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We compare the performance in employment, wages and productivity for domestic plants acquired by new domestic and foreign owners. Prospective foreign owners pick large, high‐wage, high‐productivity plants, while new domestic owners choose average performers of above‐average size. Employment, labour productivity, and total factor productivity decline in domestic acquisition targets before acquisitions; only wages recover afterwards. Employment, wages and labour productivity increase after foreign acquisitions. The sample selection introduced by long‐term comparisons and a focus on unique events introduces a downward bias into the results for domestic acquisitions and an upward bias for the foreign acquisitions. 相似文献
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In this paper, we provide a framework for modeling one risk‐taking channel of monetary policy, the mechanism whereby financial intermediaries' incentives for liquidity transformation are affected by the central bank's reaction to a financial crisis. The anticipation of the central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering an “interest rate trap” – the economy will remain stuck in a long‐lasting period of suboptimal, low interest rate equilibrium. We demonstrate that interest rate policy as a financial stabilizer is dynamically inconsistent, and the constrained efficient outcome can be implemented by imposing ex ante liquidity requirements. 相似文献
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A mean‐variance framework is applied to Australian household financial portfolios in order to provide estimates of relative risk aversion in the economy. Controlling for various socio‐economic characteristics, we explore whether risk aversion heterogeneity is a function of wealth heterogeneity. In contrast to most studies, we find evidence of very high risk aversion amongst the majority of households of poor households but vastly lower risk aversion amongst the high percentiles in the wealth distribution. Applying a first differences model across three survey waves spanning 2002 to 2010, we find that risk tolerance increases significantly with wealth. Risk tolerance is positively associated with mortgage payments, but rental payments have no relationship. In addition, we found no evidence that holding a university education has any discernible impact on risk aversion. Lastly, we present some preliminary findings as to the impact of financial advice on observed risk aversion. Financial advice is found to accentuating risk aversion, particularly amongst the wealthiest households. The findings have potential implications for the distribution of wealth in Australia that has received renewed interest recently. 相似文献
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A growing literature documents the existence of strategic political reactions to public expenditure between rival jurisdictions. These interactions can potentially create a downward expenditure spiral (“race to the bottom”) or a rising expenditure spiral (“race to the top”). However, in the course of identifying the existence of such interactions and ascertaining their underlying triggers, the empirical evidence has produced markedly heterogeneous findings. Most of this heterogeneity can be traced back to study design and institutional differences. This article contributes to the literature by applying meta‐regression analysis to quantify the magnitude of strategic inter‐jurisdictional expenditure interactions, controlling for study, and institutional characteristics. We find several robust results beyond confirming that jurisdictions do engage in strategic expenditure interactions, namely that strategic interactions: (i) are weakening over time, (ii) are stronger among municipalities than among higher levels of government, and (iii) appear to be more influenced from tax competition than yardstick competition, with capital controls and fiscal decentralization shaping the magnitude of fiscal interactions. 相似文献
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A monthly index of “bad” news about China as reported in the USA from January 1990 to December 2008 is developed in this paper. “Bad” is defined as news touching on the following issues: human rights, Tibet, child labor, democracy, and repression. Using this bad news index, this paper documents a peculiar finding: 3–4 months after a trade deficit shock to the US–China bilateral trade balance, the frequency of bad news published about China by US media outlets rises sharply, then dies off slowly. Statistical analysis reveals that the likelihood that this finding is just a coincidence is relatively small—about 1%. In addition, this paper finds a robust association between the annual number of Congressional hearings on China and the US–China bilateral trade deficit. These results suggest that “China bashing” may be endogenous to fluctuations in the US–China bilateral trade balance. 相似文献
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Investors Facing Opportunistic Governments: Is it Really Good to “Know the Market” before Investing? 总被引:1,自引:0,他引:1
When a government cannot commit to future policies, investors face the risk of opportunistic behavior in addition to uncertain market conditions. We show that although reducing market uncertainty is sometimes essential for investment, it may aggravate problems of opportunism. The better informed the investor is before investing, the more information the government can infer from observing that investment takes place, in turn enabling more efficient rent extraction. This signaling effect can dominate; if the investor receives too accurate information before investing, the only equilibrium is the one in which no investment occurs.
JEL classification : D 82; L 51 相似文献
JEL classification : D 82; L 51 相似文献
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We examine whether Italian household consumption exhibits excess sensitivity to “severance pay”, a sizable lump-sum that workers receive at job termination. We find no evidence of excess sensitivity of non-durable expenditure to this anticipated cash-in-hand change. 相似文献
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David A. Green 《The Canadian journal of economics》2015,48(4):1215-1265
Most people believe that there are such things as good jobs—jobs that a worker would consider herself lucky to get. But for economists, the existence of good jobs is debatable. In this paper, I provide a definition of a good job based on various theories of the labour market: a job that involves a surplus captured partly by the worker. I use that definition to guide an empirical investigation of the existence and importance of good jobs. I conclude that good jobs do exist—that the labour market does not just function according to a Roy model with wage differentials reflecting only skill differentials, compensating differentials or bond posting—and that their impact on the overall wage structure is substantial. Finally, I discuss the implications of the existence of good jobs for policy setting and for assessments of the justice of a society. 相似文献
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While a large literature has established that migration experience among an individual's family and community networks tends to encourage migration, there is little research investigating the mechanism by which networks exert such effects. This paper aims to determine the relative importance of three potential benefits provided by networks: information on border crossing, information on jobs, and credit. We develop empirical tests of these effects based on a simple model that allows individuals to choose between migrating alone or with the help of a border smuggler. Using a dataset of undocumented Mexican migrants to the United States, we find that larger family networks encourage both migration and coyote use, consistent with the job information hypothesis. In contrast, community networks appear to provide crossing information. The finding that family networks have a smaller impact for asset holders indicates that some of the benefit the family network provides is a source of credit. 相似文献
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Ion Lapteacru 《Economics of Transition》2019,27(2):541-576
This paper explores the differential effects of the activity and funding strategies of foreign and state‐owned banks in Central and Eastern European countries on risk‐taking. Due to potentially beneficial external support, the disciplinary role of non‐deposit funding is completely ineffective for both foreign and state‐owned banks. Most likely, because of survival beliefs, non‐deposit financiers deposit their money even when state‐owned banks become riskier. Involvement in non‐interest‐income activities has no impact on the risk‐taking of foreign banks and worsens the risk of state‐owned institutions. However, both types of banks are risky when involved in trading, insurance income, rental and other non‐banking businesses. 相似文献
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Human capital depletion, human capital formation, and migration: a blessing or a “curse”? 总被引:1,自引:0,他引:1
We specify conditions under which a strictly positive probability of employment in a foreign country raises the level of human capital formed by optimizing workers in the home country. While some workers migrate, “taking along” more human capital than if they had migrated without factoring in the possibility of migration (a form of brain drain), other workers stay at home with more human capital than they would have formed in the absence of the possibility of migration (a form of brain gain). 相似文献