世界経済・社会統計 = World development indicators

In Acemoglu, Johnson, and Robinson, henceforth AJR, (2001), we advanced the hypothesis that the mortality rates faced by Europeans in different parts of the world after 1500 affected their willingness to establish settlements and choice of colonization strategy. Places that were relatively healthy (for Europeans) were—when they fell under European control—more likely to receive better economic and political institutions. In contrast, places where European settlers were less likely to go were more likely to have “extractive” institutions imposed. We also posited that this early pattern of institutions has persisted over time and influences the extent and nature of institutions in the modern world. On this basis, we proposed using estimates of potential European settler mortality as an instrument for institutional variation in former European colonies today. Data on settlers themselves are unfortunately patchy—particularly because not many went to places they believed, with good reason, to be most unhealthy. We therefore followed the lead of Curtin (1989 and 1998) who compiled data on the death rates faced by European soldiers in various overseas postings. 1 Curtin’s data were based on pathbreaking data collection and statistical work initiated by the British military in the mid-nineteenth century. These data became part of the foundation of both contemporary thinking about public health (for soldiers and for civilians) and the life insurance industry (as actuaries and executives considered the

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The Colonial Origins of Comparative Development: An Empirical Investigation

https://scholar.harvard.edu/files/shleifer/files/ip_corpgov.pdf

Investor Protection and Corporate Governance

This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance. It then turns to some of the good ideas out of which the NIE works: the description of human actors, feasibility, firms as governance structures, and operationalization. Applications, including privatization, are briefly discussed. Its empirical successes, public policy applications, and other accomplishments notwithstanding, there is a vast amount of unfinished business.

The New Institutional Economics: Taking Stock, Looking Ahead

http://mx.nthu.edu.tw/~jtyang/Teaching/Corporate_Governance/Papers/Claessens,%20Djankov,%20Lang%202000.pdf

The separation of ownership and control in east asian corporations

The dominant hypothesis in the literature that studies conflict is that poverty is the main cause of civil wars. We instead analyze the effect of institutions on civil war, controlling for income per capita. In our set up, institutions are endogenous and colonial origins affect civil wars through their legacy on institutions. Our results indicate that institutions, proxied by the protection of property rights, rule of law and the efficiency of the legal system, are a fundamental cause of civil war. In particular, an improvement in institutions from the median value in the sample to the 75th percentile is associated with a 38 percentage points’ reduction in the incidence of civil wars. Moreover, once institutions are included as explaining civil wars, income does not have any effect on civil war, either directly or indirectly.

The colonial origins of Civil War

A study of the five countries most affected by the East Asian financial crisis - Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand -- shows that more than 60 percent of firms are illiquid and 30 percent are technically insolvent. Among solvent firms, about half are at risk of insolvency unless their liquidity constraints are relieved. Worst affected is Indonesia, with 77 percent of firms illiquid and 65 percent insolvent, followed by Korea and Thailand. Extrapolations using these findings suggest that non-performing loans in the five countries could amount to 7 to 30 percent of Gross Domestic Product (GDP) and non-performing assets to more than a third of their combined GDP.

Corporate Distress in East Asia: The Effect of Currency and Interest Rate Shocks

We provide the first comprehensive cost-benefit analysis of government-led reorganization programs for financially distressed firms in transition economies. The study is based on empirical evidence on the programs in Albania, Arinenia, Bulgaria, FYR Macedonia, Romania, Kazakhstan, Kyrgyz Republic, and Uzbekistan, with a particular focus on the Romanian program which is the only completed program to date. Our results indicate that the reorganization program failed to deliver any tangible improvements in the operational performance of firms. We also show that firms included in the program were faced with softer budget constraints than their comparators outside the program. Finally, we show that the cost of the program equaled three years of salaries for all workers in reorganized firms. The use of this money as severance pay for workers may have eliminated the pressure for government support and made it easier to liquidate or privatize firms. These findings question the feasibility for creating workable reorganization programs under government auspices.

The Failure of Government-led Program of Corporate Reorganization in Romania

We document changes in the performance of over 6000 privatized and state-owned manufacturing enterprises in seven Eastern European countries over the initial transition period. We find that privatization is associated with significant increases in sales revenues and labor productivity, and, to a lesser extent, with fewer job losses. The positive effect of privatization is stronger in economic magnitude and statistical significance as the time elapsed since privatization increases. Enterprises privatized for less than 2 years have labor productivity growth similar to that of state-owned enterprises. In contrast, enterprises privatized for 3 or more years significantly outperform state-owned enterprises. The results are robust to the use of alternative econometric specifications (fixed effects, cluster effects, and random effects), and survive in six of the seven individual country samples (the exceptions being Hungary for sales growth and Romania for labor productivity growth).

Privatization Benefits in Eastern Europe

China’s commercial ties with the outside world have long been symbolized by the ancient Silk Road, which began as a tortuous trading network of mountain paths and sea routes that provided a lifeline for the Chinese economy Now the leadership in Beijing is reviving the concept with an ambitious plan to build and upgrade highways, railways, ports, and other infrastructure throughout Asia and Europe designed to enrich the economies of China and some 60 of its nearby trading partners The so-called Belt and Road Initiative has generated enthusiasm and high hopes but also skepticism and wariness And as big as China’s ambitions are, many obstacles stand in the way In this volume of essays edited by Sean Miner and Simeon Djankov, PIIE experts analyze the initiative’s opportunities for China and the world, along with the logistical problems and political, economic, and security implications that have generated concerns

Simeon Djankov

Papers

The colonial origins of Civil War

Corporate Distress in East Asia: The Effect of Currency and Interest Rate Shocks

The Failure of Government-led Program of Corporate Reorganization in Romania

Privatization Benefits in Eastern Europe

China’s Belt and Road Initiative: Motives, Scope, and Challenges