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Is Public R&D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence
David, Paul A.; Hall, Bronwyn H.; Toole, Andrew A. - 2021
Is public R&D spending complementary and thus "additional" to private R&D spending, or does it substitute for and tend to "crowd out" private R&D? Conflicting answers are given to this question. We survey the body of available economectric evidence accumulated over the past 35 years. A framework...
Persistent link: https://www.econbiz.de/10013245706
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Public Versus Private Risk Sharing
Krueger, Dirk - 2010
Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...
Persistent link: https://www.econbiz.de/10013149824
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Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out Effects
Broner, Fernando - 2013
. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce … crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was …
Persistent link: https://www.econbiz.de/10013072346
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Crowding Out Redefined : The Role of Reserve Accumulation
Reinhart, Carmen - 2013
It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on … investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 … between the sustained reserve accumulation and the persistent and significantly lower levels of investment in the region. Put …
Persistent link: https://www.econbiz.de/10013072866
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Monetary Stimulus Amidst the Infrastructure Investment Spree : Evidence from China's Loan-Level Data
Chen, Kaiji; Gao, Haoyu; Higgins, Patrick C.; Waggoner, … - 2022
access. Infrastructure investment driven by non-monetary factors, however, enhanced the monetary transmission to bank credit …
Persistent link: https://www.econbiz.de/10013289458
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Inefficient Credit Booms
Lorenzoni, Guido - 2008
This paper studies the welfare properties of competitive equilibria in an economy with financial frictions hit by aggregate shocks. In particular, it shows that competitive financial contracts can result in excessive borrowing ex ante and excessive volatility ex post. Even though, from a...
Persistent link: https://www.econbiz.de/10012773218
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International Capital Inflows, Domestic Financial Intermediation and Financial Crises Under Imperfect Information
Chinn, Menzie David; Kletzer, Kenneth M. - 2021
. This model generates dynamic relationships between foreign capital inflows, domestic investment and domestic bank debt in … accumulation of bank debt and increasing concentration of domestic lending and investment to the anticipation of contingent …
Persistent link: https://www.econbiz.de/10013248678
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Transitions from Career Employment Among Public- and Private-Sector Workers
Quinn, Joseph F. - 2018
Do the retirement patterns of public-sector workers differ from those in the private sector? Most private-sector workers today face a do-it-yourself retirement income landscape characterized by an exposure to market forces through defined-contribution pension plans and private saving, and the...
Persistent link: https://www.econbiz.de/10012911493
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Do Private Schools Provide Competition for Public Schools?
Hoxby, Caroline M. - 2021
Arguments in favor of school choice depend on the idea that competition between schools improves the quality of education. However, we have almost no empirical evidence on whether competition actually affects school quality. In this study, I examine the effects of inter-school competition on...
Persistent link: https://www.econbiz.de/10013216861
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Contraction and Expansion : the Divergence of Private Sector and Public Sector Unionism in Tht U.S
Freeman, Richard B. - 2021
This paper contrasts the differing experience of public sector unionism, which has expanded in the United States, and private sector unionism, which has contracted, in the past several decades. It uses the experience of other countries, particularly Canada, to rule out some explanations of the...
Persistent link: https://www.econbiz.de/10013218530