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How Robust are Journal Rankings Based on the Impact Factor? Evidence from the Economic Sciences

Seiler, Christian; Wohlrabe, Klaus - CESifo - 2014

It is well-known that the distribution of citations to articles in a journal is skewed. We ask whether journal rankings based on the impact factor are robust with respect to this fact. We exclude the most cited paper, the top 5 and 10 cited papers for 100 economics journals and recalculate the...

Persistent link: https://www.econbiz.de/10010948832

An Alternative Conditional Asymmetry Specification for Stock Returns

Brännäs, Kurt; Nordman, Niklas - CESifo - 2001

The paper advances the log-generalized gamma distribution as a suitable generator of conditional skewness. Based on the … NYSE composite daily returns an asMA-asQGARCH model along with skewness dynamics is estimated. The results indicate a … skewness that varies between sizeable negative skewness and almost symmetry. The conditional variance and skewness measures are …

Persistent link: https://www.econbiz.de/10005765680

Mitigating Liquidity Constraints: Public Export Credit Guarantees in Germany

Felbermayr, Gabriel J.; Heiland, Inga; Yalcin, Erdal - CESifo - 2012

Reportedly, firms often find it impossible to finance large and long-term projects despite positive net present values. Should governments step in and can their assistance be effective? This paper studies the case of public export credit guarantees in Germany. Covering the default risk of...

Persistent link: https://www.econbiz.de/10010877647

Regional Implications of Financial Market Development: Credit Rationing, Trade, and Location

Ehrlich, Maximilian Von; Seidel, Tobias - CESifo - 2013

We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...

Persistent link: https://www.econbiz.de/10010877832

Second-Best Income Taxation with Endogenous Human Capital and Borrowing Constraints

Jacobs, Bas; Yang, Hongyan - CESifo - 2013

We formulate a two-period life-cycle model of saving, labor supply, and human capital investments when individuals differ in ability and initial wealth. Borrowing constraints prevent individuals to optimally smooth consumption over the life-cycle and to optimally invest in human capital. We show...

Persistent link: https://www.econbiz.de/10010877891

Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation

Hoffmann, Mathias; Stewen, Iryna - CESifo - 2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...

Persistent link: https://www.econbiz.de/10011272618

When Credit Dries Up: Job Losses in the Great Recession

Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - CESifo - 2013

We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks’ health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...

Persistent link: https://www.econbiz.de/10010723542

Distribution of Natural Resources, Entrepreneurship, and Economic Development: Growth Dynamics with two Elites

Falkinger, Josef; Grossmann, Volker - CESifo - 2005

This paper develops a model in which the interaction of entrepreneurial investments and power of the owners of land or other natural resources determines structural change and economic development. A more equal distribution of natural resources promotes structural change and growth through two...

Persistent link: https://www.econbiz.de/10005765922

Harnessing Windfall Revenues: Optimal Policies for Resource-Rich Developing Economies

Ploeg, Frederick Van der; Venables, Anthony J. - CESifo - 2009

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...

Persistent link: https://www.econbiz.de/10005051526

When Arm's Length Is Too Far. Relationship Banking over the Business Cycle

Beck, Thorsten; Degryse, Hans; Haas, Ralph de; Horen, … - CESifo - 2014

Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms’ credit constraints at two...

Persistent link: https://www.econbiz.de/10010795340