FROM INSTITUTIONS TO FINANCIAL DEVELOPMENT AND GROWTH: WHAT ARE THE LINKS?

This paper presents an integrated overview of the literature linking institutions, financial development, and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional arrangements in ameliorating/worsening the information frictions and transaction costs that characterize the development of financial markets. The paper then investigates the theoretical mechanisms by which these specific frictions affect economic growth and presents the stock of empirical evidence quantifying the impact of institutions on growth through financial development.     

MIGRATION FROM THE NORTHEAST TO THE SOUTHEAST IN BRAZIL:* Do Migrants Succeed?

"In this paper 1980 [Brazilian] Census microdata are used to evaluate the experiences of males who moved from the Northeast to the Southeast in the post- 'miracle' period. Using regression analysis, migrant earnings are compared to those of persons who remain in the Northeast, to estimate the average earnings gain from relocating. These results are then disaggregated by education, age at migration, period of residence, and particular sending and receiving location, to provide more specific information on which groups benefit most. Wide variation in gains is observed, but substantial improvements in earnings are reported in most cases."     

‘RESILIENCE’ IN ORGANIZATIONAL ACTORS AND REARTICULATING ‘VOICE’: Towards a humanistic critique of New Public Management

Assumptions of resilience are frequently made about organizational actors, both by scholars and practitioners. It is argued that resilience is unlikely to be the usual outcome from the trauma routinely confronted in organizational life. It is suggested that ‘assumptions’ of resilience stem from either a reification of what is perceived to be a highly desirable trait in organizational actors or a lack of acknowledgement of what, if recognized, would be regarded as an ‘unthinkable’ aspect of organizational life. Managers are unlikely to recognize and admit that the pain they inflict on others in the name of efficiency, organizational down-sizing and out-sourcing will contribute to long-term changes in organizational actors. It is also likely that, while coping skills and resources may be sufficient to equip individuals for the myriad problems they routinely face, even the ‘successful’ actor may not remain unscathed. Some of the negative organizational outcomes of this unthinking ‘assumption’ of resilience are canvassed and suggestions are made as to what strategies may ameliorate the situation. A rearticulation of actors' ‘voice’ in formal organization, at a time of a hegemonic dominance of economic rationalism, is especially overdue.     

本期话题:如何做一份物流方案(续二)?

主持人:大家好!上期由于版面有限,我们约请的两位嘉宾发来的回复意见未能及时与大家见面,所以本期我们将继续就如何做一份物流方案这一话题进行讨论。许一平先生毕业于北京物资学院经济系,现任科赛物流系统设备(上海)有限公司市场部经理。在多年来的工作实践中,对如何为客户提供一份满意的仓储物流整体解决方案颇有一些心得体会。对此,他总结出了以下七点意见,供大家参考。     

EAP权威解释:什么是员工心理援助项目(EAP)?

员工心理援助项目是一项为工作场所中个人和组织提供的咨询服务的服务项目。它帮助识别员工所关心的问题,并     

Why homeowners’ documentation went missing under the Home Affordable Mortgage Program (HAMP)?: An analysis of strategic behavior of homeowners and servicers

This study investigated why documentation of certain homeowners who participated in the trial period plan (TPP) of HAMP went missing using a model of strategic behavior of homeowners and servicers. I found that the likelihood of cancellation of the TPP for missing documentation was higher for those who were current on their mortgage payments, compared to those 30 days delinquent, prior to entering the plan—both types of homeowners entered the program because they were in danger of imminent default. This finding, which is consistent with servicers “steering” homeowners with low credit risk away from HAMP to their own (proprietary) modifications, is more likely for loans owned or guaranteed by the government-sponsored enterprises (GSE) than non-GSE loans—the GSE loans have relatively more homeowners with low credit risks. The outcome, not widespread across servicers, is possibly related to the lack of standardization across servicers in identifying borrowers in danger of imminent default. Missing documentation is also associated with severely delinquent homeowners who had less incentive or were unable to submit complete documentation. This cohort of borrowers could benefit from financial education and Treasury’s proposal that servicers provide a single point of contact for borrowers would help reduce the problem of missing documentation.     

The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)?

Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view.