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  • 1
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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: We examine the relationship between capitalism and income inequality for a large sample of countries using an adjusted economic freedom index as proxy for capitalism and Gini coefficients based on gross-income as proxy for income inequality. Our results suggest that there is no robust relationship between economic freedom and income inequality. In addition, we analyze the relationship between income redistribution (measured by the ratio of the income distribution resulting from market processes and the income distribution after redistribution) and ethno-linguistic fractionalization. We find that the impact of ethno-linguistic fractionalization on income redistribution is conditional on the level of economic freedom: countries that have a high degree of fractionalization have less income redistribution, while capitalist countries that have a low degree of fractionalization have more income distribution.
    Keywords: D31 ; D63 ; F02 ; O11 ; O15 ; ddc:330 ; income inequality ; redistribution ; economic freedom ; ethno-linguistic fractionalization
    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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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2018-11-20
    Description: We investigate whether elected members of the United Nations Security Council receive favorable treatment from the International Monetary Fund (IMF), analyzing panel data on the level of conditionality attached to (a maximum of) 314 IMF arrangements with 101 countries over the period of 1992 to 2008. We find a negative relationship: Security Council members receive about 30 percent fewer conditions attached to the loans that they receive from the IMF. We conclude that conditionality is softer for these countries because the major shareholders of the IMF desire influence over the Security Council.
    Keywords: O19 ; O11 ; F35 ; ddc:330 ; IMF ; UN Security Council ; Voting ; Aid ; Conditionality ; Nationalstaat ; Regierung ; Mitgliedschaft ; Internationale Organisation ; Glaubwürdigkeit ; Länderrisiko ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-19
    Description: From a theoretical perspective, the output gap is probably the most comprehensive and convincing concept to describe the cyclical position of an economy. Unfortunately, for practical purposes, the concept depends on the determination of potential output, which is an inherently unobservable variable. In this paper, we examine whether the real-time estimates of the output gap as published by the OECD can be improved by referring to measures of physical capital capacity utilisation from business tendency surveys. These data relate directly to the stress on the current capacity to produce goods and services and are not revised. Our real-time panel data set comprises 22 countries at an annual frequency with data vintages from 1995 to 2009. We show that the real-time output gaps are informationally inefficient in the sense that survey data available in real time can help produce estimates that are significantly closer to later releases of output gap estimates.
    Keywords: D24 ; E32 ; E37 ; ddc:330 ; output gap ; capacity utilisation ; real-time analysis ; survey data ; survey data ; Gesamtwirtschaftliche Produktion ; Kapazitätsauslastung ; Befragung ; Informationswert ; Schätzung ; OECD-Staaten
    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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  • 4
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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: This paper examines how the analysis of inflation targeting (IT) adoption is affected by allowing for a structural change after adoption, using panel probit models for 60 countries over the period 1985-2008. Our findings suggest that there is a structural change after IT adoption. Including the post-adoption period when estimating the factors of IT adoption leads to biased results when interested in the question as of what drives countries' decision to adopt IT.
    Keywords: E42 ; E52 ; ddc:330 ; inflation targeting ; panel probit
    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: 2015-05-22
    Description: Bailouts sponsored by the International Monetary Fund (IMF) are famous for their conditionality: in return for continued installments of desperately needed loans, governments must comply with austere policy changes. Many have suggested, however, that politically important countries face rather weak stringency. Obstacles to testing this hypothesis include finding a measure of political importance that is not plagued by endogeneity and obtaining data on IMF conditionality. We propose to measure political importance using temporary membership on the United Nations Security Council and analyze a newly available dataset on the level of conditionality attached to (a maximum of) 314 IMF arrangements with 101 countries over the 1992 to 2008 period. We find a negative relationship: Security Council members receive about 30 percent fewer conditions. This suggests that the major shareholders of the IMF trade softer conditionality in return for political influence over the Security Council.
    Keywords: O19 ; O11 ; F35 ; ddc:330 ; IMF ; UN Security Council ; voting ; aid ; conditionality
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    Publication Date: 2018-06-26
    Description: Hartwig (2008) has presented empirical evidence that the difference between real wage growth and productivity growth at the macroeconomic level is a robust explanatory variable for deflated health-care expenditure growth in OECD countries. In this paper, we test whether this finding is robust to the inclusion of additional covariates, applying different versions of Extreme Bounds Analysis (EBA) to data for 33 OECD countries over the period 1970-2010. As far as it is statistically feasible, all macroeconomic and institutional determinants of health-care expenditure growth that have been suggested in the literature are included in the EBA. Furthermore, we analyse to what extent outliers in the data influence the results using an outlier-robust MM estimator. Our results confirm Hartwig's earlier finding. A number of additional both covariate- and outlier-robust determinants are also identified.
    Keywords: C12 ; C23 ; I10 ; ddc:330 ; Health-care expenditure ; unbalanced growth ; Extreme Bounds Analysis ; MM estimator ; OECD panel ; Gesundheitskosten ; Reallohn ; Produktivität ; Ungleichgewichtiges Wachstum ; Schätzung ; OECD-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
    Publication Date: 2018-06-26
    Description: Relying on a large sample of countries, this paper quantifies the effect of political constraints, as measured by legislative control by the incumbent government, on the size of fiscal stimulus packages that have been put in place as reaction to the Great Recession. The results suggest that on average, political constraints reduced the size of a country's fiscal stimulus packages by between 1.2 and 2.8 percentage points of GDP (depending on the stimulus measure used). This substantial effect is significant and robust to a number of alternative dependent variables and specifications. The results are thus in line with the widely held, but never tested, perception that political reality limits the de facto application of discretionary fiscal policy as reaction to negative economic shocks.
    Keywords: E02 ; E32 ; E62 ; E65 ; H12 ; P48 ; ddc:330 ; legislative control ; fiscal stimulus ; Great Recession
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
    Publication Date: 2017-06-14
    Description: Dieser Bericht beleuchtet, wie das Personenfreizügigkeitsabkommen (FZA) der Schweiz mit den EU/EFTA-Staaten das Einkommenswachstum in der Schweiz in den letzten Jahren beeinflusst hat. Der Bericht verfolgt das Ziel, Klarheit in die in der Öffentlichkeit teils widersprüchlich geführte Debatte zu bringen, ob die Auswirkungen des FZA auf das Einkommenswachstum nun positiv oder negativ seien. Es werden dabei insbesondere die Auswirkungen untersucht, die das FZA auf das Wachstum des Bruttoinlandprodukts (BIP) pro Kopf der Bevölkerung in der Schweiz gehabt hat. Aus den Analysen lässt sich vor allem ein genereller Schluss ziehen: Zwar hat das Personenfreizügigkeitsabkommen das Wachstum der Komponenten des BIP pro Kopf mit Sicherheit beeinflusst. Diese Verschiebungen haben aber weder zu einem statistisch messbaren Strukturbruch in der durchschnittlichen Wachstumsrate des BIP pro Kopf, noch zu einer substanziellen Veränderung der (konjunkturbereinigten) strukturellen Wachstumsrate der Arbeitsproduktivität geführt. Ebenso wenig haben sie Veränderungen, welche Wirtschaftsbranchen in der Schweiz zum gesamtwirtschaftlichen Produktivitätswachstum beitragen, herbeigeführt. Damit scheint sich auch für die Personenfreizügigkeit der Befund aus internationalen Studien und aus empirischen Arbeiten zur Einführung der Personenfreizügigkeit in der Schweiz zu bestätigen: Die substanzielle Immigration aus dem EU/EFTA-Raum der letzten Jahre hat vor allem das BIP stimuliert. Die Auswirkungen auf das Durchschnittseinkommen - wenn mit dem BIP pro Kopf gemessen - waren wohl eher gering.
    Keywords: ddc:330 ; Freizügigkeit ; EU-Staaten ; EFTA-Staaten ; Wirkungsanalyse ; Nationaleinkommen ; Schweiz
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
    Type: doc-type:report
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  • 9
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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: Bailouts sponsored by the International Monetary Fund (IMF) are famous for their conditionality: in return for continued installments of desperately needed loans, governments must comply with austere policy changes. Many have suggested, however, that politically important countries face rather weak stringency. Obstacles to testing this hypothesis include finding a measure of political importance that is not plagued by endogeneity and obtaining data on IMF conditionality. We propose to measure political importance using temporary membership on the United Nations Security Council and analyze a newly available dataset on the level of conditionality attached to (a maximum of) 314 IMF arrangements with 101 countries over the 1992 to 2008 period. We find a negative relationship: Security Council members receive about 30 percent fewer conditions. This suggests that the major shareholders of the IMF trade softer conditionality in return for political influence over the Security Council.
    Keywords: O19 ; O11 ; F35 ; ddc:330 ; IMF ; UN Security Council ; Voting ; Aid ; Conditionality ; IWF-Kredit ; Internationale Wirtschaftsorganisation ; Mitgliedschaft ; Länderrisiko ; Welt
    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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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: While there is ample evidence how central bank communication and interest rate decisions are perceived by financial markets, insights regarding the response of the public is lacking. Media is known to be an important transmitter of news to the public. Based on articles in the Financial Times Europe, we test how expectations on the future course of monetary policy presented in the media are affected by central bank communication and interest rate decisions.
    Keywords: E52 ; E58 ; ddc:330 ; European Central Bank ; monetary policy announcements ; central bank communication ; media expectations ; Zinspolitik ; Staatliche Information ; Zentralbank ; EU-Staaten
    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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