scholarly journals The Role of Endowments in Financial Markets: Key Trends in 1990-2020 in the USA (on the example of the US education sector)

2021 ◽  
Vol 15 (2) ◽  
pp. 62-74
Author(s):  
K. B. Bakhtaraeva
Keyword(s):  
State Universities ◽  
Long Run ◽  
The Us ◽  
The Usa ◽  
Long Term Trends ◽  
Investment Portfolios ◽  
Intensive Growth ◽  
Investment Behaviour

This article describes the key trends in the development of endowments as institutional investors using the example of US educational endowments in 1990-2020. The paper also gives an overview of the world structure of endowments assets by regions and sectors. Although much research has been done on investment behaviour and return of endowments, there are not so many works analysing the long-term trends in the development of endowments. The study uses methods of systemic and comparative analysis and statistical methods. The article demonstrates an intensive growth of endowment assets during 1990-2000 and the following maturing market. Special attention is given to identifying and analysing changes in the structure and concentration levels of the endowment's market. The author suggests that the earlier model of many different-sized funds has changed to the model where significant funds dominate and concentrate most assets. The paper also explains the changes in the investment behaviour of endowments, including how the size of endowment influences the asset structure of funds' investment portfolios and return. The paper shows the growing role of state universities endowments, an increase in the regulatory burden. Also, it presents some forecast of key trends in the development of endowments in the long run.

Financing a new nation: a comparative study of the financial roots of the USA and Gran Colombia

2012 ◽  
Vol 7 (1) ◽  
pp. 3-26
Author(s):  
John Muse-Fisher
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Comparative Study ◽  
Reciprocal Relationship ◽  
Long Run ◽  
The Us ◽  
The Usa ◽  
Different Shapes ◽  
New Nation

AbstractThe structure of the USA and the countries that emerged from the remains of Gran Colombia ultimately took different shapes from those suggested in the era immediately after independence, particularly in regard to the extent of each state's fiscal and monetary capacities. This article applies Oszlak's model of ‘stateness’ to the early financial and monetary histories of the USA (roughly 1776–93) and Gran Colombia (roughly 1819–35) to assess and compare the role of financial and monetary capacities in long-run state consolidation and economic development. The US was ultimately more successful than Gran Colombia at adapting its financial and monetary capacities and institutions, creating better conditions for the attainment of ‘stateness’, stronger economic growth, and greater endurance as a national entity. The comparison ultimately suggests a reciprocal relationship between the legitimization of a state's authority (that is, state consolidation) and the development and solidification of fiscal and monetary capacities.

History Matters

2021 ◽  
pp. 319-364
Author(s):  
B. Zorina Khan
Keyword(s):  
World War Ii ◽  
Technological Progress ◽  
Innovation Systems ◽  
The State ◽  
State Universities ◽  
Economic Decisions ◽  
Long Run ◽  
The Us ◽  
Great Divergence

Debates about the “great divergence” within Europe fail to explain the more persistent divergence that resulted in US leadership in industry and technological innovations. Similarly, selective case studies of the post–World War II economy have given rise to claims that dirigiste linkages between the state, universities, and industry, or national innovation systems, are required for technological progress. Empirical analyses of extensive panel data and long-run patterns of innovation across countries suggest otherwise. France and England exhibited an institutional bias toward administered innovation systems, where key economic decisions were made by elites, the state, and other privileged groups. Such policies encouraged rent-seeking and the misallocation of resources and ultimately failed to engender sustained technological progress. By contrast, the US experience highlights the central role of its market-oriented patent system, in concert with flexible open-access adjacent institutions, in promoting economic growth and social welfare.

Petro-RMB? The oil trade and the internationalization of the renminbi

2019 ◽  
Vol 95 (5) ◽  
pp. 1131-1148 ◽  
Author(s):  
Maha Kamel ◽  
Hongying Wang
Keyword(s):  
Financial Markets ◽  
Alternative Energy ◽  
Oil Futures ◽  
International Currency ◽  
Alternative Energy Sources ◽  
Long Run ◽  
The Us ◽  
Us Government

Abstract In this article, we examine China's promotion of the renminbi (RMB) in international oil trade and explore its implications for the international currency system in the short and the long term. The article traces the rise of the RMB in international oil trade in recent years and provides an analysis of its impact on the internationalization of the Chinese currency. We argue that despite the increasing use of the yuan in oil trade in recent years, in the short term it is highly unlikely that a petro-RMB system will emerge to rival the petrodollar system. Unlike the petrodollar, which combines the qualities of a master currency, a top currency and a negotiated currency, China lacks the economic leadership and the political and geopolitical leverages to make the RMB a major petrocurrency. Although the emergence of the RMB-denominated Shanghai oil futures is an important development, the absence of highly developed financial markets and a strong legal system in China hinders its potential. In the long run, the RMB may take on a more prominent role in the international oil trade as China's weight as an oil importer rises. More importantly, the overuse of financial sanctions by the US government has begun to undermine the role of the dollar within and beyond the oil trade. In addition, the rise of alternative energy sources will diminish the centrality of oil in the world economy, thus reducing the significance of petrocurrencies—whether the dollar or the RMB—in shaping the international currency system.

scholarly journals Long-term Factors of Economic Development of the USA during the third Decade of 21st Century

2021 ◽  
pp. 0
Author(s):  
Victor Supyan
Keyword(s):  
Human Capital ◽  
Labor Force ◽  
Healthcare System ◽  
Government Regulation ◽  
Human Capital Formation ◽  
The Third ◽  
The Us ◽  
The Usa

The article aims to show role and significance of long-term innovative factors of economic development of the USA on the verge of the third decade of 21st Century. These critical factors of development are indentified as R&D potential, human capital and role of government economic policy. The author reviews in details composition of expenditures on R&D, shows role of different sectors of economy in R&D performance. It is emphasized that high effectiveness of the US R&D is resulted in leading US position in number of Nobel prizes, in scientific publications, in number of patents. The article reviews the role of human capital, as one of the leading long-term factors of development. As noted in the article the current shifts in the labor force composition are characterized by growth of services and high-tech industries, by high level of labor productivity, as a key indicator of economic effectiveness. It is also revealed that participation rate of labor force has declined over recent years. The US labor force is getting more complex in terms of its ethnic and racial composition. The global expenditures allocated for education in the USA exceed significantly similar expenditures in other advanced countries. The same time it is shown that there are serious contradictions in human capital formation in the US – a share of university graduates in overall population is lower here than in many developed countries. There are also significant disproportions in a sphere of education in terms of racial, ethnic and social equality. The article reviews the contribution of a healthcare system into human capital formation. It is shown that despite of huge expenses allocated for healthcare system and its high technological level, from organizational standpoint the US healthcare system is lagging behind many advanced countries. The author observed also the government role in the economy. Despite many principal characteristics of government regulation standing permanently, the change of republican or democratic administration leads to some changes in government regulation. Similar changes took place when President Trump came into office – he neglected many Keynesian receipts for economy. When new President D. Biden was elected he also suggested new economic policy and eliminated a lot of Trump’s economic neoliberal heritage. New policy is proclaimed including how to struggle 2020 economic crisis.  

Sanctions of the USA and the Policy of Bank of Russia:double Blow to the National Economy

2014 ◽  
pp. 13-29 ◽  
Author(s):  
S. Glazyev
Keyword(s):  
National Security ◽  
Economic Sanctions ◽  
Capital Flight ◽  
Practical Advice ◽  
The Us ◽  
Monetary Authorities ◽  
The Usa ◽  
Simultaneous Adoption ◽  
The Eu

This article examines fundamental questions of monetary policy in the context of challenges to the national security of Russia in connection with the imposition of economic sanctions by the US and the EU. It is proved that the policy of the Russian monetary authorities, particularly the Central Bank, artificially limiting the money supply in the domestic market and pandering to the export of capital, compounds the effects of economic sanctions and plunges the economy into depression. The article presents practical advice on the transition from external to domestic sources of long-term credit with the simultaneous adoption of measures to prevent capital flight.

scholarly journals Shades between Black and Green Investment: Balance or Imbalance?

2021 ◽  
Vol 13 (9) ◽  
pp. 5024
Author(s):  
 Vítor Manuel de Sousa Gabriel ◽  
María Mar Miralles-Quirós ◽  
José Luis Miralles-Quirós
Keyword(s):  
Risk Factor ◽  
Oil Prices ◽  
Oil Price ◽  
Short Term ◽  
Environmental Indices ◽  
Long Run ◽  
Green Investment ◽  
Bounds Test

This paper analyses the links established between environmental indices and the oil price adopting a double perspective, long-term and short-term relationships. For that purpose, we employ the Bounds Test and bivariate conditional heteroscedasticity models. In the long run, the pattern of behaviour of environmental indices clearly differed from that of the oil prices, and it was not possible to identify cointegrating vectors. In the short-term, it was possible to conclude that, in contemporaneous terms, the variables studied tended to follow similar paths. When the lag of the oil price variable was considered, the impacts produced on the stock market sectors were partially of a negative nature, which allows us to suppose that this variable plays the role of a risk factor for environmental investment.

scholarly journals Between communism and capitalism: long-term inequality in Poland, 1892–2015

2021 ◽  
Author(s):  
Paweł Bukowski ◽  
Filip Novokmet
Keyword(s):  
Household Survey ◽  
National Accounts ◽  
Capital Income ◽  
Sharp Rise ◽  
Long Run ◽  
History Of ◽  
Low Levels ◽  
Distribution Of Income

AbstractWe construct the first consistent series on the long-term distribution of income in Poland by combining tax, household survey and national accounts data. We document a U-shaped evolution of inequalities from the end of the nineteenth century until today: (1) inequality was high before WWII; (2) abruptly fell after the introduction of communism in 1947 and stagnated at low levels during the whole communist period; (3) experienced a sharp rise with the return to capitalism in 1989. We find that official survey-based measures strongly under-estimate the rise in inequality since 1989. Our results highlight the prominent role of capital income in driving the U-shaped evolution of top income shares. The unique inequality history of Poland speaks to the central role of institutions and policies in shaping inequality in the long run.

Tornadoes, poverty and race in the USA: A five-decade analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Russ D. Kashian ◽  
Tracy Buchman ◽  
Robert Drago
Keyword(s):  
African American ◽  
African Americans ◽  
Study Finding ◽  
Median Income ◽  
Content Type ◽  
Vulnerable Communities ◽  
Long Run ◽  
Level Data ◽  
The Usa

PurposeThe study aims to analyze the roles of poverty and African American status in terms of vulnerability to tornado damages and barriers to recovery afterward.Design/methodology/approachUsing five decades of county-level data on tornadoes, the authors test whether economic damages from tornadoes are correlated with vulnerability (proxied by poverty and African American status) and wealth (proxied by median income and educational attainment), controlling for tornado risk. A multinomial logistic difference-in-difference (DID) estimator is used to analyze long-run effects of tornadoes in terms of displacement (reduced proportions of the poor and African Americans), abandonment (increased proportions of those groups) and neither or both.FindingsControlling for tornado risk, poverty and African American status are linked to greater tornado damages, as is wealth. Absent tornadoes, displacement and abandonment are both more likely to occur in urban settings and communities with high levels of vulnerability, while abandonment is more likely to occur in wealthy communities, consistent with on-going forces of segregation. Tornado damages significantly increase abandonment in vulnerable communities, thereby increasing the prevalence of poor African Americans in those communities. Therefore, the authors conclude that tornadoes contribute to on-going processes generating inequality by poverty/race.Originality/valueThe current paper is the first study connecting tornado damages to race and poverty. It is also the first study finding that tornadoes contribute to long-term processes of segregation and inequality.

Neuroprotective Role of Nutritional Supplementation in Athletes

2021 ◽  
Vol 14 ◽  
Author(s):  
Supriya Mishra ◽  
Vikram Jeet Singh ◽  
Pooja A Chawla ◽  
Viney Chawla
Keyword(s):  
Neurodegenerative Disorders ◽  
Brain Injuries ◽  
Recovery Process ◽  
Traumatic Brain Injuries ◽  
Omega 3 ◽  
Long Run ◽  
Pathological Mechanism ◽  
Injury Recovery

Background: Neurodegenerative disorders belong to different classes of progressive/chronic conditions that affect the peripheral/central nervous system. It has been shown through studies that athletes who play sports involving repeated head trauma and sub-concussive impacts are more likely to experience neurological impairments and neurodegenerative disorders in the long run. Aims: The aim of the current narrative review article is to provide a summary of various nutraceuticals that offer promise in the prevention or management of sports-related injuries, especially concussions and mild traumatic brain injuries. Methods: This article reviews the various potential nutraceutical agents and their possible mechanisms in providing a beneficial effect in the injury recovery process. A thorough survey of the literature was carried out in the relevant databases to identify studies published in recent years. In the present article, we have also highlighted the major neurological disorders along with the associated nutraceutical(s) therapy in the management of disorders. Results: The exact pathological mechanism behind neurodegenerative conditions is complex as well as idiopathic. However, mitochondrial dysfunction, oxidative stress as well as intracellular calcium overload are some common reasons responsible for the progression of these neurodegenerative disorders. Owing to the multifaceted effects of nutraceuticals (complementary medicine), these supplements have gained importance as neuroprotective. These diet-based approaches inhibit different pathways in a physiological manner without eliciting adverse effects. Food habits and lifestyle of an individual also affect neurodegeneration. Conclusion: Studies have shown nutraceuticals (such as resveratrol, omega-3-fatty acids) to be efficacious in terms of their neuroprotection against several neurodegenerative disorders and to be used as supplements in the management of traumatic brain injuries. Protection prior to injuries is needed since concussions or sub-concussive impacts may trigger several pathophysiological responses or cascades that can lead to long-term complications associated with CNS. Thus, the use of nutraceuticals as prophylactic treatment for neurological interventions has been proposed.

scholarly journals Understanding the prime mover

2011 ◽  
Vol 14 (1) ◽  
pp. 15-33 ◽  
Author(s):  
Johan Hammarlund ◽  
Kristina Riegert
Keyword(s):  
Cold War ◽  
Role Model ◽  
Us Foreign Policy ◽  
Media Discourse ◽  
Prime Mover ◽  
Cultural Symbols ◽  
The Us ◽  
The Usa ◽  
Role Of Religion

•As a pervasive historical construct that is both foreign and familiar, the USA has a looming presence in Swedish media discourse. Swedish journalists’ views of the USA can best be described as ambivalent — critical of a unilateral or too passive US foreign policy, while at the same time being heavily influenced by many aspects of the American economic model and culture. This article presents the results of an analysis of Swedish editorials, debate, commentary and cultural articles about the USA in time periods between 1984 and 2009. During these three decades USA actions are broadly framed against the backdrop of Cold War, globalization and cultural contestation paradigms respectively. The USA is seen as a formidable power, one that should be checked by others on the international stage. Cultural symbols based on historical European narratives about the US are called upon to illustrate reckless unilateralism (‘Space Cowboy’ Reagan) or the future-oriented entrepreneur as a role model for Sweden (during the Clinton years). The final decade under the cultural contestation paradigm is also ambivalent — the role of religion in the USA appears foreign to Swedish eyes, whereas the USA’s cultural misunderstandings with others appear familiar. •

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