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Market Integration and Economic Development: A Long-Run Comparison
Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004
How much of China’s recent economic performance can be attributed to market-oriented reforms introduced in the last two … Paper compares the integration of rice markets in China today and 270 years ago. In the 18th century, transport technology … pattern of interregional income in China is strongly linked to persistent geographic factors that were already apparent …
Persistent link: https://www.econbiz.de/10005136759
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The Territorial Dynamics Of Innovation In China And India
Crescenzi, Riccardo; Rodriguez-Pose, Andres; Storper, … - C.E.P.R. Discussion Papers - 2012
This paper analyses the geography of innovation in China and India. Using a tailor-made panel database for regions in … between the provinces and states within both countries are quite different. In China, the concentration of innovation is …. Innovative areas in China, rather than generate knowledge spillovers, seem to produce strong backwash effects. In India, by …
Persistent link: https://www.econbiz.de/10011083752
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Financial Structure and Macroeconomic Volatility: Theory and Evidence
Huizinga, Harry; Zhu, Dantao - C.E.P.R. Discussion Papers - 2006
This paper presents a simple model capturing differences between debt and equity finance to examine how financial structure matters for macroeconomic volatility. Debt finance is relatively cheap in the sense that debt holders need to verify relatively few profitability states, but debt finance...
Persistent link: https://www.econbiz.de/10005498044
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Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?
De Fiore, Fiorella; Uhlig, Harald - C.E.P.R. Discussion Papers - 2005
We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose between two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...
Persistent link: https://www.econbiz.de/10005498089
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The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries
Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2013
Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...
Persistent link: https://www.econbiz.de/10011084251
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Capital Structure and International Debt Shifting
Huizinga, Harry; Laeven, Luc; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2006
This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between...
Persistent link: https://www.econbiz.de/10005791642
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The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
Desmet, Klaus; Nagy, David Krisztián; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2015
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with …
Persistent link: https://www.econbiz.de/10011252617
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The Long-Lived Effects of Historic Climate on the Wealth of Nations
Bluedorn, John; Valentinyi, Akos; Vlassopoulos, Michael - C.E.P.R. Discussion Papers - 2009
We investigate the long-run consequences of historic, climatic temperatures (1730-2000) for the modern cross-country income distribution. Using a newly constructed dataset of climatic temperatures stretching over three centuries (18th, 19th, and 20th), we estimate a robust and significant...
Persistent link: https://www.econbiz.de/10008491725
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Cultural Assimilation, Cultural Diffusion and the Origin of the Wealth of Nations
Ashraf, Quamrul; Galor, Oded - C.E.P.R. Discussion Papers - 2007
This research argues that variations in the interplay between cultural assimilation and cultural diffusion have played a significant role in giving rise to differential patterns of economic development across the globe. Societies that were geographically less vulnerable to cultural diffusion,...
Persistent link: https://www.econbiz.de/10005123872
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Agglomeration and Regional Growth
Baldwin, Richard; Martin, Philippe - C.E.P.R. Discussion Papers - 2003
even without catastrophe. In particular, and contrary to the fundamentally static models of the New Economic Geography …
Persistent link: https://www.econbiz.de/10005124278