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Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011

In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...

Persistent link: https://www.econbiz.de/10009325810

Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries

Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011

In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...

Persistent link: https://www.econbiz.de/10009352230

Corruption and the Shadow Economy: An Empirical Analysis

Dreher, Axel; Schneider, Friedrich - CESifo - 2006

This paper analyzes the influence of the shadow economy on corruption and vice versa. We hypothesize that corruption … that the shadow economy reduces corruption in high income countries, but increases corruption in low income countries. We … also find that stricter regulations increase both corruption and the shadow economy. …

Persistent link: https://www.econbiz.de/10005406312

Constitutional Determinants of Government Spending

Tabellini, Guido - CESifo - 2000

corruption, the features of electoral cycles. The paper discusses both theory and evidence, and concludes with some speculations …

Persistent link: https://www.econbiz.de/10005406326

Self-Serving Dictators and Economic Growth

Haile, Daniel; Sadrieh, Abdolkarim; Verbon, Harrie A. A - CESifo - 2003

A new line of theoretical and empirical literature emphasizes the pivotal role of fair institutions for growth. We present a model, a laboratory experiment, and a simple cross-country regression supporting this view. We model an economy with an unequal distribution of property rights, in which...

Persistent link: https://www.econbiz.de/10005406372

Reforming Legislatures: Is one House better than two?

Facchini, Giovanni; Testa, Cecilia - CESifo - 2009

in US states may indeed reduce corruption levels among elected representatives. …

Persistent link: https://www.econbiz.de/10004979403

One Size Fits All? Decentralization, Corruption, and the Monitoring of Bureaucrats

Lessmann, Christian; Markwardt, Gunther - CESifo - 2009

The majority of theoretical and empirical studies on the relationship between decentralization and corruption argues … that the devolution of power might be a feasible instrument to keep corruption at bay. We argue that this result crucially …-country data, we analyze the relationship between decentralization and corruption taking different degrees of the freedom of the …

Persistent link: https://www.econbiz.de/10004979408

Demographic Transition and Political Stability: Does Corruption Matter?

Farzanegan, Mohammad Reza; Witthuhn, Stefan - CESifo - 2014

hypothesize that corruption matters in this nexus. Using panel data covering the period of 2002–2012 for more than 150 countries … total working age population (15-64 years old) and corruption on political stability. This finding is robust, controlling … between corruption and the youth population remains robust when we control for the persistency of political stability and the …

Persistent link: https://www.econbiz.de/10011103400

How Institutions Shape Land Deals: The Role of Corruption

Bujko, Matthias; Fischer, Christian; Krieger, Tim; … - CESifo - 2015

Large-scale land acquisitions often take place in developing countries which are also known for their corruption …-friendliness caused by weak institutional frameworks. We hypothesize that corruption indeed leads to more land deals. We argue that … corrupt elites exploit poor institutional setups (characterized by corruption) to strike deals with domestic and international …

Persistent link: https://www.econbiz.de/10011155383

You Owe Me

Malmendier, Ulrike M.; Schmidt, Klaus - CESifo - 2012

In many cultures and industries gifts are given in order to influence the recipient, often at the expense of a third party. Examples include business gifts of firms and lobbyists. In a series of experiments, we show that, even without incentive or informational effects, small gifts strongly...

Persistent link: https://www.econbiz.de/10010877662