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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy

Frenkel, Jacob A. - 1984

This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty … exert real effects. It is shown that a current budget deficit(resulting from a tax cut) raises world rates of interest. On … transmission. In the long run, a higher steady-state value of government debt raises the steady-state world rate of interest but …

Persistent link: https://www.econbiz.de/10012477559

Bilateral FDI Flows : Threshold Barriers and Productivity Shocks

Razin, Assaf - 2005

A positive productivity shock in the host country tends typically to increase the volume of the desired FDI flows to the host country, through the standard marginal profitability effect. But, at the same time, such a shock may lower the likelihood of making any new FDI flows by the source...

Persistent link: https://www.econbiz.de/10012467038

International Spillovers of Taxation

Frenkel, Jacob A. - 1989

This paper deals with the international effects of taxation. Tax policies have profound effects on the temporal composition and on the intertemporal evolution of the macro economy. The analysis highlights key issues pertinent for the understanding of international effects of domestic tax...

Persistent link: https://www.econbiz.de/10012476126

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches

Hale, Galina - 2009

Data show that better creditor protection is correlated across countries with lower average stock market volatility. Moreover, countries with better creditor protection seem to have suffered lower decline in their stock market indexes during the current financial crisis. To explain this...

Persistent link: https://www.econbiz.de/10012463509

The Skill Composition of Immigrants and the Generosity of the Welfare State : Free vs. Policy-Controlled Migration

Cohen, Alon - 2008

The paper analyzes the effect of the generosity of the welfare state on the skill composition of immigrants. We develop a parsimonious model in which the effect of an increase in the generosity (and taxes) of the welfare state on the skill composition of immigrants under free migration is...

Persistent link: https://www.econbiz.de/10012464188

Productivity and Taxes as Drivers of FDI

Razin, Assaf - 2007

We develop a framework in which the host country productivity has a positive effect on the intensive margin (the size of FDI flows), but only an ambiguous effect on the extensive margin (the likelihood of FDI flows to occur). The source-country productivity has a negative effect on the extensive...

Persistent link: https://www.econbiz.de/10012465560

Corporate Taxation and Bilateral FDI with Threshold Barriers

Razin, Assaf - 2005

The paper brings out the special mechanism through which taxes influence bilateral FDI, when investment decisions are two-fold in the presence of fixed setup flows costs. For each pair of source-host countries, there is a set of factors determining whether aggregate FDI flows will occur at all,...

Persistent link: https://www.econbiz.de/10012467489

Fixed Costs and FDI : The Conflicting Effects of Productivity Shocks

Razin, Assaf - 2004

The paper develops a model with lumpy setup costs of new investment, which govern the flows of FDI. Foreign investment decisions are two-fold: whether to export FDI and, if so, how much. The first decision is governed by total profitability considerations, whereas the second is governed by...

Persistent link: https://www.econbiz.de/10012467825

Government Ownership of Banks

Porta, Rafael La - 2000

In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government … around the world. Second, such ownership is particularly significant in countries with low levels of per capita income …

Persistent link: https://www.econbiz.de/10012471151

Investor Protection : Origins, Consequences, and Reform

Porta, Rafael La - 1999

Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...

Persistent link: https://www.econbiz.de/10012471353