18 Works

The Influence of Borrower Governments on World Bank Loan Conditions

M. J. Peterson
Analysts regarding the World Bank as either a tool of great powers or as an autonomous bureaucracy suggest that borrower governments cannot influence the policy conditions attached to its loans. Yet examples of borrowers affecting the content of loan conditions do exist. A more systematic appreciation of when borrower governments acquire such influence can be developed by treating interactions between the World Bank and borrower member governments as occurring within an authority relationship linking the...

After Creation: Intergovernmental Organizations and Member State Governments as Co-Participants in an Authority Relationship

M. J. Peterson
his is a re-amalgamation of what started as one manuscript and became two when the length proved to be more than any publisher wanted to consider. The splitting consisted of removing what are now Parts 3, 4, and 5 so that the manuscript focused on the outcome-related shared beliefs holding an authority relationship together. Those parts were last worked on in 2018. The rest were last worked on in late 2021 but also remain incomplete....

MMT and Policy Assignment in an Open Economy Context: Simplicity is Useful, Oversimplification Not So Much

Arslan Razmi
Modern Monetary Theory (MMT) has recently received significant attention in academic and policy circles. Critics question the sustainability of MMT-prescribed approaches to fiscal and monetary policy, especially over extended periods of time, in the presence of international financial markets, and for developing country governments that borrow in foreign currency. I formalize some of these arguments using a dynamic, open economy, Tobin-Markowitz portfolio balance environment that takes into account: (1) the role of expectations in the...

To Reform and to Procure: An Analysis of the Role of the State and the Market in Indian Agriculture

Kartik Misra & Deepankar Basu
Since the early 2000s, many Indian states started reforming their agricultural marketing policies and allowed private traders to buy directly from farmers outside the state-regulated market system. The experience of these states during the period 2000 - 2012 can shed light on the impact of market-oriented reforms and the role of public procurement. Using individual-level National Sample Survey Data on agricultural wages and a new dataset on state-level average real farm income per cultivator for...

China's Ancient Principles of Price Regulation through Market Participation: The Guanzi from a Comparative Perspective

Isabella Weber
The History of Economic Thought as a field has long taken it as a premise that so far as ancient economic thought is concerned, only the Greeks and Romans are worth studying. This paper introduces the Guanzi as a core text in ancient Chinese economic thought on price stabilization from a comparative perspective with ancient Greek contributions. The Guanzi presents a framework for the empirical analysis of market fluctuations and price movements and derives principles...

Sustained Exchange Rate Misalignment and Economic Development

Guilherme Klein Martins & Arslan Razmi
Employing propensity score reweighting and event-based strategies, we provide evidence that sustained real exchange rate (RER) misalignments have significant effects on economic development: positive on GDP per capita and capital stock in the case of undervaluation, and negative on the capital stock in the case of overvaluation. Moreover, a large set of structural parameters are tested, and the results point to some structural changes during and after these episodes: real undervaluations increase investment and the...

Political Economic Drivers of Real Exchange Rate Levels

Esra Nur Ugurlu & Arslan Razmi
Voluminous theoretical and empirical research shows that real exchange rate (RER) undervaluation could be conducive to economic development. Why do countries then often avoid the pursuit of policies that facilitate undervaluation or even intentionally pursue RER overvaluation? We address this question by investigating the economic/structural, institutional/political, and policy factors that explain the within-country variation in RER undervaluation in a baseline panel of 68 developing and 39 developed countries between 1988 and 2012 using OLS and...

Women's Workforce Participation and Spousal Violence: Insights from India

Arpita Biswas & Anjani Thampi
Intimate partner violence is a serious form of unfreedom inflicted on women across the world. How does the incidence of such violence vary with women’s workforce participation – a factor that is supposed to enhance their economic well-being? Our study examines this relationship using a nationally representative dataset from India. Given vast heterogeneity among Indian women, we investigate how this link varies by their class and socio-religious identities. Treating women’s employment as endogenous, we find...

Input-Output Tables and Some Theory of Defective Matrices

Mohit Arora & Deepankar Basu
Recent developments in the theory of production networks offer interesting applications and revival of input-output analysis. Some recent papers have studied the propagation of a temporary, negative shock through an input-output network. Such analyses of shock propagation relies on eigendecomposition of relevant input-output matrices. It is well known that only diagonizable matrices can be eigendecomposed; those that are not diagonalizable, are known as defective matrices. In this paper, we provide necessary and sufficient conditions for...

World Profit Rates, 1960-2019

Deepankur Basu, Julio Huato, Jesus Lara Jauregui & Evan Wasner
In this paper we present estimates of the world profit rate using country-level data from the Extended Penn World Table 7.0 and industry-level data from the World Input Output Database. The country-aggregated world profit rate series spans the period from 1960 to 2019, and the industry-aggregated world profit rate series runs from 2000 to 2014. The country-aggregated world profit rate series displays a strong negative linear trend for the period 1960-1980 and a weaker negative...

The state-constituted market economy: A conceptual framework for China's state-market relations

Isabella Weber & Hao Qi
China has created a distinct economic system. Yet despite a growing literature with valuable contributions on the institutional arrangements under ‘capitalism with Chinese characteristics’, the precise economic mechanisms underpinning China’s state–market relations remain undertheorised. In this paper we develop a conceptual framework of what we call China’s state-constituted market economy. We define essential as ‘systemically significant from the perspective of the state’. We argue that the Chinese state ‘constitutes’ the market economy by creating, participating...

Complexity, Diversity and Integration: Evidence from Recent US Immigration

Noé Wiener
This article proposes alternative measures of immigrant integration founded in information theory. By considering differences in the heterogeneity of outcomes between immigrants and natives, the proposed measures provide robust and non-parametric estimates of the extent to which cohorts remain defined by their national origin. Integration is furthermore premised on equality in the association between economic characteristics and incomes, so that other factors can begin to shape outcomes for immigrants and natives alike. Results for successive...

Understanding Intergovernmental Organizations and their Member States as Co-Participants in an Authority Relationship

M. J. Peterson
The three prevailing accounts of how intergovernmental organizations (IGOs) affect world politics oversimplify significantly, providing incomplete accounts of how IGOs gain influence with member governments. The power-centered and delegation accounts focus primarily on the activities of the governments of major states, leading to significant under-estimation of how the IGO’s head and staff and the governments of other member states also matter in shaping an IGO’s impact. The autonomous bureaucracy account focuses mainly on the activities...

Persistence in World Export Patterns and Productive Capabilities Across Two Globalizations

Isabella M. Weber, Gregor Semieniuk, Junshang Liang & Tom Westland
We construct a new global commodity-level export dataset to analyze the persistence of export patterns as proxies of productive capabilities across the first and the current waves of global- ization. We find that productive capabilities are path-dependent and historical capabilities are powerful predictors of countries’ incomes today. This is robust to controlling for persistence in geography, institutions, and colonial status, and confirmed by instrumenting past capabilities with asymmetric reductions in travel times following the switch...

An Empirical Investigation of Real Farm Incomes Across Indian States Between 1987-88 and 2011-12

Deepankar Basu & Kartik Misra
Using unit-level data from various rounds of the Employment and Unemployment Survey of the National Sample Survey Organisation, we present the first consistent time series of average real farm income per cultivator for 18 major Indian states for 1987-88, 1993-94, 1999-00, 2004-05, 2007-08, 2009-10, and 2011-12. Using this data, we study two sets of issues. First, how did real farm income evolve across these 18 Indian states? Which states have high levels and growth rates...

Systemic Cycles of Accumulation, Spatial Expansion, and Chaos: Adding a Missing Link

Giorgos Galanis, Christian Koutny & Isabella Weber
We re-examine the Systemic Cycles of Accumulation (SCA) of Arrighi (2010) and Arrighi and Silver (1999) which provide a framework for the analysis of the cyclical patterns of geographical expansion of trade and production and the related shifts of hegemonic power within the world capitalist system. Within the SCA framework, the last stage of a hegemonic cycle is characterized by what is called ‘systemic chaos’, however the drivers of these chaotic dynamics have not been...

Economic growth in dual and mature economies: revisiting the Pasinetti and neo-Pasinetti theorems

Peter Skott
This paper (i) examines the role of income distribution in the determination of the average saving rate and the growth process in dual and mature economies, and (ii) revisits the Pasinetti and neo-Pasinetti theo- rems. The profit share may influence saving because of differences in the saving rates across households (the Pasinetti theorem) or because firms retain part of their earnings (the neo-Pasinetti theorem). The two mechanisms are not mutually exclusive, and the alignment between...

The Role of Aid on Peace Consolidation in Postwar Sri Lanka

Narayani Sritharan
The three-decade war in Sri Lanka left parts of the northern and eastern regions severely destroyed. Those regions are populated by minority and marginalized ethnic groups. The expectation is that aid flows to those regions to rebuild after the war as they need the aid more than other places. Nonetheless, the regions are underdeveloped, and the underlying issues which caused the war are yet to be addressed. Hence, this paper aims to answer the research...

Registration Year

  • 2022
  • 2021

Resource Types

  • Preprint


  • University of Massachusetts Amherst
  • Sewanee: The University of the South
  • St. Francis College
  • Australian National University
  • Goldsmiths University of London
  • Nankai University
  • O. P. Jindal Global University
  • Renmin University of China
  • Kingston University