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This paper investigates the empirical significance of push- and pull factors of different types of capital flows - FDI, portfolio and "others" (including loans) - to emerging market and developing economies. Based on an extensive quarterly mixed time-series panel dataset for 32 emerging market...
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Does trade improve institutions and contribute to long run growth? I develop a theory of trade, in which trade liberalization provides incentive to change institutions in two ways. On the one hand, trade leads to specialization according to comparative advantage, expanding the industries that do...
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Inflation and earnings growth can push some tax payers into higher brackets in the absence of inflation …-indexed schedules. Moreover, inflation may affect the composition of individuals’ income sources. As a result, depending on the relative … tax burden of labor and capital, inflation may decrease or increase the difference between before and after-tax income …
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