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Petersen, Hans-Georg. "Capital flight and capital income taxation." Universität Potsdam, 2004. http://opus.kobv.de/ubp/volltexte/2006/896/.
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Contents:Problems of Traditional Income and Profit Taxation
-Basic Principles
-Consequences of the Existing Traditional Tax and Transfer Schemes
-Avalanche Effects
-Cumulative Effects
-Arbitrary Companies Taxation
The Last Resort: Easy Tax
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Rodrigues, Bruno Gorgulho. "Income inequality and human capital development." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/11494.
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Human Capital investments are essential for the economic development of a country. In Brazil, several sources point to the lack of qualified workforce as a cause of slower economic growth. This dissertation explores the theoretical linkages made from income inequality to economic performance. The empirical section focuses on one of the theories presented, the one on creditmarket imperfections. According to this theory, imperfect credit markets are poor resource allocators and do not allow for low income individuals to invest in their own human capital. In Brazil, there is a lack of empirical studies aimed at testing the channels through which inequality affects growth, therefore this research gains significance. The results presented here were drawn from family household survey – POF – undertaken by the IBGE. Data has evidenced that education investments grow as a percentage of the total budget with raises of income. Raises in income for very high income classes do not increase education spending. The data suggests the existence of a budget constraint for low and middle class Brazilians from all regions. It has been found strong evidence that low and middle income classes in Brazil have limited access to credit-markets. Therefore, there is evidence that redistribution would increase aggregate spending on education.
Investimentos em capital humano são essenciais para o desenvolvimento econômico de um pais. No Brasil, diversas fontes apontam para a falta de mão de obra qualificada como sendo uma das causas de um fraco crescimento econômico. Esta dissertação explora as teorias que ligam desigualdade de renda com performance econômica. A parte empírica se foca em uma das teorias apresentadas, a de imperfeições no mercado de credito. De acordo com esta teoria, mercados de credito imperfeitos são fracos alocadores de recursos e não possibilitam que indivíduos de baixa renda invistam no próprio capital humano. No Brasil, há uma escassez de estudos empíricos focados em testar os canais através dos quais a desigualdade de renda afeta o crescimento, trazendo significância para esta dissertação. Os resultados apresentados aqui foram obtidos através da pesquisa familiar – POF – realizada pelo IBGE. Os dados mostram que investimentos em educação crescem como percentual do orçamento com o aumento da renda familiar. Aumentos de renda para classes de renda já elevadas não provocam igual aumento nas despesas educacionais. Os dados sugerem a existência de uma restrição orçamentária para Brasileiros de baixa e média renda independente da região. Foram encontradas fortes evidencias de que classes de baixa e média renda no Brasil tem acesso limitado ao mercado de credito. Portanto, existe evidencia de que redistribuição aumentaria o gasto agregado em educação.
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Lindgren, Ragnar. "On capital formation and the effects of capital income taxation." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1985. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-777.
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How should a tax on realized capital gains be designed in order to yield the same revenue and the same impacts on savings and portfolio choice as a tax on current income? Should income from risky investments be taxed at a higher or lower rate than income from assets without risk? How is the capital structure and the dividend policy of firms determined in the presence of taxes and what are the effects of tax differentials on the debt ratio, on the dividend policy, on the capial intensity, on the willingness to take nonfinancial risks and on the welfare of workers and investors? These and related questions are analyzed in this dissertation, which uses models based on the theory of neoclassical economics and the theory of finance. As background, a comprehensive presentation is given of the theory of savings, investment and portfolio choice. The general effects of capital income taxes on housholds and firms are also analyzed.Diss. Stockholm : Handelshögsk.
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Ryberg, Peter. "Capital Goods for the Common Good : The Capital-to-income Ratio's connection to Income Inequality in Sweden." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26857.
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This thesis utilises the second fundamental law of capitalism in order to study the development of income inequality in Sweden, from the start of the 19th century to the beginning of the 21stcentury. The law is studied from a historical perspective (examination of national accounts as time series), and empirically analysed (regression analysis). The results retrieved indicate that the income diverging force of savings exceed the income converging force of growth (via income, innovation, and education). This means that income inequality is predicted to increase. The main conclusion drawn is that choosing whether to save or not on behalf of every individual affects the capital stock of the aggregate economy. When individual savings pile up the aggregate capital stock increases, and if this increase surpasses the growth in national income the capital-to-income ratio increases. This ratio is in a sense a measure of how capitalistic the country is. More income inequality is expected to be found the higher this ratio gets.
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Argitis, Georgios. "Financial capital, monetary policy and income distribution." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272728.
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Cerra, Valerie. "Essays on growth, human capital, and income distribution /." Thesis, Connect to this title online; UW restricted, 1996. http://hdl.handle.net/1773/7431.
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Broman, Julius. "Capital Accumulation and the Labor Share of Income." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-452911.
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This paper estimates the effects of capital accumulation on industry labor shares by taking account of capital heterogeneity. Using a cross-country, cross-industry dataset covering 15 European countries over 38 industries, I take advantage of a detailed breakdown of the capital stock distinguishing between physical, ICT and intangible assets. The results suggest that, over the 1995-2015 period, capital accumulation has not been a driving force of declining labor shares - if anything the opposite. Performing a cross-section regression analysis on the relationship between long differences in capital intensities and industry labor shares, I find that accumulation of physical capital in general, and Machinery & Equipment in particular, are the only asset types showing a statistically significant correlation with the labor share, suggesting a positive association. In contrast to previous research, I do not document a negative relationship between ICT capital and labor shares. I do, however, find evidence suggesting that it might be investments in Software & Databases that explain these earlier findings.
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Das, Mohua. "Essays in international trade, human capital and income distribution." Related electronic resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2002. http://wwwlib.umi.com/cr/syr/main.
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Won, Yun Hi. "Tax treatment of capital income in different inflation environments." Connect to resource, 1991. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262609964.
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Cheung, Chun-wing. "Investment in human capital and the distribution of earnings." [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13278782.
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Meli, Diego Bevilacqua. "O impacto da prática de income smoothing no custo de capital próprio em empresas brasileiras de capital aberto." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-22022016-170613/.
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Este estudo teve como objetivo geral verificar o efeito das práticas de income smoothing (suavização dos resultados) no custo de capital próprio (Ke) das empresas brasileiras de capital aberto em dois momentos distintos: 2004 a 2007 (antes da adoção das IFRS) e 2011 a 2014 (após a adoção das IFRS). Por income smoothing entende-se como o amortecimento intencional dos resultados da empresa, feita pelo gestor via seu poder discricionário, com o intuito de reduzir a variabilidade dos lucros e, assim, transmitir ao mercado consistência de seus resultados. O custo de capital próprio, por sua vez, evidencia o retorno exigido pelo investidor, o que ocasiona a sua utilidade na tomada de decisão. Como o investidor espera obter um retorno do ativo acima de outro de risco similar, é esperado que as suas decisões sejam alteradas na medida que as empresas se utilizam do income smoothing. Como proxy para identificar a suavização dos resultados, foram selecionadas três métricas constantemente utilizadas na literatura. Além de tais métricas, como metodologia contributiva, foi elaborado, por meio da Análise Fatorial, um fator baseado nas três medidas, dado que os métodos para identificar a suavização são discrepantes e o uso do fator possibilita a conjunção da informação contida nos três métodos. A amostra selecionada contempla 105 empresas no primeiro período e 206 no segundo. O Ke foi calculado utilizando a metodologia por benchmark. Para explicar os efeitos no Ke devido a prática de income smoothing, a regressão linear múltipla por meio de mínimos quadrados ordinários (MQO) foi aplicada para cada período de análise. Também foram aplicadas duas outras regressões: uma com diferenças em diferenças e outra com dados em painel MQO pooled (antes e após a adoção das IFRS) para a verificação de quebra estrutural. Os resultados mostraram que no período 2004-2007 apenas a métrica EM2 foi significativa na explicação do Ke. No período que compreende 2011-2014, tanto a métrica EM1 quanto o Fator foram estatisticamente significativos. Ainda de acordo com os resultados obtidos, verifica-se que houve alteração significativa no Ke após a adoção das IFRS e que pode ter alterado a forma como as métricas identificam o income smoothing. De maneira geral, o investimento em uma empresa suavizadora é inversamente proporcional ao seu Ke, ou seja, o mercado entende que investir em empresa que adota a prática de suavização dos resultados, implica em um menor retorno exigido.This study aimed to verify the effect of income smoothing practices in the cost of equity (Ke) of Brazilian public companies in two distinct periods: 2004 to 2007 (before adopting IFRS) and 2011-2014 (after adopting IFRS). Income smoothing is understood as the company´s intentional dampening of the results, made by the manager due to his discretionary power, in order to reduce the variability of profits and thus convey to the market consistency of results. The cost of equity capital highlights the return required by the investor, which is useful in decision making. Since the investor expects to achieve an active return above other similar risk, it is expected a change in decisions when firms use the income smoothing. As a proxy to identify the smoothing of results, three metrics constantly used in the literature were selected. In addition to such metrics, Factor Analysis, a factor based on the three measurements was developed as contributory methodology, since the methods to identify the smoothing are disparate the use of the factor enables combining the information contained in the three methods. The selected sample includes 105 companies in the first period and 206 in the second. The Ke was calculated based on benchmark. To explain the effects on Ke due to the practice of income smoothing, linear multiple regression using ordinary least squares (OLS) was applied in each period analyzed. Besides applying two other regressions: one with differences in differences and another with OLS panel pooled data (before and after the adoptng IFRS) to verify structural break. The results showed that in the period of 2004-2007 the metric EM2 was significant to explain the Ke. In the period between 2011-2014, both the metric EM1 as well as the factor were statistically significant. Also according to the results, it appears that there was a significant change in the Ke after adopting IFRS and that may have changed the way the metrics identify the income smoothing. In general, the investment in a smothing company is inversely proportional to its Ke, that is, the market understands that investing in a company that adopts the practice of income smoothing, implies in a lower required return.
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LEGGETT, DAVID NEAL. "INCOME TAXES AND CAPITAL ASSET PRICING THEORY: SOME EMPIRICAL EVIDENCE." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/187910.
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Capital asset pricing theory assumes a no-tax, after-tax efficiency equivalence; ie., that the efficient information produced in a no-tax analysis is equivalent to that which is produced in an after-tax analysis. However, if the effect of income taxes is not systematic throughout the market, the useful application of the theory may be impaired by this assumption. This research seeks to determine the effect of income tax imposition on the risk-return expectations or individual investors. If the effect of income tax imposition is to produce non-homogeneous after-tax investor risk-return expectations, then the efficiency equivalence hypothesis must be rejected. This efficiency equivalency hypothesis is evaluated by testing two alternative hypotheses, (1) the systematic riskiness of any individual security, both with and without adjustment for the imposition of income tax, is equivalent, and (2) the no-tax and after-tax expected risk-return rank order of each individual security is the same. An after-tax capital asset pricing model is derived. This model is based upon the premise that the current income tax laws, which require investors to share with the taxing government the uncertain returns from risky assets, allow investors to reduce the riskiness of those returns. The returns on investment assets are derived from both capital gains and from ordinary income distributions. However, the tax treatment of capital gains (losses) and ordinary income (dividends/interest) is not the same. This results in an unsystematic effect on the risks and returns of investments, thus, the income tax effect is not likely to be homogeneous as an efficiency equivalence hypothesis would imply. The analysis focuses on the expected risk-return equivalencies for 465 firms, using ex-post data over a 10 year period. The findings of this study imply that income tax effects on the market are not homogeneous. Income tax differentials are apparent in both the observed beta terms and the risk-return rank-ordering of the securities.
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Inthisang, Jirapa. "Essay on income inequality: Export and FDI, employment, and income inequality in Thailand: A SAM approach, and, The effect of capital account liberalization on education and income inequality: A human capital approach." Connect to online resource, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3315851.
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Öberg, Ann. "Essays on capital income taxation in the corporate and housing sectors /." Uppsala : Dept. of Economics [Nationalekonomiska institutionen], Univ, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-3379.
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Robling, Per Olof. "Essays on the Origins of Human Capital, Crime and Income Inequality." Doctoral thesis, Stockholms universitet, Nationalekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-115502.
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This Ph.D. thesis in Economics consists of four self-contained essays investigating the importance of early life environment for long-run outcomes and the consequences of immigration for income inequality. Multigenerational Effects of the 1918-19 Influenza Pandemic on Educational Attainment: Evidence from Sweden uses the 1918-19 influenza pandemic in Sweden as a natural experiment to estimate the effects of a fetal health shock on the children of those who experienced the pandemic as a fetal insult. We find that for women, educational attainment decreases by 3-4 months of schooling and the probability of college attendance drops by 3-5 percentage points if their mothers potentially experienced the Spanish flu as a fetal insult. For men, educational attainment decreases by 4-7 months of schooling, and the probability of college attendance drops by 7-11 percentage points if their fathers were potentially prenatally exposed. We find no mother to son, or father to daughter, transmission of the health shock. Early Childhood Lead Exposure and Criminal Behavior: Lessons from the Swedish Phase-Out of Leaded Gasoline examines the effect of childhood lead exposure on crime using population based register data. We follow all children in Sweden in the 1972-1974, 1977-1979 and 1982-1984 cohorts for more than twenty years. By exploiting the variation in childhood lead exposure induced by the Swedish phase-out of leaded gasoline, we show that the sharp drop in lead exposure reduced crime by between 7 and 14 percent on average. The impact is largest among children in low-income families. The analysis reveals the existence of a low threshold level below which further reductions of early childhood lead exposure no longer affect crime. Childhood Exposure to Segregation and Long-Run Criminal Involvement: Evidence from the “Whole of Sweden” Strategy presents quasi-experimental evidence on how exposure to immigrant residential segregation during childhood affects male youths’ criminal behavior. We find evidence that being assigned to a neighborhood with a large share of immigrants increases the probability of being convicted of a drug related crime or sentenced to imprisonment for male youths. A one (within municipality-by-year) standard deviation increase in neighborhood segregation increases the probability of committing these types of crimes by between 11 to 13 percent. This corresponds to about one-fifth of the gap in crime between immigrants and natives for these types of offenses. We do not find significant effects for other types of crimes, such as violent and property crimes. The impacts are concentrated among youths with low educated parents. Immigration and Income Inequality in Sweden 1980 to 2011 investigates how much of the rising trend in income inequality in Sweden can be attributed to increased immigration. I find that the compositional effects associated with immigration account for between 2 and 9 percent of the overall increase in income inequality. Further, using the variation in immigrant density across labor market regions, I find that non-Nordic immigration has not had any significant effect on the native wage distribution. I find a negative effect of non-Nordic immigration on native employment. My estimates suggest that a 10 percentage point increase in non-Nordic immigration decreases native employment by 3 to 5 percentage points.
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Aspin, Liam. "Inequality and growth : income distribution and the accumulation of human capital." Thesis, University of East Anglia, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.323212.
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Reyes, ortiz Luis. "Economic Policy and Income Distribution : The case of France since the early 1970s." Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCD105/document.
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L’idée centrale de notre analyse sur l’économie française concerne la suprématie des taux d’intérêt et des dépenses publiques comme instruments de politique économique. Avec la forte hausse des taux d’intérêt au début des années 1980, les entreprises non financières ont commencé à demander moins de crédit, tandis que les ménages français, ainsi que d’autres économies en voie de développement en ont demandé davantage. Parallèlement à ces développements, les marchés spéculatifs ont dominé la bourse, le taux de chômage a augmenté, et un processus de libéralisation a suivi. Nous analysons les conséquences de ce processus de financiarisation et certains scénarios possibles en France, tout en utilisant un modèle de type Cowles Commission, qui est à son tour fondé sur la littérature stock-flux. Une attention particulière est donnée aux variables de répartition et fiscales. Les résultats du modèle indiquent que (étant donné que les entreprises françaises sont prises dans une trappe à liquidité) le taux d’intérêt a perdu son pouvoir comme une variable de politique. En revanche, les dépenses publiques ont une puissance expansionniste importanteThe core of our analysis of the French economy concerns the supremacy of interest rates and government spending as policy instruments in this economy. With the strong increase in interest rates at the beginning of the 1980s, non-financial firms started to demand less credit, whereas French households and other developing economies demanded more. Parallel to these developments, bulls became more abundant in stock markets, the unemployment rate soared and a full process of liberalization ensued. We analyze the consequences of this financialization process and some feasible scenarios in France by means of a Cowles Commission-type model that is in turn based on the stock-flow literature. Particular emphasis is given to distributive and fiscalvariables. The model’s results indicate that (given that French firms are caught in a liquidity trap) the interest rate has lost its power as a policy variable. In contrast, public spending has an important expansionary power
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Kato, Hideya, and Mitsuyoshi Yanagihara. "Capital Income Tax Evasion and Welfare Levels in an Overlapping Generations Model." 名古屋大学大学院経済学研究科附属国際経済政策研究センター, 2005. http://hdl.handle.net/2237/11925.
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Wambugu, Anthony. "Essays on earnings and human capital in Kenya." Göteborg : Dept. of Economics, School of Economics and Commercial Law [Nationalekonomiska institutionen, Handelshögsk.], 2003. http://www.handels.gu.se/epc/archive/00002559/01/WambuguNE.pdf.
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Crespo, Cuaresma Jesus, Miroslava Havettová, and Martin Lábaj. "Income convergence prospects in Europe: Assessing the role of human capital dynamics." WU Vienna University of Economics and Business, 2012. http://epub.wu.ac.at/3597/2/wp143.pdf.
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We employ income projection models based on human capital dynamics in order to assess quantitatively
the role that educational improvements are expected to play as a driver of future income convergence in Europe.
We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries
during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the
income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect
that future human capital investments paths are expected to have in terms of speeding up the income convergence process in the region.
The income projection exercise shows that the returns to investing in education in terms of income convergence in Europe could be sizeable,
although it may take relatively long for the poorer economies of the region to rip the growth benefits. (authors' abstract)Series: Department of Economics Working Paper Series
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Mills, Barry. "The effect of social capital on income in South Africa, 1993-1998." CONNECT TO ELECTRONIC THESIS, 2008. http://hdl.handle.net/1961/6068.
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Crespo, Cuaresma Jesus, Gernot Doppelhofer, Florian Huber, and Philipp Piribauer. "Human Capital Accumulation and Long-Term Income Growth Projections for European Regions." Wiley, 2018. http://dx.doi.org/10.1111/jors.12339.
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We propose an econometric framework to construct projections for per capita income growth and human capital for European regions. Using Bayesian methods, our approach accounts for model uncertainty in terms of the choice of explanatory variables, the nature of spatial spillovers, as well as the potential endogeneity between output growth and human capital accumulation. This method allows us to assess the potential contribution of future educational attainment to economic growth and income convergence among European regions over the next decades. Our findings suggest that income convergence dynamics and human capital act as important drivers of income growth for the decades to come.
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Gupta, Natalie C. F. "Capital intensity of employment, wage share variability, and income inequality : findings from two industrial areas in India." Thesis, University of Manchester, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.647354.
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Rising inequalities between and within income categories (especially labour and capital) haveemerged as an increasing concern particularly in the last two decades. One of the main reasons for this has been a sharp decline in the wage share in many countries. A declining wage share refers to a decrease in the size of the total wage bill relative to either national income or net value addition (NVA). India is an important example of this situation. Trends at the level of aggregate statistics show that the wage bill has not kept up with productivity increases. This has led to a sharp decline in the wage share, leaving researchers the task of explaining the causes (and consequences) of this decline. The research contributes towards this task by critically examining one of the main avenues ofresearch that has been used in order to explain the causes of a declining wage share in India. This refers to the hypothesis according to which this trend is the outcome of increased capital intensity of employment, or more generally labour-saving investments. The study examines the relevance of this hypothesis for dynamics taking place at a disaggregated level of analysis in Indian industrial manufacturing. In order to do this, three main questions are addressed. The first is whether a declining wage share is a necessary outcome of labour-saving investments in production, or whether other factors are also important in mediating this relationship. The second is the conditions affecting the degree to which a declining wage share also involves increased income inequalities within the labour income category, and in some cases, declining real incomes for workers. The third is the relevance of drawing upon a demand and supply framework for the treatment of the question of causality in the analysis. The study answers the questions by drawing on two very different case studies. The first is thePimpri Chinchwad Industrial Township (PCIT), located in the outskirts of Pune (State ofMaharashtra, western India). The production processes characterising many of the factoriesoperating in this area are capital intensive. The second is the art metalware industry in Moradabad (State of Uttar Pradesh, northern India). The production processes taking place in the majority of units in this area are labour-intensive. The findings suggest that the factors contributing to a declining wage share cannot be analysed without at the same time examining the distributional set-ups within which technological changes take place, and how these arrangements are changing. Firstly, many of the factors contributing towards a declining wage share are not directly caused by changes in technology, and hence skill requirements, in production. This includes the weakness (and further weakening) of the mechanisms linking wages to productivity at the firm and sectoral level. Secondly, a declining wage share also involves changing income inequalities within the labour income category. The sources of these inequalities are not only linked to differentials in skills. Thirdly, this is happening in the context of speedy changes in the economy, including changing needs. This makes the links between wages and productivity an important requirement for the labour income category to be able to benefit from increased productivity, not only as workers through the wage system, but also as consumers. Lastly, many of the variables that emerge as important in the analysis cannot be subsumed under a demand and supply framework. One of the implications for the treatment of the issue of causality is the need to move away from seeking causal links in the traditional ‘cause and effect’ framework, to questions about how certain trends come about. This also has consequences for the normative side of the debate.
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Silva, Carlos de Lima. "Lucro abrangente e o risco de companhias brasileiras de capital aberto." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-01122015-115343/.
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A presente pesquisa objetivou verificar se medidas contábeis calculadas por meio do lucro abrangente e de seus componentes são relevantes na explicação do risco das empresas. Para isso, analisou-se amostra composta por 105 companhias brasileiras de capital aberto com ações negociadas na BM&FBovespa. Foram selecionadas empresas não financeiras com dados disponíveis no período compreendido entre o primeiro trimestre de 2011 e o primeiro de trimestre de 2015, sendo excluídas empresas com ações de baixa liquidez. Inicialmente, avaliou-se por meio de análise de estatísticas descritivas e do Teste de Wilcoxon se o lucro abrangente é mais volátil que o lucro líquido. Esta primeira hipótese de pesquisa não foi refutada e se constatou que, para as empresas que compõem a amostra estudada, a volatilidade do lucro abrangente foi 30,84% superior à volatilidade do lucro líquido, evidenciando que a análise focada única e exclusivamente no lucro líquido induziria o usuário da informação contábil a ignorar possíveis fontes de risco da empresa. Para a análise da relevância do lucro abrangente e de seus componentes na explicação do risco, foi feita análise de regressão com dados em painel por meio de oito modelos estimados, cada qual com diferentes variáveis explicativas e abordagens de risco, estimado por meio da volatilidade dos retornos das ações (risco total) e do beta de mercado (risco sistemático). Os resultados apresentados evidenciaram que a relação entre a volatilidade do lucro abrangente e o risco da empresa é superior àquela observada entre a volatilidade do lucro líquido e o risco, porém tal relação não se mostrou estatisticamente significante. Todavia, verificou-se que a volatilidade do valor referente a outros resultados abrangentes possui relação negativa e estatisticamente significante com seu risco sistemático. Ganhos e perdas com hedges de fluxo de caixa e com ativos financeiros classificados como disponíveis para venda apresentaram relação negativa e estatisticamente significante com o risco da empresa, o que, de acordo com estudos anteriores, deve-se ao fato de que resultados não realizados estariam além do controle dos gestores. As evidências apresentadas pelo presente estudo corroboram a importância do assunto, fornecendo insumos para discussões sobre políticas contábeis relacionadas ao lucro e para o desenvolvimento de métricas contábeis para a avaliação do risco das empresas.This research aimed to verify if the comprehensive income and its components are relevant in explanation of the firm risk. Thus, it analyzed sample of 105 Brazilian public companies listed on the BM&FBovespa. Non-financial companies with available data from the first quarter of 2011 to first quarter of 2015 were selected, being excluded companies with low stock liquidity. Initially, it was evaluated by analysis of descriptive statistics and the Wilcoxon test if the comprehensive income is more volatile than net income. This first research hypothesis was not refuted and found that for the companies in the sample, the volatility of comprehensive income was 30.84% higher than the volatility of net income, showing that an analysis focused exclusively on net income induce the accounting information user to ignore possible sources of firm risk. For the analysis of the relevance of comprehensive income and its components in risk explanation, regression analysis was done with panel data through eight estimated models, each with different explanatory variables and risk approaches, estimated by the volatility of stock returns (total risk) and market beta (systematic risk). The results showed that the relationship between the volatility of comprehensive income and the company\'s risk is greater than that observed between the volatility of net income and risk, but this relationship was not statistically significant. However, it was found that the volatility of the value related to other comprehensive income has negative and statistically significant relationship with its systematic risk. Gains and losses from cash flow hedges and financial assets classified as available for sale showed a negative and statistically significant relationship to the risk of the firm, which, according to previous studies, is due to the fact that unrealized results would be beyond the control of managers. The evidence presented in this study confirm the importance of the subject, providing inputs for discussions on accounting policies related to income and to the development of accounting metrics for risk assessment of companies.
25
Cheung, Chun-wing, and 張俊榮. "Investment in human capital and the distribution of earnings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31976906.
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Grebe, Alta-Mari. "The income tax implications resulting from the introduction of section 12N of the Income Tax Act." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020787.
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Section 12N, introduction into the Income Tax Act by way of Taxation Laws Amendment Act and which became effective on 2 November 2010, provides for allowances on the leasehold improvements on government-owned land and land leased from certain tax exempt entities as stipulated in section 10 (1) (cA) and (t). As section 12N deems the lessee to be the owner of the leasehold improvement, the lessee now qualifies for capital allowances which were previously disallowed.
27
Taylor, Fiona May Social Sciences & International Studies Faculty of Arts & Social Sciences UNSW. "The "safety net" and human capital formation in Australia." Awarded By:University of New South Wales. Social Sciences & International Studies, 2009. http://handle.unsw.edu.au/1959.4/43269.
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This study explores the validity of key assumptions and arguments about the nature, extent, depth, causes, and consequences of poverty that underpinned the statements and policy of the Howard Government during its decade in office. One important assumption appeared to be that an inability to afford the essentials of life plays a relatively unimportant, even negligible role in generating the low levels of human capital and school achievement exhibited by many ??poor?? parents and their children. Drawing on extensive secondary evidence from disciplines as diverse as economics, sociology, neurobiology, epidemiology and developmental psychology, the study demonstrates that these assumptions and arguments do not stand up to close empirical scrutiny. The adequacy of income support payments as a ??safety net?? from poverty, and the validity of various poverty ??lines?? are examined against the costs of obtaining the ??essentials?? that Australians believe no citizen should have to go without. This analysis reveals that the depth and prevalence of poverty in Australia is considerably more serious than has been admitted by the Howard Government and in many academic analyses. Next, the study demonstrates that the rise in so-called ??welfare dependence?? is a product of economic, rather than cultural developments; that income support ??customer?? data contradicts the claim that poverty is mostly a transitory phenomenon; and that ??work first welfare to work policies?? are not a solution to poverty, even during an economic boom. The second half of the thesis explores evidence from a variety of disciplines that suggests that the financial stress and material hardship associated with poverty have direct, indirect and cumulative impacts which commonly include compromised brain function and development and a reduced capacity for physiological and behavioural self-regulation. These consequences undermine physical and mental health, inter-personal relationships, parenting and health behaviours, learning capacities, and the development and maintenance of cognitive and non-cognitive abilities that are valued in the labour market. Contrary to the policy conclusions that flow from mis-characterisation of these consequences as symptoms of the intrinsic deficits of the poor, the multi-disciplinary evidence suggests that the real economic costs of allowing poverty to continue are likely to be higher than the costs of preventing it.
28
GarciÌa-Peñalosa, Cecilia. "Distribution and growth : essays on human capital, R&D and skill differentials." Thesis, University of Oxford, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.294213.
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Saral, Guldem. "Regional Income Growth Disparities And Convergence In Turkey: Analyzing The Role Of Human Capital Differences." Master's thesis, METU, 2003. http://etd.lib.metu.edu.tr/upload/1043207/index.pdf.
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The aim of this thesis is to analyze the growth performances of regions in
Turkey and the role of human capital in this process within the framework of
new growth theory. For this aim, it firstly attempts to investigate the evolution
of regional income growth differences in Turkey in the period 1980-2000 and
the tendency of provinces in Turkey towards income growth convergence.
Secondly, by taking a detailed account of human capital, it aims to explore the
contribution of human capital differences towards explaining income growth
disparities among Turkey&rsquos provinces. In this framework, human capital is defined in terms of education, entrepreneurship and innovation.
30
Schiff, Jeannie. "THE CONTEXTUAL IMPACT OF INCOME INEQUALITY ON SOCIAL CAPITAL AND ADVERSE SOCIAL OUTCOMES." Doctoral diss., University of Central Florida, 2010. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/3659.
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An interdisciplinary approach to policy and governance recognizes that many social welfare problems are interrelated, and policy-makers have long recognized a need to address the root causes of these problems. There is much evidence that income inequality is one of these root causes but research suggesting the effect of income inequality is mediated by social capital has complicated the relationship, as have theories of causality that take different approaches. This study takes an ecological approach to these issues to test the relationship between income inequality, social capital and selected adverse outcomes proposed by the relative income hypothesis. The relative income hypothesis posits that the impact of income inequality on adverse outcomes is mediated by social capital. The study used a retrospective cross-sectional design to analyze county-level data for the year 2000 with a structural equation model composed of three constructs: income inequality, modeled by four common measures; a social capital construct based on a model developed by Rupasingha, Goetz and Freshwater (2006); and an adverse outcomes construct designed as a parsimonious measure of social outcomes in four public affairs disciplinary areas. The test of the path presumed by the relative income hypothesis revealed both a direct effect of income inequality and indirect effect of inequality through social capital. However, the direct effect of income inequality on outcomes was significantly larger than the indirect effect, indicating the relationship is moderated, rather than mediated, by social capital. Since the impact of social capital on the selected adverse outcomes was relatively small, and the final model failed to achieve statistical significance, the relative income hypothesis that income inequality exerts its primary effect on outcomes through social capital was rejected.Ph.D.
Other
Health and Public Affairs
Public Affairs PhD
31
XUE, Jinjun, and Thomas GRIES. "Human Capital Accumulation and Income Distribution in Urban China : The Case of Shenzhen." 名古屋大学大学院経済学研究科, 2007. http://hdl.handle.net/2237/9592.
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Leukefeld, Sarabeth. "HUMAN CAPITAL, MENTAL HEALTH, SUBSTANCE USE AND SOCIAL SUPPORT AMONG LOW-INCOME WOMEN." UKnowledge, 2012. http://uknowledge.uky.edu/csw_etds/3.
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Low-income women, including women who receive welfare, are some of the most misunderstood citizens in the U.S. Low-income women often live in extreme situations that are complicated by poverty and multiple issues related to human capital, social support, mental health, and substance use. These factors make low-income women unique in that they contribute not only to the women’s current situations, but to their potential for future self-sufficiency. The majority of previous studies have described these factors as barriers to self-sufficiency. This study explored these factors differently by examining the extent to which human capital is associated with mental health problems and substance use problems and whether those associations are moderated by social support among low-income women. By exploring human capital among low-income women, this study closes a gap in the literature. Previous literature has examined human capital as an outcome of life choices and circumstances. This study is unique in that human capital is conceptualized as a combination of strengths that are employed in unique ways and that help determine whether life outcomes among low-income women will be related. This study examined secondary data collected from 11,495 low-income women who participated in the University of Kentucky’s Targeted Assessment Program (TAP) between July 2005 and July 2011 and is informed by theoretical literature on human capital, social support, and relationships, as well as empirical literature on study factors related to problems experienced by low-income women (i.e., mental health problems, substance use problems, and social support). Study hypotheses were developed to examine the relationships between human capital and mental health and substance use among low-income women and whether social support moderates those relationships. Results indicate that while some human capital factors are indicative of fewer mental health and substance use problems, perceived social support was a significant indicator of each of the mental health and substance use factors. Perceived social support was not found to moderate relationships between predictor and outcome variables.
33
De, Silva Mary Joan. "Context and composition? : social capital and maternal mental health in low income countries." Thesis, London School of Hygiene and Tropical Medicine (University of London), 2005. http://researchonline.lshtm.ac.uk/682343/.
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Background and rationale Women and the poor are disproportionately affected by common mental disorders (CMD), yet few studies have explored their aetiology in low income countries. Social capital may explain some of the geographical variation in CMD. A systematic review shows that only one study has examined the association between individual social capital and CMD in low income countries. No study has explored the effect of ecological social capital on CMD in this setting. The objective of this thesis is to explore the relationship between individual and ecological measures of social capital and maternal CMD in four low income countries. Methods Cross-sectional data from the Young Lives (YL) project with information across 234 communities in Peru, Ethiopia, Vietnam and Andhra Pradesh (India) were used. The mental health of caregivers of one-year-old children, and the individual social capital of all caregivers was assessed. Ecological social capital was calculated by aggregating individual responses to the community level. Mothers of one year old children were selected for analysis (n=6909). Multi-level modelling was used to explore the association between individual and ecological social capital in each of the four countries, adjusting for a wide range of individual and community level confounders. Psychometric techniques and qualitative interviews were used in Peru to validate the tool used by YL to measure social capital. Results of these interviews were supplemented with a literature review to explore the nature of social capital in Peru, and analyses were conducted to explore the determinants of social capital. The results of these analyses were used to help interpret the results of a further analysis of the Peruvian data. Results The comparative analysis of social capital and CMD across the four countries shows that combined measures of individual cognitive social capital are associated with reduced odds of CMD. The results for structural social capital are more mixed and culturally specific, with some aspects associated with increased odds of CMD. The 3 validation of the tool to measure social capital in Peru emphasises the difficulties of measuring complex concepts in different cultural settings, and illustrates the culturally specific nature of social capital. The description and analysis of social capital in Peru show it to be multi-dimensional and complex and suggest that social capital may have different effects on CMD in different sub-groups. Conclusions and implications Contextual and compositional factors are inter-related and are both associated with CMD. Structural social capital has context-specific effects and cognitive social capital more universal effects on CMD. Social capital may have different effects in different sub-groups, with potentially damaging effects in some disadvantaged groups. While social capital is important for mental health, its complex and context-specific nature means that it is impractical to use it as an intervention to prevent or treat CMD. Instead, its value is as a tool for understanding the social context in which the complex relationship between an individual's own characteristics and those of their environment is played out.
34
Crespo, Cuaresma Jesus. "Income Projections for Climate Change Research: A Framework Based on Human Capital Dynamics." Elsevier, 2017. http://epub.wu.ac.at/5678/1/Crespo_Cuaresma.pdf.
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The quantitative assessment of the global effects of climate change requires the construction of income projections spanning large time horizons. Exploiting the robust link between educational attainment, age structure dynamics and economic growth, we use population projections by age, sex and educational attainment to obtain income per capita paths to the year 2100 for 144 countries. Such a framework offers a powerful, consistent methodology which can be used to study the future environmental challenges and to address potential policy reactions.
35
Schendstok, Matthijs B. "THE DISTRIBUTIONAL AND COUNTERCYCLICAL EFFECTS OF PUBLIC CAPITAL INVESTMENT IN TRANSPORTATION INFRASTRUCTURE." UKnowledge, 2019. https://uknowledge.uky.edu/economics_etds/46.
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While the long run productivity of federal highway infrastructure spending has been well researched, their short run effects and effects on income inequality. This dissertation explores those under-researched unconventional effects.
In the first chapter, I investigate the effects of federal infrastructure grants on income inequality. I find that grants reduce inequality in both recipient and neighboring states. The reduction is driven by greater income among the bottom three income quintiles. I explore two mechanisms using person level data and find that the reduction in inequality is attributable to higher income for low-skilled workers and workers working in low-skilled industries.
In the second chapter, I investigate the role of implementation lags in the ARRA. I find that the employment effects after six months were nearly twice as high in short lag counties compared to long lag counties. However, these effects quickly fade. I find no evidence of implementation lags impacting employment after one year.
In the third chapter, I examine the effect of the business cycle on completion times of federally financed transportation infrastructure projects. I find that projects that begin construction during periods of economic slack are completed more quickly, suggesting an alternative mechanism for state dependent fiscal multipliers.
36
Mutreja, Piyusha. "International trade and cross-country capital composition." Diss., University of Iowa, 2010. https://ir.uiowa.edu/etd/716.
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Most of the world's equipment is produced in a small number of rich countries. In 1996, countries in the top decile of cross-country income distribution produced 61% of world equipment and countries in the bottom decile produced only 0.2%. Rich and poor countries also differ in their dependence on imports for equipment. In 1996, poor countries imported more than half of their equipment. Structures, on the other hand, are largely domestically produced. World pattern of production and trade in equipment and structures is potentially an important determinant of composition of capital across countries.
The composition of capital differs significantly across rich and poor countries. In 1996, equipment constituted over 21% of the capital in 5 richest countries and only 8% in 5 poorest countries. While equipment capital-output ratio was a factor of more than 6 between rich and poor countries, structures capital-output ratio was less than a factor of 2. In this dissertation, I determine the quantitative relationship between international trade and cross-country capital composition. I, then, utilize the results on this relationship to examine the implications for economic development.
The starting point of my analysis is a multi-country model of trade in capital goods. There are three tradable sectors: equipment, structures and intermediate goods. Countries differ in their average level of productivity in each of the tradable sectors. International trade is subject to bilateral iceberg costs, which comprise of tariff and non-tariff barriers to trade. The theoretical model implies that the composition of capital is a function of country-specific productivity parameters and bilateral trade costs. I structurally estimate these parameters to match the pattern of bilateral trade in a sample of 76 countries.
Equipped with country specific productivity parameters and trade costs, I determine the quantitative relationship between international trade and cross-country capital composition. The calibrated model generates capital composition differences consistent with the data. Variation in log equipment to output ratio is 1.09 in data and 1.26 in the model. The model also generates cross-country differences in investment rate, income per worker and prices consistent with the data.
Through counterfactual exercises, I study the gains associated with reductions in trade costs. If all trade costs are eliminated, poor countries' welfare would increase by 39% and rich countries' welfare would increase by only 8%. If barriers only to equipment trade are eliminated, poor countries' welfare gain would be 9% and rich countries' welfare gain would be 1.4%. Reductions in barriers to flow of capital goods facilitate a more efficient allocation of the world stock of capital goods across countries and hence, are quantitatively important for economic development.
37
Rowles, Thomas (Tom), and n/a. "Development of Concepts of Capital and Income in Financial Reporting in the Nineteenth Century." RMIT University. Accounting and Law, 2007. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080808.142536.
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The study is concerned with the conception of capital and income in the changing economic circumstances of the late nineteenth century. This issue arises as a matter of interest from the confusing accounting for capital assets then followed, and which has become the subject of a small but significant literature. Methodologically the issue, and the literature it has provoked, provide a 'set' in which an accounting calculation is identified, its context considered and consequences evaluated. It introduces the idea that accounting had macroeconomic implications, and meets Hopwood's (1983) injunction that accounting ought to be considered in the context in which it arises. The study illustrates the significance of a flawed accounting founded on an inadequate definition of capital to adversely affect economic life by reference to the legal debate and litigation in English courts about the definition of profit available for distribution as dividends that occurred at the end of the nineteenth century. The study explores nineteenth century understanding of the concept of capital in economic philosophy on the basis that it would be in that body of philosophic literature that such ideas would have to be examined. The study finds that, for most of the nineteenth century, understanding of the nature of capital and income derived from the works of William Petty and Adam Smith. It held that capital and income were separate states of wealth. This conception of capital continued in the work of David Ricardo, Marx and J. S. Mill, and is evident also in the work of Alfred Marshall. The modern, twentieth century, understanding of capital and income as antithetical states of wealth is identified in the study as deriving from the work of the American economist Irving Fisher in 1896. The contribution of this thesis is to Establish that the crisis in late nineteenth century financial reporting derived from the prevailing conception of capital and its relationship to income, note that the conception in legislative requirements determining profit were consistent with that definition, and identify the origin of the modern, twentieth century understanding of capital and income as antithetical states of wealth. The study provides an in-principle view that nineteenth century capital accounting had the capacity to cause misallocation of resources within an economy.
38
Aronsson, Arvid, and Daniel Falkenström. "The Effects of Capital Income Taxation on Consumption : Panel data analysis of the OECD countries." Thesis, Jönköping University, IHH, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52920.
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This thesis investigates if the tax rate on dividend income has a significant effect on private consumption expenditure. This is done through a panel study on 36 OECD countries during the period 2000-2019. Regressions using differenced data and several control variables are used. The results are to some extent in line with previous empirical work studying the effects of tax changes on consumption. The results indicate that the taxation of capital income in the form of the overall tax rate on dividend income does not have a significant effect on private consumption expenditure. The theoretical mechanism deemed most likely to be in effect is tax planning since contradictory results are obtained regarding the effects of other tax rates in the form of taxes on labour income and VAT on private consumption expenditure.
39
Gottlob, Jean Ellen. "Building on cultural capital of low-income Hispanic parents and families in elementary school/." Diss., Digital Dissertations Database. Restricted to UC campuses, 2009. http://uclibs.org/PID/11984.
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Adjaye-Gbewonyo, Kafui. "Income Inequality, Social Capital, and Risk for Cardiovascular Disease and Depression in South Africa." Thesis, Harvard University, 2016. http://nrs.harvard.edu/urn-3:HUL.InstRepos:27201741.
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Chronic stress associated with living in societies with high income inequality may increase risk for cardiovascular disease (CVD) and mental illness. Research has also linked social capital, including trust of other people, to mental health outcomes. South Africa has one of the highest levels of income inequality recorded worldwide and is experiencing a growing burden of non-communicable diseases. Data additionally suggest that levels of trust in South Africa are low. Using longitudinal data from adults interviewed in Waves 1 to 3 (2008-2012) of the National Income Dynamics Study, this dissertation examined whether district-level income inequality calculated from census and survey data was associated with several physical and behavioral risk factors for CVD (Paper 1) and with depressive symptoms (Paper 2), as well as whether trust at the individual and district levels was associated with depressive symptoms (Paper 3).
Income inequality, measured using Gini coefficients, and prevalence of most CVD risk factors increased during the study time period, while depressive symptoms, measured using the Center for Epidemiological Studies of Depression Short Form (CES-D-10), decreased. In pooled cross-sectional regression models, higher district inequality was associated with lower BMI and waist circumference. In longitudinal fixed-effects models, Gini coefficients were not significantly associated with any CVD risk factors. District-level Gini coefficients were not significantly associated with CES-D-10 scores or with high depressive symptoms (scores of 10 or higher) in either cross-sectional or longitudinal fixed-effects models. Low generalized and personalized trust at the individual level were associated with lower CES-D-10 scores and reduced risk of high depressive symptoms in pooled cross-sectional and longitudinal fixed-effects models. Neither district-level generalized nor personalized trust was associated with depressive symptoms. However, a cross-level interaction was observed suggesting that lower levels of trust are associated with reduced depressive symptoms when districts have low percentages of highly trusting individuals but not when district-level distrust is low.
In conclusion, the results of this dissertation do not support the income inequality hypothesis in relation to CVD risk factors or depressive symptoms in South Africa. Moreover, findings suggest that trust may not be beneficial for depressive symptoms for all individuals or in all contexts.
41
Crespo, Cuaresma Jesus, C. Samir K, and Petra Sauer. "Age-Specific Education Inequality, Education Mobility and Income Growth." European Commission, bmwfw, 2013. http://epub.wu.ac.at/4716/1/WWWforEurope_WPS_no006_MS15.pdf.
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We construct a new dataset of inequality in educational attainment by age and sex at the global level. The comparison of education inequality measures across age groups allows us to assess the effect of inter-generational education attainment trends on economic growth. Our results indicate that countries which are able to reduce the inequality of educational attainment of young cohorts over time tend to have higher growth rates of income per capita.
This effect is additional to that implied by the accumulation of human capital and implies that policies aiming at providing broad-based access to schooling
have returns in terms of economic growth that go beyond those achieved by increasing average educational attainment.Series: WWWforEurope
42
Hidalgo, Cabrillana Ana. "Essays on capital market imperfections, intergenerational mobility and economic development." Doctoral thesis, Universitat Autònoma de Barcelona, 2003. http://hdl.handle.net/10803/4038.
Full textAbstract:
Esta tesis analiza temas de distribución de la renta y desarrollo económico en economías caracterizadas por imperfecciones en el mercado de capitales.El primer capitulo estudia temas de distribución de la renta. La mayoría de la literatura en ese campo a sido desarrollada bajo el supuesto que IMC (esto es imperfecciones en el mercado de capitales) son exógenas. La teoría convencional es que es muy poco probable que los individuos mas pobres puedan invertir porque tomar dinero a préstamo es muy caro en presencia de asimetrías informativas. Consecuentemente, los individuos más pobres no invertirán y sus futuras generaciones permanecerán pobres. Basado en esta línea de pensamiento esta literatura concluye que IMC exógenas producen mayor desigualdad y menor movilidad intergeneracional. Contrariamente as estos análisis este artículo argumenta que cuando las IMC se endogenizan la movilidad intergeneracional aumentará entre los pobres e inteligentes individuos.
En mi modelo existe un problema de selección adversa entre el prestamista y el prestatario, pues los bancos no saben la habilidad del prestatario. En este contexto los bancos ofrecen un menú de contratos que satisface la condición de auto-selección. En equilibrio bancos diferencian entre agentes forzando a los más inteligentes a invertir en educación más de lo óptimo. De esta forma el agente menos inteligente no se hace pasar por el agente más inteligente. Estos últimos obtienen más educación de la que ellos desean, aumentando movilidad intergeneracional y la acumulación de capital humano, que son mayores que en el mundo con información perfecta.
Los resultados más importantes de este paper son los siguientes: cuando se endogenizan las imperfecciones del mercado de capitales obtenemos que IMC aumentan movilidad intergeneracional y aumenta el número de gente educados en el estado estacionario. Al estudiar desigualdad en renta, yo encuentro que los resultados son ambiguos. Por un lado el número de gente con rentas muy bajas ha disminuido. Por otro lado la clase media de prestatarios inteligentes tienen una renta menor.
Una de las cuestiones más importantes que se hacen los economistas es porqué países pobres usan sus recursos de forma ineficiente. En el segundo capítulo nosotros (Andrés Erosa y yo) proponemos una teoría donde IMC son el origen de las diferencias en TFP entre países. En nuestra teoría los empresarios tienen información privada sobre la productividad de su tecnología. Nosotros estudiamos cómo el contrato, descrito como la habilidad de hacer respetar el contrato, afecta la provisión de incentivos, y por tanto, y de repartir los recursos entre los empresarios.
Nosotros estudiamos un modelo de crecimiento donde los empresarios están dotados de una tecnología para producir un bien intermedio que es el input de la producción final de bienes. Los empresarios necesitan financiación externa para producir. Esta financiación externa está limitada por dos problemas: Primero, la productividad no es observable para los prestamistas. Segundo, los empresarios pueden pagar, como máximo, una fracción de la producción. Asumimos que los países difieren en su capacidad de hacer respetar los contratos. Demostramos que, en la presencia de asimetrías de información, países con baja capacidad de hacer respetar los contratos utilizan tecnologías ineficientes en equilibrio y es caracterizada por diferencias en productividad entre países. Nuestra teoría sugiere que los empresarios tienen intereses en mantener en status quo con baja capacidad de hacer cumplir los contratos y esto hace posible que los empresarios extraigan rentas de los servicios que contratan. Nuestra teoría tiene implicaciones sobre la distribución de los recursos entre sectores. En fin nuestra teoría implica que la tasa de impuestos sobre la renta puede ser mala para la actividad económica sobre todo cuando los mercados de capitales son imperfectos.
This dissertation analyzes income distribution and economic development issues in macroeconomies with financial frictions.
Chapter 1 focuses on income distribution issues. Most of the existing literature in this area has been developed under the assumption that CMI are exogenous. Their conventional view is that since becoming borrower is expensive under high imperfections in the capital markets, poor agents are less likely to make investment decisions. As a consequence their future generations will remain poor. Based on this thought these branch of the literature conclude that exogenous CMI lead to higher inequality and lower mobility. In contrast to these analyses this paper argues that when we endogenize CMI, intergenerational mobility may be promoted among poor and talented agents.
In my model there is an adverse selection problem between borrowers and banks, since banks cannot identify borrowers' ability. In this context banks offer a menu of contracts that satisfy the self-selection mechanism. In equilibrium banks differentiate between agents by forcing talented borrowers to make an investment in human capital larger than they would in the first best world. In this way low ability individuals do not pose as high ability ones. Talented children from poor families get educated even more than they wish, so that both income mobility and human capital accumulation are larger than in the first best world.
The major results of this paper might be summarized as follows: when we endogenize imperfections in the capital market we obtain that CMI promotes intergenerational mobility and increases the number of educated people in the steady state. When we study inequality of wealth, we find that there are opposite effects making inequality unambiguos. On the one hand there is a small number of people in the lower bound of the wealth distribution. On the other hand the middle class of clever borrowers have a lower wealth.
One of the most important research questions faced by economist is why poor countries use productive resources inefficiently. In the second chapter of the thesis we propose a theory where capital market imperfections are at the origin of cross-country TFP differences. In our theory entrepreneurs have private information about the multifactor productivity of their technology. We study how the contracting environment, as described by the ability to enforce contracts, affects the provision of incentives and, thus, resource allocation to and across entrepreneurs.
We develop a growth model where entrepreneurs are endowed with a technology to produce an intermediate good that is an input in the production of final goods. Entrepreneurs need external funds in order to operate their technology. External financing is complicated by two problems: First, the productivity of the entrepreneurial technology can not be observed by lenders. Second, entrepreneurs can commit to pay, at most, a fraction of the output.
We assume that countries differ in the ability to enforce loans contracts. We show that, in the presence of asymmetric information, countries with low enforcement use inefficient technologies in equilibrium and are characterized by differences in productivity across industries. Our theory also suggests that entrepreneurs have a vested interest in maintaining a status quo with low enforcement since it allows them to extract rents from the factor services they hire. Our theory has implications for the allocation of resources across industries that differ in their needs of external funds and provide some insights into why poor countries face large differences in productivity across sectors. Our theory also implies that income taxation can be more detrimental for economic activity when capital markets are imperfect.
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Thamma-Apiroam, Rewat. "Identifying and estimating ability from nonlinear human capital earnings functions." Diss., Online access via UMI:, 2009.
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Silva, Hugo Miguel Banha. "Educação e rendimento dos treinadores da Liga Portuguesa de Futebol." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7702.
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Mestrado em Economia e Políticas PúblicasEsta tese analisa a relação entre salário e performance nos treinadores de futebol da primeira divisão nacional usando dados de 2000 a 2012, de forma a perceber quais os factores que são determinantes no rendimento de um treinador de futebol. Recorreu-se à função de ganhos de capital humano de Mincer e usou-se o modelo de panel data de Arellano-Bond para resolver problemas de endogeneidade entre variáveis salário e educação. Os resultados mostraram que as variáveis significativas, com um nível de significância de 5%, são o apuramento para a Liga dos Campeões, o apuramento para a pré-eliminatória da Liga dos Campeões, o apuramento para a Liga Europa, a despromoção dos clubes para a 2ª Liga, a qualificação para as competições europeias, a duração do contrato e os meses sucessivos em que um treinador tem contrato na 1ª Liga. As variáveis experiência na 1ª Liga e nível de escolaridade não são significativas uma vez que têm um p-value> 5%.
This thesis analyses the relation between pay and performance in football coaches of the national first division, using data from 2000 to 2012, in order to understand which are the determinant factors to a coach' income. Mincer's function of human capital gain was used and, to solve the problem of endogeneity between the variables income and education it was used Arellano-Bond dynamic panel data estimation. The results showed that the significant variables, with a significance level of 5%, are the qualification to the Champions League, to the qualifying roundof the Champions League, to the Europe League, the relegationof the club to the 2nd League, the qualification to the European competitions, the contract duration and the coach's consecutive months of contract in the 1st League. The 1st League experience and scholarity level variables aren't significant, with a p-value> 5%.
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Seo, Jiwon. "Overcoming Economic Hardship: The Effects of Human Capital and Social Capital." Connect to resource, 2005. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1111646600.
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Thesis (Ph. D.)--Ohio State University, 2005.Title from first page of PDF file. Document formatted into pages; contains xii, 175 p.; also includes graphics. Includes bibliographical references (p. 165-175). Available online via OhioLINK's ETD Center
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Svarch, Malena. "A Heterogeneous Household Model Of Consumption Smoothing With Imperfect Capital Markets And Income Risk-Sharing." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1316449377.
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Tekabe, Liya Frew. "Health and Long Run Economic Growth in Selected Low Income Countries of Africa South of the Sahara : Cross country panel data analysis." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-17778.
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Health is one of the most important components of human capital. It can affect production level of a country through various channels. In this study the causal relationship of health and real GDP per capita income in 5 low income countries of Africa south of the Sahara is analyzed using granger causality test. Unbalanced panel data set during the year 1970 to 2009 is used. Life expectancy and mortality rate are used as a proxy for health. The result revealed that mortality rate has a significant and negative impact on real per capita income. The Granger causality test showed, real GDP per capita and mortality rate have causal or bidirectional relationship. On the other hand, real GDP per capita does not granger cause life expectancy, but life expectancy granger cause real GDP per capita. The comparative descriptive analysis of the health indicators in different income groups of the world also showed that, higher income countries are better off in their health status.
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Linford, Matthew Kyle. "Understanding the Relationship Between Interscholastic Sports Participation and Labor Market Outcomes: Interscholastic Sports as Cultural Capital." Diss., CLICK HERE for online access, 2009. http://contentdm.lib.byu.edu/ETD/image/etd3188.pdf.
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Shu, Chang. "Essays in macroeconomics." Thesis, University of Birmingham, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.366176.
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Brys, Bert Johan. "Tax arbitrage in the Netherlands evaluation of the capital income tax reform of January 1, 2001 /." [Amsterdam : Rotterdam : Thela Thesis] ; Erasmus University [Host], 2005. http://hdl.handle.net/1765/6881.
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