Social Capital in the Presence of Market Failures

Yıl 2010, Cilt: 3 Sayı: 1, 163 - 188, 30.05.2016

Patricia Lopez-rodrıguez Rodolfo De la Torre García

Öz

In Mexico, social capital is used to get resources. People who do not have access to formal markets use their networks to acquire public and financing services, social insurance and social benefits. To test this, social capital indicators were built using the resources supplied by people as a proportion of their income. This measure is theoretically related to a sympathy coefficient that represents the degree to which a person joins another´s welfare in its utility function, leading him to share resources with others. Synthetic panels with population cohorts were elaborated to follow population throughout the time. To correct a spurious regression problem, the cointegration-panel method was used. As a result, variables that reflect failures in financial, health and social insurance markets are associated to bonding and bridging social capital indicators. Thus, adjustments in these markets could be explained by social capital variables additionally to market prices mechanisms.

Anahtar Kelimeler

social capital, market failures, equilibrium, relationships, networks.

Kaynakça

• Altonji, J., F. Hayashi and L. Kotlikoff (1992), “Is the Extended Family Altruistically Linked? Direct Test using Micro Data" American Economic Review, 82(5), pp. 1177
• Altonji, J., F. Hayashi and L. Kotlikoff (1995), "The Effects of Income y Wealth on Time y Money Transfers between Parents and Children" NBER Working Papers 5522, National Bureau of Economic Research, Inc.
• Andreoni J. (1989), “Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence” Journal of Political Economy 97, 1447-58.
• Andreoni, J. (1990), “Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving” Economic Journal 100, 464-77.
• Arrow, Kenneth J., (2000), “Observations on social capital”, Social Capital: A Multifaceted Perspective, Washington, D.C., World Bank.
• Auerbach, J.A. and Krimgold, B.K. (2001), Income, Socioeconomic Status and Health: Exploring the Connections. Washington, DC: National Policy Association.
• Barr N. (1998), The Economics of the Welfare State, 3rd edn, Oxford University Press.
• Becker, Gary S., (1964), Human Capital, New York: Columbia University Press for the National Bureau of Economic Research.
• Birdsall, N., and J. L. Londoño (1997b), “Asset Inequality Matters”, American Economic Review, May.
• Burt, R. (2000), “The Network Structure of Social Capital.” In Robert Sutton and Barry Staw, eds. Research in Organizational Behavior. Greenwich, CT: JAI Press, pp. 423.
• Coleman J. S. (1990), Foundations of Social Theory. Cambridge, Mss. and London: Harvard University Press, Belknap Press, ch.12.
• Coleman, J. S. (1988), “Social Capital in the Creation of Human Capital”, American Journal of Sociology, supplement 94, pp. S95-S120.
• Collier, P. (2002), “Social Capital y Poverty: A Microeconomic Perspective.” In Christiaan Grootaert and Thierry van Bastelaer, eds. The Role of Social Capital in Development: An Empirical Assessment. New York: Cambridge University Press, pp. 19-41.
• Cox, D. (1987), “Motives for Private Transfers" Journal of Political Economy, 95(3), pp. 508-46.
• Cox, D. and Jimenez, E. (1990), "Achieving Social Objectives through Private Transfers: A Review” The World Bank Research Observer, vol. 5, no.2, July, pp.205-18.
• Dasgupta, P. (2005), “The economics of social capital”, 1st teaching workshop on environmental economics for the Middle East y North Africa, December 5-16, 2005 – ICTP, Trieste, Italy, University of Cambridge.
• Deaton, A. (1997), The Analysis of Household Survey. Microeconometric Analysis for Development Policy, Washington, The Johns Hopkins University Press.
• De la Torre, R., and L-Rodriguez, P. (2004), “Capital social y Desarrollo Humano en México” Background Paper Programa de Naciones Unidas para el Desarrollo (PNUD).
• Durlauf, S. (2002), “On the Empirics of Social Capital.” Economic Journal 112 (483): 479.
• Durlauf, S., and Fafchamps, M. (2004), “Social capital”, NBER Working Papers, CSAE WPS/2004-14, National Bureau of Economic Research, Inc.
• Echevarría, C. and Diaz A. (2002), “Solidarity, Transfers, and Poverty", Review of Development Economics, October 2002, pp.337-350
• Engle, R. F., and C. W. J. Granger (1987), “Co-integration and Error Correction: Representation, Estimation, and Testing”, Econometrica 55, 251-276
• Evans, et al. (1994) Why are some people healthy and others not?, New York: Aldine and Gruiter.
• Evans P., ed. (1997), State-Society Synergy: Government y Social Capital in Development. University of California International and Area Studies Digital Collection, Research Series No. 94.
• Fox, J. (1996), “How Does Society Thicken? The Political Construction of Social Capital in Rural Mexico”, World Development, 24, pp. 1089-1103.
• Fukuyama, F. (1995), Trust: The Social Virtues and the Creation of Prosperity. New York: Free Press.
• Furstenberg, F. F. and Hughes M. E. (1995), "Social Capital and Successful Development Among At-Risk Youth." Journal of Marriage & the Family 57(3):580-592.
• Glaeser, E., Laibson D., and Sacerdote B. (2002), “An Economic Approach to Social Capital.” Economic Journal 112 (483): 437-458.
• Granger, C.W.J., Hyung, N. and Jeon, Y. (2001), “Spurious regressions with stationary series”, Applied Economics, Vol. 33, pp.899-904.
• Grootaert, C., and van Bastelaer Th., eds. (2002), The Role of Social Capital in Development: An Empirical Assessment. Cambridge University Press, Cambridge, England.
• Grootaert, C., and van Bastelaer Th., eds. (2002b), Understanding and Measuring Social Capital: A Multidisciplinary Tool for Practitioners. Washington D.C.: World Bank.
• Haussman, J. (1978), "Specification Tests in Econometrics", Econometrica, Vol. 46, pp.
• Hochman, H. M. and Rodgers, J.D. (1969), “Pareto optimal redistribution”. American Economic Review, 59, pp. 542-57.
• Kawachi, I., Kennedy, B.P., Lochner, K., and Prothrow-Stith, D. (1997), “Social Capital, Income Inequality y Mortality”, American Journal of Public Health, 87, Sept. , pp. 1491-1498.
• Kennedy, B. P., Kawachi, I., Prothrow-Stith, D., Lochner, K., and Gupta, V. (1998), “Social Capital, Income Inequality, and Firearm Violent Crime” Social Science & Medicine vol. 47, Issue 1, 1 July 1998, pp. 7-17.
• Knack, S. and Keefer, P. (1997), “Does Social Capital Have an Economic Payoff?”, The Quarterly Journal of Economics, November., pp.1250-1288.
• Knowles, J. C., and Anker, R. (1981), "An Analysis of Income Transfers in a Developing Country." Journal of Development Economics 8 (April), pp. 205-26.
• Konow, J. (2004), “Mixed Feelings:Theories and Evidence of Warm Glow and Altruism” Department of Economics, Loyola Marymount University.
• Krishna, A. and Uphoff, N. (1999), “Mapping y measuring Social Capital: A Conceptual and Empirical Study of Collective Action for Conserving and Developing Watersheds in Rajasthan, India”. Social Capital Initiative Working Paper Nº 13. Washington DC: The World Bank.
• La Ferrara, E. (2002), “Inequality and Group Participation: Theory and Evidence from Rural Tanzania” Journal of Public Economics, vol. 85, Issue 2, August 2002, pp. 235-273.
• La Porta, R., F. López de Silanes, A. Shleifer and R. W. Vishny (1997), “Trust in Large
• Organizations.” American Economic Review Papers y Proceedings, NBER Working Paper 5864.
• Lin, N. (2001), Social capital: A theory of social structure and action, Cambridge, Cambridge University Press.
• Londoño, J. L., and M. Székely (1997), “Sorpresas distributivas después de una década de reformas: América Latina en los noventas”, Banco Interamericano de Desarrollo.
• Mansell C. (1995), Las Finanzas populares en México: el redescubrimiento de un sistema financiero olvidado, CEMLA-ITAM, México.
• Morduch, J. (1995), Income Smoothing and Consumption Smoothing. Journal of Economic Perspectives 9 (3): 103.114.
• Narayan, D. (1999), Bonds and Bridges: Social Capital and Poverty, Washington, D.C., World Bank.
• Narayan, D., and Pritchett, L. (1997), “Cents and Sociability: Household Income and Social Capital in Rural Tanzania.” Economic Development and Cultural Change 47(4): 97.
• Pedroni, P. (2000), “Fully Modified OLS for Heterogeneous Cointegrated Panels”, Advances in Econometrics, vol. 15, pp. 93-130.
• Portes, A. (1998), “Social Capital: Its Origins and Applications in Contemporary Sociology.” Annual Review of Sociology 24: 1-24.
• Putnam, R. (1993), Making Democracy Work, Civic Traditions in Modern Italy, Princeton, New Jersey, Princeton University Press.
• Putnam, R.D. (2000), Bowling Alone. The Collapse and Revival of American Community. New York, Simon and Schuster.
• Ravallion, M. and Dearden L. (1988), "Social Security in a 'Moral' Economy: An Empirical Analysis for Java." Review of Economics y Statistics 70 (February): 36-44.
• Robison, L.J., and Siles, M.E. (1997), “Social Capital y Household Income Distributions in the United States: 1980, 1990, Michigan State University”, Department of Agricultural Economics Report No. 595 y The Julian Samora Research Institute, Research Report 18, East Lansing, October, Michigan.
• Robison, L.J., Hanson, S.D. and Steven D. (1995), “Social Capital y Economic Cooperation”, Journal of Agricultural y Applied Economics, 27, 1, July, pp. 43-58.
• Robison, L.J., Schmid, A.A. and Siles, M.E. (2002), “Is Social Capital Really Capital?”, Review of Social Economics, 60(1), pp. 1-21, March 2002.
• Robison, L.J., Schmid, A.A. and Siles, M.E. (2004), “Social Capital and Poverty Reduction: towards a mature paradigm”, Social capital y poverty reduction in Latin America y the Caribbean: towards a new paradigm ed. ECLAC and Michigan State University, United Nations, Santiago de Chile, Ch. 3 pp.49-104.
• Schmid, A. A. and L. J. Robison (1995), “Applications of Social Capital Theory”, Journal of Agricultural y Applied Economics, 27 (1), July, pp. 59-66.
• Schultz, Theodore W. (1961), “Investment in Human Capital”, The American Economic Review 51.1 (1961): 1-17.
• Sen, A. (1999), Development as Freedom, New York: Anchor Books.
• Sobel, J. (2002), “Can We Trust Social Capital?”, Journal of Economic Literature, vol. XL, March, pp. 139-154.
• Stiglitz, J. E., and Weiss, A. (1981) “Credit Rationing in Markets with Imperfect Information”, American Economic Review, June 1981.
• Swaminathan, M. (1992), El papel cambiante del Crédito Formal e Informal en el México Rural, CIDE, Documento de Trabajo 1.
• Székely, M. (1997), “Household Savings and Income Distribution in a Developing Economy”, Washington, Office of the Chief Economist-BID.
• Uphoff, N. (2000), “Understying Social Capital”, In Social Capital, a Multifaceted Perspective, Partha Dasguspta and Ismael Serageldin, Washington, D.C., The International Bank of Reconstruction y Development, The World Bank, Washington D.C.
• van Bastelaer, Thierry. 2000. “Imperfect Information, Social Capital and the Poor's. Access to Credit.” World Bank Working Paper No. 234.
• Woodruff, Christopher (2006), “Characteristics of the unbanked and banked in the popular financial sector in Mexico: An analysis of the BANSEFI household panel Survey”, Una Mirada al Interior del Sector de Ahorro y Crédito Popular en México. Estudios sobre hogares e Instituciones, BANSEFI, pp. 1-42.
• Woolcock, M. (1999), “Managing Risk, Shocks, y Opportunity in Developing Economies: The Role of Social Capital.” In Gustav Ranis, ed. Dimensions of Development. New Haven, CT: Yale Center for International y Area Studies, pp. 197- 212
• Wooldridge, J. (2002), Econometric Analysis of Cross Section and Panel Data, MIT Press.
• World Bank (2002), Empowerment and Poverty Reduction—A Sourcebook. Washington D.C.: World Bank.