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Determinants of International Activity: Evidence from the Chemical Industry
Fosfuri, Andrea - C.E.P.R. Discussion Papers - 2004
operations, joint-ventures and licensing, namely country risk and IPRs protection. Using a comprehensive database on investments … in chemical plants during the period 1981-96, we show that higher levels of country risk are associated with less … tends to be preferred in countries with higher levels of risk, and that multinational investment is more responsive to …
Persistent link: https://www.econbiz.de/10005504443
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Business Cycles in Emerging Economies: The Role of Interest Rates
Neumeyer, Pablo Andrés; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2004
country risk component. Country risk is affected by fundamental shocks but, through the presence of working capital, also … risk lowers Argentine output volatility by 27% while stabilizing international rates lowers it by less than 3%. …
Persistent link: https://www.econbiz.de/10005656244
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - C.E.P.R. Discussion Papers - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009148883
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Theoretical and Empirical Determinants of International Labour Mobility: A Greek-German Perspective
Glytsos, Nicholas; Katseli, Louka Tarsitsa - C.E.P.R. Discussion Papers - 1986
Emigration of labour and its subsequent repatriation can best be understood as phases of an intertemporal exchange process, of a relatively abundant factor, namely unskilled labour, for a relatively scarce factor, namely capital. This capital flow initially consists of financial capital, that is...
Persistent link: https://www.econbiz.de/10005662201
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Globalization and Monetary Control
Woodford, Michael - C.E.P.R. Discussion Papers - 2007
It has recently become popular to argue that globalization has had or will soon have dramatic consequences for the nature of the monetary transmission mechanism, and it is sometimes suggested that this could threaten the ability of national central banks to control inflation within their...
Persistent link: https://www.econbiz.de/10005662247
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Labour Mobility and Fiscal Coordination: Setting Growth Agenda for an Economic Union
Razin, Assaf; Yuen, Chi-Wa - C.E.P.R. Discussion Papers - 1996
Using a human-capital-based growth model, we show the essential role of labour mobility and cross-country tax harmonization in equalizing income levels of countries that start off from different initial income positions. Knowledge spillovers cum labour mobility are the driving forces behind the...
Persistent link: https://www.econbiz.de/10005666441
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The Feldstein-Horioka Fact
Giannone, Domenico; Lenza, Michele - C.E.P.R. Discussion Papers - 2004
This Paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment observed in OECD countries. We introduce a novel factor augmented panel regression to control for general equilibrium effects where global shocks are allowed to affect each...
Persistent link: https://www.econbiz.de/10005666697
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Capital Mobility in Neoclassical Models of Growth
Barro, Robert J.; Mankiw, N Gregory; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1994
variables create substantial differences in steady-state positions. Open economy versions of the theory predict higher rates of …
Persistent link: https://www.econbiz.de/10005666787
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EMU: Why and How It Might Happen
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1997
This paper reviews the history, economic rationale and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Much of the institutional design...
Persistent link: https://www.econbiz.de/10005666857
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Competing for Capital When Labour is Heterogeneous
Sato, Yasuhiro; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2007
This paper investigates the impacts of capital mobility and tax competition in a setting with imperfect matching between firms and workers. The small country attracts fewer firms than the large one but accommodates a share of the industry that exceeds its capital share - a reverse home market...
Persistent link: https://www.econbiz.de/10005791441