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A Global View of Cross-Border Migration
di Giovanni, Julian; Levchenko, Andrei A.; Ortega, Francesc - C.E.P.R. Discussion Papers - 2014
difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances … about 10% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability …
Persistent link: https://www.econbiz.de/10011083627
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Domestic and International Finance: How Do They Affect Consumption Smoothing?
Huizinga, Harry; Zhu, Dantao - C.E.P.R. Discussion Papers - 2004
This Paper uses empirical proxies for the domestic development and international integration of debt and equity markets to assess the role of financial development in international consumption smoothing. First, we find that both domestic and international finance contribute to international...
Persistent link: https://www.econbiz.de/10005067565
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Adjustment to Target Capital, Finance and Growth
Ciccone, Antonio; Papaioannou, Elias - C.E.P.R. Discussion Papers - 2006
Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity...
Persistent link: https://www.econbiz.de/10005504771
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Dynastic Management
Caselli, Francesco; Gennaioli, Nicola - C.E.P.R. Discussion Papers - 2003
Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the world, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...
Persistent link: https://www.econbiz.de/10005136641
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Financial Development and Stock Returns: A Cross-Country Analysis
Dellas, Harris; Hess, Martin - C.E.P.R. Discussion Papers - 2002
We examine stock returns in a cross section of emerging and mature markets (47countries) between 1980-99. The level of financial development turns out to be an important determinant of the performance of stock returns. In general, a deeper and higher quality banking system decreases the...
Persistent link: https://www.econbiz.de/10005666653
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Financial Development and the Sensitivity of Stock Markets to External Influences
Dellas, Harris; Hess, Martin - C.E.P.R. Discussion Papers - 2001
We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect...
Persistent link: https://www.econbiz.de/10005791350
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How Risky is Financial Liberalization in the Developing Countries?
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
This Paper looks at the effect of domestic and external financial liberalization. Using a sample of 27 developing and developed countries, it studies the exchange market pressure and output gap effects of liberalization. The results show that developing and developed countries differ in many...
Persistent link: https://www.econbiz.de/10005666570
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Exchange Rate Regimes: Some Lessons from Postwar Europe
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The...
Persistent link: https://www.econbiz.de/10005661704
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Weathering the crisis and beyond: Perspectives for the Euro Area
Schmidt, Christoph M; Weigert, Benjamin - C.E.P.R. Discussion Papers - 2013
The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...
Persistent link: https://www.econbiz.de/10011083564
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Asymmetry of Information within Family Networks
De Weerdt, Joachim; Genicot, Garance; Mesnard, Alice - C.E.P.R. Discussion Papers - 2014
This paper studies asymmetry of information and transfers within a unique data set of 712 extended family networks from Tanzania. Using cross-reports on asset holdings, we construct measures of misperception of income among all pairs of households belonging to the same network. We show that...
Persistent link: https://www.econbiz.de/10011084616