1,721,045 research outputs found
Investimenti diretti esteri e fattori di localizzazione: L' America Latina e il Sud Est Asiatico
No full textThis paper focuses on location-specific and policy related determinants of FDI in latin Amarican and South East Asia estimating a panel on the period 1982-1995. The results suggest that FDI depends on economic and political factors
Using a VECM to characterize the relative importance of permanent and transitory components of US total disposable income and total consumption
No full textThis paper uses a VECM to charcaterize the transitory component in US total disposable income and total consumption. The results indicate that almost all the variance of consumption change is explained by the trend, while the variance of the cyclical component accounts for an estimated 64% of the total variance of income change; consumption is the trend in income but is not a random walk; furthermore there is excess of sensitivity and excess smoothness in consumption. The interpretation of these results cannot be performed in terms of traditional permanent income model
Exports and Italy's economic growth: a long-run perspective (1863-2004)
No full textThis paper investigates the relationship between real export and real GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality depends on the level of economic development: in the period prior to WW1 the growth of the Italian economy led that of exports, while in the post-WW2 period the causal relationship was reversed with the expansion of exports that determined the growth of the Italian economy
Interest rate spreads between Italy and Germany: 1995-1997
No full textIn this paper the determinants of the long tern yield spread between Italy and Germany government bonds are studied using daily observations for a period 1 January 1995-28 October 1997. Cointegration analysis is used to test if the interest rate parity condition holds in the period considered and also the dynamic adjustment of total spread and its components is studied using impulse response functions. The main conclusion is that the reduction of the total spread was due both to credibility gains and to favourable dynamics in the German interest rate
Credit, Venture Capital and Regional Economic Growth
Full text linkIn this paper we investigate the role of credit and venture capital investments on regional economic growth. The dataset consists of a panel of 53 regions belonging to three countries, Germany, Italy and Spain, for the period 1995‐2008. To avoid a problem of endogeneity, we estimate a dynamic panel using the generalised method of moments (GMM). The results underline the important role played by different types of financial intermediaries in regional economic growth: both mutual and commercial banks areimportant for regional growth but the role of mutual banks is greater in economically deprived areas [EDAs]. Similar results are obtained for the venture capital investments
Rent sharing and bargaining levels: evidence from Italy
No full textThis paper studies the extent of rent sharing in the Italian metal- mechanical industry by analyzing separately what occurs at each stage of wage negotiations. In particular,we evaluate how, through the bargaining process, aggregate and idiosyncraticproductivity shocks influence respectively centralized and decentralized wage negotiations. It turns out that while centralized agreements generate rent sharing, at the decentralized bargaining level this phenomenon is absent
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