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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
Effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies 美国货币政策的新闻和噪音冲击对新兴市场经济体经济波动的影响
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-23 DOI: 10.1111/caje.12623
Wongi Kim, Kyunghun Kim
{"title":"Effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies","authors":"Wongi Kim,&nbsp;Kyunghun Kim","doi":"10.1111/caje.12623","DOIUrl":"10.1111/caje.12623","url":null,"abstract":"<p>This study investigates the effect of news and noise shocks of US monetary policy on economic fluctuations in emerging market economies. In the first part of our two-step estimation method, the news and noise shocks of US monetary policy are estimated using dynamic structural vector autoregression identification. In the second step, the impact of the news and noise shocks on macro variables reflecting the business cycle (e.g., production, consumption, investment and trade balance) is examined using local projection. Our empirical results show no significant differences in the responses to both shocks at the early stage, when news and noise are not separable. However, when the monetary policy becomes known, emerging market economies enter a full-scale recession with respect to a news shock of raised US interest rates. Meanwhile, emerging market economies enter an economic boom phase of the business cycle when the shock turns out to be noise. Fluctuations driven by noise are likely to incur greater costs than normal economic fluctuations because the former are out of sync with the fundamentals.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1862-1893"},"PeriodicalIF":1.6,"publicationDate":"2022-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121684065","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
The economics of cryptocurrency: Bitcoin and beyond 加密货币的经济学:比特币及其他
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-23 DOI: 10.1111/caje.12625
Jonathan Chiu, Thorsten V. Koeppl
{"title":"The economics of cryptocurrency: Bitcoin and beyond","authors":"Jonathan Chiu,&nbsp;Thorsten V. Koeppl","doi":"10.1111/caje.12625","DOIUrl":"https://doi.org/10.1111/caje.12625","url":null,"abstract":"<p>How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to overcome double-spending by costly mining and by delaying settlement. We formalize this insight through an incentive constraint that rules out double-spending and pins down the welfare costs of a cryptocurrency. We find that it is optimal to use seignorage rather than transaction fees to finance costly mining. In supplementary material, we study an extension with endogenous transaction fees and show quantitatively that the prime cost of Bitcoin arises from mining, but can be reduced substantially by optimally designing the reward system.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1762-1798"},"PeriodicalIF":1.6,"publicationDate":"2022-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137970202","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
Unbundling female empowerment 解放女性权力
IF 1.6 4区 经济学
Canadian Journal of Economics-Revue Canadienne D Economique Pub Date : 2022-10-20 DOI: 10.1111/caje.12628
Siwan Anderson
{"title":"Unbundling female empowerment","authors":"Siwan Anderson","doi":"10.1111/caje.12628","DOIUrl":"10.1111/caje.12628","url":null,"abstract":"<p>There is an ongoing push to place female empowerment at the centre of development policy because of its presumed link to poverty alleviation. This paper reflects on how the economics literature can contribute to a deeper understanding of this connection between female-focused policy initiatives and broader economic outcomes. Female empowerment is a multi-faceted concept that has grown to be appreciated by academics and policy-makers alike, however, it is not well understood how the various dimensions interact and co-evolve with each other and with society as a whole. Many policy objectives presume that different measures of female empowerment work in tandem. This paper, in contrast, argues that it is useful to conceptually “unbundle” female empowerment in a systematic way across multiple domains: within the household, within society as a whole and via the dynamics of norm formation. It highlights instead the complexity of interactions between these separate facets of female empowerment and extrinsic societal factors. This is important because overlooking these interactions across dimensions has the potential to lead policy astray.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"55 4","pages":"1671-1701"},"PeriodicalIF":1.6,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.12628","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115354694","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: 3
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