Search results for "aggregate"
showing 10 items of 287 documents
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
2018
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flowsâfinancial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequalityâthat is, they pose an equityâefficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where libera…
Resultados de las Fusiones Empresariales: Una Aproximación Empírica en el Sector Asegurador
2001
ESTE articulo analiza los efectos de las fusiones sobre la rentabili-dad, gestion y situacion financiera en el sector de seguros en Espa-na, siendo este un marco apenas investigado hasta ahora. El estu-dio se centra en todas las sociedades anonimas fusionadas en 1992, y su informacion contable durante el periodo 1991-1995. Para ello hemos rea-lizado un analisis agregado en el que se evalua si el conjunto de socieda-des fusionadas muestra estadisticamente diferencias significativas cuan-do se compara con el conjunto de las sociedades no fusionadas, mediante el estudio de la media de ciertos indicadores desde el ano previo a la fusion. Los resultados indican que no hay diferencias despues de …
How Law Affects Lending
2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance relation by using disaggregate data on banks’ lending patterns in 12 transition countries over a 8 year period. This allows us to control for country level heterogeneity and differentiate between different types of lenders. Employing a differences-in-differences methodology in an exclusive ”laboratory” setting as well as unique hand collected datasets on legal change as well as changes in bank ownersh…
Productivity Polarization and Sectoral Dynamics in European Regions
2007
Abstract We show that the distribution dynamics of productivity in European regions displays polarization with a nonlinear growth path. We investigate the factors explaining this behavior focusing in particular on sectoral composition. The β -convegence analysis reveals that initial shares of Manufacturing and Other Market Services have a nonlinear impact on growth, while spatial effects are not statistically significant. By decomposing the dynamics of aggregate productivity in terms of sectoral dynamics, we show that productivity in Manufacturing, Non Market Services, and Other Market Services does not converge, for the complex interaction of technological spillovers and specialization eff…
Production of innovative, recycled and high-performance asphalt for road pavements
2010
Abstract The paper deals with a specific laboratory study aiming at perfectioning recycled asphalt with high mechanical performance, for surface and structural layers of flexible pavements. The aim of the research was to combine in the same material the maximum possible quantity of recycled asphalt (RA), coming from degraded asphalt layers, together with high structural performance of the recycled mixtures obtained (mainly stability, load spreading properties, rutting and fatigue resistance) that should not be lower, or possibly better than those offered by traditional asphalt mixture, made with virgin binder and aggregate. For this purpose, innovative recycled mixtures, close-graded and wi…
Decentralization and growth: what if the cross-jurisdiction approach had met a dead end?
2013
International audience; The relationship between decentralization and economic growth is generally studied from a perspective stressing universal or quasi-universal regularities across jurisdictions. That approach has generated many insights but seems to reach its limits. The paper explains why it allows contrasting positions with regard to the benefits of decentralization even among proponents of free and competitive markets. And it seems from the empirical literature that no robust and economically significant cross-jurisdiction relation between decentralization and economic performance or growth, except perhaps their independence, has been found. The absence of a relation valid across ju…
RENT CREATION AND RENT SHARING: NEW MEASURES AND IMPACTS ON TOTAL FACTOR PRODUCTIVITY
2019
International audience; This analysis proposes new measures of rent creation and rent sharing and assesses their impact on productivity on cross-country-industry panel data. We find first that: (1) anticompetitive product market regulations positively affect rent creation and (2) employment protection legislation boosts hourly wages, particularly for low-skill workers. However, we find no significant impact of this employment legislation on rent sharing, as the hourly wage increases are offset by a negative impact on hours worked. Second, using regulation indicators as instruments, we find that rent creation and rent sharing both have a substantial negative impact on total factor productivi…
The effect of sex antidiscriminatory legislation on the variability of female employment in Britain
1985
This paper examines the variability of female employment in the 1970s. It is based on data from the New Earnings Survey so that the behaviour of employment in the manual–nonmanual and manufacturing–nonmanufacturing sectors can be studied separately. At an aggregate level the results are compared to those derived using data from the Department of Employment, to ensure that the results are not simply the product of possible sampling variation of the New Earnings Survey. The findings of this paper, though far from conclusive, indicate that female employment vis-a-vismale employment became more stable after 1976. There may be many reasons for the decrease in relative variability of female emplo…
Establishment size and task-specific wages: Evidence from historical contract data
2014
This study examines whether task-specific jobs are rewarded differently across establishments of different sizes and whether these rewards vary across distinct technologies. We found that the aggregate premium estimates on the impact of size on wages conceal significant differences between tasks and technologies and that these differences reflect unobserved individual heterogeneity. The role of self-selection of more productive workers into larger establishments is particularly substantial in the case of abstract tasks. peerReviewed
Structural Change in Finnish Manufacturing: The Theory of the Aggregation of Production Functions and an Empirical Analysis with a Plant-Level Panel
2011
Abstract In this paper, structural change in the Finnish manufacturing industries is studied using the theory of the aggregation of production functions and longitudinal plant-level data for the period from 1980 to 2005. To characterise the nature of structural change in 12 industries, we examine the invariance of aggregate production functions over time. Aggregate production functions need not be estimated because, according to the theory of the aggregation of production functions, the invariance can be analysed by investigating the stability of capacity density functions, which describe the distribution of value added in these industries. Even though the shapes of aggregate production fun…