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The Enforcement of Property Rights and Underdevelopment
Dabla-Norris, Era - 1999
endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market … production by the model’s multiplicity of equilibria. In one equilibrium, property rights are enforced and market activity is … unhampered. In the other, property rights are not enforced, which discourages economic activity and leaves the economy without …
Persistent link: https://www.econbiz.de/10014400855
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Exchange rate elasticities of international tourism and the role of dominant currency pricing
Ding, Ding; Timmer, Yannick - 2022
We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an important driver of tourism flows and pricing. The...
Persistent link: https://www.econbiz.de/10013170287
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Can international technological diffusion substitute for coordinated global policies to mitigate climate change?
Barrett, Philip - 2021
In short, yes. I use a multi-region integrated assessment model with fuel-specific endogenous technical change to examine the impact of Europe and China reducing emissions to zero by mid-century. Without international technological diffusion this is insufficient to avoid catastrophic climate...
Persistent link: https://www.econbiz.de/10012610702
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Finance, growth, and inequality
Levine, Ross - 2021
Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this...
Persistent link: https://www.econbiz.de/10012612328
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Credit reversals
Vázquez, Francisco - 2021
This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit reversals. Using data for 179 countries during 1960-2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By comparison,...
Persistent link: https://www.econbiz.de/10012604801
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Revisiting carbon leakage
Misch, Florian; Wingender, Philippe - 2021
This paper estimates the carbon leakage rate across countries, arguably a key parameter in the international climate policy discussion including on border carbon adjustment, but which remains subject to significant uncertainty. We propose innovations along two lines. First, we exploit recently...
Persistent link: https://www.econbiz.de/10012605494
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Global firms, national corporate taxes : an evolution of incompatibility
Hebous, Shafik - 2020
How did the rise of multinational enterprises (MNEs) put pressure on the prevailing international corporate tax framework? MNEs, and firms with market power, are not new phenomena, nor is the corporate income tax, which dates to the early 20th century. This prompts the question, what is...
Persistent link: https://www.econbiz.de/10012301968
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Estimated policy rules for capital controls
Pasricha, Gurnain Kaur - 2020
This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging...
Persistent link: https://www.econbiz.de/10012251900
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The macroeconomic costs of conflict
Novta, Natalija; Pugacheva, Evgenia - 2020
Macroeconomic costs of conflict are generally very large, with GDP per capita about 28 percent lower ten years after conflict onset. This is overwhelmingly driven by private consumption, which falls by 25 percent ten years after conflict onset. Conflict is also associated with dramatic declines...
Persistent link: https://www.econbiz.de/10012252077
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The measurement of external accounts
Adler, Gustavo; Garcia-Macia, Daniel; Krogstrup, Signe - 2019
Growing international integration in trade and finance can challenge the measurement of external accounts. This paper presents a unified conceptual framework for identifying sources of mismeasurement of foreign investment income in current account balances. The framework allows to derive a...
Persistent link: https://www.econbiz.de/10012102053