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Chapter 9. Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - In: Handbook of international economics : Volume 4, (pp. 523-584). 2014
This chapter is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation...
Persistent link: https://www.econbiz.de/10014025377
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Asset bubbles, entrepreneurial risks, and economic growth
Hori, Takeo; Im, Ryonghun - 2022
Persistent link: https://www.econbiz.de/10013263071
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Economic growth in the age of ubiquitous threats : how global risks are reshaping growth theory
Gomes, Orlando - In: Economics : the open-access, open-assessment journal 18 (2024) 1, pp. 1-15
and coherent theory of economic growth. Research in growth theory has demonstrated that significant and systematic … many obstacles that the creation of wealth may encounter. The current essay surveys cutting-edge research on growth theory …, in any case, they call for a reexamination of growth theory. …
Persistent link: https://www.econbiz.de/10014495894
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Does Tax Competition Really Promote Growth?
Koethenbuerger, Marko; Lockwood, Ben - 2021
This paper considers the relationship between tax competition and growth in an endogenous growth model where there are stochastic shocks to productivity, and capital taxes fund a public good which may be for final consumption or an infrastructure input. Absent stochastic shocks, decentralized...
Persistent link: https://www.econbiz.de/10013316823
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Financial Liberalization, Growth, and Risk
Popov, Alexander A. - 2011
We analyze output growth and risk as the joint outcomes of financial liberalization. Using an industry panel of 55 countries over 45 years, we find that financial liberalization results simultaneously in higher growth and in higher growth variability, measured both as the volatility and the left...
Persistent link: https://www.econbiz.de/10013128517
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Capital Income Taxes and Growth in a Stochastic Economy : A Numerical Analysis of the Role of Risk Aversion and Intertemporal Substitution
Chatterjee, Santanu; Giuliano, Paola; Turnovsky, Stephen J. - 2004
This paper undertakes a numerical analysis of the effects of changes in the tax rates on domestic and foreign capital income in a stochastically growing open economy under recursive preferences, in which the rate of time preference, epsilon, and the coefficient of risk aversion, R, can be set...
Persistent link: https://www.econbiz.de/10014068127
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Optimal Accumulation in a Small Open Economy with Technological Uncertainty
Datta, Manjira - 1998
This paper analyzes the optimal allocation problem of a small country facing an uncertain technology and trading. It is involved in production of many commodities. Differentiability cannot be guaranteed, hence, the Ramsey-Euler condition of optimality needs to be modified. From the optimality...
Persistent link: https://www.econbiz.de/10014067921
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Optimal Accumulation in a Small Open Economy with Technological Uncertainty
Datta, Manjira - 1999
This paper analyzes the optimal allocation problem of a small trading country facing an uncertain technology. It is involved in production of many commodities. Differentiability cannot be guaranteed, hence, the Ramsey-Euler condition of optimality needs to be modified. From the optimality...
Persistent link: https://www.econbiz.de/10014206913
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Risk Sharing in a World Economy with Uncertainty Shocks
Kollmann, Robert - 2017
This paper analyzes the effects of output volatility shocks and of risk appetite shocks on the dynamics of consumption, trade flows and the real exchange rate, in a two-country world with recursive preferences and complete financial markets. When the risk aversion coefficient exceeds the inverse...
Persistent link: https://www.econbiz.de/10012970180
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Risk Sharing in a World Economy with Uncertainty Shocks
Kollmann, Robert - 2015
This paper analyzes the effects of output volatility shocks and of risk appetite shocks on the dynamics of consumption, trade flows and the real exchange rate, in a two-country world with recursive preferences and complete financial markets. When the risk aversion coefficient exceeds the inverse...
Persistent link: https://www.econbiz.de/10013011666