Search results for "jel:F0"
showing 10 items of 13 documents
Business cycle volatility and country zize :evidence for a sample of OECD countries
2008
The main purpose of this paper is to investigate the relationship between business cycle volatility and country size using quarterly data for a sample of OECD countries over 1960-2000. The results suggest very strongly that the relationship between country size and business cycle volatility is negative and statistically significant. This finding is very robust, suggesting that country size does matter, at least for the severity of cyclical fluctuations.
Primary commodity prices: co-movements, common factors and fundamentals
2011
The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, the authors document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on co-movement of commodity prices.
- STRATEGIC PIGOUVIAN TAXATION, STOCK EXTERNALITIES AND POLLUTING NON-RENEWABLE RESOURCES
2001
This paper extends Wirl and Dockner¿s (1995) model designed to analyze the long-term bilateral interdependence between a resource exporting cartel and a coalition of resource importing country governments. Firstly, depletion effects are introduced into the analysis of the intertemporal properties of a pigouvian tax. Secondly, the feedback Stackelberg equilibria are computed. The results show that the dynamics of the tax depends critically on the level of the marginal environmental damage. Moreover, they also show that the tax defined by the Markov-perfect Nash equilibrium is a neutral pigouvian tax in the sense that it only corrects the market inefficiency caused by the stock externality. H…
Interest rate co-movements, global factors and the long end of the term spread
2012
The disconnect between rising short and low long interest rates has been a distinctive feature of the 2000s. Both research and policy circles have argued that international forces, such as global monetary policy (e.g. Rogoff, 2006); international business cycles (e.g. Borio and Filardo, 2007); or a global savings glut (e.g Bernanke, 2005) may be responsible. In this paper, we employ recent advances in panel data econometrics to document the disconnect and link it explicitly to the existence of a global latent factor that dominates the long end of the term spread for the recent period; the saving glut story emerges as the most likely contender for the global factor.
La convergence des systèmes nationaux de gouvernance: une perspective contingente
2009
The objective of this paper is to show that the answer to the question of convergence of national systems of governance is contingent on a number of assumptions. The first assumption bears on the functions and the formal mechanisms characterizing the systems of governance. The second concerns the possibility to define a unique national system of governance for all the firms of a nation. The third focuses on the process of homogenization of national systems of governance attributed to globalization.
Self-enforcing international environmental agreements revisited
2004
In Barrett's (1994) paper on transboundary pollution abatement is shown that if the signatories of an international environmental agreement act in a Stackelberg fashion, then, depending on parameter values, a self-enforcing IEA can have any number of signatories between two and the grand coalition. Barrett obtains this result using numerical simulations and also ignoring the fact that emissions must be non-negative. Recent attempts to use analytical approaches and to explicitly recognize the non-negativity constraints have suggested that the number of signatories of a stable IEA may be very small. The way such papers have dealt with non-negativity constraints is to restrict parameter values…
THE NEW ECONOMY - A 360 DEGREE VIEW
2012
This paper is a review of the literature` mainstream on economic development, political views and the way new economic policies and measures are implemented through formal and informal channels, including here the North American lobby` system. As a solution resulted from this paper there are some forecasted directory views that could lead to a future linear development of the global economy and to a tempered glow in the global account, or between commercial trades of some countries.
On Capturing Oil Rents with a National Excise Tax Revisited
2004
In this paper the scope of Bergstrom’s (1982) results is studied. Moreover, his analysis is extended assuming that extraction cost is directly related to accumulated extractions. For the case of a competitive market it is found that the optimal policy is a constant tariff if extraction is costless. However, with depletion effects, the optimal tariff must ultimately be decreasing. For the case of a monopolistic market the results depend crucially on the kind of strategies the importing country governments can play and on whether the monopolist chooses the price or extraction rate. For a price-setting monopolist it is shown that the importing countries cannot use a tariff to capture monopoly …
Fondos estructurales y política regional en la Unión Europea
2000
The present work examines the reasons that gave rise to European Regional Policy and describes its principles and basic objectives, as well as the operational transformations it underwent from the 1988 Structural Fund reform till the approval of the Agenda 2000. Its ability to correct regional imbalances is subsequently compared with the limited ability of European Public Finance to carry out some of the functions performed by central governments in States with a federal political structure, which results in disparity between regional income levels and the corresponding tax balances. Finally, the achievements and limitations of European Regional Policy are assessed on a wide basis rather th…
Los Fondos Estructurales y la ampliación al Este de la Unión Europea
2000
This paper addresses the potential impact of the current European Union (EU) enlargement process on EU economic and social cohesion programmes. The first part highlights the reason why enlargement is a priority for the EU and explains the pre-enlargement strategy carried out in the nineties. The Agenda 2000 proposals and the funding avenues provided for EU enlargement are subsequently examined, assessing the repercussions of enlargement on structural actions and the EU as a whole. One of the main conclusion is that, although it is a difficult process requiring considerable adjustment, it is an excellent opportunity to contribute to political stability and economic and social progress in Eur…