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Wright, Mark L. J.

Works: 23 works in 119 publications in 1 language and 1,093 library holdings
Genres: History  Conference papers and proceedings 
Roles: Contributor, Producer, Author
Classifications: HB135, 330.0151
Publication Timeline
Publications about Mark L. J Wright
Publications by Mark L. J Wright
Most widely held works by Mark L. J Wright
Solutions manual for Recursive methods in economic dynamics by Claudio Irigoyen( Book )
19 editions published between 2002 and 2004 in English and held by 142 libraries worldwide
Urban structure and growth by Esteban Rossi-Hansberg( Book )
20 editions published between 2003 and 2006 in English and held by 63 libraries worldwide
"Most economic activity occurs in cities. This creates a tension between local increasing returns, implied by the existence of cities, and aggregate constant returns, implied by balanced growth. To address this tension, we develop a theory of economic growth in an urban environment. We show that the urban structure is the margin that eliminates local increasing returns to yield constant returns to scale in the aggregate, which is sufficient to deliver balanced growth. In a multi-sector economy with specific factors and productivity shocks, the same mechanism leads to a city size distribution that is well described by a power distribution with coefficient one: Zipf's Law. Under certain assumptions our theory produces Zipf's Law exactly. More generally, it produces the systematic deviations from Zipf's Law observed in the data, including the under-representation of small cities and the absence of very large ones. In general, the model identifies the standard deviation of industry productivity shocks as the key parameter determining dispersion in the city size distribution. We present evidence that the relationship between the dispersion of city sizes and the variance of productivity shocks is consistent with the data"--National Bureau of Economic Research web site
Firm size dynamics in the aggregate economy by Esteban Rossi-Hansberg( Book )
15 editions published between 2005 and 2006 in English and held by 50 libraries worldwide
Why do firm growth and exit rates decline with size? What determines the size distribution of firms? This paper presents a theory of firm dynamics that simultaneously rationalizes the basic facts on firm growth, exit, and size distributions. The theory emphasizes the accumulation of industry specific human capital in response to industry specific productivity shocks. The theory implies that firm growth and exit rates should decline faster with size, and the size distribution should have thinner tails, in sectors that use human capital less intensively, or correspondingly, physical capital more intensively. In line with the theory, we document substantial sectoral heterogeneity in US firm dynamics and firm size distributions, which is well explained by variation in physical capital intensities
Collusive oligopoly in the Australian coal industry : the northern collieries vend 1861-1893 by Harold C Fleming( Book )
1 edition published in 1996 in English and held by 11 libraries worldwide
Empirical research on sovereign debt and default by Michael Tomz( Book )
7 editions published between 2012 and 2013 in English and held by 11 libraries worldwide
In this essay we review the empirical literature about sovereign debt and default. As we survey the work of economists, historians, and political scientists, we also emphasize parallel developments by theorists and recommend steps to improve the correspondence between theory and data
William T. Thornton on the economics of trade unions : an early contribution to efficient bargaining theory by Mark Donoghue( Book )
4 editions published in 1997 in English and held by 10 libraries worldwide
Human capital risk, contract enforcement, and the macroeconomy by Tom Krebs( Book )
9 editions published between 2011 and 2015 in English and held by 10 libraries worldwide
We develop a macroeconomic model with physical and human capital, human capital risk, and limited contract enforcement. We show analytically that young (high-return) households are the most exposed to human capital risk and are also the least insured. We document this risk-insurance pattern in data on life-insurance drawn from the Survey of Consumer Finance. A calibrated version of the model can quantitatively account for the life-cycle variation of insurance observed in the US data and implies welfare costs of under-insurance for young households that are equivalent to a 4 percent reduction in lifetime consumption. A policy reform that makes consumer bankruptcy more costly leads to a substantial increase in the volume of credit and insurance -- National Bureau of Economic Research web site
Holdouts in sovereign debt restructuring : a theory of negotiation in a weak contractual environment by Rohan Pitchford( Book )
7 editions published in 2010 in English and held by 8 libraries worldwide
Abstract: Why is it difficult to restructure sovereign debt in a timely manner? In this paper we present a theory of the sovereign debt restructuring process in which delay arises as individual creditors hold-up a set- tlement in order to extract greater payments from the sovereign. We then use the theory to analyze recent policy proposals aimed at ensuring equal repayment of creditor claims. Strikingly, we show that such collective action policies may increase delay by encouraging free-riding on negotiation costs, even while preventing hold-up and reducing total negotiation costs. A calibrated version of the model can account for observed delays, and finds that free riding is quantitatively relevant: whereas in sim- ple low-cost debt restructuring operations collective mechanisms will reduce delay by more than 60%, in high-cost complicated restructurings the adoption of such mechanisms results in a doubling of delay
The costs of financial crises : resource misallocation, productivity and welfare in the 2001 Argentine crisis by Guido Sandleris( Book )
7 editions published in 2011 in English and held by 7 libraries worldwide
Financial crises in emerging market countries appear to be very costly: both output and a host of partial welfare indicators decline dramatically. The magnitude of these costs is puzzling both from an accounting perspective -- factor usage does not decline as much as output, resulting in large falls in measured productivity -- and from a theoretical perspective. Towards a resolution of this puzzle, we present a framework that allows us to (i) account for changes in a country's measured productivity during a financial crises as the result of changes in the underlying technology of the economy, the efficiency with which resources are allocated across sectors, and the efficiency of the resource allocation within sectors driven both by reallocation amongst existing plants and by entry and exit; and (ii) measure the change in the country's welfare resulting from changes in productivity, government spending, the terms of trade, and a country's international investment position. We apply this framework to the Argentine crisis of 2001 using a unique establishment level data-set and find that more than half of the roughly 10% decline in measured total factor productivity can be accounted for by deterioration in the allocation of resources both across and within sectors. We measure the decline in welfare to be on the order of one-quarter of one years GDP
External and public debt crises by Cristina Arellano( file )
5 editions published in 2015 in English and held by 5 libraries worldwide
The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state government indebtedness was low, and the crisis had no spillovers to the private sector. We show theoretically and empirically that these different debt experiences result from the interplay between differences in the ability of governments to interfere in private external debt contracts and differences in the flexibility of state fiscal institutions
The Stock of External Sovereign Debt : Can We Take the Data At ́Face Valué? by Daniel A Dias( Book )
7 editions published between 2011 and 2014 in English and held by 4 libraries worldwide
The stock of sovereign debt is typically measured at face value. This is a misleading indicator when debts are issued with different contractual forms. In this paper we construct a new measure of the stock of external sovereign debt for 100 developing countries from 1979 to 2006 that is invariant to contractual form, and illustrate five problems with debt stocks measured at face value. First, we show that correcting for differences in the contractual form of debt paints a very different quantitative, and in some cases also qualitative, picture of the stock of developing country external sovereign debt. Second, rankings of indebtedness across countries, which were historically used to define eligibility for debt forgiveness, are sometimes inverted once we correct for differences in contractual form. Third, the empirical performance of the benchmark quantitative model of sovereign debt deteriorates by between 40 to 70 percent once model-consistent measures of debt are used. Fourth, we show how the spread of aggregation clauses in debt contracts which award creditors voting power in proportion to the contractual face value may introduce inefficiencies into the process of restructuring sovereign debts. Fifth, we show how the use of contractual face values gives issuing countries the ability to manipulate their debt stock data, and illustrate the use of these techniques in practice -- National Bureau of Economic Research web site
Private capital flows and default risk ( Computer File )
2 editions published between 2003 and 2004 in English and held by 3 libraries worldwide
Bad investments and missed opportunities? capital flows to Asia and Latin America, 1950-2007/ by Lee Ohanian, Paulina Restrepo-Echavarria, and Mark L. J. Wright by Lee E Ohanian( file )
6 editions published between 2014 and 2015 in English and held by 3 libraries worldwide
Since 1950, the economies of East Asia grew rapidly but received little inter-national capital, while Latin America received considerable international capital even as their economies stagnated. The literature typically explains the failureof capital to flow to high growth regions as resulting from international capitalmarket imperfections. This paper proposes a broader thesis that country-specificdistortions, such as domestic labor and capital market distortions, also impactcapital flows. We develop a DSGE model of Asia, Latin America, and the Rest ofthe World that features an open-economy business cycle accounting framework tomeasure these domestic and international distortions, and to quantify their con-tributions to international capital flows. We find that domestic distortions havebeen the predominant drivers of international capital flows, and that the generalequilibrium effects of these distortions are very large. International capital market distortions also matter, but less
The future of sovereign borrowing in Europe by Future of Sovereign Borrowing (Conference)( Book )
1 edition published in 2014 in English and held by 2 libraries worldwide
Recursive methods in economic dynamics by Nancy L Stokey( Book )
1 edition published in 1989 in English and held by 1 library worldwide
Interpreting the pari passu clause in sovereign bond contracts it's all Hebrew (and Aramaic) to me by Mark L. J Wright( file )
1 edition published in 2014 in English and held by 1 library worldwide
In this comment, we take a helicopter tour of the history of notions of "equality" and "justice" in sovereign debt restructuring in particular, and in the division of property more generally, and show that these concerns have existed for centuries, if not millennia. We argue that the issue at stake in the interpretation of the pari passu clause is not so much the treatment of holders of identical claims - it is now customary to treat them identically - but whether the holders of different claims should be treated differently. We show that exists a customary "principle of differentiation" that allows creditors with claims that differ in specific ways to be treated preferentially. One of these specific differences concerns debts that have been reduced in value during a previous debt restructuring or default, and based on this principle we conclude that the New York court has, if not completely misinterpreted the meaning of the pari passu clause, then at least misapplied it
Insurance in human capital models with limited enforcement by Tom Krebs( file )
1 edition published in 2016 in English and held by 1 library worldwide
This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their ability to use the available financial instruments is limited by the possibility of default (limited contract enforcement). We provide a convenient equilibrium characterization that facilitates the computation of recursive equilibria substantially. We use a calibrated version of the model with stochastically aging households divided into 9 age groups. Younger households have higher expected human capital returns than older households. According to the baseline calibration, for young households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 percent of lifetime consumption (age 40) to 7 percent of lifetime consumption (age 23). Realistic variations in the model parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely underinsured is robust to such variations
Holdouts in sovereign debt restructuring : a theory of negotiation in a weak contractual environment ( Computer File )
1 edition published in 2008 in English and held by 1 library worldwide
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