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| Publications of Connel Fullenkamp :chronological alphabetical combined listing:%% Journal Articles @article{fds372658, Author = {Chami, R and Fullenkamp, C and González Gómez and A and Hilmi, N and Magud, NE}, Title = {The price is not right}, Journal = {Frontiers in Climate}, Volume = {5}, Year = {2023}, Month = {January}, url = {http://dx.doi.org/10.3389/fclim.2023.1225190}, Abstract = {The 2015 Paris Agreement requires all nations to combat climate change and to adapt to its effects. Countries promise to reduce their greenhouse gas (GHG) emissions through their Nationally Determined Contributions. Pledges to reduce emissions, however, have implications for economic growth. We estimate the link between economic growth and CO2 pollution levels and find that this relationship is highly non-linear. A country's GHG emissions rise rapidly as its economic activity rises, relative to global activity, meaning that fast-growing countries contribute most heavily to current GHG emissions. Then, using real per-capita GDP as our metric, we estimate how much the carbon price should be in order to remove the economic growth benefit from excess GHG emissions. We find that the implied prices are far higher than the prices on any existing market for emissions as well as estimates of the social cost of carbon. Our findings also have important implications for the global dialogue regarding responsibility for climate mitigation as well as for the choice of policies to support mitigation efforts.}, Doi = {10.3389/fclim.2023.1225190}, Key = {fds372658} } @article{fds374198, Author = {Hilmi, N and Chami, R and Fullenkamp, C and Jafari, M and Sumaila, UR}, Title = {Editorial: Nature-based solutions, climate mitigation, biodiversity conservation}, Journal = {Frontiers in Climate}, Volume = {5}, Year = {2023}, Month = {January}, url = {http://dx.doi.org/10.3389/fclim.2023.1308032}, Doi = {10.3389/fclim.2023.1308032}, Key = {fds374198} } @article{fds363973, Author = {Berzaghi, F and Cosimano, T and Fullenkamp, C and Scanlon, J and Fon, TE and Robson, MT and Forbang, JL and Chami, R}, Title = {Value wild animals’ carbon services to fill the biodiversity financing gap}, Journal = {Nature Climate Change}, Volume = {12}, Number = {7}, Pages = {598-601}, Year = {2022}, Month = {July}, url = {http://dx.doi.org/10.1038/s41558-022-01407-4}, Doi = {10.1038/s41558-022-01407-4}, Key = {fds363973} } @article{fds363442, Author = {Berzaghi, F and Chami, R and Cosimano, T and Fullenkamp, C}, Title = {Financing conservation by valuing carbon services produced by wild animals.}, Journal = {Proceedings of the National Academy of Sciences of the United States of America}, Volume = {119}, Number = {22}, Pages = {e2120426119}, Year = {2022}, Month = {May}, url = {http://dx.doi.org/10.1073/pnas.2120426119}, Abstract = {Filling the global biodiversity financing gap will require significant investments from financial markets, which demand credible valuations of ecosystem services and natural capital. However, current valuation approaches discourage investment in conservation because their results cannot be verified using market-determined prices. Here, we bridge the gap between finance and conservation by valuing only wild animals’ carbon services for which market prices exist. By projecting the future path of carbon service production using a spatially explicit demographic model, we place a credible value on the carbon capture services produced by African forest elephants. If elephants were protected, their services would be worth $20.8 billion ($10.3 to $29.7 billion) and $25.9 billion ($12.8 to $37.6 billion) for the next 10 and 30 y, respectively, and could finance antipoaching and conservation programs. Elephant population growth would generate a carbon sink of 109 MtC (64 to 153) across tropical Africa in the next 30 y. Avoided elephant extinction would also prevent the loss of 93 MtC (46 to 130), which is the contribution of the remaining populations. Uncertainties in our projections are controlled mainly by forest regeneration rates and poaching intensity, which indicate that conservation can actively reduce uncertainty for increased financial and biodiversity benefits. Our methodology can also place lower bounds on the social cost of nature degradation. Poaching would result in $2 to $7 billion of lost carbon services within the next 10 to 30 y, suggesting that the benefits of protecting elephants far outweigh the costs. Our methodology enables the integration of animal services into global financial markets with major implications for conservation, local socioeconomies, and conservation.}, Doi = {10.1073/pnas.2120426119}, Key = {fds363442} } @article{fds363255, Author = {Chami, R and Cosimano, T and Fullenkamp, C and Nieburg, D}, Title = {Toward a Nature-Based Economy}, Journal = {Frontiers in Climate}, Volume = {4}, Year = {2022}, Month = {April}, url = {http://dx.doi.org/10.3389/fclim.2022.855803}, Abstract = {Humanity faces a dual threat to its existence: climate change and biodiversity loss. The two risks are linked through human activity and an economic system that promotes growth at the expense of nature. Creating a nature-based economy can mitigate the dual risks and bring sustained, shared prosperity. The article shows how markets can be developed around the protection and regeneration of nature. Policies and actions needed to unleash the resources and innovation of markets to ensure that nature-based economic growth is shared and sustainable are specified. A nature-based economy ensures that conservation is a source of capital for development.}, Doi = {10.3389/fclim.2022.855803}, Key = {fds363255} } @article{fds354209, Author = {Chami, R and Fullenkamp, C and Cosimano, T and Berzaghi, F}, Title = {African forest elephants fight climate change by contributing in surprising ways to natural carbon capture}, Journal = {Finance and Development}, Volume = {57}, Number = {4}, Pages = {58-62}, Year = {2020}, Month = {December}, Key = {fds354209} } @article{fds363443, Author = {Submitter, DUE and Chami, R and Fullenkamp, C and Berzaghi, F and Español-Jiménez, S and Marcondes, M and Palazzo, J}, Title = {On Valuing Nature-Based Solutions to Climate Change: A Framework with Application to Elephants and Whales}, Journal = {Economic Research Initiatives at Duke (ERID) Working Paper}, Number = {297}, Year = {2020}, Month = {August}, Key = {fds363443} } @article{fds338470, Author = {Chami, R and Ernst, E and Fullenkamp, C and Oeking, A}, Title = {Is there a remittance trap?}, Journal = {Finance and Development}, Volume = {55}, Number = {3}, Pages = {44-47}, Year = {2018}, Month = {September}, Key = {fds338470} } @article{fds322425, Author = {Fullenkamp, C and Rochon, C}, Title = {Reconsidering bank capital regulation: a new combination of rules, regulators, and market discipline}, Journal = {Journal of Economic Policy Reform}, Volume = {20}, Number = {4}, Pages = {343-359}, Publisher = {Informa UK Limited}, Year = {2017}, Month = {October}, url = {http://dx.doi.org/10.1080/17487870.2016.1181550}, Abstract = {Despite revisions to bank capital standards, fundamental shortcomings remain: the rules for setting capital requirements need to be simpler, and resolution should be an essential part of the capital requirement framework.We propose a revised system of capital regulation that addresses these needs by making changes to all three pillars of bank regulation: only common equity should be recognized as regulatory capital, and risk weighting of assets should be abandoned; capital requirements should be assigned on an institution-by-institution basis according to a regulatory (s, S) approach developed in the paper; a standard for prompt, corrective action is incorporated into the (s, S) approach.}, Doi = {10.1080/17487870.2016.1181550}, Key = {fds322425} } @article{fds324855, Author = {Chami, R and Fullenkamp, C and Cosimano, T and Rochon, C}, Title = {If financial institutions combine banking and nonbanking business there is potential for danger}, Journal = {Finance and Development}, Volume = {54}, Number = {1}, Pages = {43-45}, Year = {2017}, Month = {March}, Key = {fds324855} } @article{fds294311, Author = {Chami, R and Fullenkamp, C}, Title = {Beyond the household}, Journal = {Finance and Development}, Volume = {50}, Number = {3}, Pages = {48-51}, Year = {2013}, Month = {September}, ISSN = {0145-1707}, Key = {fds294311} } @article{fds324302, Author = {Sharma, S and Fullenkamp, C}, Title = {Good Financial Regulation: Changing the Process is Crucial}, Year = {2012}, Month = {February}, Key = {fds324302} } @article{fds294314, Author = {Chami, R and Fullenkamp, C and Sharma, S}, Title = {A framework for financial market development}, Journal = {Journal of Economic Policy Reform}, Volume = {13}, Number = {2}, Pages = {107-135}, Publisher = {Informa UK Limited}, Year = {2010}, Month = {June}, ISSN = {1748-7870}, url = {http://dx.doi.org/10.1080/17487871003700804}, Abstract = {A framework for examining the process of financial market development is proposed. The framework is anchored in studying the incentives facing the key players in financial markets - borrowers, lenders, liquidity providers, and regulators - whose actions determine whether and how markets develop. While different financial instruments embody different concessions by borrowers and lenders, the framework emphasizes two main compromises: the tradeoffs between maturity and collateral, and between seniority and control in the sequencing of market development. © 2010 Taylor & Francis.}, Doi = {10.1080/17487871003700804}, Key = {fds294314} } @article{fds294315, Author = {Fullenkamp, CR and Chami, R and Barajas, A and Garg, A}, Title = {The Global Financial Crisis and Workers’ Remittances to Africa: What’s the Damage?}, Journal = {Journal of African Development}, Volume = {12}, Number = {1}, Pages = {59-78}, Year = {2010}, Key = {fds294315} } @article{fds294313, Author = {Chami, R and Fullenkamp, C}, Title = {Development a wobbly crutch}, Journal = {Finance and Development}, Volume = {46}, Number = {4}, Pages = {31}, Year = {2009}, Month = {December}, ISSN = {0145-1707}, Key = {fds294313} } @article{fds324303, Author = {Barajas, A and Chami, R and Fullenkamp, C and Gapen, M and Montiel, PJ}, Title = {Do Workers' Remittances Promote Economic Growth?}, Number = {09-153}, Year = {2009}, Month = {July}, Key = {fds324303} } @article{fds294316, Author = {Chami, R and Barajas, A and Cosimano, T and Fullenkamp, C and Gapen, M and Montiel, P}, Title = {Macroeconomic consequences of remittances}, Journal = {IMF Occasional Papers}, Number = {259}, Pages = {1-84}, Publisher = {International Monetary Fund}, Year = {2008}, Month = {May}, ISBN = {9781589067011}, ISSN = {0251-6365}, url = {http://www.imf.org/external/pubs/ft/op/259/op259.pdf}, Abstract = {Two main issues that are of interest to policymakers with regards to remittances include how to manage macroeconomic effects and how to harness development potential in developing countries. A global study of the comprehensive macroeconomic effects of remittances on the economies that receive them addresses the above questions by reporting results. The study also draws summary policy implications for countries that receive significant flows of remittances. Based on the study, remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. However, the study also yields a number of caveats and policy considerations that have been overlooked: measurement, fiscal policy, debt sustainability, fiscal discipline, economic growth, dutch disease effects, governance and incentives, and role of international financial institution. The main challenge for policymakers is to design policies that promote remittances and increase benefits while mitigating adverse side effects.}, Key = {fds294316} } @article{fds294317, Author = {Chami, R and Fullenkamp, C and Jahjah, S}, Title = {Are immigrant remittance flows a source of capital for development?}, Journal = {IMF Staff Papers}, Volume = {52}, Number = {1}, Pages = {55-81}, Year = {2005}, Month = {July}, ISSN = {1020-7635}, url = {http://hdl.handle.net/10161/2030 Duke open access}, Abstract = {There is a general presumption in the literature and among policymakers that immigrant remittances play the same role in economic development as foreign direct investment and other capital flows, but this is an open question. We develop a model of remittances based on the economics of the family that implies that remittances are not profit-driven, but are compensatory transfers, and should have a negative correlation with GDP growth. This is in contrast to the positive correlation of profit-driven capital flows with GDP growth. We test this implication of our model using a new panel data set on remittances and find a robust negative correlation between remittances and GDP growth. This indicates that remittances may not be intended to serve as a source of capital for economic development. © 2005 International Monetary Fund.}, Key = {fds294317} } @article{fds324304, Author = {Fullenkamp, C and Nsouli, SM}, Title = {Six Puzzles in Electronic Money and Banking}, Year = {2004}, Month = {February}, Key = {fds324304} } @article{fds294323, Author = {Fullenkamp, C and Tenorio, R and Battalio, R}, Title = {Assessing individual risk attitudes using field data from lottery games}, Journal = {Review of Economics and Statistics}, Volume = {85}, Number = {1}, Pages = {218-226}, Publisher = {MIT Press - Journals}, Year = {2003}, Month = {January}, url = {http://hdl.handle.net/10161/2003 Duke open access}, Abstract = {We use information from the television game show with the highest guaranteed average payoff in the United States, Hoosier Millionaire, to analyze risktaking in a high-stakes experiment. We characterize gambling decisions under alternative assumptions about contestant behavior and preferences, and derive testable restrictions on individual risk attitudes based on this characterization. We then use an extensive sample of gambling decisions to estimate distributions of risk-aversion parameters consistent with the theoretical restrictions and revealed preferences. We find that although most contestants display risk-averse preferences, the extent of the risk aversion implied by our estimates varies substantially with the stakes involved in the different decisions.}, Doi = {10.1162/rest.2003.85.1.218}, Key = {fds294323} } @article{fds294324, Author = {Baier, S and Carlstrom, CT and Chami, R and Cosimano, TF and Fuerst, TS and Fullenkamp, C}, Title = {Capital trading, stock trading, and the inflation tax on equity: A note}, Journal = {Review of Economic Dynamics}, Volume = {6}, Number = {4}, Pages = {987-990}, Publisher = {Elsevier BV}, Year = {2003}, Month = {January}, url = {http://hdl.handle.net/10161/2006 Duke open access}, Doi = {10.1016/S1094-2025(03)00035-8}, Key = {fds294324} } @article{fds294322, Author = {Chami, R and Fullenkamp, C}, Title = {The optimal subsidy to private transfers under moral hazard}, Journal = {IMF Staff Papers}, Volume = {49}, Number = {2}, Pages = {242-251}, Year = {2002}, Month = {December}, ISSN = {1020-7635}, Abstract = {Private income transfers are increasingly viewed as an alternative to government income transfers such as social insurance and foreign aid. This paper models the incentive effects of government-subsidized private transfers and finds that although there is a significant welfare benefit to subsidizing private transfers, there is also a significant welfare cost. It is shown analytically, as well as through simulations, that the optimal subsidy to private transfers falls when the market reaction is taken into consideration.}, Key = {fds294322} } @article{fds294320, Author = {Chami, R and Fullenkamp, C}, Title = {Trust and efficiency}, Journal = {Journal of Banking and Finance}, Volume = {26}, Number = {9}, Pages = {1785-1809}, Publisher = {Elsevier BV}, Year = {2002}, Month = {August}, ISSN = {0378-4266}, url = {http://hdl.handle.net/10161/2040 Duke open access}, Abstract = {Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We model trust as mutual, reciprocal altruism between pairs of coworkers and show how it induces employees to work harder, relative to those at firms that use the standard tools. In addition, we show that employees at trusting firms have higher job satisfaction, and that these firms enjoy lower labor cost and higher profits. We conclude by discussing how trust may also be easier to use within the firm than the standard agency-mitigation tools. © 2002 Elsevier Science B.V. All rights reserved.}, Doi = {10.1016/S0378-4266(02)00191-7}, Key = {fds294320} } @article{fds324305, Author = {Chami, R and Fullenkamp, C}, Title = {Trust as a Means of Improving Corporate Governance and Efficiency}, Year = {2002}, Month = {February}, Key = {fds324305} } @article{fds304417, Author = {Chami, R and Cosimano, TF and Fullenkamp, C}, Title = {Managing ethical risk: How investing in ethics adds value}, Journal = {Journal of Banking and Finance}, Volume = {26}, Number = {9}, Pages = {1697-1718}, Publisher = {Elsevier BV}, Year = {2002}, Month = {January}, ISSN = {0378-4266}, url = {http://dx.doi.org/10.1016/S0378-4266(02)00188-7}, Abstract = {In September 1999, the University of Notre Dame hosted a conference entitled "Measuring and Managing Ethical Risk: How Investing in Ethics Adds Value". The motivations for hosting the conference and the papers presented there are summarized. Several themes that are present in the papers are discussed. These include the gains from combining the anthropological approach to business ethics with the neoclassical economics approach, the central role of trust in business ethics, the role of ethics in the corporation, and the function of the legal system in setting and enforcing ethical standards for the financial system. © 2002 Elsevier Science B.V. All rights reserved.}, Doi = {10.1016/S0378-4266(02)00188-7}, Key = {fds304417} } @article{fds294321, Author = {Fullenkamp, CR}, Title = {Measuring and Managing Ethical Risk: Why Investing in Ethics Adds Value}, Journal = {Journal of Banking and Finance}, Volume = {26}, Number = {9}, Pages = {1697-1718}, Year = {2002}, ISSN = {0378-4266}, url = {http://dx.doi.org/10.1016/S0378-4266(02)00188-7}, Abstract = {In September 1999, the University of Notre Dame hosted a conference entitled "Measuring and Managing Ethical Risk: How Investing in Ethics Adds Value". The motivations for hosting the conference and the papers presented there are summarized. Several themes that are present in the papers are discussed. These include the gains from combining the anthropological approach to business ethics with the neoclassical economics approach, the central role of trust in business ethics, the role of ethics in the corporation, and the function of the legal system in setting and enforcing ethical standards for the financial system. © 2002 Elsevier Science B.V. All rights reserved.}, Doi = {10.1016/S0378-4266(02)00188-7}, Key = {fds294321} } @article{fds294319, Author = {Chami, R and Cosimano, TF and Fullenkamp, C}, Title = {Capital Trading, Stock Trading, and the Inflation Tax on Equity}, Journal = {Review of Economic Dynamics}, Volume = {4}, Number = {3}, Pages = {575-606}, Publisher = {Elsevier BV}, Year = {2001}, Month = {July}, url = {http://hdl.handle.net/10161/2050 Duke open access}, Abstract = {A market for used capital goods, or financial instruments that represent the ownership of the used capital goods, induces inflation taxes on wealth and on the nominal income flows that they provide. This paper explicitly introduces trading in either used capital goods or financial instruments into the standard stochastic growth model with money and production. These two monetary economies are equivalent. The value of the firm is equal to the firm's capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in the literature by the addition of a significant wealth tax. Journal of Economic Literature Classification Numbers: E0, E4, E5. © 2001 Academic Press.}, Doi = {10.1006/redy.2001.0129}, Key = {fds294319} } @article{fds324311, Author = {Chami, R and Cosimano, TF and Fullenkamp, C}, Title = {The Stock Market Channel of Monetary Policy}, Journal = {IMF Working Paper}, Number = {99}, Year = {1999}, Month = {February}, Key = {fds324311} } @article{fds294318, Author = {Chami, R and Fullenkamp, C}, Title = {The market value of family values}, Journal = {Cato Journal}, Volume = {16}, Number = {3}, Pages = {339-350}, Year = {1997}, Month = {December}, ISSN = {0273-3072}, url = {http://hdl.handle.net/10161/2024 Duke open access}, Key = {fds294318} } %% Chapters in Books @misc{fds367757, Author = {Chami, R and Cosimano, T and Fullenkamp, C and Berzaghi, F and Español-Jiménez, S and Marcondes, M and Palazzo, J}, Title = {The Value of Nature to Our Health and Economic Well-Being: A Framework with Application to Elephants and Whales}, Journal = {Springer Proceedings in Business and Economics}, Pages = {117-162}, Year = {2022}, Month = {January}, ISBN = {9783031103018}, url = {http://dx.doi.org/10.1007/978-3-031-10302-5_7}, Abstract = {We develop a framework for natural resource valuation that directly addresses the fundamental collective action problem in environmental protection. Our framework uses the lessons of behavioral economics to create values that individual decision makers find credible and relatable, in addition to stimulating excitement or concern that is essential to prompting action. We then apply this framework to value forest elephants in Africa and great whales that are found off the coasts of Brazil and Chile. The values we estimate for individual members of these species are significant: $1.75 million per forest elephant and an average of $2 million per whale. We discuss how our valuations lead to new designs for environmental preservation and restoration policies.}, Doi = {10.1007/978-3-031-10302-5_7}, Key = {fds367757} } @misc{fds358744, Author = {Barajas, A and Chami, R and Fullenkamp, C}, Title = {The state of finance in fragile states}, Pages = {186-208}, Booktitle = {Macroeconomic Policy in Fragile States}, Year = {2021}, Month = {January}, ISBN = {9780198853091}, url = {http://dx.doi.org/10.1093/oso/9780198853091.003.0007}, Abstract = {This chapter describes the state of financial development in fragile states. Our analysis primarily relies on indicators from the World Bank Global Financial Development Database, which have been used extensively in the literature to capture the degree to which financial services and activities are present in an economy (depth) and the extent to which they are disseminated and made available to the population (inclusion). We find that financial depth in fragile states is underdeveloped and financial inclusion is low, but with significant heterogeneity among fragile states. We conduct empirical exercises which suggest that fragility is negatively related to financial development, both in terms of depth and especially in terms of inclusion, and exercises that also point to certain aspects of fragility most associated with financial underperformance. Finally, we use a benchmarking exercise to estimate how much financial underdevelopment in fragile states is costing them, in terms of economic growth.}, Doi = {10.1093/oso/9780198853091.003.0007}, Key = {fds358744} } @misc{fds358745, Author = {Chami, R and Ernst, E and Fullenkamp, C and Oeking, A}, Title = {Do financial flows make a differencein fragile states?}, Pages = {448-492}, Booktitle = {Macroeconomic Policy in Fragile States}, Year = {2021}, Month = {January}, ISBN = {9780198853091}, url = {http://dx.doi.org/10.1093/oso/9780198853091.003.0015}, Abstract = {A rising number of people is living in fragile countries whose weak institutions fail to deliver on decent work and poverty reduction. The chapter discusses to what extent external financial flows, such as remittances, foreign direct investment or official development aid, can substitute for weak institutions. Fragility matters: fragile countries receive different amounts of financial flows than their non-fragile peers, and these flows affect them differently. Fragility lowers the effect of financial flows on growth, living standards and inequality. Foreign direct investment (FDI) has a moderate impact on poverty alleviation, albeit concentrated on employment gains in mining and natural resources. Remittances provide some weak relief for the poor, with less pernicious effects on growth and labour supply than in non-fragile countries. ODA does not improve social outcomes but rather exacerbates fragility. Policymakers should focus on improving upon the positive contribution of FDI and remittances on jobs and growth, avoiding the remittances trap.}, Doi = {10.1093/oso/9780198853091.003.0015}, Key = {fds358745} } %% Working Papers @article{fds27480, Author = {C.R. Fullenkamp and Ralph Chami and Sunil Sharma}, Title = {“Toward a Framework for Financial Market Development}, Publisher = {IMF Institute - mimeo}, Year = {2004}, Key = {fds27480} } @article{fds27482, Author = {C.R. Fullenkamp and Thomas Cosimano and Richard Sheehan}, Title = {An Examination of Deposit Rate Setting by Large Financial Institutions}, Year = {2004}, Key = {fds27482} } @article{fds27484, Author = {C.R. Fullenkamp and Ralph Chami and Thomas Cosimano}, Title = {The Stock Market Channel of Monetary Policy}, Publisher = {IMF Working Paper}, Year = {1999}, Month = {March}, Key = {fds27484} } %% Other @misc{fds27478, Author = {C.R. Fullenkamp and Ralph Chami and Sunil Sharma}, Title = {and Instruments for Sequencing the Development of Financial Markets}, Year = {2003}, Month = {December}, Key = {fds27478} } @misc{fds27479, Author = {C.R. Fullenkamp and Ralph Chami}, Title = {The Economics of Private, Nonmarket Insurance and the Faith-Based Initiative}, Journal = {The Actuary}, Year = {2002}, Month = {April}, Key = {fds27479} } | |
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