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Ghafoor Awan & Ahmad: Role of Policies in Economic Growth – A Case Study of China’s Economic Growth

1500px-Flag_of_the_People's_Republic_of_China.svg

ABSTRACT: It is historical fact the economic policies play key role in the growth and downfall of different empires whether it was Muslim empires in Spain and India or British Empire, which ruled almost the whole world in 17th and 18th centuries. The emergence of

Booth & Niemietz: Growing the UK Pension Pot – The Case for Privatization

public-pensions

From the Summary: The system of contracting out of state pensions – a form of pension privatisation – operated very successfully in the UK until recent years with cross-party support. This was very important in ensuring that the UK system of private pension provision was

Shapiro & Pham: Who Owns America’s Oil and Natural Gas Companies – 2014 Update

Fracking_Graphic_t670-300x272

From the Executive Summary: The broad ownership of America’s public corporations, as researchers have found, yields substantial economic and social benefits. It encourages companies to focus on investments that can secure strong returns, including new plant and equipment, research and development (R&D), and employment and

Bouis, Inaba, Rawdanowicz, & Christensen: Factors behind the Decline in Real Long-Term Government Bond Yields

Currency-Revaluation

ABSTRACT: This paper describes developments in real long-term interest rates in the main OECD economies and surveys their various determinants. Real long-term government bond yields declined from the 1980s to very low levels in the recent period, though they have not reached the historical lows

Viñuela, Kaiser, & Chowdhurie-Aziz: Intergovernmental Fiscal Management in Natural Resource–Rich Settings

oil

From the paper: In resource-dependent countries, natural resources constitute one of the main assets available for financing local governments because the economy is not greatly diversified. The goal of this note is to highlight different critical dimensions of intergovernmental fiscal relations in these settings, present

Ghafoor Awan & Ahmad: Role of Policies in Economic Growth – A Case Study of China’s Economic Growth

1500px-Flag_of_the_People's_Republic_of_China.svg

ABSTRACT:

It is historical fact the economic policies play key role in the growth and downfall of different empires whether it was Muslim empires in Spain and India or British Empire, which ruled almost the whole world in 17th and 18th centuries. The emergence of China’s economic growth is the phenomena of 21st century. The author has intended to investigate the Chinese policies in different sectors as the drivers of economic growth during the period 1980-2010. The main objective of this research is to investigate different policies introduced by the Chinese government during 1980-2010 to promote economic growth and to measure their effect at micro and macro level of Chinese economy. The author used secondary date collected from different sources such as IMF, World Bank, Barro and Lee, OECD database, US Bureau of Labour Statistics, US Bureau of Economic Analysis, and relevant Journals. Our findings and results are robust because the evidence proves that different policies implemented by Chinese government have brought substantial positive impact on national economy at micro and macro level.

Available for download here.

Booth & Niemietz: Growing the UK Pension Pot – The Case for Privatization

public-pensions

From the Summary:

The system of contracting out of state pensions – a form of pension privatisation – operated very successfully in the UK until recent years with cross-party support. This was very important in ensuring that the UK system of private pension provision was one of the most successful in the Western world. This paper proposes reviving the concept of voluntary pension privatisation through contracting out using the proposed reformed UK pension system that will be introduced from 2016.

Under the proposals, individuals would receive rebates of national insurance contributions equal to the fair actuarial value of the pension that they will forego as a result of opting out of half the state pension. The rebates will be paid to somebody contracting out regardless of whether that individual pays sufficient cash national insurance contributions: the rebates are designed to reflect the actuarial value of the pension foregone. They will vary with age and be available to low earners and those who are receiving state pension entitlement as a result of undertaking caring responsibilities. Such people will be able to build up considerable pension assets in their own right. In the context of widespread discussion about the inequalities arising from returns on capital being higher than economic growth, this might be regarded as especially important. Currently, large numbers of people are discouraged from accumulating capital because the main objectives of saving are fulfilled by the state pension schemes.

 

Available for download here.

Shapiro & Pham: Who Owns America’s Oil and Natural Gas Companies – 2014 Update

Fracking_Graphic_t670-300x272

From the Executive Summary:

The broad ownership of America’s public corporations, as researchers have found, yields substantial economic and social benefits. It encourages companies to focus on investments that can secure strong returns, including new plant and equipment, research and development (R&D), and employment and training of highly-qualified personnel. Broad corporate ownership also generates capital that companies need to increase their efficiency and innovative capacities. Most important, the broad ownership of U.S. corporations promotes social progress by enabling large numbers of Americans to benefit from the returns generated by efficient, productive and innovative enterprises.

This study examines the distribution of ownership of one of our key industries, U.S. oil and natural gas companies. The data show that the ownership of companies in the oil and natural gas industry is very broad-based, including large holdings in the retirement plans of ordinary investors.

Available for download here.

Bouis, Inaba, Rawdanowicz, & Christensen: Factors behind the Decline in Real Long-Term Government Bond Yields

Currency-Revaluation

ABSTRACT:

This paper describes developments in real long-term interest rates in the main OECD economies and surveys their various determinants. Real long-term government bond yields declined from the 1980s to very low levels in the recent period, though they have not reached the historical lows of the 1970s. The decline in real interest rates has been driven by a combination of factors whose importance has varied over time. In the 1990s, the decline in inflation levels and in volatility was key. In the 2000s, purchases of US government bonds by official investors in emerging market economies, played an important role. More recently, quantitative easing and other unconventional monetary policy action, and possibly the Basel-III-induced increase in bank demand for safe assets, have been main drivers. Higher perceptions of risks after the last crisis do not seem to have put lasting downward pressures on government bond yields.

 

Available for download here.

Viñuela, Kaiser, & Chowdhurie-Aziz: Intergovernmental Fiscal Management in Natural Resource–Rich Settings

oil

From the paper:

In resource-dependent countries, natural resources constitute one of the main assets available for financing local governments because the economy is not greatly diversified. The goal of this note is to highlight different critical dimensions of intergovernmental fiscal relations in these settings, present a survey of the range of arrangements used for managing resource rents across multiple levels of government, and synthesize basic principles or considerations in the implementation of revenue-sharing systems across different contexts.

The design and implementation of measures to improve intergovernmental management of the oil, gas, and mining sector must consider the core policy objectives, fiscal context, and overall political structure. Paying attention to the constraints and political economy drivers that shape intergovernmental relations is critical to identify the feasible reforms and alternatives to improve performance that are available in a given country.

Available for download here.

Koedel & Xiang: Pension Enhancements and the Retention of Public Employees

pension

ABSTRACT:

We use data on workers in the largest public-sector occupation in the United States – teaching – to examine the effect of pension enhancements on employee retention. Specifically, we study a 1999 enhancement to the pension formula for public school teachers in St. Louis that discretely and dramatically increased their incentives to remain in covered employment. The St. Louis enhancement is substantively similar to enhancements that occurred in other state and municipal pension plans across the United States in the late 1990s and early 2000s. To identify the effect of the enhancement on teacher retention, we leverage the fact that the strength of the incentive increase varied across the workforce depending on how far teachers were from retirement eligibility when it was enacted. The retention incentives for late-career teachers were increased the most by the enhancement but their behavioral response was modest. A cost-benefit analysis indicates that the pension enhancement was not a cost-effective way to improve employee retention.

Available for download here.

Słomka-Gołębiowska: Great Expectations from Pension Fund Activism – Insights from Poland

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ABSTRACT:

This chapter examines private pension funds’ preferences for shareholder activism in Poland in closely-held firms that dominate stock exchanges in emerging markets. The results show that the major institutional investors engage in a limited spectrum of shareholder activities. Most often, they seek to contact the company’s management board members as well as supervisory board members if they are dissatisfied with a portfolio company. None of the funds even considers public criticism or litigation. The form of shareholder activism selected by different funds and the sequence do not vary substantially due to the fact that all funds follow the investment strategy of the two largest funds. The reasons lie in internal benchmarking, which means that each pension fund is evaluated relative to the performance of all others in order to calculate the lowest acceptable return rate. However, the largest pension funds tend to be more active than the rest. They choose low-cost and low-risk forms of activism, but they avoid highly visible and confrontational activities.
Available for download here (paywall).

Amico: Corporate Governance Enforcement in the Middle East and North Africa

corporate-governance_2736-29

ABSTRACT:

Corporate governance frameworks in the Middle East and North Africa region have undergone a substantial evolution in the past decade. Better enforcement of corporate governance rules and regulations has in the past three years emerged as both a policy challenge and a priority for the region. This emphasis on better enforcement reflects a number of trends including political changes in some countries of the region, the global call for better surveillance of the adoption of governance rules as well as low investor engagement in the region.

This paper examines key developments in public and private corporate governance enforcement in the region. It highlights the growing level of public enforcement as expertise within the securities regulators is growing. The paper provides policy recommendations on specific aspects of governance frameworks such as the treatment of related party transactions and board member responsibilities which – if better regulated – could result in more effective governance enforcement in the region.

 

Available for download here.

Balassone, Momigliano, Romanelli & Tommasino: Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area

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ABSTRACT:

The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity (a fiscal union), to buffer country-specific shocks. The reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing – though to a limited extent – elements of cross-country risk sharing. In particular, the banking union will help smoothing out some of the most relevant asymmetric shocks that can affect the euro area, i.e., the financial crises. Nevertheless, further elements of risk sharing are probably needed. Proposals to create a sort of rainy-day fund for the euro area present major practical difficulties – associated, inter alia, to the uncertainty characterising the identification of shocks in real time. A more appropriate solution, consistent with how risk sharing operates in existing federations – though not without implementation issues – may be centralizing specific public functions. We argue that, among these, consideration should also be given to the creation of a euro-wide, notional-defined contribution pension scheme.

Available for download here.

 

Hodgson: Abu Dhabi Investment Authority (ADIA) – documenting the story of one of the world’s largest sovereign wealth funds

adia

ABSTRACT:

The surge of interest in ADIA in recent years has increased their interest in documenting and recording their history. The national centre for research and development has recently become the United Arab Emirates national archive centre having the largest documentation in the GCC. As an extremely private, reserved and fast growing sovereign wealth fund, ADIA offers unique new challenges to NCRD. This study analyses the methods being used in this project. Apart from collecting, saving, and digitising all existing documents from the company’s 36 year history, a considerable amount of documentation will be based on oral interviews with past and present employees. These oral history interviews will considerably enlighten many and answer important scholarly questions on the founding, evolution and growth of the largest sovereign wealth fund in the world today.

Available for download here.

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