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作者：Mroz, Thomas A.; Zayats, Yaraslau V.
作者单位：Clemson University
摘要：Empirical researchers sometimes misinterpret how additional regressors, heterogeneity corrections, and multilevel factors impact the interpretation of the estimated parameters in binary outcome models such as logit and probit. This can result in incorrect inferences about the importance of incorporating such features in these nonlinear statistical models. Some reports of biases in binary outcome models appear related to the arbitrary variance normalization required in binary outcome models. A ...
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作者：Aizenman, Joshua; Riera-Crichton, Daniel
作者单位：National Bureau of Economic Research
摘要：This paper evaluates the impact of international reserves, terms-of-trade shocks, and capital flows on the real exchange rate (REER). We observe that international reserves cushion the impact of terms-of-trade shocks on PEER, and that this effect is important for developing but not for industrial countries. This buffer effect is especially significant for Asian countries, and for countries exporting natural resources. Financial depth reduces the buffer role of international reserves in develop...
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作者：Alfaro, Laura; Kalemh-Ozcan, Sebnem; Volosovych, Vadym
作者单位：Harvard University; University of Houston System; University of Houston; National Bureau of Economic Research; State University System of Florida; Florida Atlantic University
摘要：We examine the empirical role of different explanations for the lack of capital flows from rich to poor countries-the Lucas Paradox. The theoretical explanations include cross-country differences in fundamentals affecting productivity, and capital market imperfections. We show that during 1970-2000, low institutional quality is the leading explanation. Improving Peru's institutional quality to Australia's level implies a quadrupling of foreign investment. Recent studies emphasize the role of i...
