A Comparative Analysis of Corporate Finance in the United States and Japan From 1880 to 1930

This study explained the diversity of corporate financial practices in two nations. Existing studies have emphasized the reliance on equity finance in U.S. firms and bank loans in Japanese firms. In fact, patterns of corporate finance were much more complex. Financial institutions, which were created by national economic policy and regulation, affected corporate financial practices, but corporate financial practices often differed from what policymakers expected. Differences in corporate financial practices between nations also reflected differences in the mixture of industries in each nation. Many factors such as the amount of fixed capital, the process of production, the level of risk, the degree of innovation, and the importance of the industry in the national economy affected corporate financial practices. In addition, corporate financial practices within each nation differed from firm to firm due to managers’ considerations about stock ownership, which would affect their control power; corporate finance was closely related to control over management through ownership. To explain these complexities of corporate financial practices, the study linked corporate finance with the development of financial institutions in the United States and in Japan. While financial institutions affected corporate financial practices, the response of the firms to financial institutions and opportunities were diverse. The study also attempted to grasp variations in corporate financial practices by dealing with companies in three sectors: railroads, public utilities, and manufacturing. Finally, the study examined the structure of firm ownership. Contradictory to the widely held belief that U.S. firms distributed securities more widely to the public than did Japanese firms, many large American firms remained closely held, while some Japanese counterparts built publicly-held corporations.

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.

A világgazdaság a Brexit előtt és után

A Brexit az USA és az EU által uralt világgazdaság betegségének csak az egyik szindrómája. Korunk bajainak mélyén a növekvő jövedelmi-vagyoni különbségek állnak, s bár erről és a „befoglaló növekedés” (inclusive growth) sőt a „nemnövekedés” szükségességéről ma már sokan beszélnek, nem túlzás azt mondani, hogy lényegében semmi nem történik, ami javítana a helyzeten.

Európai Unió: Útelágazás és Brexit-tanulságok

Noha az EU-tagságból származó előnyök a nemzetközi gazdaságtan kiforrott tételei szerint valóságosak, jól azonosíthatóak, mérhetőek és régről ismertek, mégis, egy átlagosan tájékozott brit választó számára ezek az előnyök az Egyesült Királyságban (EK) még 43 év után sem tekinthetők magától értetődőnek. A tanulmány számba veszi az integrációból származó nem triviális jóléti előnyöket, amelyekről a kiválással az EK-nak le kell majd mondania. Ezt követően egy természettudományos rendszer-analógia segítségével azt taglalja a cikk, hogy az EU mai állapotában miért inkább csak transzferunió, és annak is egy tökéletlen változata, vagyis segít megérteni, hogy az integráció, pénzpiaci és forrásközvetítői szempontból, miért működik elégtelenül.

The Catholic Church and revolution in Ireland

Despite the involvement of radical socialists like James Connolly and the Irish Citizen Army in the 1916 Rising and the unanimous passing of the Democratic Programme (a socialist manifesto for the new Government) by the First Dáil in 1919, the Irish state has since its inception exhibited a highly conservative approach to social and economic policy, and politics generally in Ireland, North or South, have never faced a serious challenge from those seeking radical change. Several factors have played a part in this and this article focuses on one of these - the power and conservatism of the Catholic Church and its influence in shaping the political landscape. Despite a decline in recent years, the Church remains influential north and south of the Border in education provision, the current debates in relation to abortion and in culturally important aspects of life - baptism, communion and burial. In the past the Church’s political influence among Ireland’s majority Catholic community had been even more pronounced. The article begins by looking at the Church’s attitude to revolutionary change in Ireland historically before focusing on its influence in the North during the Stormont years and during the more recent ‘Troubles’ – 1969 - 98. It shows how the Church attempted to influence political thought and discourse in Ireland when it was at the height of its power. Whilst it is true that the Church was not a monolith, and there have always been individual priests who have adopted a more radical approach, the general thrust of the Church was conservative, attempting to ally itself with the power elites of the day where possible. It is this influence which appears to have stood the test of time despite attempts in past generations to radicalise the Irish population.

Essays on Job Search and Labor Market Dynamics

This dissertation consists of three separate essays on job search and labor market dynamics. In the first essay, “The Impact of Labor Market Conditions on Job Creation: Evidence from Firm Level Data”, I study how much changes in labor market conditions reduce employment fluctuations over the business cycle. Changes in labor market conditions make hiring more expensive during expansions and cheaper during recessions, creating counter-cyclical incentives for job creation. I estimate firm level elasticities of labor demand with respect to changes in labor market conditions, considering two margins: changes in labor market tightness and changes in wages. Using employer-employee matched data from Brazil, I find that all firms are more sensitive to changes in wages rather than labor market tightness, and there is substantial heterogeneity in labor demand elasticity across regions. Based on these results, I demonstrate that changes in labor market conditions reduce the variance of employment growth over the business cycle by 20% in a median region, and this effect is equally driven by changes along each margin. Moreover, I show that the magnitude of the effect of labor market conditions on employment growth can be significantly affected by economic policy. In particular, I document that the rapid growth of the national minimum wages in Brazil in 1997-2010 amplified the impact of the change in labor market conditions during local expansions and diminished this impact during local recessions.

In the second essay, “A Framework for Estimating Persistence of Local Labor

Demand Shocks”, I propose a decomposition which allows me to study the persistence of local labor demand shocks. Persistence of labor demand shocks varies across industries, and the incidence of shocks in a region depends on the regional industrial composition. As a result, less diverse regions are more likely to experience deeper shocks, but not necessarily more long lasting shocks. Building on this idea, I propose a decomposition of local labor demand shocks into idiosyncratic location shocks and nationwide industry shocks and estimate the variance and the persistence of these shocks using the Quarterly Census of Employment and Wages (QCEW) in 1990-2013.

In the third essay, “Conditional Choice Probability Estimation of Continuous- Time Job Search Models”, co-authored with Peter Arcidiacono and Arnaud Maurel, we propose a novel, computationally feasible method of estimating non-stationary job search models. Non-stationary job search models arise in many applications, where policy change can be anticipated by the workers. The most prominent example of such policy is the expiration of unemployment benefits. However, estimating these models still poses a considerable computational challenge, because of the need to solve a differential equation numerically at each step of the optimization routine. We overcome this challenge by adopting conditional choice probability methods, widely used in dynamic discrete choice literature, to job search models and show how the hazard rate out of unemployment and the distribution of the accepted wages, which can be estimated in many datasets, can be used to infer the value of unemployment. We demonstrate how to apply our method by analyzing the effect of the unemployment benefit expiration on duration of unemployment using the data from the Survey of Income and Program Participation (SIPP) in 1996-2007.

A Framework for Citizen-Centred Social Statistics and Analysis (Working Paper 48)

Economic policy-making has long been more integrated than social policy-making in part because the statistics and much of the analysis that supports economic policy are based on a common conceptual framework – the system of national accounts. People interested in economic analysis and economic policy share a common language of communication, one that includes both concepts and numbers. This paper examines early attempts to develop a system of social statistics that would mirror the system of national accounts, particular the work on the development of social accounts that took place mainly in the 60s and 70s. It explores the reasons why these early initiatives failed but argues that the preconditions now exist to develop a new conceptual framework to support integrated social statistics – and hence a more coherent, effective social policy. Optimism is warranted for two reasons. First, we can make use of the radical transformation that has taken place in information technology both in processing data and in providing wide access to the knowledge that can flow from the data. Second, the conditions exist to begin to shift away from the straight jacket of government-centric social statistics, with its implicit assumption that governments must be the primary actors in finding solutions to social problems. By supporting the decision-making of all the players (particularly individual citizens) who affect social trends and outcomes, we can start to move beyond the sterile, ideological discussions that have dominated much social discourse in the past and begin to build social systems and structures that evolve, almost automatically, based on empirical evidence of ‘what works best for whom’. The paper describes a Canadian approach to developing a framework, or common language, to support the evolution of an integrated, citizen-centric system of social statistics and social analysis. This language supports the traditional social policy that we have today; nothing is lost. However, it also supports a quite different social policy world, one where individual citizens and families (not governments) are seen as the central players – a more empirically-driven world that we have referred to as the ‘enabling society’.

The Interaction Between Monetary and Fiscal Policies (Working Paper 30)

One can view the period since 1970 as one in which the authorities struggled to establish appropriate medium-term anchors for both monetary and fiscal policies. During this time, they learned about the appropriate interaction between those two policies in the context of economic stabilization and growth under a flexible exchange rate regime. This lecture deals with four interrelated topics: the appropriate goals for fiscal and monetary policy, building policy credibility, the appropriate stabilization role for the two policies, and policy cooperation. The transparent medium term frameworks that have been established by the authorities will be extremely helpful in meeting the challenges that the future is sure to bring. These frameworks mean that the required adjustments in the economy will take place against a relatively stable background. Thank you for the invitation to give the Gow Lecture for 2002. Donald Gow had a great interest in public administration and in budgetary reform in the federal government (Gow 1973). He was one in a long line of

Green Economy and Employment: employment potential of the ecological transition in Spain

The Green Economy offers real possibilities for productive innovation, economic growth and employment creation in Spain. These three factors are critical to facilitate the necessary change in the productive model to overcome the crisis. However, the measures taken by the current Conservative government have moved in the opposite direction: significant cutting in incentives for renewable, increasing tax burden on renewable energy production to self-consumption and privatizing public spaces of social and environmental interest. This hinders the achievement of the environmental objectives of the Europe 2020 strategy. A strategy that is born already in itself highly limited, unambitious and subordinated to the interests of energy oligopolies and the imperatives of the Stability and Growth Pact (Maastricht) and the Austerity policies imposed from EU institutions to overcome the 2008 financial crisis. So the Ecological Transition goes further, claiming a substantially change in Economic Policy away form the increasing commodification proposed by the Green Economy. Despite these limitations, young and unemployed people have much to gain from a comprehensive development of environmental industries. Therefore, innovative-sustainable plans, investment and training in green sectors are necessary to make easier the transition from a services low-valued economy to an innovative and sustainable model to make our country an environmental reference in Europe.

TTIP vs. BRICS: Consequences on Geopolitics and Internacional Relations of the XXIst. Century

The TTIP is a proposal on negotiations between the EU and the USA in order to create the largest free international trade area by extension, population and volume of trade of all existing ones. In our view, TTIP would be the geoeconomic answer to BRICS (Brazil, Russia, India, China and South Africa), as a comercial, geopolitical and cooperation space in other areas such as the military, in both that TTIP reproduce on a commercial scale the political and military alliance already existing between good part of the EU and USA by the NATO. In this paper we will try to explain why the possible rivalry between TTIP and BRICS would reproduce in the XXIst. Century the schemes of “Cold War” inherited from XXth. Century, that in turn reproduced the geopolitical confrontations arising from the theory of Haltford McKinder pivot area and the traditional opposition between thalassocratic imperialisms (government on the seas and oceans) and tellurocratic imperialisms (government on an enormous portion of emerged land). Likewise, we will try to show why, at a dialectic of States level, the most populated, territorially extensive and with greater amount of resources political societies will be those that have the greatest ability to impose a particular model of international relations and its geopolitical hegemony on a universal scale in response to this viable confrontation between TTIP, plus TTP, vs. BRICS.

Preferencias, dedicación y problemáticas generadas por los videojuegos: Una perspectiva de género

Entre las actividades de ocio de los/as jóvenes, cabe mencionar las asociadas con los videojuegos. Por ello, la finalidad central de este estudio es analizar las preferencias del colectivo de adolescentes con los videojuegos, así como conocer su dedicación y problemáticas que generan, teniendo en cuenta principalmente la variable de género. El presente trabajo se encuadra en un enfoque metodológico cuantitativo-cualitativo, a partir de la recogida de datos con un cuestionario y la técnica del grupo de discusión. En el estudio han participado un total de 151 adolescentes. 124 a partir de la aplicación de un cuestionario cerrado (62 hombres y 62 mujeres) y 27 a través de la realización de 6 grupos de discusión (17 hombres y 10 mujeres). Como resultados y conclusiones, cabe destacar la existencia diferenciada en el uso de los videojuegos en función de la edad y por razón de género. A su vez, las mujeres muestran una responsabilidad mayor en esta actividad, tanto en el tiempo de dedicación como en la elección. Los chicos destinan una gran cantidad de tiempo a los videojuegos de contenido violento, mientras las chicas prefieren los de estrategia. En general, el juego con videojuegos no genera problemáticas sustanciales y controversias, aunque algunos participantes reflejan manifestaciones de mal humor. Por último, cabe indicar que las prácticas con los videojuegos en la adolescencia se ciñen al mero hecho de divertirse, desperdiciando las posibilidades educativas que esta actividad ofrece.

Keynes’s "Treatise on Money" and the role of the State

Este artículo hace una reconstrucción crítica de la visión de Keynes sobre la relación entre gasto público, tipo de interés, salarios y desempleo, tal y como se formula en su Tratado sobre el Dinero. El trabajo defiende que el enfoque de Keynes lleva a propuestas de política económica que enfatizan la necesidad de intervención estatal directa en la provisión de bienes y servicios. Esta conclusión se deriva de una interpretación circuitista de su obra.

Measurement of the Ocean Economy From National Income Accounts to the Sustainable Blue Economy

The widespread efforts to incorporate the economic values of oceans into national income accounts have reached a stage where coordination of national efforts is desirable. A symposium held in 2015 began this process by bringing together representatives from ten countries. The symposium concluded that a definition of core ocean industries was possible but beyond that core the definition of ocean industries is in flux. Better coordination of ocean income accounts will require addressing issues of aggregation, geography, partial ocean industries, confidential, and imputation is also needed. Beyond the standard national income accounts, a need to incorporate environmental resource and ecosystem service values to gain a complete picture of the economic role of the oceans was identified. The U.N. System of Environmental and Economic Accounts and the Experimental Ecosystem Service Accounts provide frameworks for this expansion. This will require the development of physical accounts of environmental assets linked to the economic accounts as well as the adaptation of transaction and welfare based economic valuation methods to environmental resources and ecosystem services. The future development of ocean economic data is most likely to require cooperative efforts at development of metadata standards and the use of multiple platforms of opportunity created by policy analysis, economic development, and conservation projects to both collect new economic data and to sustain ocean economy data collection into the future by building capacity in economic data collection and use..

Aproximación a la configuración jurídica del derecho a la vivienda dentro del ordenamiento jurídico español

El presente artículo trata de ofrecer una visión global sobre el derecho a una vivienda digna reconocido en el ordenamiento jurídico español. Para ello se analizará no solo dónde se regula el mencionado derecho, sino también quiénes pueden ser sujetos del mismo, qué límites presenta, con qué mecanismos de protección cuenta y qué peculiaridades presenta en el nivel competencial.

MAKING THE GROUP CATALOGUE OF PERIODICALS UNIT INFORMATION DOCUMENT OF THE FACULTY OF SOCIAL SCIENCES NATIONAL UNIVERSITY

We present the results of the final graduation practice called "Creating the Serials Union Catalogue of Documentary Information Units of the Faculty of Social Sciences at the National University" which consisted of creating a computerized catalog for periodicals by GENISIS program. Unit of documentary information: Faculty of Social Sciences National University: CIDCSO (Documentary Information Centre of Social Sciences), FBEH (Bibliographical School of History), MA (International Relations Specialist Library "Luis and Felipe Molina ") and CINPE (Library of the National Centre for Economic Policy on Sustainable Development).