Market Visions: The Interplay of Ideas and Institutions in Chinese Financial Restructuring

In studies of transitional systems, negative economic outcomes are often associated with 'partial' or 'stalled' reform – a reform that signifies an institutional departure from standard market operation. Such departures are often traced to socio-political contestation or political preferences. Focusing on China's intertwined financial and enterprise reforms, this paper challenges that approach on two fronts. First, it argues that institutional change and resultant economic outcomes are driven less by contestation than by societally held assumptions regarding the nature of economic causation in market contexts. The analytical lenses that actors employ to understand their environment shape expectations about how markets function, influence the manner by which economic problems are diagnosed, and profoundly affect the ultimate institutional evolution of the system. Second, such lenses are necessitated by substantial uncertainties at the theoretical level regarding market function – uncertainties that make characterizations of economic behavior as 'irrational' highly problematic.     

Hedonic Estimation and Policy Significance of the Impact of HOPE VI on Neighborhood Property Values

HOPE VI was designed as a program to revitalize distressed public housing. This study uses hedonic methods to test whether projects that are rebuilt with HOPE VI funds have a positive effect on surrounding property values. Comparisons are made between HOPE VI and other types of public housing programs using data on property values by census block groups from the 2000 census. We find that HOPE VI had a statistically significant positive impact on surrounding property values on the order of 8–10% for every quarter‐mile closer that a housing unit was located to the development. Other public housing developments were found to have little if any effect on property values.     

Canadian public service employee satisfaction and its main drivers

Using the results of the 2005 Public Service Employee Survey (PSES), this paper identifies which factors have the greatest effect on employee satisfaction in the Canadian public service. Several hypotheses are tested against the backdrop of existing literature. In general, public servant satisfaction is affected by belief in opportunities for promotion, fair classification, adherence to client service standards, life balance, recognition by immediate supervisors, team relationships with colleagues, how well information is shared and, finally, belief in the abilities of senior management. Some interesting elaborations of these basic findings emerge when other variables are controlled. The discussion considers how the public service can be seen as a more desirable career choice.     

POLICIES OF LAST RESORT FOR DEALING WITH NORTH KOREA’S NUCLEAR WEAPONS PROGRAMME

This paper analyzes the policy remedies for dealing with North Korea's nuclear weapons and missile programs. After six nuclear tests and three recent successful ICBM tests, North Korea is close to miniaturizing nuclear warheads and establishing a reliable delivery system, thus achieving a much-feared nuclear weapons capability. In defiance of the extraordinarily tough U.N. Security Council resolutions, Pyongyang persists in developing nuclear weapons. North Korea's nuclear weapons program already has exceeded the strategic patience, of the U.S.-ROK alliance. Harsher policy options to deal with the DPRK nuclear weapons are imperative. Several drastic options, including severe sanctions, preventive bombing, nuclear armament of South Korea, are evaluated in the final round of engagement policy on guaranteeing nonaggression and a peace agreement with Pyongyang.     

How much detail do we need to see? High and very high resolution photography,GAMBIT, and the Manned Orbiting Laboratory

This article examines the requirements for high and very high resolution photography of the USSR and other denied areas during the Cold War. It discusses the partial success of GAMBIT-1 and the much greater success of GAMBIT-3 beginning in 1966 in acquiring the former. The article reviews the development of the Manned Orbiting Laboratory (MOL) in the same period to collect very high resolution photography, the rationale for it, and the major technical and financial problems the program soon experienced. It then describes the debate beginning in 1968 over the value of this imagery considering the MOL’s costs and the growing success of GAMBIT-3, and these and the other factors that led President Richard Nixon to cancel the program the following year.     

Repairing the safety net: Is the EITC the right patch?

Using data from the Michigan Panel Study of Income Dynamics, this article estimates the impact of the Earned Income Tax Credit (EITC) on economic risk. Risk is measured through the variance of full income (income holding labor supply constant). The results show that the EITC significantly reduces economic risk, but its effects are weaker dollar for dollar than traditional means-tested programs like Food Stamps. The difference is not statistically significant, however. Moreover, for many middle-class people, the risk-reduction benefits of the EITC exceed the tax burden it imposes. This is less true of means-tested transfers. These results are significant for the politics of antipoverty policy. They show that a real-world antipoverty program can generate enough middle-class economic security to build for itself a solid base of political support.