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In this paper we analyse the role financial constraints play in firm expansion in both domestic and export markets. We use data on Slovenian manufacturing firms that were active between 2001 and 2012. In contrast to existing studies, we use generalized propensity score and continuous matching techniques to estimate the effects of differences in access to bank financing. We show that the response of...
Using income and other individual data from EU-SILC for Germany and Austria, we analyze wage discrimination for three break-ups: gender, sector of employment, and country of origin. Using the method of Machado and Mata (J Appl Econom 20(4):445–465, 2005) the discrimination over the whole range of the wage distribution is estimated. Significance of results is checked via confidence interval estimates...
In recent years, the effects of exchange-rate risk on trade flows have been studied for numerous cases, with studies focusing on disaggregated, industry-level exports and imports for a pair of countries’ import and export volumes. This study examines the specific case of Egypt’s trade with the European Union, applying cointegration analysis to quarterly data for 59 industries’ export and import flows...
In this study, we examine the regime shifts and volatility in stock market returns of eighteen European stock markets and the USA and utilize these regimes in asset allocation and risk management contexts. Using a Markov regime switching model, the study finds strong evidence of regime switching characterized by two regimes over the sample period from February, 1996 to January, 2012. Smoothed probabilities...
This paper analyses the distribution of direct payments (DPs) between farmers within the EU Member States (MS). The paper tries to identify some of the factors that can explain the differences between MS in terms of recent distribution and the evolution over time of the distribution of DPs, comparing results of different regression models. The analysis has confirmed that the concentration of direct...
This study aims to provide an overview of recent developments in the export performance and international competitiveness of Italy. Using a flexible approach based on a structural time series model, I have assessed the extent to which price competitiveness and non-price competitiveness affect Italian export behaviour. The results of analysis reveal that Italy has experienced a shift to the left of...
This paper studies the effects of Federal Reserve communications on US financial market returns from 1998 to 2009 and asks whether they changed significantly during the global financial crisis of August 2007–July 2009. We find, first, that central bank communication moves financial markets in the intended direction. In particular, shorter maturities are affected in an economically meaningful way....
Orcutt hypothesized that trade flows respond faster to a change in the nominal exchange rate as compared to a change in relative prices. Although he recommended testing his hypothesis at commodity level, due to lack of commodity prices previous studies used aggregate trade flows of one country with the rest of the world and did not support the hypothesis. In this paper, we test Orcutt’s hypothesis...
In this paper, we estimate the effect of changes in capital income shares on inequality of gross household income. Using EU-SILC data covering 16 EU countries from 2005 to 2011 we find that the level of capital income shares is positively associated with the concentration of gross household income. Moreover, we show that the transmission of a shift in capital income shares into the personal distribution...
The topic of rising income inequality does not only gain in relevance since the two prominent reports by the OECD (Growing unequal? Income Distribution and Poverty in OECD Countries, Paris 2008; Divided we stand—Why inequality keeps rising, Paris 2011) but rather since the financial crisis. So far there is only scarce empirical evidence–besides a rather broad literature dealing with the US–about the...
For the first time, the Household Finance and Consumption Survey (HFCS) dataset enables researchers to have a detailed insight into the relationship between wealth composition and the characteristics of households for the euro area countries. The HFCS is a complex survey accounting for survey design, non-response and coverage problems by providing specific weighting schemes and multiple implicates...
An extensive theoretical and empirical literature already investigates the impact of income inequality on citizens’ involvement in specific politically-oriented activities such as voting, membership of political groups, participation in political meetings, etc. In order to broaden still further the theoretical perspective on the connection between income inequality and citizens’ political participation,...
Economic policy often targets specific components of the household balance sheet such as policies supporting the financing of real estate or setting the interest rate. To understand the potential impact of these policy measures on the overall distribution of wealth, this paper investigates the link between components of wealth and the overall distribution of wealth, using factor decomposition methods...
The public debate about inequality has generated a sense of gloom and doom—that high levels of inequality are inevitable and that little can be done. The aim of this paper is to inject a more optimistic note. I argue that there have been periods in the past when income inequality was reduced and we can learn from these, that the textbook story of the causes of rising wage inequality—globalisation...
This study investigates whether there exists an empirical long-run relationship between income inequality and household debt. By using panel cointegration techniques, I find that inequality and leverage are cointegrated of order one and therefore share a common trending relation. Removing this trend by first differencing the series leads to biased inference. The results are robust to different indicators...
This paper provides first–time insights into the socioeconomic specifics of the Austrian wealth distribution. Based on data from the Household Finance and Consumption Survey 2010, we explore patterns of household characteristics associated with the wealth dispersion. Due to the pronounced nonlinear relationship of wealth, we incorporate the complex survey design in quantile regressions to analyze...
Studying lifetime income inequality for individuals who belong to the same cohort can contribute valuable insights that cannot be obtained by usual analyses of annual incomes. Data from the social security system indicates that in West Germany, over the cohorts born between 1935 and 1972, lifetime earnings inequality has strongly increased. For male baby-boomers, lifetime inequality is predicted to...
Primarily using data from the 2010 European Social Survey, we analyze intergenerational educational persistence in 20 European countries, studying cross-country and cross-cluster differences; changes in the degree of intergenerational persistence over time; and the role of gender in determining educational persistence across generations. We find that persistence is highest in the Southern and Eastern...
This paper employs panel smooth transition autoregression models, using the volatility index (VIX) as the transition variable, to evaluate the persistence, efficiency, and spillover effects of stock markets in G-10 and ASEAN-5 countries. The persistence effects are nonlinear and vary with time and across countries, depending on the value of the VIX. When VIXs are over specific thresholds (30.69 and...
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