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on Investment |
| By: | Adem, Jemal Mohammed; Weldesilassie, Alebel B. |
| Abstract: | Ethiopia has achieved a remarkable economic growth rate of 11% per annum in the last 12 years. At the same time, the government of Ethiopia has been heavily investing in education in the last two or more decades, and managed to expand access to education at an extraordinary rate. In contrast, educational quality has been low and with the current trend the country risks missing on the target for SDG4. The growing number of graduates is met with limited structural transformation in the economy as the government pursued agriculture-led development strategy for a long time. The agricultural sector and the service sector with both comparable shares account for 80% GDP while the industrial sector accounts for only 20%, which in turn is dominated by the construction sector. Also, the country has witnessed increased rate of educated unemployment and underemployment while industries suffer from lack of skilled manpower and high level of labour turnover. |
| Date: | 2024–04–05 |
| URL: | https://d.repec.org/n?u=RePEc:aer:wpaper:aebf498f-5410-4fec-99ca-3ee06cab7abd |
| By: | World Bank |
| Keywords: | Agriculture-Agricultural Sector Economics |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40794 |
| By: | Sonali Chowdhry |
| Abstract: | Die USA haben in ihrer Handelspolitik eine deutliche Abkehr vom Multilateralismus vollzogen. Neue, weitreichende Zölle stellen eine ernsthafte Bedrohung für die globalen Lieferketten dar. Da die USA nach wie vor der größte Warenexportmarkt der Europäischen Union (EU) sind, haben diese Maßnahmen erhebliche Auswirkungen auf die EU-Staaten. Die Exporte in die USA hängen in hohem Maße von einer kleinen Anzahl von Unternehmen und guten Geschäftsbeziehungen ab, was die EU besonders anfällig für gezielte Handelsmaßnahmen macht. In Deutschland entfallen allein ein Fünftel der maritimen Exporte in die USA auf die zehn wichtigsten Geschäftsbeziehungen zwischen EU-Exporteuren und US-Importeuren. Auch der unternehmensinterne Handel spielt eine entscheidende Rolle: Ein Viertel der Automobilexporte aus Deutschland in die USA erfolgt zwischen Tochterunternehmen gemeinsamer Eigentümer. Simulationen deuten zudem darauf hin, dass ein trans-atlantischer Zollkonflikt die EU-Exporte in die USA halbieren und weitreichende Produktionseinbußen auslösen würde, wobei das Bruttoinlandsprodukt Deutschlands langfristig um etwa 0, 33 Prozent schrumpfen würde. Um diese wirtschaftlichen Schäden zu begrenzen und eine langfristige Widerstandsfähigkeit aufzubauen, sollte die EU ihre Exporte verstärkt diversifizieren, indem sie ihre Handelsbeziehungen mit Freihandelspartnern vertieft und die Integration innerhalb des EU-Binnenmarkts verbessert. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:diw:diwakt:117de |
| By: | Enriques, Luca; Nigro, Casimiro A.; Tröger, Tobias |
| Abstract: | Policymakers around the globe have sought to stimulate Venture Capital (VC) investments, and an extensive literature has inquired into the institutional determinants of a vibrant VC market, including corporate law. We contribute to that literature by exploring the significance of corporate law for VC contracting and hence VC investments. Corporate law's relative rigidity or flexibility is key to the efficiency of the contractual technology governing VC deals. Importantly, it can hamper such transactions through a number of "constraints, " which we have identified in a companion paper. To illustrate our point, in another companion paper, we take German and Italian corporate laws as two case studies and show how they are largely averse to VC contracting. In addition, we show that the regulatory constraints they impose stem from blackletter corporate law much less often than from scholarly constructs and courts' interpretations. This chapter anticipates two objections that cast doubt over the importance of our findings as to the construction of vibrant VC markets in Germany and Italy. Specifically, the first of these objections is that VC funds and entrepreneurs planning to run their startups in Germany and Italy can circumvent the strictures of local corporate laws by incorporating abroad, and the other is that formal contracts are inconsequential in VC deals, meaning that the regulatory constraints we document are irrelevant. Meanwhile, the chapter also shows that the detailed understanding of regulatory constraints unveiled by our research can inform more effective policymaking. Ultimately, we make two policy recommendations: first, we propose the adoption of a statutory provision that would explicitly insulate the arrangements that typically shape U.S. VC deals from undue interventions; and, second, we argue in favor of a standard charter aligned with U.S. VC transactional practice that the law itself should declare entirely enforceable. |
| Keywords: | Comparative Corporate Law, Comparative Corporate Governance, Entrepreneurship, Financial Contracting, Private Ordering, Startups, Venture Capital, Entrepreneurial Finance |
| JEL: | G38 K22 L26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:safewp:313650 |
| By: | Toshiyuki Uemura (School of Economics, Kwansei Gakuin University) |
| Abstract: | This study analyzes the market structure of the "Hometown Tax Donation (Furusato Nozei) Market" and the revenue and expenditure structure of local governments, while examining the impact of the Ministry of Internal Affairs and Communications (MIC) regulations. To the best of our knowledge, this study is the first to contribute to these analyses. First, an analysis of the market structure showed that the market share of the top 500 local governments in Japan in terms of donation revenue exceeded 80% of the total. Previously, the market share of the top 100 local governments was over 60% but has since declined. The Herfindahl-Hershman index rose sharply in FY 2018 and declined from FY 2019 onwards, due to the MIC regulations. Spearman's rank correlation coefficients also revealed a fixation of the within-class rankings of donation revenue. Fixation was particularly pronounced for the top-ranked local governments, and fluctuations in rankings among classes decreased following the regulations. Second, according to an analysis of the revenue and expenditure structures of local governments based on an economic behavior model, the composition ratio of revenue and expenditure obtained from the contribution decomposition stabilized after 2019, the year after the regulations were introduced. The correlation coefficients for the donation price and quantity of reciprocal gifts, and for the marginal cost and quantity of reciprocal gifts were both negative, which is consistent with the theoretical results of the economic behavior model. The MIC regulations have had some success in curbing competition for reciprocal gifts by maintaining a certain proportion of the revenue and expenditure of local governments and have prevented the overall monopolization of the market; however, they have also fixed the market structure of the hometown tax donation market. The upper classes are becoming particularly fixed, and local governments in the highest class are engaged in fierce competition over donation prices. |
| Keywords: | Hometown tax donation system, Market structure, Revenue and expenditure structure, Local governments |
| JEL: | H71 H72 H77 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:kgu:wpaper:288 |
| By: | Hönow, Nils Christian; Karki, Kiran; Burger, Maximilian N. |
| Abstract: | In July 2021, severe floods devastated parts of Germany, causing numerous casualties and extensive damage to property and infrastructure. As climate change is expected to increase the frequency and severity of such extreme weather events, understanding their social implications is crucial. Using data from three nationwide surveys, we examine the impact of the 2021 flood on environmental attitudes, pro-environmental behaviors, and the support for climate-related policies across a wide range of indicators. Results reveal no statistically significant effects, regardless of the estimation methods or measures of flood exposure used. We additionally investigate the flood's effect on prosociality, assessed through measures such as past charitable donations and incentivized decisions in a dictator game. Similarly, we find only limited variation in prosociality, but with impacts differing based on whether respondents in affected areas also sustained damage to their households. These findings challenge the expectation that direct exposure to natural disasters increases environmental awareness and prosocial behavior. |
| Abstract: | Im Juli 2021 verwüsteten schwere Überschwemmungen Teile Deutschlands, führten zu zahlreichen Todesopfern und verursachten erhebliche Schäden an Eigentum und Infrastruktur. Da der Klimawandel voraussichtlich die Häufigkeit und Intensität solcher extremen Wetterereignisse erhöhen wird, ist es wichtig, ihre gesellschaftlichen Auswirkungen zu verstehen. Anhand von Daten aus drei landesweiten Umfragen untersuchen wir die Auswirkungen der Flut von 2021 auf Umweltbewusstsein, umweltfreundliches Verhalten und die Unterstützung klimabezogener Politiken anhand einer Vielzahl von Indikatoren. Die Ergebnisse zeigen keine statistisch signifikanten Effekte - unabhängig von den verwendeten Schätzmethoden oder den Messgrößen zur Hochwasserexposition. Darüber hinaus analysieren wir den Einfluss der Flut auf prosoziales Verhalten, gemessen anhand von Spendenaktivitäten sowie Entscheidungen in einem experimentellen "Dictator Game". Auch hier zeigen sich nur geringe Unterschiede im prosozialen Verhalten, wobei die Auswirkungen davon abhängen, ob Befragte in den betroffenen Gebieten auch Schäden an ihrem Haushalt erlitten haben. Diese Ergebnisse stellen die Annahme in Frage, dass das direkte Erleben von Naturkatastrophen Umweltbewusstsein und prosoziales Verhalten erhöht. |
| Keywords: | Natural disaster, flood, environmental awareness, environmental attitudes, environmental behavior, climate policy, prosociality |
| JEL: | D64 D91 Q54 Q58 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:rwirep:314410 |
| By: | Shuguang Jiang (Centre for Economic Research, Shandong University, Jinan, Shandong, 250100, China); Marie Claire Villeval (CNRS, Université Lumière Lyon 2, Université Jean-Monnet Saint-Etienne, emlyon business school, GATE, 69007 Lyon, France; IZA, Bonn, Germany); Zhengping Zhang (Centre for Economic Research, Shandong University, Jinan, Shandong, 250100, China); Jie Zheng (Centre for Economic Research, Shandong University, Jinan, Shandong, 250100, China) |
| Abstract: | How do future economic prospects influence the likelihood of cooperation or conflict between rising and established powers? Drawing on Thucydides’s Trap, we test power transitions in varying economic conditions experimentally. In a dynamic power rivalry game participants could either maintain the status quo or challenge the rival, under declining, constant, or growing economic prospects. Our results reveal that conflict rates are highest when economic prospects decline and lowest when they grow. An established power is less likely to challenge in the initial periods under growth prospects, which moderates the rising power’s subsequent challenging behavior. A behavioral model with psychological costs for challenging and reciprocity helps rationalize the observed treatment differences. A survey with a representative sample in the U.S. suggests that the dynamics observed in the game hold real-world relevance. |
| Keywords: | Conflict, Economic prospects, Thucydides’s Trap, Power shift, Experiment |
| JEL: | C91 D74 D92 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:gat:wpaper:2506 |
| By: | Sarah Coll-Black; Cornelius Von Lenthe; Stefanie Brodmann; William Shaw; Judith Sandford; Alejandro Gonzalez; Jamele Rigolini |
| Keywords: | Social Protections and Labor-Social Protections & Assistance Health, Nutrition and Population-Disease Control & Prevention |
| Date: | 2023–07 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:39950 |
| By: | Yến, Nguyễn Thị Quỳnh |
| Abstract: | Tốc độ tăng của tổn thất kinh tế gây ra bởi nạn xâm nhập sinh học cao hơn gấp 2 lần so với các loại tổn thất khác do thiên nhiên gây ra. |
| Date: | 2023–09–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:3b8hq_v1 |
| By: | Hoàng, Nguyễn Minh |
| Abstract: | Một đại gia hàng đầu thế giới trong ngành kinh doanh giết mổ gia súc, chế biến thịt có xuất xứ Brazil là JBS SA đang chịu áp lực lớn từ các nhóm hoạt động môi trường toàn cầu. JBS đang làm hồ sơ niêm yết cổ phiếu tại Sở giao dịch chứng khoán New York (NYSE), với hy vọng sẽ có thể bắt đầu niêm yết vào cuối năm 2023. Tuy vậy, họ bị tố cáo đã gây tác động tiêu cực qua việc phá rừng, thúc đẩy tiêu cực biến đổi khí hậu và hàng loạt các vấn đề liên quan. |
| Date: | 2023–09–26 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:4mvf5_v1 |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development-Access to Finance Governance-International Governmental Organizations |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:41070 |
| By: | Fitria, Tegar |
| Abstract: | Tugas mata kuliah pengantar manajemen pertemuan pertama "Introduction to management and organizations' |
| Date: | 2023–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:m7nwq_v1 |
| By: | Ngepah, Nicholas |
| Abstract: | Le conflit actuel en Ukraine a eu des consequences profondes au-dela des frontieres du pays, notamment sur la securite alimentaire et nutritionnelle dans dautres parties du monde. Il a perturbe les marches cerealiers mondiaux, en particulier ceux du ble et du mais, car lUkraine en est un grand exportateur. En 2013/14, lUkraine etait le sixieme producteur mondial de ble et en 2019/20, elle a exporte environ 18, 5 millions de tonnes de ble, soit 16 % des exportations mondiales (World Food Programme [Programme alimentaire mondial], 2022). Le conflit a entraine une baisse de la production agricole, en particulier dans les regions orientales de lUkraine, ou sont cultivees la plupart des cereales du pays. Associee aux perturbations des chaines dapprovisionnement au niveau mondial, cette situation a contribue a laugmentation des prix des cereales sur le marche mondial, avec des effets nefastes sur les pays qui dependent des importations de cereales.LAfrique du Sud et le Mozambique sont deux pays africains qui ont ete touches par la guerre en Ukraine, avec des effets significatifs sur leur propre securite alimentaire. Or la securite alimentaire est une question cruciale pour de nombreux pays en developpement, en particulier ceux de lAfrique subsaharienne, ou la faim et la malnutrition sont tres repandues. LAfrique du Sud et le Mozambique sont tous deux des importateurs nets de cereales et sont donc vulnerables aux fluctuations de leurs prix au niveau mondial. En Afrique du Sud le mais est un aliment de base et le pays depend fortement des importations pour satisfaire ses besoins interieurs. Bien que le Mozambique produise une grande quantite de mais, il importe egalement des quantites importantes de ble et dautres cereales. La hausse des prix de ces produits de base resultant de la guerre en Ukraine a donc eu un impact significatif sur les deux pays. |
| Date: | 2024–04–02 |
| URL: | https://d.repec.org/n?u=RePEc:aer:wpaper:516a4eb1-6e81-4407-a678-9e056c8e453a |
| By: | Junko Koeda (Graduate School of Economics, Waseda University); Bin Wei (Research Department, Federal Reserve Bank of Atlanta) |
| Abstract: | In this paper, we examine the effectiveness of outcome-based forward guidance, a key monetary policy tool that links a central bank’s policy decisions to specific economic outcomes. We develop a novel macro-finance shadow rate term structure model that incorporates unspanned macro factors and an outcome-based liftoff condition. To assess the effectiveness of forward guidance, we propose a novel method that decomposes the shadow rate into components attributable to forward guidance and other unconventional monetary policies. Using maximum likelihood estimation with an extended Kalman filter, we apply the model to both the United States and Japan. Our findings demonstrate that outcome-based forward guidance is effective, delivering significant monetary easing effects on the real economy during both effective lower bound periods of the global financial crisis and the COVID-19 pandemic in the US, as well as during Japan’s era of unconventional monetary policy. |
| Keywords: | forward guidance, effective lower bound (ELB), liftoff, term structure, shadow rate, macro finance, unspanned macro factors |
| JEL: | E43 E44 E52 E58 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:wap:wpaper:2423 |
| By: | World Bank |
| Keywords: | Information and Communication Technologies-ICT Applications Information and Communication Technologies-ICT Policy and Strategies Environment-Adaptation to Climate Change |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40692 |
| By: | Dieter Van Esbroeck |
| Abstract: | Deze briefing bestudeert de persistentie van bedrijfsdominantie, ofwel hoe lang de grootste bedrijven aan de top blijven. De resultaten werpen nieuw licht op een discussie die voor het eerst uitgebreid werd uitgewerkt door de econoom Joseph Schumpeter in zijn boek ‘Capitalism, socialism and demo-cracy’ (1943). Hij stelde de vraag of de economie zich ontwikkelde richting dynamiek of socialisatie. Schumpeter wordt vaak gezien als de grondlegger van het concept van ‘creatieve destructie’ —het proces waarbij nieuwe (innovatieve) bedrijven, producten, diensten en methoden voortdurend de (ver)oude(rde) vervangen. Hij beschouwde creatieve destructie als het essentiële kenmerk van een kapitalistische economie. Daartegenover plaatste Schumpeter het socialisme, dat in de traditionele politieke filosofie verwijst naar staatsbezit van de productiemiddelen en daarmee dichter ligt bij wat tegenwoordig communisme wordt genoemd. In de socialistische (of communistische) economie zou volgens Schumpeter de ruimte voor creatieve ondernemers om te innoveren verdwijnen. Schumpeter zag in zijn tijd verschillende mechanismen die de creatieve destructie ondermijnden en stelde daarom de hypothese dat de economie zich steeds meer richting socialisme bewoog, wat hij ‘socialisatie’ noemde. Het concept van creatieve destructie dat hier wordt gehanteerd is dat van een groot bedrijf dat wordt vervangen door een nieuw bedrijf. Hiermee sluit het onderzoek aan bij twee recente ontwikkelingen in de economische literatuur. De eerste ontwikkeling is de groeiende belangstelling voor dynamische maatstaven van concurrentie. Marktmacht wordt hier benaderd als het vermogen van een dominant bedrijf om zijn concurrenten voor te blijven. Deze benadering wordt versterkt door de groeiende be-schikbaarheid van data over veranderingen binnen het economische weefsel. De tweede ontwikkeling is een beter begrip van granulariteit—het idee dat een klein aantal zeer grote bedrijven (granen) een aanzienlijke impact heeft op de economie, zowel direct als via de netwerken die rondom hen ontstaan. Gezamenlijk leidt dit tot de centrale onderzoeksvraag: hoe snel verliezen de grootste bedrijven hun dominante positie? In deze briefing worden de belangrijkste onderzoeksresultaten besproken en wordt er teruggekomen op bovenstaande discussie. Voor meer details over de data, de methodologische achtergrond en aanvullende resultaten wordt verwezen naar de volledige discussiepaper. |
| Date: | 2025–02–28 |
| URL: | https://d.repec.org/n?u=RePEc:ete:vivwps:760656 |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development-Insurance & Risk Mitigation |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40742 |
| By: | Omisakin, Olusegun; Adekunle, Wasiu; Vincent, Oluwaseyi; Erumebor, Wilson; Taiwo, Shakirudeen; Iyoha, Faith; Olofin, Sodik; Oluwaserantimi, Ore |
| Abstract: | Health insurance coverage in Nigeria has historically been low, with less than 5 percent of Nigeria's over 200 million people being covered by private and public health insurance. This is not unprecedented as financing healthcare through health insurance accounts for about 1.9 percent of total current health spending, which is a far cry from the average shares of 26 percent and 18 percent in high income and upper-middle-income countries, respectively. In 2021, the National Health Insurance Authority (NHIA) Act was introduced, making health insurance mandatory for all citizens and legal Nigerian residents. However, using compulsion alone to increase the uptake of healthcare insurance might not guarantee the expected outcome. |
| Date: | 2024–04–05 |
| URL: | https://d.repec.org/n?u=RePEc:aer:wpaper:83270fa2-ba4c-4d1b-9fc3-3ca30b75629d |
| By: | Wu, Qiang; Zhou, Peng (Cardiff Business School, Cardiff University) |
| Abstract: | Artificial intelligence (AI) is crucial in achieving the carbon peak and neutrality goals and mitigating climate change. Although previous studies have explored cross-sectional differences in corporate carbon emissions, temporal heterogeneities in firm lifecycles have been overlooked. Therefore, this study investigates the effect of AI adoption on carbon emission intensity over firm lifecycles and the micro-level mechanisms of this effect. This study examines panel data from Chinese listed companies (2010–2021) using a two-way fixed-effects model and the difference-in-differences method. The empirical results demonstrate that AI significantly reduces enterprises’ carbon emission intensity. However, this effect is mainly observed in growth-stage enterprises and not in decline-stage enterprises. The mechanism analysis reveals that AI primarily reduces enterprises’ carbon emission intensity by improving productivity and promoting innovation. The effect on productivity is particularly evident in growth-stage enterprises, whereas the effect on innovation is dominant in decline-stage enterprises. Heterogeneity tests indicate that the effect on state-owned enterprises, medium-sized enterprises, the manufacturing sector, heavily polluting industries, non-high-tech industries, and capital-intensive industries is more pronounced than that on other enterprises. These findings suggest that enterprises should actively adopt AI, and differentiated AI adoption strategies should be formulated based on the needs of enterprises at different lifecycle stages. |
| Keywords: | artificial intelligence; carbon emission intensity; firm lifecycle; productivity |
| JEL: | O31 O32 O33 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:cdf:wpaper:2025/9 |
| By: | Ghislain Aihounton; Luc Christiaensen |
| Keywords: | Agriculture-Agribusiness Agriculture-Food Security Agriculture-Fertilizers |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:39701 |
| By: | Lisandra Flach; Andreas Baur |
| Abstract: | Key MessagesUS President Donald Trump has recently announced 25% tariffs on US imports from Canada and Mexico. A simulation analysis using a quantitative framework shows that Trump’s tariffs would hit the manufacturing sector of the US’s North American neighbors particularly hard.In the event that Mexico and Canada impose symmetric retaliatory tariffs, all sectors of the economy (services, agriculture, and manufacturing) would incur permanent value-added losses.In Mexico and Canada, manufacturing has the largest decline in value added, 13% and 14%, respectively.For the US economy, agriculture has the largest decline in value added (-2.39%), but other sectors of the economy also incur permanent losses.In the event of retaliation, Canada would have to expect a long-term permanent decline in total exports of up to 28%, while Mexico could see a drop of more than 35% and the US of 22%. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:econpb:_70 |
| By: | Dieter Van Esbroeck |
| Abstract: | This paper assesses whether the persistence of firm dominance reflects Schumpeterian dynamism or socialization. A cross-country comparison encompassing Europe, North America and Asia using the Forbes Global 2000 reveals comparable levels of dynamism. The evolution over time is examined for the United States based on Compustat and the Fortune 500, finding an increase in dynamism since 1950. An analysis of the Brussels Stock Exchange shows that the survival probability at the top has remained fairly stable in Belgium for almost two centuries. Generally, firms have a similar chance of survival at the top irrespective of their ranking and firms that have been present longer at the top have a slight advantage for persistence. Multiple mechanisms are identified as potential drivers. The empirical results suggest a Poisson process to model large firm dynamics which, combined with geometric Brownian motion, leads to power-law behavior in the tail of firm size. |
| Keywords: | Firm dynamics; superstar firms; business dynamism; creative destruction. |
| Date: | 2025–02–26 |
| URL: | https://d.repec.org/n?u=RePEc:ete:vivwps:760653 |
| By: | Ali, Akber |
| Abstract: | ICT and Social Services Delivery in the Local Government Councils (LGCs) in Enugu State Nigeria |
| Date: | 2023–08–04 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:5pz34_v1 |