Zagros Madjd-Sadjadi - Academia.edu (original) (raw)
Papers by Zagros Madjd-Sadjadi
Empirical Economics, Oct 27, 2015
The explosion of hypotheses addressing empirical relationships between foreign direct investment ... more The explosion of hypotheses addressing empirical relationships between foreign direct investment (FDI) and economic growth is to say the least, confusing. There is the positive view whereby FDI positively affects growth, the negative view where FDI negatively affects growth, and the dependent view where FDI may or may not have an effect on growth at all, but is conditional upon whether certain economic and social conditions are met in the receiving country. In other words, to date, dozens of variables and modeling methods have been used to determine the effect FDI has on economic growth, and all with different results. Essentially, parsimony and ease of interpretation have been replaced with confusion. The central theses of the most important arguments focus on the broad dissemination of FDI, an economy’s absorptive capacity, and how injections tend to depend upon cyclical components. We use existing theory to justify a simpler model using a single determinant that encompasses these characteristics. By interacting past growth with current FDI, policymakers can more easily draw inference from the estimated marginal effect. We prove this by applying the model to pooled, high income, emerging, and developing economy samples in order to gain a clearer picture of exactly to what extent, FDI affects economic growth. And since policy not only takes growth into consideration, but economic stability as well, we also apply our model to volatility. While the results differ across income groups and growth rates, the inference drawn from them is unambiguous.
American review of political economy, Jun 1, 2012
American review of political economy, Jun 1, 2008
International Review of Applied Economics, Aug 19, 2021
Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet... more Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet it may provide perverse incentives causing individuals, or even the State, to act in discordant, inefficient, and even immoral ways. It will explore the inefficiencies that are created that serve to deny individuals work and shelter in a haphazard and capricious manner. It will examine property rights, including eminent domain that lets the State take property away with seemingly arbitrary compensation to the owner. Individuals must understand both civil law, codified by statutes, and common law, enshrined in precedential judicial decisions, and why the common law tends to better reduce transactions costs and thus avoid courts entirely. This book is written for economists and noneconomists and has an extensive glossary of economic, political, and legal terms. Two items that are not formally treated in other economics of law textbooks are the legal organization of businesses and tax law from an economics perspective.
Global Institute for Sustainable Prosperity, 2022
IGI Global eBooks, Nov 4, 2022
Southern Journal of Canadian Studies
Comparing Outcomes: Apprenticeship in Canada, theUnited States, and Australia
American Review of Political Economy, 2008
Since Peru's independence from Spain in 1821, and more recently, beginning with the revolutio... more Since Peru's independence from Spain in 1821, and more recently, beginning with the revolutionary doctrine of APRA's founder, Haya de la Torre in 1920, there have been multiple attempts to transform socio-political institutions opposed to mass inclusion of persons working within the 'informal sector'. Paradoxically, Peru has had a history of extremely poor social reform despite the long-term presence of considerable reformist sentiment. In fact, not until the Velasco-led military coup of 1968 did the country become ripe for authentic institutional change. This paper develops a method of studying institutional continuity and change based upon the existence of preference falsification, which until now has been used almost exclusively to model mass revolutionary efforts of a violent nature. The argument is made that to gain a better understanding of why there has never been a mass revolutionary effort in Peru, at least as it is commonly defined, it is necessary to inves...
American review of political economy, Jun 1, 2012
Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet... more Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet it may provide perverse incentives causing individuals, or even the State, to act in discordant, inefficient, and even immoral ways. It will explore the inefficiencies that are created that serve to deny individuals work and shelter in a haphazard and capricious manner. It will examine property rights, including eminent domain that lets the State take property away with seemingly arbitrary compensation to the owner. Individuals must understand both civil law, codified by statutes, and common law, enshrined in precedential judicial decisions, and why the common law tends to better reduce transactions costs and thus avoid courts entirely. This book is written for economists and noneconomists and has an extensive glossary of economic, political, and legal terms. Two items that are not formally treated in other economics of law textbooks are the legal organization of businesses and tax law ...
International Review of Applied Economics, 2021
... Editorial Board Orn Bodvarsson, University of Nebraska Lincoln Ismail Genc, University of I... more ... Editorial Board Orn Bodvarsson, University of Nebraska Lincoln Ismail Genc, University of Idaho Patrick James, University of Missouri Columbia Enrico Marcelli, University of Massachusetts Boston and Harvard University C ... It is as if the US has appointed itself world sheriff. ...
The US Economy and Neoliberalism, 2013
PART I: THE RETURN OF GOVERNMENT - PHILOSOPHICAL ISSUES & ETHICS 1. Why is Neoliberalism Dang... more PART I: THE RETURN OF GOVERNMENT - PHILOSOPHICAL ISSUES & ETHICS 1. Why is Neoliberalism Dangerous? Alternative Perspectives and Government Policy Implications Nikolaos Karagiannis and Zagros Madjd-Sadjadi 2. The Return of Big Government: Policy Advice for President Obama L. Randall Wray 3. The Job Guarantee in a Municipal Confederalist Framework: Counterhegemonic Possibilities in the Age of Neoconservative Globalization Mathew Forstater 4. Beyond US Neoliberalism and the Washington Consensus: The Challenge of Development Ethics for the USA John Marangos, Nikos Astroulakis and Maria Dafnomili PART II: ECONOMIC POLICIES FOR SUSTAINABLE GROWTH & PROSPERITY 5. Macroeconomic Policies for Prosperity Malcolm C. Sawyer 6. The Conditions for Sustainable USA Recovery: The Role of Investment Philip Arestis and Elias Karakitsos 7. A Production-oriented Strategy for the USA: A Framework of Alternative Developmentalist Notions George A. Harwell, Nikolaos Karagiannis and Zagros Madjd-Sadjadi 8. The Money-wage-labor Standard Romar Correa PART III: FINANCIAL FRAGILITY & ALTERNATIVE MONETARY POLICY PROPOSALS 9. Structural Reforms to Reduce Systemic Financial Fragility Sergio Rossi 10. Quantitative Easing and Proposals for Reform of Monetary Policy Operations Scott Fullwiler and L. Randall Wray 11. The Economic Crisis and the US Dollar: Benefits and Obligations of a Hegemon Swapan Sen 12. US Debt Ceiling Charades and the Travails of "Helicopter Money" Richard Westra
Economics & Politics
This paper examines whether capital flow management and monetary policies effectively reduce cred... more This paper examines whether capital flow management and monetary policies effectively reduce credit growth in emerging market economies in the presence of both conventional and unconventional monetary policy actions undertaken by advanced economies. We apply a dynamic panel model with fixed effects to a sample of 21 emerging market economies from 2000 to 2020 using quarterly data and more continuous variables than in other studies rather than limiting the variability using proxies. We find that capital controls and macroprudential regulation, as tools of capital flow management policy, moderate credit growth. This effect is particularly shown in countries with tighter monetary conditions. Our main findings highlight the useful role of coordinating capital flow management and monetary policies. This role stands for both fixed and flexible exchange rate regimes. Lastly, we find capital flow management and monetary policies manage to control credit in normal periods, but their coordina...
Empirical Economics, Oct 27, 2015
The explosion of hypotheses addressing empirical relationships between foreign direct investment ... more The explosion of hypotheses addressing empirical relationships between foreign direct investment (FDI) and economic growth is to say the least, confusing. There is the positive view whereby FDI positively affects growth, the negative view where FDI negatively affects growth, and the dependent view where FDI may or may not have an effect on growth at all, but is conditional upon whether certain economic and social conditions are met in the receiving country. In other words, to date, dozens of variables and modeling methods have been used to determine the effect FDI has on economic growth, and all with different results. Essentially, parsimony and ease of interpretation have been replaced with confusion. The central theses of the most important arguments focus on the broad dissemination of FDI, an economy’s absorptive capacity, and how injections tend to depend upon cyclical components. We use existing theory to justify a simpler model using a single determinant that encompasses these characteristics. By interacting past growth with current FDI, policymakers can more easily draw inference from the estimated marginal effect. We prove this by applying the model to pooled, high income, emerging, and developing economy samples in order to gain a clearer picture of exactly to what extent, FDI affects economic growth. And since policy not only takes growth into consideration, but economic stability as well, we also apply our model to volatility. While the results differ across income groups and growth rates, the inference drawn from them is unambiguous.
American review of political economy, Jun 1, 2012
American review of political economy, Jun 1, 2008
International Review of Applied Economics, Aug 19, 2021
Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet... more Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet it may provide perverse incentives causing individuals, or even the State, to act in discordant, inefficient, and even immoral ways. It will explore the inefficiencies that are created that serve to deny individuals work and shelter in a haphazard and capricious manner. It will examine property rights, including eminent domain that lets the State take property away with seemingly arbitrary compensation to the owner. Individuals must understand both civil law, codified by statutes, and common law, enshrined in precedential judicial decisions, and why the common law tends to better reduce transactions costs and thus avoid courts entirely. This book is written for economists and noneconomists and has an extensive glossary of economic, political, and legal terms. Two items that are not formally treated in other economics of law textbooks are the legal organization of businesses and tax law from an economics perspective.
Global Institute for Sustainable Prosperity, 2022
IGI Global eBooks, Nov 4, 2022
Southern Journal of Canadian Studies
Comparing Outcomes: Apprenticeship in Canada, theUnited States, and Australia
American Review of Political Economy, 2008
Since Peru's independence from Spain in 1821, and more recently, beginning with the revolutio... more Since Peru's independence from Spain in 1821, and more recently, beginning with the revolutionary doctrine of APRA's founder, Haya de la Torre in 1920, there have been multiple attempts to transform socio-political institutions opposed to mass inclusion of persons working within the 'informal sector'. Paradoxically, Peru has had a history of extremely poor social reform despite the long-term presence of considerable reformist sentiment. In fact, not until the Velasco-led military coup of 1968 did the country become ripe for authentic institutional change. This paper develops a method of studying institutional continuity and change based upon the existence of preference falsification, which until now has been used almost exclusively to model mass revolutionary efforts of a violent nature. The argument is made that to gain a better understanding of why there has never been a mass revolutionary effort in Peru, at least as it is commonly defined, it is necessary to inves...
American review of political economy, Jun 1, 2012
Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet... more Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet it may provide perverse incentives causing individuals, or even the State, to act in discordant, inefficient, and even immoral ways. It will explore the inefficiencies that are created that serve to deny individuals work and shelter in a haphazard and capricious manner. It will examine property rights, including eminent domain that lets the State take property away with seemingly arbitrary compensation to the owner. Individuals must understand both civil law, codified by statutes, and common law, enshrined in precedential judicial decisions, and why the common law tends to better reduce transactions costs and thus avoid courts entirely. This book is written for economists and noneconomists and has an extensive glossary of economic, political, and legal terms. Two items that are not formally treated in other economics of law textbooks are the legal organization of businesses and tax law ...
International Review of Applied Economics, 2021
... Editorial Board Orn Bodvarsson, University of Nebraska Lincoln Ismail Genc, University of I... more ... Editorial Board Orn Bodvarsson, University of Nebraska Lincoln Ismail Genc, University of Idaho Patrick James, University of Missouri Columbia Enrico Marcelli, University of Massachusetts Boston and Harvard University C ... It is as if the US has appointed itself world sheriff. ...
The US Economy and Neoliberalism, 2013
PART I: THE RETURN OF GOVERNMENT - PHILOSOPHICAL ISSUES & ETHICS 1. Why is Neoliberalism Dang... more PART I: THE RETURN OF GOVERNMENT - PHILOSOPHICAL ISSUES & ETHICS 1. Why is Neoliberalism Dangerous? Alternative Perspectives and Government Policy Implications Nikolaos Karagiannis and Zagros Madjd-Sadjadi 2. The Return of Big Government: Policy Advice for President Obama L. Randall Wray 3. The Job Guarantee in a Municipal Confederalist Framework: Counterhegemonic Possibilities in the Age of Neoconservative Globalization Mathew Forstater 4. Beyond US Neoliberalism and the Washington Consensus: The Challenge of Development Ethics for the USA John Marangos, Nikos Astroulakis and Maria Dafnomili PART II: ECONOMIC POLICIES FOR SUSTAINABLE GROWTH & PROSPERITY 5. Macroeconomic Policies for Prosperity Malcolm C. Sawyer 6. The Conditions for Sustainable USA Recovery: The Role of Investment Philip Arestis and Elias Karakitsos 7. A Production-oriented Strategy for the USA: A Framework of Alternative Developmentalist Notions George A. Harwell, Nikolaos Karagiannis and Zagros Madjd-Sadjadi 8. The Money-wage-labor Standard Romar Correa PART III: FINANCIAL FRAGILITY & ALTERNATIVE MONETARY POLICY PROPOSALS 9. Structural Reforms to Reduce Systemic Financial Fragility Sergio Rossi 10. Quantitative Easing and Proposals for Reform of Monetary Policy Operations Scott Fullwiler and L. Randall Wray 11. The Economic Crisis and the US Dollar: Benefits and Obligations of a Hegemon Swapan Sen 12. US Debt Ceiling Charades and the Travails of "Helicopter Money" Richard Westra
Economics & Politics
This paper examines whether capital flow management and monetary policies effectively reduce cred... more This paper examines whether capital flow management and monetary policies effectively reduce credit growth in emerging market economies in the presence of both conventional and unconventional monetary policy actions undertaken by advanced economies. We apply a dynamic panel model with fixed effects to a sample of 21 emerging market economies from 2000 to 2020 using quarterly data and more continuous variables than in other studies rather than limiting the variability using proxies. We find that capital controls and macroprudential regulation, as tools of capital flow management policy, moderate credit growth. This effect is particularly shown in countries with tighter monetary conditions. Our main findings highlight the useful role of coordinating capital flow management and monetary policies. This role stands for both fixed and flexible exchange rate regimes. Lastly, we find capital flow management and monetary policies manage to control credit in normal periods, but their coordina...