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Advanced economies have been witnessing a pronounced slowdown of productivity growth since the global financial crisis that is accompanied in recent years by a withdrawal from trade integration processes. We study the determinants of productivity slowdown over the past two decades in four...
Persistent link: https://www.econbiz.de/10012170132
bimetallism, id est, a near-universal fixed exchange rate system in which (mostly) France stabilized the exchange value between … France, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked … accommodation, however. Victory in the Franco-Prussian war of 1870/71 allowed Germany to force accommodation, but only until France …
Persistent link: https://www.econbiz.de/10012009318
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We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The...
Persistent link: https://www.econbiz.de/10014400684
This paper examines the effects of intensified international competition on industry profits in six European Union (EU) countries. The paper uses two methods to estimate industry profits. The traditional method uses accounting data to obtain a measure of gross price-average cost margins. The...
Persistent link: https://www.econbiz.de/10014400718
Successful privatization must be accompanied by the complete removal of privileges and any public policy mission. Bank behavior changes rapidly as profit maximation replaces the bureaucratic objective function. Once privileges are granted, they are difficult to remove. Therefore, privatization...
Persistent link: https://www.econbiz.de/10014401722
We study empirically daily French and German interest rate changes since the Basle-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany’s...
Persistent link: https://www.econbiz.de/10014395835
recently developed time series techniques. The results suggest that the Fisher effect is stronger in France, the United Kingdom …
Persistent link: https://www.econbiz.de/10014395917