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Persistence of Human Capital Development in OECD Countries over 150 Years: Evidence from Linear and Nonlinear Fractional Integration Methods Econ. Syst. (IF 2.31) Pub Date : 2024-03-08 Sakiru Adebola Solarin, Luis A. Gil-Alana, María Hernández-Herrera
The goal of this study is to examine the persistence of human capital development in 21 member countries of the Organization for Economic Cooperation and Development for the period 1870-2019. Gross enrollment rates for secondary and tertiary education are both used as proxies for human capital development. Employing linear and nonlinear fractional integration approaches, our results suggest high degrees
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Demographic transition and inflation Econ. Syst. (IF 2.31) Pub Date : 2024-03-08 Karan Rai, Bhavesh Garg
We propose a few testable hypotheses to examine the impact of demographic transition on inflation. We contribute to the existing literature by refining the formulation of hypotheses and treatment of slope heterogeneity and cross-sectional dependence by implementing the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) procedure that adopts dynamic common correlated predictors. To
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The financial inclusion agenda: Examining the role of conventional banks in deepening access to formal credit Econ. Syst. (IF 2.31) Pub Date : 2024-02-27 Abdul Malik Iddrisu, Michael Danquah
Using a unique district-level panel dataset, we investigate the effect of banking system penetration on financial inclusion in Ghana. To purge potential endogeneity bias in the underlying relationship, we exploit a change in the policy environment of the Ghanaian banking system to instrument for bank branch expansion. We show, first, that the switch from the compartmentalized system of banking to the
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Financial access and income inequality in Sub-Saharan Africa: Does ethnic fragmentation give new evidence? Econ. Syst. (IF 2.31) Pub Date : 2024-02-24 Soumtang Bimé Valentine, Mondjeli Mwa Ndjokou Itchoko Motande
There is a large body of work documenting the non-consensual effects of financial access on income inequality. Despite this extensive literature and the predominance of ethnic fragmentation in Sub Saharan Africa countries (SSA), little is known about its mediating effect on the above relation. This paper focuses on assessing the effect of ethnic fragmentation on financial access income inequality nexus
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Comovement and Global Imbalances of Current Accounts Econ. Syst. (IF 2.31) Pub Date : 2024-02-17 Yu You, Junsoo Lee, Yoonbai Kim, Zheng Yang
In contrast to existing studies that have paid limited attention to comovement in the current account balances of inter-related countries, we employ a dynamic factor model to evaluate the contributions of the common global factor, group factors (advanced or emerging countries), and country-specific factors for 12 advanced and eight emerging economies from 1970 to 2017. We find that current account
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Governmental responses and firm resilience during the COVID-19 pandemic: The role of culture and politics Econ. Syst. (IF 2.31) Pub Date : 2024-02-07 Edina Berlinger, Dieter Gramlich, Thomas Walker, Yunfei Zhao
Using data from 180 countries and 24,833 publicly traded firms worldwide, this study examines how cultural and political factors influence the stringency of a government’s response to the COVID-19 pandemic and, in turn, the stock prices of firms and industries operating in a given country. Existing research demonstrates that government behavior during a pandemic can directly or indirectly affect stock
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The Economic Aftermath of Surges in Public and Private Debt: Initial Conditions and Channels Econ. Syst. (IF 2.31) Pub Date : 2024-01-26 João Tovar Jalles, Paulo Medas
Debt levels, both private and public, were already at record highs before the Covid-19 pandemic and surged further in 2020. The high indebtedness raises concern that it will undermine future economic prospects. Contributing to the ongoing debate, we use the local projection method to dynamically study the behavior of economic activity and its main components after public and private debt surges. A
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Volatility connectedness and its determinants of global energy stock markets Econ. Syst. (IF 2.31) Pub Date : 2024-01-24 Qichang Xie, Chao Luo, Xiaoping Cong, Xu Wang
This study seeks to construct a global volatility network for a large number of energy firms and explore the mechanisms of risk transmission of energy stock markets at the corporate, national, and regional levels by applying an elastic-net-VAR method. A semiparametric function coefficient model is introduced to test the time-varying influence of oil price uncertainty (OVX) on the stability of the energy
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Does Country Risk Rating Explain Shadow Banking Development? Insights from Advanced and Emerging Market Economies Econ. Syst. (IF 2.31) Pub Date : 2024-01-23 Seyed Alireza Athari, Mugabil Isayev, Farid Irani
This study fills a research gap by specifically investigating the effect of country risk rating (CR) on shadow banking (SB) development from a global perspective using a dynamic panel estimation approach covering the period 2010-2019. Furthermore, the study explores whether a country's characteristics impact this nexus by grouping countries into advanced and emerging market economies based on their
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Monetary and fiscal interplay: does it work both ways? Econ. Syst. (IF 2.31) Pub Date : 2024-01-23 António Afonso, Alexandre Sousa
We study whether the interplay between monetary and fiscal policies work both ways, in EU countries, for the period 1995-2019. Our results show notably that: i) the inflation rate has a relevant impact over the central banks’ decision making; ii) the cyclically adjusted primary balance reacts positively to increases in the level of government debt; iii) monetary policy reaction functions do not seem
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Contagion among European financial indices, evidence from a Quantile VAR approach Econ. Syst. (IF 2.31) Pub Date : 2024-01-22 Giulio Palomba, Marco Tedeschi
The aim of this paper is to analyze the dynamic relationships binding European financial market indices over the decade 2013–2022. In particular, we estimate a quantile VAR to study spillovers in different volatility scenarios using a measure of realised volatility robust to jumps and microstructural noise. Our results reveal that, especially for low quantiles, the degree of implied interconnectedness
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Geographic Complexity and Bank Risk: Evidence from Cross-border Banks in Africa Econ. Syst. (IF 2.31) Pub Date : 2024-01-20 Makafui Anani
I construct a novel dataset to measure the geographic complexity of cross-border African banks and relate it to their default and earnings risk. The results suggest that having a higher degree of geographic complexity decreases risk. Further results show that the negative relationship between geographic complexity and risk is significantly channeled through changes in banks’ loan quality. Following
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Labour immobility between industries: Consequences for the macroeconomy Econ. Syst. (IF 2.31) Pub Date : 2024-01-20 Parantap Basu, David Chivers, Changhyun Park
Workers are failing to move to the most productive industries, despite the offer of higher wages. In order to explain this phenomenon, we provide evidence that when an industry experiences a positive, labour-productivity shock, it is subsequently harder for firms to find workers. This is represented by a fall in relative matching efficiency. We present a stylised two-sector search and matching model
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Cooperation between governments to set up public firms Econ. Syst. (IF 2.31) Pub Date : 2024-01-20 Quan Dong, Juan Carlos Bárcena-Ruiz, María Begoña Garzón
This paper analyzes cooperation between governments to set up a public firm and decide what percentage of that firm each of them owns. A symmetric model is assumed, with two countries and one domestic private firm in each country. Firms produce a homogeneous good and have quadratic cost functions. The counterintuitive result emerges that there are two equilibria, in each of which one government has
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Supporting African Union: Do Macroeconomic Fluctuations matter? Econ. Syst. (IF 2.31) Pub Date : 2024-01-18 Samba Diop, Simplice A. Asongu, Cheikh Tidiane Ndiaye
In this paper, we contribute empirically to the debate on the legitimacy of the African Union by exploring the question on whether individual opinions in support of African integration are sensitive to macroeconomic fluctuations? For this purpose, we use the 4th, 5th, 6th and 8thAfrobarometer survey data waves and a contextual logistic model. We find that an increase in GDP per capita is associated
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Gender political inclusion and inclusive finance in Africa Econ. Syst. (IF 2.31) Pub Date : 2024-01-18 Tii N. Nchofoung, Simplice A. Asongu, Vanessa S. Tchamyou
At the 2010 G20 Summit, the use of formal financial services was recognized as one of the main pillars of the global development agenda. At the same time, the fifth goal of the Sustainable development agenda outlined the importance of gender inclusion for sustainable development. Empirical research on the effect of gender inclusion on inclusive finance has however been limited to micro level studies
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The struggle between capitalists and workers concerning patent and monetary policies in a Schumpeterian Economy Econ. Syst. (IF 2.31) Pub Date : 2024-01-17 Óscar Afonso, Pedro G. Lima
This paper analyzes the conflict of interests between capitalists and workers concerning patent and monetary policy in a Schumpeterian growth model with cash-in-advance (CIA) constraints in the R&D sector, where capitalists own assets and workers supply labor. We find that (i) higher R&D productivity, lower CIA constraints, and a lower discount rate produce non-linear effects in the conflicts concerning
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Revisiting International House Price Convergence Using House Price Level Data Econ. Syst. (IF 2.31) Pub Date : 2024-01-15 Christophe André, Christina Christou, Rangan Gupta
The literature on house price convergence largely relies on house price indices, based in an arbitrary year, rather than on actual price levels. This is essentially due to the scarcity of comparable house price level data. However, this severely constrains the analysis. In particular, it often forces to discard a large part of the data sample, which leads to a great loss of information and hampers
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US uncertainty shocks on real and financial markets: a multi-country perspective Econ. Syst. (IF 2.31) Pub Date : 2024-01-16 Jose E. Gomez-Gonzalez, Jorge Hirs-Garzon, Jorge M. Uribe
The international propagation of uncertainty shocks from the United States is not fully understood, despite extensive literature on domestic effects. This study examines the impact of U.S. financial, macroeconomic, and policy uncertainty on credit growth, stock prices, economic activity, bond yields, and inflation in five major recipients of U.S. foreign investment from 1950 to 2019. Findings highlight
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Capital outflow restrictions and dollar drainage Econ. Syst. (IF 2.31) Pub Date : 2024-01-14 Uluc Aysun, Karlia Clarke, Oronde Small
This paper identifies foreign cross-listings as a potential drain on reserves and a source of vulnerability to capital reversals for host nations. Simulations of a reasonably calibrated portfolio choice model demonstrate that restrictions on the outflow side of capital markets are most effective in mitigating this vulnerability for Jamaica. A panel data and Jamaica specific empirical analysis that
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The role of financial and physical assets as substitute or complementary to land as collateral in credit market: Evidence from Indian households Econ. Syst. (IF 2.31) Pub Date : 2024-01-12 Pallabi Chakraborty, Amarjyoti Mahanta
Land is considered as one of the most widely prevalent forms of collateral in credit markets of developing economies. It has also been observed that the landless segment do get loans. Using a nationally representative data for Indian households, the present study examines whether assets other than land, that is, physical and financial assets enable the landless to obtain loans. We also study if there
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Counterfeiting and Firm Survival. Evidence from the Italian manufacturing industry. Econ. Syst. (IF 2.31) Pub Date : 2024-01-02 Rosanna Pittiglio
Using a dataset obtained by matching and merging three major databases, this paper investigates the impact of counterfeiting on firm survival in a sample of Italian manufacturing firms established between 2004-2006. This paper contributes to the literature on firm survival, which has identified firm-level characteristics, macroeconomic conditions and institutional features as key contributing factors
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Sources of financing: which ones are more effective in innovation–growth linkage? Econ. Syst. (IF 2.31) Pub Date : 2024-01-02 Anabela M. Santos, Michele Cincera, Giovanni Cerulli
The study assesses the impact of eight sources of financing (internal funds, bank loans, credit lines, trade credit, equity, grants, leasing and factoring) on innovation and firm growth. It provides evidence that not all external financing sources have the same impact on innovation and growth. Output additionality on turnover growth seems higher for equity financing. In contrast, employment growth
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The impact of monetary policy shocks on net worth and consumption across races in the United States Econ. Syst. (IF 2.31) Pub Date : 2023-12-30 Juan-Francisco Albert, Nerea Gómez-Fernández
The aim of this paper is to determine whether monetary policy has a heterogeneous impact on net worth and consumption across races in the United States by applying several empirical methodologies and combining macro and micro data. The results suggest that an expansionary monetary shock increases the race gap in the short run in terms of net worth and that this is explained by differences in portfolio
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Financial depth versus more comprehensive metrics of financial development in tests of the finance-growth nexus Econ. Syst. (IF 2.31) Pub Date : 2023-12-27 M, a, r, t, i, n, , B, o, ď, a
First, the paper gives a critical appraisal of recently proposed quality adjustments of the ratio of private credit to the gross domestic product (GDP) as a proxy for finance in empirical tests of the finance-growth nexus and cautions against such heuristic measures. Second, in response to the unidimensional feature of conventionally applied proxies for finance, the paper constructs a variable for
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FDI and income inequality in tax-haven countries: The relevance of tax pressure Econ. Syst. (IF 2.31) Pub Date : 2023-12-26 Gonzalo Soto, Carlos M. Jardon, Xavier Martinez-Cobas
The agenda of the United Nations sustainable development goals (SDGs) for 2030 has shifted attention from poverty to equality. Unlike poverty, which has declined, inequality has not significantly changed in the past twenty years. Hence, in the absence of a strong fiscal context in which profits are redistributed from governments to their local societies, tax havens are likely to cement inequality in
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Does Informality Hinder Financial Development Convergence? Econ. Syst. (IF 2.31) Pub Date : 2023-12-23 Can Sever, Emekcan Yücel
This paper sheds light on the role of informal economy, defined as all economic activities that are hidden from official authorities for various reasons, in financial development convergence. Using panel data from 156 countries over the period of 1991-2017, we find that financial development (as measured by credit as share of GDP) tends to converge across countries over time, particularly when informality
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Regional convergence in the European Union – Factors of growth between the great recession and the COVID crisis Econ. Syst. (IF 2.31) Pub Date : 2023-12-20 J, a, n, , P, i, n, t, e, r, a
In this paper, we provide a new look at convergence in the EU while focusing on development at the regional level between the Great Recession and the recent COVID crisis. We use the log convergence test by Phillips and Sul (2007) to analyze convergence in income level among the European regions. We identified five convergence clubs rather than supporting the overall convergence hypothesis. Furthermore
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Commodity prices and domestic credit in Central and Eastern Europe: Are there asymmetric effects? Econ. Syst. (IF 2.31) Pub Date : 2023-12-15 S, c, o, t, t, , W, ., , H, e, g, e, r, t, y
Fluctuations in commodity prices can have an impact on a firm’s costs and revenues, national income, or a country’s creditworthiness, leading to increased borrowing and levels of domestic credit. These effects need not be symmetric; it is possible that losses due to a commodity price decrease might be worse than the gains that result from an equivalent price increase. In addition, these dynamics might
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Individualism, economic freedom, and the development of the shadow economy Econ. Syst. (IF 2.31) Pub Date : 2023-12-14 J, a, m, e, s, , W, ., , S, a, u, n, o, r, i, s
To better understand the relationship between formal institutions, culture, and the size of the shadow economy, this paper considers the impact of pro-market institutions and cultures of individualism, and their interplay, on the size of the shadow economy. Using panel data for 64 countries from 1995 to 2017, the results show that economically free countries that value individualism over collectivism
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Exchange rates and the speed of economic recovery: The role of financial development Econ. Syst. (IF 2.31) Pub Date : 2023-12-10 B, o, r, i, s, , F, i, s, e, r, a
We study the influence of the exchange rate on the speed of economic recovery in a sample of 67 developed and developing economies over the years 1989–2019. First, using a cross-sectional sample of 341 economic recoveries, we study the effect of nominal depreciation and real undervaluation on the length of economic recovery. Our findings indicate that a small nominal depreciation, as well as a real
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Assessing the impact of religion on environmental quality Econ. Syst. (IF 2.31) Pub Date : 2023-12-06 Ying Lin, Hua-Tang Yin, Jun Wen, Chun-Ping Chang
This study analyzes the impact of religion on environmental quality. Constructing a theoretical model built on the Schumpeterian production function, we reveal that religion can promote pollution emissions. Moreover, the mediating effects of labor force and product variety innovation between religion and pollution are positive. Furthermore, the mediating role of quality improving innovation varies
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Intergenerational occupational mobility in Latin American economies: An empirical approach Econ. Syst. (IF 2.31) Pub Date : 2023-11-23 Ömer Tuğsal Doruk, Francesco Pastore, Hasan Bilgehan Yavuz
Identifying the determinants of intergenerational mobility is an important aim in the development literature. In this article, we examine intergenerational transmission for 6 neglected Latin American Economies (Brazil, Costa Rica, Ecuador, Mexico, Panama and Puerto Rico). We use a multinomial logit model of the determinants of choosing a white-collar job for the child of a father working in farming
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Macroeconomic fundamentals and attention: What drives european consumers’ inflation expectations? Econ. Syst. (IF 2.31) Pub Date : 2023-11-14 Zuzana Kučerová, Daniel Pakši, Vojtěch Koňařík
Using survey data on consumer inflation expectations in the European Union countries, we investigate the price, macroeconomic, attention, and geopolitical determinants of European consumers’ inflation expectations. We employ panel data regression with both fixed and random effects. We conclude that when consumers in the EU form their expectations regarding future inflation, they are determined not
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Conventional monetary interventions through the credit channel and the rise of non-bank institutions Econ. Syst. (IF 2.31) Pub Date : 2023-10-16 Gianluca Cafiso, Giulia Rivolta
The amount of credit assets held by non-bank institutions has increased substantially in recent decades, to the point where it exceeded the amount held by depository institutions in the United States before the Global Financial Crisis. Our research aims to gain evidence on whether the credit channel of monetary policy, i.e. the transmission of monetary interventions through bank lending, has been altered
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Long-term economic implications of Demeny voting: A theoretical analysis Econ. Syst. (IF 2.31) Pub Date : 2023-10-14 Luigi Bonatti, Lorenza Alexandra Lorenzetti
Despite the intense debate over possible correctives to the propensity of contemporary democracies experiencing population aging to favor the elderly, a formal analysis of the long-term economic implications of introducing such correctives is lacking. This paper bridges the gap by modeling intergenerational redistribution policies by the government through a simple overlapping-generations framework
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Optimal R&D disclosure in network industries Econ. Syst. (IF 2.31) Pub Date : 2023-09-12 Domenico Buccella, Luciano Fanti, Luca Gori
The R&D literature framed in a strategic context shows two unpleasant outcomes for the public goods nature of knowledge: 1) the private R&D activity results in under-investment (with no information leakage – no spillovers) or over-investment (with information leakage – positive spillovers) compared to the social optimum because of appropriability, and 2) the R&D outcome shared by each firm is lower
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Does inflation worsen income inequality? A meta-analysis Econ. Syst. (IF 2.31) Pub Date : 2023-09-07 Andreas Sintos
Despite extensive econometric evidence, the research literature has been unable to draw firm conclusions regarding the effect of inflation on income inequality. In this paper, we apply meta-regression methods to a novel data set of 1767 estimates reported in 124 published studies that investigate the effect of inflation on income inequality. We distinguish between estimates that examine the effect
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An empirical analysis of economic growth in countries exposed to coastal risks: Implications for their ecosystems Econ. Syst. (IF 2.31) Pub Date : 2023-08-18 Farid Gasmi, Laura Recuero Virto, Denis Couvet
Using a novel database on countries exposed to coastal risks (CR), this paper estimates an augmented neoclassical growth model that encompasses eight other new growth models. To account for uncertainty related to the number of models and choice of growth determinant proxies, we use a Bayesian averaging of classical estimates (BACE) approach. A preliminary examination of the data reveals that a country
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Regional convergence in Russia: Estimating an augmented Solow model Econ. Syst. (IF 2.31) Pub Date : 2023-08-10 Aleksey Oshchepkov, Hartmut Lehmann, Maria Giulia Silvagni
This paper studies convergence in per capita gross regional products across Russian regions in the period from 1996 to 2017. By applying the system GMM technique we estimate growth equations that are directly derived from the classic Solow model, augmented with human capital and migration and considering possible spatial effects. Our main estimates establish a convergence rate of around 2% per year
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Information asymmetry, agency costs, and payout policies: An international analysis of IFRS adoption and the global financial crisis Econ. Syst. (IF 2.31) Pub Date : 2023-08-10 Wolfgang Bessler, Halit Gonenc, Mario Hernandez Tinoco
Information asymmetry can affect the propensity of firms to pay dividends directly and indirectly by reducing the agency costs of free cash flow (FCF). However, designing a research framework to identify whether information asymmetry or agency cost directly explains the propensity to pay dividends is challenging, as both are partially endogenous. To overcome this challenge, this study investigates
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Symposium: The shadow economy, tax evasion and institutions Econ. Syst. (IF 2.31) Pub Date : 2023-08-09 Stanislaw Cichocki, Andrzej Torój
Abstract not available
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Income inequality and systemic banking crises: A nonlinear nexus Econ. Syst. (IF 2.31) Pub Date : 2023-08-02 Shengquan Wang
Motivated by Rajan’s work, we propose that income inequality and systemic banking crises have a nonlinear nexus. In addition to examining the linear “Rajan effect,” we propose a “Kuznets effect” based on an assumption that income inequality has a nonlinear impact on growth, conditional on the stage of economic development, and thus plays a nonlinear role in modeling crises. We test the existence of
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Tackling BEPS in the Global South: Evidence from Peru’s tax reform Econ. Syst. (IF 2.31) Pub Date : 2023-07-23 Katia Toledo, Alfredo Alvarado
This study assesses the effect of a transfer pricing reform on tax payments at the firm level. Given the critical role that the consulting firms play in tax avoidance schemes, we include the effect of expenditure on tax advisory. Exploiting the reform’s particular features, we use a regression discontinuity design to estimate the causal effect of the tax reform. We find that firms affected by the intervention
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Tax evasion, fiscal policy and public debt: Evidence from Spain Econ. Syst. (IF 2.31) Pub Date : 2023-07-07 Moisés Meroño Herranz, Francesco Turino
We reconsider the macroeconomic effects of fiscal policy in an estimated dynamic stochastic general equilibrium model with limited tax enforcement. The results of the Bayesian estimation provide evidence in favor of a sizeable underground sector in Spain, with the associated tax evasion having contributed, on average, to 23% of public debt accumulation over the period 1985–2015. From the standpoint
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Symposium: Economic growth and development in the BRICS countries Econ. Syst. (IF 2.31) Pub Date : 2023-05-24 Makram El-Shagi, Karsten Staehr
Abstract not available
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Audit, presumptive taxation and efficiency: An integrated approach for tax compliance analysis Econ. Syst. (IF 2.31) Pub Date : 2023-05-20 Giancarlo Ferrara, Valeria Bucci, Arianna Campagna
Audit cut-off rules are policy tools widely adopted by fiscal authorities with the aim to improve voluntary tax compliance. Despite their usefulness, audits are costly for the fiscal authority, so determining how best to allocate controls is a key policy issue. In the audit framework presumptive taxation could be used to identify the cut-off rule, allowing fiscal authorities to uncover firms’ under-reporting
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Subjective well-being, satisfaction with public services and election outcomes in Turkey Econ. Syst. (IF 2.31) Pub Date : 2023-04-14 Alpay Filiztekin, Oya Kent
There is an emerging literature to explain the variation in voting behavior by subjective well-being (or ‘happiness’) measures beyond standard economic and financial variables that economic voting models assert. This paper contributes to this new line of research by testing whether subjective well-being indicators are significant predictors of the June 2015 elections in Turkey. Using the 2013 wave
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Multilevel determinants of FDI: A regional comparative analysis Econ. Syst. (IF 2.31) Pub Date : 2023-04-11 Bibhuti Sarker, John Serieux
This study examines firm-, country-, and regional-level determinants of inward foreign direct investment (IFDI) in a three-level logit framework using data on 134 countries. Countries are divided into eight distinct global regions based on their geographic proximity and similarity in macroeconomic settings. The intraclass correlation coefficients (ICCs) at both the country and regional levels are significant
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Bank diversification and ESG activities: A global perspective Econ. Syst. (IF 2.31) Pub Date : 2023-04-06 Abdulazeez Y.H. Saif-Alyousfi, Asish Saha, Turki Rashed Alshammari
The present study uses data from 1385 banks in 89 countries from 2009 to 2020 to analyze whether the banks’ environmental, social, and governance (ESG) activities around the world affect their diversification. We use a two-step system dynamic generalized method of moments technique and find that the relationship between ESG activity and bank diversification is nonlinear. Environmental and social factors
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Determinants of macroeconomic resilience in the euro area: An empirical assessment of national policy levers Econ. Syst. (IF 2.31) Pub Date : 2023-04-05 Maya Jollès, Eric Meyermans, Bořek Vašíček
This paper evaluates which structural characteristics matter for macroeconomic resilience, in particular regarding the capacity to absorb and recover from common shocks across euro area Member States over the period from 1998 to 2018. Applying a panel regression analysis and Bayesian model averaging, the paper aims to identify a set of factors as diverse and specific as possible in order to guide future
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Symbiotic relationships among formal and informal institutions: Comparing five Brazilian cultural ecosystems Econ. Syst. (IF 2.31) Pub Date : 2023-03-30 Vito Amendolagine, Nadia von Jacobi
This paper draws on ecology to advance insights on the relationships between formal and informal institutions. We are interested in observing change in such relationships in different cultural contexts. Extending the research traditions of institutional complementarities and of institutional analysis inspired by biology, we focus on symbiotic relationships to understand interdependence patterns between
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It's a man's world? The rise of female entrepreneurship during privatization in Serbia Econ. Syst. (IF 2.31) Pub Date : 2023-03-29 Vladan Ivanović, Vadim Kufenko
We focus on the rise of female entrepreneurship in Serbia and collect an extensive biographical dataset of women, who took part in privatization during 2002–2019. Although women enjoyed the same de jure rights as men, they faced a number of informal restrictions such as patriarchal values and tradition-related occupations in low-wage sectors. Nevertheless, using controls for firm and personal characteristics
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Using accounting information to predict aggressive tax location decisions by European groups Econ. Syst. (IF 2.31) Pub Date : 2023-03-05 Matteo Borrotti, Michele Rabasco, Alessandro Santoro
Although locating a company in a tax haven is not illegal per se, it is likely to be part of a scheme purported to erode the tax base or to shift profits to less-taxed jurisdictions. For this reason, this type of location decision is usually targeted by anti-avoidance laws, that can take the form either of specific rules or general standards that, ex-post, sanction or limit the location decision. However
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Where does the EU cohesion policy produce its benefits? A model analysis of the international spillovers generated by the policy Econ. Syst. (IF 2.31) Pub Date : 2023-02-24 Francesca Crucitti, Nicholas-Joseph Lazarou, Philippe Monfort, Simone Salotti
In this paper, we investigate the macroeconomic effects of the 2007–2013 cohesion policy investments in the EU. First, we present a detailed overview of the EU budget and the contributions of the Member States for the specific policy under scrutiny. Then, we use a dynamic spatial general equilibrium model to assess the overall impact of the policy both in the short and the long run. Finally, we focus
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Inward FDI and the quality of domestic institutions: A cross-country panel VAR analysis Econ. Syst. (IF 2.31) Pub Date : 2023-02-24 Roberto Antonietti, Jasmine Mondolo
Domestic institutions are recognized as important factors in attracting foreign direct investment (FDI), and spurring economic development in host countries. There is increasing evidence, however, that FDI may in turn affect and shape domestic institutions, and it is generally difficult to disentangle these two effects. The present paper aims to shed light on this issue using extensive data on the