Search results for "Exchange"
showing 10 items of 2035 documents
The effect of episodes of large capital inflows on domestic credit
2012
This paper analyses the effect of capital inflow surges on the evolution of domestic credit. Using a panel of developed and emerging economies from 1970 to 2007, it is shown that in the two years following the beginning of a capital inflow surge the credit-to-GDP ratio increases by about 2 percentage points. The effect is reversed in the medium-term with the credit-to-GDP ratio decreased by almost 4 percentage points seven years after the initial surge. The paper also finds that the effect is different depending on the type of flows characterising the episode (debt vs. portfolio equity vs. FDI), with large capital inflows that are debt-driven having the largest effect. The results of the pa…
The Taxation of Financial Capital Under Asymmetric Information and the Tax-Competition Paradox
2003
Information sharing between governments is examined in an optimal-taxation framework. We introduce a taxonomy of alternative systems of international capital-income taxation and characterize the choice of tax rates and information exchange. The model reproduces the conclusion found in earlier literature that integration of international caopital markets may lead to the under-provision of publicly provided goods. However, in contrast to previous results in the literature, under-provision occurs due to inefficiently coordinated expectations. We show that there exists a second equilibrium with an efficient level of public-good provision as well as complete and voluntary information exchange be…
Do university technology transfers increase firms’ innovation?
2020
Abstract We investigate how technology transfers from universities to private firms influence firm innovativeness. Using data on R&D acquisitions from universities of more than 10,000 Spanish firms for the period 2005–2013 and applying propensity score matching techniques, we find that technology transfers from universities strongly increase firm innovativeness. We next explore heterogeneous effects in order to analyze whether these gains are mediated by firm size and the business cycle. Our results suggest that the contribution of universities to firm innovation is particularly important for small firms and during the whole business cycle. The contribution of universities goes beyond its d…
ON THE HETEROGENEOUS EMPLOYMENT EFFECTS OF OFFSHORING: IDENTIFYING PRODUCTIVITY AND DOWNSIZING CHANNELS
2014
I. INTRODUCTION For the most part of the last two decades Germany suffered from a hangover of the reunification boom, an overvalued exchange rate, high unemployment, and low growth--so The Economist famously named it the "Sick Man of Europe." At the same time, German companies were relocating production, restructuring, and offshoring. The general public associated such offshoring activities--not only in Germany--with plant closures which made the headlines and confirmed the perception that offshoring was a job killer.1 What usually does not make the news is that such downsizing effects of offshoring may be counterbalanced by productivity effects in the restructuring firm. Depending on their…
The impact of the euro on firm export behaviour: does firm size matter?
2010
The goal of this paper is to assess the impact of the euro on the relationship between firm size and exports. We employ previous new-new trade theory models to derive some hypotheses that are tested using a representative sample of Spanish manufacturing firms. The results indicate that the introduction of the euro has remarkably weakened the role of firm size in the decision to export to the Eurozone. What is more, the change in the proportion of exports to the Eurozone is negatively related to firm size. Our results suggest that the euro has reduced the threshold size in order to export to Eurozone countries. Copyright 2011 Oxford University Press 2010 All rights reserved, Oxford Universit…
The pan-European holiday effect
2015
The construction of a single European block in the context of financial markets has caused the different national stock exchanges of the euro area to converge towards one common trading calendar that allows to study whether the holiday effect is a pan-European calendar anomaly or country-specific. By applying simulation methods, we provide evidence of the existence of statistically and economically abnormal positive pre- and post-holiday returns in the Eurozone which are not related to higher than average levels of volatility, but which can be explained by the preference of investors to avoid selling around European holidays.
La economía social y solidaria en Grecia
2017
El 31 de octubre de 2016 el Parlamento griego aprobó la Ley 4430/2016 de Economía Social y Solidaria (ESS) con el propósito de difundir esta forma alternativa de organización de la actividad económica; apoyar y fortalecer proyectos productivos autogestionarios y de emprendimiento social colectivo, y regular las Empresas Sociales Cooperativas y las Cooperativas de Trabajadores. En este trabajo hemos analizado las principales características de la ESS griega, principalmente en relación con otros modelos europeos; y los distintos tipos de empresas que integra, subrayando las diferencias entre ellas y sus principales características frente a otras instituciones próximas como las cooperativas so…
Automatic Balance Mechanisms in Pay-As-You-Go Pension Systems
2009
This paper shows the usefulness of the automatic balance mechanisms (ABMs) and explores the issue of introducing an ABM into the Spanish public contributory retirement pension system. We define the concept of the automatic balance mechanism and carry out an analysis of those existing in Sweden, Canada, Germany, Japan and Finland. We also present an indicator of the Spanish system's solvency which emerges from the actuarial balance sheet, and simulate the effect that certain changes in the parameters of the present system would have on solvency, showing the direction that could be taken if the mechanism were to be introduced in Spain. The main conclusion reached is that, given the system's s…
Causes of a Growing Judicial Litigation: Empirical Analysis of a Case
1991
In Spain, judicial litigation has grown considerably since 1959 to 1987, both in absolute and relative dimensions. This trend is especially accentuated in the criminal and in the contentious-administrative jurisdictional areas. By applying an interdisciplinary (economic, juridical, sociological political …) approach, the characteristics of this phenomenon are summarized in this paper, and their numerous and complex causes are analysed. Some of these causes can be considered socially positive, as they seem connected with a greater economic and social development in the country that allows citizens to appeal more frequently and directly to justice courts; but others show a worsening in the s…
Does Environmental Uncertainty Affect Entrepreneurs’ Orientation and Performance? Empirical Evidence from Indonesian SMEs
2012
Small and medium enterprises (SMEs) have a critical role in economic growth in Indonesia and become the backbone for job creation, poverty alleviation, and safeguard during the crisis. However, they are highly exposed to uncertain environments. The present study aimed to investigate the influence of SMEs’ entrepreneurial orientation on business performance when uncertain environments exist. A total of 152 Indonesian SMEs were studied in order to assess this relationship. Moderated regression analysis is performed as the main statistical procedures to analyse the moderating role of environmental uncertainty on the influence of entrepreneurial orientation on business performance. Surprisingly…