Government expenditure,external and domestic public debt,and economic growth

This paper analyzes the relationship between government expenditure, tax on returns to assets, public debt, and growth in an endogenous growth model. Public debt is composed of two components, domestic debt and external debt. We show conditions for existence, uniqueness, and multiplicity of the steady states. More precisely, existence of steady state requires a sufficiently high productivity and a sufficiently low tax on returns to assets. We also provide the effects of an increase in the tax rate on returns to assets on the steady state. In particular, the relation between public spending and the tax rate has a bell shape. Domestic debt unambiguously increases with tax whereas external debt displays an inverted U‐shaped curve. A high tax rate leads to a reallocation of public debt in favor of domestic debt (to the detriment of external debt). The effect of taxation on consumption (and production) also displays a nonlinear pattern when the output elasticity of capital is lower than unity (the effect is monotonously increasing if this elasticity is unity). We also derive the conditions under which a tax increase can boost or reduce the balanced growth rate.     

Tenure Security and Long‐term Investment on Tenanted Land: Evidence from Colonial Taiwan

We use farm diary data from Taiwan in the 1920s and 1930s to estimate the impacts of a state‐wide tenancy reform on tenants’ investment in the farmland and production outcome. The reform, commencing in 1922, enhanced the tenure security for the tenants by promoting written contracts that extended tenure length from 1 year to 5–6 years, and by establishing government‐sponsored organizations for dispute settlements. Our estimations rely on a difference‐in‐difference framework, where self‐cultivated farms are used as the control group. We find that the reform encouraged tenants to make investments in the irrigation and drainage system of the farms, which is expected to have long‐lasting benefits for production. The improved irrigation/drainage system led to significant efficiency gains for the farms. In contrast, the reform did not affect tenants’ usage of fertilizer much, which benefits production for only a crop season or a year.     

Remittances,Dutch Disease,and Manufacturing Growth in Developing Economies

Remittances have grown tremendously in magnitude and economic importance in the past four decades, providing economies with additional disposable incomes and even serving as buffers against economic downturns. It is thus but fitting to ask how remittances have impacted on growth, particularly on manufacturing growth. This note presents a simple model linking remittances and manufacturing growth via a ‘Dutch Disease’ channel. Using Blundell and Bond's (1998) system general method of moments on a panel dataset of 56 developing economies from 1992 to 2016, we verify that remittances adversely affect manufacturing growth in economies that experience high real appreciation rates. This result is robust to alternate specifications, such as the inclusion of financial development indicators, the expansion of the sample to include high‐income economies, and the use of different sample periods.     

2018 KLEIN LECTURE: INDIVIDUAL AND AGGREGATE LABOR SUPPLY IN HETEROGENEOUS AGENT ECONOMIES WITH INTENSIVE AND EXTENSIVE MARGINS

We study business cycle fluctuations in heterogeneous agent general equilibrium models featuring intensive and extensive margins of labor supply. A nonlinear mapping from time devoted to work to labor services generates operative extensive and intensive margins. Our model captures the salient features of the empirical distribution of hours worked, including how individuals transit within this distribution. We study how various specifications influence labor supply responses to aggregate technology shocks and find that abstracting from intensive margin adjustment can have large effects on the volatility of aggregate hours even if fluctuations along the intensive margin are small.     

ON THE TIMING OF PRODUCTION DECISIONS IN MONETARY ECONOMIES

In most macroeconomic models inflation tends to be harmful. In this article, we show that by simply changing the timing of production decisions by firms from “on demand” to “in advance,” some inflation can boost welfare as long as goods are sufficiently perishable. The main conclusion from this research is that by effectively hiding the strategic interaction between supply and demand, assuming production on demand is not without loss of generality.     

Literature,cultural identity and the limits of authenticity: a composite approach

Although tourism scholarship has paid much attention to the concept of authenticity in relation to the homogenisation of tourism representation, this term has limits that curb its usefulness for analysing subtle interrelations of place, representation and identity. Some recent work has attempted to recuperate authenticity by associating it with experience and activity, however we suggest that the concept of cultural identity allows for greater attention to the fluid movements of social power relations that inform the tourist site. By undertaking a comparative analysis of three global tourist sites located in the Middle East (Jerusalem), North America (Moose Jaw, Saskatchewan) and Europe (Isle of Wight), this article discusses the politics of representation vis à vis identity as manifested in a spectrum of tourism‐related literature ranging from pamphlets, maps and guidebooks, to more creative approaches in contemporary novels and poetry. This comparative survey of literature explores questions of identity on several fronts: first, it prompts questions about how religious, historical and national identities are formulated in and through the tourist site; second, it leads to an assessment of a site's claim to status as a work of art that prompts aesthetic identification; and finally, it allows one to consider how other works of art — in this case, novelistic or poetic representations — both affirm and question identities presented by standard tourist literature. These alternative textual representations demonstrate not only how cultural identity as represented in the tourist site is an active site of struggle, but also present alternative politics of place and identity that enable a greater diversity of interpretations of the tourist site. Copyright © 2004 John Wiley & Sons, Ltd.     

Stakeholders,the natural environment and the future of Caribbean cruise tourism

Given the sheer complexity of effectively managing the web of potential stakeholders in any tourism development it is argued that for the future of Caribbean cruise tourism, the task is compounded by several key issues that warrant discussion. These include the economic dependency of the Caribbean region on tourism, the inequity of power relations between the various stakeholder groups and the lack of proven collaboration within this fragmented region of culturally diverse islands. This paper addresses these issues, discussing the importance of collaboration and planning for development, highlighting the disparate needs of the different stakeholders involved and drawing attention to the continuing paradox between maximising the opportunities presented by Caribbean cruise tourism whilst effectively managing its sustained development. Copyright © 2004 John Wiley &Sons, Ltd.     

UNION EFFECT ON THE USE OF NON‐REGULAR LABOR IN THE REPUBLIC OF KOREA

Our paper aims at analyzing the union effect on the externalization of employment relations, focusing on how labor unions affect management's strategic use of non‐regular labor within the Korean context of industrial relations. Our study presents several interesting implications. Firstly, the unions' motivator role for managerial use of non‐regular labor is more evident than its constrainer role. Secondly, union power exerts a “U‐type” impact on the use of indirect non‐regular labor, while affecting directly employed non‐regular labor in a positive linear way. Thirdly, labor unions in large establishments are more active and influential in representing their members' interests than their counterparts in small establishments with limited financial resources. In particular, the interactive function of the union's power and union leaders' attitudinal inclinations is found to be significant in the negative direction among large establishments.     

Services and functions provided by European city tourist offices: a longitudinal study

Tourism has become a major source of employment, revenue, international awareness and opportunity in European cities. As competition among European cities grows, the efficiency of management in city tourism organisations (CTOs) becomes increasingly important. This article reports on a longitudinal study of 50 European CTOs over the 4‐year period from 1995 to 1999. The aim of the study is to examine the changes in functions provided by European CTOs during the given period of time. Findings reveal that five identifiable function categories can characterise the changes that happened during the given period of time: hotel booking service, commerce, conventional information dissemination, advanced information product and relationship management. It is argued that information technology and role change are the main driving forces of these changes. Copyright © 2003 John Wiley & Sons, Ltd.