European University Institute

Displaying 1-22 of 22 results

  • White Papers // Mar 2012

    Competition, Neutrality and Diversity in the Cloud

    The emergence of cloud computing is promising enormous benefits for small businesses, due to the dramatic reduction in IT costs caused by the service-oriented architecture. At the same time, the transition to a cloud ecosystem is more controversial for individual end users, as emerging business models can potentially affect both...

    Provided By European University Institute

  • White Papers // Jul 2011

    Regulatory Independence, Investment And Political Interference: Evidence From The European Union

    This paper examines the implications of "Modern" regulatory governance - i.e. the inception of Independent Regulatory Authorities (IRAs) - for the investment decisions of a large sample of EU publicly traded regulated firms from 1994 to 2004. These firms provide massively consumed services, and this is why governments are highly...

    Provided By European University Institute

  • White Papers // Jun 2011

    Detecting Propagation Effects By Observing Aggregate Distributions: The Case Of Lumpy Investments

    By using an extensive panel data set of Italian firms, the authors show empirically that the fraction of firms that engage in a lumpy investment follows a non-normal, double-exponential distribution across region-year. They propose a simple sectoral model that generates the double-exponential distribution that arises from the complementarity of the...

    Provided By European University Institute

  • White Papers // Jun 2011

    Essays On Firm Dynamics, Endogenous Growth And International Trade

    Recent empirical firm level studies reveal the structural heterogeneity of firms in process and product innovation, as well as the central role of product quality in determining world trade patterns and intensities. This calls for a better understanding of the link between firm heterogeneity and the innovation and export decisions...

    Provided By European University Institute

  • White Papers // May 2011

    The Multiscale Causal Dynamics Of Foreign Exchange Markets

    This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely EURo (EUR), Great...

    Provided By European University Institute

  • White Papers // Jan 2011

    What Do CEOs Do?

    The authors develop a methodology to collect and analyze data on CEO's time use. The idea sketched out in a simple theoretical set-up is that CEO time is a scarce resource and its allocation can help them identify the firm's priorities as well as the presence of governance issues. They...

    Provided By European University Institute

  • White Papers // Jan 2011

    Money, Financial Stability And Efficiency

    Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. The authors consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. They show that, with non-contingent nominal deposit contracts,...

    Provided By European University Institute

  • White Papers // Dec 2010

    Three Essays On International Trade

    The three chapters included in this paper all touch upon very different aspects of the disciplines of international trade and economics. The first chapter shows that trade liberalization can lead to a permanent increase in growth rates in a model of selection and imitation. The second chapter takes a very...

    Provided By European University Institute

  • White Papers // Dec 2010

    Essays On Political Connections, Corruption And International Trade

    The first chapter aims at assessing the importance of political connections for the profitability of privately owned firms. The second chapter incorporates a model of endogenous corruption into an intra industry trade model. The purpose is to study how trade liberalization impacts bureaucratic corruption. The authors find that trade opening...

    Provided By European University Institute

  • White Papers // Jul 2010

    The Elusive Impact Of Investing Abroad For Japanese Parent Firms: Can An Analysis Of The Motives For FDI Help?

    The authors investigate whether previous findings of only limited effects of investing abroad on the performance of firms can be explained by the aggregation of heterogeneous effects depending on the motive for Foreign Direct Investment (FDI), sector and location. The results suggest, in line with previous work, that on average...

    Provided By European University Institute

  • White Papers // Jun 2010

    Optimal Monetary Policy In Open Economies

    This paper studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete exchange-rate pass-through (‘producer currency pricing’) and frictionless asset markets ensuring efficient risk sharing, results in a form of open-economy 'Divine coincidence': in...

    Provided By European University Institute

  • White Papers // Jun 2010

    International Financial Markets, Cross-Border Transmission Of Shocks And Risk-sharing

    One of the most relevant events of the last decades has been the fast integration of international financial markets. As most restrictions to cross-border asset trade were removed, the volume of activity in international financial markets increased dramatically, and so did the cross-country flows of resources due to external borrowing...

    Provided By European University Institute

  • White Papers // Apr 2010

    The Outward FDI From Developing Country MNEs As A Channel For Technological Catch-up

    One of the more recent aspects of the globalization process is the rise and the increasing outward expansion of MultiNational Enterprises (MNEs) from developing countries. Among the more promising effects of this phenomenon is a potentially positive development impact: through Outward Foreign Direct Investment (OFDI) developing country MNEs acquire new...

    Provided By European University Institute

  • White Papers // Mar 2010

    Fragile States, Commodity Booms And Export Performance: An Analysis Of The Sub-Saharan African Case

    Sub-Saharan Africa's export performance over recent decades has typically been portrayed as poor compared to other regions in developing countries. This paper takes a new look at the record, using data on the volume rather than the value of African ex-ports. When analyzed in volume terms a different picture of...

    Provided By European University Institute

  • White Papers // Mar 2010

    Globalisation And Labour Markets

    In this paper, how labour markets are affected by globalisation is examined. The paper takes the form of three chapters. The first chapter looks at the state of trade unions in Europe and how they have been affected by globalisation; the second chapter is theoretical in nature and shows how...

    Provided By European University Institute

  • White Papers // Mar 2010

    Anchors For Inflation Expectations

    The authors identify credible monetary policy with first, a disconnection between inflation and inflation expectations and second, the anchoring of the latter at the inflation target announced by the monetary authorities. They test empirically whether this is the case for a number of countries that have an explicit inflation target...

    Provided By European University Institute

  • White Papers // Feb 2010

    The 'Marco Polo' Effect: Chinese FDI In Italy

    This paper investigates the motivations driving Chinese outward direct investment in Italy. The analysis is based on secondary sources and in-depth interviews with key informants and senior managers of Chinese affiliates in Italy. The empirical analysis shows that the evolution of the Chinese pattern of entry to Italy is in...

    Provided By European University Institute

  • White Papers // Jan 2010

    Transmission Network Investment As An Anticipation Problem

    This paper proposes a probabilistic model to evaluate if a proactive TSO that anticipates the connection of new generators with short construction duration compared to the time needed to reinforce the network is more efficient than a reactive TSO that does not make any anticipation but that may then face...

    Provided By European University Institute

  • White Papers // Dec 2009

    Access Regulation, Financial Structure And Investment In Vertically Integrated Utilities: Evidence From EU Telecoms

    The authors examine theoretically and empirically the relationship between access regulation, financial structure and investment decisions in network industries, analyzing if financial variables can be used as a strategic device to influence the regulator's price setting decisions. Using a panel of 15 EU Public Telecommunication Operators (PTOs) over the period...

    Provided By European University Institute

  • White Papers // Dec 2009

    North-South Trade And Growth: The Role Of Product Quality

    The traditional trade models, which rely on a comparative advantage based on regions' technology or endowments, or the new trade theory, designed to explain trade between the countries at a similar level of development, fail to replicate recent evidence on world trade patterns and prices. This evidence reveals North-South specialization...

    Provided By European University Institute

  • White Papers // Nov 2009

    The Saving Glut Explanation Of Global Imbalances. The Role Of Underinvestment

    According to the "Saving Glut hypothesis", global imbalances are caused by inefficiently high level of precautionary savings in financially underdeveloped regions, where agents have limited opportunity to diversify idiosyncratic risk. This paper generalizes the approach by modeling idiosyncratic risk in entrepreneurial activities, which can be only partially hedged. As a...

    Provided By European University Institute

  • White Papers // Nov 2009

    Forecasting Annual Inflation With Seasonal Monthly Data: Using Levels Versus Logs Of The Underlying Price Index

    This paper investigates whether using natural logarithms (logs) of price indices for forecasting inflation rates is preferable to employing the original series. Univariate forecasts for annual inflation rates for a number of European countries and the USA based on monthly seasonal consumer price indices are considered. Stochastic seasonality and deterministic...

    Provided By European University Institute

  • White Papers // Jan 2011

    Money, Financial Stability And Efficiency

    Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. The authors consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. They show that, with non-contingent nominal deposit contracts,...

    Provided By European University Institute

  • White Papers // Mar 2010

    Fragile States, Commodity Booms And Export Performance: An Analysis Of The Sub-Saharan African Case

    Sub-Saharan Africa's export performance over recent decades has typically been portrayed as poor compared to other regions in developing countries. This paper takes a new look at the record, using data on the volume rather than the value of African ex-ports. When analyzed in volume terms a different picture of...

    Provided By European University Institute

  • White Papers // Jun 2011

    Detecting Propagation Effects By Observing Aggregate Distributions: The Case Of Lumpy Investments

    By using an extensive panel data set of Italian firms, the authors show empirically that the fraction of firms that engage in a lumpy investment follows a non-normal, double-exponential distribution across region-year. They propose a simple sectoral model that generates the double-exponential distribution that arises from the complementarity of the...

    Provided By European University Institute

  • White Papers // May 2011

    The Multiscale Causal Dynamics Of Foreign Exchange Markets

    This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely EURo (EUR), Great...

    Provided By European University Institute

  • White Papers // Jun 2011

    Essays On Firm Dynamics, Endogenous Growth And International Trade

    Recent empirical firm level studies reveal the structural heterogeneity of firms in process and product innovation, as well as the central role of product quality in determining world trade patterns and intensities. This calls for a better understanding of the link between firm heterogeneity and the innovation and export decisions...

    Provided By European University Institute

  • White Papers // Mar 2010

    Globalisation And Labour Markets

    In this paper, how labour markets are affected by globalisation is examined. The paper takes the form of three chapters. The first chapter looks at the state of trade unions in Europe and how they have been affected by globalisation; the second chapter is theoretical in nature and shows how...

    Provided By European University Institute

  • White Papers // Dec 2010

    Three Essays On International Trade

    The three chapters included in this paper all touch upon very different aspects of the disciplines of international trade and economics. The first chapter shows that trade liberalization can lead to a permanent increase in growth rates in a model of selection and imitation. The second chapter takes a very...

    Provided By European University Institute

  • White Papers // Dec 2010

    Essays On Political Connections, Corruption And International Trade

    The first chapter aims at assessing the importance of political connections for the profitability of privately owned firms. The second chapter incorporates a model of endogenous corruption into an intra industry trade model. The purpose is to study how trade liberalization impacts bureaucratic corruption. The authors find that trade opening...

    Provided By European University Institute

  • White Papers // Jan 2011

    What Do CEOs Do?

    The authors develop a methodology to collect and analyze data on CEO's time use. The idea sketched out in a simple theoretical set-up is that CEO time is a scarce resource and its allocation can help them identify the firm's priorities as well as the presence of governance issues. They...

    Provided By European University Institute

  • White Papers // Jul 2011

    Regulatory Independence, Investment And Political Interference: Evidence From The European Union

    This paper examines the implications of "Modern" regulatory governance - i.e. the inception of Independent Regulatory Authorities (IRAs) - for the investment decisions of a large sample of EU publicly traded regulated firms from 1994 to 2004. These firms provide massively consumed services, and this is why governments are highly...

    Provided By European University Institute

  • White Papers // Dec 2009

    Access Regulation, Financial Structure And Investment In Vertically Integrated Utilities: Evidence From EU Telecoms

    The authors examine theoretically and empirically the relationship between access regulation, financial structure and investment decisions in network industries, analyzing if financial variables can be used as a strategic device to influence the regulator's price setting decisions. Using a panel of 15 EU Public Telecommunication Operators (PTOs) over the period...

    Provided By European University Institute

  • White Papers // Nov 2009

    Forecasting Annual Inflation With Seasonal Monthly Data: Using Levels Versus Logs Of The Underlying Price Index

    This paper investigates whether using natural logarithms (logs) of price indices for forecasting inflation rates is preferable to employing the original series. Univariate forecasts for annual inflation rates for a number of European countries and the USA based on monthly seasonal consumer price indices are considered. Stochastic seasonality and deterministic...

    Provided By European University Institute

  • White Papers // Nov 2009

    The Saving Glut Explanation Of Global Imbalances. The Role Of Underinvestment

    According to the "Saving Glut hypothesis", global imbalances are caused by inefficiently high level of precautionary savings in financially underdeveloped regions, where agents have limited opportunity to diversify idiosyncratic risk. This paper generalizes the approach by modeling idiosyncratic risk in entrepreneurial activities, which can be only partially hedged. As a...

    Provided By European University Institute

  • White Papers // Mar 2010

    Anchors For Inflation Expectations

    The authors identify credible monetary policy with first, a disconnection between inflation and inflation expectations and second, the anchoring of the latter at the inflation target announced by the monetary authorities. They test empirically whether this is the case for a number of countries that have an explicit inflation target...

    Provided By European University Institute

  • White Papers // Jul 2010

    The Elusive Impact Of Investing Abroad For Japanese Parent Firms: Can An Analysis Of The Motives For FDI Help?

    The authors investigate whether previous findings of only limited effects of investing abroad on the performance of firms can be explained by the aggregation of heterogeneous effects depending on the motive for Foreign Direct Investment (FDI), sector and location. The results suggest, in line with previous work, that on average...

    Provided By European University Institute

  • White Papers // Dec 2009

    North-South Trade And Growth: The Role Of Product Quality

    The traditional trade models, which rely on a comparative advantage based on regions' technology or endowments, or the new trade theory, designed to explain trade between the countries at a similar level of development, fail to replicate recent evidence on world trade patterns and prices. This evidence reveals North-South specialization...

    Provided By European University Institute

  • White Papers // Jun 2010

    International Financial Markets, Cross-Border Transmission Of Shocks And Risk-sharing

    One of the most relevant events of the last decades has been the fast integration of international financial markets. As most restrictions to cross-border asset trade were removed, the volume of activity in international financial markets increased dramatically, and so did the cross-country flows of resources due to external borrowing...

    Provided By European University Institute

  • White Papers // Apr 2010

    The Outward FDI From Developing Country MNEs As A Channel For Technological Catch-up

    One of the more recent aspects of the globalization process is the rise and the increasing outward expansion of MultiNational Enterprises (MNEs) from developing countries. Among the more promising effects of this phenomenon is a potentially positive development impact: through Outward Foreign Direct Investment (OFDI) developing country MNEs acquire new...

    Provided By European University Institute

  • White Papers // Feb 2010

    The 'Marco Polo' Effect: Chinese FDI In Italy

    This paper investigates the motivations driving Chinese outward direct investment in Italy. The analysis is based on secondary sources and in-depth interviews with key informants and senior managers of Chinese affiliates in Italy. The empirical analysis shows that the evolution of the Chinese pattern of entry to Italy is in...

    Provided By European University Institute

  • White Papers // Jun 2010

    Optimal Monetary Policy In Open Economies

    This paper studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete exchange-rate pass-through (‘producer currency pricing’) and frictionless asset markets ensuring efficient risk sharing, results in a form of open-economy 'Divine coincidence': in...

    Provided By European University Institute

  • White Papers // Jan 2010

    Transmission Network Investment As An Anticipation Problem

    This paper proposes a probabilistic model to evaluate if a proactive TSO that anticipates the connection of new generators with short construction duration compared to the time needed to reinforce the network is more efficient than a reactive TSO that does not make any anticipation but that may then face...

    Provided By European University Institute

  • White Papers // Mar 2012

    Competition, Neutrality and Diversity in the Cloud

    The emergence of cloud computing is promising enormous benefits for small businesses, due to the dramatic reduction in IT costs caused by the service-oriented architecture. At the same time, the transition to a cloud ecosystem is more controversial for individual end users, as emerging business models can potentially affect both...

    Provided By European University Institute