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A Preliminary Analysis of Adaptive Responding under Open and Closed Economies

Roane, Henry S; Call, Nathan A; Falcomata, Terry S
Fonte: The Society for the Experimental Analysis of Behavior Publicador: The Society for the Experimental Analysis of Behavior
Tipo: Artigo de Revista Científica
Publicado em //2005 Português
Relevância na Pesquisa
46.27%
In the current investigation, we evaluated the effects of open and closed economies on the adaptive behavior of 2 individuals with developmental disabilities. Across both types of economy, progressive-ratio (PR) schedules were used in which the number of responses required to obtain reinforcement increased as the session progressed. In closed-economy sessions, participants were able to obtain reinforcement only through interaction with the PR schedule requirements (i.e., more work resulted in more reinforcer access). In open-economy sessions, participants obtained reinforcers by responding on the PR schedule and were given supplemental (free) access to the reinforcers after completion of the session. In general, more responding was associated with the closed economy.

Variable-interval schedule performance in open and closed economies

Hall, Genae A.; Lattal, Kennon A.
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /07/1990 Português
Relevância na Pesquisa
46.42%
In two experiments, pigeons obtained food according to variable-interval schedules. In the first experiment, equivalent variable-interval schedules with average interreinforcer intervals ranging between 10 and 80 s in different conditions were studied in both open and closed economies. Response rates increased as reinforcement frequency decreased in the closed economy. By contrast, in the open economy response rates decreased for 1 bird and were variable for the other as reinforcement frequency decreased. The second experiment showed that the differences in the functions between responding and reinforcement frequency in the two types of economies were not due to changes in deprivation level. These results suggest that open and closed economies yield different behavioral effects. This conclusion is supported further by a reconsideration of previous findings that appear counter to the conclusion.

The magnitude-of-reinforcement function in closed and open economies.

Collier, G; Johnson, D F; Morgan, C
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /01/1992 Português
Relevância na Pesquisa
36.39%
It has been hypothesized that the magnitude-of-reinforcement effect may differ in closed and open experimental economies. We determined the relationship between magnitude of reinforcement and response rate in three feeding conditions: a closed economy in which total intake was unrestricted, a closed economy in which total intake was restricted so as to maintain body weight at 85% of free-feeding weight, and a traditional open economy in which subjects received food outside the experimental session. In the closed economies, regardless of body weight, the rats responded faster for smaller pellets and when the fixed ratio for pellets was higher. In the open economy, there was no reliable effect of pellet size or pellet cost on response rate. It is concluded that although there are circumstances in which response rate is an immediate function of the parameters of reinforcement, rate is not necessarily a measure of response strength. Response rate may instead, or additionally, contribute to a strategy of reducing the costs associated with resource utilization.

Trade Policies, Investment Climate, and Exports across Countries

Şeker, Murat
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.15%
There is a large body of research that explores international trade as a source of the dispersion in income levels and growth performances across countries. The trade liberalization policies undertaken between 1950 and 2006 led to an almost 30 fold growth in the volume of international trade. However this increase has not been homogeneous across countries. This study investigates a possible reason that prevents convergence of countries in export performance. It shows that regulatory quality, customs efficiency, quality of infrastructure, and access to finance among other factors increase export performance. Furthermore, it shows that countries that are relatively more constrained in accessing to foreign markets benefit more from improvements in investment climate than the countries with easier foreign market access. Hence obtaining a favorable investment climate for private sector development should be an important policy objective for relatively closed economies to achieve convergence in export volumes with countries that have more liberal trade policies.

Public Debt Management in Emerging Market Economies : Has This Time Been Different?

Anderson, Phillip R. D.; Silva, Anderson Caputo; Velandia-Rubiano, Antonio
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.11%
Despite the scale of the global financial crisis, to date it has not resulted in a sovereign debt crisis among emerging market countries. Two significant factors in this outcome are the improved macroeconomic management and public debt management in these countries over the past decade. This paper reviews the improvements in macroeconomic fundamentals and the composition of public debt portfolios in emerging market countries prior to the crisis and concludes that the policies and strategies pursued by governments provided them with a buffer when the crisis hit. Nevertheless, with the international capital markets effectively closed for over three months and domestic borrowing in many cases impacted by extreme risk aversion, government debt managers were required to adapt their strategies to rapidly changing circumstances. The paper reviews the impact of the crisis and the responses of debt managers to the drying up of international capital, decreased liquidity in markets, and sharply increased term premia. Three categories of response are identified: (i) funding from other sources to reduce pressure on market borrowing; (ii) adapting funding programs to changes in demand in the different types of securities; and (iii) implementing liability management operations to support the market. Most governments were willing to accept temporarily greater risk in their portfolios...

Brazil : Risk-based Supervision of Brazilian Closed Pension Funds

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.14%
This report provides a comprehensive description of the full process for supporting the new supervisory authority for closed pension funds in Brazil, The National Superintendence for Pension Funds, supervisor of the closed pension fund system in Brazil, or PREVIC, in particular through the development of a revised approach to the risk-based supervision of closed pension funds. This report documents the first-funded World Bank project which, in conjunction with PREVIC, the supervisor of the closed pension fund system in Brazil (established in January 2010), has sought to provide guidance to implement a risk based supervision (RBS) appropriate to Brazilian environment, drawing on international experience. The project ran from January 2010 to March 2012. The key outputs of the project were specified as: i) an assessment of the strengths and weaknesses of the current supervisory benchmarking against best practices in RBS around the world; ii) a roadmap for the implementation of RBS under the circumstances prevailing in the industry; iii) proposals for regulations on selected critical elements for the implementation of RBS framework; and iv) training to supervisors and senior executives of closed pension funds about the main challenges of introducing RBS.

Globalization, Growth, and Poverty : Building an Inclusive World Economy

World Bank
Fonte: Washington, DC: World Bank and Oxford University Press Publicador: Washington, DC: World Bank and Oxford University Press
Português
Relevância na Pesquisa
36.17%
Societies and economies around the world are becoming more integrated. Integration is the result of reduced costs of transport, lower trade barriers, faster communication of ideas, rising capital flows, and intensifying pressures for mitigation. Integration--or "globalization"--has generated anxieties about rising ineuality, shifting power, and cultural uniformity. This report assesses its impact and examines these anxieties. Global integration is already a powerful force for poverty reduction, but it could be even more effective. Some, but not all of the anxieties are well-founded. Both global opportunities and global risks have outpaced global policy. The authors propose an agenda for action, both to enhance the potential of globalization to provide opportunities for poor people and to reduce and mitigate the risks it generates. This report presents three main findings that bear on current policy debates about globalization. First, poor countries with around 3 billion people have broken into the global market for manufactures and services; these "new globalizers" have experienced large-scale poverty reduction. The second finding concerns inclusion both across countries and within them; the authors highlight a range of measures that would help countries in danger of becoming marginalized become integrated with the world economy. A third issue concerns the anxiety that economic integration leads to cultural or institutional homogenization.

Globalization, Poverty, and Inequality since 1980

Dollar, David
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
36.28%
One of the most contentious issues of globalization is the effect of global economic integration on inequality and poverty. This article documents five trends in the modern era of globalization, starting around 1980. The first trend is that growth rates in poor economies have accelerated and are higher than growth rates in rich countries for the first time in modern history. Developing countries per capita incomes grew more than 3.5 percent a year in the 1990s. Second, the number of extremely poor people in the world has declined significantly. The share of people in developing economies living on less than dollar 1 a day has been cut in half since 1981, though the decline in the share living on less than dollar 2 per day was much less dramatic. Third, global inequality has declined modestly, reversing a 200-year trend toward higher inequality. Fourth, within-country inequality in general is not growing, though it has risen in several populous countries (China, India, and the United States). Fifth, wage inequality is rising worldwide. This may seem to contradict the fourth trend...

Economic Development, Competition Policy, and the World Trade Organization

Hoekman, Bernard; Mavroidis, Petros C.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.11%
At the recent World Trade Organization (WTO) ministerial meeting in Doha, Qatar, WTO members called for the launch of negotiations on disciplines relating to competition based on explicit consensus on modalities to be agreed at the fifth WTO ministerial meeting in 2003. WTO discussions since 1997 have revealed little support for ambitious multilateral action. Proponents of the WTO antitrust disciplines currently propose an agreement that is limited to "core principles"-nondiscrimination, transparency, and provisions banning "hard core" cartels. The authors argue that an agreement along such lines will create compliance costs for developing countries without addressing the anticompetitive behavior of firms located in foreign jurisdictions. To be unambiguously beneficial to low-income countries, any WTO antitrust disciplines should recognize the capacity constraints that prevail in these economies, make illegal collusive business practices by firms with international operations that raise prices in developing country markets...

Trade, Growth, and Poverty

Dollar, David; Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.34%
The evidence from individual cases and from cross-country analysis supports the view that globalization leads to faster growth and poverty reduction in poor countries. To determine the effect of globalization on growth, poverty, and inequality, the authors first identify a group of developing countries that are participating more in globalization. China, India, and several other large countries are part of this group, so well over half the population of the developing world lives in these globalizing economies. Over the past 20 years, the post-1980 globalizers have seen large increases in trade and significant declines in tariffs. Their growth rates accelerated between the 1970s and the 1980s and again between the 1980s and the 1990s, even as growth in the rich countries and the rest of the developing world slowed. The post-1980 globalizers are catching up to the rich countries, but the rest of the developing world (the non-globalizers) is falling further behind. Next, the authors ask how general these patterns are...

Financial Inclusion, Productivity Shocks, and Consumption Volatility in Emerging Economies

Bhattacharya, Rudrani; Patnaik, Ila
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
36.23%
How does access to finance impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. This puzzle is addressed in the framework of an emerging economy model in which households face shocks to trend growth rate, and a fraction of them are financially constrained, with no access to financial services. Unconstrained households can respond to shocks to trend growth by raising current consumption more than the rise in current income. Financial reform increases the share of such households, leading to greater relative consumption volatility. Calibration of the model for pre- and post-financial reform in India provides support for the model’s key predictions.

The Middle-Income Trap Turns Ten

Gill, Indermit S.; Kharas, Homi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
36.25%
Since we introduced the term “middle-income trap” in 2006, it has become popular among policy makers and researchers. In May 2015, a search of Google Scholar returned more than 3,000 articles including the term and about 300 articles with the term in the title. This paper provides a (non-exhaustive) survey of this literature. The paper then discusses what, in retrospect, we missed when we coined the term. Today, based on developments in East Asia, Latin America, and Central Europe during the past decade, we would have paid more attention to demographic factors, entrepreneurship, and external institutional anchors. We would also make it clearer that to us, the term was as much the absence of a satisfactory theory that could inform development policy in middle-income economies as the articulation of a development phenomenon. Three-quarters of the people in the world now live in middle-income economies, but economists have yet to provide a reliable theory of growth to help policy makers navigate the transition from middle- to high-income status. Hybrids of the Solow-Swan and Lucas-Romer models are not unhelpful...

Reform, Growth, and Poverty in Vietnam

Dollar, David
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.17%
Vietnam grew rapidly in the 1990s, and yet by many measures it has poor economic institutions. Dollar seeks to explain this apparent anomaly. Between the 1980s and 1990s Vietnam carried out significant economic reforms, notably stabilization, the introduction of positive real interest rates, trade liberalization, and initial property rights reform in agriculture. Relating these changes to the empirical growth literature, the author finds that Vietnam's growth acceleration is about what would be predicted. Conditional convergence also suggests that the country's high growth rate will decelerate unless further reforms are taken. The author then looks at the level of institutional and policy development in Vietnam compared with other emerging market economies. While Vietnam's policies have improved, they did so starting from a very low base. So, it can be simultaneously true that Vietnam's policies have improved a lot and yet are rather poor in comparative perspective. A comparison of governance indicators...

Productivity and the Welfare of Nations

Basu, Susanto; Pascali, Luigi; Schiantarelli, Fabio; Serven, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.25%
This paper shows that the welfare of a country's representative consumer can be measured using just two variables: current and future total factor productivity and the capital stock per capita. These variables suffice to calculate welfare changes within a country, as well as welfare differences across countries. The result holds regardless of the type of production technology and the degree of market competition. It applies to open economies as well, if total factor productivity is constructed using domestic absorption, instead of gross domestic product, as the measure of output. It also requires that total factor productivity be constructed with prices and quantities as perceived by consumers, not firms. Thus, factor shares need to be calculated using after-tax wages and rental rates and they will typically sum to less than one. These results are used to calculate welfare gaps and growth rates in a sample of developed countries with high-quality total factor productivity and capital data. Under realistic scenarios...

Trade Policy Reform in the East Asian Transition Economies

Martin, Will
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.25%
The performance of the East Asian transition economies in export and income growth has been strikingly better than that of countries in Eastern Europe and the former Soviet Union. The East Asian economies have achieved remarkably high growth rates in outputs and exports without the often large declines in output and exports observed in Eastern Europe and the former Soviet Union. East Asian reformers have successfully made many of the parallel changes needed in both domestic and trade policies to secure export and income growth. (It makes no sense, for example, to introduce the trade policy instruments of a market economy when the domestic economy is still based on central planning.) But there has been no single magic formula for their success. The author discusses what each of the economies (Cambodia, China, Lao People's Democratic Republic, and Vietnam) has done. China experienced an extended transition process; the transition ws much shorter in other East Asian transition economies--especially Cambodia. Several of the East Asian transition economies used accession to a regional arrangement as part of their reform strategy. China focused mainly on unilateral reforms and...

The Curious Case of Brazil's Closedness to Trade

Canuto, Otaviano; Fleischhaker, Cornelius; Schellekens, Philip
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
46.38%
Although Brazil has become one of the largest economies in the world, it remains among the most closed economies as measured by the share of exports and imports in gross domestic product. This feature cannot be explained simply by the size of Brazils economy. Rather, it is due to an economic structure reliant on domestic value chain integration as opposed to participation in global production networking. It also reflects more generally an export base that shows lack of dynamism. Opening up and moving toward integration into global value chains could produce efficiency gains and help Brazil address its productivity and competitiveness challenges.

Beating the Resource Curse : The Case of Botswana

Sarraf, Maria; Jiwanji, Moortaza
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.02%
The endowment of natural resources has often been associated with disappointing economic development. This phenomenon is referred to in the literature as the "resource curse," which hypothesizes that economies experiencing resource booms, either through price increases or new discoveries, will experience unsustainable growth rates. There are various mechanisms through which a resource-boom can negatively impact on an economy. For instance, it can lead to excessive government expenditure during the boom period and drastic cuts when the boom ends; detrimental impacts on non-boom tradable sectors; inefficient investment beyond the absorptive capacity of the country; and rent seeking behavior. By exploring the case of the mineral boom in Botswana, this paper will demonstrate that the resource curse is not necessarily the fate of resource abundant countries. The adoption of sound economic policies and the good management of windfall gains have allowed Botswana to continuously manage growth and to become one of the great success stories of developing countries.

Measuring Monetary Policy in Open Economies

Cerdeiro, Diego A.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
36.25%
The paper extends Bernanke and Mihov's [6] closed-economy strategy for identification of monetary policy shocks to open-economy settings, accounting for the simultaneity between interest-rate and exchange-rate innovations. The methodology allows a separate treatment of two distinct monetary policy shocks, one that operates through open market operations, and another one that takes place through interventions in the foreign exchange market. Implementation of this strategy to the case of Argentina provides the stylized facts necessary to choose among competing theoretical models of this economy. In addition to studying the effects of monetary policy innovations, the present study sheds light on the endogenous component of monetary policy. In this regard, the paper finds that, notwithstanding the relative stability of the exchange rate and the accumulation of large amounts of international reserves, the central bank in Argentina has been far from absorbing balance of payments shocks in a currency-board fashion. The growing level of international reserves can be rationalized...

Responding on concurrent-chains schedules in open and closed economies.

LaFiette, M H; Fantino, E
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /05/1989 Português
Relevância na Pesquisa
36.05%
Pigeons' key pecks were reinforced according to concurrent-chains schedules of reinforcement. The programmed average time from the onset of the initial links to a terminal link entry was held constant across conditions while the value of variable-interval schedules in the terminal links was varied. Performance was assessed under two economic conditions: (a) an open economy in which session duration was limited to 1 hr and subjects were maintained at 80% of their free-feeding body weights with postsession food when necessary; and (b) a closed economy in which sessions were 23.5 hr long and no deprivation regimen was in effect. In all cases, the relative rate of responding in the initial links matched the reduction in overall delay to primary reinforcement correlated with entry into one terminal link relative to the reduction in delay correlated with entry into the other terminal link. Although the sum of responses made in the initial links and terminal links was found to increase, then decrease, as the rate of food presentation decreased in the closed economy, there was no consistent effect of overall rate of food presentation on total responding in the open economy. The choice data suggest that relative delay reduction predicts choice accurately...

On the distinction between open and closed economies.

Timberlake, W; Peden, B F
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /07/1987 Português
Relevância na Pesquisa
46.51%
Open and closed economies have been assumed to produce opposite relations between responding and the programmed density of reward (the amount of reward divided by its cost). Experimental procedures that are treated as open economies typically dissociate responding and total reward by providing supplemental income outside the experimental session; procedures construed as closed economies do not. In an open economy responding is assumed to be directly related to reward density, whereas in a closed economy responding is assumed to be inversely related to reward density. In contrast to this predicted correlation between response-reward relations and type of economy, behavior regulation theory predicts both direct and inverse relations in both open and closed economies. Specifically, responding should be a bitonic function of reward density regardless of the type of economy and is dependent only on the ratio of the schedule terms rather than on their absolute size. These predictions were tested by four experiments in which pigeons' key pecking produced food on fixed-ratio and variable-interval schedules over a range of reward magnitudes and under several open- and closed-economy procedures. The results better supported the behavior regulation view by showing a general bitonic function between key pecking and food density in all conditions. In most cases...