Munich Personal Repec Archive

Displaying 1-40 of 1831 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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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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