Munich Personal Repec Archive

Displaying 1-40 of 1526 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

    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

    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

    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

    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

    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

    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

    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

    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

    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 2011

    Co-operative Credit Delinquency: Identification Of Factors Discriminating Defaulters

    Co-operative movement dawned in India a century ago to eradicate indebtedness and to accelerate agricultural production in India. Co-operatives are eminently suited to achieve social, economic changes in rural India. However, credit risk is acute in co-operative credit system, predominantly manifested in short-term credit. Delinquency of co-operative credit is the...

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  • White Papers // Mar 2011

    An Empirical Analysis Of The Money Supply Process In Ghana: 1983-2006

    This paper examines the major drivers of the asset counterpart of the observed money supply in Ghana since the adoption of the Economic Recovery Programmes in Ghana. Using the traditional money multiplier approach, the relative contributions of fiscal financing and capital inflows to the money supply process were examined. It...

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  • White Papers // Mar 2011

    Methods For Evaluating Innovative Health Programs (EIHP): A Multi-country Study

    Designed as a global research initiative, the EIHP project aims at adding to the evidence base of health interventions that have the potential to improve health outcomes in Africa and Asia. The project focuses on rigorous, quantitative evaluations of innovative local initiatives that address the Millennium Development Goals for health:...

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  • White Papers // Mar 2011

    Indian Textile Industry: Sea Of Potential Opportunities

    India's share of the global textile industry is expected to grow from 4% to 7% by 2011-12 and the share of apparel in the export basket is expected to increase from 48% to 60%. A Vision 2010 for textiles formulated by the government after exhaustive interaction with the industry and...

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  • White Papers // Mar 2011

    Financial Frictions And The Zero Lower Bound On Interest Rates: A DSGE Analysis

    Recent developments in Canada, the United Kingdom, and the euro area, Japan, Sweden, Switzerland and the United States have triggered a debate on whether monetary policy is effective when the nominal interest rate is close to zero. In this context, the monetary authority is no longer in a position to...

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  • White Papers // Mar 2011

    Money Demand And Economic Uncertainty In Barbados

    Using the unrestricted error correction model proposed by Pesaran et al (2001), this paper investigates the relationship between economic uncertainty and money demand in Barbados. Results suggest that in the short run, agents tend to increase money holdings in the face of heightened uncertainty. However, this impact does not carry...

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  • White Papers // Mar 2011

    Did The Commercial Paper Funding Facility Prevent A Great Depression Style Money Market Meltdown?

    This paper analyzes how risk premia - and other factors affecting the comparative advantages of security-funded versus deposit-funded short-run debt - altered the relative use of debt funded by securities markets since the early-1960s and the relative use of commercial paper during the recent financial crisis. Results indicate that lower...

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  • White Papers // Mar 2011

    Unconventional Factors Of Efficiency In Public Transport. A Case Study And Theory

    In this paper the authors analyse some possible unconventional factors of efficiency in public transport. The occasion for such analysis rises from a case study in the southern Italian region of Sicily. Most of the regional bus service is here historically franchised to some local private bus companies, without tenders...

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  • White Papers // Mar 2011

    Evaluating Innovative Health Programs: Lessons For Health Policy

    The Global Development Network's (GDN) project "Evaluating Innovative Health Programs" (EIHP), funded by the Bill & Melinda Gates Foundation, seeks to inform policy on the effectiveness of health solutions that have the potential to improve health outcomes in developing countries. It evaluates the impact of nineteen programs from across developing...

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  • White Papers // Feb 2011

    Regime Specific Predictability In Predictive Regressions

    Predictive regressions are linear specifications linking a noisy variable such as stock returns to past values of a more persistent regressor with the aim of assessing the presence of predictability. Key complications that arise are the potential presence of endogeneity and the poor adequacy of asymptotic approximations. In this paper...

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  • White Papers // Feb 2011

    Cross Border Business Cycle Impacts On The El Paso Housing Market

    There is comparatively little empirical evidence regarding the impacts of cross border business cycle fluctuations on metropolitan housing markets located near international boundaries. This paper examines the impacts of economic conditions in Mexico on sales of existing single-family houses in El Paso, Texas. Anecdotal evidence suggests that these impacts are...

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  • White Papers // Feb 2011

    From Growth To Innovative Reproduction A Roadmap For A European Model Of Evolution

    This paper starts with the methodological assumption that the description of the evolution of political economy needs two distinct components: a model of pulsating growth and a model of morphogenesis. These two elements are alternating in the course of time, deteriorating growth leading to morphogenesis, which in turn consolidates structures...

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  • White Papers // Feb 2011

    Does Intellectual Monopoly Stimulate Or Stifle Innovation?

    This paper develops an R&D-based growth model that features both vertical and horizontal innovation to shed some light on the current debate on whether patent protection stimulates or stifles innovation. Specifically, the authors analyze the growth and welfare effects of patent protection in the form of profit division between sequential...

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  • White Papers // Feb 2011

    Leasing And Secondary Markets: Theory And Evidence From Commercial Aircraft

    The author constructs a dynamic model of transactions in used capital to understand the role of leasing when trading is subject to frictions. Firms trade assets to adjust their productive capacity in response to shocks to profitability. Transaction costs hinder the efficiency of the allocation of capital, and lessors act...

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  • White Papers // Feb 2011

    Is Optimal Monetary And Fiscal Policy In A Small Open Economy Time Consistent?

    This paper studies optimal monetary and fiscal policy in a small open economy. Two forces in the economy impose orthogonal restrictions on financing costs across governments. The first force requires constant financing costs across governments to have time consistent optimal policy of hours. The second force always asks for time...

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  • White Papers // Feb 2011

    Fiscal Federalism And Decentralization In Mongolia

    Fiscal federalism has been an important topic among public finance theorists in the last four decades. There is a series of arguments that decentralization of governments enhances growth by improving allocation efficiency. However, the empirical studies have shown mixed results for industrialized and developing countries and some of them have...

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  • White Papers // Feb 2011

    Military Expenditure And Economic Growth: A Meta-analysis

    Meta analysis is conducted to review 32 empirical studies with 169 estimates to find the combined overall effect of military expenditure on economic growth. Using a meta fixed and random effects and regression analysis, the results show that there exists a "Genuine" net effect of military expenditure on economic growth....

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  • White Papers // Feb 2011

    Real-time Nowcasting Of GDP: Factor Model Versus Professional Forecasters

    This paper performs a fully real-time nowcasting (forecasting) exercise of US real Gross Domestic Product (GDP) growth using Giannone, Reichlin and Small (2008) factor model framework which enables one to handle unbalanced datasets as available in real-time. To this end, the authors have constructed a novel real-time database of vintages...

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  • White Papers // Feb 2011

    Endogenous Selection Of Comparison Groups, Human Capital Formation, And Tax Policy

    This paper considers a setting in which the acquisition of human capital entails a change of location in social space that causes individuals to revise their comparison groups. Skill levels are viewed as occupational groups, and moving up the skill ladder by acquiring additional human capital, which in itself is...

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  • White Papers // Feb 2011

    Product Innovation When Consumers Have Switching Costs

    Economists have long recognized that in free markets, incentives to innovate will be diluted unless some factors grant innovators with a temporary monopoly. Patenting is the most cited factor in the economic literature. This paper concentrates on another factor that confers innovators with first-mover advantage over their competitors, namely consumer...

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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 // Mar 2011

    Choosing Between Subsidized Or Unsubsidized Private Pension Schemes: A Random Parameters Bivariate Probit Analysis

    In 2002, the German government tried to increase private old-age provisions by introducing incentives such as supplementary subsidies and tax credits. Since then, the so-called "Riester pension" has grown in popularity. Apart from subsidized pension plans, unsubsidized private pension insurances as an instrument for old-age have been enormously important for...

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  • White Papers // Mar 2011

    Economic Rationality, Risk Presentation, And Retirement Portfolio Choice

    This paper studies the propensity of individuals to violate implications of expected utility maximization in allocating retirement savings within a compulsory defined contribution retirement plan. The paper develops the implications and describes the construction and administration of a discrete choice experiment to almost 1200 members of Australia's mandatory retirement savings...

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  • White Papers // Mar 2011

    Income Insurance And The Determinants Of Income Insurance Via Foreign Asset Revenues And Foreign Liability Payments

    The authors document that the net factor income smoothing channel in OECD countries is primarily driven by net financial asset income, while the other two sub-components (net compensation of employees, net taxes on imports) turn out to be ineffective. Once factor income inflows are distinguished from out flows, empirical evidence...

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  • White Papers // Mar 2011

    Unobservable Savings, Risk Sharing And Default In The Financial System

    In this paper, the author analyzes how unobservable savings affect risk sharing and bankruptcy decisions in the financial system. The author extends the Diamond and Dybvig (1983) model of financial intermediation to an environment with heterogeneous intermediaries, aggregate uncertainty and agents' hidden borrowing and lending. The author demonstrates three results....

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  • White Papers // Mar 2011

    Financial Liberalization And Contagion With Unobservable Savings

    How do market-based channels for the provision of liquidity affect financial liberalization and contagion? In order to answer this question, the author extends the Diamond and Dybvig (1983) model of financial intermediation to a two-country environment with unobservable markets for borrowing and lending and comparative advantages in the investment technologies....

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  • White Papers // Mar 2011

    The Capital Inflow "Problem" Revisited

    For three decades, the predominantly prevailing presumption among economic analysts and financial authorities was that the flow of financial capital would become increasingly freer. More freely flowing capital implied a more important role for international developments in shaping market interest rates (as discussed in Reinhart and Reinhart, 2011) and larger...

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  • White Papers // Mar 2011

    Differences In The Effect Of Social Capital On Health Status Between Workers And Non-workers

    This paper explores the relationship of social capital to self-rated health status in Japan, and how this is affected by the labor market. Data of 3075 adult participants in the 2000 Social Policy and Social Consciousness (SPSC) survey were used. Controlling for endogenous bias, the main finding is that social...

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  • White Papers // Mar 2011

    Governance In Spanish Savings Banks. A Historical Perspective

    During the previous three decades, mutual financial firms have been experiencing a process of demutualization, and some of the non-for-profit banks have become publicly listed companies. Hence, the persistence of the Spanish Savings Banks constitutes an interesting case study. In line with recent literature, this paper attempts to reach a...

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  • White Papers // Mar 2011

    Labour Markets, Education And Duality Of Returns

    The aim of this paper is to examine the impact of increased trade on wage inequality in developing countries, and whether a higher human capital stock moderates this effect. The authors look at the skilled-unskilled wage differential. When better educated societies open up their economies, increased trade is likely to...

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  • White Papers // Mar 2011

    Impact Of Mutual Fund Investment In Indian Equity Market

    Three forces dominate the prevailing marketing environment in the service sector: Increasing competition from private players, changing and improving technology and continuous shifts in the regulatory environment, which has led to the growing customer sophistication. Customer has become more and more aware of their requirements and demand higher standard of...

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  • White Papers // Mar 2011

    The Long Term Impacts Of Migration In British Cities: Diversity, Wages, Employment And Prices

    British cities are becoming more culturally diverse, with migration a main driver. Is this growing diversity good for urban economies? This paper explores, using a new 16-year panel of UK cities. Over time, net migration affects both local labour markets and the wider economy. Average labour market impacts appear neutral....

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  • White Papers // Mar 2011

    The "More Is Less" Phenomenon In Contingent And Inferred Valuation

    The authors examine inconsistencies in preference orderings of the "More is less" kind (Alevy et al. 2011) using the Contingent Valuation (CV) and the Inferred Valuation (IV) method (Lusk and Norwood 2009a, 2009b). They find that when moving in a familiar market for consumers (i.e., the food market) they only...

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  • White Papers // Mar 2011

    Revisiting The Fisher And Statman Study On Market Timing

    Valuation-based market timing demonstrates greater potential to improve risk-adjusted returns for conservative long-term investors than given credit by Fisher and Statman (2006). On a risk adjusted basis, market-timing strategies provide comparable returns as a 100 percent stocks buyand-hold strategy but with substantially less risk. Meanwhile, market timing provides comparable risks...

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  • White Papers // Mar 2011

    The UK Future Jobs Fund: Labour's Adoption Of The Job Guarantee Principle

    This paper examines the development of employment policy in the United Kingdom leading to the creation of the Young Person's Guarantee and its main component, the Future Jobs Fund. Past public-sector direct employment schemes, including those associated with the workfare model, had been discredited as ineffective across the OECD. In...

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  • White Papers // Mar 2011

    Does A Rising Tide Lift All Boats? Welfare Consequences Of Asymmetric Growth

    A common presumption is that increased growth in the aggregate enhances the welfare of both the rich and the poor. The author shows that instead, as the rich get richer, the welfare of the poor may decline if the underlying growth is asymmetric. There are two distinct and complementary explanations:...

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  • White Papers // Mar 2011

    Roles Of Outside Directors In Cooperative Financial Institutions

    As the governance of financial institutions is becoming an important issue, there are many papers empirically investigating the governance issues of banks, which are stock companies. However, cooperative structured financial institutions (co-ops), which have a unique governance structure different from stock companies, play a substantial role in the Japanese banking...

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  • White Papers // Mar 2011

    Who Benefited From The US Tariffs On The Chinese Tires?

    The purpose of this paper is to evaluate the short-run effect of the tariffs on Chinese tires imposed by the US in September 2009. First, the authors investigated whether the tariffs were beneficial to the US domestic tire industry in terms of employment. The empirical analysis found that there were...

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  • White Papers // Mar 2011

    The Management Of Uncertainty In Tourism: Strategic Paradoxes And Communication

    The design of new tourism products necessarily enters into the realm of uncertainty. Such uncertainty concerns the product developed and its later use as much as the way the design project is conducted. It can be linked to events either within or outside the firm. It will be considered to...

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  • White Papers // Mar 2011

    Temporary Job Protection And Productivity Growth In EU Economies

    This paper examines cross-national and sectoral differences in Total Factor Productivity (TFP) in fourteen European countries and ten sectors from 1995 to 2007. The main aim is to ascertain the role of employment protection of temporary contracts on TFP by estimating their effects with a "Difference-in-difference" approach. Results show that...

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