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Measuring Market Integration : A Model of Arbitrage with an Econometric Application to the Gold Standard, 1879-1913

Prakash, Gauri - 1997

A major question in the literature on the classical gold standard concerns the efficiency of international arbitrage … and interest arbitrage. These studies have suffered from many limitations, both methodological and empirical. We offer a … new methodology for measuring market integration, based on a theoretical model of arbitrage applicable to any type of …

Persistent link: https://www.econbiz.de/10012472741

Fisher-Schultz Lecture : Linear Estimation of Structural and Causal Effects for Nonseparable Panel Data

Chernozhukov, Victor; Deaner, Ben; Gao, Ying; Hausman, … - National Bureau of Economic Research - 2025

This paper develops linear estimators for structural and causal parameters in nonparametric,nonseparable models using panel data. These models incorporate unobserved, time-varying, individual heterogeneity, which may be correlated with the regressors. Estimation is based on an approximation of...

Persistent link: https://www.econbiz.de/10015194971

Local Food Prices, SNAP Purchasing Power, and Child Health

Bronchetti, Erin T. - 2018

The Supplemental Nutrition Assistance Program (SNAP, formerly food stamps) is one of the most important elements of the social safety net. Unlike most other safety net programs, SNAP varies little across states and over time, which creates challenges for quasi-experimental evaluation. Notably,...

Persistent link: https://www.econbiz.de/10012452959

How Consumer Price Subsidies affect Nutrition

Kaushal, Neeraj - 2013

We study the effect on nutrition of an exogenous increase in food grain subsidy in rural India resulting from a program targeting the poor. Our analysis suggests that increase in income resulting from the food price subsidy changed consumption patterns in favor of the subsidized grains and...

Persistent link: https://www.econbiz.de/10012459257

R-Squared Around the World : New Theory and New Tests

Jin, Li - 2004

Morck, Yeung and Yu (MYY, 2000) show that R2 and other measures of stock market synchronicity are higher in countries with less developed financial systems and poorer corporate governance. MYY and Campbell, Lettau, Malkiel and Xu (2001) also find a secular decline in R2 in the United States over...

Persistent link: https://www.econbiz.de/10012468240

Paving the Way to Development : Costly Migration and Labor Market Integration

Morten, Melanie - 2016

How integrated are labor markets within a country? Labor mobility is key to the integration of local labor markets and therefore to understanding the efficacy of policies to reduce regional inequality. We present a comprehensive framework for understanding migration decisions, focusing on the...

Persistent link: https://www.econbiz.de/10012456517

International Financial Integration and Crisis Contagion

Devereux, Michael B. - 2014

International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....

Persistent link: https://www.econbiz.de/10012458139

Financial Entanglement : A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Gârleanu, Nicolae - 2013

We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Despite the ex-ante symmetry of investors, their strategies...

Persistent link: https://www.econbiz.de/10012459280

The Domestic and International Effects of Interstate U.S. Banking

Ghironi, Fabio - 2010

This paper studies the domestic and international effects of the transition to an interstate banking system implemented by the U.S. since the late 1970s in a dynamic, stochastic, general equilibrium model with endogenous producer entry. Interstate banking reduces the degree of local monopoly...

Persistent link: https://www.econbiz.de/10012462044

Trade and Capital Flows : A Financial Frictions Perspective

Antràs, Pol - 2007

The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes, in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, the...

Persistent link: https://www.econbiz.de/10012465412