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Export tax refund and the misreporting by Chinese exporters 出口退税和中国出口商的误报
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-09-01 DOI: 10.1111/caje.12679
Xinzheng Shi, Zhufeng Xu
{"title":"Export tax refund and the misreporting by Chinese exporters","authors":"Xinzheng Shi,&nbsp;Zhufeng Xu","doi":"10.1111/caje.12679","DOIUrl":"10.1111/caje.12679","url":null,"abstract":"<p>We document how Chinese exporters misreport their exports to China's customs in order to benefit from export tax refunds. We estimate the response of the logarithmic difference between the exports reported in China's customs data and the imports reported in destination countries' customs data to export tax refund rates. We find that with an increase of 1 percentage point in export tax refund rates, the logarithmic difference increases by 0.051. Additionally, with an increase of 1 percentage point in the export tax refund rates of similar products, this gap decreases by 0.024. Further study reveals that quantity manipulation accounts for the majority of the export reporting distortion.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1469-1489"},"PeriodicalIF":1.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124837374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Endogenous timing and income inequality in the voluntary provision of public goods: Theory and experiment 自愿性公共品供给中的内生时间和收入不平等:理论与实验
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-08-16 DOI: 10.1111/caje.12677
Jun-ichi Itaya, Atsue Mizushima, Kengo Kurosaka
{"title":"Endogenous timing and income inequality in the voluntary provision of public goods: Theory and experiment","authors":"Jun-ichi Itaya,&nbsp;Atsue Mizushima,&nbsp;Kengo Kurosaka","doi":"10.1111/caje.12677","DOIUrl":"https://doi.org/10.1111/caje.12677","url":null,"abstract":"<p>This study theoretically and experimentally investigates the effects of income inequality on donors' decisions regarding timing choices and contributions to public goods when contribution timing is endogenously chosen by contributors. To this end, we use the conventional voluntary provision models of Warr (1983) and Bergstrom, Blume and Varian (1986), with Cobb–Douglas preferences augmented with a two-stage game of Hamilton and Slutsky (1990). The following results were obtained and experimentally confirmed. First, when the distribution of income is extremely unequal, donors are indifferent between the simultaneous and sequential moves in the contribution game. Second, as income inequality is decreased, the simultaneous-move contribution game is likely to emerge because every donor prefers to act as a leader. Nevertheless, a higher-income donor may also prefer to act as a follower without specific social preferences and uncertainty regarding the quality of public goods. Third, most theoretical predictions regarding timing decisions are supported in our laboratory experiment, provided that the participants had enough time to learn the consequences of their timing choices.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1347-1376"},"PeriodicalIF":1.6,"publicationDate":"2023-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138468625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pharmaceutical regulation under market integration through parallel trade 通过平行贸易实现市场一体化的药品监管
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-02-20 DOI: 10.1111/caje.12647
Laura Birg
{"title":"Pharmaceutical regulation under market integration through parallel trade","authors":"Laura Birg","doi":"10.1111/caje.12647","DOIUrl":"10.1111/caje.12647","url":null,"abstract":"<p>In this paper, I study the effect of parallel trade (cross-border resale of goods without the authorization of the manufacturer) on pharmaceutical regulation. Governments may restrict prices directly (price caps) or limit third-party payer reimbursement for the drug (reimbursement limits). I find that parallel trade may relax regulation in the source country of parallel imports under both instruments and intensify regulation in the destination country under a reimbursement limit. I also find that parallel trade may change regulatory preferences: under no parallel trade, both the source and destination country set price caps, and under parallel trade, the source country sets a price cap but the destination country sets a reimbursement limit, thereby enforcing a higher price cap in the South. This implies that drug prices are higher under parallel trade in both source and destination countries.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1322-1346"},"PeriodicalIF":1.6,"publicationDate":"2023-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12647","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134904449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Board gender quotas and outward foreign direct investment: Evidence from France 董事会性别配额和对外直接投资:来自法国的证据
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-02-06 DOI: 10.1111/caje.12646
Koray Aktaş, Valeria Gattai, Piergiovanna Natale
{"title":"Board gender quotas and outward foreign direct investment: Evidence from France","authors":"Koray Aktaş,&nbsp;Valeria Gattai,&nbsp;Piergiovanna Natale","doi":"10.1111/caje.12646","DOIUrl":"10.1111/caje.12646","url":null,"abstract":"<p>We show that board gender quota laws reduce the propensity of French firms to undertake outward foreign direct investment. For this, we use firm-level data for the period 2007 to 2015 and a difference-in-difference approach. The exogenous increase in the share of women directors decreases the share of foreign subsidiaries by 7 percentage points when the share of women directors is at its highest. The share of foreign subsidiaries is affected by the decrease in probability of having a foreign subsidiary, which indicates disinvestment. The effects on outward foreign direct investment we detect are strongest for the poorly managed firms, pointing to tough managerial monitoring by gender diverse boards as the driving force behind results.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1291-1321"},"PeriodicalIF":1.6,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125273560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How do central banks make decisions? 央行是如何做出决策的?
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-11-14 DOI: 10.1111/caje.12622
Francisco Ruge-Murcia
{"title":"How do central banks make decisions?","authors":"Francisco Ruge-Murcia","doi":"10.1111/caje.12622","DOIUrl":"10.1111/caje.12622","url":null,"abstract":"<p>This paper studies decision making by the governing council of the Bank of Canada under two alternative protocols. The protocols are: (i) the median model and (ii) the inclusive-voting model due to Riboni and Ruge-Murcia (2020), where the chair and the median share proposal power. Results show that the data favour a version of the inclusive-voting model where the chair of the committee is moderately inclusive and which endogenously generates the consensus outcome in Riboni and Ruge-Murcia (2010). Decision-making frictions are empirically important in the formulation of monetary policy, and the selected policy is the outcome of a compromise between committee members.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1643-1670"},"PeriodicalIF":1.6,"publicationDate":"2022-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116658885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Grasping decentralized finance through the lens of economic theory 从经济理论的角度把握分权金融
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-11-06 DOI: 10.1111/caje.12627
Jonathan Chiu, Charles M. Kahn, Thorsten V. Koeppl
{"title":"Grasping decentralized finance through the lens of economic theory","authors":"Jonathan Chiu,&nbsp;Charles M. Kahn,&nbsp;Thorsten V. Koeppl","doi":"10.1111/caje.12627","DOIUrl":"https://doi.org/10.1111/caje.12627","url":null,"abstract":"<p>In this viewpoint article, we provide an analysis of the value proposition of decentralized finance (DeFi) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs associated with intermediated lending and improve financial inclusion. Limitations are the volatility of crypto collateral and stablecoins used for settlement, the possible incompleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limitations could improve the value of DeFi.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1702-1728"},"PeriodicalIF":1.6,"publicationDate":"2022-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137646819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does a tax deduction scheme matter for jobs and investment by multinational and domestic enterprises? 税收减免计划对跨国企业和国内企业的就业和投资有影响吗?
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-11-03 DOI: 10.1111/caje.12624
Jozef Konings, Catherine Lecocq, Bruno Merlevede
{"title":"Does a tax deduction scheme matter for jobs and investment by multinational and domestic enterprises?","authors":"Jozef Konings,&nbsp;Catherine Lecocq,&nbsp;Bruno Merlevede","doi":"10.1111/caje.12624","DOIUrl":"10.1111/caje.12624","url":null,"abstract":"<p>Many countries have reduced corporate income tax rates or introduced tax deductions, exclusions and credits to attract foreign direct investment. This paper analyzes the introduction of the notional interest deduction (NID) in Belgium, which allows companies to deduct from their taxable income an interest that is calculated based on the company's equity. We use an event type study approach to analyze the evolution of employment and investment of foreign affiliates in Belgium. We find that the tax deduction has increased employment and investment in the Belgian affiliates on average by 7.4 and 6.1%, respectively, in the period after the introduction of the NID. The NID, however, also provides a higher after-tax return on investment to domestic Belgian firms. Using a matching analysis, we find that domestic Belgian firms with low external financial dependence also respond to the NID but somewhat less strongly, domestic firms with high external financial dependence do not show NID-driven investment nor employment creation.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1966-1989"},"PeriodicalIF":1.6,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125782330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan 产业集群政策与交易网络:来自日本企业层面数据的证据
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-25 DOI: 10.1111/caje.12629
Toshihiro Okubo, Tetsuji Okazaki, Eiichi Tomiura
{"title":"Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan","authors":"Toshihiro Okubo,&nbsp;Tetsuji Okazaki,&nbsp;Eiichi Tomiura","doi":"10.1111/caje.12629","DOIUrl":"10.1111/caje.12629","url":null,"abstract":"<p>Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Cluster firms significantly expand transaction networks not only with local firms but also with firms in the agglomerated core Tokyo. We confirm the robustness of the results with historical policy experience of the regions as an instrumental variable and the cluster participation in a later period for a placebo test. By disaggregating firms in their relationships with financial institutions, we find that cluster firms expanding networks with firms in Tokyo are financed mainly by regional banks.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1990-2035"},"PeriodicalIF":1.6,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115715804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Internationalization strategies of multi-product firms: The role of technology 多产品企业的国际化战略:技术的作用
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-24 DOI: 10.1111/caje.12626
Daniel Baumgarten, Michael Irlacher, Karin Mayr-Dorn
{"title":"Internationalization strategies of multi-product firms: The role of technology","authors":"Daniel Baumgarten,&nbsp;Michael Irlacher,&nbsp;Karin Mayr-Dorn","doi":"10.1111/caje.12626","DOIUrl":"https://doi.org/10.1111/caje.12626","url":null,"abstract":"<p>High-performance firms typically have two features in common: (i) they produce in more than one country and (ii) they produce more than one product. In this paper, we analyze the internationalization strategies of multi-product firms. Guided by several new stylized facts, we develop a theoretical model to determine optimal modes of market access at the firm–product level. We find that the most productive firms sell core varieties via foreign direct investment and export products with intermediate productivity. Shocks to trade costs and technology affect the endogenous decision to export or produce abroad at the product-level and, in turn, the relative productivity between parents and affiliates.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1929-1965"},"PeriodicalIF":1.6,"publicationDate":"2022-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12626","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137982461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A large Canadian database for macroeconomic analysis 用于宏观经济分析的大型加拿大数据库
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-24 DOI: 10.1111/caje.12618
Olivier Fortin-Gagnon, Maxime Leroux, Dalibor Stevanovic, Stéphane Surprenant
{"title":"A large Canadian database for macroeconomic analysis","authors":"Olivier Fortin-Gagnon,&nbsp;Maxime Leroux,&nbsp;Dalibor Stevanovic,&nbsp;Stéphane Surprenant","doi":"10.1111/caje.12618","DOIUrl":"10.1111/caje.12618","url":null,"abstract":"<p>This paper provides a large-scale Canadian macroeconomic database and shows its usefulness for empirical macroeconomic analysis. The data set contains hundreds of Canadian and provincial economic indicators. It is designed to be updated regularly and real-time vintages are publicly available. It relieves users to deal with data changes and methodological revisions. We show four useful features of this data set for macroeconomic research. First, the factor structure explains a sizeable part of the variation of the data set and appears as an appropriate means of dimension reduction. Second, the data set is useful to capture turning points of the Canadian business cycle. Third, it has substantial predictive power when forecasting key macroeconomic indicators. Fourth, the richness of the panel is used to study the effectiveness of monetary policy across regions and sectors.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1799-1833"},"PeriodicalIF":1.6,"publicationDate":"2022-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125982264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
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