Does easing monetary policy increase financial instability?

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policy and to the role of US monetary and regulatory policy in the run up to the Subprime mortgage crisis. There are two main results. First, interest rate rigidities in a monopolistic banking system increase the probability of a financial crisis (relative to the case of flexible interest rate) in response to contractionary shocks to the economy, while they act as automatic macro-prudential stabilizers in response to expansionary shocks. Second, when the interest rate is the only available instrument, monetary policy faces a trade-off between macroeconomic and financial stability. This trade off is both qualitative and quantitative in response to contractionary shocks, while it is only quantitative in response to positive shocks. We show that a second instrument, such as a Pigouvian tax on credit to households on the demand side of the market, is needed to restore efficiency in the economy when both frictions are at work.     

The Influence of Board Composition on Sustainable Development Disclosure

Despite knowing the potential effect of social reporting on firms' continuity, there is limited research into the influence of the composition of boards of directors on CSR disclosure. This paper adds to the emerging CSR literature empirical evidence by examining how board composition relates to a firm's social and environmental disclosure as well as the implementation of social policies. Using a sample of FTSE 350 firms for the period 2007–2012, the results show that higher board independence facilitates the conveying of firms' good citizenship image through enhancing societal conscience. The results also show that female participation on boards is favorably affecting CSR engagement and reporting as well as the establishment of ethical policies. Hence, the research suggests that boards with higher female participation and independence boost the legitimacy of CSR reporting. Board gender diversity and independence facilitates directing part of the firm's scarce resources toward value maximizing social projects and subsequent reporting on these. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Tracking Can Be More Equitable Than Mixing

Parents and policy‐makers often wonder whether and how the choice of a tracked or mixed educational system affects the equality of opportunity. I answer this question by analyzing the influence of peers on future educational results. I define an equal opportunity policy as one that maximizes the average lifetime income of the worst‐off type of individuals in society (i.e., students from disadvantaged backgrounds). I find that tracking maximizes average lifetime income if the opportunity cost of college attendance is sufficiently high.     

Governance and Economic Development in Africa Since 1970s in Comparison with East Asian Countries

The central argument of the article is that bad governance has been both the source and the consequence of the economic underperformance of African countries. Economic development is the end to be achieved in a sustainable way and this cannot be guaranteed without strong institutions under the conditioning of good governance and if possible democracy. Thus, at the heart of achieving economic development as indicated by East Asian countries and some countries that are able to register economic development in Africa recently, such as Ethiopia and Rwanda among others, they are building the appropriate institutions and policies, which are key to the process of economic growth by affecting the incentives to accumulate, innovate, and accommodate change. The article compares and contrasts governance and economic development between Africa and East Asian countries. It also reflects the lessons learned from East Asian countries to bring rapid economic growth and development in Africa.     

国资国企改革典型经验研究与启示——央企和部分省市典型经验对上海“十二五”期间国资国企改革的启示

国有经济和国有企业伴随着中国30年的改革开放，有了重大的变化。中央企业和各省市探索出许多国资国企改革方面值得总结和借鉴的宝贵经验。这些经验也将给上海市“十二五”期间进一步深化国资国企改革带来有益的启示，促进新一轮国资国企的改革发展。     

Determinants of transport mode choice: a comparison of Germany and the USA

Germany and the USA have among the highest motorization rates in the world. Yet Germans make a four times higher share of trips by foot, bike, and public transport and drive for a 25% lower share of trips as Americans. Using two comparable national travel surveys this paper empirically investigates determinants of transport mode choice in Germany and the USA.In both countries higher population density, a greater mix of land-uses, household proximity to public transport, and fewer cars per household are associated with a lower share of trips by automobile. However, considerable differences remain: all groups of society in America are more car-dependent than Germans. Even controlling for dissimilarities in socio-economic factors and land-use, Germans are more likely to walk, cycle, and use public transport. Moreover, Americans living in dense, mixed-use areas, and close to public transport are more likely to drive than Germans living in lower density areas, with more limited mix of land-uses, and farther from public transport. Differences in transport policy that make car travel slower, more expensive, less convenient, and alternatives to the automobile more attractive in Germany may help account for the remaining differences.     

New development: Gender (responsive) budgeting—a reflection on critical issues and future challenges

Gender budgeting needs to become institutionalized more strongly in our societies and public policies. The article suggests some of the possible challenges to be taken into consideration to make it ‘work’, including availability of technical capacities and data, securing support in the political agenda, involving stakeholders, balancing spontaneity and standardization, and considering wider sources of inequality.     

Do German Welfare‐to‐Work Programmes Reduce Welfare Dependency and Increase Employment?

Abstract. During the last decade, many Western economies reformed their welfare systems with the aim of activating welfare recipients by increasing welfare‐to‐work programmes (WTWP) and job‐search enforcement. We evaluate the short‐term effects of three important German WTWP implemented after a major reform in January 2005 (‘Hartz IV’), namely short training, further training with a planned duration of up to three months and public workfare programmes (‘One‐Euro‐Jobs’). Our analysis is based on a combination of a large‐scale survey and administrative data that is rich with respect to individual, household, agency level and regional information. We use this richness of the data to base the econometric evaluation on a selection‐on‐observables approach. We find that short‐term training programmes, on average, increase their participants' employment perspectives. There is also considerable effect heterogeneity across different subgroups of participants that could be exploited to improve the allocation of welfare recipients to the specific programmes and thus increase overall programme effectiveness.     

发达国家低碳政策对我国经济发展的启示

全球气候变化正吸引着越来越多的国家和地区关注环境问题.从整体来看,发达国家在发展低碳经济方面启动更早,政策工具多样,值得发展中国家深入研究和借鉴.当前我国低碳经济正处于探索阶段,尚面临许多障碍与困难,为顺应国际发展潮流,实现我国经济、社会和环境的可持续发展,在借鉴发达国家低碳经济发展经验的基础上,为我国低碳经济发展提供一些政策启示是十分必要的.     

生态经济政策问题探源研究

环境经济快速发展的迅猛态势所付出的代价令人担忧。如果环境经济政策是为环境问题量身定做的,那么环境恶化的不可逆转又从何而来?研究环境经济政策的针对性和科学性存在的问题,首先提出了生态经济政策源头存在的问题,接着从政策的针对性和科学性方面指出生态经济政策问题的理论缺陷,继而通过制度经济以及制度与行为经济的理论对生态经济政策进行探源研究,对现有生态经济政策探源研究进行补充,最后提出国外可借鉴条款。为生态经济政策经济化研究提供方向,提供改善政策效率的契机。