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Do standards improve the quality of traded products? 标准能提高交易产品的质量吗?
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-09-05 DOI: 10.1111/caje.12678
Anne-Célia Disdier, Carl Gaigné, Cristina Herghelegiu
{"title":"Do standards improve the quality of traded products?","authors":"Anne-Célia Disdier,&nbsp;Carl Gaigné,&nbsp;Cristina Herghelegiu","doi":"10.1111/caje.12678","DOIUrl":"10.1111/caje.12678","url":null,"abstract":"<p>We examine whether standards raise the quality of traded products. Matching a panel of French firm–product–destination export data with a data set on sanitary and phytosanitary measures and technical barriers to trade, we find that such quality standards enforced on products by destination countries: (i) favour the export probability of high-quality firms provided that their productivity is high enough, (ii) raise the export sales of high-productivity, high-quality firms at the expense of low-productivity and low-quality firms and (iii) increase the quality supplied by firms if their productivity is high enough. We then develop a simple new trade model under uncertainty about product quality in which heterogeneous firms can strategically invest in quality signalling to rationalize these empirical results on quality and selection effects.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1238-1290"},"PeriodicalIF":1.6,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126581328","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
Macroeconomic tail risk, currency crises and the inter-war gold standard 宏观经济尾部风险、货币危机和两次世界大战之间的金本位
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-09-05 DOI: 10.1111/caje.12680
Chanelle Duley, Prasanna Gai
{"title":"Macroeconomic tail risk, currency crises and the inter-war gold standard","authors":"Chanelle Duley,&nbsp;Prasanna Gai","doi":"10.1111/caje.12680","DOIUrl":"10.1111/caje.12680","url":null,"abstract":"<p>We introduce macroeconomic tail risk into the canonical global game model of currency crises. The exchange rate peg is attacked if fundamentals reach a critical threshold, or if there is a sufficiently large public shock. Large shocks generate doubt amongst investors about both the state of the world and about what others know, giving rise to multiple equilibria. We find a non-monotonic relationship between tail risk and the probability of (a fundamentals-based) crisis and show how this effect depends on the magnitude and direction of public shocks. We consider the implications of policy intervention and identify conditions under which active intervention produces doubt about the level of fundamentals and, hence, how others will respond. Our analysis clarifies how financial contagion in Europe precipitated the sterling crisis of 1931.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1551-1582"},"PeriodicalIF":1.6,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12680","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126134193","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
Skill-replacing process innovation and the labour market: Theory and evidence 技能替代过程创新与劳动力市场:理论与证据
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2023-09-05 DOI: 10.1111/caje.12681
Wenbo Zhu
{"title":"Skill-replacing process innovation and the labour market: Theory and evidence","authors":"Wenbo Zhu","doi":"10.1111/caje.12681","DOIUrl":"10.1111/caje.12681","url":null,"abstract":"<p>I study the differential impacts of product innovation and process innovation on the labour market. Using European data from 2000 to 2018, I find that industries with proportionally more firms reporting product innovation than process innovation also tend to exhibit a lower income share of low-skilled workers. To better understand the mechanism, I develop a dynamic growth model in which firms conduct both types of innovation endogenously. In the model, product innovation introduces new intermediate goods, which tend to require high-skilled workers to implement. Process innovation simplifies existing production technologies and thereby allows firms to replace high-skilled workers with low-skilled ones. I calibrate an extended version of the model to the largest two industries in UK in 2014 and 2018, respectively. I find that product innovation has become less costly but increasingly demanding for skills, and the cost of process innovation has increased on average and become more diverse across firms.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"56 4","pages":"1583-1614"},"PeriodicalIF":1.6,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128201930","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
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
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