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Fiscal Adjustments and Business Cycle Synchronization

Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2013

Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of...

Persistent link: https://www.econbiz.de/10010721606

Whither China? Reform and Economic Integration among Chinese Regions

Fidrmuc, Jan; Fidrmuc, Jarko; Huang, Shuo - CESifo - 2013

This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955-2007. We find that the symmetry of supply shocks has declined after the...

Persistent link: https://www.econbiz.de/10010643334

Powering Up Developing Countries through Integration?

Auriol, Emmanuelle; Biancini, Sara - CESifo - 2012

Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...

Persistent link: https://www.econbiz.de/10010556079

Wholesale Price Discrimination and Parallel Imports

Ganslandt, Mattias; Maskus, Keith E. - CESifo - 2007

We develop a model of vertical pricing in which an original manufacturer sets wholesale prices in two markets integrated at the distributor level by parallel imports (PI). In this context we show that if competition policy requires uniform wholesale prices across locations it would push retail...

Persistent link: https://www.econbiz.de/10005765782

Deviations from the Law of One Price in Japan

Cheung, Yin-Wong; Fujii, Eiji - CESifo - 2008

Using 25 years of monthly data on individual Japanese retail prices, we study the behavior of product-specific Law of One Price (LOP) deviations. Individual tradable products, compared with nontradables, are more likely to have different distributions of LOP deviations across cities. Their...

Persistent link: https://www.econbiz.de/10005765970

China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration

Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - CESifo - 2003

The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one-month interbank rates, exchange rates, and prices. Specifically, the degree of integration is assessed based on the empirical validity of real interest parity, uncovered...

Persistent link: https://www.econbiz.de/10005181319

European Market Integration for Gas? Volume Flexibility and Political Risk

Asche, Frank; Osmundsen, Petter; Tveterås, Ragnar - CESifo - 2000

Gas exports to the Continent are regulated by long term take-or-pay contracts. The contracts are described and analyzed. We thereafter examine whether the most central European gas market, the German market, is integrated. Are there substantial price differences between gas from different export...

Persistent link: https://www.econbiz.de/10005181551

Regulating National Firms in a Common Market

Biancini, Sara - CESifo - 2008

We consider the regulation of national firms in a common market. Regulators can influence the production of national firms but they incur in a positive cost of public funds. First, we show that market integration is welfare improving if and only if the efficiency gains compensate for the...

Persistent link: https://www.econbiz.de/10005196269

Economic Nationalism and Economic Integration: The Austro-Hungarian Empire in the Late Nineteenth Century

Schulze, Max-Stephan; Wolf, Nikolaus - CESifo - 2009

This paper seeks to reconcile two seemingly contradictory strands in the literature on economic development in the late nineteenth century Habsburg Empire - one emphasizing the centrifugal impact of rising intra-empire of nationalism, the other stressing significant improvements in market...

Persistent link: https://www.econbiz.de/10008572582

Did US Consumers 'Save for a Rainy Day' Before the Great Recession?

Anundsen, André Kallåk; Nymoen, Ragnar - CESifo - 2015

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …

Persistent link: https://www.econbiz.de/10011278934