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  • ddc:330  (169,296)
  • Cell & Developmental Biology  (25,032)
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  • 1
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    Leiden: Brill | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-02-14
    Description: The Gnassingbé clan has ruled the country since 1967. The demand for political alternance, initiated by institutional and electoral reforms, constituted the major contentious issue between the government and the challengers of the Gnassingbé regime throughout the survey period. An alliance of opposition parties and civil society groups organized peaceful demonstrations in opposition to the regime, which were often violently suppressed. Civil society organizations and representatives of the Christian church supported the demands of the opposition. The legislative elections of 20 December 2018, boycotted by the major opposition parties, resulted in an easy victory of the ruling party. The local elections, crucial for democratization at the grass-roots, but postponed time and again since 1987, were again postponed in December 2018 sine die. The human rights record of the government has improved but remains poor. Despite undeniable improvements to the framework and appearance of the regime's key institutions during the review period, democracy remains far from complete. However, the international community, notably Togo’s African peers, the AU and ECOWAS, followed a ‘laissez-faire’ approach in the interests of regional stability and their national interests in dealing with Togo. Economic growth remained stable at about 5% per annum. Public investment in infrastructure (e.g. roads, harbour) and increases in agricultural productivity, notably of export crops, had been the key drivers of economic growth. However, growth remains vulnerable to external shocks and the climate and has not been inclusive. Positive growth was overshadowed by increasing inter-personal and regional inequality as well as an increase in extreme poverty. Moreover, money-laundering, illegal money transfers and trafficking grew alarmingly. The business climate improved considerably nevertheless.
    Description: Author’s extended and up-dated version of ‘BTI 2020 – Togo Country Report’ (forthcoming)
    Description: RÉSUMÉ: Le clan Gnassingbé dirige le pays depuis 1967. La demande d'alternance politique, initiée par des réformes institutionnelles et électorales, a constitué le principal différend entre le gouvernement et les rivaux du régime de Gnassingbé tout au long de la période d'enquête. Une alliance de partis d'opposition et de groupes de la société civile a organisé des manifestations pacifiques contre le régime, qui ont souvent été réprimées avec violence. Les organisations de la société civile et les représentants de l'église chrétienne ont soutenu les revendications de l'opposition. Les élections législatives du 20 décembre 2018, boycottées par les principaux partis de l'opposition, ont permis une victoire facile du parti au pouvoir. Les élections locales, cruciales pour la démocratisation à la base, mais reportées à plusieurs reprises depuis 1987, ont été à nouveau reportées en décembre 2018 sine die. Le bilan du gouvernement en matière de droits de l'homme s'est amélioré mais reste médiocre. Malgré des améliorations indéniables du cadre et de l’apparence des principales institutions du régime au cours de la période considérée, la démocratie est loin d’être achevée. Cependant, la communauté internationale, notamment ses homologues africains du Togo, l’UA et la CEDEAO, a adopté une approche de «laisser-faire» dans l’intérêt de la stabilité régionale et de leurs intérêts nationaux face au Togo. La croissance économique est restée stable à environ 5% par an. Les investissements publics dans les infrastructures (par exemple, les routes et les ports) et l’augmentation de la productivité agricole, notamment des cultures d’exportation, ont été les principaux moteurs de la croissance économique. Cependant, la croissance reste vulnérable aux chocs extérieurs et au climat et n’a pas été inclusive. La croissance positive a été éclipsée par l'augmentation des inégalités interpersonnelles et régionales ainsi que par l'augmentation de l'extrême pauvreté. En outre, le blanchiment d’argent, les transferts d’argent illégal et le trafic se sont multipliés de manière alarmante. Le climat des affaires s’est néanmoins considérablement amélioré. ---------------------------------------------------------------------------------------------------------------------------------------------- ZUSAMMENFASSUNG: Der Gnassingbé-Clan hat das Land seit 1967 regiert. Die Forderungen nach institutionellen und Wahlrechtreformen sowie nach politischem Wandel bildeten während des Erhebungszeitraums das umstrittenste Thema zwischen der Regierung und den Herausforderern des Gnassingbé-Regimes. Ein Bündnis von Oppositionsparteien und zivilgesellschaftlichen Gruppen organisierte friedliche Demonstrationen gegen das Regime, die oft gewaltsam unterdrückt wurden. Zivilgesellschaftliche Organisationen und Vertreter der christlichen Kirche unterstützten die Forderungen der Opposition. Die Parlamentswahlen vom 20. Dezember 2018, die von den großen Oppositionsparteien boykottiert wurden, führten zu einem leichten Sieg der Regierungspartei. Die für die Demokratisierung an der Basis entscheidenden Kommunalwahlen, die seit 1987 immer wieder verschoben wurden, wurden im Dezember 2018 erneut auf unbestimmte Zeit verschoben. Die Menschenrechtsbilanz der Regierung hat sich verbessert, ist aber nach wie vor schlecht. Trotz unbestreitbarer Verbesserungen der Rahmenbedingungen und des Erscheinungsbildes der wichtigsten Institutionen des Regimes im Überprüfungszeitraum ist die Demokratisierung bei weitem nicht vollständig. Die internationale Gemeinschaft, insbesondere die afrikanischen peers des togosichen Präsidenten, die AU und die ECOWAS, verfolgten jedoch einen "Laissez-faire" -Ansatz im Interesse der regionalen Stabilität und ihrer nationalen Interessen im Umgang mit Togo. Das Wirtschaftswachstum blieb stabil bei etwa 5% pro Jahr. Öffentliche Investitionen in die Infrastruktur (z. B. Straßen, Häfen) und die Steigerung der landwirtschaftlichen Produktivität, insbesondere von Exportkulturen, waren die Hauptfaktoren des Wirtschaftswachstums. Das Wachstum bleibt jedoch anfällig für externe Schocks und das Wachstum war nicht inklusiv. Das positive Wachstum wurde durch die zunehmende Ungleichheit zwischen Personen und Regionen sowie durch die Zunahme extremer Armut überschattet. Darüber hinaus nahmen Geldwäsche, illegale Geldüberweisungen und Menschenhandel alarmierend zu. Das Geschäftsklima hat sich dennoch deutlich verbessert.
    Keywords: A14 ; F35 ; N97 ; O17 ; O55 ; Z13 ; ddc:330 ; Togo ; West Africa ; ECOWAS ; WAEMU ; Democratization ; Good Governance
    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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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2019-05-10
    Description: In der vorliegenden Studie werden zunächst die weltweiten konjunkturellen Aussichten für das Ende des Jahres 2018 und für die Jahre 2019 bis 2023 dargestellt. Dabei wird folgender Länderkreis betrachtet: Deutschland, Frankreich, Griechenland, Großbritannien, Irland, Italien, Niederlande, Polen, Portugal, Schweden, Slowakei, Spanien und Tschechien. Im Herbst 2018 sind die Unsicherheiten über den Fortgang der Weltkonjunktur groß. Bis zum Sommer expandierte die globale Produktion zwar weiterhin recht kräftig. In den meisten Ländern schätzen die Unternehmen aber gegenwärtig ihre Geschäftslage deutlich weniger günstig ein als in der ersten Jahreshälfte, und im Oktober haben die Aktienbewertungen weltweit deutlich nachgegeben. Auch stellen sich nunmehr die finanziellen Rahmenbedingungen für die Schwellenländer aufgrund eines Rückzugs von internationalen Investoren schlechter dar. Allerdings dürfte in den meisten fortgeschrittenen Volkswirtschaften die Binnenkonjunktur angesichts eines zumindest bis in das Jahr 2019 hinein insgesamt expansiven geld- und finanzpolitischen Umfelds zunächst recht kräftig bleiben. Belastend wirken indes die protektionistischen Maßnahmen der US-Politik sowie die Verunsicherung über die Zukunft der Welthandelsordnung. Ein Hauptrisiko für die Weltkonjunktur ist gegenwärtig die Gefahr einer weiteren Zuspitzung des Handelskonflikts zwischen den USA und China. Aber auch die handelspolitischen Spannungen zwischen den USA und der Europäischen Union sind noch nicht ausgeräumt. Speziell für die Konjunktur in Europa sind zwei Risiken zu nennen: zum einen die Möglichkeit eines ungeordneten Austritts Großbritanniens aus der EU im Frühjahr 2019, zum anderen eine neue Schuldenkrise, falls die Regierung Italiens ihre expansiven finanzpolitischen Vorhaben in großem Stil umsetzt und dabei weiter Vertrauen der Finanzmärkte in die Solvenz des italienischen Staates verspielt. Die wahrscheinlichste wirtschaftliche Entwicklung in dem betrachteten Länderkreis (Basisszenario) wird anhand grundlegender volkswirtschaftlicher Kennzahlen, etwa der Zuwachsrate des Bruttoinlandsprodukts, beschrieben. Es wird auch die Entwicklung für den Fall skizziert, dass die Weltwirtschaft eine ungünstige, eine sehr ungünstige Wendung (mittelschweres und schweres Negativszenario), oder auch eine günstige Wendung nimmt (Positivszenario). Das mittelschwere Negativszenario ist so gewählt, dass die gesamtwirtschaftliche Produktion in der betrachteten Ländergruppe im Jahr 2019 gemäß der aus dem Modell resultierenden Wahrscheinlichkeitsverteilung nur mit einer Wahrscheinlichkeit von 10% noch geringer ausfällt; das schwere Negativszenario ist so gewählt, dass sich mit einerWahrscheinlichkeit von nur 1% eine noch geringere Produktion realisieren dürfte. Das Positivszenario wird schließlich so gewählt, dass es mit einer Wahrscheinlichkeit von nur 10% zu einer noch höheren Produktion in der genannten Ländergruppe kommen dürfte. Im Basisszenario liegt der Produktionszuwachs im betrachteten europäischen Länderkreis in den Jahren 2018 und 2019 bei jeweils 1,9%. Im Fall eines mittelschweren Einbruchs bleibt die Zuwachsrate der europäischen Ländergruppe im Jahr 2019 mit 0,3% um 1,6 Prozentpunkte unter der Rate im Basisszenario, im Fall eines schweren Einbruchs mit -1% um 2,9 Prozentpunkte. Besonders stark bricht in den negativen Risikoszenarien die Produktion in Griechenland, Irland, der Slowakei und Polen ein. Besonders stabil ist die Produktion dagegen in Frankreich. Der weltwirtschaftliche Schock reduziert die Produktion in Deutschland ungefähr so stark wie im Durchschnitt der Ländergruppe, die deutsche Wirtschaft erholt sich dann aber besonders rasch. Die länderspezifischen Szenarien erlauben auch die Antwort auf die Frage, wie stark die deutsche Wirtschaft von dem Wirtschaftseinbruch eines bestimmten Landes aus dem europäischen Länderkreis betroffen ist. Es zeigt sich, dass es für Deutschland nur bei einem schweren Einbruch der Konjunktur in Großbritannien, den Niederlanden und Polen zu messbaren Produktionsverlusten kommt. Zuletzt wird ein Szenario betrachtet, in dem ein mehrjähriger weltwirtschaftlicher Wirtschaftseinbruch mit einer deutlichen Erhöhung der Zinsen einhergeht. Ein solches Szenario könnte sich etwa aus einem Verlust an Vertrauen von Unternehmen und Haushalten in die Stabilitätsorientierung der Geldpolitik entwickeln. In einem solchen Fall können die Zentralbanken gezwungen sein, ihre Reputation durch eine Hochzinspolitik wieder herzustellen auch unter Inkaufnahme einer längeren Phase gesamtwirtschaftlicher Unterauslastung.
    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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  • 3
    Publication Date: 2019-05-10
    Description: Now in its third compliance period, we can look back at more than 12 years of existence of the emissions trading system (ETS) in the European Union. The focus of this paper is to review the empirical literature on price formation in the EU ETS. As a reoccurring concept, we draw on a simple theoretical model of price formation that we subsequently extend to accommodate three different strands of literature. First, we gather evidence based on empirical papers which look at the role of fundamental price drivers. Second, we review the event study literature, where political and regulatory uncertainty is the main topic. Third, we devote a major part to finance literature in this market. In every section, we pay special attention to the challenges that arise when empirically modeling allowance prices in this complex market. We emphasize that there is a need for more evidence and possibly alternative approaches due to the complex interplay of compliance and finance trading motives. As a result, the findings of this review provide important lessons about price formation in the EU ETS, which can also inform the design of such programs in other countries.
    Keywords: Q48 ; Q50 ; ddc:330 ; Emission Trading ; EU ETS ; Carbon Pricing
    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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    Frankfurt a. M.: Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
    Publication Date: 2019-05-10
    Description: Do household in ation expectations affect consumption-savings decisions? We link survey data on quantitative in ation expectations to administrative data on income and wealth. We document that households with higher in ation expectations save less. Estimating panel data models with year and household fixed effects, we find that a one percentage point increase in a household's in ation expectation over time is associated with a 250-400 euro reduction in the household's change in net worth per year on average. We also document that households with higher in ation expectations are more likely to acquire a car and acquire higher-value cars. In addition, we provide a quantitative model of household-level in ation expectations.
    Keywords: ddc:330
    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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    Kiel, Hamburg: ZBW – Leibniz Information Centre for Economics
    Publication Date: 2019-05-10
    Description: This article introduces a quantitative measure of trade policy space at the national level, and investigates empirically whether it influences foreign direct investment (FDI) flows to countries. The empirical analysis covers an unbalanced panel dataset of 158 countries (both developed and developing countries), over the period 1995-2015, and uses the two-step system Generalized Methods of Moments (GMM) approach. Results suggest that the impact of trade policy space on FDI inflows is positive and increases as countries enjoy greater trade policy space. Furthermore, advanced economies tend to experience a higher positive impact of trade policy space on FDI inflows than less advanced economies. Overall, trade policy space matters significantly for countries' FDI inflows.
    Keywords: ddc:330 ; Trade policy space ; FDI inflows
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    Publication Date: 2019-05-10
    Description: This paper analyzes the relationship between education and health outcomes using a natural experiment in Turkey. The compulsory schooling increased from 5 to 8 years in 1997. This increase was accompanied by a massive construction of classrooms and recruitment of teachers in a differential rate across regions. As in previous studies, we confirm that the 1997 reform substantially increased education in Turkey. Using the number of new middle school class openings per 1000 children as an intensity measure for the 1997 reform, we find that, on average, one additional middle school class increases the probability of completion of 8 years or more of schooling by about 7.1 percentage points. We use this exogenous increase in the educational attainment to investigate the impact of education on body mass index, obesity, smoking behavior, and self-rated health, as well as the effect of maternal education on the infant’s well-being. Using ordinary least squares, we find that there is a statistically significant favorable effect of education on health outcomes and behavior. However, this relationship becomes insignificant when we account for the endogeneity of education and health by instrumenting education with exogenous variations generated by the 1997 reform and the accompanying middle school class openings. The insignificance of the health effect may be due to lack of statistical power in our data, or to the fact that this policy affects only relatively low levels of schooling and the health effects of education need to be examined at higher levels of schooling.
    Keywords: C26 ; I12 ; I21 ; I28 ; ddc:330 ; health ; education ; compulsory schooling ; body mass index ; obesity ; smoking ; selfrated health ; maternal education ; infant’s well-being ; Turkey
    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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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Hidden Champions (HCs) are firms unknown to the wider public, but global leaders in the niche markets they serve. This paper looks at distinctive features of these firms, focusing on their dynamic capabilities. Employing a unique data base on German firms, we identify a representative sample of German HCs. Based on a matching technique, we examine differences to other firms in terms of the firms' processes, position, and path. We find that HCs' competitive strategy rests on technology leadership and customisation. HCs are more open in their knowledge management, but without compromising control over the new product development process. HCs do not invest more into innovation, but achieve higher innovation success. The higher efficiency can be linked to their superior technological capabilities and to higher investment in human capital and HR management practices that mobilise the creative potential of their employees.
    Keywords: L21 ; L25 ; M10 ; M21 ; O31 ; O32 ; ddc:330 ; Hidden Champions ; Germany ; Competitive Strategy ; Knowledge Management ; Innovation ; Dynamic Firm Capabilities
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 8
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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Circular economy (CE) describes an economic concept that aims at saving resources by minimizing the use of material and energy over the entire life-cycle or products, including repair, reuse and recycling. CE innovations help to realize the goals of a sustainable development and target both the environmental, economic and social dimensions of sustainability. This paper looks at the economic and social dimensions by investigating the performance and employment effects of CE innovations at the firm level. CE innovations such as the reduction of energy and material consumption or the recycling of waste, water or material may lead to cost savings which in turn can increase the competitiveness of the firm and raise demand for a firm's products. Our econometric analysis uses data of two waves of the German part of the Community Innovation Survey (CIS). The performance effects of CE innovations measured by the financial standing of a firm and by turnover growth tend to be positive. The results of quantile regressions show that this is also the case for employment effects.
    Keywords: C21 ; Q01 ; Q55 ; ddc:330 ; circular economy ; Community Innovation Survey ; eco-innovation ; quantile regression
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 9
    Publication Date: 2019-05-08
    Description: This paper studies the effects and causal links between the shadow economy and the unemployment rate using a dynamic simultaneous-equation panel data model for 38 developing and 40 developed countries over the 2000−2015 period. The analysis suggests that there is a unidirectional and negative causality running from the unemployment rate to the shadow economy in the developing countries. However, in the developed countries, there is a bidirectional and negative causal relationship between the shadow economy and unemployment rate. The sensitivity of the results makes the authors realize that institutional quality interacts strongly with the relationship between the shadow economy and the unemployment rate. In countries with a good institutional quality, the unemployment rate is associated with a weak informal economy, whereas in countries with low institutional quality, it strongly drives the informal economy.
    Keywords: O17 ; E26 ; J60 ; ddc:330 ; shadow economy ; unemployment rate ; institutional quality ; dynamic simultaneous-equation panel data models
    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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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Fiscal policymakers are expected to conduct countercyclical policies to mitigate cyclical fluctuations of output, but the assessment of cyclical conditions in real time is subject to considerable uncertainty. They face two types of risk: (i) launching discretionary measures to support or dampen aggregate demand when no measures are required (type I error), or (ii) not launching any stabilising measures when this is warranted by cyclical conditions (type II error). A rational policymaker could manage these risks by correcting real-time estimates for past errors, notably the apparent tendency to underestimate good times when they occur. In practice, however, fiscal policy has been largely pro-cyclical or a-cyclical at best. Using statistical decision theory, we calculate thresholds for realtime output gap estimates beyond which governments could launch stabilisation measures, so as to reduce the risk of running pro-cyclical policies. We consider different preferences for avoiding type I or type II errors, and for addressing upside and downside growth risks. We show that the tendency to run pro-cyclical fiscal policy and the ensuing deficit bias can reflect two factors: a preference for activism that is, attaching a lower cost to type I errors, combined with an inclination to be gloomy about cyclical conditions.
    Keywords: E62 ; E63 ; H68 ; ddc:330 ; fiscal stabilisation ; pro-cyclical fiscal policy ; risk management ; real-time output gap estimates
    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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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Because China has become one of the largest applicants of PCT patents, it is of interest to compare the quality of Chinese and non-Chinese applications. We extend a quality index based on internationally comparable citation data from international search reports (ISR) to consider foreign, domestic, and self citations. Whereas foreign citations show that Chinese PCT patent applications reach only a third of the non-Chinese quality benchmark, the extension towards domestic and self citations suggests a higher quality level that converges to or even surpasses the benchmark. We investigate these differences based on firm-level regressions and find that in China, only foreign citations, but not domestic and self citations, have a significant and positive relation to R&D stocks. Using Germany as a representative country without policy support for patenting, we show that all three citations types may be used as economic indicators if policy distortion is not a concern. Our results show that domestic and self citations suffer from an upward bias in China and should be employed with caution if they are to be interpreted as a measure of patent quality.
    Keywords: O34 ; O3 ; ddc:330 ; patent quality ; cross-country comparison ; China
    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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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-05-08
    Description: A hedge fund's capital structure is fragile because uninformed fund investors are highly loss sensitive and easily withdraw capital in response to bad news. Hedge fund managers, sharing common investors and interacting with each other through market price, sensitively react to other funds' investment decisions. In this environment, panic-based market runs can arise not because of systematic risk but because of the fear of runs. The authors find that when the market regime changes from a normal state to a "bad" state (in which runs are possible), hedge funds reduce investment prior to runs. In addition, the market runs are more likely to occur in a market where hedge funds hold greater market exposure and uninformed traders have greater sensitivity to past price movement.
    Keywords: G01 ; G23 ; ddc:330 ; market sustainability ; market runs ; hedge funds ; limits of arbitrage ; financial crises ; synchronization risk
    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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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Is a firm's ability to export an important determinant of environmental performance? To answer this question, we construct a unique micro dataset that merged two rich firm-level datasets for China for 2007. When combining this new dataset with well-received empirical specifications, we found that both export status and export intensity are associated with lower sulfur dioxide (SO2) emissions intensity. In addition to the traditional OLS estimation, we verified this association by using the propensity score matching method. Our findings show that the baseline result still holds. In short, exporters are more environmentally friendly than non-exporters,which is in line with previous evidence reported for developed economies. We further discuss mechanisms that explain the observed pattern and show that exporters realize higher abatement efforts compared to non-exporters. This study complements the literature in terms of providing China's micro evidence on SO2 abatement efforts. It also serves as a first step toward a better understanding of the impact of trade on the environment, especially in developing countries.
    Keywords: F18 ; Q53 ; Q56 ; ddc:330 ; Exporters and the environment ; firm heterogeneity ; SO2 emissions ; abatement
    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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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2019-05-08
    Description: In this paper, I propose a life cycle model of painkiller consumption that combines the theory of health deficit accumulation with the theory of addiction. Chronic pain is conceptualized as a persistent negative shock to lifetime utility that can be treated by pain relief medication. Individuals treated with opioid pain relievers (OPR) develop addiction, which increases their demand for opioids and reduces their welfare and life expectancy through side effects and potential overdose. I calibrate the model for a benchmark American and investigate the comparative dynamics of alternative drug characteristics, pain intensities, and ages of onsets of pain and their implications for welfare and life expectancy. Computational experiments are used to identify fully rational and imperfectly rational addiction behavior. Fully rational addicts quickly quit OPR use when new information about their addictive potential arrives. Imperfectly rational addicts further develop their addiction and switch to illicit opioid use. Likewise, a discontinued prescription helps fully rational addicts to quit quickly while it induces imperfectly rational individuals to take up heroin. I also discuss treatment of OPR addiction and the use of opioids in palliative care.
    Description: First Version: December 2018. This Version: May 2019.
    Keywords: D15 ; D91 ; I10 ; I12 ; ddc:330 ; pain ; pain relief ; addiction ; opioid epidemic ; health deficits ; life expectancy ; illicit drugs
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  • 15
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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-05-08
    Description: Working from home (WfH) has become much more common since the early 2000s. We exploit the German Socio-Economic Panel between 1997 and 2014 to investigate how such a work arrangement affects labour market outcomes and life satisfaction. We find that childless employees work an extra hour per week of unpaid overtime and report higher satisfaction after taking up WfH. Among parents, WfH reduces the gender gap in working hours and monthly earnings, as contractual hours increase more among mothers. Hourly wages, however, increase with WfH take-up among fathers, but not among mothers unless they change employer. This points to poorer bargaining outcomes for women compared to men when staying with the same employer. Controlling for selection into paid employment due to changes in unobserved characteristics or preferences does not affect the magnitude of the effects.
    Keywords: J2 ; J31 ; O33 ; ddc:330 ; working from home ; working hours ; wages ; gender ; flexible work arrangements.
    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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    Essen: Global Labor Organization (GLO)
    Publication Date: 2019-05-08
    Description: We show that current differences in trust levels within former Soviet Union countries can be traced back to the system of forced prison labor during Stalin's rule, which was marked by high incarceration rates, repression, and harsh punishments. We argue that those exposed to forced labor camps (gulags) became less trusting and transferred this social norm to their descendants. Combining contemporary individual-level survey data with historical information on the location of forced labor camps, we find that individuals who live near former gulags have low levels of social and institutional trust. Our results are robust to a battery of sensitivity checks, which suggests that the relationship we document is causal. We outline several causal mechanisms and test whether the social norm of mistrust near gulags developed because of political repression or due to fear that inmates bring criminality. As such, we provide novel evidence on the channels through which history matters for current socio-economic outcomes today.
    Keywords: D02 ; H10 ; N94 ; Z13 ; ddc:330 ; social trust ; institutional trust ; trustworthiness ; forced labor ; economic history ; former Soviet Union
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Essen: Global Labor Organization (GLO)
    Publication Date: 2019-05-08
    Description: The objective of this paper is twofold: first, to determine the immigrants' ethnic identity, i.e. the degree of identification to the culture and society of the country of origin and the host country and second, to investigate the impact of ethnic identity on the immigrants' employment outcomes. Using rich survey data from France and relying on a polychoric principal component analysis, this paper proposes two richer measures of ethnic identity than the ones used in the literature, namely: i) the degree of commitment to the origin country culture and ii) the extent to which the individual holds multiple identities. The paper investigates the impact of the ethnic identity measures on the employment outcomes of immigrants in France. The results show that having multiple identities improves the employment outcomes of the migrants and contribute to help design effective post-immigration policies.
    Keywords: J15 ; J21 ; J71 ; Z13 ; ddc:330 ; Ethnic Identity ; Immigration ; Employment ; Polychoric Principal Component Analysis
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-05-09
    Description: We investigate the impact of errors in medium run tax revenue forecasts on the final budget balance. Our analysis is based on fiscal data for the entirety of German states and takes advantage of revenue forecasts and respective errors that can be considered as exogenously given in the budgeting process. We find that forecast errors at various forecast horizons translate considerably into the final budget balance, indicating that expenditure plans get only marginally adjusted when revenue forecasts get revised. Consequently, the accuracy of medium run forecasts considerably affects the sustainability of public finances. Our calculations suggest that a significant share of total debt of German states results from revenue forecasts that were too optimistic.
    Keywords: E62 ; H61 ; H68 ; ddc:330 ; fiscal policy ; fiscal planning ; medium run forecasting ; budget balance ; public debt
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    Publication Date: 2019-05-09
    Description: We provide a simulation smoother to a exible state-space model with lagged states and lagged dependent variables. Qian (2014) has introduced this state-space model and proposes a fast Kalman filter with time-varying state dimension in the presence of missing observations in the data. In this paper, we derive the corresponding Kalman smoother moments and propose an efficient simulation smoother, which relies on mean corrections for unconditional vectors. When applied to a factor model, the proposed simulation smoother for the states is efficient compared to other state-space models without lagged states and/or lagged dependent variables in terms of computing time.
    Keywords: C11 ; C32 ; C38 ; C63 ; C55 ; ddc:330 ; state-space model ; missing observations ; Kalman filter and smoother ; simulation smoothing ; factor model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2019-05-09
    Description: Some consumption opportunities are both indivisible and only valuable in particular tates of nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In general, people are not risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the context of state-dependent preferences and investigate the different motives underlying insurance demand. The same reasons that rule out risk aversion turn out to be the basis of a desire to insure. This calls into question the standard approach that bases insurance demand on risk aversion with important implications for policy and research.
    Description: Einige Konsummöglichkeiten sind nicht teilbar und nur in bestimmten Naturzuständen wertvoll. Die Existenz solcher zustandsabhängigen, unteilbaren Konsummöglichkeiten beeinflusst das Risikoverhalten einer Person. Im Allgemeinen sind die Menschen nicht mehr risikoscheu, auch wenn der Nutzen aus dem teilbaren Konsum konkav ist. Ich schlage eine Definition von Versicherung im Zusammenhang mit zustandsabhängigen Präferenzen vor und untersuche die verschiedenen Motive für Versicherungsnachfrage. Die gleichen Gründe, die Risikoaversion ausschließen, erweisen sich als Grundlage für den Wunsch nach einer Versicherung. Damit wird der Standardansatz in Frage gestellt, nach dem Versicherungsnachfrage auf Risikoaversion beruht, mit wichtigen Konsequenzen für Politik und Forschung.
    Keywords: D01 ; D81 ; ddc:330 ; risk preferences ; indivisible consumption ; insurance ; gambling
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2019-05-09
    Description: Using firm-level data between 2004 and 2012 for eleven countries of the European Union (EU), we document the size of product and labour market imperfections within narrowly defined sectors including services which are virtually undocumented. Our findings suggest that perfect competition in both product and labour markets is widely rejected. Levels of the price-cost margin and union bargaining power tend to be higher in some service sectors depicting however substantial heterogeneity. Dispersion within sector and across countries tends to be higher in some services sectors assuming a less tradable nature which suggests that the Single Market integration is partial particularly relaxing the assumption of perfect competition in the labour market. We report also figures for the aggregate economy and show that Eastern countries tend to depict lower product and labour market imperfections compared to other countries in the EU. Also, we provide evidence in favour of a very limited adjustment of both product and labour market imperfections following the international and financial crisis.
    Keywords: D40 ; J50 ; L10 ; ddc:330 ; market imperfection ; market structure ; nash bargaining ; European Union
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2019-05-09
    Description: Equilibrium real exchange rate and corresponding misalignment estimates differ tremendously depending on the panel estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the cross-section (space) variation in the panel. The study shows that conventional panel estimation methods (pooled OLS, fixed, random, and between effects) can be interpreted as restricted versions of a correlated random effects (CRE) model. It formally derives the distortion that arises if these restrictions are violated and uses two empirical applications from the literature to show that the distortion is generally very large. This suggests the use of the CRE model for the panel estimation of equilibrium real exchange rates and misalignments.
    Keywords: F31 ; C23 ; ddc:330 ; equilibrium real exchange rate ; panel estimation method ; correlated random effects model ; productivity approach ; BEER ; price competitiveness
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 23
    Publication Date: 2019-05-09
    Description: Many studies have shown that childhood circumstances can have long term consequences that persist until old age. To better understand the transmission of early life circumstances, this paper analyses the effects of health and financial situation during childhood on quality of life after retirement as well as the mediating role of later life health, educational level, and income in this association. Moreover, this study is the first to compare these pathways across European regions. The analyses are based on data of 13,092 retirees aged 〉 60 and 〈 85 years from the fifth wave of the Survey of Health, Aging, and Retirement in Europe (SHARE) with full information on childhood and later life measures of health, educational level, financial situation, and quality of life as well as relevant covariates. Five European regions are studied: Central-Western Europe (Austria, Germany), Central-Eastern Europe (Czech Republic, Estonia, Slovenia), Northern Europe (Denmark, Sweden), Southern Europe (Italy, Spain), and Western Europe (Belgium, France, The Netherlands). Path analysis is used to identify the direct and indirect effects of childhood measures on quality of life. We find retirees' quality of life to be associated with childhood finances and health in all five European regions. While both the direct and indirect effects of childhood health are rather moderate and homogeneous across regions, especially the direct effects of childhood finances on quality of life after retirement display a distinct North-South gradient being strongest in Southern Europe. Potential explanations for the regional variations are differences in the countries' welfare systems.
    Description: Viele Studien belegen, dass sozioökonomische Faktoren der Kindheit langfristige Folgen bis ins hohe Alter haben können. Um diesen Zusammenhang besser zu durchleuchten, analysiert dieses Papier die Auswirkungen der gesundheitlichen und finanziellen Situation in der Kindheit auf die Lebensqualität im Rentenalter sowie den Einfluss des Bildungsniveaus und des Einkommens sowie der Gesundheit im Rentenalter als potenzielle Mediatoren in diesem Zusammenhang. Darüber hinaus vergleichen wir erstmals die Effekte in verschiedenen europäischen Regionen. Die Ergebnisse basieren auf Daten von 13.092 Rentnern im Alter von 〉 60 und 〈 85 Jahren aus der fünften Welle des Survey of Health, Ageing, and Retirement in Europe (SHARE) mit vollständigen Informationen über die Kindheit und Angaben zu Gesundheit, Bildungsniveau, finanzieller Situation und Lebensqualität im Alter sowie relevanten Kovariablen. Fünf europäische Regionen werden untersucht: Mittelwesteuropa (Österreich, Deutschland), Mittelosteuropa (Tschechien, Estland, Slowenien), Nordeuropa (Dänemark, Schweden), Südeuropa (Italien, Spanien) und Westeuropa (Belgien, Frankreich, Niederlande). Wir nutzen Pfadanalysen, um direkte und indirekte Effekte der sozioökonomischen Faktoren in der Kindheit auf die Lebensqualität zu identifizieren. Unsere Ergebnisse zeigen, dass die Lebensqualität im Rentenalter in allen fünf europäischen Regionen mit der finanziellen Situation sowie der Gesundheit im Kindesalter verbunden ist. Während sowohl die direkten als auch die indirekten Effekte der Gesundheit im Kindesalter in den Regionen eher moderat und homogen sind, zeigen insbesondere die direkten Effekte der finanziellen Situation im Kindesalter auf die Lebensqualität im Rentenalter ein deutliches Nord-Süd-Gefälle, mit den stärksten Effekten in Südeuropa. Mögliche Erklärungen für die regionalen Unterschiede sind Unterschiede in den Wohlfahrt- und Sozialsystemen der Länder.
    Keywords: H75 ; I31 ; J14 ; ddc:330 ; early life circumstances ; life course epidemiology ; retirement phase ; quality of life ; path analysis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Göttingen: Courant Research Centre Poverty, Equity and Growth
    Publication Date: 2019-05-09
    Description: A crucial prerequisite for the success of development interventions is their uptake in the targeted population. We use the setup of an intervention conducted in Indonesia and Pakistan to investigate dis-/incentivizing factors for program's uptake and support. Making use of a framework grounded in psychological theory, "The Theory of Planned Behaviour", we consider three determinants for intervention uptake: personal attitudes, the social influence of important others and the perceived ease of intervention use. As most development interventions are characterized by a cooperation among local and international agents, we investigate further a potentially important dis-/incentivizing factor: the salience of the implementer's background. Our findings show that attitudes, important others and ease of intervention use are indeed associated with increased uptake in our two culturally different settings. Conducting a framed field experiment in Indonesia we show further that the study population in the Acehnese context exhibits higher levels of support for the project if the participation of international actors is highlighted. We find that previous experience with the respective actor is pivotal. To strengthen supportive behaviour by the target population for locally led projects, it is essential to strengthen local capabilities to create positive experiences. Hence, our results encourage development research and cooperation, first, to consider personal attitudes, the social influence of important others and the perceived ease of intervention use in the design of interventions in order to increase uptake. Second, depending on the country context, implementers should consider the previous experience with and attitude towards partners - either local or international - when aiming to achieve behavioural change.
    Keywords: ddc:330 ; Theory of Planned Behaviour ; Framed Field Experiment ; Implementation Research ; Public Health
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2019-05-09
    Description: In a parsimonious regime switching model, expected consumption growth varies over time. Adding in ation as a conditioning variable, we uncover two states in which expected consumption growth is low, one with high and one with negative expected in ation. Embedded in a general equilibrium asset pricing model with learning, these dynamics replicate the observed time variation in stock return volatilities and stock-bond return correlations. Furthermore, they provide an alternative way to come up with a measure of time-varying disaster risk in the spirit of Wachter (2013). Our findings imply that both the disaster and the long-run risk paradigm can be extended towards explaining movements in the stock-bond return correlation.
    Keywords: E31 ; E44 ; G12 ; ddc:330 ; long-run risk ; inflation ; recursive utility ; filtering ; disaster risk
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-05-09
    Description: Mindfulness could influence economic and health related behaviour by bringing about increased and unbiased attention to the present moment, for example to a decision making process. This study explores the relationship between mindfulness and economic preferences, and consequently well-being, of adolescents. Comprehensive data of 525 German secondary school students were elicited and show no evidence for a strong linear or non-linear correlation between mindfulness and economic preferences. However, both mindfulness and preferences have explanatory power for adolescents' field behaviour and thus contribute to explaining variation in behaviour that may translate into serious health and economic consequences. In this regard, my findings indicate that the two concepts play rather complementary than substitutable roles, which implies that an integration of economic preferences and personality traits such as mindfulness may improve the analysis of potential sources of variation in life outcomes. As mindfulness reflects on a healthier lifestyle (less smoking and smaller BMI) and higher life satisfaction, the findings furthermore point into the direction that the development of mindfulness skills might help students to grow social-emotional capacities and increase physical and psychological well-being.
    Keywords: C93 ; D81 ; D90 ; I12 ; I20 ; ddc:330 ; time preference ; risk preferences ; mindfulness ; personality ; experiments with adolescents ; subjective well-being
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 27
    Publication Date: 2019-05-09
    Description: Повышение урожайности сельскохозяйственных культур играет решающую роль в удовлетворении растущего спроса на продовольствие в мире. Россия облада-ет значительным потенциалом увеличения сельскохозяйственного производства, не использованным в полной мере, поскольку текущая урожайность зерновых культур значительно ниже потенциально достижимой урожайности. Регион Западной Си-бири – одна из важнейших житниц России, где урожайность пшеницы особенно отстает от своего биофизического и технологического потенциала. Цель исследова-ния заключалась в оценке детерминант пространственной вариабильности урожай-ности пшеницы, основываясь на данных реальной практики земледелия сельскохо-зяйственных производителей Алтайского края в Западной Сибири. Было проведено 67 структурированных интервью о потенциальных детерминантах урожайности пшеницы с управленческим звеном сельскохозяйственных предприятий различ-ных форм собственности, включая крестьянско-фермерские хозяйства. Интервью были дополнены 149 наблюдениями, полученными на основе данных системати-ческого мониторинга сельскохозяйственного производства в Алтайском крае. В ра-боте использованы байесовские сети (БС) для представления взаимосвязей между объясняющими переменными и урожайностью пшеницы и изучения ожидаемых реакций продуктивности культуры в различных сценарных условиях. Результаты показали, что более высокая урожайность чаще достигается более крупными про-изводителями, чем средними и малыми. Результаты подтвердили наблюдения, сви-детельствующие о том, что применение удобрений и средств защиты растений, как и внедрение нового оборудования (технологий), оказывает положительное влияние на среднюю урожайность пшеницы, которая является базовой в регионе. Сценарий возрастания производственных издержек и снижения сумм осадков ожидаемо при-ведет к снижению урожайности в среднем с 7,6 до 5,3 ц/га. В целом исследование показало, что политика, направленная на увеличение урожайности сельскохозяй-ственных культур, должна учитывать развитие образовательной среды менеджеров и специалистов сельскохозяйственных предприятий и стимулировать меры по вне-сению удобрений и соблюдение рекомендаций агрономической науки. Особенный фокус государственной аграрной политики должен быть ориентирован на развитие малых форм хозяйствования. Кроме того, аграрная политика должна быть направ-лена на перспективное решение смежных проблем, одной из которых является ни-велирование происходящего усиления засушливости климата посредством внедре-ния адаптированных к засушливым условиям технологий возделывания культур.
    Description: Higher crop yields are critical to satisfy the rising global food demand. Russia holds untapped potential for increasing agricultural production because current grain yields are often far below the potentially attainable yields. Western Siberia is an important breadbasket in Russia, where wheat yields fall particularly short of their potential. Our goal was to assess the determinants of yield variations among farmers in the province of Altai Krai in Western Siberia. We conducted 67 structured in-person interviews with corporate farm managers and individual farmers about the potential determinants of wheat yields and complemented these data with 149 additional observations obtained from the provincial agricultural extension service. We used Bayesian networks (BNs) to represent the relationships between the explanatory parameters and contemporary wheat yields and to examine qualitative future scenarios of future yields. The results revealed higher yields on larger farms than on medium and small farms. Our results corroborated that the application of fertilizers and herbicides and the implementation of new equipment had large positive impacts on the yields. The scenario of higher future production costs and lower precipitation resulted in a yield reduction from 7.6 dt/ha to 5.3. Overall, our results suggest that policies aimed at increasing wheat yields should concentrate on the education of farmers and encourage higher input applications, particularly for small-scale farms. Additionally, policies should address concurrent challenges, such as a higher drought frequency, through the application of new equipment, seed material and tillage practices
    Keywords: C12 ; Q12 ; Q18 ; ddc:330 ; Bayesian belief network ; food security ; land-use intensity ; scenario analysis ; wheat production ; yield gap ; Russia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Russian
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2019-05-09
    Description: How do international labor markets respond to a technology shock and what is the main transmission channel across countries with different labor market institutions? To answer these questions, I identify technology shocks using the approach of Galí (1999) and decompose the responses of total hours worked into movements along the extensive and the intensive margins. Overall, my analysis shows that technology shocks have a negative effect on total hours. This effect is stronger in countries with flexible labor markets, where the adjustment takes place along both margins. In contrast, the responses of total hours are smaller in countries with strict labor market legislation, where labor adjustment takes place along the intensive margin. These differences can be linked to the strictness of institutions that target quantity and price adjustments in the labor market.
    Description: Wie reagieren internationale Arbeitsmärkte auf neue Technologien und wie unterscheiden sich Transmissionsmechanismen zwischen Ländern mit unterschiedlichen Arbeitsmarktinstitutionen? Zur Beantwortung dieser Fragen wird zunächst die Reaktion der geleisteten Arbeitsstunden insgesamt auf einen Technologieschock länderspezifisch geschätzt. Anschließend werden diese Reaktionen in die Anpassungen der Anzahl der Beschäftigten und der Arbeitsstunden je Beschäftigten zerlegt. Die Ergebnisse zeigen, dass die Arbeitsstunden insgesamt negativ auf neue Technologien reagieren. Dieser Effekt ist ausgeprägter in Ländern mit flexiblen Arbeitsmarktinstitutionen, in welchen sowohl die Anzahl der Beschäftigten als auch die Arbeitsstunden je Beschäftigten in Reaktion auf einen Technologieschock sinken. Dagegen ist der Rückgang der Arbeitsstunden kleiner in Ländern mit rigiden Arbeitsmarktinstitutionen. In diesen Ländern erfolgt die Anpassung in Folge eines Technologieschocks überwiegend über die Arbeitsstunden je Beschäftigten. Die Ergebnisse zeigen, dass es einen Zusammenhang zwischen den Transmissionsmechanismen der Technologieschocks und den internationalen Arbeitsmarktinstitutionen gibt.
    Keywords: O40 ; O57 ; E32 ; C32 ; ddc:330 ; technology shocks ; labor markets ; business cycle fluctuations ; structural identification
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-05-09
    Description: Little is known about foreign aid provided by private donors. This paper contributes to closing this research gap by comparing the allocation of private humanitarian aid to that of official humanitarian aid awarded to 140 recipient countries over the 2000-2016 period. We construct a new database that offers information on the country in which the headquarters of private donors are located to test whether private donors follow the aid allocation pattern of their home country. Our empirical results confirm that private aid "follows the flag." This finding is robust against the inclusion of various fixed effects, estimating instrumental variables models, and disaggregating private aid into corporate aid and NGO aid. Donor country-specific estimations reveal that private aid from China, Sweden, the United Kingdom, and the United States "follow the flag".
    Keywords: H84 ; F35 ; F59 ; ddc:330 ; foreign aid ; humanitarian assistance ; disaster relief ; aid allocation ; private donors ; non-governmental organizations ; corporations ; private foundations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Düsseldorf: Hans-Böckler-Stiftung
    Publication Date: 2019-05-09
    Description: Wie werden Arbeitszeitkonten im Detail geregelt? Um eine Antwort geben zu können, wurden 670 Betriebs- und Dienstvereinbarungen mit Regelungen zu Arbeitszeitkonten ausgewertet. Entstanden ist eine Übersicht zu Kurzzeitkonten und Langzeitkonten. Gefragt wurde im Detail u. a.: Wie sehen Regelungen im Detail aus, die das Funktionieren von Arbeitszeitkonten sicherstellen sollen? Wie werden Fehlverläufe repariert? Wer bestimmt, wie angesparte Zeitguthaben genutzt werden können? Welche Ziele werden mit Arbeitszeitkonten verfolgt? Welchen Einfluss haben Betriebsräte und Gewerkschaften auf die Gestaltung der Konten?
    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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  • 31
    Publication Date: 2019-03-13
    Description: European integration is increasingly contested in public. What are the policy consequences of this EU politicization? This article argues that politicization challenges the hitherto often technocratic mode of policy preparation in the European Commission. Increased public attention and contestation render the diffuse public a more relevant stakeholder for Europe’s central agenda-setter because future competence transfers to Brussels are more likely to be scrutinized in the public realm. This incentivizes Commission actors to generate widely dispersed regulatory benefits through its policy initiatives, particularly where an initiative covers publicly salient issues. Applying this expectation to 17 European consumer policy initiatives suggests that the Commission orients its policy proposals towards wide-spread consumer interest during periods of high EU politicization and issue salience. However, the mechanism is constrained by internal turf conflicts and anticipated Council preferences. These findings highlight that politicization entails both chances and risks for further, policy-driven integration in Europe.
    Keywords: ddc:330 ; consumer policy ; European Commission ; European integration ; politicization ; responsiveness ; salience
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Publication Date: 2019-02-14
    Description: Governments use tax expenditures to boost investment, innovation and employment. However, these schemes are largely opaque, costly and often ineffective in reaching their stated goals. They also frequently trigger unwanted side effects. In order to improve the performance of these tools, the authors present three concrete policy proposals: First, governments should increase transparency on tax benefits. G20 members should take the lead on this with frequent and comprehensive tax expenditure reports. Second, G20 governments should improve the design of tax incentives with the aim of minimizing the generation of windfall profits and negative spillover effects within and across (in particular, on poorer) countries. Third, governments should phase out tax expenditures that are environmentally harmful, including tax incentives for fossil fuels and other schemes that promote an unsustainable use of natural resources.
    Keywords: H2 ; H87 ; N4 ; ddc:330 ; tax expenditures ; tax incentives ; tax competition ; investment ; fossil fuel subsidies ; G20
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-02-14
    Description: In July 2017, Economics: The Open Access, Open Assessment E-Journal issued a call for papers for a special issue on 'The Practice of Replication.' In that call, the journal explained that there was no generally accepted procedure for how to do a replication. Likewise, there was no generally accepted standard for determining whether a replication 'confirms or disconfirms' an original study. Accordingly, the journal called for papers to identify principles for how to do a replication and how to interpret its results; and to apply those principles in crafting a replication plan for a study of the author's choosing. The hope was that this exercise would produce some progress on 'the practice of replication.' The special issue is now complete with a total of eight journal articles. This commentary places the respective articles within a common framework and identifies observations and lessons learned from the respective studies.
    Keywords: C10 ; C18 ; C50 ; ddc:330 ; replication ; pre-analysis plan ; reproduction ; repetition ; extension ; robustness
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  • 34
    Publication Date: 2019-02-20
    Description: Der Beitrag untersucht die Übernahmen von Unternehmen im deutschen Gesund-heitssektor durch Private Equity-Gesellschaften. Hierzu wurden Transaktionsdaten aus verschiedenen Datenquellen für die Jahre 2013 bis zum ersten Halbjahr 2018 aus-gewertet. Für diesen Zeitraum konnten rund 130 Übernahmen von Unternehmen mit einer medizinischen und pflegerischen Versorgung von Patienten ermittelt werden. Dabei hat das Tempo der Übernahmen im ersten Halbjahr 2018 stark zugenommen. Die größten Transaktionen wurden in dem Bereich Pflegeheime/-dienste getätigt, die meisten Übernahmen fanden in verschiedenen medizinischen Facharzt-Bereichen statt (u.a. Zahnmedizin, Augenheilkunde, Radiologie). In beiden Segmenten findet ein Aufbau neuer Unternehmensketten statt, bei denen zentrale Funktionen, z.B. Rech-nungswesen, Einkauf und Qualifizierung, aufgebaut und den dezentralen Betriebs-standorten bereit gestellt werden. Überwiegend sind kapitalkräftige, fonds-basierte Private Equity-Gesellschaften aus den europäischen Nachbarländern und aus den Ver-einigten Staaten aktiv. Der Beitrag beleuchtet auf der Basis von leitfadengestützten In-terviews auch Hintergründe und exploriert Konsequenzen der genannten Entwicklun-gen. Vor allem die veränderte Regulierung des Gesundheitsmarktes, das starke Kapi-talangebot der Private Equity-Gesellschaften und die Attraktivität des Gesundheitssek-tors als Anlageobjekt haben zu einer Zunahme an Übernahmen im Gesundheitssektor geführt. Der Beitrag zeigt zudem auf, in welchen Feldern (v.a. neue Investitionsstrate-gien, Beschäftigung, Arbeit und Mitbestimmung, patientenorientierte Versorgung) sich weiterführende Forschungs- und Gestaltungsfragen abzeichnen.
    Keywords: I11 ; G32 ; G23 ; ddc:330 ; Private Equity ; Finanzinvestoren ; Gesundheitsmarkt
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    Language: German
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  • 35
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    Hamburg: Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
    Publication Date: 2019-02-19
    Description: The relationship between consumption inequality (between two groups) and market concentration has hitherto been absent from the literature. This paper argues that consumption dispersion between white-collar and blue-collar workers has caused increased market concentration in the USA in a direct and long-term structural manner. Using data from the Consumption Expenditure Survey (CES) and the St. Louis Fed's FRED datasets, the argument is empirically analyzed based on yearly data for the period 1984-2011 in the USA. The results confirm the existence of a long-term relationship of causality. Applying a vector auto regressive (VAR) model to the data, we find that the variance in market concentration markup due to consumption dispersion starts to rise after the fourth period and reaches 41% in the tenth period.
    Keywords: J31 ; J51 ; J82 ; ddc:330 ; consumption ; market concentration ; white-collar workers
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  • 36
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    Hamburg: Berenberg Bank und Hamburgisches WeltWirtschaftsInstitut (HWWI)
    Publication Date: 2019-02-19
    Description: [Einleitung] Vor zehn Jahren erreichte die globale Wirtschafts- und Finanzkrise ihren Höhepunkt. Als am 15. September 2008 die bereits angeschlagene Investmentbank Lehman Brothers in die Insolvenz ging, wurde aus dem Schwelbrand an den Finanzmärkten ein Flächenbrand. Schon zuvor hatte es aufgrund der fallenden Immobilienpreise Probleme bei Banken und anderen Finanzinstituten gegeben, doch mit der Lehman-Pleite gab es einen regelrechten Brandbeschleuniger. Die Folgen waren verheerend. Banken in mehreren Industrieländern gerieten reihenweise in Schieflage, viele von ihnen mussten staatlich gestützt werden. Die Weltkonjunktur kippte, weil viele Unternehmen und Verbraucher aus Sorge vor den Folgen des Flächenbrandes auf den Finanzmärkten ihre Ausgaben drosselten. Das deutsche Wachstum brach um rund 5 % ein - ein einmaliges Ereignis im Nachkriegsdeutschland. Weltweit schnürten Regierungen umfangreiche Konjunkturpakete, um den einbrechenden Aus gaben im Privatsektor entgegenzuwirken. Die Notenbanken reagierten mit drastischen Zinssenkungen und legten damit den Grundstein für eine jahrelang anhaltende ultra-expansive Geldpolitik. Mit den Konjunkturprogrammen und den direkten Hilfen für angeschlagene Finanzinstitute (einschließlich Verstaatlichungen) haben die Regierungen schwere finanzielle Lasten auf sich genommen. Teile der zuvor privaten Schulden wurden in öffentliche Schulden umgewandelt. Der daraus resultierende drastische Anstieg der in manchen Fällen vorher schon hohen Staatsschulden hat bei vielen Marktteilnehmern und in der Bevölkerung die Sorge vor massiver Inflation, Staatsbankrotten und sogar Währungsreformen ausgelöst. Vielen Beobachtern erschien die Situation ausweglos. Wir haben die weit verbreiteten Sorgen schon im Jahr 2009 zum Anlass genommen, uns in unserer Studienreihe Strategie 2030 intensiv mit dem Thema Staatsverschuldung auseinanderzusetzen. Der Tenor unserer Analyse war damals, dass die Situation des Finanzsystems und der öffentlichen Finanzen zwar sehr ernst ist, dass es aber Wege aus der Krise gibt, ohne dass es zu den befürchteten Staatsbankrotten, Währungsreformen oder Hyperinflationen kommen muss. Zehn Jahre später wissen wir, dass die Untergangsszenarien ausgeblieben sind. Staatsbankrotte gab es - mit Ausnahme Griechenlands - nicht. Währungsreformen sind ebenfalls ausgeblieben. Auch der zwischenzeitlich unter einer schweren Vertrauenskrise leidende Euro ist nicht zerbrochen. Und eine nennenswerte Verbraucherpreisinflation hat es bis heute in den großen Industrienationen nicht gegeben. In den vergangenen Jahren ging es für die Notenbanken eher darum, eine Deflation - also das Gegenteil von Inflation - zu verhindern. Ist diese positive Bilanz lediglich eine Momentaufnahme oder gibt es gute Gründe für eine Entwarnung? Drohen die mühsam erarbeiteten Erfolge bei der Stabilisierung der Staatsfinanzen im nächsten Konjunkturabschwung wieder wegzubrechen? Was geschieht, wenn das Zinsniveau eines Tages deutlich anzieht? Und droht eine neue Schuldenkrise, wenn hoch verschuldete Länder wie Italien die mühsam erarbeiteten Reformerfolge durch einen erneuten wirtschaftspolitischen Schwenk zunichtemachen? Wir möchten diesen Fragen in der vorliegenden Studie nachgehen. Dabei werden wir den Status quo beleuchten und skizzieren, wo neue Gefahren lauern und woher ein neuerliches Aufflackern der Schuldenkrise kommen könnte.
    Keywords: ddc:330
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    Hamburg: Berenberg Bank und Hamburgisches WeltWirtschaftsInstitut (HWWI)
    Publication Date: 2019-02-19
    Description: [Introduction] Ten years ago, the global economic and financial crisis was at its peak. When ailing investment bank Lehman Brothers filed for insolvency on 15 September 2008, the smouldering crisis on the financial markets became a full-scale firestorm. While falling real estate prices had already been causing problems for banks and other financial institutions, it was the Lehman collapse that fanned the flames of the disaster. The consequences were devastating. In several industrial countries, bank after bank was plunged into financial turmoil, and several had to be propped up by the state. The global economy was upended, with many companies and consumers cutting back on spending because of concerns about the consequences of the crisis on the financial markets. Growth in Germany collapsed by roughly 5%, something that had never before been seen in the post-war era. Governments around the world drew up extensive economic stimulus packages in a bid to counter the collapse of private sector spending. Central banks responded with drastic interest cuts, thus laying the foundations for an ultra-expansive monetary policy that would persist for several years. With the economic stimulus measures and the direct aid for troubled financial institutions (including nationalisation), national governments took on a heavy financial burden. Parts of what had been private debt were converted into public debt. The resulting dramatic rise in sovereign debt, which in some cases had already been running at a high level, caused many market participants and the general public to fear huge inflation, state bankruptcy and even currency reforms. A large number of observers described the situation as hopeless. It was this widespread concern that prompted us, back in 2009, to take an in-depth look at the topic of sovereign debt as part of our Strategy 2030 series. The tenor of our analysis at the time was that while the situation in the financial system and with public finances was very serious, there were ways out of the crisis without having to resort to the state bankruptcies, currency reforms or hyperinflation that people feared. Ten years on, we now know that these doomsday prophecies did not come true. With the exception of Greece, there were no state bankruptcies. Similarly, there was no need for currency reforms. Even the euro, which suffered a severe loss of trust in the interim, did not implode. And there has still not been any significant consumer price inflation in the major industrial countries. In fact, in recent years central banks have been more concerned with preventing deflation. So is this positive outcome merely a »snapshot« of the current moment in time, or is there good reason to suggest that we have weathered the crisis? Is there a risk that these painstakingly achieved successes in stabilising state finances could be lost again the next time the economy takes a nose-dive? What happens if interest rates one day start to spike? And is there a threat of a new debt crisis if highly indebted countries such as Italy destroy the tediously crafted reform successes with another departure in economic policy? These are the questions we want to examine in this study. We will shed some light on the status quo and outline the areas that could pose new risks with the ability to reignite the debt crisis.
    Keywords: ddc:330
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    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2019-02-19
    Description: We use the World Input Output Database (WIOD) to estimate the potential employment effects of a hard Brexit in 43 countries. In line with other studies we assume that imports from the European Union (EU) to the UK will decline by 25% after a hard Brexit. The absolute effects are largest in big EU countries which have close trade relationships with the UK like Germany and France. However, there are also large countries outside the EU which are heavily affected via global value chains like China, for example. The relative effects (in percent of total employment) are largest in Malta and Ireland. UK employment will also be affected via intermediate input production. Within Germany, the motor vehicle industry and in particular the 'Autostadt' Wolfsburg are most affected.
    Keywords: C67 ; D57 ; F16 ; R15 ; ddc:330 ; Brexit ; employment ; European Union ; international trade ; tariffs
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  • 39
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2019-02-19
    Description: The previous literature has shown that children who enter school at a more advanced age outperform their younger classmates on competency tests taken between kindergarten and Grade 10. This study analyzes whether these effects of school starting age continue into adulthood. Based on data on math and language test scores for adults in Germany, the identification of the long-term causal effects exploits state and year variation in school entry regulations. The results show that there are no effects of school starting age (SSA) on competencies in math and text comprehension. However, the long-term SSA effect is sizable on receptive vocabulary.
    Description: Kinder, die bei der Einschulung älter sind als ihre Mitschüler, da sie deutlich vor dem Einschulungsstichtag geboren sind, schneiden besser in Kompetenztest ab als ihre jüngeren Mitschüler, die erst kurz vor dem Einschulungsstichtag geboren sind. Diese Erkenntnis der bisherigen Literatur wurde bisher jedoch nur für Kompetenzen bis zur 10. Klassenstufe belegt. Die vorliegende Untersuchung betrachtet, ob sich der Einfluss des Alters bei der Einschulung auf Kompetenzen auch im Erwachsenenalter fortsetzt. Dazu wird eine Befragung aus Deutschland genutzt, die Kompetenztests in Mathematik und Deutsch umfasst. Die Identifikation der Langfristeffekte greift auf Variation im Einschulungsstichtag zwischen Bundesländern und über die Zeit hinweg zurück. Es zeigt sich, dass das Alter bei der Einschulung im Erwachsenenalter keinen Effekt auf die Mathekompetenzen und das Textverständnis haben. Der Einfluss auf den Wortschatz ist demgegenüber jedoch auch im Erwachsenenalter ausgeprägt.
    Keywords: I21 ; J21 ; J31 ; ddc:330 ; school starting age ; education ; cognitive competencies ; instrumental variable estimates
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  • 40
    Publication Date: 2019-02-20
    Description: This working paper investigates the economic effects of guaranteed loans granted under the EU programmes MAP and CIP on SMEs' growth in Italy, the Benelux and the Nordic countries (Denmark, Finland, Norway and Sweden) from 2002 to 2016. In these macro-regions, the facilities supported 174,107 loans to SMEs, for a total of EUR 15.58bn. Using a sample of these loans with corresponding firm-level data, this study estimates the average treatment effect on firms' growth, profitability, assets intangibility and survival. The analysis compares beneficiary SMEs to similar firms that were not supported by the programmes, identified through coarsened exact matching (CEM) and propensity score matching (PSM). Overall, guaranteed loans are found to positively affect the growth in assets (+19.6 percentage points over the two years after the end of the signature year), sales (+14.8 percentage points), employment (+16.9 percentage points) and the share of intangible assets (+1 percentage point). No significant effect on profits is observed. Beneficiary SMEs also have lower bankruptcy rates compared to control firms. Consistent with the literature on financing constraints, positive effects are stronger for smaller, younger SMEs. Treatment effects are more pronounced in the Benelux and Nordic countries, mostly due to the sample composition of treated firms in each macro-region.
    Keywords: G2 ; H25 ; O16 ; ddc:330 ; EIF ; credit guarantees ; credit constraints ; real effects ; small and medium-sized enterprises
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  • 41
    Publication Date: 2019-02-22
    Description: Estimating the effect of ethnic capital on human capital investment decisions is complicated by the endogeneity of immigrants’ location choice, unobserved local correlates and the reflection problem. We exploit the institutional setting of a rare immigrant settlement policy in Germany, that generates quasi-random assignment across regions, and identify the causal impact of heterogeneous ethnic capital on educational outcomes of children. Correcting for endogenous location choice and correlated unobservables, we find that children of low-educated parents benefit significantly from the presence of high-educated parental peers of the same ethnicity. High educated parental peers from other ethnicities do not influence children’s learning achievements. Our estimates are unlikely to be confounded by the reflection problem since we study the effects of parental peers’ human capital which is pre-determined with respect to children’s outcomes. Our findings further suggest an increase in parental aspirations as a possible mechanism driving the heterogeneous ethnic capital effects, implying that profiling peers or ethnic role models could be important for migrant integration policies.
    Keywords: R23 ; J15 ; I21 ; ddc:330 ; Education ; Ethnic Capital ; Germany ; Peer Effects ; Policy Experiment
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  • 42
    Publication Date: 2019-02-22
    Description: We study how unemployment benefit eligibility affects the layoff exit rate by exploiting quasi-experimental variation in eligibility rules in Italy. By using a difference-indifferences estimator, we find an instantaneous increase of about 12% in the layoff probability when unemployment benefit eligibility is attained, which persists for about 16 weeks. These findings are robust to different identifying assumptions and are mostly driven by jobs started after the onset of the Great Recession, in the South and for small firms. We argue that the moral hazard from the employer’s side is the main force driving these layoffs.
    Keywords: C31 ; C41 ; J21 ; J63 ; J65 ; ddc:330 ; Unemployment insurance ; layoffs ; employer–employee moral hazard ; difference-in-differences ; heterogeneous effects
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  • 43
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-02-23
    Keywords: ddc:330
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  • 44
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2019-02-22
    Description: The growing divergence in U.S. employee relations is described through a review of national and state-level changes to employment protection laws. Major employment laws are reviewed, as are the significant exceptions to the laws, and exemptions to the exceptions. Major regulatory actions, as well as reversals of the regulations, and reversals of the reversals are also described. An analysis of changes to state employment policies since 2000 shows an increasing ideologically driven divergence within the country between left-leaning “equity and voice” states and right-leaning “individual rights and efficiency” states. Instability and divergence are major features of the U.S. system of employee relations that require additional scrutiny.
    Keywords: J50 ; J80 ; H77 ; ddc:330 ; Employee relations ; employment protection ; federalism ; divergence
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  • 45
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    Frankfurt a. M.: Deutsche Bundesbank
    Publication Date: 2019-02-23
    Description: Central bank announcements move financial markets. The response of inflation and growth expectations, on the other hand, is often small or even counterintuitive. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and provide evidence that they are due to central bank information effects. That is, ECB announcements convey information not only about monetary policy, but also about economic fundamentals. I separate these "information shocks" from "pure policy shocks" via sign restrictions and find intuitive effects of both shocks on a wide set of financial market prices and survey measures of economic expectations.
    Keywords: E52 ; E44 ; E32 ; C32 ; ddc:330 ; Monetary Policy ; High-Frequency Identification ; Central Bank Information
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  • 46
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-02-28
    Description: In this paper, the authors investigate the statistical properties of some cryptocurrencies by using three layers of analysis: alpha-stable distributions, Metcalfe's law and the bubble behaviour through the LPPL modelling. The results show, in the medium to long-run, the validity of Metcalfe's law (the value of a network is proportional to the square of the number of connected users of the system) for the evaluation of cryptocurrencies; however, in the short-run, the validity of Metcalfe's law for Bitcoin is questionable. As the results showed a potential for herding behaviour, the authors then used LPPL models to capture the behaviour of cryptocurrencies exchange rates during an endogenous bubble and to predict the most probable time of the regime switching. The main conclusion is that Metcalfe's law may be valid in the long-run, however in the short-run, on various data regimes, its validity is highly debatable.
    Keywords: C22 ; C32 ; C51 ; C53 ; C58 ; E41 ; E42 ; E47 ; E51 ; G1 ; G17 ; ddc:330 ; Cryptocurrency ; Bitcoin ; CRIX ; Log-Periodic Power Law ; Metcalfe's Law ; Stable Distribution ; Herding
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  • 47
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-02-28
    Description: The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP remains below its pre-crisis trend in many economies and interest rates continue to be very low. This raises the question of whether low GDP growth and low interest rates are a temporary phenomenon or are due to a decline in long-run growth prospects (potential output growth) and equilibrium real interest rates (natural interest rate). Addressing this question is important for central banks for conducting monetary policy and adjusting their strategy. In this paper, the authors address this question based on a review of the literature and an evaluation of the most recent data and discuss implications for monetary policy.
    Keywords: E31 ; E32 ; E43 ; E52 ; E58 ; ddc:330 ; natural interest rate ; potential output ; output gap ; monetary policy
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  • 48
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-02-28
    Description: As the problem of carbon emissions is becoming increasingly more serious around the world, how to balance carbon emissions reduction and economic growth has become an important issue in the field of ecological economics. China is the world's largest carbon dioxide emitter, and China's Low-Carbon Pilot (CLCP) policy has significantly reduced carbon dioxide emissions and achieved expected benefits. However, is environmental quality improving at the expense of economic growth? Based on panel data from 286 Chinese prefecture-level cities and from Chinese micro-industrial enterprises from 2001 to 2013, this article focuses on the causal effect of environmental policy on regional economic growth and the benefits and changes in the behavior of enterprises through a quasi-natural experiment and the difference-in-differences (DID) method. The results are as follows. First, the CLCP policy significantly promotes regional economic growth. Moreover, as the implementation time of the policy continues, environmental regulation has a greater effect of promoting economic growth. Second, although the CLCP policy significantly increases various production costs, it also promotes the growth of enterprises' output and benefits. Third, under the pressure of the significant increase in enterprise cost caused by environmental regulation, enterprises choose the positive way of strengthening internal management, improving efficiency and increasing innovation instead of choosing the negative way of trans-regional transfer to exit the market; accordingly, enterprises finally achieve an improvement in output and benefits.
    Keywords: O12 ; O13 ; Q38 ; ddc:330 ; CLCP policy ; economic growth ; behavior of enterprise ; DID
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  • 49
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-02-28
    Description: Narratives are under-theorised and until recently under-recognised as core variables influencing the speed and direction of changes in expectations and, therefore, as core macroeconomic variables that shape the policy processes of central banks. The author examines below how the thousands of micro-level narratives garnered on a regular basis by the Bank of England's staff of regional agents can inform what Ricardo Reis and Alan Blinder (Understanding the Greenspan standard, 2005) term the "macroeconomic allegories" that influence monetary policy decision-making. The contacts that make up the "network" perform descriptive, explanatory, and interpretive labor in situ putting words both to the ephemera of local expectations across the UK and to the rapidly changing competitive pressures unfolding in global markets. Internal studies have demonstrated that the micro-level narratives collected and scored by the agents provide the most reliable information on the future course of the British economy of any of the projections or forecasts available to the Bank.
    Keywords: E47 ; E58 ; E71 ; ddc:330 ; central banks and their policies ; role and effects of psychological ; emotional ; social ; and cognitive factors on the macro economy
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  • 50
    Publication Date: 2019-03-01
    Description: We analyze data from an author-conducted survey of members of the French and German parliaments on European Monetary Union reform preferences. We consider three potential drivers of preferences: nationality, ideology, and personal characteristics. For European Monetary Union policies like Eurobonds, the Fiscal Compact and the European Central Bank asset purchase program we find a robust difference between parliamentarians of both countries if they belong to the same party family and controlling for individual characteristics. Based on our estimates, however, we predict agreement between German left-wingers and French conservatives even for ideological differences that are smaller than the current difference between the left and the right European party families. Our findings suggest that deeply-rooted national differences do not impose a prohibitive obstacle to a German-French parliamentary consensus on European Monetary Union policies.
    Description: This Version: February 12, 2019
    Keywords: E60 ; E62 ; F15 ; H60 ; ddc:330 ; Comparative politics ; European Monetary Union reforms ; elite survey ; members of national ; parliament ; policy preferences
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  • 51
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2019-03-01
    Description: The established literature on partial vertical ownership has derived distinct pro- and anti-competitive effects, depending on whether the upstream or the downstream firm holds the shares (forward or backward). We show that forward ownership can have the same effects as backward ownership (and vice versa) when it entails both profit and control rights. Moreover, we demonstrate novel anti-competitive effects of partial ownership that arise when the upstream tariffs are non-linear. This contrasts well-established findings that are based on linear tariffs and adds to the current debate on how to treat partial shareholdings in merger control.
    Keywords: L22 ; L40 ; L8 ; ddc:330 ; corporate influence ; financial interest ; minority shareholding ; partial ownership
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  • 52
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2019-02-26
    Description: The anticipation of bad future events reduces currently experienced happiness and it may through this channel elicit detrimental behavioral responses. We explore this idea in the context of endogenous health and aging. We integrate physiological aging into a life-cycle model, calibrate it with data from gerontology, and analyze how the anticipation of a deteriorating state of health affects health spending, life expectancy, and the value of life. In counterfactual computational experiments we compare behavior and outcomes of anticipating and non-anticipating individuals and find that anticipation decreases lifetime utility, health investments, and longevity. We then use the model to contribute to the literature on information avoidance. We find that anticipation provides a strong motive to avoid medical testing even when the likelihood of developing a certain disease is high and the cost for the test is low.
    Keywords: D11 ; D91 ; I12 ; J17 ; ddc:330 ; Health ; Anticipation ; Longevity ; Health Behavior ; Value of Life ; Information Avoidance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Halle (Saale): Leibniz Institute of Agricultural Development in Transition Economies (IAMO)
    Publication Date: 2019-02-28
    Description: In public and academic debates, the linkages between agricultural markets and nutrition across the world are vividly discussed. This paper contributes to the ongoing debate by analyzing the relationship between greater openness to trade and dietary diversity. It focuses on the post-communist countries of Eastern Europe and Central Asia where trade reforms as part of the economic and political transition provide a natural experiment for studying the effects of trade openness on agricultural markets and consumer behaviour. Reduction in trade barriers, for instance in the context of the accession to the WTO and the EU, and the gradual integration with world markets after 1991 had implications for diets through changes in production, prices and incomes. We utilize country-level panel data for 26 post-communist countries in the period 1996-2013 to assess the effects of trade costs, openness to trade and incomes on dietary diversity measured by the Shannon entropy index. The results arising from fixed effects and instrumental variables estimation are consistent with previous findings that income growth affects dietary diversity positively and provide novel evidence that trade barriers reduce variety of products available in domestic markets, in particular fruits and vegetables.
    Keywords: D12 ; F13 ; F68 ; Q11 ; Q18 ; ddc:330 ; trade ; nutrition transition ; dietary diversity ; post-communist countries ; Eastern Europe
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-02-26
    Description: This paper analyzes the effect of agglomeration economies on firms' total factor productivity. We propose the use of a control function approach to overcome the econometric issue inherent to the two-stage approach commonly used in the literature. Estimations are conducted separately for four industry groups, defined by technological intensity, to allow for non-uniform effects of agglomeration economies on firms given their technological level. In addition, R&D is included to account for the firms' own efforts to foster productivity through creating and absorbing knowledge. Finally, radii as well as administrative boundaries are used for defining regions. The results confirm differences in the strength and even in the direction of agglomeration economies: While urban economies have the largest effect on TFP for firms in high-tech industries, they have no effect on TFP in low-tech industries. For firms in the latter industries, however, the variety of the local economic structure has an impact, while this is irrelevant for the TFP of firms in high-tech industries. Only localization economies have a positive and significant effect on TFP throughout, but the effect increases with technological intensity of industries. Throughout, R&D is also found to have a positive effect that increases with technological intensity.
    Keywords: R11 ; R12 ; R15 ; D24 ; ddc:330 ; total factor productivity ; manufacturing firms ; agglomeration economies ; spatial concentration ; structural estimation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Publication Date: 2019-02-27
    Description: The impact of globalization on developing countries has been debated: While the "compensation hypothesis" suggests that globalization increases the need for public employees, the "efficiency hypothesis" states that the size of government should be smaller while competing with the world. We are the first to re-visit the debate for 2000-2016 using panel data for 92 developing countries and new innovative bureaucracy and globalization indicators to find robust evidence for the "efficiency hypothesis”.
    Keywords: J45 ; F66 ; C33 ; ddc:330 ; public employment ; economic globalization ; developing countries ; efficiency hypothesis ; compensation hypothesis ; panel data estimations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Maastricht: Global Labor Organization (GLO)
    Publication Date: 2019-02-27
    Description: While the labor share of income has decreased in most advanced economies since the 1980s, it has remained relatively stable in Switzerland. However, this does not imply that the capital share of income has also remained stable. Our results suggest that the share of imputed capital rental payments to income has decreased. Similar to other countries, Switzerland has seen an increase in the so-called factorless income share that cannot be readily attributed to capital and labor. The increase in factorless income may re ect a rise in economic rents, higher compensation for business risks, or increased compensation for unmeasured input factors, especially intangible capital. We find that the stable labor share in Switzerland cannot be traced back to high wage growth, but rather to subdued investment growth and a high growth rate of the labor force.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-02-26
    Description: Starting from December 2012, insurers in the European Union were prohibited from charging gender-discriminatory prices. We examine the effect of this unisex mandate on risk segmentation in the German health insurance market. While gender used to be a pricing factor in Germany's private health insurance (PHI) sector, it was never used as a pricing factor in the social health insurance (SHI) sector. The unisex mandate makes PHI relatively more attractive for women and less attractive for men. Based on data from the SOEP we analyze how the unisex mandate affects the difference between women and men in switching rates between SHI and PHI. We find that the unisex mandate increases the probability of switching from SHI to PHI for women relative to men. This effect is strongest for self-employed individuals and mini-jobbers. On the other hand, the unisex mandate had no effect on the gender difference in switching rates from PHI to SHI. Because women have on average higher health care expenditures than men, our results imply a reduction of advantageous selection into PHI. Our results demonstrate that regulatory measures such as the unisex mandate can reduce risk selection between public and private health insurance sectors.
    Keywords: I13 ; D82 ; H51 ; ddc:330 ; unisex mandate ; public and private health insurance ; risk selection ; Germany
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-02-26
    Description: The Trump administration has promised to stop the spiraling down of the U.S. coal industry that has been going on for several years. We discuss the origins of the decline of the U.S. coal industry and new policy interventions by the Trump administration. We find that a further decrease of coal consumption in the U.S. electricity sector must be expec