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  • English  (64)
  • 2005-2009  (64)
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  • 1
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: Financial intermediation and bank spreads are important elements in the analysis of business cycle transmission and monetary policy. We present a simple framework that introduces lending relationships, a relevant feature of financial intermediation that has been so far neglected in the monetary economics literature, into a dynamic stochastic general equilibrium model with staggered prices and cost channels. Our main findings are: (i) banking spreads move countercyclically generating amplified output responses, (ii) spread movements are important for monetary policy making even when a standard Taylor rule is employed (iii) modifying the policy rule to include a banking spread adjustment improves stabilization of shocks and increases welfare when compared to rules that only respond to output gap and inflation, and finally (iv) the presence of strong lending relationships in the banking sector can lead to indeterminacy of equilibrium forcing the central bank to react to spread movements.
    Keywords: E44 ; E52 ; G21 ; ddc:330 ; Endogenous Banking Spread ; Credit Markets ; Cost Channel of Monetary Transmission ; Firm-bank Relationships ; Geldpolitik ; Kreditmarkt ; Zinsstruktur ; Taylor-Regel ; Geldpolitische Transmission ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Canterbury: University of Kent, Department of Economics
    Publication Date: 2018-06-28
    Description: We extend the Benassy (1996) 'taste for variety' model to an open economy setting. With the Benassy effect, the market equilibrium is inefficient, openness reduces the varieties provided in the unconstrained optimum and there are potential gains from international coordination.
    Keywords: D43 ; F12 ; ddc:330 ; Taste for variety ; monopolistic competition ; Benassy effect ; open economy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
    Publication Date: 2018-07-03
    Description: In this paper, we contribute to the discussion of what determines country risk by arguing that an important explanatory factor is the impact that commodities have on the capacity to pay. We use a newly created data base with state-level fiscal and risk premium data for Brazil states between 1891 and 1930 to show that Brazilian states with natural endowments that allowed them to export commodities that were in high demand ended up having higher revenues per capita and, thus, lower cost of capital. We also explain that the variation in revenues per capita across states was both a product of the variation in natural endowments and a commodity boom that had asymmetric effects among states. We end by running instrumental variable estimates using indices of export prices for each state to instrument for revenues per capita. Our IV estimates confirm our results that states with commodities that had higher price increases had lower risk premia.
    Keywords: H71 ; H74 ; N26 ; N46 ; N96 ; ddc:330 ; state public debt ; fiscal decentralization ; endowments ; public revenue
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    Publication Date: 2018-07-03
    Description: We are interested in forecasting bankruptcies in a probabilistic way. Specifically, we compare the classification performance of several statistical and machine-learning techniques, namely discriminant analysis (Altman's Z-score), logistic regression, least-squares support vector machines and different instances of Gaussian processes (GP's) - that is GP's classifiers, Bayesian Fisher discriminant and Warped GP's. Our contribution to the field of computational finance is to introduce GP's as a potentially competitive probabilistic framework for bankruptcy prediction. Data from the repository of information of the US Federal Deposit Insurance Corporation is used to test the predictions.
    Keywords: C11 ; C14 ; C45 ; ddc:330 ; Bankruptcy prediction ; Artificial intelligence ; Supervised learning ; Gaussian processes ; Z-score
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-19
    Description: This paper analyzes the impact of urbanization on CO2 emissions in developing countries, taking into account the presence of heterogeneity in the sample of countries and testing for the stability of the estimated elasticities over time. The sample covers the period from 1975 through 2003 for different groups of countries, classified according to their income levels. Our results show that, whereas the impact of population growth on emissions is above unity and only slightly different for upper, middle, and low- income countries, urbanization, demonstrate a very different impact on emissions for low and lower-middle-income countries and upper-middle income countries.
    Keywords: Q25 ; Q4 ; Q54 ; ddc:330 ; CO2 emissions ; developing countries ; panel data ; population growth ; urbanization ; Kohlendioxid ; Luftverunreinigung ; Bevölkerungswachstum ; Urbanisierung ; Entwicklungsländer
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2018-11-20
    Description: In this paper, we analyze separately the determinants of maritime transport and road transport costs for Spanish exports to Poland and Turkey (markets for which maritime and road transport are competing modes) and investigate the different effects of these costs on international trade. First, we investigate the extent to which maritime and road transport costs depend on different factors such as unit values, distances, transport conditions, service structures, and service quality. Second, we analyze the relative importance of road and maritime transport costs in comparison with distance measures as determinants of trade flows. The main results of this investigation indicate that real distance is not a good proxy for transportation costs and identify the central variables influencing road and maritime transportation costs: for both modes, transport conditions are strong determinants, whereas efficiency and service quality are more important for maritime transport costs, and geographical distance is more important for road transport. Road and maritime transport costs are central explanatory factors of exports and they seem to deter trade to a greater extent than road or maritime transit time when endogeneity is considered.
    Keywords: F1 ; O1 ; O55 ; ddc:330 ; transport costs ; transport mode ; Spanish exports ; international trade ; Transportkosten ; Entfernung ; Frachtschifffahrt ; Straßengüterverkehr ; Spanien ; Transportkosten ; Entfernung ; Frachtschifffahrt ; Straßengüterverkehr ; Spanien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2018-11-20
    Description: Latin American countries have lost competitiveness in world markets in comparison to China over the last two decades. The main purpose of this study is to examine the causes of this development. To this end an augmented Dornbusch-type Ricardian' model is estimated using panel data. The explanatory variables considered are productivity, unit labor costs, unit values, trade costs, price levels, and real exchange rates; all variables are evaluated in relative terms. Due to data restrictions, China's relative exports (to the US, Argentina, Japan, Korea, the UK, Germany, and Spain) will be compared to Mexico's exports for a number of sectors over a limited period of eleven years. Panel and pooled estimation techniques (SUR estimation, panel Feasible Generalized Least Squares (panel/pooled FGLS)) will be utilized to better control for country-specific effects and correlation over time. A simulation underlines the positive impact of relative real exchange rate advantages on relative exports for the textile sector. Standardized ß-coefficients identify relative real exchange rates, relative cost levels, and relative unit values as the drivers of competitive advantage in the textile sector.
    Keywords: C23 ; F11 ; F14 ; ddc:330 ; Ricardian model of trade ; panel data models ; panel Feasible Generalized Least Squares ; Seemingly Unrelated (SUR) estimation ; Komparativer Kostenvorteil ; Internationaler Wettbewerb ; Standortwettbewerb ; Wirtschaftswachstum ; Methode der kleinsten Quadrate ; China ; Mexiko
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-19
    Description: Latin American countries have lost competitiveness in world markets in comparison to China over the last two decades. The main purpose of this study is to examine the causes of this development. To this end an augmented Ricardian model is estimated using panel data. The explanatory variables considered are productivity, unit labor costs, unit values, trade costs, price levels (in PPP), and real exchange rates in relative terms. Due to data restrictions, China's relative exports (to the US, Argentina, Japan, Korea, UK, Germany, and Spain) will be compared to Mexico's exports for a number of sectors over a period of eleven years. Panel and pooled estimation techniques (SUR-estimation, panel Feasible Generalized Least Squares (panel/pooled FGLS)) will be utilized to better control for country-specific effects (differences between American, Argentinian, Japanese, Korean, German, British, and Spanish markets), cross-section specific (sector-specific) effects, and correlation over time.
    Keywords: C23 ; F11 ; F14 ; ddc:330 ; Internationaler Wettbewerb ; Komparativer Kostenvorteil ; Vergleich ; China ; Mexiko
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
    Publication Date: 2018-12-07
    Description: Gender equality is now a matter that concerns all European countries. Despite the great effort made by governments and the progress of laws, gender discrimination still exists in family, social, cultural, political and economic spheres. Even today, it is rare to find women at the top level in companies. The path to equal opportunities is long and the only way to improve the situation is by means of appropriate equal opportunities plans. An essential part of the process of designing and implementing such action plans involves diagnosing the situation in a company. In this paper, an innovative indicator model is proposed. A review of numerous international private and public equal opportunities plans led to the design of a model to carry out a diagnose to identify all areas that could be corrected or improved by implementing specific measures, leading the company to deliver real equal opportunities policies. The indicator model is designed for the present historical context, though it is flexible enough to be adapted to each age and situation. The indicator model, which is original, will help companies carrying out one of the most important and essential parts of the process of designing and implementing and equal opportunities plan. Moreover, taking the indicator model companies ensure that all the relevant features are covered.
    Keywords: ddc:650 ; equal opportunities ; gender mainstreaming ; diagnose ; management ; human resources
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Colchester: University of Essex, Institute for Social and Economic Research (ISER)
    Publication Date: 2018-11-16
    Description: It is a long-standing principle in anthropology, sociology but also economics, that there are strong social and material incentives for people to marry or partner on the basis of social similarity, thus encouraging equality within partnerships but social inequality in the distribution of education, income, or other characteristics. It has been argued, however, that marriage is becoming less homogamous, and therefore that society is becoming more open. Using both the Longitudinal Study and the British Household Panel Study, we find that homogamy remains a powerful factor in marriage and partnership. Further, it reduces stress levels in the partnership and increases over the period of the relationship as partners social and political attitudes become closer over time.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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