Munich Personal Repec Archive

Displaying 1-40 of 1710 results

  • White Papers // Jul 2011

    Trade Integration,Restructuring And Global Imbalances-A Tale Of Two Countries

    China is widely seen as one of the sources of global macroeconomic imbalances. Its persistent current account surplus and capital exports to the United States are even cited as one of the causes of the global financial crisis. The most common explanation traces China's current account surplus to a mismatch...

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  • White Papers // Jul 2011

    A Non-Linear Coopetitive Game For Global Green Economy

    The paper aims at providing a non-linear Game Theory model of coopetition which addresses the problem of the global Green Economy. The Green Economy is a theoretical model of economic development that suggests economic, technical and legislative solutions to reduce the consumption of energy, of natural resources and environmental damage...

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  • White Papers // Jun 2011

    Trade Collapse, Trade Relapse And Global Production Networks: Supply Chains In The Great Recession (Revised)

    The nature of international trade and the very nature of globalization have changed dramatically in recent years, with the emergence of new global players and a radically different competitive landscape. This new landscape emerged during the late 1980s and early 1990s, when the Berlin Wall fall brought down the barriers...

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  • White Papers // Jun 2011

    The Rise of Emerging Markets' Financial Market Architecture: Constituting New Roles in the Global Financial Governance

    This paper analyses the impact of the global financial crisis on Brazil, India and South Africa whose financial markets have shown strong resilience to the global financial turmoil. The paper shows, that in contrast to advanced countries in these emerging market economies there is contagion from the real sector through...

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  • White Papers // Jun 2011

    Analysis of WIMAX/BWA Licensing in India: A Real Option Approach

    Indian Internet and broadband market has experienced very slow growth and limited penetration till now. The introduction of Broadband Wireless Access (BWA) is expected to aid in increasing the penetration of internet and broadband in India. The paper sheds light on the guidelines and procedure used in 4G/BWA spectrum auction...

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  • White Papers // Jun 2011

    Causality Between FDI And Financial Market Development: Evidence From Emerging Markets

    This paper studies the causal relationship between Foreign Direct Investment (FDI) and Financial Market Development (FMD) using panel data from emerging markets. Most studies of the relationship between FDI and FMD have focused on the role of FMD in the link between FDI and economic growth, with no deep understanding...

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  • White Papers // May 2011

    Beyond The Global Financial Crisis: Central Banking In A New Global Financial System

    Since the outbreak of the global crisis in mid 2007, there has been an extensive discussion on root causes. Some blame the greed and corruption of financial actors. Others put the blame on central bankers for easy money or regulators who remained idle as too much risks accumulated in financial...

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  • White Papers // May 2011

    Industrialization And Technological Progress With Many Countries Under A Non-homothetic Preference

    This paper examines industrialization in each country by using a model with a continuum of countries. The model is mainly based on Yanagawa's (1996) model. However, unlike Yanagawa's model, the model adopts the Stone-Geary utility function of a non-homothetic preference. The main results are as follows. First, the authors find...

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  • White Papers // May 2011

    Evaluating Density Forecasts: A Comment

    This is a comment on Mitchell and Wallis (2011) which in turn is a critical reaction to Gneiting et al. (2007). The comment discusses the notion of forecast calibration, the advantage of using scoring rules, the "Sharpness" principle and a general approach to testing calibration. The aim is to show...

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  • White Papers // May 2011

    A Rational Road To Effectiveness Attainment

    Operational effectiveness goes beyond efficiency while it incorporates exogenous variables, non-controllable by the service units. Effectiveness is a fundamental driver for the success of an operational unit within a competitive environment. In this paper, the authors seek to identify the active units that meet both the high or technical efficiency...

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  • White Papers // May 2011

    Keynes's Missing Axioms

    Between Keynes's verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the money economy? The authors...

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  • White Papers // May 2011

    What Is Wrong With Heterodox Economics? Kalecki?s Profit Theory As An Example

    Kalecki's profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula 'The workers spend what they get, the capitalists get what they spend' is scrutinized for its logical and factual implications. The analysis shows...

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  • White Papers // May 2011

    Schumpeter And The Essence Of Profit

    Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? The authors...

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  • White Papers // May 2011

    The 2011 Japanese Earthquake, Tsunami And Nuclear Crisis: Evidence Of Contagion From International Financial Markets

    Natural disasters may inflict significant damage upon international financial markets. Using 33 international stock indexes and exchange rates, this paper examines if any contagion occurred across financial markets after the March 11, 2011 Japanese earthquake, tsunami and nuclear crisis. The results have two paramount implications. Firstly, the authors have confirmed...

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  • White Papers // May 2011

    Distribution, 'Financialisation' And The Financial And Economic Crisis - Implications For Post-Crisis Economic Policies

    The severity of the financial and economic crisis which started in 2007 cannot be understood without examining the medium-to long-run developments in the world economy since the early 1980s. The following long-run causes for the crisis can be identified: inefficient regulation of financial markets, increasing inequality in the distribution of...

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  • White Papers // May 2011

    Beginning, Crises, And End Of The Money Economy In Three Consistent Steps

    A crisis is but a crisis when the long run outlook is definitively positive. Then a lower turning point must exist. This implicates a vision or, in the ideal case, a formalized theory of the money economy's possible end states. This theory has to provide an endogenous explanation of end...

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  • White Papers // May 2011

    Embodied Human Capital Unemployment

    Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such horizontally-differentiated distinct types of human...

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  • White Papers // May 2011

    Information Gathering, Innovation And Growth

    In this paper the authors study the economic implications of IPR protection on corporate intelligence, R&D investment and economic growth. To accomplish this objective, they introduce trade secret and information leakage into a standard quality-ladder growth model and study the long-run implications of improving the privacy of firms' data. They...

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  • White Papers // May 2011

    Modelling Profitability Of Indian Banks

    This paper identifies the key determinants of profitability of Indian banks. It integrates the macroeconomic environment and industry level variables of India for predicting profitability of Indian banks. A simultaneous equation system has been formulated to derive the estimates of Net Interest Income (NII) and Credit for the banking system...

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  • White Papers // May 2011

    From Bounties On Exportation To The Natural And Market Price Of Labour: Smith Versus Ricardo

    Schumpeter's remarks on Ricardo's reaction to Smith's system of thought ("He studied the Wealth; he was shocked at what seemed to him to be a logical muddle; he set about straightening out this muddle; and the Principles was the ultimate result of this work of creative criticism") (1954, p.472) can...

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  • White Papers // May 2011

    The Returns To Scale Effect In Labour Productivity Growth

    Labour productivity is defined as output per unit of labour input. Economists acknowledge that technical progress as well as growth in capital inputs increases labour productivity. However, little attention has been paid to the fact that changes in labour input alone could also impact labour productivity. Since this effect disappears...

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  • White Papers // May 2011

    Role Of Management Control In Small And Medium Enterprises Performance Assurance

    The emergence and development of Small and Medium Enterprises has been and continues to be a driving force for the remarkable economic progress, influencing and accelerating economic growth through more efficient use of resources. Characterized by flexibility, mobility, innovation and capacity to adapt, SMEs have continued to play an important...

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  • White Papers // May 2011

    Wealth, Income, Earnings And The Statistical Mechanics Of Flow Systems

    This paper looks at empirical data from economics regarding wealth, earnings and income, alongside a flow model for an economy based on the general Lotka-Volterra models of Levy & Solomon. The data and modelling suggest that a simple economic system might provide a tractable model for giving an exact statistical...

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  • White Papers // May 2011

    Pricing, Liquidity And The Control Of Dynamic Systems In Finance And Economics

    The paper discusses various practical consequences of treating economics and finance as an inherently dynamic and chaotic system. On the theoretical side this looks at the general applicability of the market-making pricing approach to economics in general. The paper also discuses the consequences of the endogenous creation of liquidity and...

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  • White Papers // May 2011

    Retirement Withdrawal Rates And Portfolio Success Rates: What Can The Historical Record Teach Us?

    Countless current and prospective retirees now rely on portfolio success rates calculated from the historical data for different retirement withdrawal strategies when planning their own retirements. Past history-based studies ushered forth what has become known as the 4 percent rule for retirement withdrawals, as historically 4 percent with inflation adjustments...

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  • White Papers // May 2011

    Small Retailing, Town Centres And Inland Territories: An "Extended Town Centre Management" Perspective

    This paper aims to analyze the public policies that can be adopted in order to support small retail firms located in town centers and countryside small towns. The role of small retailing has been recognized for the preservation of an economic, social and cultural identity of both town centers and...

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  • White Papers // May 2011

    Capital, Liquidity Standards And Macro Prudential Policy Tools In Financial Supervision: Addressing Sovereign Debt Problems

    During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. The principal problem attributed to sovereign debts, which is linked to their characteristics, is the possibility of defaults occurring...

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  • White Papers // May 2011

    Geographical Information Systems Technologies For Spatial Visualization Of Statistical Data

    This paper proposes an original solution to present statistical data using the facilities provided by the Geographical Information Systems, to improve the means of statistical data figure and distribution inside the territorial profile. The proposed solution allows to represent more statistical data sets, on the same map, using two different...

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  • White Papers // May 2011

    Safe Withdrawal Rates From Retirement Savings For Residents Of Emerging Market Countries

    Researchers have mostly focused on U.S. historical data to develop the 4 percent withdrawal rate rule. This rule suggests that retirees can safely sustain retirement withdrawals without outliving their wealth for at least 30 years, if they initially withdraw 4 percent of their savings and adjust this amount for inflation...

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  • White Papers // May 2011

    On Variable Discounting In Dynamic Programming: Applications To Resource Extraction And Other Economic Models

    The discounted utility with a constant discount rate was introduced by Samuelson (1937). Twenty years later Koopmans (1960) characterized axiomatically a class of recursive utilities, which also includes the classical model as a special case. A fairly large number of researchers have used the discounting rule to various sequential decision-making...

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  • White Papers // May 2011

    On Mission Drift In Microfinance Institutions

    This paper sheds light on a poorly understood phenomenon in microfinance which is often referred to as "Mission drift": A tendency reviewed by numerous microfinance institutions to extend larger average loan sizes in the process of scaling-up. The authors argue that this phenomenon is not driven by transaction cost minimization...

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  • White Papers // May 2011

    Design, Effectiveness And Role Of Visual Merchandising In Creating Customer Appeal

    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 conduct the study and data were collected through sampling techniques from identified respondents, who were selected through convenient...

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  • White Papers // May 2011

    The Effects Of Terrorist Activities On Foreign Direct Investment: Nonlinear Evidence

    In this paper, the authors examine the relationship between Foreign Direct Investment and terrorist incidents that took place in Turkey for the period from 1991:12 to 2003:12. This research contributes to the literature by checking for a possible non-linear relationship between terrorism and Foreign Direct Investment. The data used to...

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  • White Papers // May 2011

    Economic Crisis And Taxation In Europe

    The recent economic crisis and taxation in the advanced countries - especially in the European nations - are linked in several ways. The tax systems may have exacerbated the crisis, and this raises the question of the need for a better system of taxation in certain economic sectors, especially in...

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  • White Papers // May 2011

    Patterns In U.S. Urban Growth (1790-2000)

    This paper reconsiders the evolution of the growth of American cities since 1790 in the light of new theories of urban growth. The null hypothesis for long-term growth is random growth. The authors obtain evidence supporting random growth against the alternative of mean reversion (convergence) in city sizes using panel...

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  • White Papers // May 2011

    Heterogeneous Expectations, Taylor Rules And The Merit Of Monetary Policy Inertia

    The authors present new results for the performance of Taylor rules in a New Keynesian model with heterogeneous expectations. Agents have either rational or adaptive expectations. They find that depending on the particular rule, expectational heterogeneity can create or increase the set of policies that leads to local explosiveness. This...

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  • White Papers // May 2011

    Commodity ETFs In The Japanese Stock Exchanges

    The "Financial Big Bang" reforms during the latter half of the 1990s substantially transformed the Japanese financial system, but despite this, the level of risky assets that Japanese households have in their portfolio has not increased. One reason for this is the lack of knowledge necessary to invest in risky...

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  • White Papers // May 2011

    Service Innovation And The Proximity-Concentration Trade-Off Model Of Trade And FDI

    This paper introduces service innovation in the proximity-concentration trade-off model of trade and FDI (Helpman, Melitz and Yeaple, 2004). The idea is that innovation will have two main effects on service firms' choice between exports and FDI. First, innovative firms will on average have higher productivity levels than non-innovative enterprises....

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  • White Papers // May 2011

    Wage Bargaining And Quality Competition

    In a standard model of vertical differentiation, wage is assumed to determine the quality. Wage is also subject to bargaining. Increased bargaining power of the worker in the low quality firm reduces quality differential, and increases price competitiveness. The Opposite happens from a similar change in the high quality firm....

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  • White Papers // May 2011

    Does Timing Of Decisions In A Mixed Duopoly Matter?

    The authors determine the endogenous order of moves in a mixed price-setting duopoly. In contrast to the existing literature on mixed oligopolies they establish the payoff equivalence of the games with an exogenously given order of moves. Hence, it does not matter whether one becomes a leader or a follower....

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  • White Papers // Mar 2010

    Welfare Analysis of Regulating Mobile Termination Rates in the UK (With an Application to the Orange/T-Mobile Merger)

    This paper presents results from a calibrated welfare model of the UK mobile telephony market which includes many mobile networks; calls to and from the fixed network; network-based price discrimination; and call externalities. The analysis focuses on the short-run effects of adopting lower Mobile Termination Rates (MTRs) on total welfare,...

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  • White Papers // Jun 2011

    Analysis of WIMAX/BWA Licensing in India: A Real Option Approach

    Indian Internet and broadband market has experienced very slow growth and limited penetration till now. The introduction of Broadband Wireless Access (BWA) is expected to aid in increasing the penetration of internet and broadband in India. The paper sheds light on the guidelines and procedure used in 4G/BWA spectrum auction...

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  • White Papers // Jan 2011

    Power Market Reforms And Privatization Of The Electricity Industry In The Iranian Energy Sector; An Uphill Struggle?

    Following the successful experience of some developed counties in Power market restructuring and reforms, many developing countries have followed suit. Iran has for the last thirty years, since its Islamic revolution of 1979, had an economy dominated by the state, but has been pushed to take some legal steps towards...

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  • White Papers // Jan 2011

    Should Canadian Monetary Policy Respond To Asset Prices? Evidence From A Structural Model

    Although the Bank of Canada admits asset prices are considered in its policy deliberations because of their effects on inflation or output gap, the Bank of Canada denies trying to stabilize asset prices around fundamental values. However, since the start of the Bank of Canada the authors have seen a...

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  • White Papers // Jan 2011

    Social Networks And Innovation (Handicraft Industry In Bantul, Yogyakarta)

    This paper found most of the handicraft producers have conducted various innovations during last five years. The newest innovations are managerial innovation, marketing innovation and product innovation. Meanwhile, product innovation and managerial innovation are the most important innovations in enhancing the business performance. Based on the actors, innovation in this...

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  • White Papers // Jan 2011

    What Caused The Decline In The US Saving Ratio?

    The authors investigate whether the Mortgage Equity Withdrawal (MEW) mechanism is useful for explaining the large declines in the US personal saving ratio in the last two decades. MEW depends on house price inflation and mortgage rates. In addition stock prices may affect saving ratio. Therefore, they estimate a VEC...

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  • White Papers // Jan 2011

    Does Credit For Equity Investments Feedback On Stock Market Volatility? Evidence From An Emerging Stock Market

    This paper investigates the causal relationships between volatility in Saudi stock market and banks credit for equity investments. These finding indicate there is a bi-directional feedback effects between the stock price volatility and banks credit loans. In other words, volatility in private credit for equity investments influences volatility in stock...

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  • White Papers // Jan 2011

    Chronically Dissatisfied: Work Characteristics, Personal Expectations And Job Satisfaction: Empirical Evidence In Young Italian Workers

    Job satisfaction is the degree to which people like their jobs. Companies are interested in job satisfaction of their employees, because it is positively correlated with certain desired outcomes and contributes to reduce significantly the rate of absenteeism and job turnover. Job satisfaction needs to be divided into three separate...

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  • White Papers // Jan 2011

    The Dynamic Relationship Between Private Domestic Investment, The User Cost Of Capital, And Economic Growth In Malaysia

    This paper attempts to examine the dynamic relationship between private domestic investment (PDI), the user cost of capital, and economic growth in Malaysia over the period of 1970 to 2009. Johansen cointegration test suggests that PDI, the user cost of capital, and economic growth are cointegrated in Malaysia. Granger causality...

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  • White Papers // Jan 2011

    The Stability Of Export-led Growth Hypothesis: Evidence From Asia's Four Little Dragons

    The objective of this paper is to re-investigate the export-led growth hypothesis for Asia's Four Little Dragons using cointegration and rolling causality analyses. Employing both bivariate (exports and GDP) and trivariate (exports, GDP and exchange rate) models, the paper finds that exports and GDP are cointegrated for all the four...

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  • White Papers // Jan 2011

    Change-over Within Little Scope: On The Decision Neutrality Of Recent Tax Reform Proposals

    Political economy aspects make progressive income taxation and taxation of capital income imperative in practice. International tax competition and profit shifting, in turn, put pressure on corporate and capital taxes. Hence, the scope for a politically feasible change-over to a status of improved taxation is little. The authors provide an...

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  • White Papers // Feb 2011

    Repeated Rounds With Price Feedback In Experimental Auction Valuation: An Adversarial Collaboration

    It is generally thought that market outcomes are improved with the provision of market information. As a result, the use of repeated rounds with price feedback has become standard practice in the applied experimental auction valuation literature. The authors conducted two experiments to determine how rationally subjects behave with and...

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  • White Papers // Jan 2011

    Estimating Inflation-at-Risk (IaR) Using Extreme Value Theory (EVT)

    The Bangko Sentral ng Pilipinas (BSP) has the primary responsibility of maintaining stable prices conducive to a balanced and sustainable economic growth. The year 2008 posed a challenge to the BSP's monetary policy making as inflation hit an official 17-year high of 12.5 percent in August after 10 months of...

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  • White Papers // Jan 2011

    Hedging Vs. Speculative Pressures On Commodity Futures Returns

    This paper introduces a non linear model for commodity futures prices which accounts for pressures due to hedging and speculative activities. The linkage with the corresponding spot market is considered assuming that a long term equilibrium relationship holds between futures and spot pricing. Over the 1990-2010 time period, a dynamic...

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  • White Papers // Jan 2011

    Financial Consumer Protection And The Global Financial Crisis

    This paper discusses the role and design of Financial Consumer Protection (FCP), weaknesses of current FCP frameworks in light of the recent global financial crisis, policy responses to the crisis, and policy issues in FCP that remain to be addressed. The failures of Financial Consumer Protection have been one of...

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  • White Papers // Jan 2011

    Fiscal Policy And Public Debt Dynamics In Italy

    The authors examine the historical dynamics of government debt in Post-Unification Italy, from 1861 to 2009. Unit root tests for the debt-GDP ratio are unable to reject either the non-stationarity or the stationarity null hypothesis. Controlling debt dynamics for fiscal feedback policies of the Barro-Bohn style, however, the debt-GDP ratio...

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  • White Papers // Jan 2011

    Nonlinear Dynamics In An OLG Growth Model With Young And Old Age Labour Supply: The Role Of Public Health Expenditure

    This paper analyses the dynamics of a two-dimensional overlapping generations model with young and old age labor supply. It is shown that the public provision of health investments, which, in turn, affects the demand for material consumption, may represent a source of local indeterminacy, nonlinear dynamics and multiplicity of equilibria....

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  • White Papers // Jan 2011

    Group Norms And Consumer Behaviour

    The impact of group norms on forming consumer behavior is an important attribute of man's social life. The market segmentation principles acknowledge the presence of this phenomenon. People belong to different age group, professional status; income levels, educational status etc. are seemed to display some specific consumer behavior that can...

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  • White Papers // Jan 2011

    A Tale Of Three Countries, Dispersed Ownership And Greater Risk Taking Levels

    This paper is aimed at explaining why higher concentrations of the ownership of large firms do not necessarily and automatically facilitate lower risk taking levels - where there is scope for the abuse of powers. As well as illustrating why effective corporate governance systems are essential in facilitating high levels...

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  • White Papers // Jan 2011

    Quantitative And Credit Easing Policies At The Zero Lower Bound On The Nominal Interest Rate

    Using a New-Keynesian model extended to include credit, money and reserve markets, the authors examine the dynamics of inflation and output gap under some monetary policy options adopted when the economy is hit by large negative real, financial and monetary shocks. Relaxing the assumption that market interest rates are perfectly...

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  • White Papers // Jan 2011

    Regional Heterogeneity And Firms' Innovation: The Role Of Regional Factors In Industrial R&D In India

    This paper makes an early attempt to estimate the magnitude and intensity of manufacturing firms' R&D by Indian states during the period 1991-2008 and analyses the role of regional factors on firm-level R&D activities. As there is little research on state-wise R&D performance of firms in India, this paper serves...

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  • White Papers // Jan 2011

    The Effect Of The Sarbanes-Oxley Act On Innovation

    This paper adds to the literature on the Sarbanes-Oxley Act's net effects by looking at whether its passage was associated with a change in innovation and patenting. Its effects are separated into temporary uncertainty and changes in long term investment incentives in a dynamic programming problem faced by innovators who...

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  • White Papers // Jan 2011

    Imports-economic Growth Nexus: ARDL Approach To Cointegration

    This paper implements Auto-Regressive Distributed Lags (ARDL) to cointegration to explore long-run relation; and Granger procedure within Vector Error Correction Model (VECM) to test direction of causality between imports and economic growth for a sample of forty - ten each from high; upper-middle; lower-middle; and low-income - nations. The authors...

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  • White Papers // Jan 2011

    Corporate Governance, Market Competition And Investment Decisions In Mexican Manufacturing Firms

    The authors study how competition and corporate governance may explain investment decisions of Mexican manufacturing firms. They develop the paper with indexes of market concentration and agency costs and OLS regressions. The analysis uses longitudinal census data. The results suggest that investment is better explained by the Dominance Index, a...

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  • White Papers // Feb 2011

    An Overview On Institutionalism And Decentralized Decision-making

    Human actions, interactions and decisions should have a certain degree of predictability that can be obtained by establishing rules. Institutions, in general, are defined by sets of rules known by the public and applicable for the community. Their existence is essential for the economic activity, as it cannot develop in...

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  • White Papers // Jan 2011

    Labour Market Returns To Higher Education In Vietnam

    This paper employs the Ordinary Least Squares, Instrumental Variables and Treatment Effect models to a new dataset from the Vietnam Household Living Standards Survey (VHLSS) to estimate return to the four-year university education in 2008. The estimates reveal that the return to university education is about 17% (annualized) and robust...

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  • White Papers // Jan 2011

    Living With Macro-financial Linkages: Policy Perspectives And Challenges For SEACEN Countries

    The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently pro-cyclical and capable of amplifying macroeconomic volatilities, making management...

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  • White Papers // Jan 2011

    The Impact Of Power Market Reforms On Electricity Price-cost Margins And Cross-subsidy Levels: A Cross Country Panel Data Analysis

    One of the main expectations from power market reform has been a reduction in price-cost margins and cross-subsidy levels between industrial and residential consumers. This paper focuses on this issue by looking at the impact of the electricity industry reforms on residential and industrial electricity price-cost margins and their effect...

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  • White Papers // Jan 2011

    Time Series Estimates Of The US New Keynesian Phillips Curve With Structural Breaks

    This paper uses recent US data to estimate the new Keynesian Phillips Curve (NKPC) with three modifications. Firstly, the variables in the NKPC are found to be nonstationary. Therefore, it is estimated with the time series methods and the cointegrating equations are tested for structural breaks. Secondly, inflationary expectations are...

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  • White Papers // Jan 2011

    Tax Evasion, Information Reporting, And The Regressive Bias Hypothesis

    A robust prediction from the tax evasion literature is that optimal auditing induces a regressive bias in effective tax rates compared to statutory rates. If correct, this will have important distributional consequences. Nevertheless, the regressive bias hypothesis has never been tested empirically. Using a unique data set, the authors provide...

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  • White Papers // Jan 2011

    Financial Development And Energy Consumption Nexus In Malaysia: A Multivariate Time Series Analysis

    Despite a bourgeoning literature on the existence of a long-run relationship between energy consumption and economic growth, the findings have failed to establish clearly the direction of causation. A growing economy needs more energy, which is exacerbated by growing population. Evidence suggests that financial development can reduce overall energy consumption...

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  • White Papers // Jan 2011

    Revisiting The Electricity Consumption-Growth Nexus For Portugal: Evidence From A Multivariate Framework Analysis

    The aim of this paper is to re-investigate the long-run and causal relationship between electricity consumption, income, financial development, population and foreign trade in Portugal using the bounds testing approach to cointegration within the Unrestricted Error-Correction Model (UECM). The Granger causality test within the Vector Error-Correction Model (VECM) was conducted...

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  • White Papers // Jan 2011

    The Economic Impact Of Electricity Conservation Policies: A Case Study Of Ireland

    As electricity is an essential input in almost every production process, it is essential to quantify the impact of economic policies aimed at electricity conservation on the output. This paper investigates the effect of unanticipated shocks in electricity consumption, technical efficiency, and electricity price on the value added in the...

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  • White Papers // Jan 2011

    A New Panel Dataset For Cross-country Analyses Of National Systems, Growth And Development (CANA)

    Missing data represent an important limitation for cross-country analyses of national systems, growth and development. This paper presents a new cross-country panel dataset with no missing value. The authors make use of a new method of multiple imputation that has recently been developed by Honaker and King (2010) to deal...

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  • White Papers // Dec 2010

    See You On Facebook: The Effect Of Social Networking On Human Interaction

    This paper proposes an evolutionary framework to explore the dynamics of social interaction in an environment characterized by online networking and increasing pressure on time. The model shows how time pressure encourages the choice to develop social interactions also through online networking instead of relying exclusively on face to face...

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  • White Papers // Dec 2010

    A Theory Of Dynamic Tariff And Quota Retaliation

    This paper establishes relationships between static Nash equilibria and dynamic Markov perfect equilibria of tariff and quota retaliation games. In supermodular games where tariffs are strategic complements, the steady state of every, symmetric Markov perfect equilibrium must have lower tariffs than in the static equilibrium. If tariffs are strategic substitutes,...

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  • White Papers // Dec 2010

    Monetary Aspects Of Short-term Capital Inflows In The Central European Countries

    International capital flows represents one of the key aspect of the globalisation process and refers to the continuous relieving the cross-border capital allocation barriers reflecting in huge increase in the common financial connections among the countries during the last decades. Flows of the capital among the countries stimulated by increased...

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  • White Papers // Dec 2010

    Financial Intermediaries, Leverage Ratios, And Business Cycles

    The author documents cyclical properties of aggregate measures of liabilities, equity, and leverage ratio in the U.S. financial sector and those of credit spread. The author finds that liabilities and equity are procyclical, leverage ratio is acyclical, and credit spread is countercyclical, financial variables are three to ten times more...

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  • White Papers // Dec 2010

    Heterodox Production And Cost Theory Of The Business Enterprise

    Heterodox economists long complained about having no systematic alternative to neoclassical production and cost theory. This paper deals with this complaint. That is, it presents a theory of production and costs of the business enterprise that is a complete alternative to the neoclassical theory of production and costs of the...

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  • White Papers // Dec 2010

    Governance And Enterprise Restructuring In Southeast Europe

    The research in this paper is to be focused on examining governance and enterprise restructuring in Southeast Europe (Western Balkans) transition economies. International organizations classify the following countries in Southeast Europe (Western Balkans): Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia. The European Bank for Reconstruction and Development (EBRD)...

    Provided By Munich Personal Repec Archive