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Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism
Manning, Alan - C.E.P.R. Discussion Papers - 1989
In a capitalist economy capitalists can sell their stake in a firm on the stock market whereas workers cannot sell their jobs. It is argued that when workers have some bargaining power this asymmetry in property rights leads to inefficiencies. The consequences of this are explored and certain...
Persistent link: https://www.econbiz.de/10005662149
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Formation of Social Capital in Central and Eastern Europe: Understanding the Gap Vis-a-Vis Developed Countries
Fidrmuc, Jan; Gërxhani, Klarita - C.E.P.R. Discussion Papers - 2005
Recent Eurobarometer survey data are used to document and explain the stock of social capital in 27 European countries. Social capital in Central and Eastern Europe – measured by civic participation and access to social networks – lags behind that in Western European countries. Using...
Persistent link: https://www.econbiz.de/10005792441
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The Macroeconomics of Labour and Credit Market Imperfections
Wasmer, Etienne; Weil, Philippe - C.E.P.R. Discussion Papers - 2002
Labour market frictions are not the only possible source of high unemployment. Credit market imperfections, driven by microeconomic frictions and influenced by macroeconomic factors, could also be to blame. To develop this idea in a simple and tractable macroeconomic model, we treat credit and...
Persistent link: https://www.econbiz.de/10005792453
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The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth
Acemoglu, Daron; Johnson, Simon; Robinson, James A - C.E.P.R. Discussion Papers - 2003
, the growth of New World, African and Asian trade after 1500 strengthened new segments of the commercial bourgeoisie and …
Persistent link: https://www.econbiz.de/10005067437
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The Impact of Military Research and Development Priorities on the Evolution of the Civil Economy in Capitalist States
Buzan, Barry; Sen, Gautam - C.E.P.R. Discussion Papers - 1989
Military priorities influence a significant proportion of the resources that capitalist societies devote to R&D. Some of the commanding heights of civil economies have been powerfully shaped by the opportunities created by specifically military R&D. This paper is an attempt to sketch the...
Persistent link: https://www.econbiz.de/10005281392
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The arrival of cheap goods: Measuring the impact of Chinese import competition on Nordic prices
Auer, Raphael; Fischer, Andreas M; Kropf, Andreas - C.E.P.R. Discussion Papers - 2011
What is the impact of Chinese import competition on Nordic producer prices? In a panel covering 23 (2 digit) NACE manufacturing sectors from 1995 to 2008, instrumental variable estimations predict that when Chinese imports capture a 1% increase in market share, Nordic producer prices decrease by...
Persistent link: https://www.econbiz.de/10009275961
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The Political Economy of Education and Development in an Open Economy
Bourguignon, François; Verdier, Thierry - C.E.P.R. Discussion Papers - 2001
If the price effect of opening up a developing economy may be expected to act as a disincentive for investment in human capital, the opposite is likely to be true of the income effect, especially in the presence of credit market imperfections among the poor. It is shown in this Paper that this...
Persistent link: https://www.econbiz.de/10005662307
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Can Deunionization Lead to International Outsourcing?
Lommerud, Kjell Erik; Meland, Frode; Straume, Odd Rune - C.E.P.R. Discussion Papers - 2008
countries. We further show that globalization - interpreted as either market integration or increased product market competition …
Persistent link: https://www.econbiz.de/10005662344
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How to Save Globalization from its Cheerleaders
Rodrik, Dani - C.E.P.R. Discussion Papers - 2007
The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is … continue to pose an important constraint on the world economy. In reality, lack of openness is no longer the binding constraint … alike. An alternative approach to globalization would focus on enhancing policy space rather than market access, and on …
Persistent link: https://www.econbiz.de/10005666608
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Does Globalization Create Superstars?
Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2007
To examine the impact of globalization on managerial compensation, we consider a matching model where a number of firms … compete both in the product market and in the managerial market. We show that globalization, that is, the simultaneous …
Persistent link: https://www.econbiz.de/10005666641