In this paper we examine the concept of “vulnerability” within the context of incomemobility of the poor. We test for the dynamics of vulnerable households in the UKusing Waves 1 - 12 of the British Household Panel Study and find that, of threedifferent types of risks that we test for,...

In this paper we examine the concept of "vulnerability" (Townsend 1994) within thecontext of income mobility of the poor. We test for the dynamics of vulnerablehouseholds in the UK using Waves 1 - 12 of the British Household Panel Survey andfind that, of three different types of risks that we...

Acemoglu, Johnson, & Robinson (2002) have claimed that the world incomedistribution underwent a "Reversal of Fortune" from 1500 to the present, wherebyformerly rich countries in what is now the developing world became poor whilepoor ones grew rich. We question their analysis with regard to both...

We introduce a model of redistributive income taxation and public expenditure. Thisjoint treatment permits analyzing the interdependencies between the two policies: onecannot be chosen independently of the other. Empirical evidence reveals that partisanconfrontation essentially falls on...

We examine associations of mass media and information and communicationstechnologies (ICT) as knowledge-based infrastructures on some economicdevelopment outcomes. We .nd that several mass media and ICT penetration variablesare negatively associated with three development outcomes: corruption,...

The distribution dynamics of incomes across Indian states are examined us-ing the entire income distribution rather than using standard regression ap-proaches.The period 1965 to 1997 exhibits twin-peaked dynamics: there aretwo income convergence clubs at 50% and 125% of the national...

This paper documents the convergence of incomes across Indian states over theperiod 1965 to 1998. It departs from traditional analyses of convergence by trackingthe evolution of the entire income distribution, instead of standard regression and timeseries analyses. The findings reveal twin-peaks...

We examine the performance of measures of mobility when allowance ismade for the possibility of data contamination. We find that “singlestage”indices – those that are applied directly to a sample from amultivariate income distribution – usually prove to be non-robust in theface of...

We address a puzzle in welfare economics - the possibility that rational people maybe simultaneously against two apparently conflicting forms of “tyranny”. In fact thetwo types of tyranny can be reconciled but at the possible cost of conflict with otherstandard welfare principles. We examine...

The Market in Financial Instruments Directive (MiFID) aims to increasecompetition and to foster client protection in the European financialmarket. Among other provisions, it abolishes the concentration rule andchallenges the market ower of existing trading venues. The directiveintroduces venue...