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INCOME CONVERGENCE DURING THE DISINTEGRATION OF THE WORLD ECONOMY 1919-39
Milanovic, Branko - EconWPA - 2003
Some economists have argued that the process of disintegration of the world economy between the two World Wars led to …
Persistent link: https://www.econbiz.de/10005076560
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The Ricardian Vice: Why Sala-i-Martin’s calculations of world income inequality are wrong
Milanovic, Branko - EconWPA - 2003
The paper discusses recent world income inequality calculations by Sala- i-Martin. It shows that the two main problems … of income augmented by a constant shift parameter and not a distribution of income among world citizens. …
Persistent link: https://www.econbiz.de/10005134630
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THE TWO FACES OF GLOBALIZATION: AGAINST GLOBALIZATION AS WE KNOW IT
Milanovic, Branko - EconWPA - 2003
The paper shows that the current view of globalization as an automatic and benign force is flawed: it focuses on only … one, positive, face of globalization while entirely neglecting a malignant one. The two key historical episodes that are … adduced by the supporters of the “globalization as it is” (the Halcyon days of the 1870-1913, and the record of the last two …
Persistent link: https://www.econbiz.de/10005118746
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International Capital Mobility: Evidence from Panel Data
Jansen, W. Jos - EconWPA - 2003
Krol (1996) reports estimates of the saving-investment correlation, based on panel regressions, that are much lower than commonly found in the literature. This note argues that this low estimate is not related to the panel estimation technique, as Krol claims, but largely to the inclusion of...
Persistent link: https://www.econbiz.de/10005125535
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Consumption Smoothing Channels in Open Economies
Asdrubali, Pierfederico; Kim, Soyoung - EconWPA - 2005
We recognize that intertemporal models of the current account (Frankel and Razin with Yuan 1996, or Baxter and Crucini 1993) imply a theory of consumption smoothing channels, and thus we build an empirical model on the theoretical foundations of Sachs (1982)'s optimizing model in order to...
Persistent link: https://www.econbiz.de/10005125536
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Is More Mobility Good? Firm Mobility and the Low Wage-Low Productivity Trap
Seguino, Stephanie - EconWPA - 2005
This paper explores the possibility that unregulated FDI flows are causally implicated in the decline in labor productivity growth in semi- industrialized economies. These effects are hypothesized to operate through the negative impact of firm mobility on worker bargaining power and thus...
Persistent link: https://www.econbiz.de/10005062582
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Aggregate Scale Economies, Market Integration, and Optimal Welfare State Policy
Molana, Hassan; Montagna, Catia - EconWPA - 2005
Using a two-sector-two-country model with aggregate scale economies and unionisation, we show that optimal welfare state policy entails positive levels of unemployment benefits under free-trade and capital mobility. In this setting, economic integration does not reduce the revenue raising...
Persistent link: https://www.econbiz.de/10005408070
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Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series
Levy, Daniel - EconWPA - 2005
This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897–1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...
Persistent link: https://www.econbiz.de/10005408170
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Adjustment Costs in a Two-Capital Growth Model
Duczynski, Petr - EconWPA - 2001
The paper analyzes the convergence dynamics of a log-linearized open- economy neoclassical growth model under the assumptions of large adjustment costs for human capital investment, moderate adjustment costs for physical capital investment, and perfect capital mobility. The model can be...
Persistent link: https://www.econbiz.de/10005412690
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Aggregate Scale Economies, Market Integration and Optimal Welfare State Policy
Molana, Hassan; Montagna, Catia - EconWPA - 2005
Using a two-sector-two-country model with aggregate scale economies and unionisation, we show that optimal welfare state policy entails positive levels of unemployment benefits under free-trade and capital mobility. In this setting, economic integration does not reduce the revenue raising...
Persistent link: https://www.econbiz.de/10005556463