Search results for "jel:F4"
showing 10 items of 20 documents
Contrainte de crédit et convergence vers la frontière technologique: Qu'en est-il des pays de la Zone CFA ?
2014
EnglishThis work aims to study the effects of credit-market imperfection on the convergence of the cfa zone to the frontier growth rate. It focuses on the fact that a less efficient credit market is a constraint that prevents these countries to benefit from technology transfer and causes them to deviate from the frontier of growth. The empirical approach based on generalized method of moments (gmm) in dynamic panel shows that a low level of financial development significantly slow the rate of convergence of these countries. francaisCe travail a pour objectif d’etudier les effets de l’imperfection du marche du credit sur la convergence des pays de la communaute financiere africaine (cfa) ver…
The real exchange rate in the long run: Balassa-Samuelson effects reconsidered
2017
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson model is not consistent with these results, we suggest an explanation of the results in terms of contemporary variants of the model that incorporate the terms of trade mechanism. Specifically we argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We undertake simulations of the modern versions of the Balassa-Samuelson model to show that…
TESTING FOR CONTAGION: A CONDITIONAL CORRELATION ANALYSIS
2005
Abstract In this paper, we test for contagion within the East Asian region, contagion being defined as a significant increase in the degree of comovement between stock returns in different countries. For this purpose, we use a parameter stability test, and, following [Rigobon, R., 2003a. On the measurement of the international propagation of shocks: is the transmission stable?, Journal of International Economics], we control for three types of bias, resulting from heteroscedasticity, endogeneity and omitted variable, respectively. The null of interdependence against the alternative of contagion is then tested as an overidentifying restriction. Unlike other studies, our approach is based on …
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…
Quality pricing-to-market
2014
We examine firm's pricing-to-market decisions in vertically differentiated industries featuring a large number of firms that compete monopolistically in the quality space. Firms sell goods of heterogeneous quality to consumers with non-homothetic preferences that differ in their income and thus their marginal willingness to pay for quality increments. We derive closed-form solutions for the pricing game under costly international trade, thus establishing existence and uniqueness. We then examine how the interaction of good quality and market demand for quality affects firms' pricing-to-market decisions. The relative price of high quality goods compared to that of low quality goods is an inc…
Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation
2015
We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…
KEYNES’S EUROPEANISM AS SHOWN IN “THE ECONOMIC CONSEQUENCES OF THE PEACE”
2012
European integration and enlargement, in the context of decreasing support of European country nationals, needs great men and great ideas standing with. J.M.Keynes proves in his book”The Economic Consequences of the Peace” that there is no other way for Europe than acts together. His economic reasons for which European countries “throb together” are presented here and supported with data. This article, with a historical approach, brings another important and strong view on the side of Europeanism.
Disaggregate Real Exchange Rate Behaviour
2007
In this paper, we re-examine the “PPP Puzzle” using sectoral disaggregated data. Specifically, we first analyse the mean reversion speeds of real exchange rates for a number of different sectors in eleven industrial economies and then focus on relating these rates to variables identified in the literature as key determinants of CPI-based real exchange rates, namely: the trade balance, productivity and the mark up. In particular, we seek to understand to what extent the relationships existing at the aggregate level are borne out at the disaggregate level. We believe that this analysis can help shed light on the PPP puzzle.
MACROECONOMIC SYNCHRONIZATION BETWEEN G3 COUNTRIES
2002
This paper studies the existence of a world business cycle by examining quarterly and annual comovements in production, prices, and interest rates in the three main world economies: Germany, Japan and the U.S. In accordance with earlier studies, contemporaneous relationships clearly dominate short-term dynamics. The evidence indicates that, in the last four decades, these comovements are clearly significant in all the variables, with the possible exception of short-term interest rates, and they are stronger for long-term interest rates; nevertheless, they are rather unstable over time. Este artículo estudia la existencia de un ciclo económico mundial mediante elexamen de movimientos comunes…
Trade Openness and Income: A Tale of Two Regions
2015
In this article we present evidence of the long-run effect of trade openness on income per worker for two regions that have followed different liberalization strategies, namely Asia and Latin America. A model that re-examines these questions is estimated for two panels of Asian and Latin American countries over the 1980-2008 period using a novel empirical approach that accounts for endogeneity as well as for the time series properties of the variables involved. From an econometric point of view, we apply recent panel cointegration techniques based on factor models that account for two additional elements usually neglected in previous empirical literature: cross-dependence and structural bre…