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on Confederation of Independent States |
| By: | Sina T. Ates; Felipe Saffie |
| Abstract: | We incorporate endogenous technical change into a real business cycle small open economy framework to study the productivity costs of sudden stops. In this economy, productivity growth is determined by the entry of new firms and the expansion decisions of incumbent firms. New firms are created after the implementation of business ideas, yet the quality of ideas is heterogeneous and good ideas are scarce. Selection of the most promising ideas gives rise to a trade-off between mass (quantity) and composition (quality) in the entrant cohort. Chilean plant-level data from the sudden stop triggered by the Russian sovereign default in 1998 confirm the main mechanism of the model, as firms born during the credit shortage are fewer, but better. The quantitative analysis shows that four years after the crisis, 12.5% of the output deviation from trend is due to permanent productivity losses. Distortions in the entry margin account for 40% of the loss, and the remainder is due to distortion in the expansion decisions of incumbents. |
| Keywords: | Selection ; Sudden Stop ; Endogenous Growth ; Firm Dynamics |
| JEL: | F40 F41 F43 O11 O16 |
| Date: | 2016–11 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1187&r=cis |
| By: | Bublitz, Elisabeth |
| Abstract: | This paper investigates whether the individual misperception of income distributions helps explain why, opposite to Meltzer and Richard (1981), higher initial inequality levels do not correlate positively with redistribution. I conduct a representative survey experiment in Brazil, France, Germany, Russia, Spain, and the United States, providing a personalized information treatment on the income distribution to a randomly chosen subsample. Most respondents misperceive their own position in the income distribution. These biases differ by country and the true income position. Misperceptions of the median income relate negatively to misperceived income positions, showing evidence for biased reference points. Correcting misperceptions slightly shifts the demand towards less redistribution in Germany and Russia which appears to be driven by respondents with a negative position bias. Apart from Spain and the US, treatment reactions lead to a convergence of the demand for redistribution across countries. The treatment also alters trust levels in government and beliefs about the importance of luck but not equally across bias types. |
| Keywords: | income distribution,biased perceptions,inequality,survey experiment |
| JEL: | D31 D63 H20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hwwirp:178&r=cis |
| By: | Alena Fenogenova (National Research University Higher School of Economics); Elizaveta Kuzmenko (National Research University Higher School of Economics) |
| Abstract: | Learner corpora constitute an effective resource for specialists in fields of second language acquisition, foreign language teaching and corpus linguistics. They tend to get significant scholarly help from statistical tools of various kinds. However, for valuable usage of a corpus it should provide convenient and powerful tools for searching and manipulating data. In this paper we focus on searching tools, presented in Russian Error-Annotated Learner English Corpus (REALEC), report our attempts to improve the format of the searching tools in our corpora. We also provide evidences that database search is much more efficient than common text search and demonstrate that search functionality in corpora is of great importance for research efficiency and extensive facilities. |
| Keywords: | learner corpora, English as a second language, automatic search in corpora. |
| JEL: | Z |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:52/lng/2016&r=cis |
| By: | Bonga-Bonga, Lumengo; Nleya, Lebogang |
| Abstract: | This paper compares the performance of the different models used to estimate portfolio value-at-risk (VaR) in the BRICS economies. Portfolio VaR is estimated with three different multivariate risk models, namely the constant conditional correlation (CCC), the dynamic conditional correlation (DCC) and asymmetric DCC (ADCC) GARCH models. Risk performance measures such as the average deviations, quadratic probability function score and the root mean square error are used to back-test the performance of the models at 90%. The results indicate that portfolios with more weight to currency and less to equities prove to be the best way of minimizing loses in BRICS. |
| Keywords: | portfolio value-at-risk, multivariate GARCH, risk performance measures, BRICS |
| JEL: | C58 G15 |
| Date: | 2016–12–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:75809&r=cis |
| By: | Pinskaya, Milyausha; Kolesnik, Georgiy |
| Abstract: | The authors study the problems of differentiation in the authority levels to establish tax incentives among the federal and regional government bodies and assess the corresponding negative impact on the tax competition. It is shown that the federal intervention in the regional tax privileges may lead to a distortion of vertical tax competition, a shortfall in tax revenues in the regional budgets, as well as to the migration of the tax base between regions, thereby distorting the real picture of the profits allocation. The obtained results can be used by federal and regional public authorities for developing the proposals to improve mechanisms of tax privileges provision and interbudgetary transfers’ optimization. |
| Keywords: | tax power; tax privilege; tax competition; interbudgetary relations; federative system; vertical tax effect; consolidated group of taxpayers |
| JEL: | H23 H32 H71 |
| Date: | 2015–06–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:75805&r=cis |