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1.
This paper studies the globalisation of CPI inflation by analysing core, energy and food components, testing for structural breaks in the relationships between domestic inflation and a corresponding country-specific foreign inflation series at the monthly frequency for OECD countries. The iterative methodology employed separates coefficient and variance breaks, while also taking account of outliers. We find that the overall pattern of globalisation in aggregate inflation is largely driven by convergence of the mean levels of the core component from the early 1990s, compatible with the introduction of inflation targeting in many countries of our sample. There is less evidence of increased synchronisation of shortrun movements in core than aggregate inflation, but an increased role for shortrun foreign energy inflation often contributes to the globalisation effect.  相似文献   

2.
Why are the Scandinavian countries in the European Union significantly richer than Southern/Eastern European countries? We try to answer this question from an empirical social capital perspective. In particular, we are interested in the interplay of social trust as a positive and corruption as a negative manifestation of social capital. The opportunities to provide answers by multivariate modelling are, however, limited by several problems related to small sample size and low degrees of freedom. Regarding these problems, we test the interrelating influences between positive and negative social capital by applying a path model that accounts for Granger-like causal effects. Our empirical results, referring to a sample of up to 25 EU countries, show that corruption might harm poor European countries but is not able to affect social trust. However, corruption in itself means that resources end up in the wrong places and not in socioeconomically optimal investments. There is, therefore, a direct damaging effect of corruption on wealth. This implies that economic actors have to invest higher transaction and control costs which will bind resources to non-productive purposes and thus destroy economic wealth. Most remarkable is that the augmentation of positive social capital could work as an effective counterforce to corruption, even if it does not compensate for the economic loss caused by corruption. Thus, adding the social capital perspective may contribute to understanding present day variation in the wealth of European nations by the damaging effect of corrupt activities and/or the positive force of social trust.  相似文献   

3.
Using a broad bank-level dataset and the GMM estimator technique described by Arellano and Bover (1995), this paper analyses how bank-specific characteristics, macroeconomic variables, and industry-specific factors affect the profitability of 10,165 commercial banks across 118 countries over the period from 1998 to 2012. Grouping the countries according to three income levels, we show that the determinants of bank profitability included in our model can explain existing profitability differences among commercial banks in low-, middle-, and high-income countries. The profitability determinants vary quite widely across the different levels of income in terms of significance, sign and size of the effect. The level of income has thus an important impact on the determinants of bank profitability.  相似文献   

4.
This paper uses time series data for seven industrialized countries from 1980–2009 to explore the causality between health care expenditure (HCE) and economic growth. We have set up a classical Cobb–Douglas production function including HCE, labor, capital, and an augmented function additionally including the number of patent applications (as a proxy for technology and research) and the total number of tertiary education students (as a proxy for education). Our results show that there is a long-run relationship between growth and HCE. As regards causality, in the classical production function, evidence for mutual causality between GDP and HCE is noted only in France, Germany and England, causality from HCE to GDP is noted in Italy and Japan, while no causality whatsoever is evidenced in Canada and USA. However, a completely different situation is unveiled when the augmented production function is used with mutual causality being noted in all perused variables. The novelty of our study lies first in that it contributes to the health-growth nexus literature for high-income countries which has been quite controversial and second it sets off new variables whose omission might be one of the reasons of the result dichotomy. Results of this study will be very useful for high-income countries currently afflicted by the economic crisis and embark on HCE curtailments or revisions.  相似文献   

5.
This paper is concerned with examining the reactions of managers to the process of global restructuring in a large, multinational food-processing company. Much extant research concerning globalisation has focused on the wider economic, political and social outcomes. Perhaps surprisingly, relatively little attention has been given to how globalisation is experienced inside organisations. This paper examines how country-level managers have been affected by the move to a new global structure in their organisation. We present evidence of these managers feeling disempowered by global reorganisation and of a largely negative impact on their feelings towards the organisation they work for.  相似文献   

6.
This paper studies the effects of stock markets and banks on the sources of economic growth, productivity and capital accumulation, using a large cross country panel that includes high- and low-income countries. Results show that, in low-income countries, banks have a sizable positive effect on capital accumulation. We find that stock markets, however, have not contributed to capital accumulation or productivity growth in these countries. Given the emphasis that has been placed in developing equity markets in developing countries, these findings are somewhat surprising. Conversely, in high-income countries, stock markets are found to have sizable positive effects on both productivity and capital growth, while banks only affect capital accumulation.  相似文献   

7.
The objective of the study is to examine the impact of gender discrimination in education, health, and labour market on economic growth in a panel of 20 high-income OECD countries for the period of 1980–2015. In addition, the study proposed an index of pro-equality growth, which is flared with education, health, and labour market initiatives to promote economic growth. The results show that gender parity index for educational attainment significantly promotes economic growth while health and labour market required substantial policy reforms to reduce health and labour market inequalities to sustain long-term economic growth. The results classified three countries as highly equitable growth, one country for equitable growth, two countries are moderate growth, four countries are less equitable growth while remaining 10 countries fall in the category of inequitable growth, where greater inequality promotes economic growth on the cost of education, health, and labour market inequalities.  相似文献   

8.
The politics of fiscal consolidation in thirteen European countries are statistically analysed. Based on the political economy literature, political factors are identified that explain for the consolidation. Variables are selected representing strength of government and political orientation, and fiscal consolidation is distinguished into spending cuts and cuts in administration. The statistical analysis of political explanations for cutbacks hardly yields significant results and nor does the analysis of fiscal and economic effects of consolidation. The analysis of political effects of consolidation does lead to significant results. Some earlier political economic findings are not supported for our sample of thirteen European countries.  相似文献   

9.
《Economic Systems》2022,46(2):100975
Do political risks drive exit decisions by multinational companies (MNC)? What mechanisms can protect a multinational subsidiary in a host country that is characterized by weak institutions and high political risks? Using multinational plant-level data for Russia in the period 2000-2016 and applying the Cox proportional hazard model, we find significant effects from elevated host-country political risk when we compare the year of entry to the year of exit. MNCs are particularly sensitive to problems associated with law, order, and social conditions in Russia and the presence of the military in politics in the home country. Institutional similarity does not reduce the hazard of exits, and MNCs from high-risk countries exit less when home-country risk increases. Subsidiaries from countries that have imposed sanctions on Russia are less likely to exit, though sanctions interact with host-country risks, making them more severe. Being large and being part of a greenfield project help subsidiaries to build resistance against host-country political risks. These findings provide empirical evidence that support our conclusions regarding foreign direct investment volatility in countries with high risk.  相似文献   

10.
In this paper, I develop a model of sociopolitical transition that links the sociopolitical transformational process of countries to the dynamic process of output per capita and economic growth. Social polarization breeds discriminatory practices regarding government redistribution. This brings about inefficient allocation of resources away from production to political power struggle, leading to poor economic outcomes. However, the model shows that social integrative processes may correct this inefficiency over time depending on the degree of social fractionalization, the level of social distance between the groups, the level of production technology, etc. Even though the model predicts long-run convergence of growth rates and output per capita across countries, it shows possible prolonged divergence of these economic variables.  相似文献   

11.
The "New" Political Economies (A View from Russia)   总被引:1,自引:0,他引:1  
This paper analyses some of the problems created by a rapidly changing interaction between the political and the economic spheres in society. In periods of condensed social change this interaction is profoundly different from customary evolutionary developments. In Russia various political economic concepts during the last century have led to profound shifts in economic mechanisms and structures (first toward a planned economy, later toward a market one). A knowledge of this experience (and the new problems that surface) might be useful if globalisation, environmental issues and the transition to a post-industrial society should lead to periods of condensed socioeconomic change in the West.  相似文献   

12.
We use popular non-parametric (CART, TreeNet) and parametric (logit) techniques to identify robust economic, demographic and political conditions that lead to shifts in control in the executive branch of government in 162 countries during the period 1960–2004. We find that institutional aspects of the political system, executive characteristics, demographic variables, economic growth, and economic trade variables are all very important for predicting leadership turnover in the following year. Financial crises are not robustly useful for this purpose, but a vulnerability to currency crises in times of low economic growth implies very high conditional probabilities of job losses for democratic leaders in non-election years. In-sample, TreeNet predicts 78% of leadership transition events correctly, compared to CART’s 70%, and TreeNet also generally achieves higher overall prediction accuracies than either CART or the logit model out-of-sample.  相似文献   

13.
房价变动规律性及调控对策研究   总被引:1,自引:0,他引:1  
房价的变动既是经济问题,更是政治和社会问题的体现.我国房地产业已经成为拉动国民经济发展的重要支柱产业.金融危机爆发后,房价的大幅波动引起了世界各主要国家的高度关注.本丈结合我国房地产业发展的实际,对房价的变动情况、变动规律性及调控对策问题进行了初步探讨.本文提出影响房价变动的十大要素,对各要素与房价这一变量变动的相关性进行了分析研究,以实现前瞻性的指导房地产业健康发展的目的.  相似文献   

14.
The remarkable increase in FDI flows to developing countries over the last decade has focused attention on whether this source of financing enhances overall economic growth. We use a mixed fixed and random (MFR) panel data estimation method to allow for cross country heterogeneity in the causal relationship between FDI and growth and contrast our findings with those from traditional approaches. We find that the relationship between investment, both foreign and domestic, and economic growth in developing countries is highly heterogeneous and that estimation methods which assume homogeneity across countries can yield misleading results. Our results suggest there is some evidence that the efficacy of FDI in raising future growth rates, although heterogeneous across countries, is higher in more open economies.  相似文献   

15.
This article argues that unguarded optimism among liberal economists in the West as to the social and economic consequences of globalisation is misguided. Increased and freer international trade may depress living standards in the West as firms move production to those countries where factors of production (including labour) are cheaper and immigrants from poorer countries depress wages in wealthier nations.  相似文献   

16.
Recent research shows that environmental quality may improve with economic growth, at least in the high-income countries. Scott Barrett reviews this research. He argues that it is not very robust and has little significance either for economic or environmental policy.  相似文献   

17.
This paper contributes to the literature on obtaining unbiased estimates of neighborhood effects, explored in the context of a centralized social welfare state. We employ a longitudinal database comprised of all working age adults in metropolitan Sweden 1991–1999 to investigate the degree to which neighborhood income mix relates to subsequent labor incomes of adults and how this relationship varies by gender and employment status. We control for unobserved, time-invariant individual characteristics by estimating a first-difference equation of changes in average incomes between the 1991–1995 and 1996–1999 periods. We further control for unobserved time varying characteristics through an analysis of non-movers. These methods substantially reduce the magnitude of the apparent effect of neighborhood shares of low-, middle- and high-income males. Nevertheless, statistically and substantively significant neighborhood effects persist, though relationships are nonlinear and vary by gender and employment status. Males who are not fully employed appear most sensitive to neighborhood economic mix in all contexts.  相似文献   

18.
A concern with the mitigation of climate change cuts a transversal line across economic agents, epitomized by two contradictory viewpoints. Some defend that green growth can be achieved without harming economic growth; others argue that it is not possible to respect sustainability if intensive consumption of goods continues to foster economic growth. Our research aims to analyze the role that sustainable technology transfer and sustainable innovations play in green growth and ascertain the impact of green growth on economic growth. We use aggregated country-level data provided by the OECD, including national accounts, population, and environment statistics (including patents) between 1990 and 2013 for 32 countries, corresponding to an unbalanced panel of 591 observations. We estimate econometric models based on dynamic panel methodologies to capture differences that exist over time. The results show that sustainable technology transfer and sustainable innovation promote green growth, which in turn positively impacts economic growth. We contribute new insight to the green growth versus economic growth debate and provide several political and management implications.  相似文献   

19.
《Economic Systems》2020,44(3):100810
This paper provides a novel dataset of time-varying measures of cyclicality in social spending for an unbalanced panel of forty-five developing economies from 1982 to 2012. We focus on four categories of government social expenditure: health, social protection, pensions, and education. We find that in developing countries social spending has been acyclical over time, with the exception of spending on pensions. However, sample averages hide marked heterogeneity across countries, with many individually showing procyclical behavior in different social spending categories. The use of time-varying measures of social spending cyclicality overcomes the major limitation of previous studies in assessing the drivers of fiscal cyclicality that rely solely on cross-country regressions and, therefore, cannot account for country-specific as well as global factors. Using weighted least squares regressions, we find that the degree of social spending (pro)cyclicality is negatively associated with financial deepening, the level of economic development, trade openness, government size, and political constraints on the executive.  相似文献   

20.
Countries engaged actively in globalization have experienced phenomenal changes in economic, social, cultural, political, and technological progress. Some countries have benefited significantly from greater integration, while others have held globalization accountable for their economic failure and instability. Globalization introduces new political and social challenges. Benefiting from globalization requires complementary institutions and social development to deal with the changes and risks introduced by greater openness. This article examines whether globalization benefits economic development and how the developing countries could gain from globalization through their social capital and institutional building.  相似文献   

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