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Projected demographic changes in industrialized countries will reduce the share of the working-age population. Analyses based on standard OLG models predict that these changes will increase the capital-labor ratio. Hence, rates of return to capital decrease and wages increase with adverse...
Persistent link: https://www.econbiz.de/10013100571
Using a unique survey database of 8265 firms from 25 transition economies, I find that lack of access to finance in general, and to bank credit in particular, is associated with significantly lower investment in on-the-job training. This effect is stronger in education-intensive industries and...
Persistent link: https://www.econbiz.de/10013073659
This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions matched with data on worldwide intra-firm linkages as defined by property...
Persistent link: https://www.econbiz.de/10013113261
We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factor...
Persistent link: https://www.econbiz.de/10013118952
This paper provides an empirical assessment of interdependence and contagion across three asset classes (bonds, stocks, and currencies) for over 60 economies over the period 1998 to 2011. Using a global VAR, we test for changes in the transmission mechanism – both within and cross-market...
Persistent link: https://www.econbiz.de/10013100396
policy generates sizable output spillovers to the rest of the world, which are larger than the domestic effects in the US for …
Persistent link: https://www.econbiz.de/10013014615
Using OECD composite leading indicators (CLI), we assess empirically whether the ability of the country-specific CLIs to predict economic activity has diminished in recent years, e.g. due to rapid advances in globalisation. Overall, we find evidence that the CLI encompasses useful information...
Persistent link: https://www.econbiz.de/10013153432
and financial variables in the rest of the world …
Persistent link: https://www.econbiz.de/10012834227
provides a consistent narrative of the main regional contributors of world economy's weakness. Third, it allows to perform …
Persistent link: https://www.econbiz.de/10012838842
We show that traditional gravity variables play a significant role in explaining trade flows related to global value chain participation. We find evidence that cooperation costs – measured by linguistic and geographical proximity – are more relevant for trade that reflects cross-border...
Persistent link: https://www.econbiz.de/10012956243