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Beyond the Veil of Ignorance: The Influence of Direct Democracy on the Shadow Economy
Schneider, Friedrich; Teobaldelli, Désirée - CESifo - 2012
In this paper we analyze the influence of direct democratic institutions on the size and development of the shadow … shadow economy. Countries where direct democratic institutions support democratic life are expected to be characterized by a … core hypothesis and demonstrates that the effect of direct democratic institutions on the shadow economy is negative and …
Persistent link: https://www.econbiz.de/10009651856
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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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Nominal and Real Exchange Rate Models in South Africa: How Robust are they?
Egert, Balazs - CESifo - 2012
This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...
Persistent link: https://www.econbiz.de/10010554826
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International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries: Some Panel Evidence
Caporale, Guglielmo Maria; Amor, Thouraya Hadj; Rault, … - CESifo - 2009
The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...
Persistent link: https://www.econbiz.de/10008596604
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Cointegration Tests of PPP: Do they also Exhibit Erratic Behaviour?
Caporale, Guglielmo Maria; Hanck, Christoph - CESifo - 2006
We analyse whether tests of PPP exhibit erratic behaviour (as previously reported by Caporale et al., 2003) even when (possibly unwarranted) homogeneity and proportionality restrictions are not imposed, and trivariate cointegration (stage-three) tests between the nominal exchange rate, domestic...
Persistent link: https://www.econbiz.de/10005765840
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Purchasing Power Parity for Developing and Developed Countries. What can we Learn from Non-Stationary Panel Data Models?
Drine, Imed; Rault, Christophe - CESifo - 2008
The aim of this paper is to apply recently developed panel cointegration techniques proposed by Pedroni (1999, 2004) and generalized by Banerjee and Carrion-i-Silvestre (2006) to examine the robustness of the PPP concept for a sample of 80 developed and developing countries. We find that strong...
Persistent link: https://www.econbiz.de/10005405826
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Real Exchange Rates in Small Open OECD and Transition Economies: Comparing Apples with Oranges?
Egert, Balazs; Lommatzsch, Kirsten; Lahrèche-Révil, Amina - CESifo - 2007
We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange rate of tradables in OECD economies that...
Persistent link: https://www.econbiz.de/10005405897
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Reconsidering the Price-Income Relationship across Countries
Fujii, Eiji - CESifo - 2013
This study reconsiders the well-known cross-country positive association between prices and income by focusing on heterogeneity between the inter-developed-country and inter-developing-country relationships. Empirical results reveal not only that developed and developing countries differ in...
Persistent link: https://www.econbiz.de/10010627561
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Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach
Caporale, Guglielmo Maria; Amor, Thouraya Hadj; Rault, … - CESifo - 2011
The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange rates in emerging countries, focusing on the role of international financial integration in particular. A reduced-form model is estimated using the GMM method for dynamic panels...
Persistent link: https://www.econbiz.de/10009371352
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The Political Economy of Corruption and the Role of Financial Institutions
Boerner, Kira; Hainz, Christa - CESifo - 2004
positions. In a probabilistic voting model, we show that a lack of financial institutions can lead to more corruption as more … voters become part of the corrupt system. Well-functioning financial institutions, in turn, can increase the political …
Persistent link: https://www.econbiz.de/10005181428