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See detailA preliminary assessment of the effects of migration on the production structure in Europe: A labor task approach
Joxhe, Majlinda UL; De Arcangelis, Giuseppe; Borelli, Stefania

in Economics Bulletin (2019), 39(1), 289-294

We assess the e ffect of migration on the production structure in a selection of European countries for the pre-Great Recession period 2001-2009. We propose a labor-task approach where the inflow of ... [more ▼]

We assess the e ffect of migration on the production structure in a selection of European countries for the pre-Great Recession period 2001-2009. We propose a labor-task approach where the inflow of migrants raises the relative supply of manual-physical (or simple) tasks and therefore favors simple-task intensive sectors. We use the US O*NET database in conjunction with European labor data to calculate the index of simple-task intensity at the industry and country level. The analysis confi rms that a rise in employment migration rates has a generalized positive impact, but that value-added increases signi ficantly more in sectors that use more intensively simple tasks. A traditional shift-share instrument is used to overcome possible endogeneity problems. [less ▲]

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See detailImplications of loan portfolio concentration in Cambodia
Leon, Florian UL

in Economics Bulletin (2017), 37(1), 282-296

This paper explores how the composition of banks' loan portfolios affect banks operating in Cambodia. The implications of loan portfolio concentration has begun to attract attention in recent years ... [more ▼]

This paper explores how the composition of banks' loan portfolios affect banks operating in Cambodia. The implications of loan portfolio concentration has begun to attract attention in recent years. However, existing studies remain focus on developed or emerging countries because data in other developing countries are lacking. In this paper, we fill this gap by investigating the effects of loan portfolio concentration on Cambodian banks' return. We find that sectoral diversification is positively related to banks' returns. In addition, foreign banks and commercial banks are less affected by loan concentration than their counterparts. [less ▲]

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See detailTo Migrate With orWithout the Children—A Theoretical Note
Chen, Yiwen UL; Zou, Benteng UL

in Economics Bulletin (2017), 37(2), 686-696

Tens of millions of young children were left behind by their migrant parents who left to find a job elsewhere to gain a better income and improve their families' living standards. Many studies suggest ... [more ▼]

Tens of millions of young children were left behind by their migrant parents who left to find a job elsewhere to gain a better income and improve their families' living standards. Many studies suggest that migrant parents should bring their children rather than leave them behind, especially EU internal migrants. In this short note, we give an economic reasoning for the choice of migrant parents. Our finding shows that emotionally, bringing the children makes both children and parents better off; however, economically, that may not be the case. The ambiguity depends on the forgone opportunity cost, relocation cost of children, children's motivation, and the quality of the public school at the origin and destination. [less ▲]

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See detailTax Mobilization in Sub-Saharan Africa: The Impact of Tax and Business Law Reforms
Bertinelli, Luisito UL; Bourgain, Arnaud UL

in Economics Bulletin (2016), 36(3), 1805-1810

This paper contributes to measuring the influence of business (and tax) law reforms on sub-Saharan African countries tax mobilization ability. Relying on a new business law reform indicator, our results ... [more ▼]

This paper contributes to measuring the influence of business (and tax) law reforms on sub-Saharan African countries tax mobilization ability. Relying on a new business law reform indicator, our results validate the significant impact of corporate law modernization on governmental revenue, and unearth a complementary effect between business and tax law reforms. [less ▲]

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See detailAdjustment costs in a variant of Uzawa's steady-state growth theorem
Irmen, Andreas UL

in Economics Bulletin (2013)

Uzawa's theorem (Uzawa (1961)) is extended to allow for adjustment costs in the process of capital accumulation. A new steady-state growth theorem with adjustment costs establishes that capital-augmenting ... [more ▼]

Uzawa's theorem (Uzawa (1961)) is extended to allow for adjustment costs in the process of capital accumulation. A new steady-state growth theorem with adjustment costs establishes that capital-augmenting technical change may arise in steady state. This is in sharp contrast to Uzawa's original finding. In a growing economy this possibility arises since diminishing returns in the production of capital cause a gap between the growth of gross capital investments and the growth of capital. In steady state, capital-augmenting technical change has the role to fill this gap. The discussion of the new theorem characterizes the conditions under which a steady-state path with capital-augmenting technical change exists. [less ▲]

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See detailFrictional unemployment, labor market institutions, and endogenous economic growth
Irmen, Andreas UL

in Economics Bulletin (2009), 29(2), 1127-1138

For a given set of labor market institutions, the rate of frictional unemployment depends on the evolution of the pool of job-seekers. Unemployment rises with the growth rate of labor supply that is ... [more ▼]

For a given set of labor market institutions, the rate of frictional unemployment depends on the evolution of the pool of job-seekers. Unemployment rises with the growth rate of labor supply that is proportionate to the rate of population growth. If economic growth is semi-endogenous, the steady-state growth rate depends positively on the rate of population growth. This suggests a trade-off between growth and unemployment: a faster growing economy has a higher unemployment rate. As a consequence, faster growth may not be desirable from a welfare point of view. We make this point in a parsimonious setting where semi-endogenous growth derives from the division of labor and the associated gains from specialization. [less ▲]

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See detailMeasuring Technological Spillovers in a Financial Center by using Feder Model
Bourgain, Arnaud UL; Pieretti, Patrice UL

in Economics Bulletin (2007), 18(8), 1-19

The aim of this paper is to measure technological spillovers between banking activities and non financial activities and in particular market services related to finance. The econometric estimations are ... [more ▼]

The aim of this paper is to measure technological spillovers between banking activities and non financial activities and in particular market services related to finance. The econometric estimations are realized within a dynamic framework due to Feder (1982). For that purpose, we use data for Luxembourg. Due to its very small-size and to the importance of its international banking center, this country suits well for analyzing spatially-mediated externalities. The empirical estimations show significant technological externalities from the financial services industry to non-financial market services and in particular to Computer Activities and Business Services. [less ▲]

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See detailNew trading risk indexes: application of the shapley value in finance
Terraza, Virginie UL; Mussard, Stéphane

in Economics Bulletin (2007), 3(25), 1-7

The aim of this paper is to offer new risk indicators that enable one to classify securities of a portfolio according to their risk degrees. These indexes are issued from a new method of the covariance ... [more ▼]

The aim of this paper is to offer new risk indicators that enable one to classify securities of a portfolio according to their risk degrees. These indexes are issued from a new method of the covariance decomposition based on the Shapley Value. The risk indicators are computed via the well-known Gini coefficient, which is viewed as a new risk measure and compared with the traditional measures related with the modern theory of portfolio. These indicators yield suitable information, which could be used by private or institutional investors to trade strategies on market portfolio. [less ▲]

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See detailAn Extended Solow Growth Model with Emigration: Transitional Dynamics and Skills Complementarity
Pieretti, Patrice UL; Zou, Benteng UL

in Economics Bulletin (2007), 6(35), 1-11

In this paper we develop an extended Solow growth model with skilled labor emigration which aggregates different labor types from strict complementarity to perfect substitution. Except in two particular ... [more ▼]

In this paper we develop an extended Solow growth model with skilled labor emigration which aggregates different labor types from strict complementarity to perfect substitution. Except in two particular cases, balanced growth paths can only be attained asymptotically. We therefore derive an analytical characterization of the transitional dynamics of the model. We are thus able to study the impact of labor elasticity of substitution on the time pattern of per capita income in the country that experiences brain drain. Simulations show that the shape of per capita trajectory depends crucially on the degree of complementarity (substitutability) between labor skills. Given that no income trajectory dominates the others, there is room for policy issues by influencing the elasticity of substitution (Klump and Preissler, 2000). [less ▲]

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See detailMeasuring Agglomeration Forces in a Financial Center
Bourgain, Arnaud UL; Pieretti, Patrice UL

in Economics Bulletin (2006), 18(3), 1-9

Basing on Scitovsky’s (1954) definition of external economies and applying the method of Caballero and Lyons (1990) to macro data of Luxembourg services industry, we find significant agglomeration forces ... [more ▼]

Basing on Scitovsky’s (1954) definition of external economies and applying the method of Caballero and Lyons (1990) to macro data of Luxembourg services industry, we find significant agglomeration forces between financial intermediaries (downstream industry) on the one hand and business services and computer industry (upstream industries) on the other. [less ▲]

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See detailA Note on Compatibility and Entry in a Circular Model of Product Differentiation
Jonard, Nicolas UL; Schenk, Eric

in Economics Bulletin (2004), 12

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See detailThe spatial Solow model
Camacho, Camen; Zou, Benteng UL

in Economics Bulletin (2004)

In this paper, we solve a Solow model in continuous time and space. We prove the existence of a solution to the problem and its convergence to a stationary solution. The simulations of various scenario in ... [more ▼]

In this paper, we solve a Solow model in continuous time and space. We prove the existence of a solution to the problem and its convergence to a stationary solution. The simulations of various scenario in the last section of the paper illustrates the convergence issue. [less ▲]

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See detailMalthus and Solow - a note on closed-form solutions
Irmen, Andreas UL

in Economics Bulletin (2004), 10(6), 1-6

Recently, Jones (2002 and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the ... [more ▼]

Recently, Jones (2002 and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the Malthusian model: I develop and characterize a closed-form solution. Moreover, I emphasize structural similarities between the Malthusian and the neoclassical model if the dynamic behavior is governed by a Bernoulli differential equation. [less ▲]

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