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In this chapter both theory and empirics are used to show that our picture of the processes of economic development changes radically when nature is introduced as a capital asset. Particular features of institutions that fashion societies' use of the natural-resource base are identified and...
Persistent link: https://www.econbiz.de/10010700812
. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments … affected the Russian economy. Russia’s fiscal decline –from an average of 7 percent annual growth before the crisis to a loss …
Persistent link: https://www.econbiz.de/10010675792
Recent research has examined the link between rising educational attainment and its impact on inflation, via the … economies. We find that the education-adjusted unemployment gap does little to help estimate the inflation-unemployment tradeoff …
Persistent link: https://www.econbiz.de/10010836146
High economic growth, price stability and low unemployment are the most enviable macroeconomic goals. The success of … government policies is reflected in low inflation and low unemployment. The nature and costs of inflation and unemployment can … growth, lacklustre economic growth, fiscal indiscipline, escalating debt-servicing and non- development expenditure which …
Persistent link: https://www.econbiz.de/10011127700
reduce world market stock returns by approximately four percent per annum. Crises cause large negative stock market reactions … monthly world market volatility by more than a third and the end of a crisis decreases volatility by slightly less than a …
Persistent link: https://www.econbiz.de/10012734299
This note presents results of the relationship between climate change and household level poverty via changes in agricultural income. A Mexican household level data set for the year 2002 is used. Results show that national level analysis can mask significant geographic differences that should be...
Persistent link: https://www.econbiz.de/10010661509
The purpose of preliminary is to present a broad agenda of theoretical and empirical modeling about the fundamental links between the quality of governance, financial development and economic development. The main theoretical predictions and evidence are of a large importance in terms of...
Persistent link: https://www.econbiz.de/10011112584
I study the implications for the development of a country hosting of multinational firms. The paper argues that despite the negative impact on existing local firms, the presence of foreign firms induce the emergence of a new sector of domestic firms and that in the long term, the country to...
Persistent link: https://www.econbiz.de/10005069334
We report an intriguing empirical observation. The relationship between corruption and output depends on the economy’s degree of openness: in open economies, corruption and GNP per capita are strongly negatively correlated; but in closed economies, there is no relationship at all. This stylized...
Persistent link: https://www.econbiz.de/10005585375
This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly...
Persistent link: https://www.econbiz.de/10011170163