This paper exploits a natural experiment, the large destruction of capital in continental Europe during World War II, to characterize the transitional dynamics of an economy that begins with a capital stock below its steady state level. We use these regularities as a benchmark to discriminate among competing growth specifications. A model that combines non-separabilities in preferences with a technology that restricts the degree of substitutability between inputs outperforms the widely used AK and Cobb–Douglas specifications with time-separable preferences. Our results suggest that policy evaluations based in growth models that overlook non-separabilities in preferences or impose strong restrictions on the technological structure might be grossly misleading. 相似文献
While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional and economic reasons for relying on it. This paper investigates the main political and institutional determinants of seigniorage using panel data on about 100 countries, for the period 1960–1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic and socially-polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of this study is the need to develop institutions conducive to greater political stability as a means to reduce the reliance on seigniorage financing of public deficits. 相似文献
We investigated the importance of the social context for people’s voluntary contributions to a national park in Costa Rica,
using a natural field experiment. Some subjects make actual contributions while others state their hypothetical contribution.
Both the degree of anonymity and information provided about the contributions of others influence subject contributions in
the hypothesized direction. We found a substantial hypothetical bias with regard to the amount contributed. However, the influence
of the social contexts is about the same when the subjects make actual monetary contributions as when they state their hypothetical
contributions. Our results have important implications for validity testing of stated preference methods: a comparison between
hypothetical and actual behavior should be done for a given social context.
相似文献
The purpose of this research is to analyze the influence of the state legitimacy on of the different countries’ entrepreneurial activity’s development, the opportunities’ perception and the entrepreneurship’s motivations. This paper is set into the research field which analyze how the institutional environment influence entrepreneurship in different countries. Research framework has been built based on the Institutional Theory. To develop the model we use a set of data extracted from the European Social Survey and the Global Entrepreneurship Monitor about 28 European countries and we analyze them through Partial Least Squares-Structural Equation Modeling. Results show that state’s legitimacy influences the level of entrepreneurship in the different countries and the perception of the entrepreneurial opportunities and chances. Besides, the research shows that, in the scenario of the most legitimated countries, entrepreneurial activities is related to the need of self-employment. Based on the Institutional Theory, this research provide relevant contributions in the research field about entrepreneurship and countries’ institutions. From a practical point of view, the research shows ideas on how policymakers can improve entrepreneurial activity managing state legitimacy. Furthermore, the results provide new contributions in the research on the influence of the institutional context on the states entrepreneurial activity, providing an analysis and a comparison of the differences between countries, based on institutional theory.
This article explores how trade integration has advanced over the last four decades and what the foreseeable future holds, among other related questions. To this end, we consider certain methods which have scarcely been used in the literature on trade integration. First, we measure trade integration through a set of indicators which control not only for how open economies are, but also for their degrees of connectedness in the World Trade Web. Second, we assess how these indicators have evolved over time, what the likely steady state distribution might be, and whether results could differ depending on a variety of weighting schemes (GDP, population). The results show that, under current trends, future world trade will be much more trade-integrated, especially for the most heavily populated countries. However, there is still a long way to go before reaching the hypothetical scenario of geographically neutral trade. 相似文献
This paper analyzes the effect of organizational culture on the post-acquisition management control system (MCS) of the Brazilian company Extrativa Metalquímica Inc. after its acquisition by the FASA Participações Group. The results herein reported add to discussions of the subject and contribute to reducing the research gap in this area in Brazil. The analysis supports two major conclusions: (1) changes in the acquired company's MCS were derived from the new financial results-oriented culture introduced by the acquirer; and (2) the implementation of this culture implied modifications in production, financial and quality controls. 相似文献
This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher for firms with reputation for sustainability leadership, when compared to firms that do not enjoy such reputation. The results are interpreted through the lens of a framework combining signalling theory and resource-based theory, according to which firms signal their commitment to sustainability to influence the external perception of reputation. A firm’s reputation for being committed to sustainability is an intangible resource that can increase the value of a firm’s expected cash flows and/or reduce the variability of its cash flows. Our findings are according to expectations and show that the net income of firms with good sustainability reputation has a higher valuation by the market, when compared to their counterparts. 相似文献
This work finds in terms of zonal polynomials, the non isotropic noncentral elliptical shape distributions via singular value
decomposition; it avoids the invariant polynomials and the open problems for their computation. The new shape distributions
are easily computable and then the inference procedure is based on exact densities, instead of the published approximations
and asymptotic distribution of isotropic models. An application of the technique is illustrated with a classical landmark
data of Biology, for this, three Kotz type models are proposed (including Gaussian); then the best one is chosen by using
a modified BIC criterion. 相似文献