ECON 201: INTRODUCTION TO ECONOMICS I



ECON 455 – INSTITUTIONS & ECONOMIC DEVELOPMENT

Fall 2003 Syllabus

Dr. Bilin NEYAPTI

Office Hours: Thursday, 9:30-10-30 and 16:40-17:30 (or by appointment)

Office: A-127

Course Description and Objectives:

This course provides a theoretical and empirical treatment of the linkages between economic development and macroeconomic institutions that can be of fiscal, monetary, financial as well as of political type. The course material builds up on the knowledge of macroeconomic policy analysis with the perspective that the design and success of macroeconomic policies in achieving development are closely linked with institutional features of countries.

Prerequisite: Macroeconomic Theory (Econ202), Econometrics I (Econ301)

Course Material: Lecture notes; Handouts compiled from various books and articles.

Weeks: Tentative schedule:

1 Introduction and motivation

2 Definition of institutions and the approaches to institutional analysis

3 Collective Action and Institutions; Harberger Triangles

4 Possible Guest-Speaker on: Competition and Development in Turkey

5 Budgetary Institutions and Development: Fiscal Decentralization

6 * Mid-Term I *

7 Budgetary Institutions and Development: Budgetary Procedures

8 Monetary Institutions and Development: Currency Boards, Central Bank Independence

9 International Financial Institutions and Development

10 Labor Institutions and Development /

Possible Guest Speaker on : Environmental Organizations and Development

11 Empirical Findings on the Relation between Institutions and Development

12 * Mid-Term II *

13 Presentations

14 Presentations

Grading: Weight: Dates (*):

Mid-Term I: 30% October 30th, 2003

Mid-Term II: 30% December 11th, 2003

OR:

Home-Work: 30% To be presented in class

Final: 40% ( ~ COMPREHENSIVE ~ )

BONUS: 5% For contributing to the lectures through

sensible comments and answering questions.

(*) PLEASE Mark your calanders IMMEDIATELY to avoid overlaps !

On theory:

Harberger Triangles:



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Fractionalization/Polarization:

Journal of Economic Growth, 2003, pp. 155-194. Alesina, et al.



Can institutions resolve ethnic conflict? / William Easterly

ECONOMIC DEVELOPMENT AND CULTURAL CHANGE

(U.S.); 49, No. 4:[687]-706, July 2001

Religious polarization and economic development,

Economic Letters, 2003, Pages 201-210

Jose G. Montalvo and Marta Reynal-Querol

The Colonial Origins of Comparative Development: An Empirical Investigation

Daron Acemoglu, Simon Johnson, James A. Robinson

NBER Working Paper No. 7771 (2000)

(Access from my homepage to the NBER Papers)

Reversal of Fortune: Geography and Institutions in the Making of the Modern World

Income Distribution, Acemoglu and Johnson, 2001



Institutions Rule: The Primacy of Institutions, Rodrik, et al.



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On Fiscal Institutions and Development:

Budget processes and commitment to fiscal discipline, von Hagen and Harden, 1996.

European Economic Review, 39m No: 3/4 : 771-79, 1995.

Fiscal Decentralization and Deficits: International Evidence, B. Neyapti, 2003.

Fiscal Decentralization, Central Bank Independence and Inflation: A Panel Analysis, Economic Letters, forthcoming, 2003, B. Neyapti

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On Monetary Institutions and Development:

“Measuring Central Bank Independence and Its Effect on Policy Outcomes”, (1992),

A. Cukierman, Webb, Neyapti, World Bank Economic Review, September.

“Budget Deficits and Inflation: The roles of Central Bank Independence and

Financial Market Development”, B. Neyapti, 2003.



“Central bank reform, liberalization and inflation in transition economies––an

international perspective”, Cukierman, Miller, Neyapti, 2002.

Journal of Monetary Economics, Vol. 49, pp. 237-64

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On Inflation Targeting:

One decade of inflation targeting in the world: What do we know and what do we

need to know? Frederic S.Mishkin, Klaus Schmidt-Hebbel ,NBER Working Paper 8397



Ten years of inflation targeting: Design,Performance,Challenges, Norman

Loayza,Raimunda Soto



Inflation Targeting as a Framework for Monetary Policy,Guy Debelle,Paul

Masson,Miguel Savastano,Sunil Sharma.

International Money Fund, Economic Issues 15

On Economic and Monetary Union and European Union:

EMU Labor Markets Two Years on: Microeconomic Tensions and Institutional

Evolution, G.Bertola, T.Boeri,2001

EMU: What if the shocks are in the labor markets? ,G.Mehrez ,N.Valla,1998. International Journal of Business 3(1),pp.69-87

Winners and Losers of EU Integration.Policy Issues for Central and Eastern

Europe(The World Bank,2000) (H.Tang,ed)

Global Implications of Monetary and Fiscal Policy Rules in the EMU ,Gottfried

Haber,Reinhard Neck, Warwick J.McKibbin, 2002.Open Economies Review 13,pp 363-379

Monetary and Fiscal Policy Design in the EMU: An overview,Bas Van Aarle et

al,2002. Open Economies Review 13,pp 321-340

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On International Economics and Institutions:

The Mirage of Exchange rate Regimes for Emerging Market Countries, Calvo, 2003,

NBER 9808



The Effectiveness of IMF-supported stabilization policies in developing countries, A.

Evrensel, Journal of International Money and Finance 21, pp. 565-87, 2002.



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On Growth:

Growth and Insitutions, J. Aron,

World Bank research Observer, 2000.



Institutions for High Quality Growth:What They Are and How to Acquire Them,

D.Rodrik ,Harvard University,1999



Institutions, Integration and Geography: In search of the deep determinants of

economic growth, D.Rodrik, 2002

CSI Symposium Presentations (May 2003):Poverty Reduction

http:// uibk.ac.at/csi/csi2003_chen.pdf

Why do some countries produce so much more output per worker than others?

Robert E.Hall, Charles I.Jones, NBER Working Paper 6564



Institutions,Governance and Economic Performance in Post-Socialist Countries:A

Conceptual and Empirical Approach, Joachim Ahrens and Martin Meurers



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Labor Markets, Unemployment:

Institutions and Economic Success; van Schaik and Hendrickx.



Labor Market Institutions and Unemployment: A critical assessment of the cross-

country evidence, D. Baker, A.Glyn, D.Howell and J. Schmitt. CEPA Working Paper 2002-17



Labor Markets and Institutions in Economic Development, Richard B. Freeman, AEA

Papers and Proceedings, May 1993

Institutions and the workings of the labor market. S. Nickell, Center for Economic

Performance, LSE. 1999.



Institutions and Economic Policy: Evidence form Labor market, B. Eichengreen,

Oxford Review of Economic Policy 15, 4.

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On Institutions and Politics

Institutions and Policies,V.Grilli et al,1991. Economic Policy

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