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Outsourcing, Offshoring and Innovation: Evidence from Firm-level Data for Emerging Economies

Fritsch, Ursula; Görg, Holger - C.E.P.R. Discussion Papers - 2013

It is striking that by far the lion's share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and innovation...

Persistent link: https://www.econbiz.de/10011084498

Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2002

We study the determinants of stock market development and the growing migration of capital raising, listing and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more...

Persistent link: https://www.econbiz.de/10005666902

Finance and Growth: When Does Credit Really Matter?

Coricelli, Fabrizio; Roland, Isabelle - C.E.P.R. Discussion Papers - 2008

The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline and output growth. When credit markets are underdeveloped and enterprise activity is financed outside the banking sector, exogenous shocks may induce a break-up of both credit...

Persistent link: https://www.econbiz.de/10005789097

A New Index of Currency Mismatch and Systemic Risk

Rancière, Romain; Tornell, Aaron; Vamvakidis, Athanasios - C.E.P.R. Discussion Papers - 2011

This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the...

Persistent link: https://www.econbiz.de/10008854496

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...

Persistent link: https://www.econbiz.de/10005504331

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...

Persistent link: https://www.econbiz.de/10005656157

Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Bertola, Giuseppe; Drazen, Allan - C.E.P.R. Discussion Papers - 1991

We present and analyse an optimizing model which explains the counter-intuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process, which the public believes may fall sharply when it reaches specific `target points', then...

Persistent link: https://www.econbiz.de/10005662143

Designing Democracies for Sustainability

Gersbach, Hans; Kleinschmidt, Tobias - C.E.P.R. Discussion Papers - 2004

sustainability. We show that the dual democratic mechanism – rejection/support rewards (RSRs) for politicians and elections – can … achieve sustainability. RSRs stipulate that incumbents who are not re-elected, but obtain the majority support among young …

Persistent link: https://www.econbiz.de/10005662383

Sustainability of Public Finances

Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term …. In this study, we develop a concept of sustainability focusing on the controllability of public finances. In so doing, we … adopt the approach of the Maastricht Treaty, to assume sustainability as long as a country does not violate the double …

Persistent link: https://www.econbiz.de/10005667090

From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege

Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2005

the sustainability of the current global imbalances. …

Persistent link: https://www.econbiz.de/10005791200