Women’s liberation as a financial innovation

Consider the perverse incentives that coverture created. It could have already been imprudent for an individual woman to put profit a bank, or even to hold any other asset except real property, because her husband to be would you need to it from her. Parents who wished to give their daughters gifts or bequests could have been equally hesitant to place profit a bank, and could have used property instead.

Less overall deposited in banks would also imply that less overall was lent by banks, an unfortunate outcome through the industrial revolution. We study the implications for financial markets on growth, but Kahn (1996) also discovered that women’s property rights resulted in further patenting by women while Geddes et al. (2012) discovered that these rights resulted in further investment in girls’ education. In some papers, Koudijs and Salisbury (2016, 2018) and Koudijs et al. (2018) studied the consequences of laws that exempted a married woman’s assets from her husband’s creditors, on risk taking, and marital sorting.

Married women received property rights in america state-by-state (Geddes and Lueck 2002), that allows us to compare economic outcomes in states that granted rights to the ones that didn’t. Massachusetts (1846) was the first state to provide women rights. By 1920 all but four states had followed suit.

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Women’s inheritance evidence from india

As the underlying social and cultural dynamics are complex, legislative reform to boost women’s inheritance rights may potentially give a low-cost way to lessen gender discrimination and improve a variety of socioeconomic outcomes for women. State-level reform of inheritance laws in India has an interesting natural experiment for exploring whether also to what extent such efforts have already been effective. In 1994, the states of Karnataka and Maharashtra amended the Hindu Succession Act, granting daughters equal shares in inheritance in accordance with sons which were denied to daughters previously. The results of the reform could provide potentially important lessons for India, where similar, national-level changes were manufactured in 2005, and for countries where inheritance rights remain severely biased against women. The passing of sufficient time because the amendment was enacted, and the option of unique data over three generations, allow assessment of the impact of the legal change on women’s asset endowment and socioeconomic outcomes.

In a recently available paper (Deininger et al. 2010), we use data from the 2006 nationally representative Rural Economic and Demographic Survey, conducted by the National Council of Applied Economic Research, on 1,371 rural Hindu households in Karnataka and Maharashtra. The survey contains detailed information on the parents, siblings, and children of household heads, providing quantitative measures of intergenerational transfers of both physical and human capital investments.

The causal effect is isolated by exploiting the variation in the timing of father’s death to compare within household bequests of land directed at sons and daughters in both states. We find that as the amendment didn’t fully get rid of the underlying inequality, it increased women’s probability of inheriting land by 22 percentage points. Even where the actual inheritance isn’t yet observed, the actual fact that a woman can get to inherit property may increase her bargaining power or affect her marital prospects. Indeed, we look for a robust upsurge in women’s age at marriage (by 0.5 years) following the reform, and women achieved better outcomes in the marriage market, such as for example marrying at a later age, marrying a far more educated spouse, and having the capacity to make favourable reproductive decisions.

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Women, work, and socialism

Women, work, and socialism

Pamela Campa, Michel Serafinelli

Attitudes towards work and gender simultaneously shape, and so are shaped by, the conventions, practices, and policies in confirmed place and time. This column explores how politico-economic regimes affect attitudes towards gender roles and labour, exploiting the rise and fall of the Iron Curtain. Results show that ladies in state-socialist regimes tended to have less negative and less traditional views of work and labour force participation.

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Women’s health and economic development

The returns to education increase both through lower morbidity – enabling greater labour market participation at the intensive margin – and lower mortality – affecting labour market participation at the extensive margin (Jayachandran and Lleras-Muney 2009).

In Bloom et al. (2015), we create a micro-founded dynamic general equilibrium model which allows for a different health status of women and men, and that considers a few of the outlined mechanisms by which improvements in women’s health can stimulate economic development. We utilize this model to review the conditions under that your economy switches from a low-growth regime, corresponding to a poverty trap with high fertility no educational investments, to today’s sustained growth regime with declining fertility and increasing educational investments. We show that investments targeted solely at men’s health will probably have unwanted effects on the timing of the demographic transition, the takeoff to sustained growth, and on the economic growth rate following the transition. In comparison, investments in women’s health increase the demographic transition, the economic takeoff, and the post-transition rate of economic growth. While an equiproportional upsurge in the fitness of both sexes leaves the growth rate unaffected before takeoff, it moderately raises it following the transition, a discovering that is based on the results reported by Cervellati and Sunde (2011). Furthermore, equiproportional health improvements help increase the economic transition.

As well, however, we show that unitary households would like improvements in men’s health over improvements in women’s health due to higher static income gains. Our results therefore imply there are necessary tradeoffs between your short-run interests of households and the long-run effects on economic development.

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Women shaping global economic governance a new ebook

Women shaping global economic governance: A fresh eBook

Arancha Gonzalez, Marion Jansen

Economic governance is confronting the unfolding of three tectonic shifts: an electronic revolution, an environmental revolution, and a social revolution. We are seeing the return of geopolitics. This column introduces a fresh book from CEPR, the International Trade Centre and the European University Institute that collects insights from 28 women policymakers and thought leaders on how best to shape something of global governance with the capacity of managing those shifts and of rebuilding trust that voters may actually have lost in lots of countries.

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The role of gender in employment polarisation

The role of gender in employment polarisation

Fabio Cerina, Alessio Moro, Michelle Rendall

The polarisation of employment by level of skill is a phenomenon which has emerged in a number of industrialised economies within the last decades. This column argues a substantial fraction of the phenomenon in america is because of women’s increasing participation in the labour market throughout a amount of sustained skill-biased technological change.

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Women leaders are better at fighting the pandemic

Women leaders are better at fighting the pandemic

Supriya Garikipati, Uma Kambhampati

The potency of female leaders in handling the COVID crisis has received a whole lot of media attention. This column examines if the gender of the national leader truly makes a big change to the amount of COVID-19 cases and deaths in the first quarter of the pandemic, with differences in lockdown timing examined as a plausible explanation for these patterns. The findings show that COVID outcomes are systematically better in countries led by women. Insights from behavioural studies and leadership literature are accustomed to speculate on the resources of these differences, aswell as on the implications.

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The role of foreign slack in domestic inflation in the eurozone

The role of foreign slack in domestic inflation in the Eurozone

Christiane Nickel

Days gone by decade has seen an evergrowing role for global slack in Phillips curve approaches, instead of the traditional concentrate on domestic slack. This column explores whether augmenting Phillips curves by measures of foreign slack can help better explain past developments in underlying inflation. Most specifications, both with and without foreign slack, are located to yield virtually identical results. Even for periods when domestic slack differed substantially from foreign slack, like between 20, the consequences appear to be rather small.

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The role of firms in aggregate fluctuations

In comparison, the role of firms available cycle has received comparatively less attention in the literature; nearly all research in macroeconomics depends on aggregate (economy-wide) shocks as a driver of aggregate fluctuations. A prominent exception is a recently available contribution by Gabaix (2011), which argues that as the firm size distribution is incredibly fat-tailed – the economy is ‘granular’. Which means that idiosyncratic shocks to individual (and large) firms won’t average out and instead result in aggregate fluctuations. Acemoglu et al. (2012) are suffering from a network model where idiosyncratic shocks to an individual firm or sector can have sizeable aggregate effects if it’s strongly interconnected with other firms/sectors throughout the market, whatever the size distribution. However, there happens to be little empirical evidence to check these theoretical studies 1 .

Inside our research, we offer a forensic account of the contribution of individual firms to aggregate fluctuations utilizing a novel database within the universe of French firms’ domestic sales and destination-specific exports for the time 1990-2007 (di Giovanni, Levchenko, and Mejean 2012). We develop an empirical strategy that decomposes the growth of a firm’s rate of sales of to an individual destination market into

  • A macroeconomic shock, thought as the component common to all or any firms
  • A sectoral shock, thought as the component common to all or any firms in a specific sector
  • A firm-level shock.

The task yields estimates of that time period group of the macroeconomic, sectoral, and firm-specific shocks for every destination served by each firm. We then decompose aggregate volatility throughout the market in to the contributions of macroeconomic/sectoral and firm-specific shocks, and use our estimates to assess whether microeconomic shocks impact on aggregate volatility.

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The role of demography in explaining secular stagnation

Can demography explain secular stagnation?

Axel Gottfries, Coen Teulings

The secular stagnation hypothesis has gained traction in the aftermath of the Global Crisis. This column argues that demography has played a significant role in reducing the interest levels. The increase in life span, which includes not been offset by a rise in the retirement, has led to a rise in the stocks of savings. The latter will get into price increases for assets in fixed supply – such as for example housing – instead of in adding new capital. Potential remedies for absorbing the excess savings are increasing the retirement and an extension of the pay-as-you-go benefit systems.

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