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Financial Integration, Globalization, and Real Activity
Nicolò, Gianni De; Juvenal, Luciana - CESifo - 2012
distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial … financial integration predict better growth prospects; (c) both advances in financial integration and globalization are … financial integration and globalization indeed foster countries’ growth, and there appears to be no trade-off between these …
Persistent link: https://www.econbiz.de/10009645640
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Individual Heterogeneity, Nonlinear Budget Sets, and Taxable Income
Blomquist, Sören; Kumar, Anil; Liang, Che-Yuan; Newey, … - CESifo - 2015
Many studies have estimated the effect of taxes on taxable income. To account for nonlinear taxes these studies either use instrumental variables approaches that are not fully consistent, or impose strong functional form assumptions. None allow for general heterogeneity in preferences. In this...
Persistent link: https://www.econbiz.de/10011274345
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Margins of Multinational Labor Substitution
Muendler, Marc-Andreas; Becker, Sascha O. - CESifo - 2006
Multinational labor demand responds to wage differentials at the extensive margin, when a multinational enterprise (MNE) expands into foreign locations, and at the intensive margin, when an MNE operates existing affiliates across locations. We derive conditions for parametric and nonparametric...
Persistent link: https://www.econbiz.de/10005766025
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Fiscal Decentralization and Public Sector Efficiency: Evidence from OECD Countries
Adam, Antonis; Delis, Manthos D.; Kammas, Pantelis - CESifo - 2008
This paper attempts to identify the effect of fiscal decentralization on public sector efficiency (PSE). We employ data envelopment analysis on a panel of 21 OECD countries over the period 1970-2000 to construct two alternative PSE indicators that reflect the governmental goals of economic...
Persistent link: https://www.econbiz.de/10005094489
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Asymmetric Connectedness on the U.S. Stock Market: Bad and Good Volatility Spillover
Baruník, Jozef; Kocenda, Evžen; Vácha, Lukáš - CESifo - 2015
This paper suggests how to quantify asymmetries in volatility spillovers that emerge due to bad and good volatility. Using data covering most liquid U.S. stocks in seven sectors, we provide ample evidence of the asymmetric connectedness of stocks at the disaggregate level. Moreover, the...
Persistent link: https://www.econbiz.de/10011257668
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Sovereign Rating News and Financial Markets Spillovers: Evidence from the European Debt Crisis
Arezki, Rabah; Candelon, Bertrand; Sy, Amadou - CESifo - 2011
This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The...
Persistent link: https://www.econbiz.de/10008914278
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Sovereign Defaults: The Price of Haircuts
Cruces, Juan J.; Trebesch, Christoph - CESifo - 2011
A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign...
Persistent link: https://www.econbiz.de/10009325807
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Short and Long-run Behaviour of Long-term Sovereign Bond Yields
Afonso, António; Rault, Christophe - CESifo - 2010
This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of...
Persistent link: https://www.econbiz.de/10008727299
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Uncertainty and Economic Activity: A Global Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - CESifo - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to slow down and contract. In this paper, we study the...
Persistent link: https://www.econbiz.de/10010757723
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The Impact of Financial Constraints and Wealth Inequality on International Trade Flows, Capital Movements and Entrepreneurial Migration
Bougheas, Spiros; Falvey, Rod - CESifo - 2014
We introduce financial frictions into a simple two sector model of international trade with heterogeneous agents and investigate the impact of differences in the strength of financial institutions and wealth inequality on trade flows, capital movements and entrepreneurial migration. Distinct...
Persistent link: https://www.econbiz.de/10010764301