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Inequality in Good and Bad Times: A Cross-Country Approach
This paper provides evidence of a strong relationship between the short-term dynamics of growth and inequality in developing economies. We find that reductions in inequality during growth upswings are largely reversed during growth slowdowns. Using a new methodology (mediation analysis), we identify unemployment, and youth unemployment especially, as the main channel through which fluctuations in growth affect future dynamics in inequality. These findings suggest that both the quality of jobs created and labor market policies are important to ensure that growth outcomes are conducive to inequality reduction.
Has Chinese Aid Benefited Recipient Countries? Evidence from a Meta-Regression Analysis
This paper employs a meta-regression analysis of 473 estimates from 15 studies to take stock of the empirical literature on Chinese aid effectiveness. After accommodating publication selection bias, we find that, on average, Beijing’s foreign assistance has had a positive impact on economic and social outcomes in recipient countries but an opposite effect on governance, albeit negligible in size. We also show that (i) studies that fail to uncover statistically significant effects are less likely to be submitted to journals, or accepted for publication; and (ii) results are not driven by authors’ institutional affiliation. Differences in study characteristics such as the type of development outcome considered, how the Chinese aid variable is measured, the geographic region under study, and publication outlet explain the heterogeneity among Chinese aid effectiveness estimates reported in the literature.
Flexible Fiscal Rules and Countercyclical Fiscal Policy
This paper assesses the impact of different types of flexible fiscal rules on the procyclicality of fiscal policy with propensity scores-matching techniques, thus mitigating traditional self-selection problems. It finds that not all fiscal rules have the same impact: the design matters. Specifically, investment-friendly rules reduce the procyclicality of both overall and investment spending. The effect appears stronger in bad times and when the rule is enacted at the national level. The introduction of escape clauses in fiscal rules does not seem to affect the cyclical stance of public spending. The inclusion of cyclical adjustment features in spending rules yields broadly similar results. T...
Saint Thomas Aquinas
The presentation of the life and work of any great thinker is a formidable task, even for a renowned scholar. This is all the more the case when such a historical figure is a saint and mystic, such as Friar Thomas Aquinas. In this volume, Fr. Jean-Pierre Torrell, OP, masterfully takes up the strenuous task of presenting such a biography, providing readers with a detailed, scholarly, and profound account of the thirteenth-century theologian whose works have not ceased to draw the attention of both friend and foe! In this volume, Fr. Torrell, an internationally renowned expert on St. Thomas, speaks to neophytes and experts alike: for those new to Thomas’s works, he paints an engaging human portrait of Friar Thomas in his historical context; for specialists, he provides a rigorous scholarly account of contemporary research concerning Thomas’s life and work. This new edition of Fr. Torrell’s widely-lauded text involved significant revision, expansion, and bibliographical updates in light of the latest scholarship. The Catholic University of America Press is pleased to present such an eminent specialist’s mature synthesis concerning Friar Thomas Aquinas.
Verbum
entirety to contemporary readers." --Book Jacket.
The Bakers of Paris and the Bread Question, 1700-1775
In preindustrial Europe, dependence on grain shaped every phase of life from economic development to spiritual expression, and the problem of subsistence dominated the everyday order of things in a merciless and unremitting way. Steven Laurence Kaplan’s The Bakers of Paris and the Bread Question, 1700–1775 focuses on the production and distribution of France’s most important commodity in the sprawling urban center of eighteenth-century Paris where provisioning needs were most acutely felt and most difficult to satisfy. Kaplan shows how the relentless demand for bread constructed the pattern of daily life in Paris as decisively and subtly as elaborate protocol governed the social life a...
A Possible Approach to Fiscal Rules in Small Islands — Incorporating Natural Disasters and Climate Change
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advanta...
Aristotle in Aquinas's Theology
Aristotle in Aquinas's Theology explores the role of Aristotelian concepts, principles, and themes in Thomas Aquinas's theology. Each chapter investigates the significance of Aquinas's theological reception of Aristotle in a central theological domain: the Trinity, the angels, soul and body, the Mosaic law, grace, charity, justice, contemplation and action, Christ, and the sacraments. In general, the essays focus on the Summa theologiae, but some range more widely in Aquinas's corpus. For some time, it has above all been the influence of Aristotle on Aquinas's philosophy that has been the center of attention. Perhaps in reaction to philosophical neo-Thomism, or perhaps because this Aristotel...
Les ressources naturelles, un enjeu clé pour l'avenir de I'Afrique
Ce livre se penche sur le rôle des richesses en ressources naturelles dans la transformation économique de l’Afrique et évoque les enjeux de la transition sobre en carbone pour les économies riches en ressources. La richesse en ressources constitue en effet un facteur clé dans la majeure partie des économies subsahariennes, dont le sol recèle un important potentiel inexploité. Les gisements souterrains de métaux, minerais, pétrole et gaz représentent des sources prépondérantes de recettes publiques et de revenus d’exportation, tout en offrant des possibilités de développement dans la plupart des pays du continent. En dépit de réserves conséquentes, la conversion de la r...
