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Charalambos G. Tsangarides 《Journal of Macroeconomics》2012,34(2):470-488
Following the recent global financial crisis, questions about the mechanisms that can help countries cope with large shocks have resurfaced. This paper examines the role of the exchange rate regime in explaining how emerging market economies fared in the recent global financial crisis, particularly in terms of output losses and output rebound. After controlling for regime switches during the crisis, using alternative definitions for pegs, and taking account of other likely determinants, we find that the growth performance for pegs was not different from that of floats during the crisis. The picture is different for the recovery period 2010–2011, as pegs appear to be faring worse, with growth recovering more slowly than floats. These results suggest an asymmetric effect of the regime during and recovering from the crisis. We also find that proxies of the trade and financial channels are important determinants of growth performance during the crisis, while only the trade channel appears important for the recovery thus far. 相似文献
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We consider properties of estimators that can be written as vector lattice (Riesz space) operations. Using techniques widely used in economic theory and functional analysis, we study the approximation properties of these estimators paying special attention to additive models. We also provide two algorithms RIESZVAR(i-ii) for the consistent parametric estimation of continuous multivariate piecewise linear functions. 相似文献
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This work introduces a set-theoretic foundation of deterministic bilateral matching processes and studies their properties. In particular, it formalizes a link between matching and informational constraints by developing a notion of anonymity that is based on the agents’ matching histories. It also explains why and how various matching processes generate different degrees of “informational isolation” in the economy. We illustrate the usefulness of our approach to modeling matching frameworks by discussing the classical turnpike model of Townsend.This research is supported in part by the NSF grants EIA-0075506, SES-0128039, DMS-0437210, and ACI-0325846. We thank two anonymous referees for constructive comments that improved the exposition of the paper. We also thank the participants in seminars at the University of Aarhus, Purdue University, University of Texas at Austin, and at the XI Meeting on Real Analysis and Measure Theory in 2004, the spring 2004 Midwest Economic Theory Meeting, the summer 2004 North American and European Econometric Society meetings. 相似文献
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This study examines the relationship between audit opinions and earnings management, as measured by discretionary accruals, for listed firms on the Athens Stock Exchange (ASE). We divide the qualified audit opinions into two categories: qualified for the going-concern uncertainty and qualified for other reasons. The results indicate that audit opinions are not related to earnings management. Client financial characteristics, such as profitability and size are determinants of the going-concern audit opinion decision. The decision of auditors to issue qualified opinions for other reasons is explained by the type of audit opinion issued in the previous year. 相似文献
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Without complete and accurate status information, a project manager’s ability to monitor progress, allocate resources effectively,
and detect and respond to problems is greatly diminished, and this can lead to impaired project performance. Many different
factors can contribute to intentional misreporting of status information by project members to the project manager. In this
study, the impact of organizational ethical climate was assessed through the analysis of responses from 228 project members
drawn from a variety of ongoing information systems projects. Our results revealed that project members who perceived their
organization to be one in which rules are followed strictly tended to misreport less, while those operating in an environment
dominated by personal self-interest tended to misreport more. Somewhat surprisingly, the existence of a caring, team-spirited
environment did not appear to have an impact on misreporting behaviors. Implications for researchers and project managers
are discussed. 相似文献
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Gilles Dufrenot Valerie Mignon Charalambos Tsangarides 《Review of World Economics》2010,146(4):731-761
This paper applies quantile regression techniques to investigate how the impact of trade openness on the growth rate of per
capita income varies with the conditional distribution of growth. Using formal robustness analyses, we first identify robust
variables affecting economic growth (investment, government balance, terms of trade, inflation, and population growth) which
we then use as controls in the quantile regression estimations. Our findings suggest a heterogeneous trade-growth nexus: for
both the short and the long run, the effect of openness on growth is higher in countries with low growth rates compared to
those with high growth rates. 相似文献
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The paper studies the two period incomplete markets model where assets are claims on state contingent commodity bundles and
there are no bounds on portfolio trading. The important results on the existence of equilibrium in this model assume that
there is a finite number of commodities traded in each spot market and that preferences are given by smooth utility functions.
With these assumptions an equilibrium exists outside an “exceptional” set of assets structures and initial endowments. The
present paper extends these results by allowing for general infinite dimensional commodity spaces in each spot market. These
include all the important commodity spaces studied in the literature on the existence of Walrasian equilibrium—in each spot
market the consumption sets are the positive cone of an arbitrary locally solid Riesz space or of an ordered topological vector
space with order unit or of a locally solid Riesz space with quasi-interior point. The paper establishes that even with our
very general commodity spaces there exists an equilibrium for a “very” dense set of assets structures. Our approach is in
the main convex analytic and the results do not require that preferences be smooth or complete or transitive. The concepts
and techniques studied in this paper have important finite as well as infinite dimensional applications.
This paper has benefited from the comments of Martine Quinzii, Wayne Shafer, Manuel Santos and Yeneng Sun. The research of
C. D. Aliprantis is supported by the NSF Grants SES-0128039, DMS-0437210, and ACI-0325846. The research of R. Tourky is funded
by the Australian Research Council Grant A00103450. 相似文献
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Summary An answer to the question of the title is provided. It is shown that under some conditions the core equivalence theorem holds true (if and) only if the price space is a vector lattice.Research of both authors was supported in part by a Chrysler Corporation grant to IUPUI. 相似文献