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The Importance of Sound Monetary Policy: Some Lessons for Today from Canada’s Experience with Floating Exchange Rates Since 1950 Comparative Economic Studies Pub Date : 2024-03-02 Michael D. Bordo, Pierre L. Siklos
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Effects of Quantitative Easing on Economic Sentiment: Evidence from Three Large Economies Comparative Economic Studies Pub Date : 2024-02-23 Benjamin Baker, Murat Üngör
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Unemployment and Financial Development: Evidence for OECD Countries Comparative Economic Studies Pub Date : 2023-11-11 António Afonso, M. Carmen Blanco-Arana
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Historical Representative Assembly Experiences and Constitutionalism Today Comparative Economic Studies Pub Date : 2023-11-10 Jamie Bologna Pavlik, Andrew T. Young
Successful constitutionalism is characterized by de jure Constitutional provisions de facto binding political agents. A growing literature seeks to quantify cross-country variation in Constitutional compliance and explore its determinants (e.g., Law and Versteeg in Calif Law Rev 101(C):863–952, 2013; Gutmann et al. in University of Hamburg, Institute of Law and Economics Working Paper 2022 No. 57,
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Political Connections, Business Groups and Innovation in Asia Comparative Economic Studies Pub Date : 2023-09-05 Simon Commander, Saul Estrin, Thamashi De Silva
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Gender Inequality Under Laissez-Faire Covid-19: Case of Belarus Comparative Economic Studies Pub Date : 2023-09-02 Kateryna Bornukova, Lev Lvovskiy
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The Circular Relationship Between Productivity and Hours Worked: A Long-Term Analysis Comparative Economic Studies Pub Date : 2023-07-31 Gilbert Cette, Simon Drapala, Jimmy Lopez
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Government Support Measures, Trust in Institutions and Effects on Satisfaction with Democracy During the COVID-19 Outbreak Comparative Economic Studies Pub Date : 2023-07-09 Erica Poma, Barbara Pistoresi
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The Impact of Foreign Direct Investment and Political Stability on Food Security: Evidence from Sub-Saharan African Countries Comparative Economic Studies Pub Date : 2023-06-12 Zouhaier Aloui, Samir Maktouf
This paper investigates the impact of Foreign Direct Investment (FDI) and political stability on food security (SDGs2) in Sub-Saharan African countries using simultaneous equation model and GMM method over the period 1996–2020. The empirical results show that FDI positively affects food security in Sub-Saharan African countries, East Africa (EAC), West Africa (WAMZ) and WAEMU. The results show that
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Credit-to-GDP Gap Estimates in Real Time: A Stable Indicator for Macroprudential Policy Making in Croatia Comparative Economic Studies Pub Date : 2023-06-06 Tihana Škrinjarić
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Introduction to CES SI in Honour of Prof. Oleh Havrylyshyn Comparative Economic Studies Pub Date : 2023-05-11 Elodie Douarin, Paul A. Wachtel
Our colleague and friend Prof. Oleh Havrylyshyn passed away in his Ottawa home on September 20, 2020. To honour his work and life, the Association for Comparative Economic Studies (ACES) and the Centre for Comparative Economics (now renamed as the Centre for New Economic Transitions) at SSEES University College London (UCL), with the support of Natalia Havrylyshyn, organised a conference focusing on
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Technological Progress and Political Disengagement Comparative Economic Studies Pub Date : 2023-04-08 Daryna Grechyna
This paper analyzes the impact of technological progress on individual political engagement using longitudinal data from the British survey. The analysis suggests that regional technological progress, measured as the gross value added per worker, the number of patents per capita, and the share of employed in R&D, reduces individual identification with a particular political party, individual interest
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Gender Gap in Urban Job Market During the Pandemic: The Case of Ukraine Comparative Economic Studies Pub Date : 2023-03-27 Tymofii Brik, Maksym Obrizan
Remarkable resistance of Ukraine has become in the world focus starting from the dawn of February 24th, 2022. While policymakers draft plans to address the consequences of the war, it is crucial to understand the pre-war labor market context, risks of joblessness, inequalities, and sources of resilience. In this paper, we study inequality in job market outcomes in 2020–2021 during another global disaster—the
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Public Finance, Fiscal Rules and Public–Private Partnerships: Lessons for Post-COVID-19 Investment Plans Comparative Economic Studies Pub Date : 2023-02-27 Alessandra Cepparulo, Giuseppe Eusepi, Luisa Giuriato
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Shock Therapy in Transition Countries: A Behavioral Macroeconomic Approach Comparative Economic Studies Pub Date : 2023-02-15 Yuemei Ji
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Economic Insecurity, Institutional Trust and Populist Voting Across Europe Comparative Economic Studies Pub Date : 2023-02-15 Denis Ivanov
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Flaunt them If you’ve Got them? Informal Connections and Beliefs About Prospects of Upward Mobility in Transition Economies Comparative Economic Studies Pub Date : 2023-02-08 Alexandru Cojocaru
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Democracy and Intra-Africa Trade Comparative Economic Studies Pub Date : 2023-01-11 Whelsy Boungou, Francis Osei-Tutu, Amara Zongo
Despite numerous efforts by policymakers, trade among African countries remains abysmal. In this paper, we investigate whether democracy influences intra-Africa trade of goods. Using the gravity model on bilateral trade among 48 Sub-Sahara African countries over the period 2000 to 2018, we find that democracy fosters intra-Africa goods trade. This effect is more pronounced in the manufacturing sector
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Legal Weakness, Investment Risks, and Distressed Acquisitions: Evidence from Russian Regions Comparative Economic Studies Pub Date : 2022-12-14 Ichiro Iwasaki, Yuko Adachi
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Promoting Counter-Cyclical Fiscal Policy: Fiscal Rules Versus Institutions Comparative Economic Studies Pub Date : 2022-11-10 Kady Keita, Camelia Turcu
We explore under different exchange rate regimes how fiscal rules and institutions can reduce the procyclical stance of fiscal policy (i.e. how government spending responds to GDP fluctuations). We construct a fiscal rules index which is a composite index measuring the overall strength of fiscal rules in a country at a given time. We use it in a dynamic model with a GMM estimator, for a panel of 153
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Factor Endowments, Economic Integration, Sanctions, and Offshores: Evidence from Inward FDI in Russia Comparative Economic Studies Pub Date : 2022-09-27 Andrzej Cieślik, Oleg Gurshev
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Diverse Models of Capitalism and Synchronization of Business Cycles Comparative Economic Studies Pub Date : 2022-09-06 Jakub Borowski, Adam Czerniak, Beáta Farkas
We explore the nexus between varieties of capitalism and optimum currency area theory and analyze the impact of institutional architecture on business cycle synchronization between the euro area and each of the 25 EU countries. We find that the economies with greater institutional resemblance to the German cluster show stronger business cycle synchronization with the euro area. We corroborate the conclusions
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Households’ Exposure to the Financial Sector as a Driver of Inequality: An Analysis of Advanced and Emerging Economies Comparative Economic Studies Pub Date : 2022-08-28 Sofia Vale, Francisco Camões
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COVID-19 and Gender Gaps in Employment, Wages, and Work Hours: Lower Inequalities and Higher Motherhood Penalty Comparative Economic Studies Pub Date : 2022-08-11 Maryna Tverdostup
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Schooling Ain’t Learning in Europe: A Club Convergence Perspective Comparative Economic Studies Pub Date : 2022-06-21 Linda Glawe, Carlos Mendez
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Getting Closer or Falling Apart? Euro Area Countries After the Sovereign Debt Crisis Comparative Economic Studies Pub Date : 2022-06-13 Massimo Bordignon, Nicolò Gatti, Massimiliano Gaetano Onorato
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Long-Term Economic Effects of Populist Legal Reforms: Evidence from Argentina Comparative Economic Studies Pub Date : 2022-05-30 Maximiliano Marzetti, Rok Spruk
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To Grow or Not to Grow: Belarus and Lithuania Comparative Economic Studies Pub Date : 2022-03-31 Thorvaldur Gylfason, Eduard Hochreiter
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Drivers of the Tax Effort: Evidence from a Large Panel Comparative Economic Studies Pub Date : 2022-03-28 Victor Barros, Joao Tovar Jalles, Joaquim Miranda Sarmento
This paper assesses the drivers of tax effort in a sample of 122 countries from 1980 to 2017, using both the Bird and Frank indices to measure tax effort. Our focus is on five blocks of determinants—namely, economic, fiscal, openness, structural, and political. We find that tax effort is influenced by all blocks, although results differ per income group. Tax effort in advanced economies is driven by
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Does Corruption Discourage More Female Entrepreneurs from Applying for Credit? Comparative Economic Studies Pub Date : 2022-01-28 Jean-Christophe Statnik, Thi-Le-Giang Vu, Laurent Weill
There is evidence of a gender gap in access to finance. In this paper, we test the hypothesis that corruption discourages more female than male entrepreneurs from applying for credit. We use data on access to credit and corruption at the firm level for a large dataset of firms from 68 countries worldwide. We demonstrate that female entrepreneurs are more discouraged by corruption to ask for credit
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Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries Comparative Economic Studies Pub Date : 2022-01-28 Amine Lahiani, Ameni Mtibaa, Foued Gabsi
Following the present scale of fiscal imbalances, governments often implement fiscal consolidation programs to restore macroeconomic stability. This paper empirically explores the connections between social expenditure, current account and fiscal consolidations using the system-GMM estimator, on a panel of 23 emerging and middle-income countries for the 2009–2018 period. Our results confirm that government
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The Devil is in the Details: On the Robust Determinants of Development Aid in G5 Sahel Countries Comparative Economic Studies Pub Date : 2022-01-18 Bayale, Nimonka, Kouassi, Brigitte Kanga
This paper introduces model uncertainty into the empirical study on the determinants of development aid at the regional level. This is done by adopting a panel Bayesian model averaging approach applied on the data of G5 Sahel countries, spanning the period 1980–2018. Our results suggest that among the regressors considered, those reflecting terrorist attacks, trade stakes including military expenditure
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On the Measurement and Extent of Banks’ Political Connection in the Middle East and North Africa Region Comparative Economic Studies Pub Date : 2022-01-13 Braham, Rihem, de Peretti, Christian, Belkacem, Lotfi
In this article, we attempt to create a new measure of political connections specific to the Middle East and North Africa (MENA) region to examine the extent to which political patronage affects banks’ leverage and risk in this region. Principal component analysis and panel regressions are performed for a sample of banks operating in the MENA region between 2003 and 2017. The new measure incorporates
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Economic and Social Disparities across Subnational Regions of South America: A Spatial Convergence Approach Comparative Economic Studies Pub Date : 2022-01-04 Mendez, Carlos, Santos-Marquez, Felipe
This paper studies the evolution of economic and social disparities across South America. By exploiting a novel multi-country subnational dataset, we evaluate the evolution of gross national income per capita (GNI) and the human development index (HDI) across 151 subnational regions over the 1990–2018 period. In particular, regional dynamics are evaluated through the lens of two spatial convergence
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Wage Bargaining Coordination, Taxation and Labor Costs: The Effects of Fiscal Devaluation Comparative Economic Studies Pub Date : 2022-01-03 Holzner, Mario, Vizek, Maruška, Vukšić, Goran
This study empirically investigates the effects of fiscal devaluation—i.e., a tax shift from employers’ social security contributions to value added tax—on real labor costs on a sample of 23 countries, members of the European Union, over the period between 2001 and 2018. Our results show that fiscal devaluation indeed reduces real labor costs, as suggested in the literature on fiscal devaluations.
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Real Exchange Rate Misalignments and Currency Crises in the Former Soviet Union Countries Comparative Economic Studies Pub Date : 2021-11-25 Dudzich, Viktar
The paper explores the utility of real exchange rate misalignments from their equilibrium for identification of currency crises in the former Soviet Union countries. We estimate equilibrium exchange rates for 10 former Soviet Republics employing behavioural equilibrium exchange rate (BEER) and natural real exchange rate (NATREX) concepts and pooled mean group estimator. Subsequently, we compare the
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Civil War, Famine and the Persistence of Human Capital: Evidence from Tajikistan Comparative Economic Studies Pub Date : 2021-11-12 Grogan, Louise
The dissolution of the Soviet Union and 1992–96 Tajik civil war resulted in huge human and economic losses. Nevertheless, contemporary data suggest the persistence of investments in human capital in the region most affected by famine and least favoured since the cessation of hostilities, Gorno-Badakhshan Autonomous Oblast. Famine-affected women have greater stature and final educational attainment
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János Kornai (1928–2021): One of the Intellectual Giants of the Twentieth Century Comparative Economic Studies Pub Date : 2021-11-10 Gérard Roland
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Gender Regime and Women’s Employment in Kazakhstan Comparative Economic Studies Pub Date : 2021-10-29 Meurs, Mieke, Nugmanova, Maigul, Salimzhanova, Aizhan, Marvin, Stevie
Researchers have analyzed care policies in the wider Europe in order to understand how these may impact labor force decisions of women. We extend this analysis to Central Asia, focusing on the emerging gender regime in Kazakhstan, which has become a leader in announcing policies to facilitate combining family responsibilities with employment. While childcare services have expanded rapidly in Kazakhstan
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Mortality in Russia Since the Fall of the Soviet Union Comparative Economic Studies Pub Date : 2021-10-29 Brainerd, Elizabeth
Adult mortality increased enormously in Russia and other countries of the former Soviet Union when the Soviet system collapsed 30 years ago. What has happened to mortality in Russia since the fall of the Soviet Union? What explains the wide swings of mortality over time? This paper documents changes in mortality in Russia since 1989, and reviews the research in the economics and public health literature
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Growth Factors in Developed Countries: A 1960–2019 Growth Accounting Decomposition Comparative Economic Studies Pub Date : 2021-10-28 Cette, Gilbert, Devillard, Aurélien, Spiezia, Vincenzo
Using a new and original database, our paper contributes to the growth accounting literature with three original aspects: First, it covers a long period from the early 60’s to 2019, just before the COVID-19 crisis; second, it analyzes a large set of economies (30 plus the Euro Area) at the country level; finally, it singles out the growth contribution of information and communications technologies
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Socio-Economic and Political Challenges of EU Member Countries: Grasping the Policy Direction of the European Semester Comparative Economic Studies Pub Date : 2021-10-11 Casagrande, Sara, Dallago, Bruno
The European Semester (ES) and the country-specific recommendations (CSRs) have been introduced with the purpose to promote flexibility and adaptation to national circumstances in the governance of fiscal policies. To assess whether the ES has contributed to reconcile economic and social objectives, we measured, through the distance to frontier (DTF) score methodology, the distance of each member country
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Post-Soviet Agricultural Restructuring: A Success Story After All? Comparative Economic Studies Pub Date : 2021-10-05 Petrick, Martin
Challenging the initial expectation that all post-Soviet economies will evolve from collective toward fully individualized farming, I argue that they separated into two different reform paths. In the European successor countries and Kazakhstan, corporate and family farms coexist, labor exited agriculture, and capital inflow boosted labor productivity (a “Westernization”). In the Transcaucasian and
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Economic Growth and Productivity Performance in Central Asia Comparative Economic Studies Pub Date : 2021-09-10 Yormirzoev, Mirzobobo
This paper analyzes patterns of long-term economic performance in all five Central Asian countries. We first look at sources of economic growth based on a simple growth accounting exercise. Our findings show that under the period of study total factor productivity growth rates were modest ranging from 1.7% for Kazakhstan, 1.4% for Uzbekistan, and 0.8% for Tajikistan and Turkmenistan to—0.4% for the
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High Corruption, Less Bank Efficiency? Comparative Economic Studies Pub Date : 2021-09-06 Osei-Tutu, Francis
This paper investigates the impact of corruption on bank efficiency. Using the stochastic frontier approach, we examine the link between corruption and cost efficiency on a broad sample of commercial banks in 126 countries over the period 2011–2018. We find evidence of a negative effect of increased corruption on bank cost efficiency. Additionally, the results show that the adverse impact of corruption
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Central Asian Economies: Thirty Years After Dissolution of the Soviet Union Comparative Economic Studies Pub Date : 2021-08-30 Pomfret, Richard
In 2021, it is thirty years since the dissolution of the Soviet Union. This paper examines the evolution of Central Asia’s five national economies since 1991 and their economic prospects. The 1990s were dominated by nation-building and the transition from central planning. By 2000, the transition from central planning was essentially complete and the varieties of market-based economies have changed
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Fiscal Stimulus and Firms’ Sales and Capital Expenditure During the Global Financial Crisis Comparative Economic Studies Pub Date : 2021-08-04 Correa-Caro, Carolina, Medina, Leandro, Poplawski-Ribeiro, Marcos, Sutton, Bennett
Using firm-level data from the Refinitiv Datastream Worldscope database for more than 17,253 non-financial firms in 45 advanced and emerging economies, this paper examines how fiscal stimulus interacted with sectoral business cycle sensitivity has affected firms’ sales and capital expenditures during the global financial crisis. Cross-sectional analyses indicate that reductions in structural fiscal
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Determinants of Wealth Disparities in the EU: A Multi-scale Development Accounting Investigation Comparative Economic Studies Pub Date : 2021-08-02 Daw, Georges
This paper presents a development accounting framework in order to quantify the determinants of disparities in GDP per hour worked within the EU in 2016. Its originality is twofold insofar as, on the one hand, it theoretically extends the existing framework from 2 factors up to \(n\) explanatory factors and on the other, it numerically illustrates this same framework in case where \(n=3\) factors.
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Economic and Financial Adjustments in Europe: An Introduction Comparative Economic Studies Pub Date : 2021-07-26 António Afonso,José Alves,João Jalles
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How Can Culture Affect Taxation? A Postmaterialism Value Approach Comparative Economic Studies Pub Date : 2021-07-23 Nicolae-Bogdan Ianc, Thierry Baudassé
Direct tax revenues vary significantly, in the percentage of GDP, in selected countries. This difference is coming for various reasons. Our aim in this paper is to emphasize that there is a vital argumentation which is put forward to explain these variations, called cultural diversity. We employ a panel data with 46 selected countries and using the Materialist/Postmaterialist 12-item index; we highlight
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Distributional Consequences of Monetary Policy in Emerging Economies: Dollarization, Domestic Inflation, and Income Divergence Comparative Economic Studies Pub Date : 2021-07-19 Zhandos Ybrayev
This paper explores the distributional effects of monetary policy in the context of a small open economy. Emerging markets are structurally different from developed economies. They are generally associated with greater financial frictions, underdeveloped financial markets, as well as both a high average level of dollarized assets and unequal access to them, among others. Thus, distributional effects
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Overall US and Census Region β-Convergence 1963–2015 Controlling for Spatial Effects Comparative Economic Studies Pub Date : 2021-07-14 Vicente German-Soto, Gregory Brock
Economic growth and β-convergence of American states 1963–2015 is analyzed adjusting for significant spatial autocorrelation with system-GMM by considering the four Census macro regions individually. The Census regions converged over the last 50 years with both physical and human capital contributing to growth. In an early era (1963–1983), convergence was higher with rates varying between 4.7 and 1
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The Expenditure Benchmark: Complex and Unsuitable for Independent Fiscal Institutions Comparative Economic Studies Pub Date : 2021-06-28 Carlos Fonseca Marinheiro
The expenditure benchmark is an indicator for the evolution of public expenditure introduced in 2011 in the already complex European fiscal rules framework, being a very specific application of an expenditure rule. However, it is a quite complex indicator and not suitable for the use at national level by the Independent Fiscal Institutions—that monitor compliance with national fiscal rules—as it relies
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Does Peace Promote Bilateral Trade Flows? An Economic Analysis of Panel Data in Asian Perspective Comparative Economic Studies Pub Date : 2021-06-28 Ghulam Shabbir, Amjad Naveed, Muhammad Ali Khan, Shabib Haider Syed
This study investigates the effect of peace on the bilateral trade flows of Pakistan under the framework of the gravity model. Specifically, we tested the impact of peace (using the Global Peace Index) in Pakistan relative to its 26 trading partners on trade flows from 2007 to 2018. Using system GMM estimation procedure that takes care of endogeneity issues, this study shows that the standard gravity
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Current Account Balance and Financial Development in MENA Countries: The Role of Institutions Comparative Economic Studies Pub Date : 2021-05-26 Rihab Bousnina, Foued Badr Gabsi
This paper examines the relationship between current account and financial development, while taking into account institutional quality in the Middle East and North Africa (MENA) region over the period 1990–2018. By applying various measures of the quality of institutions and two indices representing financial development, we found that, while most financial development indices have a significant positive
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Globalization, Income Tax and the Redistribution–Progressivity Tradeoff Comparative Economic Studies Pub Date : 2021-05-26 Joël Hellier
We present a simple model in which (1) households select their country of residence depending on income taxation and on the cost of migrating and living abroad, and (2) globalization comes with a continuous cut in this cost. Globalization modifies the income tax and redistribution schemes which display three successive stages. In the first stage, the redistribution goal is compatible with tax progressivity
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Labour Productivity in State-Owned Enterprises Comparative Economic Studies Pub Date : 2021-04-15 António Afonso, Maria João Guedes, Pankaj C. Patel
In the aftermath of the Global and Financial Crisis, between 2013 and 2015, the Portuguese government revoked four holidays for both public sector and private employees. We test whether the revocation had an effect on labour productivity in state-owned enterprises (SOEs) in Portugal. Moreover, we also study whether such effects are different taking into account the SOEs managed by the Central Government
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COVID-19, Seignorage, Quantitative Easing and the Fiscal-Monetary Nexus Comparative Economic Studies Pub Date : 2021-04-13 Alex Cukierman
The huge fiscal expansions triggered by the corona crisis raised debt/GDP ratios to very high levels. This led some economists to reconsider the taboo on seignorage. Following a brief documentation of the crisis impact and aggregate demand policies responses the paper discusses views of academics and policymakers on seignorage. Optimal taxation considerations imply that the decision on allocating deficit
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Taxation and Public Spending Efficiency: An International Comparison Comparative Economic Studies Pub Date : 2021-04-13 António Afonso, João Tovar Jalles, Ana Venâncio
This paper evaluates the relevance of taxation for public spending efficiency in a sample of OECD economies for the period of 2003–2017. We start by computing the data envelopment analysis (DEA) scores, and then we evaluate the role of tax structure in explaining these public efficiency scores, using a reduced-form panel data regression specification. Our main findings are as follows: inputs could
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An Empirical Assessment of Monetary Policy Channels in Income and Wealth Disparities Comparative Economic Studies Pub Date : 2021-04-09 José Alves, Tomás Silva
Our paper aims at analysing the relation between monetary policy (MP) and its transmission channels in both income and wealth inequality for the Euro Area between 1999 and 2017. We analysed three main representative MP channels (income, portfolio and earnings heterogeneity) that might explain how MP decisions may affect wealth and income distribution and the aggregate effect thereof. Although we used