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JournalISSN: 1086-1653

The Independent Review 

The Independent Institute
About: The Independent Review is an academic journal. The journal publishes majorly in the area(s): Government & Politics. It has an ISSN identifier of 1086-1653. Over the lifetime, 750 publications have been published receiving 9311 citations. The journal is also known as: Independent Review.


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TL;DR: Hatton and Williamson as discussed by the authors assess the economic performance of these world migrations, the policy reactions to deal with them, and the political economy that connected one with the other, including two great migration waves: the first, from the 1820s to the beginning of World War I, when immigration was largely unrestricted; the second, beginning in 1950, when mass migration continued to grow despite policy restrictions.
Abstract: World mass migration began in the early nineteenth century, when advances in transportation technology and industrial revolutions at home enabled increasing numbers of people to set off for other parts of the globe in search of a better life. Two centuries later, there is no distant African, Asian, or Latin American village that is not within reach of some high-wage OECD labor market. This book is the first comprehensive economic assessment of world mass migration taking a long-run historical perspective, including north-north, south-south, and south-north migrations. Timothy Hatton and Jeffrey Williamson, both economists and economic historians, consider two centuries of global mobility, assessing its impact on the migrants themselves as well as on the sending and receiving countries. Global Migration and the World Economy covers two great migration waves: the first, from the 1820s to the beginning of World War I, when immigration was largely unrestricted; the second, beginning in 1950, when mass migration continued to grow despite policy restrictions. The book also explores the period between these two global centuries when world migration shrank sharply because of two world wars, immigration quotas, and the Great Depression. The authors assess the economic performance of these world migrations, the policy reactions to deal with them, and the political economy that connected one with the other. The last third of Global Migration and the World Economy focuses on modern experience and shows how contemporary debates about migration performance and policy can be informed by a comprehensive historical perspective.

306 citations

Journal Article
TL;DR: Systemic risk refers to the risk or probability of breakdowns in an entire system, as opposed to failure in individual parts or components, and is evidenced by comovements (correlation) among most or all the parts as mentioned in this paper.
Abstract: One of the most feared events in banking is the cry of systemic risk. It matches the fear of a cry of fire in a crowded theater or other gatherings. But unlike "fire," the term "systemic risk" is less clearly defined. Moreover, unlike fire fighters, who are rarely accused of sparking or spreading rather than extinguishing fires, bank regulators have at times been accused of, albeit unintentionally, contributing to rather than retarding systemic risk. This paper discusses the alternative definitions and sources of systemic risk, reviews briefly the historical evidence of systemic risk in banking, describes how financial markets have traditionally protected themselves from systemic risk, evaluates the regulations adopted by bank regulators to reduce both the probability of systemic risk and the damage caused by it if and when it may occur, and makes recommendations for efficiently curtailing systemic risk in banking. I Systemic Risk Systemic risk refers to the risk or probability of breakdowns in an entire system, as opposed to breakdowns in individual parts or components, and is evidenced by comovements (correlation) among most or all the parts. Thus, systemic risk in banking is evidenced by high correlation and clustering of bank failures in a country, a number of countries, or globally. Systemic risk may also

298 citations

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Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
20211
201922
201830
201732
201639
201541