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Does China Still Have a Labor Cost Advantage?
Ceglowski, Janet; Golub, Stephen - CESifo - 2011
In recent years wages in China have been rising and the yuan has appreciated, potentially eroding China’s cost advantage in manufactures. This paper explores the evolution of China’s relative unit labor costs in manufacturing over 1998-2009. Between 1998 and 2003 China’s unit labor costs...
Persistent link: https://www.econbiz.de/10009323303
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A Spatial Approach to Energy Economics: Theory, Measurement and Empirics
Moreno-Cruz, Juan; Taylor, M. Scott - CESifo - 2014
This paper sets out a simple spatial model of energy exploitation to ask how the location and productivity of energy resources may affect the distribution of economic activity around the globe. We combine elements from resource and energy economics into one framework linking the spatial...
Persistent link: https://www.econbiz.de/10010877640
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Institutions and Economic Growth in Historical Perspective: Part 1
Ogilvie, Sheilagh; Carus, A. W. - CESifo - 2014
This is Part 1 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth. The paper provides a critical scrutiny of a number of stylized facts widely accepted in the growth literature. It shows that private-order institutions have not historically...
Persistent link: https://www.econbiz.de/10010877698
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Institutions and Economic Growth in Historical Perspective: Part 2
Ogilvie, Sheilagh; Carus, A. W. - CESifo - 2014
This is Part 2 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth. The paper provides a critical scrutiny of a number of stylized facts widely accepted in the growth literature. It shows that private-order institutions have not historically...
Persistent link: https://www.econbiz.de/10010877727
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Geography, Institutions, and the Making of Comparative Development
Auer, Raphael A. - CESifo - 2012
While the direct impact of geographic endowments on prosperity is present in all countries, in former colonies, geography has also affected colonization policies and, therefore, institutional outcomes. Using non-colonized countries as a control group, I re-examine the theories put forward by La...
Persistent link: https://www.econbiz.de/10010556461
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Market Structure and the Cost of Capital
Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; … - CESifo - 2013
We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model …
Persistent link: https://www.econbiz.de/10010877642
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An Alternative Conditional Asymmetry Specification for Stock Returns
Brännäs, Kurt; Nordman, Niklas - CESifo - 2001
The paper advances the log-generalized gamma distribution as a suitable generator of conditional skewness. Based on the NYSE composite daily returns an asMA-asQGARCH model along with skewness dynamics is estimated. The results indicate a skewness that varies between sizeable negative skewness...
Persistent link: https://www.econbiz.de/10005765680
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The Economics of Insurance, its Borders with Finance and Implications for Systemic Regulation
Thimann, Christian - CESifo - 2015
international finance is ‘what is insurance and where does insurance end?’ This paper aims to elaborate on the economics of … insurance and its borders with general finance. It argues that the classification challenge by regulators partly stems from … terminological confusion between insurance activities and more general financial activities. Insurance and finance both use the same …
Persistent link: https://www.econbiz.de/10011165510
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Self-Enforcing International Environmental Agreements and Trade: Taxes Versus Caps
Eichner, Thomas; Pethig, Rüdiger - CESifo - 2014
This paper studies within a multi-country model with international trade the stability of international environmental agreements (IEAs) when countries regulate carbon emissions either by taxes or caps. Regardless of whether coalitions play Nash or are Stackelberg leaders the principal message is...
Persistent link: https://www.econbiz.de/10010948902
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Reciprocity, World Prices and Welfare
Raimondos-Møller, Pascalis; Woodland, Alan D. - CESifo - 2011
We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is...
Persistent link: https://www.econbiz.de/10009324094