The Importance of Institutions to Economic Development Luca FerriniSep 19views This content was written by a student and assessed as part of a university degree. Introduction Cross-country empirical analyses, in combination with micro-level studies, provide strong support for the overwhelming importance of institutions in predicting the level of development in countries around for annotated dracula bibliography world Hall and Jones, ; Acemoglu, Johnson and Robinson, Protection of property rights, personal statement pay online law enforcement, and efficient bureaucracies, together with a broad range of norms and civic mores, are found to be strongly correlated to better economic performance over time.
This essay aims to visit web page why institutions are important to economic development and to provide evidence for the arguments made. It argues that institutions support economic development through four broad channels: Evidence is derived from the literature, from comparison of countries, and from examples at the micro level. Institutions, and the Extent of their Correlation to Development In the words of Northp.
Institutions comprise for example contracts and contract enforcement, protection of property rights, the rule of law, government bureaucracies, financial markets. They also, however, include habits and beliefs, norms, social cleavages and traditions in education so-called informal institutions. Formal institutions typically tend to be the crystallization of informal institutions North,as social norms in the realms of gender, class and caste, for example, determine rules of political participation and representation, methods of economic exchange, and inclusion of different groups in society Pateman, It is not a new intuition that for the prospering of economic activity institutions matter.
Adam Smith had already noted this is surprising detail, referring to the importance of a justice system, private property rights, and the rule of law The Wealth of Nations. Aron surveys the studies which correlate indices of development to institutional ones: The paragraphs below explain why institutions appear so important to economic development.
Costs Institutions conducive to economic development reduce the costs of economic activity. The costs include transaction costs such as search and information costs, bargaining and decision costs, policing and enforcement costs Coase,p ; Dahlman,p. They lower transaction costs by providing common legal frameworks e.
Communities in LDCs typically rely on kinship or ethnic and religious ties for trade. Norms and article source of common language and religion may be enough to ensure compliance with agreements on economic exchange; collective punishment and social reputation may be enough to ensure the enforcement of often informal contracts even in the absence of a third party.
Greif describes the trade networks of Maghribi traders which permitted the sharing of information on dishonest traders and article source collective punishment. To take advantage of opportunities for trade with different groups and increase the size of more info transactions, however, cultural ties are not enough.
There is need more info greater information about trading partners, and for institutions which ensure agreements on the details of exchange and compliance to the agreed conditions. These take the form of contracts, codes of conduct, standardized weights and measures, disclosure agreements, and enforcement through courts and policing. Where transaction essays history social and economic development of two developing countries history essay are small, the private enforcement of contracts may still be preferred.
But as economic relations develop and become increasingly impersonal, the role of a third party to enforce compliance to rules is increasingly necessary Shirley,p. Property Rights and the Return to Investment Such institutions increase the security that the risk of incurring in an economic transaction is matched by the full appropriation of its eventual benefits.
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Introduction Strategic management is the process of systematic analysis of factors related to the external environment competitors and customers and the internal environment organisation itself in order to ensure that optimum management practices are maintained Ansoff, Case study analysis ebay primary purpose of strategic management is to attain an alignment between strategic priorities and corporate policies. It is an American multinational stduy and e-commerce company.
It uses internet research brief template provide business-to customer and customer-to-customer sales services. It is a multi-billion dollar company with offices across the global and headquarters in San Jose, California, United States. Analyxis comprises of three different business units with their own distinct brands eBay Inc, Environmental Analysis for eBay Click analysis please click for source defined as the systematic process of identifying various environmental factors in a business, studying their possible impacts and formulating strategies in order to benefit from them Freeman, Figure below shows the different components of each part.
Various strategic stdy tools can be used to perform environmental analysis for ebay. It the strengths and opportunities combined together outnumbers weaknesses and threats then the outcome is considered positive and predicts future growth. Swot analysis for ebay is shown below. Strengths Giant online marketplace: Present in 37 countries Economies of Scale: Very less investment with high earning Ccase business model: Acts as an intermediate between sellers and caes. A unique business model that serves as a competitive advantage Brand reputation: A multi billion brand with huge brand loyalty Strong payment methods: Uses PayPal which is considered a secure and convenient payment system Localisation: Displays in local languages and is adapted to local product offerings High Fees: Market research reveals analysus eBay charges comparatively high fees when compared to other online service providers.
Sellers are analyais able to make profits. Lacks strong sbay growth strategies Opportunities Threats Growth of online market: Ehay indicate remarkable growth in online market. It is an emerging market and provides ample opportunities. Countries like India and China present good growth evay Change in customer preference: Customers anlysis have analysid time thus prefer to use online marketplace which helps saving time. Impact of social media: Skype deal opens more opportunities Online Security: As the model is completely IT bases its always open to security threats Increased Competition: High competition from big brands like Amazon and new entrants Changing economies and exchange rate: Changes in economical conditions affects exchange rates which case study turn affects eBay.
Other IT related issues like server crash, hacking etc. Made by Student SWOT analysis for eBay predicts high future growth however they have to work on their future strategies in order to align with changing business needs. PEST Analysis for eBay PEST analysis is a business management tool that helps analysing the political, economical, socio-cultural and technological factors affecting the overall functioning of an organisation SWOT analysis and PEST analysis, PEST analysis for eBay is shown below: This element of PEST analysis evaluated the political factors that affect eBay.
However E-commerce as of now is not that much affected by national governments Adler, They are greatly affected by taxation laws, employment laws, security regulations related to online payments etc Armstrong, Like all other businesses eBay is greatly affected by the overall world economical conditions. They are affected by economical factors like inflation, unemployment, rate of interest, currency fluctuation and changes in taxes Marketing Mix, Researches reveal that there has been a significant rise in the number of consumers preferring online retailing as compared to offline retailing Armstrong, Rapid advancement in technology has shown a huge impact on all business across the world Armstrong, Threat of new entrants: Medium; E-commerce industry provide low barriers to new entrants Frobes, It requires high investment in order to compete on a large scale.
Online payments are seen as a complex processes. Threat of Competitive Rivalry: Medium to High; Both online and offline companies compete with eBay. It faces high competition from big online players like Amazon and Alibaba Frobes, Less entry barriers result in development of a number of new online companies operating on same business model as eBay Bargaining power of customers: High; with too many options available customers enjoys high bargaining power Bizning Vakil, E-commerce companies have to offer fewer prices in order to attract more customers.
Login Financial and actuarial valuation of insurance derivatives. Murmann, Alexander Financial and derivtiv valuation of insurance derivatives. PhD thesis, London School of Economics derivaitv Political Science United Kingdom. Preview Download 3MB Preview Abstract This derivatib looks into the interplay of financial and insurance markets that is created by securitization of insurance related thesid.
It comprises four chapters on both the common ground and phd thesis on financial derivativ nature of actuarial and financial risk valuation. The click to see more chapter investigates the market financila catastrophe insurance derivatives that has click established thesks the Chicago Board of Trade in link Modeling the underlying index as a derivxtiv Poisson process flnancial set of financial derivative prices that derivatif arbitrage opportunities is characterized derivstiv the market prices of frequency and jump size risk.
Fourier analysis leads to a representation of price processes that separates the underlying stochastic structure from the contract's payoff and allows derivation of the inverse Fourier transform of price processes in closed form. In a market with a representative investor, market prices of frequency and jump size risk are uniquely determined by the agent's coefficient of absolute risk aversion which consequently fixes the price process on the basis of excluding arbitrage strategies.
The second chapter analyzes a model for a price index of insurance stocks that is based on the Cramer-Lundberg model used in classical risk theory. It is shown that price processes of basic securities and derivatives can be expressed in terms of the market prices of risk. This parameterization leads to formulae in closed form for the inverse Fourier transform of prices and the conditional probability distribution.
Financial spreads are examined in more detail as their structure resembles the characteristics of stop loss reinsurance treaties. The equivalence between a representative agent approach and the Esscher transform is shown and the financial price process that is robust to these two selection criteria is determined.
Finally, the analysis is generalized to allow for risk processes that are perturbed by diffusion. In the third chapter an integrated market is introduced containing both insurance and financial contracts. The calculation of insurance premia and financial derivative prices is presented assuming the absence of arbitrage opportunities.
It is shown that in contrast to financial contracts, there exist infinitely many market prices of risk that lead to the same premium process. Thereafter a link between financial and actuarial prices is established based on the requirement that financial prices should be consistent with actuarial valuation.
This connection is investigated in more detail under certain premium calculation principles. The starting point of the final chapter is the Fourier technique developed in Chapters 1 and 2. It is the aim of this chapter to generalize the analysis to underlying Levy processes.