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  • ddc:330  (28)
  • Competition
  • Entwicklungsländer
  • Frankfurt a. M.: European Central Bank (ECB)  (14)
  • Heidelberg: Springer  (14)
  • Göttingen: Ibero-Amerika-Inst. für Wirtschaftsforschung
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Keywords
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  • 1
    Publication Date: 2013-07-18
    Description: A high court has to decide whether a lawis constitutional, unconstitutional, or interpretable. The voting system is runoff. Runoff voting systems can be interpreted both, as social choice functions or as mechanisms. It is known that, for universal domains of preferences, runoff voting systems have several drawbacks as social choice functions. Although in our setting the preferences are restricted to be singlepeaked over three alternatives, these problems persist. Runoff mechanisms are not well-behaved either: they do not implement any Condorcet consistent social choice function in undominated subgame perfect Nash equilibria. We show, however, that some Condorcet consistent social choice functions can be implemented in dominant strategies via other simple and natural mechanisms.
    Keywords: C72 ; D71 ; D78 ; ddc:330 ; runoff voting system ; Condorcet consistency ; strategy-proofness ; implementation theory ; Wahlsystem ; Condorcet-Paradoxon ; Nash-Gleichgewicht ; Nichtkooperatives Spiel ; Neue politische Ökonomie ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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  • 2
    Publication Date: 2013-07-18
    Description: We consider allocation problemswith indivisible goods when preferences are single-peaked. In this paper we identify the family of efficient, non-manipulable, consistent, and balanced solutions. We refer those solutions as Temporary Satisfaction Methods, that can be viewed as extensions to the indivisible case of the so-called uniform rule.
    Keywords: D61 ; D63 ; D74 ; ddc:330 ; allocation problem ; indivisibilities ; single-peaked preferences ; priority standard ; temporary satisfaction methods ; Allokationseffizienz ; Präferenztheorie ; Unteilbarkeit
    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: 2019-02-20
    Description: The article analyses recent developments in business investment for a large group of EU countries, using a broad set of analytical tools and data sources. We find that the assessment of whether or not investment is currently low varies across benchmarks and countries. At the euro area level and for most countries, the level of business investment is broadly in line with the level of overall activity. However rates of capital stock growth have slowed down since the crisis. The main cyclical determinants of investment developments in the euro area include foreign and domestic demand, uncertainty and financial conditions. Uncertainty seems to have played a negative role during the financial and sovereign debt crises; however, given its low levels more recently, it has not acted as a drag on business investment overall during the recovery. Credit constraints appear to have hindered investment during the twin crises, especially in stressed countries. Aside from cyclical developments, important secular factors - relating to demographics, the changing nature and location of production, and the business environment - have influenced investment. Another factor that may have amplified the decline in private investment, particularly in countries that were hit hardest by the sovereign debt crisis, is the low level of public investment. This is because when public investment enhances the productivity of the private sector, there may be positive spillovers from the former to the latter, including across countries. Finally, intra-sector capital misallocation, measured as the within-sector dispersion across firms in the marginal revenue product of capital, has been increasing in Europe since 2002, which may in turn have exerted a significant drag on total factor productivity dynamics, and hence on aggregate output growth.
    Keywords: E32 ; E52 ; E62 ; D24 ; D61 ; ddc:330 ; business investment ; uncertainty ; monetary policy ; capital misallocation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:report
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  • 4
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2019-12-06
    Description: We analyze the effect of bank capital requirements on the structure and risk of a financial system where markets, regulated banks, and shadow banks coexist. Banks face a moral hazard problem in screening entrepreneurs' projects, and they choose whether to be regulated or not. If regulated, a supervisor certifies their capital; if not, they have to rely on more expensive private certification. Under both risk-insensitive and risk-sensitive requirements, safer entrepreneurs borrow from the market and riskier entrepreneurs borrow from banks. But risk-insensitive (sensitive) requirements are especially costly for relatively safe (risky) entrepreneurs, which may shift from regulated to shadow banks.
    Keywords: G21 ; G23 ; G28 ; ddc:330
    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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  • 5
    Publication Date: 2019-04-10
    Description: The trade deficit of the USA with its NAFTA partners, Mexico and Canada, increased since 1994 from 21,991 to 119,257 million dollars in 2013 (UNCOMTRADE, 2015. http://comtrade.un.org/db), and most of this increase is explained by the growth in the volume of commerce between Mexico and the USA. Nonetheless, since the mid-1990s Mexico has been experiencing its lowest economic growth rates. By using the World Input Output Database and the Input-Output Analysis, this paper presents an estimate of the intra-NAFTA trade flows in terms of value added and its distribution among both labor and capital; labor by skill level; and content of persons engaged. The findings show that trade between the NAFTA members is quite different concerning value added. In 1995 the USA had a trade deficit of 30,351 million dollars with Canada, of which 6384 million dollars was a surplus in favor of Canada in terms of value added. Similarly, the same year the USA had a deficit of 4276 million dollars with Mexico that became a surplus for the latter of 4561 million dollars in terms of value added. For the following years, until 2011, a similar pattern was observed. The distribution of this value added between capital and labor compensations tends to favor USA and Canadian workers, especially middle-skilled labor, and the sector that tends to have the lowest share is the low-skilled Mexican and Canadian workers. Even more, the average labor compensations per hour grew less for the three types of Mexican workers.
    Keywords: ddc:330 ; Value added in trade ; Income distribution ; NAFTA
    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: 2019-04-18
    Description: By means of a single-bounded, referendum format contingent valuation, this paper estimates willingness to pay (WTP) for improved air quality among residents of Mexico City Metropolitan Area (MCMA). Findings from this paper illustrate heterogeneity in WTP associated with environmental and social attitudes, and family concerns. For instance, WTP is higher than average if respondents state a very high priority to air pollution but smaller than average if respondent's household contains more adults than the sample median. This contingent valuation exercise provides elements to carry out cost-benefit analysis of environmental policies both recently implemented and currently under discussion in the MCMA context. For instance, a cost-benefit analysis using estimates from this paper suggests benefits from improved air quality surpass the costs of investing in hybrid buses. Usefulness of this study is underscored by pointing out recent evidence suggesting that (1) air pollution in MCMA has larger health impacts than in similar cities located in developed countries, and (2) policies tackling air pollution in MCMA have had no impact on pollution levels.
    Keywords: Q51 ; Q53 ; D61 ; ddc:330 ; Air quality ; Willingness to pay ; Mexico City ; Contingent valuation ; Attitudes
    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: 2013-07-18
    Description: While general equilibrium theories of trade stress the role of third-country effects, little work has been done in the empirical foreign direct investment (FDI) literature to test such spatial linkages. This paper aims to provide further insights into long-run determinants of Spanish FDI by considering not only bilateral but also spatially weighted third-country determinants. The few studies carried out so far have focused on FDI flows in a limited number of countries. However, Spanish FDI outflows have risen dramatically since 1995 and today account for a substantial part of global FDI. Therefore, we estimate recently developed spatial panel data models by maximum likelihood (ML) procedures for Spanish outflows (19932004) to top-50 host countries. After controlling for unobservable effects, we find that spatial interdependence matters and provide evidence consistent with new economic geography theories of agglomeration, mainly due to complex (vertical) FDI motivations. Spatial error models estimations also provide illuminating results regarding the transmission mechanism of shocks.
    Keywords: F21 ; F23 ; C31 ; C33 ; ddc:330 ; foreign direct investment ; spatial econometrics ; panel data ; Direktinvestition ; Allgemeines Gleichgewicht ; Maximum-Likelihood-Methode ; Schätzung ; Spanien
    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: 2017-05-30
    Description: In this study, we consider the role of a publicly owned platform and programme quality in the free-to-air broadcasting industry. We compare the equilibrium levels of advertising under private and mixed duopoly competition, and show that the connection between programme quality and advertising incentives is drastically different in each scenario. We also consider the welfare implications of our analysis and generate policy implications regarding the optimal level of government intervention in the broadcasting industry.
    Keywords: L11 ; L33 ; L82 ; M37 ; ddc:330 ; Quality ; Mixed duopoly ; Advertising ; Media
    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: 2017-03-31
    Description: Global trade has been exceptionally weak over the past four years. While global trade grew at approximately twice the rate of GDP prior to the Great Recession, the ratio of global trade to GDP growth has declined to about unity since 2012. This paper assesses to what extent the change in the relationship between global trade and global economic activity is a temporary phenomenon or constitutes a lasting change. It finds that global trade growth has been primarily dampened by two factors. First, compositional factors, including geographical shifts in economic activity and changes in the composition of aggregate demand, have weighed on the sensitivity of trade to economic activity. Second, structural developments, such as waning growth in global value chains, a rise in non-tariff protectionist measures and a declining marginal impact of financial deepening, are dampening the support from factors that boosted global trade in the past. Notwithstanding the particularly pronounced weakness in 2015 that is assessed to be mostly a temporary phenomenon owing to a number of country-specific adverse shocks, the upside potential for trade over the medium term appears to be limited. The “new normal” for global trade can therefore be expected to look broadly similar to the weakness observed over recent years on average. In this sense, buoyant trade dynamics in the 1990s and early 2000s may have been what was exceptional, rather than the slowdown over recent years.
    Keywords: F10 ; F13 ; F14 ; F15 ; ddc:330 ; frictions in global trade ; global trade slowdown ; global value chains ; protectionism ; trade elasticity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2017-05-30
    Description: This paper offers estimates of the underreporting of income by selfemployed workers using the Spanish household surveys over the period 2006-2009. We replicate the well-known approach by Pissarides and Weber (J Public Econ 39(1):17-32, 1989) but extending its interpretation for admitting also the concealment of income by salary workers. Our results show that the reported income by self-employed has to be increased by about 25 % to obtain the level of income which would equal the level of underreporting by employees. Our estimates are robust to changes in specification, endogeneity and non-linearities.
    Keywords: D12 ; H26 ; O17 ; ddc:330 ; Underreporting ; Household surveys ; Food consumption ; Tax evasion
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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