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  1. Transfer pricing and location choice of intangibles
    spillover and tax avoidance through profit shifting
    Author: Reineke, Rebecca; Weiskirchner-Merten, Katrin
    Published: December, 2018
    Publisher:  Universität Wien, Wien

    Large multinational companies are regularly suspected of using transfer pricing of intangibles to shift profits from high- to low-tax jurisdictions. We study the optimal transfer prices while endogenizing the location choice of intangibles and... more

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    Large multinational companies are regularly suspected of using transfer pricing of intangibles to shift profits from high- to low-tax jurisdictions. We study the optimal transfer prices while endogenizing the location choice of intangibles and considering spillovers. In line with the initial intuition, we find that multinationals locate their intangibles in low-tax jurisdictions and deploy royalty flows to minimize tax payments. However, if multinationals face a trade-off between tax minimization and efficient spillover internalization, the so-called 'home bias' might occur. Then, for a large spillover, the intangible is optimally located in the high-tax domestic country. This leads to less severe investment distortions because the spillover is internalized. In addition, the model predicts that curtailing profit shifting possibilities can either harm or facilitate multinationals' overall investments. This depends heavily on unobservable factors such as the underlying accounting system. Therefore, our analysis highlights challenges for the anti-avoidance legislation of governments

     
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    Language: English
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    Series: WU international taxation research paper series ; no. 2019, 01
    Subjects: profit shifting; intangibles; spillover; transfer pricing; location
    Scope: 1 Online-Ressource (circa 50 Seiten)
  2. Do the ECB's monetary policies benefit emerging market economies?
    a GVAR analysis on the crisis and post-crisis period
    Author: Colabella, Andrea
    Published: [2019]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Series: Temi di discussione / Banca d'Italia ; number 1207 (February 2019)
    Subjects: Global VAR; spillover; euro area monetary policy; Europe; CESEE
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  3. Demand and welfare analysis in discrete choice models with social interactions
    Author: Bhattacharya, Debopam; Dupas, Pascaline; Kanaya, Shin
    Published: 2019
    Publisher:  Department of Economics and Business Economics, Aarhus University, Aarhus, Denmark

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    Series: CREATES research paper ; 2019, 9
    Subjects: Policy targeting; welfare analysis; social interaction; spillover; externality; convergence of Bayesian-Nash equilibria; spatial dependence; Kenya
    Scope: 1 Online-Ressource (circa 89 Seiten), Illustrationen
  4. Bond market spillover networks during the global pandemic
    what we learned from ASEAN-4 markets
    Author: Uddin, Mohammed Gazi Salah; Yahya, Muhammad; Park, Donghyun; Hedström, Axel; Tian, Shu
    Published: [2023]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    During decades of market development, the individual financial markets of the member economies of the Association of Southeast Asian Nations (ASEAN) have been progressively incorporated into regional and international markets. The aim of this study... more

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    During decades of market development, the individual financial markets of the member economies of the Association of Southeast Asian Nations (ASEAN) have been progressively incorporated into regional and international markets. The aim of this study is to explore and measure the strength and direction of the bond market connectedness between Indonesia, Malaysia, the Philippines, and Thailand-collectively known as ASEAN-4-and major global and regional bond markets and to identify various factors affecting spillover effects. This study derives a risk spillover measure based on the attributes of static and dynamic spillover models and empirically examines its role in receiving or transmitting shocks based on different information spillover or contagion channels. In particular, the objective of this study is to evaluate the connectedness dynamics empirically using government bond yields in ASEAN-4 markets, major regional markets (the People's Republic of China, Japan, and the Republic of Korea), and major global markets (the European Union, the United Kingdom, and the United States). We aim to examine risk spillovers in ASEAN-4 bond markets and identify the potential economic and financial fundamentals driving uncertainty spillovers. We find complex intra-group return and volatility connectedness among ASEAN-4 markets and moderate inter-group return and volatility connectedness between ASEAN-4 and regional and global markets at different time horizons.

     
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    Series: ADBI working paper series ; no. 1360 (February 2023)
    Subjects: ASEAN-4 bond markets; COVID-19; spillover; uncertainty; volatility
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  5. "More bang for the buck"?
    evidence on the effectiveness of an energy efficiency subsidy
    Author: Bartels, Lara; Werthschulte, Madeline
    Published: [2023]
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    With the aim of limiting global warming, environmental subsidies are a popular public finance instrument to reduce carbon emissions. However, there is little evidence on why subsidies are effective in increasing demand for the goods subsidized. We... more

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    With the aim of limiting global warming, environmental subsidies are a popular public finance instrument to reduce carbon emissions. However, there is little evidence on why subsidies are effective in increasing demand for the goods subsidized. We use a framed field experiment to disentangle and study the relative importance of the price and non-price effects implicit in a subsidy encouraging an energy-efficiency investment. In the experiment, participants decide on purchasing a low-flow showerhead and are either confronted with the introduction of a subsidy or a same-sized price decrease. We find a demand increase of about 3-percent when the price decreases and a significantly larger demand increase of about 9-percent when the subsidy is introduced. An analysis of the underlying channels rules out changes in beliefs and norm perceptions. Positive spill-over effects of the subsidy on other pro-environmental behaviors rather suggest that the non-price effect is explained by a crowding in of intrinsic motivation.

     
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    hdl: 10419/273464
    Series: Discussion paper / ZEW ; no. 23, 022 (06/2023)
    Subjects: Behavioral public economics; subsidies; spillover; energy efficiency; field experiment
    Scope: 1 Online-Ressource (47 Seiten), Illustrationen
  6. To request or not to request: charitable giving, social information, and spillover
    Author: Fanghella, Valeria; Ibanez-Hafkamp, Lisette; Thøgersen, John
    Published: [2023]
    Publisher:  CEE-M, Center for Environmental Economics, Montpellier

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    Series: CEE-M working paper ; 2023, 06
    Subjects: prosocial behavior; opt-out option; social information; spillover; charitable giving; selfimage
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  7. Labor market frictions and spillover effects from publicly announced sectoral minimum wages
    Author: Demir, Gökay
    Published: June 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper analyzes the spillover effects of the first sectoral minimum wage in Germany. Using a triple differences estimation, the study examines the impact of public discussion and announcement of the minimum wage on workers and industries outside... more

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    This paper analyzes the spillover effects of the first sectoral minimum wage in Germany. Using a triple differences estimation, the study examines the impact of public discussion and announcement of the minimum wage on workers and industries outside the minimum wage sector. The results show that the public discussion and announcement led to an increase in wages, job-to-job transitions and reallocation from low-paying to high-paying establishments among sub-minimum wage workers in similar jobs outside the minimum wage sector. The main mechanism for these effects appears to be the reduction of information frictions, rather than strategic interaction of employers.

     
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    hdl: 10419/278902
    Series: Discussion paper series / IZA ; no. 16204
    Subjects: spillover; labor market frictions; minimum wages; information frictions
    Scope: 1 Online-Ressource (circa 107 Seiten), Illustrationen
  8. The relevance of banks to the European stock market
    Author: Kick, Andreas; Rottmann, Horst
    Published: May 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent... more

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    Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (2018) found that the health of the banking sector exerts an influence on stock returns in the US. Understanding the relationship between banks and their impact on the asset prices of non-financials is essential to evaluate the risk emanating from an unhealthy banking sector and should be considered in new regulatory requirements. The aim of this study is to determine if the health of European banks is of such importance for the European stock market so that spillover effects are visible. Our results show that none of our banking-health variables have explanatory power on the cross-section of European stock returns. These findings contrast those for the US. The reasons may be manifold, from an unimportant liquidity provisioning channel over reduced room for actions due to regulatory requirements up to a moral hazard situation in Europe, where investors strongly rely on the governmental bailouts of distressed banks.

     
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    hdl: 10419/263682
    Series: CESifo working paper ; no. 9752 (2022)
    Subjects: asset pricing; banking; spillover; errors-in-variables; individual stocks; distance-to-default
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  9. Exporting ideas
    knowledge flows from expanding trade in goods
    Author: Aghion, Philippe; Bergeaud, Antonin; Gigout, Timothee; Lequien, Matthieu; Melitz, Marc J.
    Published: [2023]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Series: Discussion paper / Centre for Economic Performance ; no. 1960 (November 2023)
    Subjects: international trade; spillover; innovation; patent
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  10. Regulation, free-riding incentives, and investment in R&D with spillovers
    Author: Strandholm, John; Espinola-Arredondo, Ana; Muñoz-García, Félix
    Published: February, 2017
    Publisher:  School of Economic Sciences, Washington State University, [Pullman]

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    Series: Working paper series / School of Economic Sciences, Washington State University ; WP 2017, 2
    Subjects: Research and Development; uniform fee; type-dependent fee; spillover
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  11. The relevance of banks to the European stock market
    Author: Kick, Andreas; Rottmann, Horst
    Published: [2022]
    Publisher:  Ostbayerische Technische Hochschule (OTH) Amberg-Weiden, Weiden i.d.Opf.

    Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent... more

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    Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (2018) found that the health of the banking sector exerts an influence on stock returns in the US. Understanding the relationship between banks and their impact on the asset prices of non-financials is essential to evaluate the risk emanating from an unhealthy banking sector and should be considered in new regulatory requirements. The aim of this study is to determine if the health of European banks is of such importance for the European stock market so that spillover effects are visible. Our results show that none of our banking-health variables have explanatory power on the cross-section of European stock returns. These findings contrast those for the US. The reasons may be manifold, from an unimportant liquidity provisioning channel over reduced room for actions due to regulatory requirements up to a moral hazard situation in Europe, where investors strongly rely on the governmental bailouts of distressed banks.

     
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    ISBN: 9783937804880
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    hdl: 10419/260404
    Series: Weidener Diskussionspapiere ; Nr. 84 (Mai 2022)
    Subjects: asset pricing; banking; spillover; errors-in-variables; individual stocks; distance-to-default
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  12. Causal and frequency analyses of purchasing power parity
    Author: Nagayasu, Jun
    Published: January, 2021
    Publisher:  Center for Data Science and Service Research, Graduate School of Economic and Management, Tohoku University, Sendai, Japan

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    hdl: 10097/00129978
    Series: Data science and service research discussion paper ; no. 119
    Subjects: Purchasing power parity; spillover; causality; data frequency; variance decomposition; high dimensional vector autoregression
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  13. The impact of the spatial population distribution on economic growth
    Author: Burgi, Constantin; Gorgulu, Nisan
    Published: 2021
    Publisher:  Department of Economics, Copenhagen Business School, Frederiksberg

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    hdl: 10398/22b64617-464d-4c0c-bb49-699753100552
    Series: Working paper / Department of Economics, Copenhagen Business School ; 2021, 17
    CSEI working paper ; 2021, 07
    Subjects: spatial population concentration; endogeneous growth; spillover; the United States
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  14. The impact of the spatial population distribution on economic growth
    evidence from the United States
    Author: Bürgi, Constantin; Gorgulu, Nisan
    Published: October 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We look at a part of the spatial angle of economic growth. We introduce a new measure Spatial Population Concentration (SPC) that captures the weighted average population surrounding every person within a geographic area. The weights are a function... more

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    We look at a part of the spatial angle of economic growth. We introduce a new measure Spatial Population Concentration (SPC) that captures the weighted average population surrounding every person within a geographic area. The weights are a function of the distance between the person in question and everyone else. One special case of the SPC would be to measure how many people live on average within a given radius of every person within a geographic area. We then calculate the SPC measure at the US county level for various radii and identify that the measure has the strongest relationship with subsequent economic growth for a 25km radius. Interacting SPC with various infrastructure measures increases the radius to 50km. This suggests that regional policies which affect density as infrastructure projects should target the 25-50km distance range to maximize the growth impact.

     
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    hdl: 10419/267241
    Series: CESifo working paper ; no. 10008 (2022)
    Subjects: spatial population concentration; endogeneous growth; spillover; the United States
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  15. Does offshore NDF market influence onshore forex market?
    evidence from India
    Author: Kumar Behera, Harendra; Ranjan, Rajiv; Chinoy, Sajjid Z.
    Published: August 2021
    Publisher:  Reserve Bank of India, Department of Economic and Policy Research, [Mumbai]

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    Series: RBI working paper series ; WPS (DEPR) 2021, 4
    Subjects: NDF; offshore market; foreign exchange market; MGARCH; spillover
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  16. Financial integration, inclusion and stability during crises
    insights from the MENA region
    Author: Abdelmageed, Samar
    Published: [2021]
    Publisher:  Economic Research Forum (ERF), Dokki, Giza, Egypt

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    Series: ERF working papers series ; no. 1518 (December 2021)
    Subjects: Financial integration; financial inclusion; financial stability; financial contagion; spillover; GARCH; Dynamic Correlation Coefficients (DCC); Panel VAR (PVAR); MENA
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  17. Growth spillovers effects through trade in Africa
    a spatial econometric approach
    Author: Diandy, Idrissa Yaya
    Published: September 2021
    Publisher:  African Economic Research Consortium, Nairobi, Kenya

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    ISBN: 9789966611635
    Series: Research paper / African Economic Research Consortium ; 465
    Subjects: trade; growth; spillover
    Scope: 1 Online-Ressource (circa 29 Seiten)
  18. Spillover from the haven
    cross-border externalities of patent box regimes within multinational firms
    Author: Schwab, Thomas; Todtenhaupt, Maximilian
    Published: [2017]
    Publisher:  Institut d’Economia de Barcelona, Barcelona

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    Series: Array ; 2017, 15
    Subjects: patent box; spillover; corporate taxation; innovation
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  19. Are firms able to take advantage of academic advances?
    Author: Oroku, Masahiro
    Published: [2024]
    Publisher:  RIETI, [Tokyo, Japan]

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    Series: RIETI discussion paper series ; 24-E, 036 (March 2024)
    Subjects: basic research; patent citation; absorptive capacity; spillover
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  20. The social multiplier of pension reform
    Author: Oral, Emre; Rabaté, Simon; Seibold, Arthur
    Published: March 2024
    Publisher:  CESifo, Munich, Germany

    We study the influence of family members, neighbors and coworkers on retirement behavior. To estimate causal retirement spillovers between individuals, we exploit a pension reform in the Netherlands that creates exogenous variation in peers'... more

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    We study the influence of family members, neighbors and coworkers on retirement behavior. To estimate causal retirement spillovers between individuals, we exploit a pension reform in the Netherlands that creates exogenous variation in peers' retirement ages, and we use administrative data on the full Dutch population. We find large spillovers in couples, primarily due to women reacting to their husband's retirement choices. Consistent with homophily in social interactions, the influence of the average sibling, neighbor and coworker is modest, but sizable spillovers emerge between similar individuals in these groups. Additional evidence suggests both leisure complementarities and the transmission of social norms as mechanisms behind retirement spillovers. Our findings imply that pension reforms have a large social multiplier, amplifying their overall impact on retirement behavior by 40%.

     
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    hdl: 10419/296088
    Series: CESifo working papers ; 10999 (2024)
    Subjects: retirement; pension reform; social networks; spillover; peer effects
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen