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  • Munich: Center for Economic Studies and Ifo Institute (CESifo)  (16)
  • English  (16)
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  • English  (16)
  • 1
    Publication Date: 2018-11-19
    Description: In this laboratory experiment we study the use of strategic ignorance to delegate real authority within a firm. A worker can gather information on investment projects, while a manager makes the implementation decision. The manager can monitor the worker. This allows her to better exploit the information gathered by the worker, but also reduces the worker's incentives to gather information in the first place. Both effects of monitoring are influenced by the interest alignment between manager and worker. Our data confirms the theoretical predictions that optimal monitoring depends non-monotonically on the level of interest alignment. We also find evidence for hidden costs of control and preferences for control, but these have no substantial effects on organizational outcomes.
    Keywords: D20 ; D40 ; D63 ; D82 ; J30 ; ddc:330 ; delegation ; real authority ; strategic ignorance ; Kooperative Führung ; Autorität ; Asymmetrische Information ; Test
    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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    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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  • 3
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-19
    Description: Empirical evidence that migrants send home more remittances after disasters raises the question of whether remittances can be used to self-insure, substituting for both formal and informal insurance. We investigate this question using a unique data set on the usage patterns of financial services by households in South Africa. We show that the likelihood that a respondent has a formal funeral cover increases with income and banking status. However, it is lower for individuals receiving remittances, which supports the idea that remittances act as (self-) insurance. We also show that purchasing formal funeral cover is influenced by other risk management strategies and that determinants of informal insurance differ from those of formal insurance.
    Keywords: D14 ; F24 ; G22 ; O16 ; ddc:330 ; remittances ; insurance ; risk management strategies ; Versicherung ; Konsumentenverhalten ; Rücküberweisung (Migranten) ; Selbstversicherung ; Bankgeschäft ; Haushaltseinkommen ; Lebensversicherung ; Schätzung ; Südafrika
    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: 2018-11-19
    Description: Since Jean Monnet conceived the Coal and Steel Community, free trade has successfully prevented serious conflicts in Europe between democratically governed States with market economies. After six countries established the European Community, this principle has been extended successfully to its immediate neighbours, successively enlarging the European Union to its current 27 Member States. The Union's European Neighbourhood Policy (ENP) has through the Union for the Mediterranean and the Eastern Partnership attempted to further political stability and economic development by liberalising trade between the EU and its neighbours as well as among these neighbours themselves. The Arab Spring initially improved the prospects for establishing political democracy and human rights in key countries. In response, the EU increased the emphasis in the ENP on supporting the democratization process in the Barcelona countries and on negotiating deep and comprehensive free trade agreements among the countries of the region as well as between each such country and the EU. Using a panel gravity model of trade, this paper estimates the potential for increased intra-regional trade among ten countries of the Southern and Eastern Mediterranean coast of the EU. It attempts to answer the following questions. Between which groups of countries (e.g., Agadir countries, key actual/former belligerent countries in the Middle East) is this potential largest? Is it anywhere sufficiently large to provide an incentive for these countries to integrate much more closely with each other and with the EU? Can the prospect of such closer integration provide sufficient economic benefits to encourage progress in democratisation in key countries and resolution of conflicts between key participating countries? Or are stronger incentives needed?
    Keywords: F13 ; F15 ; ddc:330 ; Demokratisierung ; Freihandel ; Wirtschaftsintegration ; Außenpolitik ; Friedenssicherung ; EU-Europäisch ; Internationale Wirtschaftsbeziehungen ; Gravitationsmodell ; Mittelmeerraum ; Mittlerer Osten ; EU-Staaten
    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: 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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  • 6
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-10-07
    Description: Mexico, a prominent liberalizer, failed to attain stellar gross domestic product (GDP) growth in the 1990s, and since 2001 its GDP and exports have stagnated. In this paper we argue that the lack of spectacular growth in Mexico cannot be blamed on either the North American Free Trade Agreement (NAFTA) or the other reforms that were implemented, but on the lack of further judicial and structural reform after 1995. In fact, the benefits of liberalization can be seen in the extraordinary growth of exports and foreign domestic investment (FDI). The key to the Mexican puzzle lies in Mexico's response to crisis: a deterioration in contract enforceability and an increase in nonperforming loans. As a result, the credit crunch in Mexico has been far deeper and far more protracted than in the typical developing country. The credit crunch has hit the nontradables sector especially hard and has generated bottlenecks, which have blocked growth in the tradables sector and have contributed to the recent fall in exports.
    Keywords: ddc:330 ; boom-bust cycles ; currency mismatch ; lending booms ; real exchange rate ; FDI ; credit market imperfections and volatility
    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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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-10-07
    Description: In this paper we develop a general model of an imperfectly competitive small open economy. There is a traded and non-traded sector, whose outputs are combined in order to produce a single final good that can be either consumed or invested. We make general assumptions about preferences and technology, and analyze the impact of fiscal policy on the economy. We find that the fiscal multiplier is between zero and one, and provide sufficient conditions for it to be increasing in the degree of imperfect competition. We also are able to compare the multiplier under free-entry and with a fixed number of firms and welfare. A simple graphical representation of the model is developed.
    Keywords: E20 ; E62 ; F40 ; ddc:330 ; Imperfect competition ; open economy ; fiscal policy
    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: 2016-10-07
    Description: There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing countries trade liberalization has typically been followed by financial liberalization, which has indeed led to financial fragility and a greater incidence of crises. However, financial liberalization also has led to higher GDP growth. In fact, the fastestgrowing countries are typically those that have experienced boom-bust cycles. That is, there is a positive link between GDP growth and the bumpiness of credit, which is captured by the negative skewness - not by the variance - of credit growth. To substantiate our interpretation of the data we present a model that shows why in countries with severe credit market imperfections, liberalization leads to higher growth and, as a byproduct, to financial fragility. Thus, occasional crises need not forestall growth and may even be a necessary component of a developing country's growth experience. Finally, our analysis indicates that foreign direct investment does not obviate the need for risky international bank flows, as the latter are the only source of financing for most firms in the nontradables sector.
    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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  • 9
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-05-23
    Description: In the last two decades increasing attention has been paid to the relationship between environmental degradation and economic development. According to the Environmental Kuznets Curve (EKC) hypothesis this relationship may be described by an inverted-U curve. However, recent evidence rejects the EKC hypothesis for GHG emissions in a broad sense. In this paper we aim to investigate whether the EKC behavior for CO2 emissions could be proved on the behalf of institutional regulations. We analyze the driving factors of CO2 for developed and developing countries to test the theory of the EKC in the context of environmental regulations using a static and dynamic panel data model. We consider the Kyoto Protocol and the Clean Development Mechanism (CDM). The results from this study indicate that the Kyoto obligations have a reducing effect on CO2 emissions in developed and developing countries.
    Keywords: Q54 ; Q56 ; ddc:330 ; environmental Kuznets Curve ; Kyoto Protocol ; CDM ; Environmental Kuznets Curve ; Kohlendioxid ; Luftverunreinigung ; Klimaschutz ; Umweltabkommen ; Clean Development Mechanism ; Industriestaaten ; Entwicklungsländer
    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: 2016-05-23
    Description: Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to lack adequate financing, which hampers their growth. As a consequence, governments have implemented a number of programs to foster SME lending and attention has focused on improving the institutional environment, such that the financial system is more willing to lend to SMEs. In this paper, we directly ask banks (the main providers of SME external finance) what factors they perceive as drivers and obstacles to financing SMEs. We also study to what degree competition and the institutional framework play a role in banks' decisions. To do so, we use a unique survey of banks in Argentina and Chile, two neighboring emerging countries with significant differences in how their institutional environments are viewed, and thus expected to shape banks' willingness to deal with SMEs. The paper shows that, despite alleged differences in the countries' environments regarding rules, regulations, institutions, and ease of doing business, SMEs have become a strategic segment for most banks in both countries. In particular, banks have begun to target SMEs due to the significant competition in the corporate and retail sectors. They perceive the SME market as highly profitable, large, and with good prospects. Moreover, banks are developing coping mechanisms to overcome the particular institutional obstacles present in each country and to compete for SMEs. Banks' interest in SMEs is not based on government programs, yet policy action might help reduce the cost of providing financing, especially long-term lending.
    Keywords: G21 ; G28 ; L25 ; O12 ; O16 ; ddc:330 ; small and medium enterprises ; bank finance ; financial constraints ; banking market structure ; institutional factors ; regulation ; competition ; Klein- und Mittelunternehmen ; Unternehmensfinanzierung ; Bankgeschäft ; Argentinien ; Chile
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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