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  • ddc:330  (17)
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  • 1
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    Unknown
    Santa Cruz, CA: University of California, Economics Department
    Publication Date: 2018-06-28
    Description: In this paper we evaluate the current account patterns of China and Germany. We point out that China's current account surplus as a share of global GDP in recent years resembles that of Germany's. Yet, an important difference is that the Euro block's current account inclusive of Germany, has overall been balanced, whereas emerging Asia's current account inclusive of China, has mostly been characterized by sizable surpluses. We further find that both China and Germany's current account surpluses seem to be accounted for by common factors. However we have reasons to doubt the long run viability of these current account trends in future decades. Demographic transitions in China and Germany are projected to reduce their surpluses, and this effect is stronger for Germany. We also discuss plausible reasons to doubt the extent to which the Euro block will move towards significant surplus in the coming years.
    Keywords: F15 ; F32 ; ddc:330 ; current accounts ; demographic transitions ; global imbalances ; Zahlungsbilanzungleichgewicht ; Leistungsbilanz ; Vergleich ; Deutschland ; China
    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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    Unknown
    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-19
    Description: This paper investigates the relationship between electoral incentives, institutions and corruption. We assume that voters use a yardstick criterion. The incumbent provides a public good and extracts rent, which are financed by imposing a distortionary tax. We demonstrate the possibility that yardstick competition itself fails to restrict rent seeking. We complement the static setting with a dynamic scenario where each incumbent politician faces an election after a finite, fixed term. Under relative performance evaluation, dynamic incentives impose more restriction on rent appropriation in comparison to the static case.
    Keywords: H11 ; H73 ; H77 ; ddc:330 ; Yardstick competition ; rent-seeking ; public good ; electoral incentives ; Yardstick Competition ; Public Choice ; Rent Seeking ; Wahl ; Ökonomischer Anreiz ; Öffentliches Gut ; Theorie
    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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    Dresden: Univ. of Technology, Fac. of Business Management and Economics
    Publication Date: 2013-05-22
    Description: Mis-match of trade statistics between developed and developing countries indicate a substantial mis-invoicing of trade figures, primarily by developing country traders. This is due to the inflexible exchange rate regimes, severe import restrictions and export subsidies prevailing in LDCs. In this paper we focus on the import under-invoicing due to high tariff barriers in a market where domestic producers compete with importers. Specifically, we examine how tariff levels, market structure and government intervention (in the form of intensity of monitoring and severity of penalties) affect the levels of under-invoicing. We also look at the optimal levels of import tariff and instruments of government intervention in these circumstances.
    Keywords: F12 ; F13 ; L13 ; ddc:330 ; import tariff ; under-invoicing ; Cournot oligopoly ; Import ; Zollpolitik ; Protektionismus ; Importhandel ; Außenhandelspreis ; Betrug ; Wettbewerbsbeschränkung ; Oligopol ; Schattenwirtschaft ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Unknown
    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-10-07
    Description: Recruitment is often delegated to senior employees. Delegated recruitment, however, is vulnerable to moral hazard because senior employees may avoid recruiting the best candidates who could threaten their future seniority. We find that seniors will not deliberately choose bad candidates if the only information asymmetry between the owner and the recruiter relates to the candidates' type'. Delegation is then superior to direct (owner) recruitment and offering tenure' or guaranteed seniority to the senior employee is neither always desirable for the owner nor necessary to ensure good recruitment. If there is information asymmetry between the owner and the senior employee regarding additional aspects of firm operations, however, moral hazard may exist and tenure may be needed to ensure that the best candidate is selected. Offering tenure may then be desirable for the owner.
    Keywords: ddc:330 ; recruitment ; delegation ; moral hazard ; long term contract
    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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    Unknown
    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-05-23
    Description: We explore the real effective exchange rate (REER) effects on the share of exports of Indian non-financial sector firms for the period 2000 to 2010. Our empirical analysis reveals that, on average, there has been a strong and significant negative impact of currency appreciation as well as currency volatility on Indian firms' export shares. The labor costs are found to intensify the exchange rate effects on trade. Further, there is evidence that these Indian firms respond asymmetrically to exchange rates. For instance, the REER change effect is likely to be driven by a negative appreciation effect but not so much a depreciation effect. Also, Indian firms that have smaller export shares tend to have a stronger response to both REER change and volatility. Compared with those exporting goods, the firms that export services are more affected by exchange rate fluctuations. The findings, especially those on asymmetric responses, have important policy implications.
    Keywords: F10 ; F40 ; ddc:330 ; exchange rate fluctuations ; firm-level export shares ; asymmetric effects ; services exports
    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: 2017-12-02
    Description: We consider the problem of testing for a structural break in the spatial lag parameter in a panel model (spatial autoregressive). We propose a likelihood ratio test of the null hypothesis of no break against the alternative hypothesis of a single break. The limiting distribution of the test is derived under the null when both the number of individual units N and the number of time periods T is large or N is fixed and T is large. The asymptotic critical values of the test statistic can be obtained analytically. We also propose a break-date estimator that can be employed to determine the location of the break point following evidence against the null hypothesis. We present Monte Carlo evidence to show that the proposed procedure performs well in finite samples. Finally, we consider an empirical application of the test on budget spillovers and interdependence in fiscal policy within the U.S. states.
    Keywords: C01 ; C22 ; C23 ; H72 ; ddc:330 ; panel model ; structural change ; spatial econometrics ; spatio-temporal ; U.S. state budget
    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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    Unknown
    Santa Cruz, CA: University of California, Santa Cruz Institute for International Economics (SCIIE)
    Publication Date: 2018-06-28
    Description: We use a Markov switching model to estimate a time-varying Taylor-type rule for Indian monetary policy conduct. This empirical approach is consistent with statements of Indian monetary policy decision-makers. We find that the conduct of monetary policy over approximately the last two decades can be characterized by two regimes, which we term hawk and dove. In the first of these, policy making reveals a greater relative weight on checking inflation vis-à-vis narrowing the output gap.
    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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  • 8
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    Unknown
    Santa Cruz, CA: University of California, Economics Department
    Publication Date: 2018-06-28
    Description: A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in the era of deepening globalization. In this paper we study the Trilemma choices of the two key drivers of global growth, China and India. We overview and contrast the policy choices of the two, and test their Trilemma choices and tradeoffs. China's Trilemma configurations are unique relative to the one characterizing other emerging markets in the predominance of exchange rate stability, and in the failure of the Trilemma regression to capture any significant role for financial integration. One possible interpretation is that the segmentation of the domestic capital market in China, its array of capital controls and the large hoarding of international reserves imply that the 'policy interest rate' does not reflect the stance of monetary policy. In contrast, the Trilemma configurations of India are in line with the regression results of other emerging countries, and are consistent with the predictions of the Trilemma tradeoffs. India like other emerging economies has overtime converged towards a middle ground between the three policy objectives, and has achieved comparable levels of exchange rate stability and financial integration buffered by sizeable international reserves.
    Keywords: E4 ; E5 ; F3 ; F4 ; ddc:330 ; Financial trilemma ; International reserves ; Foreign exchange intervention ; Monetary policy ; Capital account openness
    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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  • 9
    facet.materialart.
    Unknown
    Santa Cruz, CA: University of California, Santa Cruz Institute for International Economics (SCIIE)
    Publication Date: 2018-06-28
    Description: In this paper we evaluate the current account patterns of China and Germany. We point out that China's current account surplus as a share of global GDP in recent years resembles that of Germany's. Yet, an important difference is that the Euro block's current account inclusive of Germany, has overall been balanced, whereas emerging Asia's current account inclusive of China, has mostly been characterized by sizable surpluses. We further find that both China and Germany's current account surpluses seem to be accounted for by common factors. However we have reasons to doubt the long run viability of these current account trends in future decades. Demographic transitions in China and Germany are projected to reduce their surpluses, and this effect is stronger for Germany. We also discuss plausible reasons to doubt the extent to which the Euro block will move towards significant surplus in the coming years.
    Keywords: F15 ; F32 ; ddc:330 ; current accounts ; demographic transitions ; global imbalances ; Zahlungsbilanzungleichgewicht ; Leistungsbilanz ; Vergleich ; Deutschland ; China
    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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  • 10
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    Unknown
    Santa Cruz, CA: University of California, Santa Cruz Institute for International Economics (SCIIE)
    Publication Date: 2018-06-28
    Description: A key challenge for macroeconomic policy in open economies is how to simultaneously manage exchange rates, interest rates and capital account openness - the trilemma. This paper calculates a trilemma index for India and investigates its evolution over time. We find that financial integration has increased markedly after the mid-2000s, with corresponding limitations on monetary independence and exchange rate stability. This tradeoff has been mitigated, however, with the rise of international reserves as a partially independent instrument of macroeconomic policy. In addition, we confirm that the weighted sum of the three indexes adds up to a constant, validating the notion that a rise in one trilemma variable should be traded-off with a drop of the weighted sum of the other two. Finally, we consider the implications of changes in the trilemma index for macroeconomic outcomes. We find some evidence that greater financial integration and corresponding loss of monetary autonomy and exchange rate stability has influenced inflation and inflation volatility, though not in a consistent manner.
    Keywords: E4 ; E5 ; F3 ; F4 ; ddc:330 ; Financial trilemma ; Indian economy ; International reserves ; Foreign exchange intervention ; Monetary policy ; Capital account opening.
    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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