共查询到20条相似文献,搜索用时 140 毫秒
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Bubbles, crises, and policy 总被引:5,自引:0,他引:5
In many recent cases financial liberalization has led to a bubblein asset prices. The bursting of the bubble results in a bankingcrisis and recession. It is suggested such bubbles are causedby an interaction of the risk-shifting problem arising fromagency relationships in intermediaries and uncertainty concerningthe expansion of credit. Two important policy objectives areidentified. The first is the prevention of bubbles in assetprices. The second is minimizing the impact of spillovers onto the real economy during post-bubble banking crises. The differentpolicy approaches taken in Norway and Japan are compared. 相似文献
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We study how financial transactions may respond to exogenous variation in trade opportunities not only directly, but also through policy channels. In more open economies, governments may find it more difficult to fund and enforce public policies that substitute private financial transactions, and more appealing to deregulate financial markets. We propose a simple theoretical model of such policy-mediated relationships between trade and financial development. Empirically, we document in a country panel dataset that, before the 2007–2008 crisis, financial market volumes were robustly and negatively related to the share of government consumption in GDP in regressions that also include indicators of financial regulation and trade openness, and we seek support for a causal interpretation of this result in instrumental variable specifications. 相似文献
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Paul Comolli 《Atlantic Economic Journal》2018,46(2):179-188
We investigate migration and foreign direct investment (FDI) for a small trading economy. Historically, immigration in small countries has been accompanied by FDI inflows (complementary capital movements). Based on the skill composition of migrants, empirical evidence finds that skilled immigration is accompanied by FDI inflows but unskilled immigration is accompanied by FDI outflows (substitutable capital movements). We prove that the Heckscher-Ohlin model cannot reconcile these apparently contradictory observations. We introduce a theoretical model in which capital and unskilled labor are sector specific, and demonstrate that this model can reconcile the historical and empirical observations on migration and FDI. 相似文献
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Mateus Joffily David Masclet Charles N Noussair Marie Claire Villeval 《Southern economic journal》2014,80(4):1002-1027
We use skin conductance responses and self‐reported hedonic valence to study the emotional basis of cooperation and punishment in a social dilemma. We argue that the availability of sanctions sets in motion a “virtuous emotional circle” that accompanies cooperation. Emotional reaction to free riding leads cooperators to apply sanctions. In response, and in addition to the monetary consequences of receiving sanctions, the negative emotions experienced by the free‐riders when punished lead them to increase their subsequent level of cooperation. The outcome is an increased level of cooperation that becomes a new norm. Therefore, emotions sustain both the use of altruistic punishment and cooperation. 相似文献
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Complex policy issues deserve frequent reassessment, and the relationship between economic growth and equality is undeniably complex. Policymakers who care about trade-offs between the two goals continue to press the scientific limits of empirical economics. It takes an enormous sample of long-term national experiences to approximate the data base necessary to move debate from allegation to evidence. Fortunately, the sample continues to expand. Since the 1950s dozens of countries have produced evidence on income distribution and growth, and the records of some currently developed countries have been extended back into the 17th century. This article assesses the empirical harvest. Most of our inferences, however, are based on American and British history. 相似文献
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O. Dzh. Govtvan’ 《Studies on Russian Economic Development》2006,17(6):569-577
This paper discusses financial problems of stepping up the investment process in Russia, approaches to intensifying financial redistribution, opportunities for using government savings to boost and upgrade economic growth, and suggests financial support measures for the modernization of the Russian economy. 相似文献
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Sickness, absenteeism, presenteeism, and sick pay 总被引:2,自引:0,他引:2
The annual cost of absenteeism from the workplace in the UKhas been estimated to be over 1% of GDP. The traditional approachto a discussion of absence has been for the firm to passivelyaccept both wages and sick pay and allow workers to choose theirabsence behaviour. Most empirical research has been based onthis approach. However, if absence is costly why should firmspay extra-statutory sick pay? One reason may be the phenomenaof presenteeism (ill workers attending work). This may adverselyaffect productivity. This paper shows that allowing for presenteeismhas important implications for both the design of optimal wage-sickpay contracts and for the interpretation of empirical studies.Specifically, we show that firms will offer a level of sickpay greater than the statutory minimum. 相似文献