Shadow Banks in China: Causes, Impacts and Policy Options

Project Leader: 

The goal of the project is to study the causes and consequences of the rise of China's shadow banks based on the Modern Money Theory. Shadow banks have grown exponentially in China since 2008. Depending on what is counted, the size of Chinese shadow banks is estimated at between $2.3 trillion and $4.8 trillion as of the end of 2012, which is 2.3% and 4.8% of GDP, respectively.

Inequalities by Race and Gender in the Earnings of Women of Color

Project Leader: 

This project examines inequalities by gender and race in the earnings of women of color.  It investigates how gender and race affect the earnings of African American, Latina, and Asian American women in the United States over five decades, from 1970 to 2010.  Using decennial census data, the study seeks to measure the separate and intersectional effects of gender and race and the causes of these—whether from discrimination, differences in worker characteristics, or segregation in different jobs.  It will address policies that can reduce these inequalities, and it will offer a comparative analysis among these women to examine patterns in these inequities, the causes of them, and remedies to reduce them.  

Thomas Scheiding: A history of scholarly communication in economics

We invited Thomas Scheiding from Cardinal Stritch University to review what we know about the scholarly communication process in economics. Tom has written forcefully on the history and economics of economic literature (see for instance, his 2009 JEM article). His latest is a study of the scholarly communication process in physics (an article in Studies).

The Center and the Periphery: The Globalization of Financial Turmoil

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This project involves the creation of a new database of international capital flows from the early 19th century, when London became the financial capital of the world, until 1931, when international capital markets collapsed. This unique database includes all bonds and shares issued in the major financial centers during the first episode of financial globalization (London, Paris, Frankfurt, Berlin, and New York) and will be used jointly with comparable modern data on capital flows (1970 to 2012) to study financial contagion, construct an anatomy of international capital flow cycles, and shed light on the links between capital flow bonanzas and defaults.  

From Innovation to Financial Market Failure: An Anatomy of 18th Century Mortgage-Backed Securities

Project Leader: 

This project studies securitization in the 18th century. In this era, mortgage-backed securities were a financial innovation, which created a bubble both in financial and real estate markets. This study aims to explore this innovation in order to understand the effects of securitization on financial and real markets.

 

Economics, Psychology and the Joyless Economy: The Biography of Tibor Scitovsky

Project Leader: 

The purpose of this project is to write an intellectual biography of the Hungarian economist Tibor Scitovsky (1910-2002). Scitovsky is known primarily for his pathbreaking 1976 book, The Joyless Economy, which offered a pioneering critique of both the standard neoclassical account of rational choice and postwar North American consumer society. 

Safe Assets and the Evolution of Financial Information

Assets that are perceived as “safe” play a vital role in financial markets – serving, in particular, as high-quality collateral for transactions in repo and OTC derivative markets.  The global financial crisis and the problems in Europe have raised concerns that ongoing imbalances in the demand and supply of safe assets could have unhappy consequences for global financial stability and macroeconomic prospects.