The political risks of fighting market failures : subversion, populism and the government sponsored enterprises


Book Description

There are many possible ways of reforming the Government-Sponsored Enterprises that insure mortgages against default, including a purely public option, complete privatization or a hybrid model with private firms and public catastrophic insurance. If the government is sufficiently capable and benign, either public intervention can yield desirable outcomes; the key risks of any reform come from the political process. This paper examines the political risks, related to corruption and populism, of differing approaches to the problems of monopoly, externalities and market breakdowns in asset insurance. If there is a high probability that political leadership will be induced to pursue policies that maximize the profitability of private entities at the expense of taxpayers, then purely public options create lower social losses. If there is a high probability that leaders will pursue a populist agenda of lowering prices or borrowing costs, then catastrophic risk insurance can lead to lower social losses than either complete laissez-faire of a pure public option.







After the Flood


Book Description

Includes papers presented at a conference held at the Columbia Business School in the spring of 2013 in honor of Josae Scheinkman's 65th birthday.




Housing Finance Systems


Book Description

The term 'housing crisis' has recently been associated with rising foreclosure rates and tottering financial institutions, particularly in the US and Europe. However, in many emerging countries, the housing crisis is about urban poverty, unplanned settlements, overcrowded slums and homelessness.




Renmin Chinese Law Review


Book Description

Renmin Chinese Law Review, Volume 5 is the fifth work in a series of annual volumes on contemporary Chinese law which bring together the work of recognized scholars from China, offering a window on current legal research in China.




Advanced Macroeconomics


Book Description

Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.




Leadership and Growth


Book Description

Does leadership affect economic growth and development? Is leadership an exogenous determinant or an endogenous outcome of growth and development processes? Can we differentiate between the two? Do leaders decisions and actions vary in importance over various stages in the process, at least in successful cases? How important is choosing the right economic model? To what extent does leadership affect the explicit or implicit time horizons of policy choices? Is leadership an important determinant of inclusiveness in growth? In what ways do leaders build consensus or institutions to allow time for the economic plan to work? What challenges does economic success generate? How do successful leaders adapt to new problems such as income inequality and a rising middle class? Does the creation of new institutions play any role in solving these problems? Why do leaders often choose second best political economic compromises in economic development? This book has been prepared for the Commission on Growth and Development to evaluate the state of knowledge on the relationship between leadership and economic growth. It does not pretend to provide all the answers, but does review the evidence, identify insights and offers examples of leaders making decisions and acting in ways that enhance economic growth. It examines a variety of topics including leaders roles in: promoting national unity, building good solid institutions, choosing innovative and localized policies, and creating political consensus for long run policy implementation. Written by prominent academics and actual policy makers, Leadership and Growth seeks to create a better understanding of the role of leadership in growth and to encourage further studies of the role of leadership in economic growth.




Populism's Power


Book Description

Uprisings such as the Tea Party and Occupy Wall Street signal a resurgence of populist politics in America, pitting the people against the establishment in a struggle over control of democracy. In the wake of its conservative capture during the Nixon and Reagan eras, and given its increasing ubiquity as a mainstream buzzword of politicians and pundits, democratic theorists and activists have been eager to abandon populism to right-wing demagogues and mega-media spin-doctors. Decades of liberal scholarship have reinforced this shift, turning the term "populism" into a pejorative in academic and public discourse. At best, they conclude that populism encourages an "empty" wish to express a unified popular will beyond the mediating institutions of government; at worst, it has been described as an antidemocratic temperament prone to fomenting backlash against elites and marginalized groups. Populism's Power argues that such routine dismissals of populism reinforce liberalism as the end of democracy. Yet, as long as democracy remains true to its meaning, that is, "rule by the people," democratic theorists and activists must be able to give an account of the people as collective actors. Without such an account of the people's power, democracy's future seems fixed by the institutions of today's neoliberal, managerial states, and not by the always changing demographics of those who live within and across their borders. Laura Grattan looks at how populism cultivates the aspirations of ordinary people to exercise power over their everyday lives and their collective fate. In evaluating competing theories of populism she looks at a range of populist moments, from cultural phenomena such as the Chevrolet ad campaign for "Our Country, Our Truck," to the music of Leonard Cohen, and historical and contemporary populist movements, including nineteenth-century Populism, the Tea Party, broad-based community organizing, and Occupy Wall Street. While she ultimately expresses ambivalence about both populism and democracy, she reopens the idea that grassroots movements--like the insurgent farmers and laborers, New Deal agitators, and Civil Rights and New Left actors of US history--can play a key role in democratizing power and politics in America.




The Populist Temptation


Book Description

"Populism, a political movement with anti-elite, authoritarian and nativist tendencies, typically spearheaded by a charismatic leader, is an old phenomenon but also a very new and disturbing one at that. The Populist Temptation is an effort to understand the wellsprings of populist movements and why the threat they pose to mainstream political parties and pluralistic democracy has been more successfully contained in some cases than others"--




Alcohol and Public Policy


Book Description