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Globalization and the (Mis)Governance of Nations
Blouin, Arthur; Ghosal, Sayantan; Mukand, Sharun - CESifo - 2012
We analyze whether or not the globalization of capital, ‘disciplines’ governments and improves governance. We … demonstrate that globalization affects governance, by increasing a country’s vulnerability to sudden capital flight. This … ‘golden straitjacket’. However, globalization may also ‘overdiscipline’ governments - resulting in a perverse impact on …
Persistent link: https://www.econbiz.de/10009645630
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The Globalization Paradox Revisited
Schwerhoff, Gregor; Edenhofer, Ottmar - CESifo - 2014
According to the Globalization Paradox, globalization limits the freedom of choice for national governments. Capital …. Fixed factor taxes have the potential to improve welfare by defusing the globalization trilemma through a reduction in the …
Persistent link: https://www.econbiz.de/10010877683
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Capital Controls and Exchange Rate Regimes: An Empirical Investigation
Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
It is often argued that deregulation of international transactions and its effects on the “globalization” of financial …. We find that the durability of a peg (measured on the basis of the growth of international reserves), the political …
Persistent link: https://www.econbiz.de/10005181251
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The Overvaluation of Renminbi Undervaluation
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - CESifo - 2007
We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...
Persistent link: https://www.econbiz.de/10005196252
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China's Capital Controls - Through the Prism of Covered Interest Differentials
Cheung, Yin-Wong; Herrala, Risto - CESifo - 2013
We study the renminbi (RMB) covered interest differential – an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global financial crisis than before. That is, capital controls in China are...
Persistent link: https://www.econbiz.de/10010690380
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Climate Treaties and Approaching Catastrophes
Barrett, Scott - CESifo - 2012
If the threshold that triggers climate catastrophe is known with certainty, and the benefits of avoiding catastrophe are high relative to the costs, treaties can easily coordinate countries’ behavior so as to avoid the threshold. Where the net benefits of avoiding catastrophe are lower,...
Persistent link: https://www.econbiz.de/10010877724
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Cross-Country Evidence on Teacher Performance Pay
Woessmann, Ludger - CESifo - 2010
-level performance-pay measures with rich PISA-2003 international achievement micro data, this paper estimates student …-level international education production functions. The use of teacher salary adjustments for outstanding performance is significantly …
Persistent link: https://www.econbiz.de/10008511595
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On the Inclusion of the Chinese Renminbi in the SDR Basket
Benassy-Quere, Agnes; Capelle, Damien - CESifo - 2012
This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...
Persistent link: https://www.econbiz.de/10010877819
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Is Capital Mobility Good for Public Good Provision?
Schwerhoff, Gregor; Edenhofer, Ottmar - CESifo - 2013
We set up a general model on capital mobility which contains many of the models in the literature as special cases. The race to the bottom results not from a capital flight effect, but rather from a kind of Laffer curve effect in public good provision. Selectively introducing simplifying...
Persistent link: https://www.econbiz.de/10010877760
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Union Wage Setting and International Trade
Egger, Hartmut; Etzel, Daniel - CESifo - 2012
This paper sets up a general oligopolistic equilibrium model with two countries that differ in the centralization of union wage setting. Being interested in the consequences of openness, we show that, in the short-run, trade increases welfare and employment in both locations, and it raises...
Persistent link: https://www.econbiz.de/10010877792