Search results for " Wealth"
showing 10 items of 39 documents
Does one size fit all? The impact of cognitive skills on economic growth
2016
Les Documents de Travail de l'IREDU, n°2016-1; This paper tests for heterogeneous effects of cognitive skills on economic growth across countries. Using a new extended dataset on cognitive skills and controlling for potential endogeneity, we find that the magnitude of the effect is about 60 per cent higher for low-income countries compared to high-income countries, and it more than doubles when low TFP countries are compared to high TFP countries. There are also marked differences across geographic regions. Using data on the share of the population with advanced and minimum skill levels, our results also indicate that high-income countries should focus on increasing the number of high skill…
Socioemotional Wealth and Networking in the Internationalisation of Family SMEs
2021
In internationalisation processes, international expansion exposes family SMEs to external networking and the risks such expansion entails, and perceived threats to their socioemotional wealth (SEW) might restrain their willingness to take these actions. However, very few studies measure SEW and associate it with internationalisation. Considering SEW preservation’s prominence in family SMEs and SMEs’ heavy dependence on networking during internationalisation, we hypothesise that SEW preservation has a negative association and networking has a positive association with the family SMEs’ degree of internationalisation (DOI). We reconstruct four SEW constructs that carry significance for family…
INDUSTRIALIZATION: AN ITINERARY RUINED BY EXTRAECONOMIC FACTORS. CASE STUDY: THE ROMANIAN ECONOMY
2012
How did the evolution of Romanian industry develop in the years after 1944 and until 1989? How about afterwards, during the transition from a socialist economy of Eastern European type to a generically defined market economy, when it failed to achieve socially desirable results, namely during the period 1990-2010? What was the actual content of the process, what was intended and what was actually achieved? In 20 years, how did the extra-economic factors influence - especially the political and social ones - a process, namely the industrialization, which had proved an undoubtedly positive experience around the world? These are the questions this paper aims to answer by examining the effects …
Cross-country variation in patience, persistent current account imbalances and the external wealth of nations
2022
This paper is the first to utilize large-scale international surveys on economic preferences to examine the long-run relationships between patience, current accounts and external wealth. We find robust empirical evidence that countries with more patient individuals tend to run persistent current account surpluses, which in turn result in the accumulation of foreign assets. This theoretically plausible but empirically unexplored relationship holds true for euro area current account imbalances, global current account imbalances and net foreign asset positions worldwide. While the existing current account literature concentrates on proximate macroeconomic determinants, this paper’s extension o…
Can stability of foreign aid agreement reduce global income inequality?
2017
Abstract Global initiatives on debt relief call for increasing foreign aid assistance to alleviate income inequality. But the potential gains from foreign aid policy coordination may be limited by the willing participation of diverse and self-interested donor countries. If stability of the foreign aid agreement does not occur, then aid effectiveness fails. Thus, the aim of this paper is to investigate the effects of the stability of foreign aid agreement on income redistribution amongst countries. The findings show that stability has positive effects on income mobility from the rich to the poorest countries reducing global income inequality.
The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels
2020
We assess the effects of monetary policy shocks on income and wealth inequality through direct inequality measures and by analyzing several transmission channels explored in recent literature. Furthermore, we analyze two additional channels: the Housing and the Fiscal channels. The methodology adopted is a Bayesian proxy SVAR using a high-frequency identification based on the external instruments approach. Our own policy shocks are constructed for this purpose. The results show that an expansionary monetary policy shock does not have a significant effect on income inequality due to the existence of opposite channels, whereas it increases wealth inequality mainly through the portfolio channe…
A model of the Islamic sovereign wealth fund
2019
Purpose The purpose of this paper is to propose a model of the Islamic sovereign wealth funds (ISWFs) based on Islamic finance principles to modify the precarious image of SWFs from Muslim countries. The Shariah laws are the cardinal direction for this study. Design/methodology/approach The authors applied a qualitative research technique that consists of three approaches: exploratory case study approach to critically examine and rank the existing status of SWFs; descriptive analysis; and content analysis to present a model of ISWFs in comparison of conventional SWFs. Findings The authors propose a model of the “Islamic Sovereign Wealth Funds” based on four key pillars: the major Shariah p…
National-Level Wealth Inequality and Socioeconomic Inequality in Adolescent Mental Well-Being: A Time Series Analysis of 17 Countries
2020
Purpose: Although previous research has established a positive association between national income inequality and socioeconomic inequalities in adolescent health, very little is known about the extent to which national-level wealth inequalities (i.e., accumulated financial resources) are associated with these inequalities in health. Therefore, this study examined the association between national wealth inequality and income inequality and socioeconomic inequality in adolescents' mental well-being at the aggregated level. Methods: Data were from 17 countries participating in three consecutive waves (2010, 2014, and 2018) of the cross-sectional Health Behaviour in School-aged Children study. …
Alternative Investment Fund Managers Directive and its Impact on Malta’s Financial Service Industry
2016
The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU. The research is based on the case of Malta, which is a quickly growing financial centre. The main findings are based on an analysis of questionnaire respon…
Progressive consumption tax, minimum consumption, and inequality
2020
Abstract In this note, we study the effects of a progressive consumption tax on wealth and consumption inequality in a model economy featuring minimum consumption. We show that increasing the lower and upper bounds of the progressive tax rate reduces wealth and consumption inequality in the long run but is not sufficient. The lower and upper bounds must not exceed the thresholds, which are decreasing functions of minimum consumption. The result is useful for empirical studies of the redistribution of wealth and consumption.