London School of Economics and Political Science

About: London School of Economics and Political Science is a education organization based out in London, United Kingdom. It is known for research contribution in the topics: Politics & Population. The organization has 8759 authors who have published 35017 publications receiving 1436302 citations.

Liquidity Black Holes

Abstract: Traders with short horizons and privately known loss limits interact in a market for a risky asset. Risk-averse, long horizon traders generate a downward sloping residual demand curve that faces the short-horizon traders. When the price falls close to the loss limits of the short horizon traders, selling of the risky asset by any trader increases the incentives for others to sell. Sales become mutually reinforcing among the short term traders, and payoffs analogous to a bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon traders sell because others sell. Using global game techniques, we solve for the unique trigger point at which the liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time of the liquidity black hole.

Health, community and development: towards a social psychology of participation

Abstract: The concept of ‘community participation’ plays a central role in policies and interventions seeking to reduce health inequalities. This paper seeks to contribute to debates about the role of participation in health by suggesting how social psychological concepts can add to the theorisation of participation. It criticises traditional concepts of development and introduces some of the challenged that are present for development and community theorists in conditions of rapid globalisation. The paper proceeds to demarcate the space which a social psychology of participation occupies within the terrain of existing research into the health-society interface. The concepts of empowerment and social capital are identified as important starting points to address the relative lack of social psychological attention to community-level determinants of health. It is suggested that social identities, social representations and power are crucial elements for constructing a social psychology of participation. The paper concludes by highlighting the vital link that should exist between the development of theory and practical interventions. Paulo Freire's notion of conscientisation is a guiding notion throughout the paper. Copyright © 2000 John Wiley & Sons, Ltd.

Convergence empirics across economies with (some) capital mobility

Abstract: This paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, and reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; instead, the important features are persistence, immobility, and polarization, exemplified by “convergence club” or “twin peaks” dynamics.

Land Reform, Poverty Reduction, and Growth: Evidence from India

Abstract: In recent times there has been a renewed interest in relationships between redistribution, growth and welfare. Land reforms have been central to strategies to improve the asset base of the poor in developing countries thought their effectiveness has been hindered by political constraints on implementation. In this paper we use panel data on the sixteen main Indian states from 1958 to 1992 to consider whether the large volume of land reforms as have been legislated have had an appreciable impact on growth and poverty. The evidence presented suggests that land reforms do appear to be associated with poverty reduction.

Environmental Policy and Directed Technological Change: Evidence from the European carbon market

Abstract: This paper investigates the impact of the European Union Emissions Trading System (EU ETS) on technological change, exploiting installations-level inclusion criteria to estimate the System's causal impact on firms' patenting. We find that the EU ETS has increased low-carbon innovation among regulated firms by as much as 10%, while not crowding out patenting for other technologies. We also find evidence that the EU ETS has not impacted patenting beyond the set of regulated companies. These results imply that the EU ETS accounts for nearly a 1% increase in European low-carbon patenting compared to a counterfactual scenario.