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Financial integration, globalization, and real activity
De Nicolò, Gianni; Juvenal, Luciana - 2012
financial integration predict better growth prospects; (c) both advances in financial integration and globalization are … associated with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity. Advances in … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …
Persistent link: https://www.econbiz.de/10009490605
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Minimum wage and collective bargaining reforms : a narrative database for advanced economies
Afonso, António; Jalles, João Tovar; Venter, Zoe - 2022
This paper presents and describes a new database of major minimum wage and collective bargaining reforms covering 26 advanced economies over the period 1970-2020. The main advantage of this dataset is the precise identification of the nature and date of major reforms, which is valuable in many...
Persistent link: https://www.econbiz.de/10013176915
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The EMBI in Latin America : fractional integration, non-linearities and breaks
Caporale, Guglielmo Maria; Carcel, Hector; Gil-Alaña, … - 2015
This paper analyses the main statistical properties of the Emerging Market Bond Index (EMBI), namely long-range dependence or persistence, non-linearities, and structural breaks, in four Latin American countries (Argentina, Brazil, Mexico, Venezuela). For this purpose it uses a fractional...
Persistent link: https://www.econbiz.de/10011392612
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The economics of a multilateral investment agreement
Che, Jiahua; Willmann, Gerald - 2009
This paper models a multilateral agreement on investment (MAI) as a coordination device. Multinational enterprises can invest in any number of countries. Without a multilateral investment agreement, expropriation triggers an investment stop by the single MNE. Under a multilateral agreement,...
Persistent link: https://www.econbiz.de/10003808670
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A cross-country empirical analysis of international reserves
Cheung, Yin-Wong; Itō, Hiro - 2009
Using data from more than 100 economies for the period of 1975 to 2005, we conduct an extensive empirical analysis of the determinants of international reserve holdings. Four groups of determinants, namely, traditional macro variables, financial variables, institutional variables, and dummy...
Persistent link: https://www.econbiz.de/10003850507
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Climate change mitigation strategies in fast-growing countries : the benefits of early action
Bosetti, Valentina; Carraro, Carlo; Tavoni, Massimo - 2009
prevent excessive warming without hampering economic growth. Results indicate that developing countries would incur …
Persistent link: https://www.econbiz.de/10003872313
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Market structure and the cost of capital
Arouri, Mohamed; Rault, Christophe; Sova, Robert; Sova, … - 2013
We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields...
Persistent link: https://www.econbiz.de/10009700297
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Ranking of VaR and ES Models : performance in developed and emerging markets
Zikovic, Sasa; Filer, Randall Keith - 2012
An inherent problem with comparing and ranking competing Value at Risk (VaR) and Expected shortfall (ES) models is that they measure only a single realization of the underlying data generation process. The question is whether there is any significant statistical difference in the performance of...
Persistent link: https://www.econbiz.de/10009665398
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The effect of tax havens on host country welfare
Gresik, Thomas A.; Schindler, Dirk; Schjelderup, Guttorm - 2015
Multinational corporations can shift income into low-tax countries through transfer pricing and debt financing. While most developed countries use thin capitalization rules to limit the extent to which a subsidiary can be financed with internal debt, a number of developing countries do not. In...
Persistent link: https://www.econbiz.de/10010509595
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International reserves before and after the global crisis : is there no end to hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Itō, Hiro - 2015
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...
Persistent link: https://www.econbiz.de/10010490278