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Job Reallocation and Productivity Growth Under Alternative Economic Systems and Policies: Evidence from the Soviet Transition
Brown, J David; Earle, John S - C.E.P.R. Discussion Papers - 2003
Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … reforming Russia than in ‘gradualist’ Ukraine, as did the estimated effects of privatization and competitive pressures from … Russia displayed job flow behaviour quite different from market economies, with very low rates of job reallocation that bear …
Persistent link: https://www.econbiz.de/10005123720
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Assessing the impact of Mali’s water privatization across stakeholders
Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011
This paper offers a unique quantitative evaluation of the distribution of the welfare of a water privatization experience in Mali among labor, investors, intermediate input providers, users and taxpayers. The assessment is based on indicator duality and production theory. The paper shows that...
Persistent link: https://www.econbiz.de/10009399719
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Liquidity Risk in Securities Settlement
Devriese, Johan; Mitchell, Janet - C.E.P.R. Discussion Papers - 2005
This paper studies the potential impact on securities settlement systems (SSSs) of a major market disruption, caused by the default of the largest player. A multi-period, multi-security model with intraday credit is used to simulate direct and second round settlement failures triggered by the...
Persistent link: https://www.econbiz.de/10005792365
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On the Role of Arbitrageurs in Rational Markets
Basak, Suleyman; Croitoru, Benjamin - C.E.P.R. Discussion Papers - 2004
Price discrepancies, although at odds with mainstream finance, are persistent phenomena in financial markets. These apparent mispricings lead to the presence of ‘arbitrageurs’, who aim to exploit the resulting profit opportunities, but whose role remains controversial. This article...
Persistent link: https://www.econbiz.de/10005123691
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Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion
Basak, Suleyman; Yan, Hongjun - C.E.P.R. Discussion Papers - 2009
This article analyzes the implications of money illusion for investor behavior and asset prices in a securities market economy with inflationary fluctuations. We provide a belief-based formulation of money illusion which accounts for the systematic mistakes in evaluating real and nominal...
Persistent link: https://www.econbiz.de/10005048554
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Energy Demand and Trade in General Equilibrium: An Eaton-Kortum-type Structural Model and Counterfactual Analysis
Egger, Peter; Nigai, Sergey - C.E.P.R. Discussion Papers - 2011
This paper sheds light on the role of the impact of taxes on energy production versus tariffs on imported goods for trade, energy demand, and welfare. For this, we develop a structural Eaton-Kortum type general equilibrium model of international trade which includes an energy sector. We estimate...
Persistent link: https://www.econbiz.de/10009644033
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The Race for Polluting Permits
Brechet, Thierry; Peralta, Susana - C.E.P.R. Discussion Papers - 2007
International markets for tradable emission permits (TEP) co-exist with national energy taxation. A firm trading emission permits in the international market also pays energy taxes in its host country, thus creating an interaction between the international TEP-market and national energy taxes....
Persistent link: https://www.econbiz.de/10005666994
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Environmental Feedbacks and Optimal Taxation in Oligopoly
Carraro, Carlo; Soubeyran, Antoine - C.E.P.R. Discussion Papers - 1995
The paper analyses the problem of optimal taxation in oligopoly when environmental degradation induced by the industry production process feeds back into market demand. The main assumption is that economic agents and the policy-maker care about the environment only because its degradation...
Persistent link: https://www.econbiz.de/10005789196
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Should a Carbon Tax be Differentiated Across Sectors?
Hoel, Michael - C.E.P.R. Discussion Papers - 1994
If some, but not all, countries are cooperating to reduce CO2 emissions, it can be argued that: A high carbon tax on carbon-intensive tradable sectors in the cooperating countries will reduce the production of goods from these sectors, and therefore CO2 emissions, in those countries. This will...
Persistent link: https://www.econbiz.de/10005498029
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The Political Economy of Coal Subsidies in Europe
Anderson, Kym - C.E.P.R. Discussion Papers - 1995
Both the mining and the burning of coal is pollutive, so one might expect to observe taxes on coal production and consumption. Yet several countries in Western Europe subsidize coal production, and most East European countries subsidize coal consumption. The first part of this paper shows that...
Persistent link: https://www.econbiz.de/10005504664