laws, I shed light on the subtle ways that rule interpretation and scientific practice structure the frames, models, and methodologies regulators use to enact “best professional judgments” about ecological systems, and ultimately to assign particular values to nature. I also show the ways that non-human nature pushes back against such assessments, which in combination with the interpretive work of environmental regulation, opens spaces of conflict in at least two arenas: one focused on modes of quantification, where actors contend between economistic, ecological, statutory, and moral frames for making value assessments; and one focused on presentations of value, where actors contend between value assessments that best represent their self-defined interests. The ‘value settlements’ environmental regulators reach in these contested spaces allow processes of commensuration to proceed, and ultimately make nature legible for capitalization and exchange. Accounting for the ways that these basic regulatory practice help create ecological value is essential for creating a fuller picture of the ways capital and natural capital relate.

Esgotamento do padrão de acumulação de capital e política econômica brasileira: do II PND aos anos 2000

This work aim to show that the reach to the limits of capital accumulation, which is showing its first signs since the 60 s, has and still is exercising great importance in Brazilian economic policies. In the first chapter, we establish a reference to what is understood as the limit of capital accumulation after World War II and how the accumulation process drives itself to its own limits. In the following chapters, we detach the importance of the reached limit to the most relevant moments of Brazilian economic policy. Since the IIPND, when the first signs of influence raise in Brazilian economy, passing through the stabilizing attempts during the 80 s and 90 s and the emergence of the pro-market State in Brazil, until the 00 s, when macroeconomic prudence took shape and delimited the conduction of the country s economic policy, we will show how the limit of capital accumulation has played an important role.

Ecuadorian migration and family strategies of social mobility: dialectic relation between emotional and financial capital

This text deals with transnational strategies of social mobility in Ecuadorian migrant households in Spain. We apply the capital accumulation model (Moser, 2009) for this purpose. The main target of this article is, beyond thinking in terms of capital stock and accumulation, the analysis in depth of the dynamics of the different types of capital, that is to say, how they interact with each other in the framework of the social mobility strategies of the migrants and their families. We are bringing into light the way some households adopt investing decisions in capitals that don't translate into any addition or earnings in all cases, on the contrary, concentrating all their efforts on the accumulation of a certain asset they may, in some cases, lead to a loss of another. We will concentrate our analysis primarily on the dynamics between the physical and financial capital and the social and emotional capital, showing the tensions produced between these two types of assets. At the same time, we will highlight how migrants negotiate their family strategies of social mobility in the transnational area. Our study is based in empirical material obtained from qualitative fieldwork (in-depth interviews) with families of migrants in the urban district of Turubamba Bajo -(south of Quito) and in Madrid. A series of households were selected where interviews were carried out in the country of origin as well as in the context of immigration, with different family members, analysing the transnational social and economic strategies of families of migrant members. Family members of migrants established in Spain were interviewed in Quito, as well as key informants in the district (school teachers, nursery members of the staff, etc.). The research was framed within the projects "Impact of migration on the development: gender and transnationalism", Ministry of Science and Innovation (SEJ2007/63179) (Laura Oso, dir. 2007-2010),"Gender, transnationalism and intergenerational strategies of social mobility", Ministry of Economy and Competitiveness (FEM2011/26210) (Laura Oso, dir. 201-1-2015) and “Gender, Crossed Mobilities and Transnational Dynamics”, Ministry of Economy and Competitiveness (FEM2015-67164).

Choques al hogar, trabajo Infantil y acumulación de capital humano : evidencia para Colombia

En este trabajo se estima el efecto que tienen distintos choques a los hogares sobre el logro académico de los niños. Mediante un modelo de regresión lineal, se encuentra un efecto adverso de la presencia de choques sobre el puntaje de la prueba Saber 11. Además, los resultados sugieren que el trabajo infantil es un mecanismo por el cual los choques afectan negativamente la acumulación de capital humano. Al explorar efectos heterogéneos por sexo y edad, las estimaciones indican que el efecto de los choques es guiado por los hombres y los adolescentes mayores a 14 años.

The Waitangi Tribunal and the regulation of Maori protest

Much of the current academic and political discourse related the development and operations of the Waitangi Tribunal over its first twenty years portray it as a forum that provided Māori with a meaningful avenue for settling Treaty grievances compared to the formal legal systems performance in the preceding 100 years. In contrast, we argue that from its inception and throughout much of the 1980s, the Waitangi Tribunal functioned primarily as an informal justice forum that assisted the New Zealand state’s regulation of Māori Treaty activism during the transition from a Fordist to a Post-Fordist mode of capital accumulation.

Institutional determinants of growth-aspiration entrepreneurship

The thesis is a country-level study on the institutional and human capital determinants of growth-aspiration entrepreneurial activity. By using country-level panel-data analysis, the study is to our knowledge the first to test to what extent country-level human capital accumulation is associated with the prevalence of growth-aspiration entrepreneurship. Overall findings of the study suggest that there are different effects of the institutional determinants on the prevalence of growth-aspiration entrepreneurship in developing countries and developed countries. The study also found that country-level human capital moderates the effects of the institutional environment.

Dynamic modelling of long-term care decisions

This paper describes and analyzes research on the dynamics of long-term care and the policy relevance of identifying the sources of persistence in caregiving arrangements (including the effect of dynamics on parameter estimates, implications for family welfare, parent welfare, child welfare, and cost of government programs). We discuss sources and causes of observed persistence in caregiving arrangements including inertia/state dependence (confounded by unobserved heterogeneity) and costs of changing caregivers. We comment on causes of dynamics including learning/human capital accumulation; burnout; and game-playing. We suggest how to deal with endogenous geography; dynamics in discrete and continuous choices; and equilibrium issues (multiple equilibria, dynamic equilibria). We also present an overview of commonly used longitudinal data sets and evaluate their relative advantages/disadvantages. We also discuss other data issues related to noisy measures of wealth and family structure. Finally, we suggest some methods to handle econometric problems such as endogeneous geography. © 2014 Springer Science+Business Media New York.