Empirical Economics最新文献

Abstract

We analyze diverse and heterogeneous literature to grasp the general effect size of financial development on economic growth on a world scale. For that, we perform by far the largest available meta-analysis of the finance–growth nexus using 3561 estimates collected from 177 studies. Our meta-synthesis results show that large heterogeneity in empirical evidence is, in fact, driven by only a limited number of variables (moderators). By using advanced techniques, we also document the existence of the publication selection bias that is propagated in the literature in a nonlinear fashion. We account for uncertainty in moderator selection by employing model-averaging techniques. After adjusting for the publication bias, the results of our meta-regression provide evidence of a small but genuine positive effect of the financial development on growth that very mildly declines over time. Finance channeled via capital markets seems to be more beneficial for economic growth than that provided in the form of private credit. Our evidence goes against arguments about the damaging role of financial development and is in line with century-old theoretical foundations that favor the positive role of finance on economic growth.

We explore how the type of global market entry affects wage premia, classifying firms into four categories: domestic only, domestic exporters, non-exporting multinationals, and exporting multinational enterprises. Using firm-level panel data for Bosnia and Herzegovina, Croatia, and Slovenia for the years 2007–2017 and a multivariate endogenous treatment model based on the approach of Wooldridge (J Econom 68(1):115–132, 1995), we find that the multinational wage premia are mainly driven by the export status of multinational firms. Specifically, domestic exporters and exporting multinationals pay on average higher wages than non-exporting firms, whereas non-exporting multinationals tend to pay lower wages than domestic-only firms.

Abstract

The estimated effect of childcare availability on maternal labor supply varies highly in previous single-country estimates. We provide comparable quasi-experimental estimates of the childcare effect for seven countries, using harmonized data and a uniform method based on country-specific childcare eligibility cutoffs. We evaluate the estimates in light of key institutional factors to determine under what conditions childcare expansion is likely to be effective. We propose a measure that captures childcare scarcity and predicts the effectiveness of childcare expansion: the gap between the participation rate of mothers with older children (aged 6–14) and childcare coverage under the age of 3. In countries with a high gap, we find that childcare availability has a significant positive impact on maternal labor supply (Austria, Czech Republic, Hungary, Slovak Republic). No significant impact is found in countries where the gap is low due to either already high childcare coverage (France) or the low participation of mothers with older children (Greece, Italy). We discuss other policies that need to be addressed concurrently for childcare expansion to achieve its goal of increasing mothers’ participation in the labor market.

This study explores house price fluctuations in the USA and shed light on which factor is the main contributor driving house prices. In order to decompose the changes in house prices, structural vector autoregression with sign restrictions for the US housing market is applied. In addition to including housing market-based fundamental variables such as the number of housing permits, housing rent prices, house prices, a measure of credit conditions, and the housing sentiment index are also included to distinguish four different shocks, namely housing supply shocks, shocks to the housing service demand, credit shocks, and speculative demand shocks. Empirical findings show that the main contributors to house price fluctuations are credit shocks and housing supply shocks in the long-run. In addition, while housing supply and credit conditions are the most important contributors during the boom, the contributions of credit conditions and speculative demand become larger after the boom. In fact, credit conditions are the largest contributor during the post-boom period.

This study investigates the effects of health care policy uncertainty (HCPU) on aggregate- and state-level employment in the USA. Using quarterly data during 1985Q1–2021Q4, we estimate a structural vector autoregressive model and find that HCPU has adverse effects on both aggregate- and state-level employment. The effects at the state level are heterogeneous in terms of both the magnitude and the impact persistence, lasting up to 5 quarters. The heterogeneity can be explained by state-specific structural factors, most notably the right-to-work legislation. The study suggests that uncertainty in health care policies has an economic cost that may be partially preventable.

Malignant melanoma is an aggressive malignancy of melanocytes which is usually found on sun exposed areas of the body. A rare variant of this disease with no etiological association is the mucosal malignant melanoma found on all mucosal surfaces of the body including the oral cavity, respiratory mucosa and anorectal region. In the head and neck region, this disease is almost always diagnosed at an advanced stage and requires a very high index of suspicion for diagnosis. It is more commonly found in females than males.Indians are more prone to this disease as compared to Caucasians.Due to the obscure location within the oral and nasal cavity, it is clinically found at an advanced stage and requires surgical resection with adequate margins for complete eradication. This may be achieved either endoscopically in the nasal cavity or with wide local resection in the oral cavity. this in certain cases may not be feasible due to vicinity of vital structures. In such cases, adjuvant radiotherapy helps in the local control of disease. Histopathological evaluation of the specimen helps to determine aggressive biology of tumor with factors such as presence of ulceration, nodular morphology and perineural invasion being high risk features for development of local and regional recurrence.

Supplementary information: The online version contains supplementary material available at 10.1007/s12070-023-04001-y.