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Capital structure, investment, and fire sales

Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2014

We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined, as bankrupt firms are forced to liquidate their...

Persistent link: https://www.econbiz.de/10011170093

Greek fiscal crisis and repercussions for the property market

Vlamis, Prodromos - London School of Economics (LSE) - 2013

The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market. We follow a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis...

Persistent link: https://www.econbiz.de/10011071100

When skilled and unskilled labor are mobile: a new economic geography approach

Russek, Stephan - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2008

regions increases the agglomeration incentive of skilled labor. Depending on the level of unskilled labor mobility, the … agglomeration is the only stable outcome. When trade costs are high, skilled and unskilled labor migration reinforce each other … leading to agglomeration of both types of labor in the same region. For lower levels of trade cost, unskilled labor returns to …

Persistent link: https://www.econbiz.de/10005163032

Differential labor mobility, agglomeration, and skill-biased migration policies

Russek, Stephan - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2009

The paper analyzes the impact of skill-biased migration policies under the economics of agglomeration. It therefore … develops an agglomeration model with two types of mobile worker who are heterogeneous and differ both within and between skill …

Persistent link: https://www.econbiz.de/10005052067

Agglomeration in a global economy: a survey

Ottaviano, Gianmarco I. P.; Puga, Diego - London School of Economics (LSE) - 1997

cluster together, turning location into a self-reinforcing process. However, agglomeration raises the price of immobile local …

Persistent link: https://www.econbiz.de/10010745164

Agglomeration economies with consistent productivity estimates

Ehrl, Philipp - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2011

This paper investigates the relative impact of microeconomic agglomeration mechanisms on plant’s total factor … effects from true productivity leads to underestimated agglomeration economies. Under the preferred TFP measure, labor market …

Persistent link: https://www.econbiz.de/10009399794

Regional convergence clusters across Europe

Megir, Costas; Quah, Danny - London School of Economics (LSE) - 1995

Per capita incomes across European regions are not equal and do not stay constant; regional income distributions uctuate over time. Such a process could have many possible limiting outcomes: complete equal- ity (convergence), stratication, and continually increasing inequality are but three...

Persistent link: https://www.econbiz.de/10010884518

Spatial evolution of the US urban system

Ioannides, Yannis; Overman, Henry G. - London School of Economics (LSE) - 2000

We test implications of economic geography models for location, size and growth of cities with US Census data for 1900 û 1990. Our tests involve non-parametric estimations of stochastic kernels for the distributions of city sizes and growth rates, conditional on various measures of market...

Persistent link: https://www.econbiz.de/10010884544

Economic geography and international inequality

Redding, Stephen; Venables, Anthony J. - London School of Economics (LSE) - 2001

This paper estimates a structural model of economic geography using cross-country data on per capita income, bilateral trade, and the relative price of manufacturing goods. More than 70% of the variation in per capita income can be explained by the geography of access to markets and to sources...

Persistent link: https://www.econbiz.de/10010884566

Trade shocks and industrial location: the impact of EEC accession on the UK

Overman, Henry G.; Winters, L. Alan - London School of Economics (LSE) - 2006

This paper combines establishment level production data with international trade data by port to examine the impact of accession to the EEC on the spatial distribution of UK manufacturing. We use this data to test the predictions from economic geography models of how external trade affects the...

Persistent link: https://www.econbiz.de/10010928631