Pub Date : 2023-11-29DOI: 10.1007/s10290-023-00513-5
Brian Golden, Eduardo Maqui
We examine the factors determining cross-border debt issuance by banks using a unique dataset on international banks issuing debt through special purpose entities (SPEs). Our results indicate that such debt issuance is consistently explained by bank size and leverage. We also find that cross-border SPE debt issuance is associated with more stringent capital flow policies and macro-prudential regulation in the bank’s home country, and incentivised by higher domestic corporate taxation and herding behaviour. These findings suggest potential implications for financial stability in that cross-border debt funding through SPEs may involve a relatively opaque build-up of leverage beyond the banking perimeter.
{"title":"What ‘special purposes’ explain cross-border debt funding by banks? Evidence from Ireland","authors":"Brian Golden, Eduardo Maqui","doi":"10.1007/s10290-023-00513-5","DOIUrl":"https://doi.org/10.1007/s10290-023-00513-5","url":null,"abstract":"<p>We examine the factors determining cross-border debt issuance by banks using a unique dataset on international banks issuing debt through special purpose entities (SPEs). Our results indicate that such debt issuance is consistently explained by bank size and leverage. We also find that cross-border SPE debt issuance is associated with more stringent capital flow policies and macro-prudential regulation in the bank’s home country, and incentivised by higher domestic corporate taxation and herding behaviour. These findings suggest potential implications for financial stability in that cross-border debt funding through SPEs may involve a relatively opaque build-up of leverage beyond the banking perimeter.</p>","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"18 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138541729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-09DOI: 10.1007/s10290-023-00516-2
Francesco Guerra
Abstract A growing body of research suggests a positive association between the quality of export products and income per capita, arguing that quality upgrades affect income through changes in the relative demand for skilled labor. This article falls within this literature and intends to shed light on the effect of quality upgrades of export products on average wages at the industry level. The study is conducted on the manufacturing sector over a set of 23 countries for which industry-level wage data are available. Contrary to previous studies which use unit values as an indirect measure of product quality, we rely on the methodology proposed in Khandelwal (Rev Econ Stud 77(4):1450–1476. https://doi.org/10.1111/j.1467-937X.2010.00602.x, 2010) and estimate quality as a residual of a demand equation. To establish a direct causal link between export quality upgrades and changes in wages, we use an instrumental variable strategy. Our results show that ahead of upgrades to export quality within a specific industry, average wages offered within the industry increase. In addition, we observe that the effect is larger for developing countries. Our findings imply that export product quality upgrades require more intensive use of qualified workers, who require higher wages.
{"title":"Export quality and wage premium","authors":"Francesco Guerra","doi":"10.1007/s10290-023-00516-2","DOIUrl":"https://doi.org/10.1007/s10290-023-00516-2","url":null,"abstract":"Abstract A growing body of research suggests a positive association between the quality of export products and income per capita, arguing that quality upgrades affect income through changes in the relative demand for skilled labor. This article falls within this literature and intends to shed light on the effect of quality upgrades of export products on average wages at the industry level. The study is conducted on the manufacturing sector over a set of 23 countries for which industry-level wage data are available. Contrary to previous studies which use unit values as an indirect measure of product quality, we rely on the methodology proposed in Khandelwal (Rev Econ Stud 77(4):1450–1476. https://doi.org/10.1111/j.1467-937X.2010.00602.x, 2010) and estimate quality as a residual of a demand equation. To establish a direct causal link between export quality upgrades and changes in wages, we use an instrumental variable strategy. Our results show that ahead of upgrades to export quality within a specific industry, average wages offered within the industry increase. In addition, we observe that the effect is larger for developing countries. Our findings imply that export product quality upgrades require more intensive use of qualified workers, who require higher wages.","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" 17","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135291174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1007/s10290-023-00512-6
Rémi Stellian, Jair N. Ojeda-Joya, Jenny P. Danna-Buitrago
Abstract A new set of tools to measure the time stationarity, shape and ordinal ranking bias of Revealed Comparative Advantage (RCA) indexes is suggested. The aim is to help select the most consistent RCA index for a given set of countries, products and time periods, which is especially relevant for economic policy based on comparative advantages. The GMM estimation of an AR(1) process based on RCA indexes provides three measures of time stationarity that are more rational than the measures available in the literature. Furthermore, we revise the statistics that are commonly used to capture shape. Finally, with respect to ordinal ranking bias, we modify the use of Spearman’s rank correlation coefficient in Leromain and Orefice (Int Econ 139:48–70, 2014) and generalize the non-parametric measure of Stellian and Danna-Buitrago (J Appl Econ 22(1):349–379, 2019). We discuss different methods of ranking RCA indexes according to all proposed measures. An application to 33 RCA indexes, 67 trade areas and three product classifications shows that, on average, the most accurate RCA indexes are Contribution-to-the-Trade-Balance indexes, Revealed Competitiveness indexes and regression-based indexes.
{"title":"Time stationarity, shape and ordinal ranking bias of RCA indexes: a new set of measures","authors":"Rémi Stellian, Jair N. Ojeda-Joya, Jenny P. Danna-Buitrago","doi":"10.1007/s10290-023-00512-6","DOIUrl":"https://doi.org/10.1007/s10290-023-00512-6","url":null,"abstract":"Abstract A new set of tools to measure the time stationarity, shape and ordinal ranking bias of Revealed Comparative Advantage (RCA) indexes is suggested. The aim is to help select the most consistent RCA index for a given set of countries, products and time periods, which is especially relevant for economic policy based on comparative advantages. The GMM estimation of an AR(1) process based on RCA indexes provides three measures of time stationarity that are more rational than the measures available in the literature. Furthermore, we revise the statistics that are commonly used to capture shape. Finally, with respect to ordinal ranking bias, we modify the use of Spearman’s rank correlation coefficient in Leromain and Orefice (Int Econ 139:48–70, 2014) and generalize the non-parametric measure of Stellian and Danna-Buitrago (J Appl Econ 22(1):349–379, 2019). We discuss different methods of ranking RCA indexes according to all proposed measures. An application to 33 RCA indexes, 67 trade areas and three product classifications shows that, on average, the most accurate RCA indexes are Contribution-to-the-Trade-Balance indexes, Revealed Competitiveness indexes and regression-based indexes.","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"22 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135273612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-09DOI: 10.1007/s10290-023-00510-8
Manoj Atolia, Shuang Feng
{"title":"World commodity prices and partial default in emerging markets: an empirical analysis","authors":"Manoj Atolia, Shuang Feng","doi":"10.1007/s10290-023-00510-8","DOIUrl":"https://doi.org/10.1007/s10290-023-00510-8","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135093522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-04DOI: 10.1007/s10290-023-00511-7
Yoon S. Hur, Baran Han
{"title":"Aid modality and growth under post-conflict conditions","authors":"Yoon S. Hur, Baran Han","doi":"10.1007/s10290-023-00511-7","DOIUrl":"https://doi.org/10.1007/s10290-023-00511-7","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48604040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-21DOI: 10.1007/s10290-023-00509-1
H. Bennani, Cecile Couharde, Yoan Wallois
{"title":"The effect of IMF communication on government bond markets: insights from sentiment analysis","authors":"H. Bennani, Cecile Couharde, Yoan Wallois","doi":"10.1007/s10290-023-00509-1","DOIUrl":"https://doi.org/10.1007/s10290-023-00509-1","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43139838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-24DOI: 10.1007/s10290-023-00508-2
Krittika Banerjee, A. Goyal
{"title":"New perspectives on the rise and fall of global imbalances: evidence from large emerging market economies","authors":"Krittika Banerjee, A. Goyal","doi":"10.1007/s10290-023-00508-2","DOIUrl":"https://doi.org/10.1007/s10290-023-00508-2","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42240083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.1007/s10290-023-00506-4
Luca Macedoni, Elena Mattana
{"title":"Pricing in firm-to-firm trade: evidence from a Danish multinational","authors":"Luca Macedoni, Elena Mattana","doi":"10.1007/s10290-023-00506-4","DOIUrl":"https://doi.org/10.1007/s10290-023-00506-4","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44580809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-26DOI: 10.1007/s10290-023-00505-5
Etienne Lepers
{"title":"Cross-border real estate investment: a different animal? Comparative evidence from bilateral flow data","authors":"Etienne Lepers","doi":"10.1007/s10290-023-00505-5","DOIUrl":"https://doi.org/10.1007/s10290-023-00505-5","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45985133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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