The Effects of Capital Mobility, Trade Openness, and Democracy on Social Spending in Latin America, 1980–1999

Empirical studies measuring the impact of globalization on social spending have appeared recently in leading journals. This study seeks to improve upon previous work by (1) employing a more sophisticated and comprehensive measure of financial openness; (2) using a more accurate measure of trade openness based on purchasing power parities; and (3) relying on social spending data that are more complete than those used by previous studies on Latin America. Our estimates suggest that several empirical patterns reported in previous work deserve a second look. We find that trade openness has a positive association with education and social security expenditures, that financial openness does not constrain government outlays for social programs, and that democracy has a strong positive association with social spending, particularly on items that bolster human capital formation.     

Government Partisanship, Elections, and the Stock Market: Examining American and British Stock Returns, 1930–2000

We construct a model of speculative trading to examine how the mean and volatility of stock prices is affected both by government partisanship and by traders' expectations of electoral victory by the right-wing or left-wing party. Our model predicts that rational expectations of higher inflation under left-wing administrations lowers the volume of stocks traded in the stock market. The decline in trading volume leads to a decrease in the mean and volatility of stock prices not only during the incumbency of left-wing governments, but also when traders expect the left-wing party to win elections. Conversely, expectation of lower inflation under right-wing administrations leads to higher trading volume. This leads to an increase in the mean and volatility of stock prices during the tenure of right-wing governments and when traders anticipate the right-wing party to win elections. Daily and monthly data from U.S. and British equity markets between 1930 and 2000 statistically corroborate the predictions from our formal model.     

Institutions and intellectual property: The influence of institutional forces on university patenting

Over the past 20 years, the number of patents assigned to universities has increased dramatically. This increase coincided with several policy initiatives, such as the Bayh‐Dole Act of 1980, designed to foster technology transfer between universities and the private sector. This paper examines the effect of such policies using an institutional framework, designed to illustrate how factors both from inside and outside of academia influence the decision to patent university research. We find passage of the Bayh‐Dole Act spurred university patenting, but did not induce additional applied research funding. Thus, Bayh‐Dole fostered technology transfer, but did not result in more applied research at universities. © 2005 by the Association for Public Policy Analysis and Management     

Who are the Darfurians? Arab and African identities, violence and external engagement

This article examines processes of identity formation in Darfur,now part of the Republic of Sudan, over the last four centuries.The basic story is of four overlapping processes of identityformation, each of them primarily associated with a differentperiod in the region's history: namely, the ‘Sudanic identities’associated with the Dar Fur sultanate, Islamic identities, theadministrative tribalism associated with the twentieth-centurySudanese state, and the recent polarization of ‘Arab’and ‘African’ identities, associated with new formsof external intrusion and internal violence. It is a story thatemphasizes the much-neglected east-west axis of Sudanese identity,arguably as important as the north-south axis, and redeems theneglect of Darfur as a separate and important locus for stateformation in northern Sudan, paralleling and competing withthe Nile Valley states. It focuses on the incapacity of boththe modern Sudanese state and international actors to comprehendthe singularities of Darfur, accusing much Sudanese historiographyof ‘Nilocentrism’, namely, the use of analyticalterms derived from the experience of the Nile Valley to applyto Darfur.     

Australian External Policy and the End of Britain's Empire1

The winding down of Britain's colonial empire in the 1950s and 1960s impacted upon Australian external policy in several ways. Australia had to build diplomatic capacity in order to manage relationships with numerous newly independent states. As many of these states were non-aligned in the Cold War context, Australia had to think afresh about the problems of regional security. Decolonisation also meant the transformation of the Commonwealth into a "nest of republics", a development that hastened the demise of the older sense of organic empire and, for Robert Menzies, compromised the quality of the Anglo-Australian relationship. The effect on Australia of Britain's post-colonial restrictive immigration policy compounded this process. So too did Britain's move towards Europe. In addition there were implications for Australia's policy towards the United Nations and towards its own dependent territories.     

Brave New Liberal: Percy Spender

Percy Spender's pioneering work as External Affairs Minister is often held up as a significant contribution to Liberal policy-making and Australian foreign policy more generally. A closer look at his life and thinking illuminates some of the factors behind his policy-making. Some of the more prominent, shaping factors can be organised under the headings of his overseas travels before becoming External Affairs Minister at the end of 1949; his sense that the mid-twentieth period was one in which Asia suddenly played a big role; and his determination that Australians should be proactive in their relations in their region, rather than merely reactive in foreign policy.     

Eagle's-eye View: An American Assessment of the 1973 Yom Kippur War

The United States displayed a keen interest in the nature, progress and results of the Yom Kippur War, because the fighting was thought to reflect how non-nuclear hostilities between the North Atlantic Treaty Organization (NATO) and the Warsaw Pact (WP) would unfold on the plains of central Europe in case war broke out there. In contrast to many observers of the war, who concluded that the losses suffered by the Israel Defence Forces (IDF) at the hands of Egyptian and Syrian anti-aircraft and anti-tank weapons had rendered the aircraft and the tank largely impotent, thereby revolutionizing how wars would be waged in the future, Central Intelligence Agency (CIA) analysts and United States Army Training and Doctrine (TRADOC) Command officers, based upon an in-depth review of the nature, progress and results of the fighting, re-affirmed the centrality of these weapons systems on the modern battlefield. Rather than focus obsessively on technological developments, they concluded that training, leadership and tactics were ultimately the decisive elements in the Yom Kippur War.     

Value Recapture: A Rose by Another Name

The fuel crisis, increased federal funding, and urban center development and redevelopment are all increasing the pressure for rapid transit systems in urban areas. As with other publicly funded developments, such systems often lead to an increase in value of privately owned land near transit stations. This is due to the enhanced commercial, industrial, and residential development potential created by superior access and concurrent generation of intense local activity. Such an increase in value is unearned-a windfall, in essence. Arguably, it should accrue, at least in part, to the public agency which incurred substantial expenditures in developing the public facility-the cause of the value increase in the first place. Such an accrual of value could be offset against the public cost of the improvement. This article deals with several proposed methods of such “value recapture”: “excess” or “supplemental” condemnation, tax assessment, intergovernmental cooperation and air rights development.