This paper surveys the literature on the implications of trade liberalisation for intra-national economic geographies. Three
results stand out. First, neither urban systems models nor new economic geography models imply a robust prediction for the
impact of trade openness on spatial concentration. Whether trade promotes concentration or dispersion depends on subtle modelling
choices among which it is impossible to adjudicate a priori. Second, empirical evidence mirrors the theoretical indeterminacy:
a majority of cross-country studies find no significant effect of openness on urban concentration or regional inequality.
Third, the available models predict that, other things equal, regions with inherently less costly access to foreign markets,
such as border or port regions, stand to reap the largest gains from trade liberalisation. This prediction is confirmed by
the available evidence. Whether trade liberalisation raises or lowers regional inequality therefore depends on each country’s
specific geography. 相似文献
Die hohe Langzeit-Arbeitslosigkeit ist nach wie vor ein schwerwiegendes wirtschaftspolitisches Problem. Die aktuellen Regelungen
an der Schnittstelle zwischen Transferund Arbeitseinkommen haben bisher nur unzureichend zu seiner L?sung beigetragen. Die
verschiedenen diskutierten Kombilohnmodelle sind dagegen oft nicht praxistauglich. Die Autoren stellen hier das Modell für
eine existenzsichernde Besch?ftigung des Bundesministeriums für Arbeit und Technologie vor.
Dr. Walther Otremba, 55, ist Staatssekret?r im Bundesministerium für Wirtschaft und Technologie;
Dr. Daniela B?nstrup, 34, ist dort Referentin im Referat für Arbeitsmarktpolitik. 相似文献
This paper investigates whether IPO signals reveal proprietary information about the prospects of an issuing firm’s underlying
industry. By analyzing a sample of European property company (EPC) IPOs from 1997 to 2007, we take advantage of a heterogeneous
set of industry performance measures, i.e., yields and total returns of direct property investments in various European property
markets that can be clearly assigned to each individual IPO. The results reveal that the main signal of interest, underpricing,
is in fact positively related to average property yields for a 12-month post-IPO period; a result that supports our assumption.
Other signals, as proposed in previous research, do not appear to contain any information about the prospects of the IPO firm’s
target property investment market. We also show that total returns seem to be a biased measure for direct property performance.
Further tests for the signaling model’s preconditioned presence of information asymmetry among EPCs reveal that underpricing
levels are a function of company-specific ex ante uncertainty proxies. In contrast, property-specific ex ante uncertainty
proxies do not explain underpricing levels. 相似文献
The ongoing coronavirus pandemic crisis as well as demographic and climate change pose major challenges for public finances. This article deals with the implications of demographic trends in Switzerland, i.e. the progressive ageing of the population and its impact on the country’s public finances in the long run. As the analysis shows, the brunt of the demographic burden is borne by the old-age pension scheme, health and long-term care. This article also addresses the financial ramifications of the COVID-19 crisis and shows the need for economic policy action over the longer term to ensure the sustainability of public finances in Switzerland. Furthermore, a qualitative assessment of climate change is included, as it constitutes an additional major long-term challenge for public finances.
The paper concerns a neglected aspect of the Wealth of Nations (with the notable exception of D. Levy 1999Levy, D. M. 1999. “Adam Smith’s Katallactic Model of Gambling: Approbation from the Spectator.” Journal of the History of Economic Thought 21 (1): 81–91. doi:10.1017/S1053837200002868.[Crossref], [Google Scholar]), dealing directly with decision under risk. In a few pages from book I, chapter 10, Adam Smith explicitly named “lotteries” various objects of choice (possible occupations, or investment opportunities, for instance) and provided an analysis which standard expected utility glasses would hardly fit. Taking this into account allows a better understanding of the part played by typical characters like the “projector” or the “sober man”, in such matters as Smith’s conception of entrepreneurship or of the credit market. The use of some modern concepts in decision analysis (inverse stochastic dominance, rank dependent utility, prudence toward risk), is a means to show the existence, in Smith’s work, of an original theory from decision under risk, where his analysis of lotteries in the Wealth of Nations is consistent with statements from his moral philosophy on asymmetric sensitivity to gains and losses and to the regulating part played by the impartial spectator. 相似文献
We empirically analyze the influence of inflationary pressure originating from persistent national misalignments on the ECB’s interest rate decisions between 2000 and mid-2010. To do so, we introduce an indicator that summarizes the threat to euro area price stability originating from self-reinforcing expected inflation differentials. The indicator is computed based on persistent deviations of national expected inflation and GDP growth rates from the corresponding euro area aggregate. It thereby captures area-wide excess demand pressure on the euro area inflation rate. In order to determine the information content of this indicator, we add it to an empirical monetary policy reaction function. We then analyze this reaction function in the framework of a generalized ordered choice model that fits the data a lot better than its commonly used, more restricted counterpart. Within this empirical framework, we find that after controlling for several area-wide aggregates, national information does not provide additional information that is indicative of the ECB’s policy rate decision. 相似文献