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The Economics of Sovereign Debt and Default
An integrated approach to the economics of sovereign default Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of ...
Investment Cycles and Sovereign Debt Overhang
We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a small open economy where the government cannot commit to policy and seeks to insure a risk averse domestic constituency. The expected tax on capital is shown to vary with the state of the economy, generating cyclicality in investment and debt in an environment where the first best capital stock is a constant. The government's lack of commitment induces a negative correlation between investment and the stock of government debt, a "debt overhang'' effect. If the government discounts the future at a rate higher than the market, then capital oscillates indefinitely at a level strictly below the first best. Debt relief is never Pareto improving and cannot affect the long-run level of investment. Further, restricting the government to a balanced budget can eliminate the cyclical distortion of investment.
The Increase in Leisure Inequality, 1965-2005
Using data spanning forty years and tens of thousands of survey respondents, Mark Aguiar and Erik Hurst seek to answer several key questions about leisure inequality: How much has the leisure time of the average American increased or decreased over the last several decades? Wh...
The Increase in Leisure Inequality
This paper examines the changing allocation of time within the United States that has occurred between 1965 and 2003-2005. We find that the time individuals have allocated to leisure has increased in the U.S. for both men and women during this period, with almost the entire gain occurring prior to 1985. We also find that post 1985 there has been a substantial increase in leisure inequality, particularly for men. Over the last 20 years, less educated men increased the time they allocated to leisure while more educated men recorded a decrease in leisure time. While the relative decline in the employment rate of less educated men is important, trends in employment status explain less than half of the increase in the leisure gap.
Never Enough
"In this landmark work, Neil Gilbert addresses the long-standing tensions between capitalism and the progressive spirit. Challenging the contemporary progressive outlook on the failures of capitalism, Capitalism and the Progressive Spirit analyzes the empirical evidence for conventional claims about the real level of poverty, the presumed causes and consequences of inequality, the meaning and underlying dynamics of social mobility, and the necessity for more social welfare spending and universal benefits. A careful reading of the research reveals that these issues are far less serious than contemporary progressive claims would have the public believe. Progressive leaders, however, remain fir...
Putting Universities in their Place
There have been several attempts in recent years to create conceptual frameworks and models to help universities and policy makers understand the role and contribution of higher education to local and regional development. However, these models have failed to fully reflect or give insufficient attention to the impact of the regional context (economic, social, political), the policy environment for higher education and territorial development and the diversity of management and leadership structures of universities themselves. This has led to the development of static models that rarely work outside of the immediate context in which they were developed and therefore risk leading to design of ...
Global Production
Global Production is the first book to provide a fully comprehensive overview of the complicated issues facing multinational companies and their global sourcing strategies. Few international trade transactions today are based on the exchange of finished goods; rather, the majority of transactions are dominated by sales of individual components and intermediary services. Many firms organize global production around offshoring parts, components, and services to producers in distant countries, and contracts are drawn up specific to the parties and distinct legal systems involved. Pol Antràs examines the contractual frictions that arise in the international system of production and how these fr...
Safety Management Systems
Safety Management Systems: Applications for the Aviation Industry provides an in-depth review of specific applications of an aviation-related Safety Management System (SMS) by following it from design through application. Readers will gain an understanding of SMS and how it relates to their daily activities. Also, specific information is provided on the rotocraft industry, due to variations in the challenges it faces.
Focus: Music of Northeast Brazil
Focus: Music of Northeast Brazil examines the historical and contemporary manifestations of the music of Brazil, a country with a musical landscape that is layered with complexity and diversity. Based on the author’s field research during the past twenty years, the book describes and analyzes the social/historical contexts and contemporary musical practices of Afro-Brazilian religion, selected Carnival traditions, Bahia’s black cultural renaissance, the traditions of rural migrants, and currents in new popular music. Part One, Understanding Music in Brazil, presents important issues and topics that encompass all of Brazil, and provides a general survey of Brazil’s diverse musical landscape. Part Two, Creating Music in Brazil, presents historical trajectories and contemporary examples of Afro-Brazilian traditions, Carnival music, and northeastern popular music. Part Three, Focusing In, presents two case studies that explore the ground-level activities of contemporary musicians in Northeast Brazil and the ways in which they move between local, national, and international realms. The accompanying downloadable resources offer vivid musical examples that are discussed in the text
