Munich Personal Repec Archive

Displaying 1-40 of 2515 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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    Inconsistency Of Fairness Evaluation In Simulated Labot Market

    Reciprocal behavior was often explained by perception of fairness derived from either agents' intention or distributional outcome. In this paper, the authors demonstrated that fairness perception depended on the evaluability of the partner's type. They conducted experiments to investigate how workers formed fairness perception on the employers. They found inconsistency...

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  • White Papers // Mar 2010

    A Reading Hayek On Power To Tax

    This paper describes the argumentative structure of Hayek on the relationship between power to tax and redistribution. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3, The Political Order of Free People, University of Chicago Press,...

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  • White Papers // Mar 2010

    Centralized Wage Setting And Labor Market Policies: The Nordic Model Case

    It is often argued that rigid labour market and centralized bargaining are harmful employment and growth. This paper looks at the case of Nordic countries as a counter-example pointing to some weaknesses of this view. Rigid labour markets, while reducing the offer of low quality jobs, increase average labor productivity...

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  • White Papers // Mar 2010

    Corporate Governance And Innovation: An Organizational Perspective

    Traditional economic studies of innovation, built on the contribution of Schumpeter, cannot explain why firms of the same size and market power can show largely different innovation performances. Contrastingly, the literature on corporate governance provides some useful insights for understanding corporate innovation activity, to the extent that such literature examines...

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  • White Papers // Mar 2010

    Credit Booms And Busts In The Caribbean

    Since 1970, private sector credit has grown quite rapidly in the Caribbean. More recently, between 2004 and 2006, total real credit in the Caribbean has risen by a cumulative 55.7 percent, or approximately 19 percent per annum. In some countries, the rate of expansion has even been stronger, which is...

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  • White Papers // Mar 2010

    Modeling Share Prices Of Banks And Bankrupts

    Share prices of financial companies from the S&P 500 list have been modeled by a linear function of consumer price indices in the USA. The Johansen and Engle-Granger tests for cointegration both demonstrated the presence of an equilibrium long-term relation between observed and predicted time series. Econometrically, the pricing concept...

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  • White Papers // Mar 2010

    Reconstructing Corporate Business History Using Accounting Data

    This paper attempts to outline a methodology for reconstructing the history of big enterprise. The problem is to construct an institutional narrative that captures the essential dynamics of corporate institution creation, institutional change, development into a large corporation and its maturity. It is argued that accounting data can be one...

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  • White Papers // Mar 2010

    Public Health Spending, Old-Age Productivity And Economic Growth: Chaotic Cycles Under Perfect Foresight

    This paper analyses the dynamics of a double Cobb-Douglas economy with overlapping generations and public health investments that affect the supply of efficient labour of the old-aged. It is shown that the positive steady state of the economy is unique. Moreover, the authors provide necessary and sufficient conditions for the...

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  • White Papers // Mar 2010

    Optimal Monetary Policy With Durable Consumption Goods And Factor Demand Linkages

    This paper deals with the implications of factor demand linkages for monetary policy design. The authors consider a dynamic general equilibrium model with two sectors that produce durable and non-durable goods, respectively. Part of the output of each sector serves as a production input in both sectors, in accordance with...

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  • White Papers // Mar 2010

    Trade Costs, Resource Reallocation And Productivity In Developing Countries

    An increasing body of evidence indicates that an important share of aggregate productivity growth, in both developed and developing countries, arises from the reallocation of resources across plants of different productivity levels. New trade models with heterogeneous firms (Bernard et al., 2003; Melitz, 2003) suggest that international trade plays an...

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  • White Papers // Mar 2010

    Microeconomic Flexibility, Creative Destruction And Trade

    The authors investigate whether greater microeconomic flexibility facilitates the process of creative destruction in the context of new trade models with heterogeneous firms (Bernard et al., 2003 and Melitz, 2003). In these models, freer trade increases aggregate productivity because high-efficiency plants expand through exporting and low-efficiency plants exit the market....

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  • White Papers // Mar 2010

    Properties Of Foreign Exchange Risk Premiums

    The authors study the properties of foreign exchange risk premia that can explain the forward bias puzzle - the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premia arise endogenously from imposing the no-arbitrage condition on the relation between the term structure of interest rates and...

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  • White Papers // Mar 2010

    Choosing The Currency Structure Of Foreign-Currency Debt: A Review Of Policy Approaches

    Starting from the constraints and incentives that cause countries to issue debt in foreign currency, this paper provides an overview of policy approaches for choosing the optimal currency structure of sovereign foreign-currency debt. The objective of sovereign debt managers generally includes both risk and cost minimization, while constraints to foreign-currency...

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  • White Papers // Mar 2010

    Markov-Switching Asset Allocation: Do Profitable Strategies Exist?

    This paper proposes a straightforward Markov-switching asset allocation model, which reduces the market exposure to periods of high volatility. The main purpose of the paper is to examine the performance of a regime-based asset allocation strategy under realistic assumptions, compared to a buy and hold strategy. An empirical study, utilizing...

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  • White Papers // Mar 2010

    Resale Price Maintenance: Explaining The Controversy, And Small Steps Towards A More Nuanced Policy

    Over recent years, there have been important divergences of thinking between (some) economists and (some) lawyers about the appropriate treatment of Resale Price Maintenance (RPM) under competition law. In the US, these divergences were brought into focus by the Leegin case, in which the Supreme Court concluded that RPM should...

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  • White Papers // Mar 2010

    Sovereign Credit Ratings, Transparency And International Portfolio Flows

    The authors examine the response of equity mutual fund flows to sovereign rating changes in a wide sample of countries during the crisis prone years from 1996-2002. They find that Sovereign downgrades are strongly associated with outflows of capital from the downgraded country while improvements in a country's sovereign rating...

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  • White Papers // Mar 2010

    Exchange Rate Pass-Through In South Africa: Panel Evidence From Individual Goods And Services

    This paper studies exchange rate pass-through in South Africa at the most disaggregated level possible. To accomplish this, two distinct panels of disaggregated data are employed. The first data set contains annual prices of 158 individual goods and services at the consumer level from 1990 to 2009. The second panel...

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  • White Papers // Mar 2010

    Microcredit In Advanced Economies As A "Third Way": A Theoretical Reflection

    Microcredit has been growing over time and has been gaining an ever increasing position in the budget of monetary and financial institutions in developing countries. The aim of the paper is to investigate the role it can have in advanced economies and whether it might represent a "Third way" as...

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  • White Papers // Mar 2010

    Measuring Monetary Policy In Open Economies

    The paper extends Bernanke and Mihov's [6] closed-economy strategy for identification of monetary policy shocks to open-economy settings, accounting for the simultaneity between interest-rate and exchange-rate innovations. The methodology allows a separate treatment of two distinct monetary policy shocks, one that operates through open market operations, and another one that...

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  • White Papers // Mar 2010

    The Productivity Of The Public Sector In OECD Countries: eGovernment As Driver Of Efficiency And Efficacy

    This paper aims at illustrating a theoretical approach to the analysis of the dynamics of productivity in the public sector, and at presenting a preliminary application of it to the estimation of the impact on productivity of the recent development of e-Government processes in a number of OECD countries. The...

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  • White Papers // Jan 2010

    Underpricing And Distance: An Empirical Analysis

    This paper test the hypothesis that distance of firms from the main financial centre affects underpricing positively. Higher is the distance higher is the uncertainty about the true value of the listing firm and lower the issue price. Econometric results show that, in the Italian case, there is a positive...

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  • White Papers // Feb 2010

    Audit The Federal Reserve?

    An independent institute for monetary statistics is needed in the United States, says William Barnett. Expanded Congressional audit would be a second best alternative, but would not fully address the needs and would carry risks. Federal Reserve Chairman Ben Bernanke has spoken out against Congressional bills to audit the Federal...

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  • White Papers // Jan 2010

    PAYG Pensions, Tax-Cum-Subsidy And Optimality

    Using a simple OLG small open economy with endogenous fertility the authors show that the command optimum can be decentralised in a market setting using both a PAYG transfer from the young (old) to the old (young) and a tax-cum-subsidy (subsidy-cum-tax) policy, to redistribute within the working age generation. The...

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  • White Papers // Jan 2010

    Interest Rates And Bank Risk-taking

    In a recent line of research the low interest-rate environment of the early to mid 2000s is viewed as an element that triggered increased risk-taking appetite of banks in search for yield. This paper uses approximately 18,000 annual observations on euro area banks over the period 2001-2008 and presents strong...

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  • White Papers // Jan 2010

    Are Managers' Perceptions Of Constraints To Growth Reliable? Evidence From A Natural Experiment In South Africa

    Can surveys of what managers see as the biggest problems that their firm faces provide useful information on the main constraints to private sector and economic development and be used to prioritize reforms in these areas? One of many concerns about doing this is that managers' responses to questions about...

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  • White Papers // Jan 2010

    Heterogeneity, Trust, Human Capital And Productivity Growth: Decomposition Analysis

    This paper uses panel data from Japan to decompose productivity growth measured by the growth of output per labor unit into three components of efficiency improvement, capital accumulation and technological progress. It then examines their determinants through a dynamic panel model. In particular, this paper focuses on the question of...

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  • White Papers // Jan 2010

    PAYG Pensions And Economic Cycles

    This paper analyses the dynamics of an overlapping generations economy (Diamond, 1965) with Pay-As-You-Go financed public pensions and myopic expectations. It is shown that large PAYG pensions may trigger economic fluctuations depending on the mutual relationship between technology and preference parameters. The findings constitute a policy warning about the size...

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  • White Papers // Jan 2010

    Threshold Cointegration In BRENT Crude Futures Market

    This paper, using a Threshold Vector Error-Correction (TVECM) Model, examines whether BRENT crude spot and futures oil prices are cointegrated. By employing this methodology the authors are able to evaluate the degree and dynamics of transaction costs resulting from various market imperfections. TVECM model is applied on daily spot and...

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  • White Papers // Jan 2010

    Has The Globalisation Really Generated More Competition In OECD Economies

    Globalisation have generated a more or less competitive market according to the kind of firms. The Great moderation has structural causes such as market power, which is possible to study through the reduced form of the NKPC obtained with the Calvo and Rotemberg price setting assumptions. The Calvo model fails...

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  • White Papers // Jan 2010

    Modern Knowledge Based Economy: All-factors Endogenous Growth Model And Total Investment Allocation

    The core problem in focus of this paper is studying how modern economy can keep sustained growth in terms of increasing reliance on both knowledge and human capitals and dependence on continuously depleting non-renewable natural resources. The aim of this paper is to bridge in some way the gap between...

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  • White Papers // Jan 2010

    Policy Irreversibility And Interest Rate Smoothing

    Many empirical studies argue that the inertial behavior of the policy rates in industrialized countries can be well explained by a linear partial adjustment version of the Taylor rule. However, the explanatory power of the lagged interest rate has been questioned from various points of view. This paper formally examines...

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  • White Papers // Jan 2010

    Africa And The Global Economic Crisis: A Risk Assessment And Action Guide

    It is increasingly apparent that, despite earlier hopes, the global economic crisis will have a significant impact on the economies of Sub-Saharan Africa. In order to coordinate and craft the most appropriate responses for African economies to withstand and recover from the crisis, it is necessary to identify the degree...

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  • White Papers // Jan 2010

    Internet Marketing In Cultural Industries: From Movie To Arts

    Marketing skills have been developed by firms of several cultural industries for more than three decades. From movie companies to performing arts, from museums to art fairs, every stakeholder has adopted and is going to implement innovative communication strategies. Digital advertising and e-fundraising might represent the boundaries of the present...

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  • White Papers // Jan 2010

    Regional Liberalization Of Trade In Services

    As the impact of trade in services on the current global financial crisis appears to overtake that of trade in goods, the authors propose to examine liberalization of trade in services through Regional Trade Agreements (RTAs). The regional liberalization of trade in services is expected to generate significant welfare gains...

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  • White Papers // Jan 2010

    On The Risks Of Belonging To Disadvantaged Groups: A Bayesian Analysis Of Labour Market Outcomes

    Although methods of analysis based on Bayes' theorem have had rich applications in Law and in Medicine they have not been much used in Economics. The authors use Bayes' theorem to construct two concepts of the "Risk" associated with belonging to a particular group in terms of a favourable labour...

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  • White Papers // Jan 2010

    Inflation In The US Economy: It Is A Problem Or Not?

    This paper provides brief analysis of selected macroeconomical indicators of US economy and tries to sketch out possible future development of these variables. The main conclusion is that United States may be really threatened by possible inflation pressures in the future, as well as by possible pressures on its nominal...

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  • White Papers // Jan 2010

    Microcredit Using Equity Financing: An Alternate Approach To Equity Financing In An Interest Free Financing

    Interest is prohibited in all monotheist religions; however, it features as an essential element in practiced capitalism. Interest based financial system has created two major havocs in last two decades i.e. in East Asia in 90s and in the Great Recession since 2007. This paper highlights the extent of development...

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  • White Papers // Dec 2009

    Dynamic Sources Of Sovereign Bond Market Liquidity

    In this paper, using 482 US Dollar and Euro denominated bonds issued by 72 sovereigns, the authors examine the market and macroeconomic sources of time-series and cross sectional variation in the liquidity of the sovereign bond market in the last decade. Vector autoregression analysis show that macroeconomic fundamentals and the...

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  • White Papers // Sep 2009

    Firm Entry, Credit Availability And Monetary Policy Transmission Under Credit Rationing

    This paper presents an additional credit channel for monetary policy that would arise in the presence of credit rationing. The author formally examine a situation in which new entry firms have no choice but to borrow funds from a financial intermediary to cover entry costs, taking into account the fact...

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  • White Papers // Aug 2009

    Learning To Fail? Evidence From Frequent IPO Investors

    The authors examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding histories are tracked for all 31,376 individual investors and 1,232 institutional investors across all 84 IPO auctions during 1995-2000...

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