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作者：Aguiar, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：This paper studies firm-level investment in the wake of the Mexican peso crisis of 1994. While exporters outperform nonexporters in terms of profits and sales after the devaluation, their investment is constrained by weak balance sheets. Specifically, we find that firms with heavy exposure to short-term foreign currency debt before the devaluation experienced relatively low levels of post-devaluation investment. The data also imply that increased sales uncertainty after the peg's collapse dete...
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作者：García-Peñalosa, C; Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle; Centre National de la Recherche Scientifique (CNRS)
摘要：We develop a stochastic endogenous growth model to examine the relationship between the volatility of growth and the factor distribution of income. Our framework incorporates two important features of developing economies: the co-existence of a modern and a traditional sector and the fact that the income generated in the traditional sector can escape taxation. The relationship between volatility and factor distribution is complex, depending upon the source of risk and the elasticity of substit...
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作者：Trindade, V
作者单位：Syracuse University
摘要：This paper analyzes the late industrializations of South Korea and Taiwan, and how they can be produced by an export promotion policy. The paper adopts an open economy version of the well-known big push model. Thus, it recovers neoclassical accounts of industrialization through exports, complementing previous literature, which tends to show the existence of the big push, but is scarce on trade mechanisms to produce it. The model fits well with some stylized facts of the industrializations in E...
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作者：Corrigan, P; Glomm, G; Mendez, F
作者单位：Indiana University System; Indiana University Bloomington; Michigan State University; University of Arkansas System; University of Arkansas Fayetteville
摘要：We investigate an OLG economy where an AIDS epidemic influences human capital accumulation and growth through the creation of large numbers of orphans. We study how intra-family allocations regarding school and work time of children are adjusted in the face of AIDS within a family, and how, in turn, these adjustments influence accumulation of physical and human capital. We compute the aggregate effects of an AIDS epidemic on human and physical capital accumulation and growth. We find that grow...
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作者：Emran, MS
作者单位：George Washington University; George Washington University; Columbia University
摘要：The loss of revenue from a reduction in export taxes has been a concern for trade policy reform in many developing countries. We discuss a strategy for selective reform of taxes on exports that enhances welfare and increases revenue. The strategy involves a reduction in the export tax on a given commodity with an offsetting increase in production tax to keep the producer price unchanged. This strategy is especially promising for exportables with a net subsidy on domestic consumption due to hig...
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作者：Janmaat, J
作者单位：Acadia University
摘要：Salt and water transport external costs of irrigation are borne disproportionately by lower elevation farmers. The relationship between fields for an optimal Pigouvian tax plan varies considerably as the amount of available water changes, demonstrating that a simple rule cannot be relied upon. A numerical example demonstrates the optimal application pattern and Pigouvian tax plan in contrast to the sequential Nash equilibrium. Shadow values for water are used to argue that between distributari...
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作者：Finan, F; Sadoulet, E; de Janvry, A
作者单位：University of California System; University of California Berkeley
摘要：To help inform the current debate on the role of land as an instrument for poverty reduction, we analyze the conditions under which access to land reduces poverty in Mexican rural communities. Semi-parametric regression results show that access to even a small plot of land can raise household welfare significantly. For smallholders, an additional hectare of land increases welfare on average by 1.3 times the earnings of an agricultural worker. In addition, the marginal welfare value of land dep...
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作者：Hong, KS; Tornell, A
作者单位：Ewha Womans University; California State University System; California State University Los Angeles
摘要：Using a comprehensive data set of over 100 developing countries, this paper examines how economies recover from a currency crisis. Some of the regularities found are listed below. First, it takes less than 3 years for the GDP growth rate to fully recover its tranquil-period average. The level of GDP, however, remains permanently below its initial trend, suggesting that the shocks underlying a crisis are persistent. Second, the credit crunch problem lasts much longer than the reduction in the G...
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作者：Kögel, T
作者单位：Loughborough University
摘要：Recent literature shows empirical support for an effect of demographic age structure on economic growth. This literature does not give allention to the possibility that age structure might also have an effect on total factor productivity. Much of the recent literature on economic growth has stressed that an understanding of cross-country differences in output per worker is needed. That literature argues that the most important determinant of international differences in output per worker is di...
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作者：Easterly, W
作者单位：New York University
摘要：Analysis of adjustment loans often overlooks their repetition to the same country. Repetition changes the nature of the selection problem. None of the top 20 recipients of repeated adjustment lending over 1980-99 were able to achieve reasonable growth and contain all policy distortions. About half of the adjustment loan recipients show severe macroeconomic distortions regardless of cumulative adjustment loans. Probit regressions for an extreme macroeconomic imbalance indicator and its componen...
