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Our main goal is to analyze the impact of economic events on capital mobility during this period. We apply the cointegration methodology in a setting that allows us to identify endogenous breaks in the long-run saving-investment relationship. Precisely, the breaks coincide with relevant economic events. We find a downward trend in the saving-investment retention since the 70s for the so-called “core countries”, whereas this trend is not so evident in the peripheral, where the financial and sovereign crises have had a more substantial impact. In addition, our analysis captures other economic events: the Exchange Rate Mechanism (ERM) crisis, the German reunification, the European financial assistance program, and the post-crisis period. 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Econ Syst 41:139–150\nCamarero M, Sapena J, Tamarit C (2020) Modelling Time-Varying Parameters in Panel Data State-Space Frameworks: An Application to the Feldstein-Horioka Puzzle. Comput Econ 56:87–114\nCoakley J, Fuertes AM, Spagnolo F (2004) Is the Feldstein-Horioka puzzle history? Manchester School 72:569–590\nCoakley J, Kulasi F (1997) Cointegration of long span saving and investment. Econ Lett 54:1–6\nCoakley J, Kulasi F, Smith R (1996) Current Account Solvency and the Feldstein-Horioka Puzzle. Econ J 106:620–627\nCoakley J, Kulasi F, Smith R (1998) The Feldstein-Horioka puzzle and capital mobility: a review. Int J Financ Econ 3:169–188\nCorbin A (2001) Country specific effect in the Feldstein-Horioka paradox: A panel data analysis. Econ Lett 72:297–302\nDrakos AA, Kouretas GP, Vlamis P (2018) Saving, investment and capital mobility in EU member countries: a panel data analysis of the Feldstein-Horioka puzzle. Appl Econ 50:3798–3811\nECB (2018) Financial Integration in Europe. ECB Report, April\nECB (2020) Financial Integration and Structure in the Euro Area. ECB Report, March, pp 1–135\nElliott G, Rothenberg TJ, Stock JH (1996) Efficient Tests for an Autoregressive Unit Root. Econometrica 64:813\nFeldstein M, Horioka C (1980) Domestic saving and international capital flows. Economic Journal 90:314–329\nFord N, Horioka CY (2017) The real explanation of the Feldstein-Horioka puzzle. Appl Econ Lett 24:95–97\nFrankel J (1991) Quantifying International Capital Mobility in the 1980s. In B. D. Bernheim, and J. B. Shoven (Eds.), National Saving and Economic Performance January chapter 8. (pp. 227–270). Chicago: Chicago University Press. (1st ed.)\nFurceri D, Zdzienicka A (2013) The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism? IMF Working Paper, 198\nGomes FAR, Ferreira AHB, Filho JDJ (2008) The Feldstein-Horioka puzzle in South American countries:a time-varying approach. Appl Econ Lett 15:859–863\nGregory AW, Hansen BE (1996) Residual-based tests for cointegration in models with regime shifts. Journal of Econometrics 70:99–126\nGulley OD (1992) Are saving and investment cointegrated?. Another look at the data. Econ Lett 39:55–58\nHarvey DI, Leybourne SJ, Taylor AR (2013) Testing for unit roots in the possible presence of multiple trend breaks using minimum Dickey-Fuller statistics. J Econ 177:265–284\nHo TW (2000) Regime-switching investment-saving correlation and international capital mobility. Appl Econ Lett 7:619–622\nJansen WJ (1997) Can the intertemporal budget constraint explain the Feldstein-Horioka puzzle? Econ Lett 56:77–83\nJansen WJ (1998) Interpreting Saving-Investment Correlations. Open Econ Rev 217:205–217\nJansen WJ (2000) International capital mobility: Evidence from panel data. J Int Money Financ 19:5–07\nJansen WJ, Schulze GG (1993) Theory-Based Measurement of the Saving-Investment Correlation with an Application to Norway. Working Paper. Department of Economics. University of Konstanz, 205\nKatsimi M, Zoega G (2016) European Integration and the Feldstein-Horioka Puzzle. Oxford Bull Econ Stat 78:834–852\nKejriwal M (2008) Cointegration with Structural Breaks : An Application to the Feldstein-Horioka Puzzle. Studies in Nonlinear Dynamics and Econometrics, 12\nKejriwal M, Perron P (2010) Testing for multiple structural changes in cointegrated regression models. J Bus Econ Stat 28:503–522\nKetenci N (2012) The Feldstein-Horioka Puzzle and structural breaks: Evidence from EU members. Econ Model 29:262–270\nKetenci N (2018) Impact of the Global Financial Crisis on the Level of Capital Mobility in EU Members. Contemporary Research in Economic and Social Sciences 2:255–280\nKhan S (2017) The savings and investment relationship: The Feldstein-Horioka puzzle revisited. Journal of Policy Modeling 39:324–332\nKim SH (2001) The saving-investment correlation puzzle is still a puzzle. J Int Money Financ 20:1017–1034\nKrol R (1996) International capital mobility: Evidence from panel data. J Int Money Financ 15:467–474\nLane PR, Milesi-Ferretti GM (2007) The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004. J Int Econ 73:223–250\nLeachman LL (1991) Saving, investment, and capital mobility among OECD countries. Open Econ Rev 2:137–163\nLemmen JJ, Eijffinger SC (1993) The degree of financial integration in the European community. De Economist 141:189–213\nLemmen JJ, Eijffinger SC (1995) The quantity approach to financial integration: The Feldstein-Horioka criterion revisited. Open Econ Rev 6:145–165\nLewis KK (1995) What can explain the apparent lack of international consumption risk sharing? NBER Work Pap Ser 5203:184–191\nLiu J, Wu S, Zidek JV (1997) On segmented multivariate regression. Stat Sin 7:497–525\nMa W, Li H (2016) Time-varying saving-investment relationship and the Feldstein-Horioka puzzle. Econ Model 53:166–178\nMastroyiannis A (2007) Current Account Dynamics and the Feldstein and Horioka Puzzle the Case of Greece. Eur J Comp Econ 4:91–99\nMeyermans E, Uregian C, Campenhour GV, Valiante D (2018) II. Completing the Capital Markets Union and its impact on economic resilience in the euro area. Quarterly Report on the Euro Area 17:9–15\nMiller SM (1988) Are saving and investment co-integrated? Econ Lett 27:31–34\nNarayan PK (2005) The saving and investment nexus for China: Evidence from cointegration tests. Appl Econ 37:1979–1990\nNg S, Perron P (2001) Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power. Econometrica 69:1519–1554\nNiehans J (1986) International Monetary Economics. Johns Hopkins University Press, Baltimore\nObstfeld M (1986) Capital mobility in the world economy: Theory and measurement A comment. Carnegie-Rochester Confer. Series on Public Policy 24:105–113\nObstfeld M, Rogoff K (1995) The intertemporal approach to the current account. Handb Int Econ 3:1731–1799\nObstfeld M, Rogoff K (2000) The Six Major Puzzles in International Macroeconomics: Is There a Common Cause? In: Bernanke BS, Rogoff K (eds) NBER Macroeconomics Annual 15 chapter 8. NBER, Cambridge, MA, pp 339–390\nÖzmen E, Parmaksiz K (2003) Policy regime change and the Feldstein-Horioka puzzle: The UK evidence. Journal of Policy Modeling 25:137–149\nPerron P (1997) Further evidence on breaking trend functions in macroeconomic variables. J Econ 80:355–385\nPerron P, Yabu T (2009) Testint for shifts in Trend with an Integrated or Stationary Noise Component. J Bus Econ Stat 27:369–396\nPesaran MH, Pesaran MH, Shin Y, Smith RP (1999) Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. J Am Stat Assoc 94:621–634\nPesaran MH, Smith R (1995) Estimating long-run relationships from dynamic heterogeneous panels. J Econ 68:79–113\nPhillips PCB, Ouliaris S (1990) Asymptotic Properties of Residual Based Tests for Cointegration. Econometrica 58:165–193\nSaikkonen P (1991) Asymptotically efficient estimation of cointegration regressions\nSarno T, Taylor MP (1998) Savings-investment correlations: Transitory versus permanent. The Manchester School Supplement, pp 17–38\nShibata A, Shintani M (1998) Capital mobility in the world economy: An alternative test. J Int Money Financ 17:741–756\nCarrion-i Silvestre JL, Kim DD, Perron P (2009) GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Economet Theor 25:1754–1792\nSinha D (2002) Saving-investment relationships for Japan and other Asian countries. Jpn World Econ 14:1–23\nSinn S (1992) Saving-Investment Correlations and Capital Mobility : On the Evidence from Annual Data. Econ J 102:1162–1170\nStock JH, Watson MW (1993) A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica 61:783–820\nTelatar E, Telatar F, Bolatoglu N (2007) A regime switching approach to the Feldstein-Horioka puzzle: Evidence from some European countries. J Pol Model 29:523–533\nTesar LL (1991) Savings, investment and international capital flows. J Int Econ 31:55–78\nWesterlund J (2006) Testing for panel cointegration with a level break. Econ Lett 91:27–33\nYao YC (1988) Estimating the number of change-points via Schwarz’ criterion. Statist Probab Lett 6:181–189\nZivot E, Andrews DWK (1992) Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis. 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Econ Policy 16:433–462",{"doi":418},{"id":414,"text":450,"url":416,"identifiers":451},"Rose AK (2004) A meta-analysis of the effects of common currencies on international trade. NBER working paper No. 10373",{"doi":418},{"id":414,"text":453,"url":416,"identifiers":454},"Rose AK, Lockwood B, Quah D (2000) One money, one market: the effect of common currencies on trade. Econ Policy 15:7–45",{"doi":418},{"id":414,"text":456,"url":416,"identifiers":457},"Tavlas GS (1993) The ‘new’ theory of optimum currency areas. 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Further, all three types of forecast failed to predict the recession that started in 2007 and continued to forecast poorly even after the recession was known to have begun. The aim of this paper is to investigate why these results occur by examining the structure of the solution of DSGE models and compare this with pure time series models. The main factor seems to be the dynamic structure of DSGE models. Their backward-looking dynamics gives them a similar forecasting structure to time series models and their forward-looking dynamics, which consists of expected values of future exogenous variables, is difficult to forecast accurately. This suggests that DSGE models should not be tested through their forecasting ability.",{"EN":468},"How Useful are DSGE Macroeconomic Models for Forecasting?",{"VOID":470},"[\"11286794358251809012\"]",{"VOID":472},"Adelman FL, Adelman I (1959) The dynamic properties of the Klein-Goldberger model. Econometrica 27:596–625\nAdolfson M, Andersson MK, Linde J, Villani M, Vredin A (2007) Modern forecasting models in action: Improving analyses at central banks. Int J Central Banking 3:111–144\nAndersson MK, Karlsson G, Svensson J (2007) The Riksbank’s forecasting performance. Sveriges Riksbank WP218\nBarnett A, Mumtaz H, Theodoridis K (2012) Forecasting UK GDP growth, inflation and interest rates under structural change: a comparison of models with time-varying parameters. Bank of England Working Paper No. 450\nCastle JL, Fawcett NWP, Hendry DF (2011) Forecasting with equilibrium-correction models during structural breaks. J Econometrics 158:25–36\nChristofferson PF, Diebold FX (1997) Cointegration and long-horizon forecasting. NBER WP217\nClements MP, Hendry DF (1998) Intercept corrections and structural change. J App Econom 11:475–494\nDoan T, Litterman R (1984) Forecasting and conditional rejection using realistic prior distributions. Econometric Reviews 3(1):1–100\nEdge RM, Kiley MT, Laforte J-P (2009) A comparison of forecast performance between Federal Reserve staff forecasts, simple reduced-form models, and a DSGE model. Finance and Economics Discussion Series, Federal Reserve Board\nGali J, Smets F, Wouters R (2012) Slow recoveries: a structural interpretation. J Money Credit Banking 44:9–30\nGroen JJJ, Kapetanios G, Price S (2009) A real time evaluation of Bank of England forecasts of inflation and growth. Int J Forecasting 25:74–80\nGurkaynak RS, Kisacikoglu B, Rossi B (2013) Do DSGE models forecast more accurately out-of-sample than VAR models? CEPR Discussion Paper DP9576\nHendry DF (2005) Robustifying forecasts from equilibrium-correction models. Journal of Econometrics 135:399–426\nHouse of Lords (2004) Report of the Select Committee of Economic Affairs on “The State of the Economy and Economic Policy, Long Term and Short Term”\nHowrey EP (1971) Stochastic properties of the Klein-Goldberger model. Econometrica 39:73–87\nLees K, Matheson T, Smith C (2007) Open economy DSGE-VAR forecasting and policy analysis: Head to head with the RBNZ published forecasts. RBNZ DP2007\u002F01\nLe VPM, Meenagh D, Minford APL, Wickens MR (2011) How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference. Journal of Economic and Dynamic Control 35(12):2078–2104\nNelson CR (1972) The prediction performance of the FRB-MIT-Penn model of the US economy. American Economic Review 62:902–917\nNelson CR (1981) A new approach to decomposition of economic time series into permanent and transitory components with particular attntion to measurement of the business cycle. Journal of Monetary Economics 7:151–171\nShaman P, Stine RA (1988) The bias of autoregressive coe¢ cient estimators. Journal of the American Statistical Association 83:842–848\nSmets F, Wouters R (2007) Shocks and frictions in US business cycles: a bayesian DSGE approach. American Economic Review 97:586–606\nWieland V, Wolters MH (2013) Forecasting and policy making. In: Elliott G, Timmerman A (eds.) Handbook of economic forecasting, Vol. 2. Elsevier, 5:238–237\nWickens MR (2012) Macroeconomic theory: a dynamic general equilibrium approach (second edition). Princeton University Press, Princeton\nWolters M (2013) Evaluating point and density forecasts of DSGE models. 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Mimeo, Columbia University",{"doi":418},{"id":830,"createTime":831,"updateTime":832,"relativeEntities":833,"slug":834,"properties":835,"entityType":185,"verifyStatus":186,"verifyTime":846,"verifyNote":188,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":847,"fullTextUrl":20,"authors":848,"publicationType":238,"publisherRelationship":911,"citationCount":128,"citationInfo":959,"publishDate":962,"publishYear":960,"citationAnalyzeStatus":19,"lastCitationAnalyze":963,"indexDatabases":964,"openAccess":20,"references":20,"isForceReanalyzing":292},"42117f20-16b0-487f-8106-48814b85a51d","2024-02-22T21:17:24.651+00:00","2026-07-03T13:13:05.668+00:00",[],"Access-to-Finance-Technology-Investments-and-Exporting-Decisions-of-Indian-Services-Firms",{"abstract":836,"title":838,"gsPaper":840,"references":842,"doi":844},{"EN":837},"This study provides fresh empirical evidence on the influence of various financing sources on firms’ technology investments and exporting decisions using a panel of firms from the service sector in India during the period 1999–2010. Allowing both activities to be jointly determined, our results show that the source of finance matters for exporting and investing in technology. Moreover, the importance of different types of finance varies across industries in the service sector. Overall, we find that internal funds and non-conventional sources of finance play an important role for exporting and investing in technology in both modern and traditional services. However, funding from conventional financial markets exerts divergent effects across service industries: while traditional service firms use resources from the banking sector to fund their technological investments, firms in the modern service sector rely more on funds raised through equity markets to support their exporting and technological efforts. These results contribute to the academic literature and policy debate on the importance of financial mechanisms to promote firms’ strategic investment decisions.",{"EN":839},"Access to Finance, Technology Investments and Exporting Decisions of Indian Services Firms",{"VOID":841},"[\"7062274777477300050\"]",{"VOID":843},"Aghion P, Askenazy P, Berman N, Cette G, Eymard L (2012) Credit constraints and the cyclicality of R&D investment: evidence from France. J Eur Econ Assoc 10(5):1001–1024\nAllen F, Chakrabarti R, De S, Qian JQ, Qian M (2012) Financing firms in India. J Financ Intermed 21(3):409–445\nAltomonte C, Gamba S, Mancusi ML, Vezzulli A (2015) R&D investments, financing constraints, Exporting and Productivity Economics of Innovation and New Technology, 1–21\nAtkeson A, Burstein AT (2010) Innovation, firm dynamics, and international trade. 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Stata J 11(2):159–206\nSahoo P, Dash RK (2017) What drives India's surge in service exports? World Econ 40(2):439–461\nSilva F, Carreira C (2016) The role of financial constraints in the services sector: how different is it from manufacturing? Notas Económicas(43), 21–41\nSirilli G, Evangelista R (1998) Technological innovation in services and manufacturing: results from Italian surveys. Res Policy 27(9):881–899\nWagner J (2014) Credit constraints and exports: a survey of empirical studies using firm-level data. Ind Corp Chang 23(6):1477–1492\nWagner J (2019) Access to finance and exports – comparable evidence for small and medium enterprises from industry and services in 25 European countries. Open Econ Rev 30(4):739–757\nWooldridge JM (2005) Simple solutions to the initial conditions problem in dynamic, nonlinear panel data models with unobserved heterogeneity. J Appl Econ 20(1):39–54\nZahler A, Iacovone L, Mattoo A (2014) Trade and innovation in services: evidence from a developing economy. World Econ 37(7):953–979\nZellner A (1962) An efficient method of estimating seemingly unrelated regressions and tests for aggregation Bias. J Am Stat Assoc 57(298):348–368\nZellner A (1963) Estimators for seemingly unrelated regression equations: some exact finite sample results. J Am Stat Assoc 58(304):977–992\nZellner A, Huang DS (1962) Further properties of efficient estimators for seemingly unrelated regression equations. 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Policy Brief, LUISS School of European Political Economy\nMicossi S (2017) A blueprint for completing the banking union. Working Paper, LUISS School of European Political Economy\nMilde H, Riley J (1988) Signaling in credit markets. Q J Econ 103:101–129\nMiller V (2003) Bank runs and currency peg credibility. J Int Money Financ 22:385–392\nObstfeld M (1986) Rational and self-fulfilling balance of payments crises. Am Econ Rev 76(1):72–81\nObstfeld M (1988) The logic of currency crises. In: Eichengreen B, Frieden J, von Hagen J (eds) Monetary and fiscal policy in an integrated Europe. European and transatlantic studies. Springer, Berlin. https:\u002F\u002Fdoi.org\u002F10.1007\u002F978-3-642-79817-7_4\nObstfeld M (1997) Destabilizing effects of exchange-rate escape clauses. 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Federal Reserve Bank of Minneapolis Working Paper\nDooley M, Frankel J, Mathieson D (1987) International capital mobility: what do saving–investment correlations tell us? IMF Staff Pap 34:503–530\nEdwards S (2004) Thirty years of current account imbalances, current account reversals and sudden stops. IMF Staff Pap 51:1–49\nFrankel J, Romer D (1999) Does trade cause growth? Am Econ Rev 89:379–399\nGlick R, Rose A (2002) Does a currency union affect trade? The time series evidence. Eur Econ Rev 46:1125–1151 (June)\nGordon R, Bovenberg L (1996) Why is capital so immobile internationally? Possible explanations and implications for capital income taxation. Am Econ Rev 86:1057–1075\nHelpman E (1987) Imperfect competition and international trade: evidence from fourteen industrial countries. J Jpn Int Econ 1:62–81\nHelpman E, Melitz M, Rubinstein Y (2004) Trading partners and trading volumes. Harvard and Tel Aviv Universities Working Paper\nLane P, Milesi Ferretti GM (2002a) External wealth, the trade balance, and the real exchange rate. Eur Econ Rev 46:1049–1071\nLane P, Milesi Ferretti GM (2002b) Long-term capital movements. NBER Macroeconomics Annual 2002:73–116\nMelitz J (2008) Language and foreign trade. Eur Econ Rev (in press)\nObstfeld M (1986) Capital mobility in the world economy: theory and measurement. Carnegie–Rochester Conf Ser Public Policy 24:55–103\nObstfeld M, Rogoff K (2000) The six major puzzles in international macroeconomics: is there a common cause? NBER Macroeconomics Annual 7777:339–390\nRoberts MR, Tybout JR (1997) The decision to export in Colombia: an empirical model of entry with sunk costs. Am Econ Rev 87:545–564\nRose A (2000) One market, one money: estimating the effects of common currencies on trade. Economic Policy 30:7–46\nRuhl K (2003) Solving the elasticity puzzle in international economics. 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It highlights the contrasting effects of consumption and raw materials tariffs on the dynamics of key measures of aggregate economic activity and inequality. We perform empirical estimation of these effects using a panel of annual data that spans the U.S. states over the period 1980–2015. We find that consumption tariff increases lead to statistically significant reductions in income inequality, while having contractionary effects on domestic output in the short term. Materials tariff increases also have a negative impact on economic activity while increasing income inequality. Our empirical results are robust to different model specifications and measures of income inequality, consistent with the predictions of the underlying theoretical model. 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Economic Journal 128:F482–F513",{"id":20,"text":1575,"url":20,"identifiers":20},"Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58:277–297",{"id":20,"text":1577,"url":20,"identifiers":20},"Arellano, M., and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. J Econ 68, 29–51",{"id":20,"text":1579,"url":20,"identifiers":20},"Atkinson AB (1970) On the measurement of inequality. J Econ Theory 2:244–263",{"id":20,"text":1581,"url":20,"identifiers":20},"Atkinson AB (2018) Wealth and inheritance in Britain from 1896 to the present. J Econ Inequal 16:137–169",{"id":20,"text":1583,"url":20,"identifiers":20},"Atolia M, Chatterjee S, Turnovsky SJ (2012) Growth and inequality: Dependence on the time path of productivity increases (anssd other structural changes). 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J Int Econ 14:277–288",{"id":20,"text":1595,"url":20,"identifiers":20},"Bureau of Economic Analysis. (2019). BEA Data Online. https:\u002F\u002Fwww.bea.gov\u002Fdata",{"id":20,"text":1597,"url":20,"identifiers":20},"Caselli F, Ventura J (2000) A representative consumer theory of distribution. Am Econ Rev 90:909–926",{"id":20,"text":1599,"url":20,"identifiers":20},"Chase KA (2005) Trading blocs: states, firms, and regions in the world economy. University of Michigan Press, Ann Arbor",{"id":20,"text":1601,"url":20,"identifiers":20},"Cowell FA (2011) Measuring inequality. Oxford University Press, Oxford",{"id":20,"text":1603,"url":20,"identifiers":20},"Deininger K, Squire L (1996) A new data set measuring income inequality. World Bank Econ Rev 10:565–591",{"id":20,"text":1605,"url":20,"identifiers":20},"Durlauf SN (1996) A theory of persistent income inequality. J Econ Growth 1:75–93",{"id":20,"text":1607,"url":20,"identifiers":20},"Estevadeordal A, Taylor AM (2013) Is the Washington consensus dead? Growth, openness, and the great liberalization, 1970s-2000s. Rev Econ Stat 95:1669–1690",{"id":20,"text":1609,"url":20,"identifiers":20},"Frank MW (2009) Inequality and growth in the United States: Evidence from a new state-level panel of income inequality measures. Econ Inq 47:55–68",{"id":20,"text":1611,"url":20,"identifiers":20},"Frank MW (2014) A new state-level panel of annual inequality measures over the period 1916-2005. J Bus Strateg 31:241–263",{"id":20,"text":1613,"url":20,"identifiers":20},"Frankema E (2010) The colonial roots of land inequality: Geography, factor endowments, or institutions? Economic History Review 63:418–451",{"id":20,"text":1615,"url":20,"identifiers":20},"Gorman WM (1959) Separable utility and aggregation. Econometrica 27:469–481",{"id":20,"text":1617,"url":20,"identifiers":20},"Hansen LP, Heaton J, Yaron A (1996) Finite sample properties of some alternative GMM estimators. J Bus Econ Stat 14:262–280",{"id":20,"text":1619,"url":20,"identifiers":20},"Heathcote J, Storesletten K, Violante GL (2009) Quantitative macroeconomics with heterogeneous households. Annual Review of Economics 1:319–354",{"id":20,"text":1621,"url":20,"identifiers":20},"International Monetary Fund. (2019). World Economic Outlook (WEO) Online. https:\u002F\u002Fwww.imf.org\u002Fen\u002FData",{"id":20,"text":1623,"url":20,"identifiers":20},"Irwin DA (2019) Tariff incidence: Evidence from U.S. sugar duties, 1890-1914. Natl Tax J 72:599–616",{"id":20,"text":1625,"url":20,"identifiers":20},"Jaumotte F, Lall S, Papageorgiou C (2013) Rising income inequality: Technology, or trade and financial globalization? IMF Economic Review 61:271–309",{"id":20,"text":1627,"url":20,"identifiers":20},"Katsimi M, Moutos T (2010) EMU and the Greek crisis: The political economy perspective. Eur J Polit Econ 26:568–576",{"id":20,"text":1629,"url":20,"identifiers":20},"Kleibergen F, Paap R (2006) Generalized reduced rank tests using the singular value decomposition. J Econ 133:97–126",{"id":20,"text":1631,"url":20,"identifiers":20},"Mahadevan R, Nugroho A, Amir H (2017) Do inward looking trade policies affect poverty and income inequality? Evidence from Indonesia’s recent wave of rising protectionism. Econ Model 62:23–34",{"id":20,"text":1633,"url":20,"identifiers":20},"Nickell S (1981) Biases in dynamic models with fixed effects. Econometrica 49:1417–1426",{"id":20,"text":1635,"url":20,"identifiers":20},"Nishi A, Shirado H, Rand DG, Christakis NA (2015) Inequality and visibility of wealth in experimental social networks. Nature 526:426–429",{"id":20,"text":1637,"url":20,"identifiers":20},"Osang T, Turnovsky SJ (2000) Differential tariffs, growth, and welfare in a small open economy. J Dev Econ 62:315–342",{"id":20,"text":1639,"url":20,"identifiers":20},"Partridge MD (2005) Does income distribution affect U.S. state economic growth? J Reg Sci 45:363–394",{"id":20,"text":1641,"url":20,"identifiers":20},"Piketty T (2011) On the long-run evolution of inheritance: France 1820-2050. Q J Econ 126:1071–1131",{"id":20,"text":1643,"url":20,"identifiers":20},"Rojas-Vallejos J, Lastuka A (2020) The income inequality and carbon emissions trade-off revisited. Energy Policy 139:111302",{"id":20,"text":1645,"url":20,"identifiers":20},"Roodman D (2009) How to do xtabond2: An introduction to difference and system GMM in Stata. Stata J 9(1):86–136",{"id":20,"text":1647,"url":20,"identifiers":20},"Shorrocks AF (1980) The class of additively decomposable inequality measures. Econometrica 48(3):613–625",{"id":20,"text":1649,"url":20,"identifiers":20},"Smeeding T, Latner JP (2015) PovcalNet, WDI and ‘all the Ginis’: A critical review. J Econ Inequal 13:603–628",{"id":20,"text":1651,"url":20,"identifiers":20},"Theil H (1967) Economics and information theory. North-Holland, Amsterdam",{"id":20,"text":1653,"url":20,"identifiers":20},"Turnovsky SJ (2020) Economic growth and income inequality: insights from the representative consumer theory of distribution. In: Diamond JW, Zodrow G (eds) Prospects for economic growth in the United States. Cambridge University Press, NY",{"id":20,"text":1655,"url":20,"identifiers":20},"Turnovsky SJ, García-Peñalosa C (2008) Distributional dynamics in a neoclassical growth model: The role of elastic labor supply. J Econ Dyn Control 32:1399–1431",{"id":20,"text":1657,"url":20,"identifiers":20},"Turnovsky SJ, Rojas-Vallejos J (2018) The distributional consequences of trade liberalization: Consumption tariff versus investment tariff reduction. J Dev Econ 134:392–415",{"id":20,"text":1659,"url":20,"identifiers":20},"United States International Trade Commission. (2020). U.S. imports for consumption, duties collected, and ratio of duties to value, 1891-2018. Online: https:\u002F\u002Fwww.usitc.gov\u002Fdocuments\u002Fdataweb\u002Fave_table_1891_2018.pdf",{"id":20,"text":1661,"url":20,"identifiers":20},"Windmeijer F (2005) A finite sample correction for the variance of linear efficient two-step GMM estimators. J Econ 126:25–51",{"id":20,"text":1663,"url":20,"identifiers":20},"World Bank Group. (2019). World Development Indicators (WDI) Online. https:\u002F\u002Fdatabank.worldbank.org\u002Fsource\u002Fworld-development-indicators",{"id":1665,"createTime":1666,"updateTime":1667,"relativeEntities":1668,"slug":1669,"properties":1670,"entityType":185,"verifyStatus":186,"verifyTime":1680,"verifyNote":188,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1681,"fullTextUrl":20,"authors":1682,"publicationType":238,"publisherRelationship":1722,"citationCount":20,"citationInfo":20,"publishDate":1769,"publishYear":407,"citationAnalyzeStatus":289,"lastCitationAnalyze":1770,"indexDatabases":1771,"openAccess":20,"references":20,"isForceReanalyzing":292},"98ef3147-30bb-4745-80e3-73273a9983a7","2024-01-08T09:08:54.506+00:00","2026-03-20T12:29:59.079+00:00",[],"Effects-of-Tariffication-Tariffs-and-Quotas-under-Monopolistic-Competition",{"abstract":1671,"title":1673,"gsPaper":1675,"references":1676,"doi":1678},{"EN":1672},"Recent rounds of GATT and later WTO have advocated widespread tariffication, meaning that existing non-tariff barriers be converted into import equivalent tariffs. From an economic point of view, the effects of such tariffication are not entirely clear. The paper presents a trade model with monopolistic competition to examine the welfare effects of tariffication. The ranking of pre- and post-tariffication welfare crucially depends on the nature of the initial trade barrier and the tariff tool applied. Tariffication using a specific (ad valorem) tariff results in the same (reduced) welfare level compared to an initial sold quota, whereas welfare is increased (the same) compared to an initial shared quota.",{"EN":1674},"Effects of Tariffication: Tariffs and Quotas under Monopolistic Competition",{"VOID":180},{"VOID":1677},"Anderson J (1988) The relative inefficiency of quotas. MIT, Cambridge, MA\nBhagwati J (1965) On the equivalence of tariffs and quotas. In: Baldwin R et al (eds) Trade, growth and the balance of payments. Rand McNally, Chicago\nCollie DR, Su Y (1998) Trade policy and product variety: when is a VER superior to a tariff? 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