In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in the recent decades. Liberalization of capital outflow ...controls can allow emerging market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may cost their governments the fiscal revenues that external financial repression generates. Our results indicate that external repression revenues in EMEs declined substantially in the 2000's compared with the 1980's. In line with this decline in external repression revenues and their growth accelerations in 2000's, concerns related to net capital inflows took predominance over fiscal concerns in the decisions to liberalize capital outflow controls. Emerging markets facing high volatility in net capital inflows and higher short-term balance sheet exposures liberalized outflows less. Countries eased outflows more in response to higher stock price appreciation, higher appreciation pressures in the exchange market and higher real exchange rate volatility. Non-IT monetary policy regimes also liberalized outflows more in response to greater reserves accumulation and higher NKI.
•Countries eased outflow controls in response to appreciation pressure and stock price booms.•Countries with higher NKI volatility and short term balance sheet exposures liberalized outflows less.•External repression revenues in emerging markets declined substantially.•Concerns related to net capital inflows took predominance over fiscal concerns.
We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about ...100 countries during 1990–2010 when emerging markets became more integrated into the international financial system. We look at the relationship both before and after the global crisis. Our study reveals a complex and mixed picture. The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns. We find a large and robust relationship between FDI – both inflows and outflows – and growth. The relationship between growth and equity flows is smaller and less stable. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis.
We investigate divisions within the citation network in economics using citation data between 1990 and 2010. We consider all partitions of top institutions into two equal‐sized clusters and pick the ...one that minimizes cross‐cluster citations. The strongest division is much stronger than could be expected to be found under idiosyncratic citation patterns and is consistent with the reputed freshwater/saltwater division in macroeconomics. The division is stable over time but varies across the fields of economics. (JEL A11, D85, I23)
Understanding the work values of the current and future workforce is essential for designing a human resource management system that attracts, motivates, and retains talent. This study provides an ...updated, in-depth analysis of the work values of the next generation of business leaders in the commercial centers of China, Japan, and Korea. Although previous research has often clustered these countries together and labeled them Confucian Asia, survey results from more than 700 respondents reveal striking differences in work values across countries. The Chinese are more individualistic and career oriented, whereas the Japanese are more risk averse and work oriented, and the Koreans are often somewhere in-between. We argue that the value differences can be largely explained by different economic influences in these three countries. This study enhances our understanding of crossvergence theory by distinguishing economic influence in the economic development stage, economic growth, and inward foreign direct investments. While these economic indicators might be related, their influences on work values could be conflicting. The findings suggest that that each economic indicator has a unique effect on the development of work values.
I empirically investigate whether geographical variations in local culture, as proxied by local religion, affect dividend demand and corporate dividend policy for a large sample of US firms. Firms ...located in Protestant counties are more likely to be dividend payers, initiate dividends, and have higher dividend yields, while firms located in Catholic counties are less likely to be dividend payers and have lower dividend yields. There is a geographically varying dividend clientele effect consistent with the variations in risk aversion among different cultural groups. My results suggest that firms largely held by local investors determine their corporate policies in line with local culture.
Summary
Generalized morality reflects ethical norms in society about the inappropriateness of behaviors that can cause harm to others. Generalized morality may be an important factor affecting the ...economic performance of countries. An indicator of generalized morality is constructed from data from the World Values Survey. One question examined is whether generalized morality is correlated with economic growth rates in per capita GDP across a sample of countries, controlling for institutions and other factors expected to affect economic performance. A second question examined is whether the path by which generalized morality affects growth is direct or indirect through generalized trust. The findings reveal that generalized morality is moderately correlated with economic growth, but its effect appears to be manifested through generalized trust when economic institutions are weak.
Polygyny rates are higher in western Africa than in eastern Africa. The African slave trades help explain this difference. More male slaves were exported in the transatlantic slave trades from ...western Africa, while more female slaves were exported in the Indian Ocean slave trades from eastern Africa. The slave trades led to prolonged periods of abnormal sex ratios, which affected the rates of polygyny across Africa. In order to assess these claims, we present evidence from a variety of sources. We find that the transatlantic slave trades have a positive correlation with historical levels of polygyny across African ethnic groups. We also construct an ethnic group level data set linking current rates of polygyny with historical trade flow data from the transatlantic and Indian Ocean slave trades. We find that the transatlantic slave trades cause polygyny at the ethnic group level, while the Indian Ocean slave trades do not. We provide cross-country evidence corroborating our findings.
What Drives States to Support Renewable Energy? Jenner, Steffen; Chan, Gabriel; Frankenberger, Rolf ...
The Energy journal (Cambridge, Mass.),
04/2012, Volume:
33, Issue:
2
Journal Article
Peer reviewed
Why do states support electricity generation from renewable energy sources? Lyon/ Yin (2010), Chandler (2009), and Huang et al. (2007) have answered this question for the adoption of renewable ...portfolio standards (RPS) at the U.S. state level. This article supplements their work by testing the core hypotheses on the EU27 sample between 1990 and 2010. Furthermore, the article asks why the majority of EU states rely on feed-in-tariffs (FIT). The study conducts logistic time series cross-section regression analyses that run on a hazard model. Evidence in support of private interest theory and public interest theory is provided. (a) The existence of a solar energy association increases the probability of a state to adopt regulation. (b) Solar radiation, and (c) the unemployment rate also increase the odds. (d) Electricity market concentration decreases the probability of transition.
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