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  1. Public export guarantees and foreign trade structure
    Erschienen: 2004
    Verlag:  WIFO, Wien

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 411 (215)
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    Sprache: Englisch
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    Schriftenreihe: Working papers / Österreichisches Institut für Wirtschaftsforschung ; 215
    Schlagworte: Exportkreditversicherung; Außenhandelsstruktur; Gravitationsmodell; Panel
    Umfang: 21 Bl, graph. Darst
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  2. Proportional influence?
    electoral rules and special-interest spending ; conference paper
    Erschienen: 2014
    Verlag:  ZBW, [Kiel

    Conventional wisdom has it that proportional representation leads to more coalition governments and so to greater government spending, especially in redistributive categories favoured by special-interest groups. In contrast, we show in a theoretical... mehr

    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Conventional wisdom has it that proportional representation leads to more coalition governments and so to greater government spending, especially in redistributive categories favoured by special-interest groups. In contrast, we show in a theoretical model that first-past-the-post systems of government may give special interests greater influence in the winning electoral coalition than they would have in the corresponding legislative coalition under proportional representation. Evidence from a quasi-experimental reform in German local government supports this view. Introduction of a mayor directly elected under first-past-the-post rules caused a significant increase in local government expenditure, particularly in redistributive spending categories.

     

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    hdl: 10419/100466
    Schriftenreihe: Array ; V1
    Schlagworte: Wahlsystem; Umverteilung; Öffentliche Ausgaben; Patronage; Deutschland
    Umfang: Online-Ressource (35 S.), graph. Darst.
  3. International terrorism as a trade impediment?
    conference paper
    Erschienen: 2014
    Verlag:  ZBW, [Kiel

    Earlier work established the notion that international terrorism harms international trade. This evidence was based on annual data with responses in the same year as attacks and incidents and on empirical models which ignored general equilibrium... mehr

    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Earlier work established the notion that international terrorism harms international trade. This evidence was based on annual data with responses in the same year as attacks and incidents and on empirical models which ignored general equilibrium effects. We provide evidence that, if at all, international terrorism displays effects on bilateral and multilateral trade only in the medium run (more than one-and-a-half years after an attack/incident). The findings in this paper suggest that the purely economic short-run impact of international terror on trade is negligible. This does not mean that terror is unimportant. However, its effects should not be looked for in the purely economic domain or in the short run but in economic outcome in the long run and in the disruption of humanitarian and social wellbeing both of which cannot be grasped when looking at economic activity alone.

     

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    hdl: 10419/100279
    Schriftenreihe: Array ; V2
    Umfang: Online-Ressource (30 S.)
  4. What economists should know about international goods trade data
    Erschienen: 2014
    Verlag:  WIFO, Wien

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    hdl: 10419/129020
    Schriftenreihe: Working papers / WIFO, Österreichisches Institut für Wirtschaftsforschung ; 475
    Umfang: Online-Ressource (PDF-Datei: 46 S.)
  5. Heterogeneous tax sensitivity of firm-level investments
    Erschienen: 2014
    Verlag:  IHS, Wien

    Firms are heterogeneous in size, productivity, ownership concentration, governance, financial structure and other dimensions. This paper introduces a stylized theoretical framework to account for such differences and to explain the heterogeneous tax... mehr

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    Firms are heterogeneous in size, productivity, ownership concentration, governance, financial structure and other dimensions. This paper introduces a stylized theoretical framework to account for such differences and to explain the heterogeneous tax sensitivity of firm-level investments across firm types. We econometrically test the theoretical predictions, taking account of selection of firms into different regimes. We find important differences in the tax sensitivity of investment of small entrepreneurial and larger managerial firms in different financial regimes that are largely in line with theoretical results.

     

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    hdl: 10419/122172
    Schriftenreihe: Economics series : working paper / Institut für Höhere Studien ; 306
    Umfang: Online-Ressource ([1], 45 S.), graph. Darst.
  6. Heterogeneous tax sensitivity of firm-level investments
    Erschienen: 2014
    Verlag:  School of Economics and Political Science, Dep. of Economics, Univ., St. Gallen

    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    1 : Z 105.515:2014,26
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    W 249 (2014,26)
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    Schriftenreihe: Discussion paper / University of St. Gallen, School of Economics and Political Science, Department of Economics ; 2014,26
    Umfang: 45 S., graph. Darst.
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    Parallel als Online-Ausg. erschienen

  7. Unobserved tax avoidance and the tax elasticity of FDI
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper investigates the tax responsiveness of multinational firms’ investment decisions in foreign countries, distinguishing firms that are able to avoid taxes (avoiders) from those that are not (non-avoiders). From a theoretical point of view,... mehr

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    This paper investigates the tax responsiveness of multinational firms’ investment decisions in foreign countries, distinguishing firms that are able to avoid taxes (avoiders) from those that are not (non-avoiders). From a theoretical point of view, the tax responsiveness of firms crucially depends on this distinction. Empirically, however, a firm’s ability to avoid profit taxes is inherently unobservable to the researcher. To address this problem, we use a finite mixture modeling approach which allows us to distinguish avoiders from non-avoiders stochastically from a mixture of distributions of the two types of firms. Using panel data on the universe of foreign affiliates of German multinational firms over the years 1999 to 2010, we find that investments of tax avoiders do not respond to host-country profit taxes at all, while those of non-avoiders do. About 11% of the affiliates are estimated to be able to avoid taxes. These investments account for about 58% of the stock of foreign fixed assets held by German multinational firms abroad. A one-percentage-point increase in the statutory corporate profit tax rate of a host country is found to reduce the fixed assets of non-avoiders in that host country by 0.81%.

     

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    Weitere Identifier:
    hdl: 10419/102186
    Schriftenreihe: Array ; 4921
    Umfang: Online-Ressource (39 S.), graph. Darst.
  8. Panel data gravity models of international trade
    Erschienen: 2014
    Verlag:  CESifo, München

    One of the oldest and largest literatures in empirical economics is concerned with the estimation of demand and supply of goods, services, and factors across national or subnational borders (see Leamer and Levinsohn, 1995). The respective empirical... mehr

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    One of the oldest and largest literatures in empirical economics is concerned with the estimation of demand and supply of goods, services, and factors across national or subnational borders (see Leamer and Levinsohn, 1995). The respective empirical models specified and estimated are often referred to as gravity models, accruing to their functionalform similarity to Newton's law of gravity in physics. As Newton's model, gravity models of international trade or factor flows are (at least) double-indexed, involving a region or country of origin and a region or country of destination. Pooling such demand equations across pairs or regional units or even across cross-sectional units and time inevitably leads to a panel data structure of the data. This chapter is concerned with a host of issues that arise with the estimation of such models, respecting their panel econometric generic structure. The issues covered range from the estimation of double-indexed versus higher-indexed models, the estimation of fixed effects versus random effects models, issues of endogeneity, of approximation, estimation with missing or zero trade flow data, structural versus reducedform estimation, the role of dynamics or cross-sectional dependence, and issues with specific applications.

     

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    Weitere Identifier:
    hdl: 10419/93405
    RVK Klassifikation: QB 910
    Schriftenreihe: Array ; 4616
    Umfang: Online-Ressource (58 S.)
  9. Heterogeneous beliefs and the demand for D&O insurance by listed companies
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper introduces a new rationale for the existence of "Directors' and Officers'" (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term... mehr

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    This paper introduces a new rationale for the existence of "Directors' and Officers'" (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not maximize long run stock market value. We show that D&O insurance provides a convenient instrument for the initial shareholders of a company to take advantage of differences in beliefs between insiders and outsiders in capital markets. The empirical results support the idea that both the insurance coverage and the premium are higher in the presence of new shareholders and volatile markets. The results prove robust in various empirical model specifications.

     

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    Weitere Identifier:
    hdl: 10419/93483
    Schriftenreihe: Array ; 4621
    Umfang: Online-Ressource (23 S.)
  10. Fixed effects and random effects estimation of higher-order spatial autoregressive models with spatial autoregressive and heteroskedastic disturbances
    Erschienen: 2014
    Verlag:  Wirtschaftsuniv., Dep. of Economics, Wien

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    VS 257 (173)
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    Schriftenreihe: Department of Economics working paper / Vienna University of Economics and Business ; 173
    Schlagworte: Momentenmethode; Kleinste-Quadrate-Methode; Heteroskedastizität
    Umfang: Online-Ressource (PDF-Datei: [100] S.)
  11. The determinants of trade costs
    a random coefficients approach
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper assesses whether the sensitivity of bilateral trade volumes to various trade cost factors is constant or varies across countries. It utilizes a random coeffcients model and analyses a cross-sectional sample of bilateral trade data for 96... mehr

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    This paper assesses whether the sensitivity of bilateral trade volumes to various trade cost factors is constant or varies across countries. It utilizes a random coeffcients model and analyses a cross-sectional sample of bilateral trade data for 96 countries in 2005. We expect the elasticity of trade to vary particularly with bilateral distance and bilateral tariffs due to measurement error about these factors. Indeed, the variability of coefficients is significant for these trade cost measures. The results indicate that the elasticity of trade with respect to tariffs in different countries varies relatively more than that with respect to distance. This is consistent with there being a host of sources of measurement error about bilateral tariffs (due to strategic or non-strategic misreporting; the potential inappropriateness of the weighting of disaggregated tariffs; etc.).

     

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    Weitere Identifier:
    hdl: 10419/102136
    Schriftenreihe: Array ; 4859
    Umfang: Online-Ressource (14 S.)
  12. Fixed effects and random effects estimation of higher-order spatial autoregressive models with spatial autoregressive and heteroskedastic disturbances
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper develops a unified framework for fixed and random effects estimation of higher-order spatial autoregressive panel data models with spatial autoregressive disturbances and heteroskedasticity of unknown form in the idiosyncratic error... mehr

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 63 (4847)
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    This paper develops a unified framework for fixed and random effects estimation of higher-order spatial autoregressive panel data models with spatial autoregressive disturbances and heteroskedasticity of unknown form in the idiosyncratic error component. We derive the moment conditions and optimal weighting matrix without distributional assumptions for a generalized moments (GM) estimation procedure of the spatial autoregressive parameters of the disturbance process and define both a random effects and a fixed effects spatial generalized two-stage least squares estimator for the regression parameters of the model. We prove consistency of the proposed estimators and derive their joint asymptotic distribution, which is robust to heteroskedasticity of unknown form in the idiosyncratic error component. Finally, we derive a robust Hausman-test of the spatial random against the spatial fixed effects model.

     

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    Weitere Identifier:
    hdl: 10419/102101
    Schriftenreihe: Array ; 4847
    Schlagworte: Momentenmethode; Kleinste-Quadrate-Methode; Heteroskedastizität
    Umfang: Online-Ressource ([100] S.)
  13. Cultural integration and export variety overlap across countries
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper assesses the role of a larger degree of common language use between the populations of two countries on the so-called extensive product margin of trade. We focus on the overlap of products exported or imported between any pair of... mehr

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    This paper assesses the role of a larger degree of common language use between the populations of two countries on the so-called extensive product margin of trade. We focus on the overlap of products exported or imported between any pair of countries. The results suggest that the effect of varying aspects of sharing a common language on the variety overlap is both positive and important. The effect of sharing a common spoken language exceeds the one of common native language, implying that a larger overlap in language proficiency is quantitatively more important than a higher cultural proximity.

     

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    Weitere Identifier:
    hdl: 10419/102258
    Schriftenreihe: Array ; 4800
    Umfang: Online-Ressource (23 S.), graph. Darst.
  14. Sources of productivity spillovers
    panel data evidence from China
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper assesses sources of productivity spillovers in China's electric and electronic manufacturing industry using a rich panel data-set of 25,360 firms observed over the period 2004-2007. This industry is characterized by its important reliance... mehr

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    This paper assesses sources of productivity spillovers in China's electric and electronic manufacturing industry using a rich panel data-set of 25,360 firms observed over the period 2004-2007. This industry is characterized by its important reliance on technology. In particular, the paper focuses on the role of other firms' productivity as well as productivity shifters in affecting own firm-level total factor productivity. In addition, this paper examines the possible difference between spillovers from foreign-owned units and from units which participate at global markets through exporting in comparison to domestically-owned and non-exporting units. We find evidence of stronger spillovers from exporting firms than from non-exporting firms. This is true for foreign-owned as well as domestic exporters. The strength of the spillover effects differ across subsectors.

     

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    Weitere Identifier:
    hdl: 10419/102152
    Schriftenreihe: Array ; 4812
    Umfang: Online-Ressource ([1], 28, [6] S.), Kt.
  15. International terrorism as a trade impediment?
    conference paper
    Erschienen: 2014
    Verlag:  ZBW, [Kiel

    Earlier work established the notion that international terrorism harms international trade. This evidence was based on annual data with responses in the same year as attacks and incidents and on empirical models which ignored general equilibrium... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DSM 13
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    Earlier work established the notion that international terrorism harms international trade. This evidence was based on annual data with responses in the same year as attacks and incidents and on empirical models which ignored general equilibrium effects. We provide evidence that, if at all, international terrorism displays effects on bilateral and multilateral trade only in the medium run (more than one-and-a-half years after an attack/incident). The findings in this paper suggest that the purely economic short-run impact of international terror on trade is negligible. This does not mean that terror is unimportant. However, its effects should not be looked for in the purely economic domain or in the short run but in economic outcome in the long run and in the disruption of humanitarian and social wellbeing both of which cannot be grasped when looking at economic activity alone.

     

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    hdl: 10419/100279
    Schriftenreihe: Array ; V2
    Umfang: Online-Ressource (30 S.)
  16. Firm-level productivity spillovers in China's chemical industry
    a spatial Hausman-Taylor approach
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004 - 2006 and model output by the firm... mehr

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    This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004 - 2006 and model output by the firm as a function of skilled and unskilled labor, capital, materials, and total factor productivity, which is broadly defined. The latter is a composite of observable factors such as export market participation, foreign as well as public ownership, the extent of accumulated intangible assets, and unobservable total factor productivity. Despite the richness of our data-set, it suffers from the lack of time variation in the number of skilled workers as well as in the variable indicating public ownership. We introduce spatial spillovers in total factor productivity through contextual effects of observable variables as well as spatial dependence of the disturbances. We extend the Hausman and Taylor (1981) estimator to account for spatial correlation in the error term. This approach permits estimating the effect of time-invariant variables which are wiped out by the fixed effects estimator. While the original Hausman and Taylor (1981) estimator assumes homoskedastic error components, we provide spatial variants that allow for both homoskedasticity and heteroskedasticity. Monte Carlo results show, that our estimation procedure performs well in small samples. We find evidence of positive spillovers across chemical manufacturers and a large and significant detrimental effect of public ownership on total factor productivity.

     

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    Weitere Identifier:
    hdl: 10419/107303
    Schriftenreihe: Array ; 5114
    Schlagworte: Technologietransfer; Spillover-Effekt; Produktivitätsentwicklung; Chemieindustrie; Panel; Schätzung; China
    Umfang: Online-Ressource ([1], S.), Kt.
  17. Proportional influence?
    electoral rules and special-interest spending ; conference paper
    Erschienen: 2014
    Verlag:  ZBW, [Kiel

    Conventional wisdom has it that proportional representation leads to more coalition governments and so to greater government spending, especially in redistributive categories favoured by special-interest groups. In contrast, we show in a theoretical... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DSM 13
    keine Fernleihe

     

    Conventional wisdom has it that proportional representation leads to more coalition governments and so to greater government spending, especially in redistributive categories favoured by special-interest groups. In contrast, we show in a theoretical model that first-past-the-post systems of government may give special interests greater influence in the winning electoral coalition than they would have in the corresponding legislative coalition under proportional representation. Evidence from a quasi-experimental reform in German local government supports this view. Introduction of a mayor directly elected under first-past-the-post rules caused a significant increase in local government expenditure, particularly in redistributive spending categories.

     

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    hdl: 10419/100466
    Schriftenreihe: Array ; V1
    Schlagworte: Wahlsystem; Umverteilung; Öffentliche Ausgaben; Patronage; Deutschland
    Umfang: Online-Ressource (35 S.), graph. Darst.
  18. Public export guarantees and foreign trade structure
    Erschienen: January 2004
    Verlag:  Österreichisches Institut für Wirtschaftsforschung, Wien

    Inter-industry trade and foreign trade are usually not based on cash transactions; rather sales on credit are the rule. The resulting monitoring costs for lenders and the risk of default on accounts receivable form an additional part of transaction... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 533 (215)
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    Inter-industry trade and foreign trade are usually not based on cash transactions; rather sales on credit are the rule. The resulting monitoring costs for lenders and the risk of default on accounts receivable form an additional part of transaction costs in trade. Export credit certainly faces higher transaction costs due to differences in language, business practice, jurisdiction, and payment enforceability between trading partners. Export credit insurance has long been a domain of public export credit agencies, but since the beginning of the 1980's private insurance is gaining ground. Using disaggregated panel data for goods exports from Austria, we show that public export guarantees have a more than proportional positive impact on trade volumes. Export guarantees predominantly affect the country structure of foreign trade, but leave the industry specialization almost constant.

     

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    Weitere Identifier:
    hdl: 10419/128769
    Schriftenreihe: WIFO working papers ; no. 215
    Schlagworte: Exportkreditversicherung; Außenhandelsstruktur; Gravitationsmodell; Panel
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen