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Taxing Multinationals in the Presence of Internal Capital Markets

Koethenbuerger, Marko - 2013

There is ample evidence that internal capital markets incur efficiency costs for multinational enterprises (MNEs). This … paper analyzes whether tax avoidance behavior interacts with the costs of running an internal capital market and how … high (low) from a social perspective, provided the costs are attenuated (magnified) by higher profit taxes. We also show …

Persistent link: https://www.econbiz.de/10013077455

A Two-Country NATREX Model for the Euro/Dollar

Belloc, Marianna; Federici, Daniela - 2021

This paper develops a NATREX (NATural Real EXchange rate) model for two large economies, the Eurozone and the United States, which are fully specified and allowed to interact. After description of the theoretical framework grounding on dynamic disequilibrium modelling approach in continuous...

Persistent link: https://www.econbiz.de/10013316533

Beyond Balassa and Samuelson : Real Convergence, Capital Flows, and Competitiveness in Greece

Belke, Ansgar Hubertus - 2015

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...

Persistent link: https://www.econbiz.de/10013012270

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Belke, Ansgar Hubertus; Schnabl, Gunther; Zemanek, Holger - 2021

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...

Persistent link: https://www.econbiz.de/10013316298

Sources of Real Exchange Rate Volatility and International Financial Integration : A Dynamic GMM Panel Approach

Caporale, Guglielmo Maria - 2011

The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange rates in emerging countries, focusing on the role of international financial integration in particular. A reduced-form model is estimated using the GMM method for dynamic panels...

Persistent link: https://www.econbiz.de/10013117985

International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries : Some Panel Evidence

Caporale, Guglielmo Maria - 2009

The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...

Persistent link: https://www.econbiz.de/10013155428

How Should Financial Intermediation Services Be Taxed?

Lockwood, Ben - 2010

This paper considers the optimal taxation of savings intermediation and payment services in a dynamic general equilibrium setting, when the government can also use consumption and income taxes. When payment services are used in strict proportion to final consumption, and the cost of...

Persistent link: https://www.econbiz.de/10013136605

Risk Premia in General Equilibrium

Posch, Olaf - 2010

This paper shows that non-linearities imposed by a neoclassical production function alone can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant, and asset market implications improve substantially when we allow for...

Persistent link: https://www.econbiz.de/10013139866

Beyond the DSGE Straitjacket

Pesaran, M. Hashem - 2011

Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. We argue that the dominance of this particular sort...

Persistent link: https://www.econbiz.de/10013125067

Production Technologies in Stochastic Continuous Time Models

Wälde, Klaus - 2009

Properties of dynamic stochastic general equilibrium models can be revealed by either using numerical solutions or qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed-form solutions. Closed-form solutions are known for a...

Persistent link: https://www.econbiz.de/10013155278

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