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Isolated Capital Cities and Misgovernance : Theory and Evidence
Campante, Filipe R. - 2013
Motivated by a novel stylized fact - countries with isolated capital cities display worse quality of governance - we provide a framework of endogenous institutional choice based on the idea that elites are constrained by the threat of rebellion, and that this threat is rendered less effective by...
Persistent link: https://www.econbiz.de/10013082160
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Decentralization and Environmental Quality : An International Analysis of Water Pollution
Sigman, Hilary - 2013
This paper explores the empirical effects of decentralization on environmental quality by studying water pollution in … rivers around the world. It examines the level of pollution and variation in pollution across jurisdictions within a country …, supporting the traditional view that decentralization allows policies more tailored to local conditions. However, the analysis …
Persistent link: https://www.econbiz.de/10012753923
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Ellis, Jesse A. - 2011
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...
Persistent link: https://www.econbiz.de/10013131665
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Global Asset Pricing
Lewis, Karen K. - 2011
Financial markets have become increasingly global in recent decades, yet the pricing of internationally traded assets continues to depend strongly upon local risk factors, leading to several observations that are difficult to explain with standard frameworks. Equity returns depend upon both...
Persistent link: https://www.econbiz.de/10013121990
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Globalization, Structural Change and Productivity Growth
McMillan, Margaret - 2011
Large gaps in labor productivity between the traditional and modern parts of the economy are a fundamental reality of developing societies. In this paper, we document these gaps, and emphasize that labor flows from low-productivity activities to high-productivity activities are a key driver of...
Persistent link: https://www.econbiz.de/10013123689
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Global Crises and Equity Market Contagion
Bekaert, Geert - 2011
Using the 2007-09 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative of...
Persistent link: https://www.econbiz.de/10013123703
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The Impact of Globalization on Pre-Industrial, Technologically Quiescent Economies
Williamson, Jeffrey G. - 2012
This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their … wages to land rents, on the other hand, declined up to World War I and so did the ratio of wages to GDP per capita. The …
Persistent link: https://www.econbiz.de/10013103885
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Declining Labor Shares and the Global Rise of Corporate Saving
Karabarbounis, Loukas - 2012
The stability of the labor share is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined over the last 30 years. This decline was associated with a significant increase in corporate saving, generally the largest component of...
Persistent link: https://www.econbiz.de/10013105000
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Global Supply Chains and Wage Inequality
Costinot, Arnaud - 2012
A salient feature of globalization in recent decades is the emergence of "global supply chains" in which different … top of these chains. This suggests that the consequences of globalization on wage inequality may be very different in …
Persistent link: https://www.econbiz.de/10013107972
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The Rise of Middle Kingdoms : Emerging Economies in Global Trade
Hanson, Gordon H. - 2012
In this paper, I examine changes in international trade associated with the integration of low- and middle-income countries into the global economy. Led by China and India, the share of developing economies in global exports more than doubled between 1994 and 2008. One feature of new trade...
Persistent link: https://www.econbiz.de/10013108243