Senior Fellows/Fellows

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Senior Fellows/Fellows

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Feb 2017

Dynamic Trade, Endogenous Institutions And The Colonization Of Hong Kong: A Staged Development Framework

T. Terry CHEUNG, Theodore PALIVOS, Ping WANG, Yin-Chi WANG, Chong Kee YIP
To explore the interplays between trade and institutions, we construct a staged development framework with multi-period discrete choices to study the colonization of Hong Kong, which served to facilitate the trade of several agricultural and manufactured products, including opium, between Britain an...
Keywords: trade, Hong Kong, Staged development framework
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Specialty Conference

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Specialty Conference

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Nov 2018

From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry EICHENGREEN
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and liq...
Keywords: Monopoly, seigniorage, sovereignty, digital currencies
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Activist-appointed Directors

Angie LOW, Jun-Koo KANG, Jungmin KIM, Hyemin KIM
We investigate how governance reform affects board functioning and firm value through the labor market channel. We find that unseasoned independent directors (UIDs), directors entering the director labor market for the first time, are an important source of labor supply after the 2002 enactment of t...
Keywords: Unseasoned independent directors, Labor market, Sarbanes-Oxley Act, Board of director, Monitoring and advisory roles
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Educational Choice, Rural-Urban Migration And Economic Development

Pei-Ju LIAO, Ping WANG, Yin-Chi WANG, Chong Kee YIP
Observing rapid structural transformation accompanied by a continual process of rural to urban migration in many developing countries, we construct a micro founded dynamic framework to explore how important education-based migration is, as opposed to work-based migration, for economic development, u...
Keywords: Rural-Urban Migration, economic development
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

State-Level Economic Policy Uncertainty

Steven J. DAVIS, Scott R. BAKER, Jeffrey A. LEVY
We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one that captures national and international sources ...
Keywords: Policy uncertainty, elections and uncertainty, COVID-19 pandemic, state-level economic performance, unemployment
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