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  • ddc:330  (171,924)
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  • 1
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    Stuttgart: Universität Hohenheim, Fakultät Wirtschafts- und Sozialwissenschaften
    Publication Date: 2018-06-19
    Description: This paper examines the role of the sociocultural background of students for choosing STEM fields in university. We combine rich survey data on university graduates in Switzerland with municipality level information from the census as well as nationwide elections and referenda to characterize a students home environment with respect to religious and political attitudes towards gender equality and science-related issues. Our empirical estimates are based on a structural Roy model which accounts for differences in costs (relative distance to the next technical university) and earnings across majors as well as for selection bias. Our findings suggest that male students from conservative municipalities are more likely to study a STEM field, whereas the sociocultural background plays little role for the major choice of females.
    Keywords: I20 ; C81 ; ddc:330 ; Choice of field of study ; Gender differences ; Selection bias ; Sociocultural environment ; STEM fields
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Norwich: University of East Anglia, The Centre for Social and Economic Research on the Global Environment (CSERGE)
    Publication Date: 2018-06-20
    Description: The purpose of this note is to set out the underlying philosophy of the ecosystem services approach as it is applied in UK policy circles. The aim is to clarify some flexible "ground rules" which should guide both the use of this type of decision support tool itself, and the interpretation of its results by the policy community and society at large. The approach taken is built on two key foundation principles: pluralism and pragmatism, which are explained in more detail in this note.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 3
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    London (Ontario): The University of Western Ontario, CIBC Centre for Human Capital and Productivity
    Publication Date: 2018-06-19
    Description: More than low default rates, lenders are interested in the expected return on their loans. In this paper, we consider a number of other measures of repayment and nonpayment that are likely to be of direct interest to lenders. Using data from the Baccalaureate and Beyond Longitudinal Study, we document repayment and nonpayment outcomes 10 years after grad- uation for American students receiving BA/BS degrees in 1993. We estimate differences in these outcomes across individual/family background characteristics, college major, type of institution, the amount borrowed, and post-graduation income. A key contribution is our analysis of the following outcomes in addition to student loan default rates: the fraction of the original undergraduate loan amount repaid as of 2003, nonpayment rates (including deferment and forbearance as well as default), and the fraction of original undergraduate loan amounts on which borrowers defaulted or are currently not repaying.
    Keywords: ddc:330 ; Student Loans ; Default ; Forbearance and Deferment ; Labor Market Outcomes ; Return to Lenders ; Studienfinanzierung ; Akademiker ; Kredittilgung ; Kreditrisiko ; USA
    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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    London (Ontario): The University of Western Ontario, CIBC Centre for Human Capital and Productivity
    Publication Date: 2018-06-19
    Description: We consider a general framework to study the evolution of wage and earnings residuals that incorporates features highlighted by two influential but distinct literatures in economics: (i) unobserved skills with changing non-linear pricing functions and (ii) idiosyncratic shocks that follow a rich stochastic process. Specifically, we consider residuals for individual i in period t of the form: Wi,t = ut(Øi) + ei,t, where Øi represents an unobserved permanent ability or skill, ut(.) a pricing function for unobserved skills, and ei,t idiosyncratic shocks with both permanent and transitory components. We first provide nonparametric identification conditions for the distribution of unobserved skills, all ut(.) skill pricing functions, and (nearly) all distributions for both permanent and MA(q) transitory shocks. We then discuss identification and estimation using a moment-based approach, restricting ut(.) to be polynomial functions. Using data on log earnings for men ages 30-59 in the PSID, we estimate the evolution of unobserved skill pricing functions and the distributions of unobserved skills, transitory, and permanent shocks from 1970 to 2008. We highlight five main findings: (i) The returns to unobserved skill rose over the 1970s and early 1980s, fell over the late 1980s and early 1990s, and then remained quite stable through the end of our sample period. Since the mid-1990s, we observe some evidence of polarization: the returns to unobserved skill declined at the bottom of the distribution while they remained relatively constant over the top half. (ii) The variance of unobserved skill changed very little across most cohorts in our sample (those born between 1925 and 1955). (iii) The variance of transitory shocks jumped up considerably in the early 1980s but shows little long-run trend otherwise over the more than thirty year period we study. (iv) The variance of permanent shocks declined very slightly over the 1970s, then rose systematically through the end of our sample by 15 to 20 log points. The increase in this variance over the 1980s and 1990s was strongest for workers with low unobserved ability. (v) In most years, the distribution of ut(Ø) is positively skewed, while the distributions of permanent and (especially) transitory shocks are negatively skewed.
    Keywords: ddc:330 ; Lohn ; Einkommen ; Qualifikation ; Schock ; Schätzung ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 5
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    Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
    Publication Date: 2018-07-03
    Description: The United States must make a fundamental choice in its economic policy in the next few months, a choice that will shape the US economy for years to come. Pundits and policymakers are divided over how to address what is widely referred to as the "fiscal cliff", a combination of tax increases and spending cuts that will further weaken the domestic economy. Will the United States continue its current, misguided, policy of implementing European-style austerity measures, and the economic contraction that is the inevitable consequence of such policies? Or will it turn aside from the fiscal cliff, using a combination of its sovereign currency system and Keynesian fiscal policy to strengthen aggregate demand? Our analysis presents a model of what we call the "fiscal trap" - a self-imposed spiral of economic contraction resulting from a fundamental misunderstanding of the role and function of fiscal policy in times of economic weakness. Within this framework, we begin our analysis with the disastrous results of austerity policies in the European Union (EU) and the UK. Our account of these policies and their results is meant as a cautionary tale for the United States, not as a model.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 6
    Publication Date: 2018-07-03
    Description: In partnership with the Korea Employment Information Service, Senior Scholar Ajit Zacharias and Research Scholars Thomas Masterson and Kijong Kim investigate the complex issues of gender, changing labor market conditions, and the public provisioning of child care in Korea using the Levy Institute Measure of Time and Income Poverty (LIMTIP), an alternative measure that factors in both time and income deficits in the assessment of poverty. Since the 1997 Asian financial crisis, lifetime employment and single-breadwinner households have given way to increased job insecurity, flexible work arrangements, and rapid growth in dual-earner households in Korea. Add to these factors rising labor force participation by women but little change in the highly unequal division of household production, and many women effectively face a double shift each day: paid employment followed by a second shift of household production. Recognizing the implications of the heavy burden of care work for women's well-being and employment, Korea introduced public child-care provisioning, via a voucher system for low-income families, in 1992 (the program became universal in 2013). This study analyzes the impact of the voucher program on reducing time and income poverty, and reassesses the overall level of poverty in Korea. While it reveals a much higher level of poverty than official estimates indicate - 7.9 percent versus 2.6 percent - due to time deficits, the outsourcing of child-care services reduced the LIMTIP rate from 7.9 percent to 7.5 percent and the number of "hidden poor" individuals from two million to 1.8 million. While these results show that the problem of time poverty in Korea extends beyond child-care needs, the impact of public provisioning through the voucher program clearly has had a positive impact on families with children.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 7
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    Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
    Publication Date: 2018-07-03
    Description: We cannot adequately assess how much or how little progress we have made in addressing the condition of the most vulnerable in our societies, or provide accurate guidance to policymakers intent on improving each individual's and household's ability to reach a basic standard of living, if we do not have a reliable means of measuring who is being left behind. With the support of the United Nations Development Programme and the International Labour Organization, Senior Scholars Rania Antonopoulos and Ajit Zacharias and Research Scholar Thomas Masterson have constructed an alternative measure of poverty that, when applied to the cases of Argentina, Chile, and Mexico, reveals significant blind spots in the official numbers.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 8
    Publication Date: 2018-07-03
    Description: Conventional wisdom has calcified around the belief that the countries in the eurozone periphery are in trouble primarily because of their governments' allegedly profligate ways. For most of these nations, however, the facts suggest otherwise. Apart from the case of Greece, the outbreak of the eurozone crisis largely preceded dramatic increases in public debt ratios, and as has been emphasized in previous Levy Institute publications, the roots of the crisis lie far more in the flawed design of the European Monetary Union and the imbalances it has generated. But as Research Associate and Policy Fellow C. J. Polychroniou demonstrates in this policy brief, domestic political developments should not be written out of the recent history of the eurozone's stumbles toward crisis and possible dissolution. However, the part in this tale played by southern European political regimes is quite the opposite of that which is commonly claimed or implied in the press. Instead of out-of-control, overly generous progressive agendas, the countries at the core of the crisis in southern Europe - Greece, Spain, and Portugal - have seen their macroeconomic environments shaped by the dominance of regressive political regimes and an embrace of neoliberal policies; an embrace, says Polychroniou, that helped contribute to the unenviable position their economies find themselves in today.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 9
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    Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
    Publication Date: 2018-07-03
    Description: This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s economic sovereignty and its future relationship to the UK will need to be made, particularly with respect to the question of its currency. As the disaster in the eurozone makes clear, it is essential to get these arrangements right. In this policy brief, Philip Pilkington outlines a monetary framework designed to meet the macroeconomic challenges that would be faced by a newly separate Scotland. His conclusion: while it would be in Scotland’s best interests to continue using the sterling in the short run, making the transition to issuing its own, freely floating currency would place the country on a more stable economic footing.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
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    Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
    Publication Date: 2018-07-03
    Description: Emerging market economies are taking an ill-targeted and far too limited approach to addressing their ongoing problems with the international financial system, according to Senior Scholar Jan Kregel. In this policy brief, he explains why only a wholesale reform of the international financial architecture can adequately address these countries' concerns. As a blueprint for reform, Kregel recommends a radical proposal advanced in the 1940s, most notably by John Maynard Keynes. Keynes was among those who were developing proposals for shaping the international financial system in the immediate postwar period. His clearing union plan, itself inspired by Hjalmar Schacht's system of bilateral clearing agreements, would have effectively eliminated the need for an international reserve currency. Under Keynes's clearing union, trade and other international payments would be automatically facilitated through a global clearinghouse, using debits and credits denominated in a notional unit of account. The unit of account would have a fixed conversion rate to national currencies and could not be bought, sold, or traded - meaning no market for foreign currency would be required. Clearinghouse credits could only be used to offset debits by buying imports, and if not used within a specified period of time, the credits would be extinguished, giving export surplus countries an incentive to spend them. As Kregel points out, this would help support global demand and enable a shared adjustment burden. [...]
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 11
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    Bonn: University of Bonn, Center for Development Research (ZEF)
    Publication Date: 2018-06-27
    Description: This paper deals with the role of regional trade in fostering the resilience of domestic food markets. Using country production and trade data from FAOSTAT database, a series of simple indicators are calculated that shed light on the potential for domestic markets stabilization through trade among African countries within Regional Economic Communities, including the Common Market for Eastern and Southern Africa (COMESA), the Economic Community of West African States (ECOWAS), and the Southern African Development Community (SADC). A regional, economy-wide multimarket model is then used to simulate changes in current productivity levels and trade costs. The findings reveal that it is possible to significantly boost the pace of regional trade expansion and thus its contribution to creating more resilient domestic food markets through modest reduction in the overall cost of trading, a similarly modest increase in crop yields, or the removal of barriers to trans-border trade.
    Keywords: F14 ; F17 ; Q17 ; Q18 ; ddc:330 ; production volatility ; cross-border trade ; domestic food market stabilization ; regional integration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 12
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    Bonn: University of Bonn, Center for Development Research (ZEF)
    Publication Date: 2018-06-27
    Description: Ethiopia's energy sector faces critical challenges to meeting steadily increasing demand given limited infrastructure, heavy reliance on hydroelectric power, and underdevelopment of alternative energy resources. The main aim of this paper is to investigate an optimal least cost investment decisions for integrated energy source diversification. We seek to contribute to the relevant literature by paying particular attention to the role of public policy for promoting renewable energy investment and to better understand future energy security implication of various uncertainties. Dynamic linear programming model created using General Algebraic Modelling Systems (GAMS) software was used to explore the national energy security implications of uncertainties associated with technological and efficiency innovations, and climate change or drought scenarios. To cope with the impacts of drought on hydroelectric power production Ethiopia would need to invest in the development of alternative energy resources. This would improve sustainability and reliability, but these changes would also increase production costs. But greater technical and efficiency innovations found to improve electricity diversification, reduce production costs and shadow prices or resources scarcity; and are, thus, key for reducing the risks posed by drought and for enhancing energy security.
    Keywords: Q40 ; Q41 ; Q42 ; Q47 ; ddc:330 ; energy security ; energy sector model ; climate change ; renewable energy ; technological innovation ; energy efficiency ; Ethiopia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 13
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    Regensburg: Institut für Ost- und Südosteuropaforschung (IOS)
    Publication Date: 2018-06-22
    Description: The paper studies financing constraints for R&D over the latest boom and bust episode in Central and Eastern Europe (CEE). Given that financial and venture capital markets in CEE are thin in comparison to those in high-income economies and that many of CEE countries experienced a credit crunch during the last recession, it is proposed that financing constraints have a significant adverse effect on R&D activity in these countries. The paper uses two complementary firm-level data-sources from ten CEE countries. The results suggest that the role of financing constraints for R&D expenditures in CEE countries is substantial, as the probability of credit constrained firms undertaking R&D activities is around 70% lower and firms' R&D expenditure cash flow sensitivity is very high. Despite the severity of the crisis, the adverse effect of financing constraints for R&D did not increase in the financial crisis. It is also confirmed that, conditional on credit constraints, firms' R&D activity is higher in a recession.
    Keywords: O16 ; O32 ; O52 ; E32 ; P23 ; ddc:330 ; R&D financing constraints ; credit constraints ; business cycle ; Central and Eastern Europe
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
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    Elmshorn: Nordakademie - Hochschule der Wirtschaft
    Publication Date: 2018-06-25
    Description: Controller scheinen sich untereinander oft mit der Frage zu beschäftigen, welche Rolle sie in Unternehmen spielen und welche Aufgaben von ihnen zu erledigen sind. Der vorliegende Beitrag beobachtet diese Diskussion zum einen vom Standpunkt eines Außenstehenden aus und zum anderen aus einer systemtheoretischen Perspektive. Ausgehend von der Frage, inwieweit Controlling angesichts von Komplexität, daraus folgender Selbstreferenz und operativer Geschlossenheit sozialer Systeme überhaupt möglich ist, werden systemische Interventionskonzepte vorgestellt, die schließlich auch zu einer Positionierung des Controllings in Organisationen beitragen können.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 15
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    Regensburg: Institut für Ost- und Südosteuropaforschung (IOS)
    Publication Date: 2018-06-22
    Description: Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the opposite is true when minority shareholders hold a substantial fraction of the firm´s equity. In the analysis, we distinguish between a pre-crisis period (2001-2008) and a post-crisis period (2009-2011), and find that our results are sensitive to the period of observation.
    Keywords: C33 ; D24 ; G32 ; L60 ; L80 ; M21 ; ddc:330 ; efficiency ; ownership structure ; firms ; panel data ; stochastic frontier ; Europe
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 16
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2018-07-03
    Description: The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries experienced pronounced credit booms at the same time that these imbalances were building up, this paper investigates the link between domestic credit developments and the current account balance, distinguishing between a credit pull and a credit push factor. The pull factor captures flows of bank loans to the domestic non-financial private sector. An increase in these flows is expected to lead to higher domestic demand and a deterioration of the current account. The push factor measures flows of claims of domestic banks on debtors in other euro-area countries, and an increase is expected to lead to higher external demand and an improvement in the current account. Using a panel error correction specification, the estimation results confirm that the pull factor is a significant determinant of the current account, whereas the results for the push factor are less clear-cut. The paper also shows that variations in the flows of bank loans to the non-financial private sector (i.e. the pull factor) - together with changes in competitiveness - constituted the most important factor driving the build-up of current account imbalances in the deficit countries. Accordingly, impeding an increase in private sector indebtedness seems to be a promising way to dampen the formation of unsustainable current account imbalances.
    Keywords: E5 ; F32 ; F45 ; ddc:330 ; banks ; credit growth ; current account imbalances ; euro area ; Bank ; Kreditgeschäft ; Leistungsbilanz ; Eurozone
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 17
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2018-07-03
    Description: Using German income distribution in 2009, this paper studies the redistributive and revenue effects of bracket creep under various inflation scenarios. We develop a tax micro-simulation model for the newly available Panel on Household Finance (PHF) data. The simulation yields an inverted U-shaped overall redistributive effect of the income tax and social insurance contribution system with respect to the inflation rate, which contrasts with Immervoll (2005) who finds that fiscal drag always enhances the equalising effect. The nominal income growth as well as the deterioration of tax progression at the middle and top of the income distribution between 1998 and 2009 can be the impetus for this change. This result implies that delaying adjustment might reduce redistribution. We also suggest that these results might not be restricted solely to Germany. Additionally, when we introduce the empirical evidence that capital income grows faster than non-capital income 􀝎 〉 􀝃, the dual tax system with a flat capital income tax implemented in 2009 further disequalises the after-tax income substantially. Allowing inflation compensation to lean towards the poor by boosting their share of capital income may not be favourable to redistribution.
    Keywords: C81 ; H24 ; D31 ; H23 ; ddc:330 ; Inflation ; Fiscal Drag ; Progressivity of Income Tax ; Income Distribution ; Microsimulation ; Capital income taxation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
    Publication Date: 2018-07-03
    Description: This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined sharply because LICs were unusually synchronized. Second, the growth declines are on average well explained by the decline in export demand. Third, if the external environment facing LICs improves as forecast, their growth should rebound sharply. Finally, and contrary to received wisdom, there are few robust relationships between the cross-country growth variation and the policy and structural environment; the main exceptions are reserve coverage and labor-market flexibility.
    Keywords: ddc:330 ; Finanzkrise ; Schock ; Entwicklungsländer
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
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    Copenhagen: Danish Institute for International Studies (DIIS)
    Publication Date: 2018-07-03
    Description: This essay examines the efforts of the World Bank to translate the rising economic weight of some developing countries into a larger voice in the governance of the organization. In a speech in April 2010, World Bank president Robert Zoellick argued that the advent of “a new, fast-evolving multipolar world economy” required fundamental reforms of the World Bank itself, including in the balance of power between developed countries and emerging countries Shortly after the speech the World Bank presented a set of allegedly far-reaching proposals on what it called “voice reform”, to be endorsed by its Board of Governors, the culmination of a process of negotiation begun years before. Voice reform had several components, of which the central and most contentious one was voting reform to give developing and transition countries (DTCs) more voting power in the Bank’s governance. The Governors approved the proposals at the 2010 Spring Meetings of the World Bank and International Monetary Fund (IMF). The headlines went around the world that the World Bank had approved a major increase in the governance role of its borrowing member states, partly by redistributing voting power in their favour. The Bank had successfully translated changes in economic weight in the world economy into changes in political weight within the organization.
    Keywords: ddc:330 ; Entwicklungsbank ; Corporate Governance
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  • 20
    Publication Date: 2018-06-26
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2018-06-21
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; time-varying VAR ; inflation ; public deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    London (Ontario): The University of Western Ontario, Department of Economics
    Publication Date: 2018-06-19
    Description: Osborne and Rubinstein (1994) specify each node in a game tree as a sequence of actions. It is well-known that such actions can be replaced by choices (i.e. agent-specific actions) without loss of generality. I find that this sequential formulation is redundant in the sense that nodes can be equivalently specified as sets of choices. The only cost of doing so is to rule out absent-mindedness. My analysis encompasses both ordered and unordered information sets and both finite and infinite horizons. (This specification of nodes as sets of choices differs from the literature's specification of nodes as sets of outcomes.)
    Keywords: ddc:330
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  • 23
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    Essen: Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
    Publication Date: 2018-06-26
    Keywords: ddc:330 ; Klimapolitik ; Klimaschutz ; Regionalpolitik ; Nordrhein-Westfalen
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 24
    Publication Date: 2018-06-26
    Keywords: ddc:330 ; Energieeinsparung ; Energiekonsum ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 25
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    London (Ontario): The University of Western Ontario, Economic Policy Research Institute (EPRI)
    Publication Date: 2018-06-19
    Description: Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays' macroeconomics are briefly discussed.
    Keywords: B21 ; E31 ; E41 ; E52 ; ddc:330 ; Keynesianism ; Monetarism ; Rational expectations New Classical economics Quantity Theory ; Money ; Velocity ; Monetary policy ; Inflation ; Unemployment ; Business cycle ; Phillips curve
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    Essen: Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
    Publication Date: 2018-06-26
    Keywords: ddc:330 ; Rehabilitation ; Gesetzliche Rentenversicherung ; Bewertung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 27
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    London (Ontario): The University of Western Ontario, Economic Policy Research Institute (EPRI)
    Publication Date: 2018-06-19
    Description: We construct a unique panel of retail food prices in 69 Canadian and 51 U.S. cities during the Interwar (1920-40) period. Surprisingly, we find that average relative price dispersion across cities within Canada and the U.S., and the role of distance in accounting for cross-city price differences, was very similar to estimates from the 1980s and 1990s. We also find large changes in the importance of the Canada- U.S. border during the Interwar period. While increased price differences between Canadian and U.S. cities coincide with the end of the gold-standard (and the move to floating nominal exchange rates), large relative and absolute price differences persist even after the Canada-U.S. nominal exchange rate returned to parity. The substantial "thickening" of the border in the 1930s appears to reflect dramatic changes in trade policy and the degree of market integration during this period.
    Keywords: E31 ; ddc:330 ; Law of One Price ; Relative Prices
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 28
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    Esbjerg: University of Southern Denmark, Department of Environmental and Business Economics (IME)
    Publication Date: 2018-06-28
    Description: This supporting material for An Indicator for Ecosystem Externalities in Fishing provides the estimations of the cost model parameters, establishes a price model, performs sensitivity analyses of the cost model parameters and analyzes sensitivity with respect to the control variable.
    Keywords: ddc:330 ; Production function ; Price model ; Sensitivity analyses
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 29
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    Frankfurt (Oder): European University Viadrina, Department of Business Administration and Economics
    Publication Date: 2018-06-26
    Description: We derive Taylor rates for those CEE-EU countries which are not part of the Eurozone. The degree of heterogeneity decreased tremendously over time (2005 - 2015). Nevertheless, the business cycles are still not fully synchronized. As a consequence, joining the Eurozone seems to be premature and should not be an option right now.
    Keywords: E52 ; E58 ; F15 ; ddc:330 ; CEE ; monetary policy ; currency union ; convergence ; Taylor rule
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 30
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    Copenhagen: University of Copenhagen, Economic Policy Research Unit (EPRU)
    Publication Date: 2018-06-28
    Description: Availability of (partial) insurance mechanisms is arguably important for the decision of (riskaverse) workers to start up a risky entrepreneurial venture. Using administrative data from Denmark, where unemployment insurance (UI) is available to both wage earners and self-employed on a voluntary basis, we estimate the causal effect of UI cover on the self-employment choice of wage earners after instrumenting for the UI choice. The instruments we use are based on a series of policy variations that took place at three points in time during an observation period spanning three decades: only UI covered individuals could under certain conditions qualify for an early retirement (ER) program. Changes (reforms) in the eligibility conditions of the program that affected different age groups differentially at these three different points in time identify the UI choice process. Results show that the causal effect of insurance on the probability of starting up a venture is positive for would-be entrepreneurs, in contrast to correlations in the data or uninstrumented estimates. Using firm data, we also investigate how the newly insurance-induced entrepreneurs fare relative to their uninsured peers. Results suggest that they survive longer, but are not more likely to employ any workers or to make higher or lower profits.
    Keywords: C35 ; J26 ; J62 ; J65 ; L26 ; ddc:330 ; self-employment ; insurance ; entrepreneurs ; unemployment ; panel data ; early retirement
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  • 31
    Publication Date: 2018-07-03
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; Time-Varying VAR ; Inflation ; Public Deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 32
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: Recent research has reported positive effects on schooling due to in utero protection from iodine deficiency resulting from iodized oil capsule distribution in Tanzania. We revisit the Tanzanian experience by investigating how these effects differ over time and across surveys; across different treatment specifications; and across additional educational outcome measures. Contrary to previous studies, we find that the estimated effects tend to be small and not robust across specifications or samples. Using all available data and a medically motivated iodine depletion function, we find no evidence of a positive long-run effect of iodine deficiency protection on educational attainment.
    Keywords: I12 ; I21 ; J16 ; O15 ; ddc:330 ; Iodine deficiency ; Education ; Prenatal exposure ; Multiple outcomes ; Replication ; Field ; Robles and Torero
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  • 33
    Publication Date: 2018-06-27
    Description: We examine how the impact on women empowerment varies with respect to the location and type of group linkage of the respondent. Using household survey data from five states in India, we correct for selection bias to estimate a structural equation model. Our results reveal that in the southern states of India empowerment of women takes place through economic factors. For the other states, we find a significant correlation between women empowerment and autonomy in women's decision-making and network, communication and political participation respectively. We do not however find any differential causal impact of different delivery methods (linkage models).
    Keywords: G21 ; J16 ; C31 ; ddc:330 ; microfinance ; women empowerment ; structural equation model ; self-help groups
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 34
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: This chapter presents historical evidence about Swedish stock prices, dividends, and yields on government fixed-interest securities. Monthly returns are presented since 1901 for stocks, since 1874 for government long-term bonds and since 1856 for short-term Treasury bills or central bank discount rates. Annual stock price and returns indices from 1870 are also presented. Altogether, these series comprise the longest financial asset price database for Sweden to date. An important ambition is to provide information about the quality of the financial data, how they are constructed and how they are modified so as to ensure consistency across time. The chapter also outlines the basic institutional and economic framework of the Swedish stock and money markets. Research has shown that asset prices are influenced by the extent of trading activity as well as by the legal setting and microstructural characteristics. Finally, the chapter offers some initial analysis of the new evidence: calculation of returns for different periods, examination of trends and trend breaks in returns, dividends, volatility and cross-country returns correlations, and computation of equity risk premia across holding periods and historical eras.
    Keywords: G12 ; N23 ; N24 ; ddc:330 ; Historical stock returns ; Historical bond yields ; Stockholm Stock Exchange ; Equity risk premium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 35
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that tended to align the interests of management, shareholders and other stakeholders until the mid-twentieth century. We trace this development through New York banking law and new data on banks chartered by the State of New York.
    Keywords: G21 ; G3 ; N21 ; N22 ; ddc:330 ; corporate governance ; board of directors ; bank history ; Bankmanager ; Board of Directors ; Corporate Governance ; Bankrecht ; Geschichte ; New York ; USA
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  • 36
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2018-07-03
    Description: This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on individual asset holding data of German banks. I find that those banks operating with tight regulatory constraints pick the securities with the highest yield and lowest collateral quality among ABS with the same regulatory risk weight. This ABS selection allows banks to increase the return on the capital required for an ABS investment by a factor of four.
    Keywords: G01 ; G21 ; G24 ; G28 ; ddc:330 ; regulatory arbitrage ; asset-backed securities ; risk-taking ; credit ratings
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 37
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: I investigate consumption smoothing (sensitivity) under a balanced budget rule in Swedish municipalities. In general, I find Swedish municipalities to be highly consumption sensitive during the time period 2001-2011 when the BBR was in place. A one percentage increase in predicted current revenues leads to a 0.74-0.76 percentage increase in current consumption. I use fiscal indicators - the level of own funds and net operating surplus - as proxies for budget balance boundness. Municipalities that perform well in both these fiscal areas are more smoothing than municipalities that do not perform well in either, implying that budget balance plays a role for consumption smoothing behavior. However, consumption sensitivity has decreased in the aggregate since the implementation of the BBR. A possible story is that municipalities were primarily upward sensitive before the BBR, and primarily downward sensitive after the BBR. This explanation also fits the descriptive picture that the aggregate surplus in the sector has turned to positive from negative since the BBR implementation.
    Keywords: H77 ; H74 ; D78 ; D60 ; ddc:330 ; Local public finance ; Balanced budget rules ; Consumption smoothing ; Fiscal consolidation ; Fiscal institutions
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  • 38
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: In a Regression Kink (RK) design with a finite sample, a confounding smooth nonlinear relationship between an assignment variable and an outcome variable around a threshold can be spuriously picked up as a kink and result in a biased estimate. In order to investigate how well RK designs handle such confounding nonlinearity, I firstly implement Monte Carlo simulations and then study the effect of fiscal equalization grants on local expenditure using a RK design. Results suggest that RK estimation with a confounding nonlinearity often suffers from bias or imprecision and estimates are credible only when relevant covariates are controlled for.
    Keywords: C13 ; C21 ; H71 ; H72 ; H77 ; ddc:330 ; Regression Kink Design ; Endogenous regressors ; Intergovernmental grants ; Flypaper effect
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  • 39
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    Wiesbaden: Karl-Bräuer-Institut des Bundes der Steuerzahler (KBI)
    Publication Date: 2018-07-03
    Description: Die Einkommensbesteuerung in ihrer derzeitigen Ausprägung geht zurück auf das Jahr 1958. Seither hat sich das Aufkommen aus Lohn- und Einkommensteuer von damals 11 Mrd. DM auf 353 Mrd. DM im Jahr 2001 erhöht. Dabei ist die Steuerbelastung je Erwerbstätigen mehr als doppelt so stark gestiegen wie die durchschnittlichen Einkommen. Dieser übermäßige Belastungsanstieg ist nicht das Ergebnis "offen beschlossener" Steuererhöhungen. Denn die insgesamt 13 Korrekturen beim Lohn- und Einkommensteuertarif, die zwischen 1958 und 2001 erfolgt sind, waren durchweg mit tariflichen Entlastungen verbunden.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 40
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: A key aim of economics is to set goals and investigate the relationship between various socio-economic indicators. By fitting time series data using a Bayesian dynamical systems approach we identify non-linear interactions between GDP, child mortality, fertility rate and female education. We show that reduction in child mortality is best predicted by the level of GDP in a country over the preceding 5 years. Fertility rate decreases when current or predicted child mortality is low, and is weakly dependent on female education and economic growth. As fertility drops, GDP increases producing a cycle that drives the demographic transition.
    Keywords: C51 ; C52 ; C53 ; C61 ; J13 ; O21 ; ddc:330 ; Demographic transition ; Human Development ; dynamical systems ; Bayesian ; data-driven ; GDP ; child mortality ; fertility rate
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  • 41
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: This paper addresses the estimation of a semiparametric sample selection index model where both the selection rule and the outcome variable are binary. Since the marginal effects are often of primary interest and are difficult to recover in a semiparametric setting, we develop estimators for both the marginal effects and the underlying model parameters. The marginal effect estimator uses only observations where the selection probability is above a certain threshold. A key innovation is that this high probability set is adaptive to the data. The model parameter estimator is a quasi-likelihood estimator based on regular kernels with bias corrections. We establish their large sample properties and provide simulation evidence confirming that these estimators perform well in finite samples.
    Keywords: C1 ; C3 ; C4 ; ddc:330 ; Semiparametric Binary Selection ; Marginal Effects
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  • 42
    Publication Date: 2018-07-03
    Description: In this paper, we analyse the recording behaviour of German consumers in a one week diary on their point-of-sales expenditures. We are particularly interested in the effect of a behavioural experiment, eliciting respondents' risk preferences, on their recording behaviour. In the experiment, run shortly before the consumers start to fill in the diary, the consumers have the choice between receiving a sure payment of 10 euro and participating in a game. If they opt for playing the game they roll a die and either win 20 euro or nothing. We ask whether respondents' recording behaviour differs depending on whether individuals who do roll the die lose or win. We argue that winners may attach a more positive feeling to the survey than losers and therefore exhibit more commitment to the diary, e.g. by reporting better quality data. Beyond providing evidence on the effect of conducting up-front experiments in representative surveys our results also contribute to the literature on incentives. For participants who roll the die, the experiment can be seen as a tool to randomly assign an incentive to respondents. Our results indicate that the outcome of the game has an impact on the quantity of transactions recorded, but does not affect other aspects of data quality. It also has a negligible impact on substantive measures like the cash share.
    Keywords: C83 ; D12 ; E41 ; ddc:330 ; incentives ; risk experiments ; payment diary ; data quality
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  • 43
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    Berlin: Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
    Publication Date: 2018-06-21
    Description: Using German panel data, we assess the causal effect of job loss, and thus of an extensive income shock, on risk attitude. In line with predictions of expected utility reasoning about absolute risk aversion, losing one´s job reduces the willingness to take risks. This effect strengthens in previous hourly wage, begins to manifest itself as soon as an employee perceives the threat of job loss and is of a transitory nature. The change in stated risk attitude matches observable job finding behaviour, confirming the behavioural validity of our results.
    Keywords: D81 ; J64 ; J65 ; ddc:330 ; absolute risk aversion ; income shock ; job loss ; plant closure ; general risk attitude
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  • 44
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    College Station, TX: Texas A&M University, The Agricultural & Food Policy Center (AFPC)
    Publication Date: 2018-06-27
    Keywords: ddc:330
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  • 45
    Publication Date: 2018-06-27
    Description: The Agricultural and Food Policy Center (AFPC) at Texas A&M University develops and maintains data to simulate 91 representative crop, dairy, and livestock operations in major production areas in 28 states. The chief purpose of this analysis is to project the economic viability of those farms by region and commodity for 2015 through 2018. The data necessary to simulate the economic activity of these operations is developed through ongoing cooperation with panels of agricultural producers in selected states. The Food and Agricultural Policy Research Institute (FAPRI) provided projected prices, policy variables, and input inflation rates in their January 2015 Baseline. Under the January 2015 Baseline, 28 of the 63 crop farms are considered in good liquidity condition (less than a 25 percent chance of negative ending cash by 2018). Six crop farms have between a 25 percent and a 50 percent likelihood of negative ending cash, and the remaining 29 crop farms have greater than a 50 percent chance of negative ending cash. Additionally, 40 of the 63 crop farms are considered in good equity position (less than a 25 percent chance of decreasing real net worth during the study period). Six crop farms have between a 25 percent and 50 percent likelihood of losing real net worth, and 17 crop farms have greater than a 50 percent probability of decreasing real net worth. The following discussion provides an overall evaluation by commodity considering both liquidity and equity measures. [...]
    Keywords: ddc:330
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  • 46
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    Berlin: Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
    Publication Date: 2018-06-21
    Description: Nach der Einführung der Zinsschrankenregelung in 2008 ist ein EBITDA-Vortrag eingeführt worden, durch den das nicht genutzte Zinsabzugsvolumen in die folgenden fünf Wirtschaftsjahre vorgetragen wird. Durch diesen Vortrag soll die Wirkung der Zinsschranke gemildert oder vollständig vermieden werden. Der vorliegende Beitrag analysiert die Wirkung dieses Vortrags auf die Steuerbelastung der Unternehmen seit seiner Implementierung unter Ausnutzung der Panelstruktur handelsrechtlicher Jahresabschlussinformationen. Auf Basis einer Mikrosimulation wird untersucht, ob der EBITDA-Vortrag eine Entlastung darstellt und die "richtige" Unternehmen entlastet werden. Die Ergebnisse zeigen, dass aus fiskalischer Sicht der EBITDA-Vortrag eine Entlastung für die Unternehmen bietet. Auch aus unternehmensindividueller Sichtweise entlastet der EBITDA-Vortrag überwiegend zielgenau nach abgeleiteten Kriterien aus der Gesetzesbegründung. Unter Verwendung eines Maßstabs zur Berechnung der Steuerersparnis durch Zinsabzug wird allerdings deutlich, dass weitgehend die "falschen" Unternehmen von der aktuell geltenden Zinsschranke getroffen werden. Der EBITDA-Vortrag hingegen entlastet tendenziell die "Richtigen", kann jedoch entstandene Kollateralschäden nicht kompensieren.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 47
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    Regensburg: Institut für Ost- und Südosteuropaforschung (IOS)
    Publication Date: 2018-06-22
    Description: We analyze the relationship between institutional quality and firm efficiency. Using rich data on firms in the European Union between 2005 and 2012, we show that high institutional quality lowers the share of persistently inefficiently used assets. The adverse effect of low institutional quality may be one of the narrow channels through which institutions affect income per capita in the long-run. Our approach combines institutional economics and Schumpeterian creative destruction. In addition, we observe similarities between inefficiently used assets in Europe and the phenomenon of zombie lending in Japan during the last decades.
    Keywords: O43 ; K23 ; C33 ; ddc:330 ; institutions ; unproductive assets ; European Union ; creative destruction
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 48
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: In this paper, we analyze a dynamic stochastic general equilibrium model on how water resilience affacts economic growth and dynamic welfare with special reference to South Africa. While water may become a limiting factor for future development in general, as a drought prone and water poor country with rapid population growth, South Africa may face more serious challenges for sustainable development in the future. Using the model, we conduct numerical simulation for different parameter configurations with varying discount rate, climate change assumption, and the degree of uncertainty in future precipitation. We find that with sufficient capital accumulation, development can still be made sustainable despite of increased future water scarcity and decreased long-run sustainable welfare; While stochastic variation in precipitation has a negatively effect on water resilience and the expected dynamic welfare, the effect is mitigated by persistence in the precipitation pattern. With heavier time discounting and lower capital formation, however, the current welfare may not be sustained.
    Keywords: O4 ; D6 ; Q25 ; O55 ; ddc:330 ; water resilience ; growth ; dynamic welfare ; sustainability
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  • 49
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    Santa Cruz, CA: University of California, Economics Department
    Publication Date: 2018-06-28
    Description: A complete set of transactions, more than 40 million within a 1.8 year span, allows us to track the evolution of the trader network and the goods network in an on-line trading community. The computer platform was designed to make barter exchange as attractive as possible; money was not part of the design and all players were created equal. Yet, within weeks, several specific goods began to emerge as media of exchange, and not long after that various sorts of specialized traders began to appear. We track their progress using network-theoretic metrics such as node strength, assortativity, betweenness and closeness. By the end of our sample, virtually all trade was money-mediated and market makers played a major role.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 50
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    Santa Cruz, CA: University of California, Economics Department
    Publication Date: 2018-06-28
    Description: This paper builds a model of high-frequency equity returns by separately modeling the dynamics of trade-time returns and trade arrivals. Our main contributions are threefold. First, we characterize the distributional behavior of high-frequency asset returns both in ordinary clock time and in trade time. We show that when controlling for pre-scheduled market news events, trade-time returns of the near-month E-mini S&P 500 futures contract are well characterized by a Gaussian distribution at very fine time scales. Second, we develop a structured and parsimonious model of clock-time returns using a time-changed Brownian motion composed with a general, non-Lévy directing process. Particular cases of this model allow for leptokurtosis and volatility clustering in clock-time returns, even when trade- time returns are Gaussian. Finally, we highlight conditions on the directing process which are required in order to generate proper volatility dynamics while simultaneously matching the unconditional distribution of returns. In-sample fitting and out-of-sample realized volatility forecasting demonstrate the strength of our model relative to leading candidates.
    Keywords: C22 ; C41 ; C58 ; G12 ; G14 ; G17 ; ddc:330 ; High-frequency trading ; US Equities ; News arrival
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  • 51
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    Kiel: Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance
    Publication Date: 2018-06-26
    Description: We developed a multi country agent based simulation model with endogenous incremental technological change. Macroeconomic dynamics derive from simple behavioral and interacting rules defining the actions of adaptive firms, banks and households (Delli Gatti et al., 2008; Riccetti et al., 2014; Caiani et al., 2015). Countries join a currency union with a perfectly integrated good market, while labor and capital are not ex- changed across countries. We observe that credit dynamics are strictly associated to business cycle: phases of credit growth are associated with increasing leverage and connectivity that creates the conditions for crisis. Moreover, we tested the effects of different fiscal regimes on output dynamics, showing that in a common currency area restrictive fiscal regimes may increase country inequality and systemic vulnerability. Inequality between countries derives from differences in technological progress patterns which open competitiveness gaps. Conversely, in fiscal regimes where public deficits are excessively high the public debt burden tends to increase transferring risk from the private sector to the public one.
    Keywords: ddc:330
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  • 52
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    Santa Cruz, CA: University of California, Economics Department
    Publication Date: 2018-06-28
    Description: Foreign portfolio flows in and out of India are relevant for policymakers, and are often portrayed in the media as having a destabilizing effect on the domestic market. We use an event study approach to examine whether extreme global shocks trigger abnormal responses in foreign equity flows in and out of India, or abnormal responses in the Indian stock market. We do not find strong evidence of abnormal responses, even for the case of the global crisis of 2008.
    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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  • 53
    Publication Date: 2018-06-21
    Description: Der Beitrag stellt ein Konzept zur Etablierung eines Nachhaltigkeitszertifikats für die Spielzeugindustrie vor. In diesem Zusammenhang werden zunächst die Möglichkeiten der Nutzung von etablierten Labels und Zertifikaten für Unternehmen dargestellt, die genutzt werden um Produkte und Dienstleistungen als nachhaltig, grün oder umweltfreundlich darzustellen und verifizieren zu lassen. In diesem aktuellen Zustand wird allerdings Unternehmen die Möglichkeit geboten, eine nachhaltige Verhaltensweise vorzutäuschen. Derzeit gibt es über 400 nutzbare Labels, die verschiedene Nachhaltigkeitsaspekte betonen. Außerdem haben einige Unternehmen eine eigene Nachhaltigkeitsmarke entworfen, wodurch eine notwendige Transparenz für den Verbraucher bzw. Konsument nicht mehr ausreichend gegeben zu sein scheint. Dadurch wird zunehmend Unternehmen, die nur scheinbar den Anforderungen der Labels gerecht werden, eine Verfälschung der Nachhaltigkeitseigenschaften ihrer Produkte ermöglicht, um sich somit den Labeltitel zu erschleichen - man gibt nur noch vor, nachhaltig zu wirtschaften, das ist das sogenannte Greenwashing. Bei der Konsumgüterindustrieanalyse ist auffällig, dass es momentan für Spielwaren kein Label/Zertifikat zur Überprüfung und Verifizierung nachhaltigen Spielzeugs gibt. Zwar existieren verschiedene Siegel, die beispielsweise die Sicherheit oder die Inhaltsstoffe der Spielzeuge thematisieren und belegen. Allerdings weist der Markt keine allgemeingültige und komplette Zertifizierung bezüglich der umwelttechnischen und sozialen Aspekte auf, auf denen die Nachhaltigkeit fußt. Deshalb fokussiert die vorliegende Ausarbeitung die Konzipierung eines Nachhaltigkeitssiegels für die Spielzeugindustrie um somit Greenwashing in dieser Industrie entgegenzuwirken bzw. dessen Entstehung zu erschweren und einzugrenzen.
    Keywords: Q56 ; M14 ; ddc:330 ; Greenwashing ; Labels ; Zertifikate ; Siegel ; Nachhaltigkeit ; Spielzeugindustrie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 54
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    Kiel: Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance
    Publication Date: 2018-06-26
    Description: The behavioural agent-based framework of De Grauwe and Gerba (2015) is extended to allow for a counterfactual exercise on the role of banks for monetary transmissions. A bank-based corporate financing friction is introduced and the relative contribution of that friction to the effectiveness of monetary policy is evaluated. We find convincing evidence that the monetary transmission channel is stronger in the bank-based system compared to the market-based. Impulse responses to a monetary expansion are around the double of those in the market-based framework. The (asymmetric) effectiveness of monetary policy in counteracting busts is, on the other hand, relatively higher in the market-based model. The statistical fit of the bank-based behavioural model is also improved compared to the benchmark model. Lastly, we find that a market-based (bankbased) financing friction in a general equilibrium produces highly asymmetric (symmetric) distributions and more (less) pronounced business cycles.
    Keywords: E52 ; E44 ; E03 ; G21 ; G32 ; ddc:330 ; monetary policy in the EA ; monetary transmissions ; banks ; financial frictions ; market based finance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 55
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    Kiel: Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance
    Publication Date: 2018-06-26
    Description: The great depression of 1929 and the great financial crisis of 2008 have been the two big events of the last 75 years. Not only have they produced serious economic consequences but they also changed our view of economics and policymaking. The aim of this work is to compare these two great crises and highlight similarities as well as differences. Monetary policy, the exchange rate system and the role of the banks are our fields of investigation. Our findings are that two big events have more similarities than dissimilarities.
    Keywords: E5 ; E31 ; E42 ; G21 ; ddc:330 ; Great Depression ; Great Financial Crisis ; gold standard ; Eurozone ; money multiplier ; shadow banking
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 56
    Publication Date: 2018-07-03
    Description: Our results uncover a so far undocumented ability of the interbank market to distinguish between banks of different quality in times of aggregate distress. We show empirical evidence that during the 2007 financial crisis the inability of some banks to roll over their interbank debt was not due to a failure of the interbank market per se but rather to bankspecific shocks affecting banks' capital, liquidity and credit quality as well as revised banklevel risk perceptions. Relationship banking is not capable of containing these frictions, as hard information seems to dominate soft information. In detail, we explore determinants of the formation and resilience of interbank lending relationships by analyzing an extensive dataset comprising over 1.9 million interbank relationships of more than 3,500 German banks between 2000 and 2012.
    Keywords: E50 ; G01 ; G10 ; G21 ; ddc:330 ; financial stability ; interbank market ; aggregate and idiosyncratic shocks ; relationship banking ; risk perception ; market discipline
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 57
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    Copenhagen: University of Copenhagen, Economic Policy Research Unit (EPRU)
    Publication Date: 2018-06-28
    Description: The essay discusses some key features of the wawe of public sector reforms that has swept through the OECD area during the last three decades under the heading of New Public Management. I review what economic theory and the empirical evidence can say about the effects of introducing pay for performance, performance measurement and various forms of competition in the public sector. I also review some evidence on the growing bureaucratization of the public sector and discuss the drivers behind this trend. The final part of the essay draws some implications for the design of public sector reforms.
    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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  • 58
    Publication Date: 2018-07-03
    Description: We address the question of whether various types of speculative investor correctly anticipate future USD/EUR currency movements or whether they tend rather to react to past exchange rate movements. Throughout the analysis, we differentiate between large and small traders, and an upper bound of total speculation. To account for the large number of testable hypotheses, we contrast results obtained from predictive regressions based on individual significance tests with those based on either controlling the false discovery rate (FDR) or the family-wide error rate (FER). While the statistical evidence in favor of a causal relationship from speculative positions to exchange rate movements, and therefore an inefficient Euro futures market, largely collapses if we account for multiple testing, such a pattern does not emerge in the other direction. In addition, findings based on a contemporaneous analysis point to some notable differences between small and large speculators, and a non-linear relationship between USD/EUR movements and changes in the open interest position of large speculators.
    Keywords: C32 ; F31 ; G15 ; ddc:330 ; speculative positions ; currency futures ; exchange rates ; predictive regressions ; multiple testing
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 59
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: The past couple of decades have seen a huge increase in research on various labor market institutions. This paper offers a brief overview and discussion of research on the labor market impacts of minimum wages (MW), unemployment insurance (UI), and employment protection legislation (EPL). It is argued that research on UI is largely a success story, involving a fruitful interplay between search theory and empirical work. This research has established that UI matters for labor market behavior, in particular the duration of unemployment, although there remains substantial uncertainty about the magnitudes of the effects. The research on MW should have shaken economists' belief in the competitive labor market model as a result of frequent failures to find noticeable employment effects despite considerable effects on wages. EPL research has established that employment protection reduces labor and job turnover but the jury is still out regarding the impact on overall employment and productivity.
    Keywords: J01 ; J08 ; ddc:330 ; minimum wages ; unemployment insurance ; employment protection
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 60
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: The objective of this essay is to study to what extent parents divide their estates unequally between their children and the determinants of this decision. We use a new dataset based on the estate reports for almost 70,000 Swedish widows, widowers, divorcees and unmarried individuals who died with positive estates and at least two children. Unequal sharing is unusual; depending on definitions only 2 - 12 percent of the estates are unequally divided. Previous studies for other countries, particularly from the US, find that around 20 - 40 percent of parents divide their estates unequally. We argue that the relatively low frequency of unequal sharing in Sweden might be explained by contextual factors such as the inheritance law, the transfer tax system, the income distribution, and the welfare state. We also estimate models with family fixed effects to study how the characteristics of children to parents who choose unequal division affect the size of the transfer. The empirical estimates show that bequests are not used to compensate for income differences between children, suggesting that bequests are not guided by altruistic motives. Children who are likely to have provided services to the parent receive more than their siblings however. This suggests that, at least some bequests are guided by exchange motives.
    Keywords: C81 ; D10 ; D31 ; D91 ; H24 ; ddc:330 ; estate division ; wills ; equal sharing ; bequests motives ; inheritances
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 61
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: We analyze to what extent health outcomes of Swedish children are worse among children whose parents become unemployed. To this end we combine Swedish hospitalization data for 1992-2007 for children 3-18 years of age with register data on parental unemployment. We find that children with unemployed parents are 17 percent more likely to be hospitalized than other children, but that most of the difference is driven by selection. A child fixed-effects approach suggests a small effect of parental unemployment on child health.
    Keywords: I12 ; J13 ; ddc:330 ; Parental unemployment ; child health ; human capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 62
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: Women who want to work often face many more hurdles than men. This is true in Tajikistan where there is a large gender gap in labour force participation. We highlight the role of two factors - international migration and education - on the labour force participation decision and its gender gap. Using probit and decomposition analysis, our investigation shows that education and migration have a significant association with the gender gap in labour force participation in Tajikistan. International emigration from Tajikistan, in which approximately 93.5% of the participants are men, reduces labour force participation by men domestically; increased female education, especially at the university and vocational level, increases female participation. Both women acquiring greater access to education and men increasing their migration abroad contribute to reducing the gender gap.
    Keywords: J01 ; J16 ; O15 ; ddc:330 ; migration ; education ; gender gap ; labour force participation ; Tajikistan
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 63
    Publication Date: 2018-06-26
    Description: This paper proposes a test for the existence and degree of contagious presenteeism and negative externalities in sickness insurance schemes. First, we theoretically decompose moral hazard into shirking and contagious presenteeism behavior and derive testable conditions. Then, we implement the test exploiting German sick pay reforms and administrative industry-level data on certified sick leave by diagnoses. The labor supply adjustment for contagious diseases is significantly smaller than for non-contagious diseases. Lastly, using Google Flu data and the staggered implementation of US sick leave reforms, we show that flu rates decrease after employees gain access to paid sick leave
    Keywords: I12 ; I13 ; I18 ; J22 ; J28 ; J32 ; ddc:330 ; Sickness Insurance ; Paid Sick Leave ; Presenteeism ; Contagious Diseases ; Infections ; Negative Externalities ; Shirking ; US ; Germany
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 64
    Publication Date: 2018-06-26
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42