Journal ArticleDOI
Economic Informality and the Venture Funding Impact of Migrant Remittances to Developing Countries
TLDR
In this paper, the authors use institutional and transaction cost theories to propose that informality shifts migrant remittances toward venture funding in developing countries, where weak institutional capacity to observe and regulate the economy discourages foreign capital inflows vital to venture investment.Abstract:
In developing countries, weak institutional capacity to observe and regulate the economy discourages foreign capital inflows vital to venture investment. This informality effect may differ for migrant remittances, inflows less reliant on formal arrangements. We use institutional and transaction cost theories to propose that informality shifts migrant remittances toward venture funding. Analyses in 48 developing countries observed from 2001-2009 support our proposition. When the informal sector exceeds approximately 46% of GDP, remittances increase venture funding availability. Migrants and their remittances are vital to funding new businesses and entrepreneurially-led economic growth in developing countries where substantial informality deters other foreign investors.read more
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Posted Content
The Economic Institutions of Capitalism
TL;DR: The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray as discussed by the authors, and a good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan's economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker's Rule.
Journal ArticleDOI
Explaining the Rise of Diaspora Institutions
TL;DR: The authors identify and then investigate empirical support for three theoretically-grounded perspectives on diaspora institution emergence and importance: instrumentally rational states tapping resources of emigrants and their descendants; value-rational states embracing lost members of the nation-state; institutionally-converging states governing diasporas consistent with global norms.
Journal ArticleDOI
The Balance of Payments
Paddy Costall,Alan Dearling +1 more
TL;DR: In this paper, the balance of payments in the US criminal justice system is discussed, and the authors propose a solution to balance the payments of criminal justice workers in the United States.
References
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Book
Institutions, Institutional Change and Economic Performance
TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Journal ArticleDOI
Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.
Manuel Arellano,Stephen Bond +1 more
TL;DR: In this article, the generalized method of moments (GMM) estimator optimally exploits all the linear moment restrictions that follow from the assumption of no serial correlation in the errors, in an equation which contains individual effects, lagged dependent variables and no strictly exogenous variables.
Posted Content
Institutions, Institutional Change, and Economic Performance
Douglass C. North,John Alt +1 more
TL;DR: In this article, the authors examine the role that institutions, defined as the humanly devised constraints that shape human interaction, play in economic performance and how those institutions change and how a model of dynamic institutions explains the differential performance of economies through time.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Book
Governing the Commons: The Evolution of Institutions for Collective Action
TL;DR: In this paper, an institutional approach to the study of self-organization and self-governance in CPR situations is presented, along with a framework for analysis of selforganizing and selfgoverning CPRs.