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An Empirical Growth Model for Major Oil Exporters
Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2021
-run output equation with a coefficient equal to the share of capital (α). The long-run theory is tested using quarterly data on … results support the long-run theory. The existence of long-run relations between real output, foreign output and real oil … steadily over the past three decades, the theory suggests that the effect of oil income on the economy’s steady state growth …
Persistent link: https://www.econbiz.de/10013315924
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Government Budget Deficits in Large Open Economies
Buiter, Willem H. - 2011
Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. We consider a dynamic optimizing model with costly tax collection and exogenously given public spending and...
Persistent link: https://www.econbiz.de/10013124182
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The Quantitative Importance of Openness in Development
Cai, Wenbiao - 2013
This paper deals with a classic development question: how can the process of economic development – transition from stagnation in a traditional technology to industrialization and prosperity with a modern technology – be accelerated? Lewis (1954) and Rostow (1956) argue that the pace of...
Persistent link: https://www.econbiz.de/10013075128
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Ageing and Growth in the Small Open Economy
Heijdra, Ben J. - 2006
We construct an overlapping generations model for the small open economy which incorporates a realistic description of the mortality process. Agents engage in educational activities at the start of life and thus create human capital to be used later on in life for production purposes. Depending...
Persistent link: https://www.econbiz.de/10012779815
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Destination vs. Origin-Based Commodity Taxation in Large Open Economies with Unemployment
Antoniou, Fabio - 2015
We construct a perfectly competitive general equilibrium model of two large and symmetric countries producing tradable commodities and a public consumption good. Destination or origin-based taxes are levied on the consumption of the tradable goods. In both countries, an institutional minimum...
Persistent link: https://www.econbiz.de/10013011435
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The Green Paradox in Open Economies
Van Long, Ngo - 2014
This paper explains how, in the context of incomplete coordination among all countries, unilateral policies that might at first sight seem pro-green could actually turn out to harm the global environment. The free-riding motives and the difficulty of reaching an effective international...
Persistent link: https://www.econbiz.de/10013057650
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Income Redistribution in Open Economies
Tóbiás, Áron - 2015
I propose a model of income redistribution in an open-economy environment. The world consists of a finite number of countries whose governments seek to maximize the welfare of their low-skilled populations by taxing skilled workers' labor income. While tax competition limits the extent to which...
Persistent link: https://www.econbiz.de/10013021415
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Outsourcing, Unemployment and Welfare Policy
Keuschnigg, Christian; Ribi, Evelyn - 2021
The paper investigates the consequences of outsourcing of labor intensive activities to lowwage economies. This trend challenges the two basic functions of the welfare state, redistribution and social insurance when private unemployment insurance markets are missing. The main results are: (i)...
Persistent link: https://www.econbiz.de/10013316451
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What Does Trade Openness Measure?
Fujii, Eiji - 2017
An empirical measure of trade openness is defined as the ratio of total trade to GDP, and represents a convenient variable routinely used for cross-country studies on a variety of issues. However, the effects that the crude measure captures remain ambiguous, making it difficult to interpret the...
Persistent link: https://www.econbiz.de/10012946850
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The Modality of Fiscal Consolidation and Current Account Adjustment
Adam, Antonis - 2015
In this paper we argue that supply-side adjustments (i.e. the reallocation of productive resources between the traded and non-traded sectors) can be an important determinant of the output costs of current account adjustment. The argument relies on the fact that tax evasion is more prevalent in...
Persistent link: https://www.econbiz.de/10013018270