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Tag Archives: Economic Growth
Corporate Governance in State-Owned and Privately-Owned Enterprises
by Despoina Chouliara
Abstract
In this paper I examine the principal/agency relationship in corporate governance and introduce it in a steady state growth model. More specifically, I will model a profit-maximizing privately-owned enterprise and a series of state-owned enterprises with varying economic goals. I will use the insights of agency theory to revisit the debate about public versus private ownership with the objective of exploring how ownership a↵ects a firm’s performance and whether the sole objective of profit-maximization is optimal for the firm and the aggregate economy. Hence, the scope of this paper is to enhance our understanding of the channels through which corporate governance influences the aggregate economy.
Professor Pietro Peretto, Faculty Advisor
Professor Michelle Connolly, Faculty Advisor
JEL Codes: D2, D21, O40
The Implications of Population Aging for Economic Growth a Regional Comparative Study
By Paige Muggeridge
I use a reduced form regression model to determine the extent to which population aging accounts for economic growth in each of the nine regions of the world. Predominantly, I build upon the research of Bloom et al. (2010), which is central to formulating my regression equation. I separate the difference between each region’s average growth rate from the world average growth rate into demographic and non-demographic effects using the estimated coefficients. The results suggest that more economically developed regions have potentially benefited from population aging, while less economically developed regions have not.
Advisor: Craig Burnside | JEL Codes: J1, J14, | Tagged: Economic Growth, Economic Policy, Labor-force Participation, Life Expectancy, Population Aging, Retirement Age
Faith in the Future and Social Conflict: Economic Growth as a Mechanism for Political Stabilization
By Alexander Bloedel
This paper studies the mechanisms that link sociopolitical conflict and (expectations about) economic prosperity. Motivated by a large body of empirical and historical work on the correlation between economic development and democratization, I develop a game-theoretic model of economic growth with political economy constraints. In an economy where low income agents are credit constrained, rapid and robust economic growth leads to increasing inequality early on, but provides the means to mitigate civil conflict when inequality becomes suciently large. The rate and persistence of growth similarly determines the stability of extant political institutions and the ability to transition from dictatorship to democracy.
Advisor: Curtis Taylor | JEL Codes: D72, D74, O11, O43 | Tagged: Civil Conflict, Economic Growth, Expectations, Political Economy
