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Warrant economics, call-put policy options and the fallacies of economic theory
Hatgioannides, John; Karanassou, Marika - 2011
plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of … insiders' capitalism that we describe, trough the costless appropriation of an intricate cobweb of Call-Put structures, has … two sides of the Warrant Economics coin. We argue that the Warrant Economics state of capitalism has been legitimised by a …
Persistent link: https://www.econbiz.de/10009524338
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Capitalism recoupled
Kelly, Colm; Snower, Dennis J. - 2021
This paper examines major forces that have decoupled economic and business prosperity from social prosperity and explores how recoupling can be promoted. Economists have specified well-known conditions under which free market enterprise with shareholder value maximization is efficient. These...
Persistent link: https://www.econbiz.de/10012583534
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Size matters : entrepreneurial entry and government
Aidis, Ruta; Estrin, Saul; Mickiewicz, Tomasz - 2010
We explore the country-specific institutional characteristics likely to influence an individual's decision to become an entrepreneur. We focus on the size of the government, on freedom from corruption, and on 'market freedom' defined as a cluster of variables related to protection of property...
Persistent link: https://www.econbiz.de/10008668035
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Want freedom, will travel : emigrant self-selection according to institutional quality
Naghsh Nejad, Maryam; Young, Andrew T. - 2015
We investigate emigrant self-selection according to institutional quality using up to 3,566 observations on bilateral migration flows from 77 countries over the 1990-2000 period. We relate these flows to differences in political and economic institutions. We improve and expand upon previous...
Persistent link: https://www.econbiz.de/10011317631
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To own or not to own? : household portfolios, demographics and institutions in a cross-national perspective
Sierminska, Eva; Doorley, Karina - 2013
Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households' participation decisions in assets are more responsive...
Persistent link: https://www.econbiz.de/10010212303
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The determinants of China's international portfolio equity allocations
Agarwal, Isha; Gu, Grace Weishi; Prasad, Eswar S. - 2020
We analyze shifts in the structure of China's capital outflows over the past decade. The composition of gross outflows has shifted from accumulation of foreign exchange reserves by the central bank to nonofficial outflows. Unlocking the enormous pool of domestic savings could have a significant...
Persistent link: https://www.econbiz.de/10012178659
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Innovation and employment : a survey
Vivarelli, Marco (contributor) - 2007
"According to the "compensation theory", market forces should assure a complete compensation of the initial labour-saving impact of process innovations. In this paper a critique of this approach is proposed through a detailed survey of the theoretical and empirical literature on the subject. The...
Persistent link: https://www.econbiz.de/10003451834
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How policy changes affect shareholder wealth : the case of the Fukushima Daiichi nuclear disaster
Betzer, André; Doumet, Markus; Rinne, Ulf - 2011
This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany's nuclear reactors while...
Persistent link: https://www.econbiz.de/10009312120
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Financial liberalization and democracy : the role of reform reversals
Campos, Nauro; Coricelli, Fabrizio - 2009
The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a nonlinear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a...
Persistent link: https://www.econbiz.de/10003879372
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Why populist democracy promotes market liberalization
Grosjean, Pauline (contributor);  … - 2008
Using a new set of micro evidence from an original survey of 28 transition countries, we show that democracy increases citizens' support for the market by guaranteeing income redistribution to inequality-averse agents. Our identification strategy relies on the restriction of the sample to...
Persistent link: https://www.econbiz.de/10003722148