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  • C23  (27)
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  • 1
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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 study, MERCOSUR's past exports to the EU under the protectionist environment of the period between 1988 and 1996 are examined and an attempt is made to determine MERCOSUR's exports' growth potential in a liberalised EU market. A sectoral study is considered indispensable since tariff and non-tariff trade barriers vary strongly among sectors. The influence of the macroeconomic environment on MERCOSUR's exports is examined in a dynamic panel analysis. A simulation study based on a quite comprehensive evaluation of EU trade barriers is performed for the Argentinean case in order to evaluate the impact of EU trade liberalisation.
    Keywords: F14 ; F13 ; C23 ; ddc:330 ; MERCOSUR-EU trade ; trade barriers ; sectoral study ; panel data ; Export ; Internationale Wirtschaftsbeziehungen ; Protektionismus ; Aussenhandelsliberalisierung ; Aussenhandelsstruktur ; Schätzung ; MERCOSUR-Staaten ; 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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  • 2
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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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  • 3
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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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  • 4
    Publication Date: 2013-03-06
    Description: In this paper we investigate the effectiveness of development aid in recipient countries. Specifically, we analyze the relationship between per-capita income and foreign aid for a maximum of 131 recipient countries over the 1960 to 2006 period. We employ annual data and 5-year averages and, contrary to the previous literature, carefully examine the time-series properties of the data. The previous literature overlooks the non-existence of a long-run relationship between aid and growth and the presence of autocorrelated error terms. To address those problems, we apply panel time-series techniques (panel unit-root tests, panel cointegration tests, and panel dynamic feasible generalized least-squares estimation [DFGLS]). Estimations with DFGLS show that aid has an insignificant or minute negative significant impact on per-capita income. This holds for countries with both above- and below-average aid-to-GDP ratios, for different levels of human development, different income levels and different regions of the world. We also find that aid has a significantly positive (although small) impact on investment, but a significant negative impact on domestic savings (crowding out) and the real exchange rate (appreciation).
    Keywords: F35 ; O11 ; C23 ; ddc:330 ; Foreign aid ; real per-capita income ; panel time-series techniques ; dynamic feasible generalized linear least squares (DFGLS)
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2017-02-24
    Description: This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries. In addition to the balance sheet information in this panel, we also rely on firm-level survey data. In this way we are able to work out a direct measure of the firms’ probability of facing financing obstacles. Our results indicate that, though based on few variables, this measure appears to be relevant in explaining firm growth in four out of the five countries considered. Other firm-level variables related to the financial pressure faced by firms, such as cash flow (debt burden) are found to exert a positive (negative) impact on firm growth, while the results for leverage are less clear-cut.
    Keywords: C23 ; E22 ; G32 ; L11 ; L25 ; ddc:330 ; Financing Constraints ; Firm Growth ; panel data ; Unternehmenswachstum ; Unternehmensfinanzierung ; Kapitalstruktur ; KMU ; Panel ; Eurozone
    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: Verein für Socialpolitik, Ausschuss für Entwicklungsländer
    Publication Date: 2016-12-07
    Description: Aid is given for various purposes. Its impact on donors' exports usually depends on whether it is given for altruistic reasons (to overcome human tragedies and disasters) or in an understanding to promote development (to finance infrastructure or social projects). As to humanitarian aid the impact of aid on donors' exports will be most probably lower than in the latter case where related and unrelated imports for realizing development projects have been explicitly or implicitly agreed upon. Germany is known to be a country that ranks below average in tying its aid among the EU countries. Nonetheless there have been studies that found an extremely high positive impact of German bilateral aid on German exports. This finding will be re-examined in this study. An augmented gravity model is utilized to evaluate the impact of German bilateral aid on German exports. Stochastic and deterministic trends in the series are controlled to avoid spurious regression results.
    Keywords: F14 ; F35 ; C23 ; ddc:330 ; bilateral aid ; donors' exports ; time series properties of panel data ; ECM and DOLS estimation in a panel context
    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: Verein für Socialpolitik, Ausschuss für Entwicklungsländer
    Publication Date: 2016-12-07
    Description: This study examines the effect of the Everything But Arms (EBA) trade preferences regime on exports from African, Caribbean and Pacific (ACP) Least Developed Countries (LDCs) to the European Union (EU). With this aim, an augmented gravity model is estimated for exports from the 79 ACP countries to the EU-15 for the time period 1995 to 2005 using panel data techniques. The model estimates are used to quantify the effect of the EBA preferences on the ACP LDCs' export performance and to compare it with the impact of official development assistance. In addition to their separate effects, the combined impact of EBA and aid flows is estimated. The main results show a negative effect of the EBA regime on exports. Otherwise, the combined effect of the EBA and aid on exports is positive, supporting an EU development strategy that includes both sorts of assistance, aid and trade preferences.
    Keywords: O24 ; C23 ; F13 ; F35 ; ddc:330 ; development aid ; trade preferences ; Everything But Arms ; panel data
    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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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper uses panel data on banks, for the period 1991-98, to test the existence of a bank-lending channel in the Spanish economy. In order to distinguish between loan demand and supply movements, several exercises are performed. First, we analyse the differential responses, to monetary policy changes, of bank lending by banks with different size, liquidity and capitalisation. Second, we analyse the response to an exogenous deposit-reducing shock a tax-induced shift from deposits to mutual fund shares). As this involves a pure loan supply shock, it best solves the above-mentioned identification problem. Our results are mostly against the existence of a bank-lending channel in the period under analysis. This result appears to be related to the important role of many small banks as collectors of savings, meaning they have a large volume of resources available for lending
    Keywords: C23 ; E44 ; E52 ; G21 ; ddc:330 ; bank funding ; bank lending ; monetary transmission mechanism
    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: 2017-02-24
    Description: This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed unlikely to apply in Europe. Testing these hypotheses we find that monetary policy does alter bank loan supply, with the effects most dependent on the liquidity of individual banks. Unlike in the US, the size of a bank does generally not explain its lending reaction. We also show that the standard publicly available database, BankScope, obscures the heterogeneity across banks. Indeed, for several types of questions BankScope data suggest very different answers than more complete data that reside at national central banks
    Keywords: C23 ; E44 ; E52 ; G21 ; ddc:330 ; bank lending ; financial structure ; Monetary policy transmission
    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: 2017-02-24
    Description: This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial corporations, the own rate of return on M3 and the real capital stock of the NFC sector. The results indicate that NFCs’ money holdings adjust quickly when deviations from their long-run level are registered, and that the large increase observed recently in NFCs’ money holdings has been driven by changes in their fundamentals and hence they stand in line with their long-run equilibrium level. The disaggregated analysis also shows that cash holdings are linked to balance-sheet ratios (such as non-liquid short term assets, tangible assets or indebtedness) and other variables such as the firm’ cash flow, its volatility or the size of the firm, which cannot be taken into account in the macro analysis. Likewise, results indicate that the main drivers of the increase in NFC cash holdings in the last years have been cyclical factors, captured by gross-added value and the cash-flow respectively. Variations in the opportunity cost of holding money, have also contributed to explain M3 developments but more modestly than at the end of the nineties, when its increase contributed negatively to cash accumulation.
    Keywords: E41 ; C23 ; C32 ; D21 ; ddc:330 ; cointegrated VARs ; Money demand ; panel estimation ; Geldnachfrage ; VAR-Modell ; Panel ; 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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