共查询到20条相似文献,搜索用时 15 毫秒
1.
Rebecca M. Galloway James J. Jozefowicz 《International Advances in Economic Research》2008,14(3):291-302
The impact of immigration on the change in the unemployment rate in the Netherlands is analyzed using panel data from 26 labor
market regions from 1996 through 2003. This study measures immigration through the year-to-year change in the foreign population,
paying particular attention to immigrants of non-Western origin. Other variables controlling the composition of the local
labor market include: occupation shares, the fractions of workers employed in high- and low-skilled jobs, the fractions of
female workers, part-time employees, labor force participants over the age of 55, educational attainment shares, and population
density. The ordinary least squares (OLS) results indicate a change in the foreign population in the labor force led to a
statistically significant increase in the upward volatility of Dutch unemployment rates while the change in the non-Western
share had no significant effect.
相似文献
James J. Jozefowicz (Corresponding author)Email: |
2.
This paper develops a theoretical framework which can be used to examine policy implications from the learning-by-exporting
hypothesis. This work builds on previous theoretical literature by introducing a credit constraint. When credit is available,
the analysis suggests that supporting a learning sector via an export subsidy is not necessarily advised to improve social
welfare. The learning sector’s goods may be over-produced (relative to another non-tradable sector goods) when consumers can
borrow freely for their consumption. If the learning sector’s goods are over-produced, social welfare will be improved via
a tax on production.
相似文献
Akinori TomoharaEmail: |
3.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
4.
Beatriz Larraz-Iribas Jose-Luis Alfaro-Navarro 《International Advances in Economic Research》2008,14(4):407-421
In connection with the housing market, which is presently raising a great deal of concern among the general public, this paper
investigates regional housing prices in Spain using variable co-integration techniques. It analyzes the asymmetric behavior
in real house prices among the Spanish regions focusing on the study of the long-term relationships over time. This paper
raises an important question of the national averages masking important regional asymmetries. Results indicate evidence of
co-integration, which suggests a broad grouping of regions based on physical proximity or similar economic characteristics.
相似文献
Beatriz Larraz-IribasEmail: |
5.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
6.
Evolution of market shares with repeated purchases and heterogeneous network externalities 总被引:1,自引:0,他引:1
We investigate how market shares change when a new, superior technology exhibiting network externalities is introduced in
a market initially dominated by an old technology. This is done under the assumption that consumers are heterogeneous in their
valuation of technology quality and network externalities and that goods are not (perfectly) durable and thus have to be bought
repeatedly. When both technologies are unsponsored, the old technology dominates when the quality difference is small, and
it disappears when the quality difference is large. When the new technology is sponsored, the relationship between the quality
difference and the long-run market share of the new technology is non-monotonic and the old technology always continues to
exist.
相似文献
Ewa Mendys-Kamphorst (Corresponding author)Email: |
7.
We test the hypothesis that the sector bias of skill biased technical change is important in explaining the rising relative
wage of skilled workers in the manufacturing sector in three Central and Eastern European transition countries. The econometric
results broadly confirm that the concentration of skill biased technical change in the skill intensive sectors had a significant
effect on the skill premium in these transition countries.
相似文献
Robert Stehrer (Corresponding author)Email: |
8.
Mansor H. Ibrahim 《International Review of Economics》2007,54(4):463-483
In this paper, we empirically examine the finance-economic development relations for the case of Malaysia. Using a battery
of time series econometric techniques, we document robust evidence suggesting favorable output effects of financial market
development. Likewise, there are consistent results showing the adverse real effects of financial volatility. The results
of the development of financial intermediaries, however, are fragile. Moreover, the development of the financial markets hinges
crucially on macro-economic performance and financial stability of the country. However, the process of financial market development
is likely to be accompanied by financial volatility, leaving Malaysia with the trade-off between financial development and
financial volatility. Lastly, we obtain limited evidence indicating the complementarity between financial market and banking
sector developments.
相似文献
Mansor H. IbrahimEmail: |
9.
Economic integration and similarity in trade structures 总被引:2,自引:0,他引:2
In this paper, we look at the similarity of the trade structures toward the EU market between four CEECs and the EU15. We
evaluate the appropriateness of different indices to compare export flows—correlation indices and distance metrics—opting
for the use of the Bray-Curtis semi-metric. We examine both how the export composition of a country has changed over time
and how the export composition has changed with respect to the EU15 export composition. Finally, we test if the dynamics of
sectoral distribution of the CEECs’ exports is related to the role acquired by processed trade in the 1990s. We give evidence
that processed trade is crucial in explaining changes in the overall structure of exports of transition countries, and that
greater economic integration in terms of trade flows and processing trade does not always lead to greater export similarity.
相似文献
Lucia TajoliEmail: |
10.
Rodrigo A. Cerda 《Journal of Evolutionary Economics》2007,17(4):473-515
This paper addresses the creation of new products in the US pharmaceutical sector, during the second half of the 20th century.
We indicate that the continuous increases in population, and thus in the market size of this sector, play a fundamental role
in explaining the large creation of new drugs during that period. We also argue that population and market size can be endogenously
determined through the impact of drugs over the mortality rate. Hence, these two effects reinforce each other, producing decrements
in the mortality rate and increments in the stock of drugs over time. We obtained the set of new molecular entities approved
by the FDA during the second half of the 20th century and we decomposed the data in a panel of 15 therapeutic categories over
time. Using this data, we tested our hypotheses using different econometric methods. The results support the hypothesis and
are consistent across methods.
相似文献
Rodrigo A. CerdaEmail: |
11.
In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to
be properly represented at the aggregate level. As suggested by the late F.A. Hayek, a suitable equilibrium concept required
to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that
draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new
variables for the West German manufacturing sector during the German unification process allows some important new insights
on the relationships between structural change and macroeconomic performance.
相似文献
Ulrich WittEmail: |
12.
We develop a test for the presence of the monopsony power of the livestock integrator (principal) on the market for contract growers (agents) and estimate the model with the data on swine industry contract settlements. A natural test for the monopsony power of the principal would compare the estimated values of the marginal revenue products with the actual payments that agents receive for their services. The problem with implementing this approach comes from the fact that agents’ abilities and actions are unobservable. Our approach is based on estimating the slope of the inverse supply function for grower input using generalized method of moments (GMM) estimators. The model specifies the relationships between the observable consequences and unobservable grower characteristics imposing the first order conditions for principal’s profit maximization. The results show that the null hypothesis of no market power cannot be rejected.
相似文献
Tomislav Vukina (Corresponding author)Email: |
13.
How do middle-aged children allocate time and money transfers to their older parents in Europe? 总被引:1,自引:0,他引:1
Eric Bonsang 《Empirica》2007,34(2):171-188
This paper analyses the determinants of financial and time transfers from adult children to their older parents using the
Survey of Health, Ageing and Retirement in Europe (SHARE). It is the first survey containing rich comparable interdisciplinary
information about individuals aged 50+ from ten European countries (Austria, Denmark, France, Germany, Greece, Italy, the
Netherlands, Spain, Sweden and Switzerland). The first part of the paper highlights the differences in the provision of upward
private intergenerational transfers (in terms of both time and money) across the ten European countries. The second part describes
the different determinants in the decision to provide time or money transfers to parents and evaluates whether these two types
of assistance are substitutes or complements. Results highlight the existence of a substitution between time and money in
relation to geographical distance and the existence of a weak substitution regarding the employment status of the middle-aged
children.
相似文献
Eric BonsangEmail: |
14.
Mina Baliamoune-Lutz 《International Advances in Economic Research》2008,14(4):422-432
We explore the short-run dynamics and long-run relationship between income and financial development in Algeria, Egypt, and
Morocco. We use co-integration and VECM models and four indicators of financial development. The empirical results indicate
that there is a long-run relationship between income and each financial development indicator, except credit to the private
sector in Algeria. On the other hand, Granger-causality test results indicate that the evidence on the direction of causality
is mixed.
相似文献
Mina Baliamoune-LutzEmail: |
15.
Johann Burgstaller 《Empirica》2009,36(3):229-244
This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied
concerning the aggregate factors that help to explain the time-series variation in both the numbers of and proceeds from initial
public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues,
but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low
cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and
economic terms. The proceeds from IPOs, rather than funds raised by firms already listed, are used to finance subsequent investment.
相似文献
Johann BurgstallerEmail: |
16.
Export variety and the economic performance of countries 总被引:3,自引:0,他引:3
We explore the relationship between export variety and economic development, using data on OECD countries between 1964 and
2003. We show that structural change in the world economy has a particular arrow of time leading to a growing variety of exports.
Distinguishing between related variety (within sectors) and unrelated variety (variety between sectors), we also show that
related variety stimulates growth instantaneously, while unrelated variety only promotes growth with a considerable time lag.
This finding is in line with the evolutionary notions that economic development and international trade patterns are path
dependent.
相似文献
Koen FrenkenEmail: |
17.
This paper examines the issue of convergence of efficiency levels among Indian public sector banks (PSBs) during the post-reforms
period spanning from 1992/1993 to 2005/2006. The empirical results indicate that the majority of PSBs have observed an ascent
in technical efficiency during the post-reforms years. Further, the inefficient PSBs have been noted to be catching up with
the efficient ones. That is, the banks with low level of efficiency at the beginning of the period are growing more rapidly
than the highly efficient banks. In sum, the study confirms a presence of convergence phenomenon in the Indian public sector
banking industry.
相似文献
Rachita GulatiEmail: |
18.
Nicoletta Corrocher Lucia Cusmano Andrea Morrison 《Journal of Evolutionary Economics》2009,19(2):173-196
The present paper investigates the sectoral variety and common patterns across different typologies of knowledge-intensive
business services (KIBS). We examine this issue by considering the case of Lombardy, a highly developed manufacturing area
the industrial activities of which are experiencing a pervasive transformation towards higher knowledge content, demanding
stronger and more pervasive support by advanced services. Drawing on an original survey-based firm-level dataset, we analyze
innovation patterns across KIBS, evaluating the explanatory power of traditional classifications of the service sector, as
well as the heterogeneity driven by firm and market specific characteristics. Our findings highlight four profiles of KIBS:
interactive innovation mode, product innovation mode, conservative innovation mode and techno-organizational innovation mode.
When examining in more depth the variables that are associated with cluster membership, we find that firm strategy is the
most significant determinant, with size, customer location, and training also playing a role in defining cluster specificities.
相似文献
Nicoletta CorrocherEmail: |
19.
We document the patterns of market-wide and firm-specific volatility in the Portuguese stock market over the 1991–2005 period
and test several explanations for the behavior of firm-level idiosyncratic volatility. Unlike previous studies we find no
evidence of a statistically significant rise in firm-specific volatility. On the contrary, the ratio of firm-specific risk
to total risk slightly decreases. We show that this result stems from new listings of large privatized companies that display
lower firm-specific risk. Our findings are consistent with the idea that changes in idiosyncratic volatility are related to
changes in the composition of the market.
相似文献
Ana Paula SerraEmail: |
20.
This study presents an analysis of dividend-driven trading strategies based on dividend yield growth effects in the Polish
stock market in the years 1994–2004. Results indicate that the dividend yield growth portfolios were capable of beating the
market in the entire sample period. Their performance, however, was not consistent over time and the highest returns were
obtained during final years. Empirical findings based on the analysis of different types of portfolios demonstrate the importance
of dividends as a source of significant fundamental information items from stock market companies. At the same time, they
show that a dividend investment strategy for the Polish stock market is most successful when the selection of stocks for the
dividend yield growth portfolios is subject to further restrictions, most notably concerning company size.
相似文献
Jerzy GajdkaEmail: |