U.S. companies are often criticized for being overly short-term oriented. This paper documents that those criticisms have a long history, going back at least thirty-five years. The paper then considers the implications of sustained short-termism for corporate profits, venture capital investments and returns, private equity investments and returns, and corporate valuations. The paper finds little long-term evidence that is consistent with the predictions of the short-term critics.
Data for around 100 countries from 1960 to 1990 are used to assess the effects of inflation on economic performance. If a number of country characteristics are held constant, then regression results indicate that the impact effects from an increase in average inflation by 10 percentage points per year are a reduction of the growth rate of real per capita GDP by 0.2-0.3 percentage points per year and a decrease in the ratio of investment to GDP by 0.4-0.6 percentage points. Since the statistical procedures use plausible instruments for inflation, there is some reason to believe that these relations reflect causal influences from inflation to growth and investment. However, statistically significant results emerge only when high- inflation experiences are included in the sample. Although the adverse influence of inflation on growth looks small, the long-term effects on standards of living are substantial. For example, a shift in monetary policy that raises the long-term average inflation rate by 10 percentage points per year is estimated to lower the level of real GDP after 30 years by 4-7%, more than enough to justify a strong interest in price stability.
The paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources.
Using a large cross-country dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to matter.
This paper argues that a country's geographical characteristics can be an important determinant of its trade structure. In particular, it highlights the adverse effects of remoteness for export patterns and exposure to growth shocks resulting in high levels of volatility. Focusing on structural causes of volatility, this paper concludes that there is considerable empirical support for geography-based explanations for volatility. The effect of geography on volatility surves even after controlling for other determinants of volatility traditionally considered in the literature. The analysis in this paper is based on a forthcoming article in the Journal of Development Economics (see Malik and Temple (2009); an earlier more detailed working paper version is Malik and Temple (2006)).
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- Research papers on economic growth discuss the concept that refers to an increase from one designated time period to another in an economyâs ability to produce a variety of goods and services.
- U.S. Dependence on Foreign Oil research papers discuss the decrease in the amount of oil the United States currently imports from OPEC nations.
But the way these different elements are organized and used also reflects a nation's political ideals and its culture.
The United States is often described as a "capitalist" economy, a term coined by 19th-century German economist and social theorist Karl Marx to describe a system in which a small group of people who control large amounts of money, or capital, make the most important economic decisions.
- An Economic Development Strategy research paper discusses the past and present in rural economy, looking at agricultural aspects and also tourism.
- Industry Impacted by the Macro Economy research papers delve into an industry impacted by the macro economy. Show how the industry was influenced.
The Chinese economy is showing signs of recovery, and if 2016 is the low point in the current economic cycle there is no force to drive further depreciation of the yuan, Fan Gang wrote in an editorial in financial newspaper China Business News on Tuesday.