what determines female autonomy evidence from bangladesh abstract this paper examines the determinants of female autonomy within households in a developing country in particular we investigate the relative contributions of earned versus unearned income in enhancing women s autonomy and the role of employment outside of their husband s farm in a simple theoretical model it is demonstrated that earned income could be more important than unearned income in empowering women using data from rural bangladesh empirical estimations confirm this prediction and also reveal the surprising fact that it is not employment per se but employment outside their husbands farms that contributes to women s autonomy the data also point to the importance of choosing the correct threat point in theoretical analyses of female autonomy

the assessment money and banking theory and evidence this issue of the oxford review is concerned with money and banking the articles in the issue provide a comprehensive overview of recent developments in the literature they systematically evaluate both the theoretical and empirical literature on banks the monetary transmission mechanism the operation of financial systems and bank regulation both in a domestic and an international context does money matter has been a favourite question posed by academic economists for several decades while the question has not changed the answer has during the 1950s and 60s the conventional view was that it does matter during the 1970s and 80s the influence of monetary policy on real as opposed to inflationary developments came to be increasingly questioned the consensus in the 1990s has swung back a few decades to the view that money does matter a new twist to the story which did not feature prominently in the 1950s and 60s debate is that banks as well as money matter of course there were several authors such as gurley and shaw 1960 who pointed to the importance of banks in the monetary transmission mechanism however it is really only in the last decade that economic theorists have turned their attention to the rationale for and the special role of banks the irony of this is that the theoretical justification for banks is appearing just at the moment when many commentators point to the demise of banks in the face of such close substitutes as corporate bond markets money market funds and contingent securities

new issues in corporate finance flow of funds data are used to compare methods of finance in 5 countries over the period 1970 to 1985 many of the problems associated with previous studies are avoided by estimating net instead of gross financing proportions the degree of consolidation of accounts reciprocal arrangements between borrowers and lenders and compensating deposit requirements on borrowers no longer distort financing patterns corrections for inflation are provided by employing flow rather than stock figures and using own aggregation procedures to derive stock measures significant variations in financing emerge these are not readily explained by traditional descriptions of corporate finance in particular taxation as an alternative the paper suggests that relationships between borrowers and lenders establish forms of commitment that are conducive to the provision of long term finance the separation between investment and finance which has been the starting point of corporate finance theory is untenable in a multiperiod context in which terms of finance define future allocation of control

technical change and intra household welfare a case study of irrigated rice production in south sulawesi indonesia in this article the effect of an agricultural technical change on intra household welfare is discussed existing theories of the household suggest that the distribution of resources within the household is a function of household members employment the differences in male and female employment levels under rainfed and irrigated rice production are investigated in a case study of two villages in south sulawesi indonesia it is concluded that the pattern of labour allocation in the irrigated area involves higher absolute labour requirements for both men and women compared to the rainfed area but that women s agricultural labour relative to men s is lower furthermore women s participation in the cash economy is relative to men s lower in the irrigated than in the rainfed area it is argued that these differences can be seen as a response to the different agricultural production technologies being used this suggests that the levels of inequality within the household are greater in the irrigated than

the impact of development on women a specific factors analysis abstract the specific factors model is employed in this paper as a means of explaining how economic development may serve to diminish women s welfare three changes associated with the development process are analyzed for their effect on women s real and relative wage 1 an expansion of trade induced by an improvement in the terms of trade 2 technological change and 3 an increase in female labor force participation

marriage and labor market discrimination in japan many japanese firms have engaged in the practice of compulsory retirement upon a female employees marriage in 1966 this practice was ruled as being contrary to provisions in japans civil code the authors have specified and estimated a model of the economic determinants of age at marriage in order to analyze the effect that this discrimination has had on nuptiality in japan the results indicate that on average after accounting for an upward trend women who married after the 1966 court decision married about one year younger than women who married before 1966 it is also found that age at marriage is influenced by several socioeconomic variables including wifes wage and educational level husbands income and educational level and wifes family background data are from a 1975 survey of women aged 20 59 who were living in the tokyo metropolitan area excerpt

country studies and the value of household production as a result of progress in economic theory especially the new home economics data availability and improvements in data collection methods and the increased desirability of reflecting social welfare concerns in the conventional national income and product accounts there has been recently a renewed interest in the accounting and valuation of non marketed activities primarily household production this paper surveys and brings up to date twenty major empirical studies on housework evaluation in north america europe and asia a summary is provided for each study on the methodologies chosen and findings on the quantity and economic value of household production because the resulting gnp values of household production vary by as much as 20 to 60 explanations for this disparity are also offered

hearts and spades paradigms of household economics abstract this paper explains why the feminist critique of inequalities within the family poses a serious challenge to conventional economic theories of the household but it also discusses those aspects of both neoclassical and marxian theory that are useful to an analysis of conflict within the family arguing that the bargaining power models being developed by some neoclassical theorist are complementary to marxist influenced structural accounts

financial globalisation and crisis institutional transformation and equity this paper comprises the long introduction to the symposium of five papers on financial globalisation published in the cambridge journal of economics volume 34 no 2 the paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to provide a coherent view of the current economic and financial crisis in this paper we also examine the globalisation of finance more broadly both in historical terms as well as in relation to the current widespread failure in the financial markets we take up the policy question of how the interests of the poor in particular and developing countries in general could be safeguarded from the vagaries of financial globalisation questioning how much choice communities and countries have and what can the international community do to extend these choices

why do cooperatives emerge in a world dominated by corporations the diffusion of cooperatives in the u s bio ethanol industry 1978 2013 given the strong economic disincentives that exist why do cooperatives continue to emerge and why is it that in some communities these cooperatives are collocated with their commercial counterparts yet in others territorial partitioning occurs in this paper we develop a community ecology approach that integrates economic and sociological accounts of cooperatives in an attempt to reconcile these contradictory observations using a detailed panel data set for the county level founding process of cooperatives in the u s ethanol industry from 1978 to 2013 consistent with rational economic arguments we find that the founding rate of cooperatives decreases in the presence of high local corporate ethanol production capacity however this negative competitive interdependence is attenuated in local communities where 1 corporations represent a potential threat to the autonomy of local farmers 2 there is a generally anti corporate climate and 3 there is a well established organizational infrastructure supporting a cooperative ideology consistent with sociological theories that emphasize the mobilizing force of ideology these local conditions spur and facilitate collective action among farmers to establish cooperatives in response to the local diffusion of corporations we show further that the diffusion of plants owned by big business oil and agribusiness in communities characterized by a general anticorporate climate especially promotes greater ideological contestation and the mobilization of resources to form cooperatives

how responsive is business capital formation to its user cost an exploration with micro data abstract the response of business capital formation to its user cost is critical to evaluating tax reform deficit reduction and monetary policy evidence for a substantial user cost elasticity however is sparse most evidence has been based on aggregate data although several recent studies with firm level data report substantial effects with a particularly rich micro dataset containing over 26 000 observations this paper explores what can be learned about the user cost elasticity while the results depend to some extent on the specification and econometric technique various diagnostics lead us to prefer a precisely estimated but small elasticity of approximately 0 25 this paper is dedicated to the memory of robert eisner who labored early and ably on uncovering the determinants of investment spending and highlighting the importance of the question found in the title of this paper

towards de financialisation the role of the state understanding the nature of state financialisation is crucial to ensure de financialisation efforts are successful therefore this article provides a structured overview of the emerging literature on financialisation and the state we define financialisation of the state broadly as the changed relationship between the state understood as sovereign with duties and accountable towards its citizens and financial markets and practices in ways that can diminish those duties and reduce accountability we then argue that there are four ways in which financialisation works in and through public institutions and policies adoption of financial logics advancing financial innovation embracing financial accumulation strategies and directly financialising the lives of their citizens organising our review around the two main policy fields of fiscal and monetary policy four definitions of financialisation in the context of public policy and institutions emerge when dealing with public expenditure on social provisions financialisation most often refers to the transformation of public services into the basis for actively traded financial assets in the context of public revenue financialisation describes the process of creating and deepening secondary markets for public debt with the state turning into a financial market player finally in the realm of monetary policy financial deregulation is perceived to have paved the way for financialisation while inflation targeting and the encouragement or outright pursuit of market based short term liquidity management among financial institutions constitute financialised policies

profitability in india s organized manufacturing sector the role of technology distribution and demand using aggregate data from the annual survey of industries we analyze profitability in india s organized manufacturing sector from 1982 83 to 2012 13 over the whole period of analysis the rate of profit grew at about 1 per annum primarily driven by a rising share of profits we use visual inspection to identify five shorter run profitability regimes 1982 91 1991 96 1996 2001 2001 07 and 2007 12 profit rate decomposition analysis shows that both technological factors and aggregate demand have been important determinants of changes in profitability in these shorter periods

financialisation and capital accumulation in the non financial corporate sector a theoretical and empirical investigation on the us economy 1973 2003 recent research has explored the growing financialization process in the u s and other advanced economies the term is a catch all phrase used to denote important changes in the structure of non financial corporations balance sheets including the growth of income from financial subsidiaries and investment as well as growth in the transfer of earnings to financial markets in the forms of interest payments dividend payments and stock buybacks this paper seeks to empirically explore the relationship between financialization in the u s economy and real investment at the firm level using data from a sample of non financial corporations from 1973 to 2003 i find a negative relationship between real investment and financialization first increased financial investment and increased financial profit opportunities may have crowded out real investment by changing the incentives of firm managers and directing funds away from real investment second increased payments to the financial markets may have impeded real investment by decreasing available internal funds shortening the planning horizons of the firm management and increasing uncertainty these two channels can help explain the negative relationship i find between investment and financialization

who should be interviewed in surveys of household income summary this study tests the null hypothesis that it is sufficient to interview only the household head to obtain accurate information on household income results show that using a husband s estimate of his wife s income does not produce statistically reliable results for poverty analysis estimates of the wife s income provided by the husband and wife are in agreement in only 6 of households while limiting interviews to one person has the advantage of reducing the time and expense of household surveys this appears detrimental in terms of accuracy and may lead to incorrect conclusions on the determinants of poverty

an empirical analysis of gender bias in education spending in paraguay summary gender affects household spending in two areas that have been widely studied in the literature one strand documents that greater female bargaining power within households results in a variety of shifts in household production and consumption one important source of bargaining power is ownership of assets especially land another strand examines the gender bias in spending on children this paper addresses both strands simultaneously in this paper differences in spending on education are examined empirically both at the household and individual levels results are mixed though the balance of evidence weighs toward pro male bias in spending on education at the household level results also indicate that the relationship between asset ownership and female bargaining power within the household are contingent on the type of asset

household production in the philippines a non neoclassical approach the starting point of any economic analysis is a microeconomic theory of the decision making unit by providing a set of explicit assumptions regarding individual choices a microeconomic theory lays the necessary foundation for the explanation of economic behavior just as a theory of the firm underlies analyses of market production a theory of the family underlies analyses of household production explanations of long run trends such as fertility decline grow out of assumptions regarding the nature of household decision making developing what they term the economic approach to human behavior gary becker and other neoclassical economists forcefully argue that household behavior is motivated primarily by a collective concern for economic efficiency they assume that households seek to maximize exogenously given joint utility functions and they hypothesize that differences in household behavior represent efficient responses to differences in the prices and incomes which households face this approach provides the foundation for an explanation of fertility decline based on long run changes in relative prices associated with economic development simply stated the argument runs as follows as the rate of return to human capital rises and levels of education increase the cost of rearing children goes up as higher wages draw women out of the household into the labor force the opportunity cost of mothers time goes up further increasing the cost of children the demand for children decreases and fertility levels gradually adjust 2 the assumption that joint utility functions are exogenous constant over time and vary randomly if at all across households is crucial to this argument systematic differences in unobservable joint utility functions could seriously confound the interpretation of observed relationships between changes in household behavior and changes in rela

determinants of extended household structure cultural pattern or economic need this research examines th relationship between household composition and sources of household income among hispanics blacks and non hispanic whites specifically we investigate the extent to which extended living arrangements help buffer the effect of labor market disadvantages faced by minority household heads results of logit and regression analyses indicate that differences in the prevalence of extented family households reflect primarily group specific differences in the propensity to extend but that this demographic mechanism may also serve as a compensatory strategy for supplementing the temporarily or chronically low earnings of minority household heads in black and hispanic households nonnuclear members contribute significantly to total household income although their relative contributions are approximately similar for poor and nonpoor households nonnuclear members in non hispanic white households appear not to participate significantly in the generation of household income

profit growth in boom and bust the great recession and the great depression in comparative perspective the great recession of 2007 2009 and the great depression of the 1930s were triggered by the collapse of asset price bubbles however preexisting structural imbalances in the us economy were the reason why the burst of speculative bubbles induced a general economic collapse this article argues that the imbalance created by the combination of stagnant labor earnings and surging corporate profits not only played a leading role in the run up to the downturns but also was chiefly responsible for the slow recoveries on the one hand the relative stagnation of labor income represented a key factor behind rising income inequality and a potential drag on consumption which was temporarily alleviated by credit expansion hence the rising household debt levels eventually became unsustainable on the other hand rising corporate profits created an overhang of idle money eager to lend itself to speculative ventures which played a key role in fueling the stock market bubble of the 1920s and the housing bubble of the 2000s the article further argues that despite various superficial and deeper similarities between the circumstances surrounding the great recession and the great depression some fundamental differences in the structure of the us economy then and now suggest vastly different future prospects for american capitalism

cleaning house new perspectives on households and economic development abstract this paper provides a critical review of the recent literature on households and economic development three related points are developed 1 household activities can be analyzed in economic terms particularly if these terms are broadly defined to encompass such factors as risk and uncertainty 2 significant differences between the economic position of men women and children within the patriarchal household mean that it cannot be treated as an undifferentiated unit of analysis 3 microeconomic analysis of the household must be situated within a larger structural analysis of gender and age based inequalities and their interaction with class structure and national position within the world capitalist system

capital market imperfections and financialization of real sectors in emerging markets private investment and cash flow relationship revisited summary the paper analyzes the impacts of cash flow from multiple investments in real and financial sectors on the new fixed investment spending of real sector firms the empirical results based on the euler equation approach and semi annual firm level data from two major emerging markets mexico and turkey suggest that profits and rates of returns from fixed and financial assets have differential effects on fixed investment spending of real sector firms accordingly increasing availability and accessibility of alternative investment opportunities in financial markets can become instrumental in channeling real sector savings to short term financial investments instead of long term fixed capital formation and thus lead to deindustrialization

the effects of financialization on investment evidence from firm level data for the uk this paper estimates the effects of financialization on physical investment in the uk using panel data based on balance sheets of publicly listed non financial companies supplied by worldscope for the period 1985 2013 we find robust evidence of an adverse effect of not only financial payments interests and dividends but also financial incomes on the rate of accumulation the negative impacts of financial incomes from interests and dividends are particularly strong for the pre crisis period our findings support the financialization thesis that the increasing orientation of the non financial sector towards financial activities is ultimately leading to lower physical investment hence to stagnant or fragile growth as well as long term concerns for productivity

the financialisation offshoring nexus and the capital accumulation of us non financial firms the financialisation of the nonfinancial corporation has drawn the attention of many scholars who have identified two channels by which financialisation happens a higher proportion of financial assets compared to nonfinancial ones and a higher amount of resources distributed to financial markets one of the consequences of this is the decrease in investment parallel to financialisation many nonfinancial corporations have also engaged in an internationalization of their productive activities organizing them under global value chains surprisingly the intersections between the literature on financialisation and the literature on global value chain are still underdeveloped although for example offshoring may also explain the decrease in investment of nonfinancial firms this paper fills this gap using panel regressions for u s nonfinancial corporations between 1995 and 2011 we find evidence that both offshoring and financialisation are determinants to the decrease in investment and that financialisation occurs mainly for firms belonging to high offshoring sectors la financiarisation des societes non financieres a attire l attention de nombreux chercheurs qui ont identifie deux canaux par lesquels elle se produit les bilans des societes sont composes d une plus grande proportion d actifs financiers relativement aux actifs non financiers et une plus grande part des ressources est redistribuee vers les marches financiers l une des consequences qui en resulte est la baisse de l investissement parallelement a ce mouvement de financiarisation beaucoup de societes non financieres ont developpe l internationalisation de leur production en l organisant selon des chaines globales de valeur il est surprenant de constater que les liens entre la litterature sur la financiarisation et celle sur les chaines globales de valeur soit peu developpee bien que par exemple le transfert de la production a l etranger puisse aussi expliquer la baisse de l investissement des firmes non financieres cet article vise a combler cette lacune en menant des regressions sur un panel de firmes americaines entre 1995 et 2011 nous montrons que tant le transfert de production a l etranger que la financiarisation sont des determinants de la baisse de l investissement nous montrons egalement que la financiarisation touche surtout les firmes appartenant a des secteurs fortement inserees dans les chaines globales de valeur

a century long perspective on agricultural development this article strategically surveys the past century s literature on agricultural development we organize the discussion around three grand themes that reveal the richness of agricultural development as an intellectual endeavor first we explore the role of agriculture in the broader development process from a macroeconomic and political economy perspective we then examine the role of technological and institutional change in successful agricultural development finally the focus turns to a microeconomic perspective on agricultural household decision making and the problems of imperfect and missing markets asymmetric information and transactions costs that lead to widespread apparent inefficiency and disequilibrium

financialisation and tendencies towards stagnation the role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007 09

ideological purity vs hybridization trade off when do islamic banks hire managers from conventional banking organizations that compete in institutional environments in which oppositional logics compete for dominance face a risk return trade off between maintaining ideological purity versus pragmatism by borrowing template elements from the rival ideology deviating from ideological purity might improve a firm s competitive strength however at the same time it might also undermine its very identity and legitimacy although such decisions are of strategic importance research about why how and where these trade offs are made is still limited we develop the argument that organizations will be more likely to deviate from ideological purity when the potential return of borrowing from the oppositional template exceeds the perceived risk of doing so the more organizations aspire to be ideologically pure the more they are constrained by the moral codes that define the category and therefore the higher the risk associated with deviating from purity however given the potential benefits of pragmatism pure or

household behaviour and nutrition in developing countries abstract this article reviews some of the recent major research findings concerning the effect of household behaviour on food consumption and nutrition important extensions to the understanding of household behaviour have been made in the areas of the impact of income and price changes agricultural households the effects of agricultural commercialization the new household economics and particularly the effect of time as a scarce economic resource the intrahousehold allocation of food and the determinants of nutritional status this knowledge is important because the response by households affects the final impact of economic changes and government actions on the nutritional status of the population

women s rank modifies the relationship between household and women s food insecurity in complex households in northern burkina faso abstract this study examined the relationship between food insecurity at household and woman children sub unit levels and factors modifying this relationship in complex households in northern burkina faso data were collected from 126 households and 176 woman children sub units every 6 months from july 2001 to july 2003 household food insecurity varied more between seasons than did woman children sub unit food insecurity woman children sub unit food insecurity increased when household food insecurity increased woman children sub units in monogamous households were less food insecure and more at risk of becoming food insecure when the household became food insecure than sub units headed by women with first or second rank in polygamous households within polygamous households woman children sub units headed by women with rank third or more were more likely to become food insecure when the household became food insecure than those with first or second rank these results have implications for design planning and evaluation of programs and projects aiming to alleviate food insecurity in this and similar settings

financialisation and the slowdown of accumulation over the past decades financial investment of non financial businesses has been rising and accumulation of capital goods has been declining the first part of the paper offers a novel theory to explain this phenomenon financialization the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities leading to a reduction in the desired growth rate in the second part the link between accumulation and financialization is tested econometrically by means of a time series analysis of aggregate business investment for usa uk france and germany extensive test of robustness are performed for the first three countries evidence that confirms the negative effect of financialization on accumulation is found author s abstract

oppositional logics and the antecedents of hybridization a country level study of the diffusion of islamic banking windows 1975 2017 little is known about when and where hybrid organizations diffuse we argue that neo institutional perspectives which stress the constraining role of market categories and institutional logics ha

market opportunities genetic endowments and intrafamily resource distribution child survival in rural india the authors examine how intrafamily resource allocations respond to changes in economic conditions and to genetic differences in children by estimating the determinants of variations in the sex specific survival differentials of rural indian children based on standard census and household survey data they explore in particular the hypothesis that such differences are related to the relative returns to survival with households selectively allocating resources to children in response to variation in sex differences in their expected earnings opportunities as adults data are from the 1961 census and a 1971 household survey excerpt

financial development financial structure and domestic investment international evidence does it matter for domestic investment whether a country s financial system is bank based or stock market based this paper posits that financial intermediation affects domestic investment notably by alleviating financing constraints allowing firms to increase investment in response to increased demand for output the key result is that the structure of the financial system has no independent effect on investment in the sense that it does not enhance the response of investment to changes in output while financial development makes investment more responsive to output growth consequently rather than promoting a particular type of financial structure countries should implement policies that reduce transactions costs in financial intermediation and enforce creditor and investor rights this will facilitate the development of banks and stock markets which will stimulate domestic investment

poverty and progress reflections on housing and urban policies in developing countries 1976 96 the habitat ii conference in june 1996 was more determined by retrospect and prospect than by the discussions during the several days in istanbul the policy outcomes were fashioned by reforms and

corn ethanol plant investment a real options case study the objective of this article is to describe an investment decision using net present value and real options a case study describes the data and the corn ethanol industry so students can study a cooperative s decision of whether or not to invest in a new corn ethanol plant in 2015 nebraska an extensive set of information accompanies this case including spreadsheets with data computer software code lesson plans for teaching real options and net present value and an extensive teaching note

unproductive accumulation in the usa a new analytical framework in this paper i offer an innovative analysis of unproductive accumulation in the united states economy from 1947 to 2011 i develop a new theoretical and empirical framework to analyze the accumulation of capital in its productive and unproductive forms i also develop a methodology to compute marxist categories predicated on the idea that the production of knowledge and information is an unproductive activity that relies on the creation of knowledge rents in particular i provide new empirical estimates to uncover the shifting balance between productive and unproductive forms of accumulation the accumulation pattern observed during the 1947 1979 phase that prioritized productive accumulation gave way after the 1980s to a contrasting pattern prioritizing unproductive accumulation unproductive activity has been growing at a fast pace in terms of incomes fixed assets and employment among all forms of unproductive activity my approach places special attention on how the production of knowledge and information has constituted a rising share of total unproductive income and capital stock additionally productive stagnation and rapid unproductive accumulation have been related to greater exploitation of productive workers and to widening income inequality