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FDI and Economic Growth: The Role of Local Financial Markets
Foreign direct investment capital markets credit markets
2015/9/21
In this paper, we examine the various links among foreign direct investment (FDI), financial
markets, and economic growth. We explore whether countries with better financial systems can
exploit FD...
LOCAL AND GLOBAL TESTING OF LINEAR AND NONLINEAR INEQUALITY CONSTRAINTS IN NONLINEAR ECONOMETRIC MODELS
LOCAL AND GLOBAL TESTING NONLINEAR INEQUALITY
2015/7/31
This paper considers a general nonlinear econometric model framework that
contains a large class of estimators defined as solutions to optimization
problems. For this framework we derive several a...
Taking Perturbation to the Accuracy Frontier: A Hybrid of Local and Global Solutions
Dynare Perturbation Hybrid Accuracy Numerical methods Approximation
2015/7/21
Local (perturbation) methods compute solutions in one point and tend to deliver far lower accuracy levels than global solution methods. We develop a hybrid
method that solves for some policy function...
Has the Shift to Managed Care Reduced Medicaid Expenditures?Evidence from State and Local-Level Mandates
Medicaid managed care HMO fee-for-service
2015/7/17
From 1991 to 2009, the fraction of Medicaid recipients enrolled in HMOs and other forms of Medicaid managed care (MMC) increased from 11 percent to 71 percent. This increase was largely driven by stat...
The Political Economy of Financial Innovation:Evidence from Local Governments
Financial Innovation Political Elections Financing and Loans Innovation and Invention
2015/4/29
We examine the toxic loans sold by investment banks to local governments. Using proprietary data, we show that politicians strategically use these products to increase chances of being re-elected. Con...
Local action groups and the LEADER co-financing of rural development projects in Slovenia
formal system informal system institutions lobbying project selection
2014/8/19
The influence of a formal and informal system of the Local Action Group (LAG) board’s performance on the perception of its members is analysed in association with the suitability of the rural developm...
Local Identification of Nonparametric and Semiparametric Models
Identification local identification nonparametric models asset pricing
2014/9/9
In parametric, nonlinear structural models, a classical sufficient condition for local identification, like Fisher (1966) and Rothenberg (1971), is that the vector of moment conditions is differentiab...
People, Places and Public Policy: Some Simple Welfare Economics of Local Economic Development Programs
People Places Public Policy Welfare Economics Local Economic Development Programs
2013/11/27
Most countries exhibit large and persistent geographical differences in wages, income and unemployment rates. A growing class of "place based" policies attempt to address these differences through pub...
The China Syndrome: Local Labor Market Effects of Import Competition in the United States
Import Competition Labor Market
2014/9/10
We analyze the effect of rising Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross- market variation in import exposure stemming from initial differences in i...
Achievement of Climate Planning Objectives among U.S. Member Cities of the International Council for Local Environmental Initiatives (ICLEI)
Greenhouse Gas Reduction Local Climate Initiatives Climate Planning Climate Organizations ICLEI
2013/2/25
In an effort to address climate change, many cities have joined the International Council for Local Environmental Initiatives (ICLEI) whose members commit to work toward five specific program objectiv...
We study the emergence of instabilities in a stylized model of a nancial market, when di erent market actors calculate prices according to di erent (local)
market measures. We derive typical propert...
Measuring capital market efficiency: Global and local correlations structure
capital market eciency long-range dependence short-range dependence fractal dimension
2012/9/14
We introduce a new measure for the capital market eciency. The measure takes into considera-tion the correlation structure of the returns (long-term and short-term memory) and local herding behavior ...
Local L関y Models and their Volatility Smile
CEV L磂vy Local Volatility Implied Volatility Default
2012/9/14
We propose a class of equity models whose volatility, L磂vy measure, and killing rate all have local stochastic state-dependence. In this framework we find a closed form solution for the price of any E...
The Exact Smile of some Local Stochastic Volatility Models
CEV local volatility stochastic volatility implied volatility.
2012/9/14
We introduce a class of local stochastic volatility models.Within our framework, we obtain an expression for both (i) the price of any European option and (ii) the induced implied volatility smile. To...
Has Multi-Market Banking Changed the Response of Small Business Lending to Local Economic Shocks?
the impact of bank mergers small business lending economic conditions multi-market banking
2011/9/27
The article discusses the impact of bank mergers on small business lending and economic conditions in the U.S. According to the economists, the importance these organizations has increased due to rapi...