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This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of...
Persistent link: https://www.econbiz.de/10005263885
fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real … depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation … for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export …
Persistent link: https://www.econbiz.de/10010790394
income countries and states have high demand for low quality products which can be produced efficiently in small plants. I … respect to quality on the consumer side. On the producer side, high quality production has higher marginal costs and requires … higher fixed costs. These two features imply that high quality producers are larger on average and charge higher prices. The …
Persistent link: https://www.econbiz.de/10011106152
The three year Fund-supported program that expired at end-June 2014 succeeded in stabilizing Portugal’s economy and restoring access to sovereign debt markets. Following the deep downturn of 2011–12, the economy has expanded in six of the last seven quarters, albeit at a moderate...
Persistent link: https://www.econbiz.de/10011244546
This paper discusses Portugal’s Tenth Review Under the Extended Arrangement. The short-term outlook has improved and program implementation remains on track, notwithstanding another adverse Constitutional Court ruling. Stronger domestic demand is supporting a pick-up in activity and lower...
Persistent link: https://www.econbiz.de/10011245368
Mounting funding pressures has tipped Portugal into an acute economic crisis in 2011. The roots of the crisis could be …
Persistent link: https://www.econbiz.de/10011245713
Persistent link: https://www.econbiz.de/10005769369
Explanations of the large current account deficits for the euro area periphery and the Baltics in the run up to the crisis revolve around two main factors: deteriorating export performance or demand driven booms. We add that there were important movements in transfers and net income balances....
Persistent link: https://www.econbiz.de/10011242364
Portugal’s economy is in deep recession, and the crisis has opened up a large output gap, with severe consequences for employment and government revenue. While the focus is on the medium- and long-term, this analysis also offers insights on how deep the output gap is. It also highlights...
Persistent link: https://www.econbiz.de/10011242590
Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges …
Persistent link: https://www.econbiz.de/10011242946