ANTITRUST AND PRIVACY CONCERNS are two of the most high-profile topics on the tech policy agenda. Checks and balances to counteract the power of companies such as Google, Amazon, and Facebook are under consideration in Congress, though a polarized political environment is a hindrance. But a domestic approach to tech policy will be insufficient, as the users of the large American tech companies are predominantly outside the United States.
As the glittering skyline in Shanghai seemingly attests, China has quickly transformed itself from a place of stark poverty into a modern, urban, technologically savvy economic powerhouse. But as Scott Rozelle and Natalie Hell show in Invisible China, the truth is much more complicated and might be a serious cause for concern.
We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on credit spreads, equity prices, credit, and output across the financial crisis cycle. In particular, we ask the model to match data on the frothy pre-crisis behavior of asset markets and credit, the sharp transition to a crisis where asset values fall, disintermediation occurs and output falls, and the post-crisis period characterized by a slow recovery in output.
Dutch-Caribbean plantations attracted substantial outside funding in the 1760s. This came to an abrupt end after the 1773 credit crisis. We use one banker’s detailed archives to analyze how bankers and investors were initially able to overcome asymmetric information problems, and why the system eventually broke down. Bankers oversaw plantations’ cash flows and placed debt with investors in the form of mortgage-backed securities. Strong growth led to lax screening and an oversupply of credit. After a fall in commodity prices, plantation debts were unsustainable.
Using millions of historical census records and modern birth certificates, we document that immigrants assimilated into US society at similar rates in the past and present. We measure cultural assimilation as immigrants giving their children less foreign names after spending more time in the United States, and show that immigrants erase about one-half of the naming gap with natives after 20 years both historically and today. Immigrants from poorer countries choose more foreign names upon first arrival in both periods but are among the fastest to shift toward native-sounding names.
The Program on Democracy and the Internet runs the work of the Kofi Annan Commission on Elections and Democracy in the Digital Age which will produce guidelines to support democracies, particularly those of the global south.
The economic costs of Indonesia’s 2015 forest fires are estimated to exceed US $16 billion, with more than 100,000 premature deaths. On several days the fires emitted more carbon dioxide than the entire United States economy. Here, we combine detailed geospatial data on fire and local climatic conditions with rich administrative data to assess the underlying causes of Indonesia’s forest fires at district and village scales. We find that El Niño events explain most of the year-on-year variation in fire.
As the global population and people’s incomes rise, the demand for ocean-derived food will continue to grow. At the same time, hunger and malnutrition continues to be a challenge in many countries, particularly in rural or developing areas. Looking to the ocean as a source of protein produced using low-carbon methodologies will be critical for food security, nutrition and economic stability, especially in coastal countries where hunger and malnutrition are a challenge.