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作者：Cashin, P; McDermott, CJ; Pattillo, C
作者单位：International Monetary Fund
摘要：This paper examines the persistence of shocks to the terms of trade using annual data on 42 sub-Saharan African countries for the period 1960-96. Instead of using unit root tests to distinguish between stationary and random walk processes for the terms of trade, this paper characterizes the persistence of shocks using point and interval estimates of the half-lives of terms of trade shocks. Using median-unbiased (MU) estimation techniques that remove the downward bias of standard [least squares...
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作者：Carranza, L; Galdon-Sanchez, JE
作者单位：Universidad Publica de Navarra; University of Navarra
摘要：In this paper we build a model of financial intermediation that explains the pattern of GDP variability in an economy during the development process. We find evidence that per capita output is more volatile in middle-income economics than in both low and high-income economies. We show that, if the model economy is in the early or in the mature stages of development, there is a unique equilibrium. However, in the middle stages of development, multiple equilibria exist. Moreover, we find that in...
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作者：Harrison, AE; Love, I; McMillan, MS
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; The World Bank; Tufts University
摘要：Finns often cite financing constraints as one of their primary obstacles to investment, Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic banks, multinational firms may exacerbate financing constraints by crowding host-country firms out of domestic capital markets. Combining a unique cross-country firm-level panel with time-series data on restrictions on international tran...
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作者：Attanasio, O; Goldberg, PK; Pavcnik, N
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Dartmouth College
摘要：We investigate the effects of the drastic tariff reductions of the 1980s and 1990s in Colombia on the wage distribution. We identify three main channels through which the wage distribution was affected: increasing returns to college education, changes in industry wages that hurt sectors with initially lower wages and a higher fraction of unskilled workers, and shifts of the labor force towards the informal sector that typically pays lower wages and offers no benefits. Our results suggest that ...
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作者：Liu, PW; Zhang, JS; Chong, SC
作者单位：Chinese University of Hong Kong
摘要：This paper attempts to provide the first set of evidence on the intra- and inter-occupational earnings differentials between immigrants and the native by studying Hong Kong 1996 census data. We found that the intra-occupational earnings differential is slightly more important than the inter-occupational earnings differential. Comparing with the literature on gender wage differentials, immigrants seem to face more barriers to entry into good occupations than females in a relative sense. Moreove...
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作者：Lipsey, RE; Sjöholm, F
作者单位：Stockholm School of Economics; National Bureau of Economic Research
摘要：This paper examines whether the higher wages paid by foreign-owned manufacturing plants than by domestically owned plants, typical of most countries, represents a higher price for labor. That is, does it reflect a higher price for workers of a given quality, as represented by the level of education? We then ask whether foreign-owned plants pay a higher price for labor given the characteristics of the plants. Foreign-owned firms are found to pay a higher price for labor of a given educational l...
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作者：Lall, SV; Shalizi, Z; Deichmann, U
作者单位：The World Bank
摘要：The primary objective of this paper is to examine the extent to which agglomeration economies contribute to economic productivity. We distinguish three sources of agglomeration economies: (1) at the firm level from improved access to market centers, (2) at the industry level from intra-industry localization economies, and (3) at the regional level from inter-industry urbanization economies. There is considerable variation in the sources and magnitudes of agglomeration economies between industr...
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作者：Kochar, A
作者单位：Stanford University
摘要：This paper examines the effect of adult health on the savings and portfolio decisions of rural Pakistani households. It also tests whether such effects result because ill-health affects income and the rates of return on specific assets. By so doing, it provides evidence on the sensitivity of savings to income changes and to interest rates. I find that expectations of future ill-health increase overall savings, but reduce investments in productive assets thereby forging a link between health an...
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作者：Rioja, F; Valev, N
作者单位：University System of Georgia; Georgia State University
摘要：Recent research has found a strong positive effect of a country's financial development on economic growth. We propose that this relationship may vary according to the level of financial development (divided in three regions). In the low region (countries with very low levels of financial development), additional improvements in financial markets have an uncertain effect on growth. In the intermediate region, financial development has a large, positive effect on growth. Finally, in the high re...
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作者：Jolliffe, D
作者单位：United States Department of Agriculture (USDA); University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：Most of the human capital literature pertaining to developing countries focuses on the returns to education in either farm work or wage work; few studies examine how education affects the allocation of time between these activities. This paper estimates the returns to education in farm and off-farm work, and consequently the role of education in determining the allocation of labor. The results from this study show that off-farm work has a much higher return to education than does farm work and...
