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Munich Personal Repec Archive
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The Summarized Evaluation Of The US And Latin America Corporate Governance Standards After Financial Crisis, Corporate Scandals And Manipulation
January 5, 2011, 12:00am PST
There are many analytical papers and researches done in the field of examining and analyzing consequences of the Sarbanes Oxley Act (2002) and some done in the corporate governance in some Latin...
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Wage Spillovers Across Sectors In Eastern Europe
January 3, 2011, 12:00am PST
This paper studies the interactions between wages in the public sector, the traded private sector and the sheltered private sector in ten EU Transition Countries and its relationship to...
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Growth And Welfare Effects Of Patentability And Knowledge Spillovers Of Basic R&D
January 1, 2011, 12:00am PST
This paper develops an R&D-based growth model with basic and applied research to analyze the growth and welfare effects of two patent instruments the patentability of basic R&D and the division of...
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Theoretical Models Of Heterogeneity, Growth And Competitiveness: Insights From The Mainstream And Evolutionary Economics Paradigms
December 17, 2010, 12:00am PST
This paper presents a survey of theoretical models of heterogeneity, growth and competitiveness. The authors compare two main theoretical traditions, evolutionary economics and mainstream...
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Neoliberalism?s Relationship With Economic Growth In The Developing World: Was It The Power Of The Market Or The Resolution Of Financial Crisis?
August 19, 2010, 12:00am PDT
The developing world adopted neoliberal reforms while mired in economic crisis, and enjoyed a sustained economic recovery after these reforms were implemented. This paper seems to vindicate...
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Central Bank Reaction To Public Deficit And Sound Public Finance: The Case Of The European Monetary Union
May 19, 2008, 12:00am PDT
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. The authors present a theoretical model in which...
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Economics Of Traceability For Mitigation Of Food Recall Costs
November 7, 2007, 12:00am PST
Traceability of food products and particularly meats is increasingly advocated as a means to provide consumer confidence in credence attributes (e.g., range fed, organic, country of origin) as...
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Media Capture And Information Monopolization In Japan
March 18, 2011, 12:00am PDT
In this paper, the authors investigate the unique institution of the Japanese press industry called kisha club system, which is deemed as the symbol of media capture by the government, and...
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Can Microcredit And Job Under NREGS Jointly Bring More Happiness To The Villagers?
March 14, 2011, 12:00am PDT
This paper aims to investigate whether access to microfinance loan and job under National Rural Employment Guarantee Scheme (NREGS) have any significant impact to bring life satisfaction as well...
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Long Run Performance Of IPOs And The Role Of Financial Analysts: Some French Evidence
March 13, 2011, 12:00am PST
This paper examines the long run performance of French IPOs carried out between 1991 and 2005. By using various methodologies, the authors find that IPOs in the sample performed negatively...
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The Dividend Strategy Of Indian Companies: An Empirical Assessment
March 13, 2011, 12:00am PST
The paper uses firms across different ownership categories to examine the factors influencing dividend policy. The results suggest that bigger, mature and low-leveraged firms tend to pay more...
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Analyzing The Link Between Real Exchange Rate And Productivity
March 11, 2011, 12:00am PST
This paper study, in panel data, the relationship between real exchange rate and total factor productivity on a sample of 68 developed and developing countries for the period 1960-1999. The...
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Income And Consumption Smoothing And Welfare Gains Across Pacific Island Countries: The Role Of Remittances And Foreign Aid
March 11, 2011, 12:00am PST
The authors examine the potential welfare gains and channels of income smoothing for Pacific Island Countries (PICs) and find that, under full risk sharing overall welfare gains across all PICs...
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Derivatives Usage In Risk Management By Turkish Non-financial Firms And Banks: A Comparative Study
March 10, 2011, 12:00am PST
The purpose of this paper to compare the previous research about how the nonfinancial companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have disclosed information...
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Lessons From The Foreign Exchange Market Reforms In Ghana: 1983-2006
March 10, 2011, 12:00am PST
This paper critically examines the trade and exchange reforms that paved way for the implementation of the current flexible, market-based exchange rate regime in Ghana. Using descriptive method,...
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Financial Frictions And The Zero Lower Bound On Interest Rates: A DSGE Analysis
March 6, 2011, 12:00am PST
Recent developments in Canada, the United Kingdom, and the euro area, Japan, Sweden, Switzerland and the United States have triggered a debate on whether monetary policy is effective when the...
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Money Demand And Economic Uncertainty In Barbados
March 6, 2011, 12:00am PST
Using the unrestricted error correction model proposed by Pesaran et al (2001), this paper investigates the relationship between economic uncertainty and money demand in Barbados. Results suggest...
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Productivity And Per Capita GDP Growth: The Role Of The Forgotten Factors
March 4, 2011, 12:00am PST
Average hourly productivity has often been used to draw conclusions on long run per capita GDP growth, based on the assumption of full utilization of labour resources. In this paper, the authors...
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Did The Commercial Paper Funding Facility Prevent A Great Depression Style Money Market Meltdown?
March 2, 2011, 12:00am PST
This paper analyzes how risk premia - and other factors affecting the comparative advantages of security-funded versus deposit-funded short-run debt - altered the relative use of debt funded by...
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Unconventional Factors Of Efficiency In Public Transport. A Case Study And Theory
March 1, 2011, 12:00am PST
In this paper the authors analyse some possible unconventional factors of efficiency in public transport. The occasion for such analysis rises from a case study in the southern Italian region of...
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Regime Specific Predictability In Predictive Regressions
February 27, 2011, 12:00am PST
Predictive regressions are linear specifications linking a noisy variable such as stock returns to past values of a more persistent regressor with the aim of assessing the presence of...
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Cross Border Business Cycle Impacts On The El Paso Housing Market
February 23, 2011, 12:00am PST
There is comparatively little empirical evidence regarding the impacts of cross border business cycle fluctuations on metropolitan housing markets located near international boundaries. This paper...
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From Growth To Innovative Reproduction A Roadmap For A European Model Of Evolution
February 22, 2011, 12:00am PST
This paper starts with the methodological assumption that the description of the evolution of political economy needs two distinct components: a model of pulsating growth and a model of...
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Does Intellectual Monopoly Stimulate Or Stifle Innovation?
February 22, 2011, 12:00am PST
This paper develops an R&D-based growth model that features both vertical and horizontal innovation to shed some light on the current debate on whether patent protection stimulates or stifles...
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Endogenous Selection Of Comparison Groups, Human Capital Formation, And Tax Policy
February 15, 2011, 12:00am PST
This paper considers a setting in which the acquisition of human capital entails a change of location in social space that causes individuals to revise their comparison groups. Skill levels are...
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Product Innovation When Consumers Have Switching Costs
February 21, 2011, 12:00am PST
Economists have long recognized that in free markets, incentives to innovate will be diluted unless some factors grant innovators with a temporary monopoly. Patenting is the most cited factor in...
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Money And Keynesian Uncertainty
February 14, 2011, 12:00am PST
Keynes's theory of a monetary economy and his liquidity preference theory of investment will be examined in order to highlight the essential properties of money under the conditions of...
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Military Expenditure And Economic Growth: A Meta-analysis
February 13, 2011, 12:00am PST
Meta analysis is conducted to review 32 empirical studies with 169 estimates to find the combined overall effect of military expenditure on economic growth. Using a meta fixed and random effects...
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Leasing And Secondary Markets: Theory And Evidence From Commercial Aircraft
February 12, 2011, 12:00am PST
The author constructs a dynamic model of transactions in used capital to understand the role of leasing when trading is subject to frictions. Firms trade assets to adjust their productive capacity...
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Real-time Nowcasting Of GDP: Factor Model Versus Professional Forecasters
February 12, 2011, 12:00am PST
This paper performs a fully real-time nowcasting (forecasting) exercise of US real Gross Domestic Product (GDP) growth using Giannone, Reichlin and Small (2008) factor model framework which...
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Is Optimal Monetary And Fiscal Policy In A Small Open Economy Time Consistent?
February 10, 2011, 12:00am PST
This paper studies optimal monetary and fiscal policy in a small open economy. Two forces in the economy impose orthogonal restrictions on financing costs across governments. The first force...
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Fiscal Federalism And Decentralization In Mongolia
February 9, 2011, 12:00am PST
Fiscal federalism has been an important topic among public finance theorists in the last four decades. There is a series of arguments that decentralization of governments enhances growth by...
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Will India Become A World Economy Power?
February 5, 2011, 12:00am PST
India's economic rise during the last decades has surprised most of the economists, including the Nobel Laureate Paul Krugman. Which are the ingredients of such an economic roadmap and why hasn't...
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Evaluating And Managing Systemic Risk In The European Union
February 5, 2011, 12:00am PST
The financial crisis has exposed the weaknesses in national and international economies, the disruption of the financial systems all over the world. The aim of this paper is to point out the...
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The Demographics Of Fund Turnover
February 5, 2011, 12:00am PST
This paper documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade...
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Perspectives On Single Euro Payments Area Adoption In The Light Of The Financial Crisis
February 4, 2011, 12:00am PST
The scope of this paper is to point out how the present financial crisis is affecting the European payments landscape and the Single Euro Payments Area implementation. The current unpredictable...
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China's Increasing Policy Shift Towards More Sustainable Growth
February 20, 2011, 12:00am PST
The story of China's path to recent development is one of both increasingly balancing the three pillars of sustainability, i.e. social, environmental, and economic issues, and doing so in a way...
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Multiplicative Uncertainty, Central Bank Transparency And Optimal Degree Of Conservativeness
February 2, 2011, 12:00am PST
This paper extends the results of Kobayashi (2003) and Ciccarone and Marchetti (2009) by considering the optimal choice of central bank conservativeness. It is shown that the government can choose...
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Financial Volatility And Optimal Instrument Choice: A Revisit To Poole's Analysis
February 2, 2011, 12:00am PST
In this paper, using an IS-LM model with reserve market, the authors examine whether the operating procedure actually adopted by many central banks in the world, i.e. targeting directly short run...
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Does Political Accountability Matter For Infrastructure Regulation? The Case Of Telecommunications
January 29, 2011, 12:00am PST
This paper discusses the link between political accountability, regarded as an important aspect of institutional design, and infrastructure regulation that has been emphasized in the recent...
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The Growth Of Two Small Economies In The Great Depression: GDP Estimation For Cyprus And Malta During The Interwar Period (1921-1938)
April 13, 2011, 12:00am PDT
This paper presents the major results of the first attempt to create historical national accounts for Cyprus and Malta. It constructs the first detailed estimates of output at aggregate and sector...
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Pollution And Environmental Issues In Agriculture And The Livestock Industry: A Brief Review Of The Japanese Case
April 13, 2011, 12:00am PDT
This paper presents an overview of the current conditions of livestock-related environmental problems in Japan. The former Basic Agriculture Act, which was effective between 1961 and 1999,...
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Multilevel Fiscal Governance In A Balanced Policy Environment
April 23, 2011, 12:00am PDT
There is an intimate relationship between poverty reduction, sector performance and the institutional arrangements in federal settings. One major dilemma of fiscal federalism literature relates to...
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A Conceptual Model Of National Skills Formation For Knowledge-Based Economic Development
April 14, 2011, 12:00am PDT
The movement of many countries towards knowledge-based economic development requires the transition to more effective skill formation systems. This paper proposes an institutionalist approach to...
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Informational Price Cascades And Non-Aggregation Of Asymmetric Information In Experimental Asset Markets
April 14, 2011, 12:00am PDT
The authors report on experimental markets for a contingent claim asset that eight subjects traded for nine periods before the state was revealed. There is an informative binary signal that...
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Economic Growth, Technical Progress, And Social Capital: The Inverted U Hypothesis
April 15, 2011, 12:00am PDT
The authors set up a theoretical framework to analyze the possible role of economic growth and technical progress in the erosion of social capital. Under certain parameters, the relationship...
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A Multi-Sector Version Of The Post-Keynesian Growth Model
April 15, 2011, 12:00am PDT
With this inquiry the authors seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the...
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New Insights From A Structural Economic Dynamic Approach To Balance Of Payments Constrained Growth
April 15, 2011, 12:00am PDT
In this paper it is shown that once-for-all variations in the level of the exchange rate may play an important role in the sectoral composition of the economy and this fact has important...
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Are We Able To Capture The EU Debt Crisis? Evidence From PIIGGS Countries In Panel Unit Root Framework
April 15, 2011, 12:00am PDT
The authors assess the issue of fiscal sustainability in the selected EU countries. The sample includes those showing the highest government debts, which are nowadays known under the somewhat...
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The Effects Of Social Spending On Economic Activity: Empirical Evidence From A Panel Of OECD Countries
April 18, 2011, 12:00am PDT
The aim of this paper is to assess the short term effects of social spending on economic activity. Using a panel of OECD countries from 1980 to 2005, the results show that social spending has...
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Are Realized Volatility Models Good Candidates For Alternative Value At Risk Prediction Strategies?
April 18, 2011, 12:00am PDT
In this paper, the authors assess the Value at Risk (VaR) prediction accuracy and efficiency of six ARCH-type models, six realized volatility models and two GARCH models augmented with realized...
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Design, Effectiveness And Role Of Visual Merchandising In Creating Customer Appeal
May 21, 2011, 12:00am PDT
This paper aims to find out how and to what extent outlets incorporate visual merchandising, that appeals to the customers and lead to a potential purchase. The survey method was followed to...
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Dynamics Of Monetary Policy Uncertainty And The Impact On The Macroeconomy
April 19, 2011, 12:00am PDT
A large literature lauds the benefits of central bank transparency and credibility, but when a central bank like the U.S. Federal Reserve has a dual mandate, is not specific to the extent it...
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The Effect Of Microaggregation On Regression Results: An Application To Spanish Innovation Data
April 20, 2011, 12:00am PDT
Microaggregation is a technique for masking confidential data by aggregation. The aim of this paper is to analyze the extent to which microaggregated data can be used for rigorous empirical...
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Motivations And Strategies For A Real Revaluation Of The Yuan
April 26, 2011, 12:00am PDT
Most Western economists and policy makers agree that the Yuan is significantly undervalued and push the Chinese government for a large nominal revaluation of the Yuan. This paper, while surveying...
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All-Pay Auctions With Budget Constraints: The Two Bidder Case
April 23, 2011, 12:00am PDT
Consider an all-pay auction with interdependent, affiliated valuations and private budget constraints. The authors characterize a symmetric equilibrium for the case of two players. In contrast...
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A Vector Auto-Regressive (VAR) Model For The Turkish Financial Markets
April 24, 2011, 12:00am PDT
In this paper, the authors develop a Vector AutoRegressive (VAR) model of the Turkish financial markets for the period of June 15 2006 - June 15 2010 and forecasts ISE100 index, TRY/USD exchange...
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Integrity, Respect For Others, And Ethics ? Three Essential Leadership Qualities
April 25, 2011, 12:00am PDT
Ethics, respect for others and integrity, should definitely be pre requisites for leadership. Unfortunately many so called leaders do not understand or practice these values. Some leaders who are...
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Old Controversy Revisited: Pricing, Market Structure, And Competition
May 4, 2011, 12:00am PDT
In this paper, the author examines the connection between pricing, profit mark ups, competition, and economic activity from a heterodox perspective. These issues are examined utilizing a...
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Multi-Period Credit Default Prediction With Time-Varying Covariates
April 26, 2011, 12:00am PDT
In credit default prediction models, the need to deal with time-varying covariates often arises. For instance, in the context of corporate default prediction a typical approach is to estimate a...
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Noncausality And Asset Pricing
April 26, 2011, 12:00am PDT
Misspecification of agents' information sets or expectation formation mechanisms may lead to noncausal autoregressive representations of asset prices. Annual US stock prices are found to be...
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Monetary And Fiscal Policy Should Be Merged, Which In Turn Changes The Role Of Central Banks
April 26, 2011, 12:00am PDT
Keeping monetary and fiscal policy separate causes economic distortions, thus the two should be merged. That is, in a recession for example, the government and central bank should simply spend...
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Coherent Asset Allocation And Diversification In The Presence Of Stress Events
April 27, 2011, 12:00am PDT
The authors propose a method to integrate frequentist and subjective probabilities in order to obtain a coherent asset allocation in the presence of stress events. The working assumption is that...
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Innovating Like China: A Theory Of Stage-Dependent Intellectual Property Rights
April 28, 2011, 12:00am PDT
Inspired by the Chinese experience, the authors develop a Schumpeterian growth model of distance to frontier in which economic growth in the developing country is driven by domestic innovation as...
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Beyond Identities: Support For Decentralisation Across Regions In Spain
April 28, 2011, 12:00am PDT
After thirty years of the Spanish territorial model being implemented, an important number of citizens in different regions are supporting higher levels of self-government. This paper analyses the...
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The Impact Of Science And Technology Parks On Firms“ Product Innovation: Empirical Evidence From Spain
May 5, 2011, 12:00am PDT
Science and Technology Parks (STP) are one of the most important and extensive innovation policy initiatives introduced in recent years. This paper evaluates the impact of STP on firm product...
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Productivity Growth And Ownership Change In China: 1998-2007
April 29, 2011, 12:00am PDT
This paper studies the industry productivity dynamics in China's manufacturing sector from 1998 to 2007, and in particular, explores to what extent the privatization of State-Owned Enterprises...
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Estimates Of The Steady State Growth Rates For Ireland
April 30, 2011, 12:00am PDT
This paper estimates the steady state growth rate for Ireland with an extended version of the Solow (1956) growth model. The authors show that the education and trade openness have played an...
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On The Calculation Of Price Sensitivities With Jump-Diffusion Structure
April 30, 2011, 12:00am PDT
The authors provide an alternative approach for estimating the price sensitivities of a trading position with regard to underlying factors in jump-diffusion models using jump times Poisson noise....
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Optimal Monetary Policy And Default
June 30, 2010, 12:00am PDT
In a context in which individuals might default on their debts and subsequently be excluded from credit markets, holding money helps agents smooth their consumption during periods in which they...
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Anticipation, Learning And Welfare: The Case Of Distortionary Taxation
May 4, 2011, 12:00am PDT
The authors study the impact of anticipated fiscal policy changes in the Ramsey economy when agents form expectations using adaptive learning. They extend the existing framework by distortionary...
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The Dynamics Of Italian Public Debt: Alternative Paths For Fiscal Consolidation
May 3, 2011, 12:00am PDT
This paper analyses possible targets for the Italian debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables such as the US GDP growth, prices of raw...
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Does The Kyoto Protocol Agreement Matters? An Environmental Efficiency Analysis
May 3, 2011, 12:00am PDT
This paper uses both conditional and unconditional Data Envelopment Analysis (DEA) models in order to determine different environmental efficiency levels for a sample of 110 countries in 2007. In...
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Spread Of Hoax In Social Media
May 4, 2011, 12:00am PDT
The authors discuss the way of hoax spreading as gossip and rumor throughout the social media, i.e.: Twitter, by observing an empirical case in Indonesia. They discuss the spreading factor of the...
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The Consumer Empowerment Index. A Measure Of Skills, Awareness And Engagement Of European Consumers
May 5, 2011, 12:00am PDT
The interest and debate on the notion of 'Consumer empowerment' has been rapidly increasing during the last decades. M. Monti in his report to the president of the European Commission "A new...
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Firm-Heterogeneity, Persistent And Transient Technical Inefficiency
May 6, 2011, 12:00am PDT
This paper provides a new model that disentangles firm effects from persistent (time-invariant/ long-term) and transient (time-varying/short-term) technical inefficiency. In recent years there...
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In The Quest Of Macroprudential Policy Tools
May 6, 2011, 12:00am PDT
The global financial crisis of late 2008 could not have provided more convincing evidence that price stability is not a sufficient condition for financial stability. In order to attain both,...
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Developing A Short-Term Comparative Optimization Forecasting Model For Operational Units' Strategic Planning
May 7, 2011, 12:00am PDT
Data drain for peer active units operating in the same sector is a major factor that prevents policy makers from developing flawless strategic plans for their organisation. This paper introduces a...
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Incentives Through The Cycle: Microfounded Macroprudential Regulation
May 7, 2011, 12:00am PDT
Following a decline in the fundamental risk of assets, the ability of banks to expand the balance sheet under a Value-at-Risk constraint increases (as in Adrian and Shin (2010)), boosting the...
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Effectiveness Of HRD For Developing SMEs In South Asia
May 8, 2011, 12:00am PDT
The Small and Medium Enterprises (SMEs) sector plays a pivotal role towards economic development regardless of an economy's size. It creates employment, increases production base and provides...
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