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Growth Effects of European Integration
Henrekson, Magnus; Torstensson, Rasha - C.E.P.R. Discussion Papers - 1996
This paper deals with the effects of European integration in the EC and EFTA on economic growth. Base regressions suggest that EC and EFTA memberships do in fact have a positive and significant effect on economic growth, and that there is no significant difference between EC and EFTA membership....
Persistent link: https://www.econbiz.de/10005789045
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Borders and Growth
Spolaore, Enrico; Wacziarg, Romain - C.E.P.R. Discussion Papers - 2005
This paper presents a framework to understand and measure the effects of political borders on economic growth and per capita income levels. In our model, political integration between two countries results in a positive country size effect and a negative effect through reduced openness...
Persistent link: https://www.econbiz.de/10005667135
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Reassessing the Standard of Living in the Soviet Union: An Analysis Using Archival and Anthropometric Data
Brainerd, Elizabeth - C.E.P.R. Discussion Papers - 2006
Both Western and Soviet estimates of GNP growth in the USSR indicate that GNP per capita grew in every decade - sometimes rapidly - from 1928 to 1985. While this measure suggests that the standard of living improved in the USSR throughout this period, it is unclear whether this economic growth...
Persistent link: https://www.econbiz.de/10005666434
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Consumption of cotton cloth in India, 1795-1940
Roy, Tirthankar - C.E.P.R. Discussion Papers - 2011
economic change in colonial India. These are: (a) trends in levels of living, (b) the correlation between production of …
Persistent link: https://www.econbiz.de/10009371467
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Increased Correlation in Bear markets: A Downside Risk Perspective
Campbell, Rachel; Koedijk, Kees; Kofman, Paul - C.E.P.R. Discussion Papers - 2002
A number of studies have provided evidence of increased correlation in global financial market returns during bear … implied correlation based on portfolio downside risk measures that does not suffer from this bias. These unbiased quantile … correlation estimates are directly applicable to portfolio optimization and to risk management techniques in general. This simple …
Persistent link: https://www.econbiz.de/10005124110
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Extreme Correlation of International Equity Markets
Longin, François; Solnik, Bruno H - C.E.P.R. Discussion Papers - 2000
Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise … and misleading results have often been reported in the past because of a spurious relationship between correlation and … volatility. This paper focuses on extreme correlation, that is to say the correlation between returns in either the negative or …
Persistent link: https://www.econbiz.de/10005504611
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The Supermodular Stochastic Ordering
Meyer, Margaret A; Strulovici, Bruno - C.E.P.R. Discussion Papers - 2013
In many economic applications involving comparisons of multivariate distributions, supermodularity of an objective function is a natural property for capturing a preference for greater interdependence. One multivariate distribution dominates another according to the `supermodular stochastic...
Persistent link: https://www.econbiz.de/10011083601
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Governance and Comovement Under Common Ownership
Edmans, Alex; Levit, Doron; Reilly, Devin - C.E.P.R. Discussion Papers - 2014
derive empirical predictions for the direction of correlation and for whether governance is stronger or weaker with multiple …
Persistent link: https://www.econbiz.de/10011084086
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European Integration and the Future of the Welfare State
Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 1998
This paper argues that increased factor mobility incurs the risk of dismantling the welfare state, even though this state may have useful allocative functions. It will be difficult to finance the welfare state with taxes on capital and it may be necessary to subsidize this factor in the sense...
Persistent link: https://www.econbiz.de/10005662397
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Banking Competition and European Integration
Vives, Xavier - C.E.P.R. Discussion Papers - 1990
We assess how banking competition will be affected by the process of deregulation and integration in European financial markets, drawing on the lessons of recent research in finance, banking and industrial organization. Our central thesis contends that the main effect of integration will be to...
Persistent link: https://www.econbiz.de/10005666400