Report on the Iowa Economic Development Authority for the year ended June 30, 2015

Report on the Iowa Economic Development Authority for the year ended June 30, 2015

Economic Development of Urban Areas

In this dissertation I study the development of urban areas. At the aggregate level I investigate how they may be affected by climate change policies and by being designated the seat of governmental power. At the household level I study with coauthors how microfinance could improve the health of urban residents. In Chapter 1, I investigate how local employment may be affected by electricity price increases, which is a likely consequence of climate change policies. I outline how previous studies that find large, negative effects may be biased. To overcome these biases I develop a novel estimation strategy that blends border-pair regressions with the synthetic control methodology. I show the conditions for consistent estimation. Using this estimator, I find no effect of contemporaneous price changes on employment. Consistent with the longer time-frame for manufacturing decisions, I do find evidence for negative effects from perceived permanent price shocks. These estimates are much smaller than previous research has found. National capital cities are often substantially larger than other cities in their countries. In Chapter 2, I investigate whether there is a causal effect from being a capital by studying the 1960 relocation of the Brazilian capital from Rio de Janeiro to Brasília. Using a synthetic controls strategy I find that losing the capital had no significant effects on Rio de Janeiro in terms of population, employment, or gross domestic product (GDP). I find that Brasília experienced large and significant increases in population, employment, and GDP. I find evidence of large spillovers from the public to the private sector. Chapter 3 investigates how microfinance could increase the uptake of costly health goods. We study the effect of time payments (micro-loans or micro-savings) on willingness-to-pay (WTP) for a water filter among households in the slums of Dhaka, Bangladesh. We find that time payments significantly increase WTP: compared to a lump-sum up-front purchase, median WTP increases 83% with a six-month loan and 115% with a 12-month loan. We find that households are quite patient with respect to consumption of health inputs. We find evidence for the presence of credit and savings constraints.

Essays on cultural and institutional dynamics in economic development using spatial analysis

This thesis seeks to research patterns of economic growth and development from a number of perspectives often resonated in the growth literature. By addressing themes about history, geography, institutions and culture the thesis is able to bring to bear a wide range of inter-related literatures and methodologies within a single content. Additionally, by targeting different administrative levels in its research design and approach, this thesis is also able to provide a comprehensive treatment of the economic growth dilemma from both cross-national and sub-national perspectives. The three chapters herein discuss economic development from two broad dimensions. The first of these chapters takes on the economic growth inquiry by attempting to incorporate cultural geography within a cross-country formal spatial econometric growth framework. By introducing the global cultural dynamics of languages and ethnic groups as spatial network mechanisms, this chapter is able to distinguish economic growth effects accruing from own-country productive efforts from those accruing from interconnections within a global productive network chain. From this, discussions and deductions about the implications for both developed and developing countries are made as regards potentials for gains and losses from such types and levels of productive integration. The second and third chapters take a different spin to the economic development inquiry. They both focus on economic activity in Africa, tackling the relevant issues from a geo-intersected dimension involving historic regional tribal homelands and modern national and subnational administrative territories. The second chapter specifically focuses on attempting to adopt historical channels to investigate the connection between national institutional quality and economic development in demarcated tribal homelands at the fringes of national African borders. The third chapter on the other hand focuses on looking closer at the effects of demarcations on economic activity. It particularly probes how different kinds of demarcation warranted by two different but very relevant classes of politico-economic players have affected economic activity quite distinguishably within the resulting subnational regions in Africa.

The Return of Institutions. On the Latest Change in the Research on Social and Economic Development

The paper describes the latest change in the research on social and economic development of states. This change is characterized mainly by a strong emphasis put on the role of institutions as key instruments of reducing the development gap between countries. It is argued that in the years after 1989 institutions have disappeared from mainstream academia and major intellectual debates because of: (1) the widespread belief in global convergence of capitalism and (2) the modernization theory which prevailed in the social science in the 1990s. The article indicates that institutions were once again brought into focus as a result of (1) a wider debate about the institutional sources of growth and development sparked by Acemoglu and Robinson’s Why Nations Fail, (2) the beginning of the global economic crisis of 2008 triggered by the fall of American investment bank Lehman Brothers (3) diversified consequences of the economic crisis seen all over Europe and the USA which illustrate (4) the institutional varieties of capitalism.

An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

Comprehensive economic and financial analysis of the enterprise activity: approaches, methods and implementation

This thesis intends to analyse the performance and the efficiency of companies and to identify the key factors that may explain it. A comprehensive analysis based on a set of economic and financial ratios was studied as an instrument which provides information on enterprise performance and its efficiency. It was selected a sample with 15 enterprises: 7 Portuguese and 8 Ukrainian ones, belonging to several industries. Financial and non-financial data was collected for 6 years, during the period of 2009 to 2014. Research questions that guided this work were: Are the enterprises efficient/profitable? What factors influence enterprises’ efficiency/performance? Is there any difference between Ukrainian and Portuguese enterprises’ efficiency/performance, which factors have more influence? Which industrial sector is represented by more efficient/profitable enterprises? The main results showed that in average enterprises were efficient; comparing by states Ukrainian enterprises are more efficient; industries have similar level of efficiency. Among factors that influence ATR positively are fixed and current assets turnover ratios, ROA; negatively influencing are EBITDA margin and liquidity ratio. There is no significant difference between models by country. Concerning profitability, enterprises have low performance level but in comparison of countries Ukrainian enterprises have better profitability in average. Regarding the industry sector, paper industry is the most profitable. Among factors influencing ROA are profit margin, fixed asset turnover ratio, EBITDA margin, Debt to equity ratio and the country. In case of profitability both countries have different models. For Ukrainian enterprises is suggested to pay attention on factors of Short-term debt to total debt, ROA, Interest coverage ratio in order to be more efficient; Profit margin and EBITDA margin to make their performance better. For Portuguese enterprises for improving efficiency the observation and improvement of fixed assets turnover ratio, current assets turnover ratio, Short-term financial debt to total debt, Leverage Ratio, EBITDA margin is suggested; for improving higher profitability track fixed assets turnover ratio, current assets turnover ratio, Debt to equity ratio, Profit margin and Interest coverage ratio is suggested.

Economic development and Environmental quality: The environmental Kuznets curve for water pollution

The main aim of this study was to analyze evidence of an environmental Kuznets curve for water pollution in the developing and developed countries. The study was conducted based on a panel data set of 54 countries – that were categorized into six groups of “developed countries”, “developing countries”, “developed countries with low income”, “developed countries with high income” and “coastal countries”- between the years 1995 to 2006. The results do not confirm the inverted U-shape of EKC curve for the developed countries with low income. Based on the estimated turning points and the average GDP per capita, the study revealed at which point of the EKC the countries are. Furthermore, impacts of capital-and-labor ratio as well as trade openness are drawn by estimating different models for the EKC. The magnitude role of each explanatory variable on BOD was calculated by estimating the associated elasticity.

Economic Development in Latin America and the regional integrations in the twentieth century

This paper discusses some economic integrations in Latin America, which have become an expression of governance in the neoliberalist context -- These integrations are also the results of second-generation adjustments in terms of trade openness, sale of state assets, free short-term capital mobility and Asian and European integrations that preceded the regional ones -- In addition to this, this paper provides answers to the following questions: Are integrations aiming to achieve development? Would North-countries integrations take the same endangering course as in South America? Who should benefit from the integrations? Is there a link between development and demographics?

An Analysis of the Factors that Influence Regional Economic Development Cooperation

This dissertation is a comparative case study of regional cooperation in the field of economic development. In the 21st century global economy, proponents of regionalism have put forth fresh arguments for collective action. A regional approach to economic development activity presents a classic social dilemma: How can local officials collectively improve the economic prospects of a region, and remain autonomous to act in the best interest of the local community? This research examines the role of social capital in overcoming this social dilemma. Three (3) comparable Metropolitan Statistical Areas (MSAs) form the empirical basis of this research. The Houston MSA, the Atlanta MSA and the Miami MSA present distinct variations of regionalized economic development activity. This dissertation seeks to explain this disparity in the dependent variable. The hypothesis is that accrued social capital is crucial to obtaining economic development cooperative agreements. This qualitative research utilized secondary demographic and economic databases, survey instruments, interviews, field observations, and a review of legislative and administrative decisions to formulate a clear understanding of the factors influencing the current state of regional economic development cooperation within each region. The study concludes that the legislative and executive decisions of state government exert inordinate influence on the capacity of local officials to cooperate regionally for economic development purposes.

South Carolina’s Creative Cluster : A Catalyst for Economic Development

This report presents results from a study of the creative economy associated with the arts, design, crafts and related activities in South Carolina. As this report will show, these creative individuals and enterprises exert a strong impact on the state’s economic base. Like other drivers of the regional economy, this creative activity revolves around a cluster, or a set of interrelated industries, that thrive in tandem. Along with manufacturing and agriculture, the creative cluster is a catalyst for state and local economic development. The report presents results from an analysis of the South Carolina creative cluster based on 2008 data. For the first time, this report provides a comprehensive summary of the creative economic footprint in South Carolina.

Economic profile, Economic Development Partnership

This document contains statistics on economic data, demographic data, industry data, occupation and employment data and education data for the Upper Savannah Region. Also included is a list and directory of higher educational institutions in the region.

LATIN AMERICA; ECONOMIC DEVELOPMENT AND REGIONAL DIFFERENTIATION

Trata sobre el estudio realizado por Arthur Morris del desarrollo y la planificacion regional referido a America Latina.

"Ancestry, gender and language - The role of culture in economic development"

This thesis is a combination of research questions in development economics and economics of culture, with an emphasis on the role of ancestry, gender and language policies in shaping inequality of opportunities and socio-economic outcomes across different segments of a society. The first chapter shows both theoretically and empirically that heterogeneity in risk attitudes can be traced to the ethnic origins and ancestral way of living. In particular, I construct a measure of historical nomadism at the ethnicity level and link it to contemporary individual-level data on various proxies of risk attitudes. I exploit exogenous variation in biodiversity to build a novel instrument for nomadism: distance to domestication points. I find that descendants of ethnic groups that historically practiced nomadism (i) are more willing to take risks, (ii) value security less, and (iii) have riskier health behavior. The second chapter evaluates the nature of a trade-off between the advantages of female labor participation and the positive effects of female education. This work exploits a triple difference identification strategy relying on exogenous spike in cotton price and spatial variation in suitability for cotton, and split sample analyses based on the exogenous allocation of land contracts. Results show that gender differences in parental investments in patriarchal societies can be reinforced by the type of agricultural activity, while positive economic shocks may further exacerbate this bias, additionally crowding out higher possibilities to invest in female education. The third chapter brings novel evidence of the role of the language policy in building national sentiments, affecting educational and occupational choices. Here I focus on the case of Uzbekistan and estimate the effects of exposure to the Latin alphabet on informational literacy, education and career choices. I show that alphabet change affects people's informational literacy and the formation of certain educational and labour market trends.

NCRF Nº 1 - estrutura e conteúdos das demosntrações financeiras e implicações fiscais e em auditoria

Dissertação apresentada ao Instituto obtenção do grau de Mestre em Auditoria orientador: Dr. Rodrigo Mário de Oliveira Carvalho