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During Britain's industrialization, Parliament operated a forum where rights to land and resources could be reorganized. This venue enabled landholders and communities to exploit economic opportunities that could not be accommodated by the inflexible rights regime inherited from the past. In...
Persistent link: https://www.econbiz.de/10012462955
What is the impact of time-varying business uncertainty on economic activity? Using partly confidential business survey data from the U.S. and Germany in structural VARs, we find that positive innovations to business uncertainty lead to prolonged declines in economic activity. In contrast, their...
Persistent link: https://www.econbiz.de/10012462513
productivity growth using each region's long-term record, predict China and India becoming the world's top two economic hegemons … rates in China and other regions due to population aging, and permanent differences in regional living standards. Our … pace, India will account for one third of 2100 world output and China for over one fifth. The US output share will grow …
Persistent link: https://www.econbiz.de/10013435118
There is a paucity of facts about the effects of the recent military "Surge" on conditions in Iraq and whether it is paving the way for a stable Iraq. Selective, anecdotal and incomplete analyses abound. Policy makers and defense planners must decide which measures of success or failure are most...
Persistent link: https://www.econbiz.de/10012465190
We provide new measures of ethnic, linguistic and religious fractionalization for about 190 countries. These measures are more comprehensive than those previously used in the economics literature and we compare our new variables with those previously used. We also revisit the question of the...
Persistent link: https://www.econbiz.de/10012469292
This paper proposes a new mechanism by which country size and international trade affect macroeconomic volatility. We study a multi-country, multi-sector model with heterogeneous firms that are subject to idiosyncratic firm-specific shocks. When the distribution of firm sizes follows a power law...
Persistent link: https://www.econbiz.de/10012461323
decades, whereas China's has been on a rising trend, yet the share of trade among Asian economies with the dollar zone …. One big dollar-zone economy that has been increasing its presence in Asia is China. However, China has been recently … making efforts to "internationalize" its currency, the yuan (RMB). Hence, if China succeeds in its internationalization …
Persistent link: https://www.econbiz.de/10012456407
This paper successfully tests on a sample of 70 countries for the period 1960-85 the following hypotheses. Income inequality, by fueling social discontent, increases socio-political instability. The latter, by creating uncertainty in the politico-economic environment, reduces investment. As a...
Persistent link: https://www.econbiz.de/10012474459
This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950-1982. We define ?political instability? as the propensity of a government collapse, and we estimate a model in which political instability and...
Persistent link: https://www.econbiz.de/10012474795