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Effect of terms of trade on the Latin American Labor market 贸易条件对拉丁美洲劳动力市场的影响
International Economics Pub Date : 2024-10-01 DOI: 10.1016/j.inteco.2024.100552
Domenica Jacho , Zoe Cruz , Paul Carrillo-Maldonado
{"title":"Effect of terms of trade on the Latin American Labor market","authors":"Domenica Jacho ,&nbsp;Zoe Cruz ,&nbsp;Paul Carrillo-Maldonado","doi":"10.1016/j.inteco.2024.100552","DOIUrl":"10.1016/j.inteco.2024.100552","url":null,"abstract":"<div><div>This paper analyzes the effects of terms of trade shocks on the labor market of Latin American countries. We apply the local projections in panel data to estimate the dynamic response of labor variables of 17 sample countries in the period 1980–2019. Our results show that labor indicators respond positively on average in the short term. The labor market, however, deteriorates in the medium term as a consequence of the terms of trade shocks. We also find that the informal rate decreases only in the first year as the ratio to exports–imports prices increases. We identify that the economies with flexible exchange rates, flexible labor rules, and other characteristics mitigate this negative effect of terms of trade in the medium term.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100552"},"PeriodicalIF":0.0,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142427959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investigating the dynamic link between globalization and carbon emissions in BRICS nations: Insights from a non-parametric perspective 调查金砖国家全球化与碳排放之间的动态联系：非参数视角的启示
International Economics Pub Date : 2024-09-26 DOI: 10.1016/j.inteco.2024.100553
Tarek Ghazouani
{"title":"Investigating the dynamic link between globalization and carbon emissions in BRICS nations: Insights from a non-parametric perspective","authors":"Tarek Ghazouani","doi":"10.1016/j.inteco.2024.100553","DOIUrl":"10.1016/j.inteco.2024.100553","url":null,"abstract":"<div><div>This paper examines the changing relationship between globalization and carbon emissions in the BRICS countries, using data from 1990 to 2021. We show that the effect of globalization on CO2 emissions is not static but varies over time. This is mainly attributable to the different dimensions of globalization. The influence of economic globalization has transitioned from positive to negative. In contrast, both social and political globalization shifted from being neutral and positive, respectively, to having adverse impacts. These findings underscore crucial policy implications, emphasizing the need for strategies that harness the potential of economic globalization while mitigating the adverse effects of social and political globalization. Policymakers are encouraged to advocate for green technologies and energy-efficient practices, and to tackle social and political factors that contribute to the surge in emissions. This promotes a balance between economic growth and environmental sustainability.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100553"},"PeriodicalIF":0.0,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic freedom and people at risk of poverty in selected Eurozone countries 欧元区部分国家的经济自由度与面临贫困风险的人口
International Economics Pub Date : 2024-09-14 DOI: 10.1016/j.inteco.2024.100551
Liotti Giorgio
{"title":"Economic freedom and people at risk of poverty in selected Eurozone countries","authors":"Liotti Giorgio","doi":"10.1016/j.inteco.2024.100551","DOIUrl":"10.1016/j.inteco.2024.100551","url":null,"abstract":"<div><p>This paper investigates whether higher economic freedom and/or lower government intervention in the economy contribute to poverty reduction. Connecting the percentage of people at risk of poverty with the economic freedom index elaborated by the Fraser Institute, and focusing on 12 Eurozone countries in the period between 2000 and 2019, it appears that both higher economic freedom and a lower level of government intervention in the economy (mostly lower spending in government consumption, investment and transfers and subsidies) are associated with an increase in poverty, which stands in contrast to the predictions of neoliberal economic theory.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100551"},"PeriodicalIF":0.0,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S211070172400074X/pdfft?md5=8af2dda4054bcbb8eb39496372fd3f78&pid=1-s2.0-S211070172400074X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial resilience, growth and risk sharing in the EU 欧盟的金融复原力、增长和风险分担
International Economics Pub Date : 2024-09-11 DOI: 10.1016/j.inteco.2024.100550
Eleonora Cavallaro , Ilaria Villani
{"title":"Financial resilience, growth and risk sharing in the EU","authors":"Eleonora Cavallaro ,&nbsp;Ilaria Villani","doi":"10.1016/j.inteco.2024.100550","DOIUrl":"10.1016/j.inteco.2024.100550","url":null,"abstract":"<div><p>We build a financial resilience index capturing the structure and stability features of financial systems and benchmark EU financial systems against their ability to enhance stable growth and international risk sharing. The index comprises financial openness, market orientation, equity deepening, maturity structure, and institutional soundness. Our results show that: (i) EU financial systems are highly heterogeneous and converge to a clustered pattern; (ii) the index is highly significant in growth regressions, suggesting that financial structure and institutional soundness are key to enduring growth; (iii) the heterogeneity of EU financial systems has implications for the vulnerability to domestic output shocks: the risk-sharing mechanism is more effective in the market-based and institutionally sound economies that group in the top financial clusters, whereas unsmoothed consumption is higher in economies belonging to the low-resilience clusters, especially in the aftermath of the global financial crisis, when the credit channel is significantly downsized.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100550"},"PeriodicalIF":0.0,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2110701724000738/pdfft?md5=c856d6134bee24e36eaff332329b7690&pid=1-s2.0-S2110701724000738-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Ensuring farm minimum prices: Economic impacts of trade vs competition policies 确保农场最低价格：贸易政策与竞争政策的经济影响
International Economics Pub Date : 2024-09-05 DOI: 10.1016/j.inteco.2024.100549
Alexandre Gohin , Alan Matthews
{"title":"Ensuring farm minimum prices: Economic impacts of trade vs competition policies","authors":"Alexandre Gohin ,&nbsp;Alan Matthews","doi":"10.1016/j.inteco.2024.100549","DOIUrl":"10.1016/j.inteco.2024.100549","url":null,"abstract":"<div><p>French and European farmers vigorously protest in early 2024 against perceived poor economic conditions, increased paperwork burden as well as stringent environmental constraints. The initial policy responses by both national and EU authorities failed to completely calm them, leading the French president Emmanuel Macron to surprisingly propose minimum farm prices. This paper develops an original computable general equilibrium model framework to assess two policy options to reach these minimum prices for livestock industries. The first relies on trade policy instruments and the second on a new competition policy with price discrimination and motivated by the Egalim laws. We find that the first option is unlikely to support French and European farm and food incomes, particularly if third countries reply with similar trade instruments. By contrast, the price discrimination option can support farm incomes, but partly at the expense of the domestic consumption of livestock products.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100549"},"PeriodicalIF":0.0,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142157995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diversification in sight? A macroeconomic assessment of Saudi Arabia’s vision 2030 多样化指日可待？沙特阿拉伯 2030 愿景的宏观经济评估
International Economics Pub Date : 2024-08-28 DOI: 10.1016/j.inteco.2024.100538
Flavien Moreau, Zamid Aligishiev
{"title":"Diversification in sight? A macroeconomic assessment of Saudi Arabia’s vision 2030","authors":"Flavien Moreau,&nbsp;Zamid Aligishiev","doi":"10.1016/j.inteco.2024.100538","DOIUrl":"10.1016/j.inteco.2024.100538","url":null,"abstract":"<div><div>Saudi Arabia, currently the world’s largest oil exporter, embarked since 2021 on a large-scale National Investment Strategy (NIS) designed to lift potential GDP growth by diversifying the economy. This article describes the strategy and is the first paper that quantifies its impact on growth using a dynamic general equilibrium model. It also decomposes this impact into two main channels: the direct impact of the investment push and the impact of complementary reforms. We find that the overall strategy – when supported by appropriate fiscal measures, labor supply reform, and higher public sector efficiency – could boost potential non-oil growth by 4.8 percentage points to about 8.8 percent in the medium term. We also assess the growth dividends of a wider range of alternative scenarios around the NIS baseline.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100538"},"PeriodicalIF":0.0,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
International trade and wage inequality: Evidence from Brazil 国际贸易与工资不平等：巴西的证据
International Economics Pub Date : 2024-08-22 DOI: 10.1016/j.inteco.2024.100536
Lucas Squarize Chagas , Vinicios P. Sant’Anna
{"title":"International trade and wage inequality: Evidence from Brazil","authors":"Lucas Squarize Chagas ,&nbsp;Vinicios P. Sant’Anna","doi":"10.1016/j.inteco.2024.100536","DOIUrl":"10.1016/j.inteco.2024.100536","url":null,"abstract":"<div><p>We study the effect of the bilateral trade integration with China on wage inequality in Brazil. Previous studies have documented the contribution of trade opening to the decline in inequality since the 1990s, driven primarily by cross-firm pay differences. We find a sharper reduction in wage inequality over the 2000s, parallel to China’s accession to the WTO. Our analysis of the China shock suggests that some firms are harmed by import competition, especially those in the High-Tech Manufacturing sector, while others profit from increased exports and cheaper inputs. We rationalize these patterns by extending the theoretical framework of Helpman et al. (2017) to include sector heterogeneity in trade exposure and firm-level selection into imports. Our model indicates that the rise of China led to a reduction in cross-firm wage inequality in Brazil by about 5%.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100536"},"PeriodicalIF":0.0,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142076138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What a difference an OFDI makes. Firm-level evidence from the EU 对外直接投资带来的变化。欧盟企业层面的证据
International Economics Pub Date : 2024-08-18 DOI: 10.1016/j.inteco.2024.100537
Koray Aktaş , Valeria Gattai , Piergiovanna Natale
{"title":"What a difference an OFDI makes. Firm-level evidence from the EU","authors":"Koray Aktaş ,&nbsp;Valeria Gattai ,&nbsp;Piergiovanna Natale","doi":"10.1016/j.inteco.2024.100537","DOIUrl":"10.1016/j.inteco.2024.100537","url":null,"abstract":"<div><p>Using a large panel of European firms covering the years 2007–2015, this study investigates the effects of outward foreign direct investment (OFDI) on performance. Controlling for self-selection through propensity score matching techniques at baseline in a two-way fixed effect difference-in-differences framework, we determine that OFDI firms exhibit higher productivity, value-added, sales, and profit compared with non-OFDI firms. Heterogeneity analysis by destination reveals that the highest performance premia accrue to firms that invested in non-European Union (EU) countries, developed economies and technology-advanced hosts. Heterogeneity analysis by ownership structure shows that OFDI established via joint-venture or wholly owned enterprises have similar, positive performance premia. Furthermore, investing abroad entails no reduction in the parent companies’ number of employees. Finally, we document an increase in research and development expenditure for OFDI firms at both intensive and extensive margins, indicating a potential driver of the observed performance premia.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"180 ","pages":"Article 100537"},"PeriodicalIF":0.0,"publicationDate":"2024-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S211070172400060X/pdfft?md5=ea6b8cdf03594d50da68eb6ac2b81f08&pid=1-s2.0-S211070172400060X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142129197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does immigration increase crime? The advantage of dynamic threshold models with finer geographic units 移民会增加犯罪吗？具有更精细地理单元的动态阈值模型的优势
International Economics Pub Date : 2024-07-24 DOI: 10.1016/j.inteco.2024.100534
Akinori Tomohara
{"title":"Does immigration increase crime? The advantage of dynamic threshold models with finer geographic units","authors":"Akinori Tomohara","doi":"10.1016/j.inteco.2024.100534","DOIUrl":"10.1016/j.inteco.2024.100534","url":null,"abstract":"<div><p>This study investigates whether immigration and crime rates are positively related, by applying dynamic panel threshold models to fine geographic units. This is distinct from previous studies, in which static and continuous models are applied to coarse geographic units. This analysis reveals that the immigration-crime relationship has structural breaks (or discontinuities). The favorable ethnic network externalities on crime emerge after the immigrant share reaches a certain level in the community. This analysis also shows that the immigration-crime relationship observed in fine geographic units disappears when coarsely classified units are used. If geographic aggregation obscures heterogeneity among cities, the immigration-crime relationship is underestimated. These results suggest the advantage of dynamic threshold models with fine geographic units compared to traditional static and continuous models with coarse geographic units when discussing the immigration-crime relationship.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"179 ","pages":"Article 100534"},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141840324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial fragility, regime change, and monetary policy in an open economy – A model and empirical application to emerging market countries 开放经济中的金融脆弱性、政权更迭和货币政策--新兴市场国家的模型和经验应用
International Economics Pub Date : 2024-07-22 DOI: 10.1016/j.inteco.2024.100532
Willi Semmler , Marieme Toure
{"title":"Financial fragility, regime change, and monetary policy in an open economy – A model and empirical application to emerging market countries","authors":"Willi Semmler ,&nbsp;Marieme Toure","doi":"10.1016/j.inteco.2024.100532","DOIUrl":"10.1016/j.inteco.2024.100532","url":null,"abstract":"<div><p>July 20, 2023 (Revised April 15, 2024) The experiences of the 1997–98 Asian Financial Crisis and the 2008–09 Global Financial Crisis encouraged economists to develop new open-economy dynamic finance-macro models. Such models allow for nonlinearities -- to study the effects of contractionary currency devaluation -- in contrast to models of expansionary currency devaluation. The generic dynamic model of the finance-macro link in this paper includes the dynamics of the inflation rates, output gap, and financial variables (credit flows, risk premia, and exchange rates). The theoretical model with nonlinearities shows that there can be resilient or non-resilient outcomes of the dynamics. The level of resilience is however dependent on some empirical vulnerabilities. Relevant empirics show the risk premium is related not only to domestic real macro and financial variables, but also to the exchange rate and the foreign currency reserves. Econometrically, this paper explores the regime-dependent interaction of the output gap and financial variables in a two-regime non-linear Logistic Vector Smooth Transition Auto-Regressive (LVSTAR) model with a logistic-type transition function. This empirical study reveals that the financial variables of emerging economies show regime-dependent responses to external shocks. Therefore, a positive shock to the risk premia in a negative output gap regime entails an exchange rate depreciation, and accelerating contractions. Overall, however, a diversity of EM economies are examined in terms of their response to external shocks and their resilience levels. This research also has implications for international portfolio holdings.</p></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"179 ","pages":"Article 100532"},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141851624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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