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Cross-Border Banking in Regulated Markets : Is Financial Integration Desirable?
Haufler, Andreas - 2016
We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture untraded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels of...
Persistent link: https://www.econbiz.de/10012978391
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Financial Integration, Globalization, and Real Activity
De Nicolo, Gianni - 2013
distinct impact of financial integration and globalization on several dimensions of real activity. We find that: financial … financial integration predict better growth prospects; both advances in financial integration and globalization are associated … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …
Persistent link: https://www.econbiz.de/10013091562
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How National and International Financial Development Affect Industrial R&D
Maskus, Keith E. - 2013
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990-2003. We take account of such industry characteristics as the need for external financing and the amount of tangible...
Persistent link: https://www.econbiz.de/10013092838
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Did Globalization Influence Credit Market Deregulation?
Eppinger, Peter - 2015
We investigate whether globalization influenced credit market deregulation over the period 1970-2010. Globalization is … measured by the KOF indices of globalization. Credit market deregulation is measured by the credit market freedom indicators of … positive correlation between globalization and credit market deregulation. We account for reverse causality by using predicted …
Persistent link: https://www.econbiz.de/10013021420
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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 policies of competing governments respond to it. We show...
Persistent link: https://www.econbiz.de/10013077455
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Asymmetric Capital-Tax Competition, Unemployment and Losses from Capital Market Integration
Pethig, Rudiger - 2010
welfare. They account for tax base responses to their tax and take as given the world-market interest rate. We specify …
Persistent link: https://www.econbiz.de/10013150802
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The Impact of Financial Market Frictions on Trade Flows, Capital Flows and Economic Development
Bougheas, Spiros - 2013
We introduce financial frictions in a two sector model of international trade with heterogeneous agents. The level of specialization in the economy (economic development) depends on the quality of financial institutions. Underdeveloped financial markets prohibit an economy to specialize in...
Persistent link: https://www.econbiz.de/10013093905
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Regulatory Arbitrage and the Efficiency of Banking Regulation
Boyer, Pierre - 2016
We study the efficiency of banking regulation under financial integration. Banks freely choose the jurisdiction where …
Persistent link: https://www.econbiz.de/10012991941
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Globalisation and the Mix of Wage and Profit Taxes
Haufler, Andreas - 2006
This paper analyses the development of the ratio of corporate taxes to wage taxes using a simple political economy model with internationally mobile and immobile firms. Among other results, our model predicts that countries reduce their corporate tax rate, relative to the wage tax, either when...
Persistent link: https://www.econbiz.de/10012780459
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2021
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10013315674