This paper analyzes analyze the impact of deregulatory reforms in India during the 1990s, which eliminated compulsory industrial licensing, on manufacturing firms' investment decisions. The paper finds an economically and statistically significant positive effect of delicensing on investment. It...

This paper analyzes analyze the impact of deregulatory reforms in India during the 1990s, which eliminated compulsory industrial licensing, on manufacturing firms' investment decisions. The paper finds an economically and statistically significant positive effect of delicensing on investment. It...

We analyse the impact of deregulatory reforms in India during the 1990s, which eliminated compulsory industrial licensing, on manufacturing firms' investment decisions. We find an economically and statistically significant positive effect of delicensing on investment. We also show that firms in...

We evaluate the impact of trade liberalization on the intensive margin of the firm's investment in foreign capital goods. To do so, we use Indian firm-level panel data from a period of a large-scale trade liberalization (1989–1997) to estimate an investment equation using the system-GMM...

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non-overlapping...

The secular decline in the labor share since the 1980's is a global phenomenon, and a trend that is concurrent with large liberalization episodes worldwide. In this paper we investigate the liberalization episode in India during the 1990's, which has been characterized by large and unexpected...

To study the transmission of US shocks to emerging markets, we develop and estimate an asymmetric two-country real business cycle model. The asymmetries in the model arise due to the differences in the size and the riskiness of the economies, as well as the financial frictions in the emerging...

Recent empirical research by Kose, Prasad and Terrones (2003) shows that financial integration is associated with higher consumption volatility in developing countries. This paper provides one possible explanation as to how international financial integration can increase consumption volatility...

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non-overlapping...

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non- overlapping...