This paper analyzes the relationship between political instability and economic growth in advanced economies. Using a panel of 34 advanced economies from 1996 to 2020, we first employ a panel VAR estimated via System GMM, which allows us to explore the endogenous relationship between economic...

This paper examines the asymmetric impact of economic policy uncertainty (EPU) and oil price uncertainty (OPU) on inflation by using a Nonlinear ARDL (NARDL) model, which is compared to a benchmark linear ARDL one. Using monthly data from the 1990s until August 2022 for a number of developed and...

Der Länderindex erstellt vom ZEW in Mannheim untersucht die Standortbedingungen für Familienunternehmen in 21 Industriestaaten. Dies geschieht seit 2006 mittlerweile zum neunten Mal. Seitdem ist Deutschland um sechs Rangplätze abgerutscht. Bei den Indikatoren Steuern, Regulierung und...

We document the existence of a global monetary policy factor in sovereign bond yields, related to the size of the aggregate balance sheet of nine major central banks of developed economies that have implemented programs of large-scale asset purchases. Balance sheet policies of these central...

This working paper was written by J. Scott Davis (Federal Reserve Bank of Dallas) and Eric Van Wincoop (University of Virginia and NBER).The correlation between capital inflows and outflows has increased substantially over time in a sample of 127 advanced and developing countries. We provide...

This working paper was written by Yuewen Tang (Hong Kong Monetary Authority) and Alfred Wong (Hong Kong Institute for Monetary and Financial Research).We analyse dollar funding stress experienced by advanced and emerging market economies through studying the behaviour of their cross-currency...

The Financial Action Task Force (FATF) requires national governments to demonstrate an understanding of the money laundering risks in the country. Such an understanding is the foundation for effective control of money laundering under the risk-based approach the FATF calls for. The authors...

This paper presents and describes a new database of major minimum wage and collective bargaining reforms covering 26 advanced economies over the period 1970-2020. The main advantage of this dataset is the precise identification of the nature and date of major reforms, which is valuable in many...

Social commentators have pointed to problems of women workers who face time stress' an absence of sufficient time to accomplish all their tasks. An economic theory views time stress as reflecting how tightly the time constraint binds households. Time stress will be more prevalent in households...

How large are the welfare gains from trade? Would such gains be significantly amplified in the long run when productivity is endogenously enhanced? To address these questions, we focus on the dynamic effect of trade, in particular, how trade affects the incentives for technological advancement....

Routine - maintaining the same schedule from day to day - saves time. It is also boring and inherently undesirable. As such, the amount of routine a person engages in is partly an economic outcome, with variations in routine generated by variations in the price of time, household income and the...

We examine the extent to which developing countries that do little, if any research and development themselves benefit from R&D that is performed in the industrial countries. By trading with an industrial country that has large 'stocks of knowledge' from its cumulative R&D activities, a...

The spectacular growth of the software industry in some non-G7 economies has aroused both interest and concern. This paper addresses two sets of inter-related issues. First, we explore the determinants of these successful stories. We then touch upon the broader question of what lessons, if any,...

Research finds strong links between credit booms and macroeconomic outcomes like financial crises and output growth. Are impacts also seen in financial asset prices? We document this robust and significant connection for the first time using a large sample of historical data for many countries....

In spring 2022, world economic growth came to a standstill amid high inflation, persistent supply bottlenecks and elevated uncertainty. In many countries real wages are declining significantly dampening private consumption even though extra savings accumulated during the pandemic are still...

The current investigation explained the dissemination of long-term share yields grounded on the historic record of share marketplace outcome in an extensive cross section of 39 developing and developed nations in time span from 1841 to 2021. Our wide-ranging data set sample mitigates...

We collect information about more than 5,000 Prussian politicians, digitize administrative data on the provision of health-promoting public goods, and gather local-level information on workers' movements to study why elites in industrializing countries implement policies that improve the health...

The purpose of the study is to empirically examine the practice of public relations in Greece and assess the extent to which practitioners strategically manage and contribute to the strategic management of organizations. Moreover, the study aims to reveal differences in the public relations...

We compare the macroeconomic and financial spillovers of the unconventional monetary policies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed by a contraction in global activity and trade, a retrenchment in global capital flows, a fall in global stock markets,...

This paper presents and describes a new database of major minimum wage and collective bargaining reforms covering 26 advanced economies over the period 1970-2020. The main advantage of this dataset is the precise identification of the nature and date of major reforms, which is valuable in many...

The COVID-19 crisis has exacerbated the many challenges that developing and emerging economies are confronted with. Especially in the face of the expected unwinding of emergency policy measures, such as the G20 debt service suspension initiative, and the tightening of monetary conditions to curb...

This paper provides estimates of the impact of demographic change on labor productivity growth, relying on annual data over 1961-2018 for a panel of 90 advanced and emerging economies. We find that increases in both the young and old population shares have significantly negative effects on labor...

In this working paper, an exploration of available data and information is conducted and findings presented, to support the view that the dichotomous business model and related harm reduction narrative promoted nowadays by the tobacco industry, merits scrutiny by the international community. The...

The Financial Action Task Force (FATF) requires national governments to demonstrate an understanding of the money laundering risks in the country. Such an understanding is the foundation for effective control of money laundering under the risk-based approach the FATF calls for. The authors...

This paper evaluates the effects of optimal Ramsey rules for government expenditure (investment in physical and human capital) and revenue (taxes on labor and capital income) on welfare, debt stabilization, output and factor shares. The real macroeconomic model is calibrated and estimated to...

This paper investigates whether media climate change concern (MCCC) predicts stock market excess returns by using data for 44 markets. We show that the predictability of the MCCC index is a ubiquitous phenomenon in the international equity market - the higher MCCC index predicts lower market...

We study the effect of COVID-19 containment measures on expected stock price volatility in some advanced economies, using event studies with hand-collected minute-level data and panel regressions with daily data. We find that six-month-ahead volatility indices dropped following announcements of...

The intensification of agricultural systems (e.g., cropping of vegetables) to supply the world population demand for food has increased over the last decades. In Brazil, the largest area of vegetable cropping systems is in Oxisols within the Cerrado biome. These areas are characterized by...

This paper compares the unconventional monetary policy spillover effect in the FED and the ECB toward the asset price in the emerging market by using the Rigobon method and examing how different macro and financial can explain the heterogeneous impact of the international spillover effect. This...

Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when monetary policy is countercyclical. Previous empirical studies mostly focus on a small group of developed countries or a few countries with hyperinflation. In this paper, I...