Paola Giuliano
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MY LOSING BATTLE AGAINST the LEVIATHAN (Public Interventions of a Desperate Free-Market Economist)
MY LOSING BATTLE AGAINST THE LEVIATHAN (Public interventions of a desperate free-market economist) LUIGI ZINGALES Robert C. McCormack Professor of Entrepreneurship and Finance Table of Contents Preface…………………………………………………...…………………..………………………………..ii 1) “Why Paulson is Wrong”……………………………………………......……………………………………..1 Luigi Zingales 2) “Let’s Get the Bank Rescue Right” ……...………………………..……………………...……………………3 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 3) Congressional Petition………………………………………………….....................………………………….5 John Cochrane, Paola Sapienza, and Luigi Zingales 4) “Plan B” …………………………………………………………………...……...…………...………………6 Luigi Zingales 5) “Cramdown: How to Fix the Credit Mess without a Government Bailout: Quickie Bankruptcies” …………..10 Luigi Zingales 6) “A Bankruptcy to Save GM” ……………...…………………………….………...…………………………12 Joshua Rauh and Luigi Zingales 7) “Economists Have Abandoned Principle” ………………...…………….…………………………...………15 Oliver Hart and Luigi Zingales 8) “Greenspan Roundtable: The Wrong Prescription;” …………………………………………………………17 Luigi Zingales 9) “Let’s Stimulate Private Risk Taking” ………………...……………………….……………………………...18 Alberto Alesina and Luigi Zingales 10) “Yes, We Can, Mr Geithner”……….……………………………………...……………………….....………19 Luigi Zingales 11) “A Trust Crisis”………………………………………………………...……………………………………22 Paola Sapienza and Luigi Zingales 12) “From Awful to Merely Bad: Reviewing the Bank Rescue Options” …….…………...………………………30 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 13) “How Big Finance Bought the Bailout Plan”…..………………...…………………………...……………….32 -
The Cost of Banking Regulation
NBER WORKING PAPER SERIES THE COST OF BANKING REGULATION Luigi Guiso Paola Sapienza Luigi Zingales Working Paper 12501 http://www.nber.org/papers/w12501 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2006 We are grateful to the Foundation Banque de France for funding this paper. We thank Marco Pagano and Fabio Schiantarelli and participants at the Bank of Italy conference "Financial Structure, Product Market Structure and Economic Performance" and the Lisbon European Banking History conference. Luigi Guiso thanks the EEC and MURST for financial support, while Luigi Zingales thanks the Center for Security Prices and the Stigler Center at the University of Chicago for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. ©2006 by Luigi Guiso, Paola Sapienza and Luigi Zingales. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Cost of Banking Regulation Luigi Guiso, Paola Sapienza and Luigi Zingales NBER Working Paper No. 12501 August 2006 JEL No. E0, G0 ABSTRACT We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to credit lower. The only benefit of these restrictions was a lower proportion of bad loans. -
CV Paola Sapienza
Curriculum Vitae Paola Sapienza [April 2012] Finance Department Phone: (847) 491-7436 Kellogg School of Management Fax: (847) 491-5719 Northwestern University Email: [email protected] 2001 Sheridan Road Web: www.kellogg.northwestern.edu/faculty/sapienza/htm/research.htm Evanston, IL 60208-2001 Academic position 2011-present The Merrill Lynch Capital Market Research Professor of Finance, Kellogg School of Management, Northwestern University 2009-2011 Professor of Finance, Kellogg School of Management, Northwestern University 2008- 2009 Ford Visiting Associate Professor University of Chicago, Graduate School of Business 2006- 2009 Associate Professor of Finance, Kellogg School of Management, Northwestern University 1998- 2006 Assistant Professor of Finance, Kellogg School of Management, Northwestern University Other affiliations • Director of the American Finance Association, 2011 to present • Member of the Board of Assicurazioni Generali, 2010 to present • Zell Center Faculty Fellow, 2006 to present • Research Associate, National Bureau of Economic Research (NBER), 2007 to present • Faculty Research Fellow, National Bureau of Economic Research (NBER), 2003 to 2007 • Research Fellow, Centre for Economic Policy Research (CEPR), London, UK 2007 to present • Research Affiliate, Centre for Economic Policy Research (CEPR), London, UK 1998 to 2007 • Faculty Fellow, Center for International Economics and Development, Northwestern University. • Faculty Affiliate, Center for International and Comparative Studies, Northwestern University. Education 1998 Ph.D. in Economics, Harvard University 1993 M.A. in Economics, Department of Economics, Harvard University 1989 Bachelor in Economics (laurea), summa cum laude, Bocconi University, Milan. Fellowships, honors and awards Francisco Manuel Dos Santos Foundation Grant, January 2012 Smith Breeden Distinguished Paper Award, Journal of Finance, 2009. Visiting fellow, University of Chicago GSB Initiative on Global Markets, winter quarter, 2008. -
Paola Giuliano
PAOLA GIULIANO CURRICULUM VITAE http://www.anderson.ucla.edu/faculty/paola.giuliano/ UCLA Anderson School of Management Phone: 310-206-6890 Global Economics and Management Area Fax: 310-825-4011 110 Westwood Plaza, C517 Entrepreneurs Hall Email: [email protected] Los Angeles, CA 90095-1481 EMPLOYMENT Professor of Economics, UCLA, Anderson Graduate School of Management July 2018- Associate Professor of Economics, UCLA, Anderson Graduate School of Management July 2015-June 2018 Visiting Associate Professor of Economics, Harvard University, Department of Economics, July 2016-January 2017 Assistant Professor of Economics, UCLA, Anderson Graduate School of Management July 2008-July 2015 Visiting Scholar, Harvard University, Department of Economics Sept. 2006-May 2008, February 2013-June 2013 Economist, International Monetary Fund October 2003-June 2008 OTHER AFFILIATIONS NBER, research associate, September 2015- NBER, faculty research fellow, April 2009-September 2015 CEPR, research affiliate, January 2010- IZA, research fellow, February 2006 – EDUCATION Ph.D. Department of Economics, University of California Berkeley, 2003 M.A. Economics, Bocconi University, Milan-Italy, Summa cum laude, 1997 FIELDS OF INTEREST Primary Economics of Culture, Social Economics, Political Economy Secondary Macroeconomics, International Economics JOURNAL ARTICLES “Ancestral Characteristics of Modern Populations” (with Nathan Nunn), Economic History of Developing Regions, forthcoming “Traditional agricultural practices and the sex ratio today” (with Alberto Alesina and Nathan Nunn), PLoS ONE, January 2018, 13 (1), e0190510 “The Right Amount of Trust” (with Jeff Butler and Luigi Guiso), Journal of the European Economic Association, October 2016, 14(5), 1155-1180 “Trust and Cheating” (with Jeff Butler and Luigi Guiso), Economic Journal, September 2016, 126 (595), 1703- 1738. -
Classical Liberalism in Italian Economic Thought, from the Time of Unification · Econ Journal Watch : Italy,Classical Liberalis
Discuss this article at Journaltalk: http://journaltalk.net/articles/5933 ECON JOURNAL WATCH 14(1) January 2017: 22–54 Classical Liberalism in Italian Economic Thought, from the Time of Unification Alberto Mingardi1 LINK TO ABSTRACT This paper offers an account of Italians who have advanced liberal ideas and sensibilities, with an emphasis on individual freedom in the marketplace, since the time of Italy’s unification. We should be mindful that Italy has always had a vein of liberal thought. But this gold mine of liberalism was seldom accessed by political actors, and since 1860 liberalism has been but one thin trace in Italy’s mostly illiberal political thought and culture. The leading representatives of Italian liberalism since 1860 are little known internationally, with the exception of Vilfredo Pareto (1848–1923). And yet their work influenced the late James M. Buchanan and the development of public choice economics.2 Scholars such as Bruno Leoni (1913–1967) joined—and influenced— liberals around the world, and they continue to have an impact on Italy today. Besides their scholarship, all the liberal authors mentioned here share a constant willingness to enter the public debate.3 Viewed retrospectively they appear a pugnacious lot, even if not highly successful in influencing public policy. The standout is Luigi Einaudi (1874–1961), at once a scholar and journalist who also became a leading political figure in the period after World War II. 1. Istituto Bruno Leoni, 10123 Turin, Italy. I am grateful to Jane Shaw Stroup for valuable editorial feed- back. I also wish to thank Enrico Colombatto and three anonymous referees for their helpful comments. -
ARTICLE in PRESS Has New York Become Less Competitive Than London in Global Markets? Evaluating Foreign Listing Choices Over
ARTICLE IN PRESS Journal of Financial Economics 91 (2009) 253–277 Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time$ Craig Doidge a, G. Andrew Karolyi b,Ã, Rene´ M. Stulz b,c a Rotman School of Management, University of Toronto, Toronto, ON, Canada M5S 3E6 b Fisher College of Business, The Ohio State University, Columbus, OH 43210, USA c National Bureau of Economic Research, Cambridge, MA 02138, USA article info abstract Article history: We study the determinants and consequences of cross-listings on the New York and Received 18 July 2007 London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the Received in revised form relative benefits of New York and London exchange listings and to assess whether these 8 November 2007 relative benefits have changed over time, perhaps as a result of the passage of the Accepted 28 February 2008 Sarbanes-Oxley Act in 2002. We find that cross-listings have been falling on US Available online 10 December 2008 exchanges as well as on the Main Market in London. This decline in cross-listings is JEL classifications: explained by changes in firm characteristics instead of by changes in the benefits of F30 cross-listing. We show that after controlling for firm characteristics there is no deficit in G15 cross-listing counts on US exchanges related to SOX. Investigating the valuation G32 differential between listed and non-listed firms (the cross-listing premium) from 1990 G38 to 2005, we find that there is a significant premium for US exchange listings every year, Keywords: that the premium has not fallen significantly in recent years, and that it persists when International cross-listings allowing for time-invariant unobservable firm characteristics. -
Alberto Alesina
ALBERTO ALESINA Department of Economics Residence: Harvard University 19 Commonwealth Avenue Cambridge, MA 02138 Boston, MA 02116 617-495-8388 Email: [email protected] November 2018 PROFESSIONAL POSITIONS Nathaniel Ropes Professor of Political Economics, Harvard University July 2003 to present Tommaso Padoa-Schioppa Visiting Professor of Economics, Bocconi University July 2012 to June 2013 Taussig Research Professor of Economics, Harvard University July 2006 to June 2007 Chairman of the Department of Economics, Harvard University July 2003 to June 2006 Visiting Professor of Economics, IGIER-Bocconi July 2002-June 2003 and July 2008-June 2009 Visiting Professor of Economics, MIT July 1998 to June 1999 Professor of Economics and Government, Harvard University July 1993 to June 2003 Paul Sack Associate Professor of Political Economy, Harvard University January 1991 to June 1993 Assistant Professor of Economics and Government, Harvard University September 1988 to December 1990 Olin Fellow, National Bureau of Economic Research July 1989 to June 1990 Assistant Professor of Economics and Political Economy, Carnegie Mellon University July 1987 to June 1988 Post-Doctoral Fellow in Political Economy, Carnegie Mellon University July 1986 to June 1987 OTHER AFFILIATIONS National Bureau of Economic Research, Research Associate, September 1993 to present Faculty Research Fellow from 1987 to 1993 IGIER, Universitá Bocconi, June 2009 to present Center for Economic Policy Research, Research Fellow, October 1987 to present Center for Basic Research -
Family Ties and Political Participation
FAMILY TIES AND POLITICAL PARTICIPATION Alberto Alesina Paola Giuliano Harvard University and IGIER Bocconi UCLA, Anderson School of Management Abstract We establish an inverse relationship between family ties and political participation, such that the more individuals rely on the family as a provider of services, insurance, and transfer of resources, the lower is one’s civic engagement and political participation. We also show that strong family ties appear to be a substitute for generalized trust, rather than a complement to it. These three constructs—civic engagement, political participation, and trust—are part of what is known as social capital; therefore, in this paper, we contribute to the investigation of the origin and evolution of social capital. We establish these results using within-country evidence and looking at the behavior of immigrants from various countries in 32 different destination places (JEL: P16, Z10, Z13). 1. Introduction Well-functioning democracies need citizens’ participation in politics. The concept of politics is broader than simply voting in elections, including a host of activities like volunteering as an unpaid campaign worker, debating politics with others, and attending political meetings (e.g., campaign appearances of candidates), joining political groups, participating in boycott activities, strikes or demonstrations, writing letters to representatives and so on. What determines it? The purpose of this paper is to investigate an hypothesis put forward by Banfield (1958) in his study of a southern Italian village. In this study, he defines amoral familism as a social equilibrium in which people exclusively trust (and care about) their immediate family, expect everybody else to behave in that way and therefore (rationally) do not trust non-family members and do not expect to be trusted outside the family.1 He argues that amoral familism leads to low civic engagement, low political participation, low generalized trust, and a lack of confidence in political institutions. -
Long-Term Orientation and Educational Performance
NBER WORKING PAPER SERIES LONG-TERM ORIENTATION AND EDUCATIONAL PERFORMANCE David Figlio Paola Giuliano Umut Özek Paola Sapienza Working Paper 22541 http://www.nber.org/papers/w22541 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2016 We thank participants at Bocconi University, Catholic University of the Sacred Hearth (Milan), Erasmus University, European Association of Labor Economists, Family and Education Workshop, Federal Reserve Bank of New York, IZA, Gerzensee Summer Symposium 2015, Harvard-MIT Positive Political Economy Seminar, Long Run Factors in Comparative Development conference, New York University, Nordic Summer Institute in Labor Economics, OECD, University of British Columbia, University of Calgary, University of Colorado, University of Warwick, University of Zurich and the Warwick summer Workshop in Economic Growth for comments that substantially improved the papers. We also thank Gaia Dossi and Riccardo Marchingiglio for extraordinary research assistantship. We appreciate the financial support from the National Institutes of Child Health and Human Development (Figlio), National Science Foundation (Figlio), and US Department of Education (Figlio and Özek). We are especially grateful to the Florida Department of Education and Health for providing the linked population-level administrative data that permitted this analysis to take place. All errors and opinions are those of the authors and do not reflect those of the funders or the Florida Departments of Education and Health. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. -
Associationof Population Centers
ASSOCIATION OF POPULATION CENTERS 2021 Resource Guide Greetings – On behalf of the Association of Population Centers (APC), I am proud to share with you the 2021 edition of the APC Resource Guide, a compendium of individual profiles of the nation’s premier independent population research organizations. In these pages, you will find a comprehensive overview of the current state of population science including research subject matter, interdisciplinary and cross-institutional collaborations, and applications to real-world decision-making and policy development. Founded in 1991, the Association of Population Centers is an independent group of university-based centers and private sector research organizations whose mission is to: • Foster collaborative demographic research and data-sharing • Translate basic population research for public policy decision-makers • Provide educational and training opportunities in population studies Approximately 40 distinct entities comprise the APC, including broad-based population centers as well as several centers focused specifically on aging populations.All the centers are by design interdisciplinary, drawing faculty and research staff from diverse fields such as demography, economics, geography, medicine, public health, anthropology, biology, public policy, statistics, and sociology. Scholars at APC centers conduct research on the individual, societal, and environmental implications of population change and vice versa. Their diverse interests include topics such as aging and retirement, minority health, adolescent health, childcare, immigration and migration, family formation and dissolution, fertility, morbidity and mortality, post-disaster resilience, housing and homelessness, rural and urban populations, and population forecasting. This research, in turn, serves to inform planning, policy formulation, and decision-making at the local, regional, national, and even international levels. -
NBER WORKING PAPER SERIES LONG TERM PERSISTENCE Luigi
NBER WORKING PAPER SERIES LONG TERM PERSISTENCE Luigi Guiso Paola Sapienza Luigi Zingales Working Paper 14278 http://www.nber.org/papers/w14278 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2008 We thank Francesco Giavazzi, Paola Giuliano, Eliana La Ferrara, Giuliano Milani, Guido Tabellini, and participants in seminars at Brown University, the University of Chicago and the NBER for very helpful comments. We are extremely grateful to Giuliano Milani for his advice and help in obtaining data and references on Medieval history. Antonello Montesanti has very kindly given us access to his data on the Etruscan origin of Italian cities. Lorenzo Ciari and Marcello Sartarelli have provided excellent research assistance and Peggy Eppink and Janice Luce invaluable editorial help. Luigi Guiso thanks the European University Institute, Paola Sapienza the Zell Center, and Luigi Zingales the Center for Research in Security Prices (CRSP), the Stigler Center, and the Initiative on Global Markets at the University of Chicago for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Luigi Guiso, Paola Sapienza, and Luigi Zingales. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Long Term Persistence Luigi Guiso, Paola Sapienza, and Luigi Zingales NBER Working Paper No. -
Paola Giuliano
PAOLA GIULIANO CURRICULUM VITAE http://www.anderson.ucla.edu/faculty/paola.giuliano/ UCLA Anderson School of Management Phone: 310-206-6890 Global Economics and Management Area Fax: 310-825-4011 110 Westwood Plaza, C517 Entrepreneurs Hall Email: [email protected] Los Angeles, CA 90095-1481 EMPLOYMENT Assistant Professor of Economics, UCLA, Anderson Graduate School of Management, July 2008-today Visiting Scholar, Russell Sage Foundation, New York (September 2012-January 2013) Visiting Assistant Professor of Economics, Harvard University, Dept. of Economics, Sept. 2006-May 2008, February 2013-June 2013 Economist, International Monetary Fund, October 2003-June 2008 OTHER AFFILIATIONS NBER, faculty research fellow, April 2009-present CEPR, research affiliate, January 2010-present IZA, research fellow, February 2006 – present EDUCATION Ph.D. Department of Economics, University of California Berkeley (December 2003) M.A. Economics, Bocconi University, Milan-Italy, Summa cum laude (March 1997) FIELDS OF INTEREST Primary Economics of Culture, Social Economics, Political Economy Secondary Macroeconomics, International Economics PUBLICATIONS IN PEER REVIEWED JOURNALS: “Growing Up in a Recession” (with Antonio Spilimbergo), conditionally accepted, Review of Economic Studies “Choice and Self: How Identity Shapes Choices and Decision Making” (with D. Bartel, G. Newman, S. Puntoni, L. Rips and O. Urminsky), forthcoming, Marketing Letters “Genetic Distance, Transportation Costs, and Trade” (with Antonio Spilimbergo and Giovanni Tonon), forthcoming, Journal of Economic Geography “Democracy and Reforms” (with Prachi Mishra and Antonio Spilimbergo), American Economic Journal: Macroeconomics, October 2013, 5(4): 179-204 “Like Mother Like Son? Experimental Evidence on the Transmission of Values from Parents to Children” (with Marco Cipriani and Olivier Jeanne), Journal of Economic Behavior and Organization, June 2013, vol.