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2017

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Articles 1 - 27 of 27

Full-Text Articles in International Economics

Cultural Preferences In International Trade: Evidence From The Globalization Of Korean Pop Culture, Pao-Li Chang, Iona Hyojung Lee Dec 2017

Cultural Preferences In International Trade: Evidence From The Globalization Of Korean Pop Culture, Pao-Li Chang, Iona Hyojung Lee

Research Collection School Of Economics

The Korean pop culture (TVdramas and K-pop music) has grown immensely popular across the globe over thepast two decades. This paper analyzes its impacts on international trade. We compilea cross-country panel dataset of South Korea's TV show exports to over 150countries for the period of 1998{2014. These variations in exposure to Koreanpop cultures are used to identify changes in consumer preferences for Koreanmerchandise across time, countries, and products (at the HS 4-digit level).First, we find that more Korean TV show exports significantly increase Koreanexports of goods for women, while the effects are much smaller on men'smerchandise ...


Geopolitics Of Rare Earth Elements, Bert Chapman Oct 2017

Geopolitics Of Rare Earth Elements, Bert Chapman

Libraries Faculty and Staff Presentations

Rare earth elements (REE) contain unique chemical physical properties such as lanthamum, are found in small concentrations, need extensive precise properties to separate, and are critical components of modern technologies such as laser guidance systems, personal electronics such as IPhones, satellites, and military weapons systems as varied as Virginia-class fast attack submarines, DDG-51 Aegis destroyers, the F-35 Joint Strike Fighter, and precision guided munitions. The U.S. has some rare earth resources, but is heavily dependent on access to them from countries as varied as Afghanistan, Bolivia, and China. Losing access to these resources would have significant adverse economic, military ...


Stock Markets, Credit Markets, And Technology-Led Growth, James R. Brown, Gustav Martinsson, Bruce C. Petersen Oct 2017

Stock Markets, Credit Markets, And Technology-Led Growth, James R. Brown, Gustav Martinsson, Bruce C. Petersen

Finance Publication

The high-tech sector accounts for the majority of corporate innovation in modern economies. In a sample of 38 countries, we document a strong positive relation between the initial size of the country's high-tech sector and subsequent rates of GDP and total factor productivity growth. We also find a strong positive connection between a country's equity (but not credit) market development and the size of its high-tech sector. Our main difference-in-differences estimates show that better developed stock markets support faster growth of innovative-intensive, high-tech industries. The main channels for this effect are higher rates of productivity and faster growth ...


Russia's Northern Rook: Nord Stream 2 On The European Energy Chessboard, David E. Wilson Oct 2017

Russia's Northern Rook: Nord Stream 2 On The European Energy Chessboard, David E. Wilson

Independent Study Project (ISP) Collection

The Nord Stream 2 pipeline proposes to connect Germany to the world’s largest natural gas reserves in Russia, allowing the state-owned Russian energy behemoth Gazprom to double its export capacity through the ‘Northern Corridor’ transit route to Europe. This project has been the subject of sharp disapproval from Central and Eastern European countries, as well as the United States, which fear the prospect of increasing dependence on gas imports from a Russia perceived as politically aggressive and unreliable. This paper will identify the geopolitical and geoeconomic implications involved in the construction of Nord Stream 2 by adopting a geostrategic ...


Evaluating Frameworks For Multilateral Investor-State Dispute Settlement, Danielle Rosenthal Oct 2017

Evaluating Frameworks For Multilateral Investor-State Dispute Settlement, Danielle Rosenthal

Independent Study Project (ISP) Collection

Utilizing both empirical studies of investor-state dispute settlement (ISDS) regimes and the accounts of both public and private practitioners of these processes, this study aims to inform public policymakers, multinational corporation leadership, and academic researchers on some of the key issues to consider when developing a multilateral friendly ISDS regime. By analyzing the procedural and functional details of both traditional arbitration (via the International Centre for Settlement of Investment Disputes and the United Nations Commission on International Trade Law) and investment dispute courts (via those proposed in the Trans-Atlantic Trade and Investment Partnership and the EU Canada Comprehensive Economic and ...


Mexico Consensus Economic Forecast, Volume 20, Number 4, Thomas M. Fullerton Jr., Adam G. Walke Oct 2017

Mexico Consensus Economic Forecast, Volume 20, Number 4, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.


Before International Tax Reform, We Need To Understand Why Firms Invert, Michael S. Knoll Sep 2017

Before International Tax Reform, We Need To Understand Why Firms Invert, Michael S. Knoll

Faculty Scholarship at Penn Law

A wave of corporate inversions by U.S. firms over the past two decades has generated substantial debate in academic, business, and policy circles.

The core of the debate hinges on a couple of key economic questions: Do U.S. tax laws disadvantage U.S.-domiciled companies relative to their foreign competitors? And, if so, do inversions improve the competitiveness of U.S. multinational firms both abroad and at home?

There is unfortunately little, if any, empirical work directly determining whether U.S.-based MNCs are currently tax-disadvantaged compared to their foreign rivals, or measuring the amount by which (if ...


Mega-Events And Tourism: The Case Of Brazil, Robert Baumann, Victor Matheson Aug 2017

Mega-Events And Tourism: The Case Of Brazil, Robert Baumann, Victor Matheson

Economics Department Working Papers

Mega-sporting events such as the FIFA World Cup are expensive affairs. Host countries often justify the spending required to stage these events by predicting that mega-events will draw large numbers of tourists. This paper analyzes monthly foreign tourist arrivals into Brazil between 2003 and 2015 and finds that the 2014 FIFA World Cup increased foreign tourism by roughly one million visitors. This number far exceeded expectations, but we show that roughly a quarter of this increase in foreign tourism was caused by the fortuitous advancement of Argentina’s national team, and potential hosts should not count on the event to ...


Economic Impact Of World Bank Aviation Investment In Pacific Island Countries, Cindy Greenman, Javad Gorjidooz Jul 2017

Economic Impact Of World Bank Aviation Investment In Pacific Island Countries, Cindy Greenman, Javad Gorjidooz

Publications

The World Bank Group (WBG) has provided grant and credits to support projects related to aviation and air transport including capacity building, policy and regulation, safety and security, infrastructure rehabilitation, and institutional strengthening for over 60 years. Today, the WBG remains actively engaged on aviation related project in every region of the world including the Pacific Island Countries. The purpose of this paper is to investigate the economic impact of WBG investments in aviation infrastructures in Pacific Island Countries. The preliminary results of this study show a serious deficiency in the areas of aviation infrastructure, safety and security, management efficiency ...


Mexico Consensus Economic Forecast, Volume 20, Number 3, Thomas M. Fullerton Jr., Adam G. Walke Jul 2017

Mexico Consensus Economic Forecast, Volume 20, Number 3, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.


Does Globalization Improve Quality Of Life?, Laura E. Hirt May 2017

Does Globalization Improve Quality Of Life?, Laura E. Hirt

Chancellor’s Honors Program Projects

No abstract provided.


Economic Forecasting With Many Predictors, Fanning Meng May 2017

Economic Forecasting With Many Predictors, Fanning Meng

Doctoral Dissertations

The dissertation is focused on the analysis of economic forecasting with a large number of predictors.

The first chapter develops a novel forecasting method that minimizes the effects of weak predictors and estimation errors on the accuracy of equity premium forecasts. The proposed method is based on an averaging scheme applied to quantiles conditional on predictors selected by LASSO. The resulting forecasts outperform the historical average, and other existing models, by statistically and economically meaningful margins.

In the second chapter, we find that incorporating distributional and high-frequency information into a forecasting model can produce substantial accuracy gains. Distributional information is ...


Taxation, Competitiveness, And Inversions: A Response To Kleinbard, Michael S. Knoll May 2017

Taxation, Competitiveness, And Inversions: A Response To Kleinbard, Michael S. Knoll

Faculty Scholarship at Penn Law

In this report, I argue that the inversion situation is more nuanced, complex, and ambiguous than Edward D. Kleinbard acknowledges, and I challenge Kleinbard’s claim that U.S. multinationals are on a tax par with their foreign competitors.


Innovation And Interprovincial Income Inequality In China, Anna Shcherbiak Apr 2017

Innovation And Interprovincial Income Inequality In China, Anna Shcherbiak

Senior Theses

China’s recent economic growth has turned the country into one of the major players in the global economy, however uneven distribution of its benefits has undermined social cohesion of the country and led to outburst of civil unrest. This paper explores to what extent can innovation and its diffusion help the provinces achieve within-region convergence on income. The study employs Two-Stage Least Squares and Spatial Durbin Models to elucidate differentiate the importance of different types of innovation on inter-provincial income inequality. The results emphasize the importance of innovation, rather than invention, for convergence of income, and underscore the harmful ...


Is "Help" Helpful?: Analyzing Foreign Aid In Context Of Scale, Catherine Hull Apr 2017

Is "Help" Helpful?: Analyzing Foreign Aid In Context Of Scale, Catherine Hull

Undergraduate Research and Scholarship Symposium

Foreign aid comes in many forms. Foreign aid ranges from large-scale disaster relief to small-scale individual projects within communities. Most aid efforts have the same goal – to help those who would benefit from assistance. This case study addresses the question: what form of ‘help’ is helpful? Which type of aid best achieves what it sets out to accomplish?

To directly analyze the effect of foreign aid on a region, the water-conscious organization Pure Thirst traveled to the rural community of Olkokola, Tanzania. Pure Thirst worked alongside the community members to provide a form of humanitarian aid: improved water services to ...


Ex-Dividend Price Behavior In Spanish Speaking Markets: Do Stocks Behave Differently In Spain, Mexico, And Chile?, Kayla E. Nikosey Apr 2017

Ex-Dividend Price Behavior In Spanish Speaking Markets: Do Stocks Behave Differently In Spain, Mexico, And Chile?, Kayla E. Nikosey

Honors Projects in Finance

The main focus of this thesis is to analyze the behavior of stock price on ex-dividend day of ADRs in Spain, Mexico, and Chile. Announcement date, and ex-dividend date for each ADR is collected to be analyzed against the other ADRs. One would expect different behaviors in the different markets because of different tax treatments in Chile, Mexico, and Spain. Traditional event testing is being used to analyze the stock price behavior on and around ex-dividend days. The event test measures the impact of regulatory events and allows for abnormal changes in stock prices that occur in conjunction with dividend ...


Mexico Consensus Economic Forecast, Volume 20, Number 2, Thomas M. Fullerton Jr., Adam G. Walke Apr 2017

Mexico Consensus Economic Forecast, Volume 20, Number 2, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.


A Tale Of Two Cities: Global Entrepreneurship Monitor 2016, Singapore Management University Mar 2017

A Tale Of Two Cities: Global Entrepreneurship Monitor 2016, Singapore Management University

Perspectives@SMU

In recent years, Hong Kong and Shenzhen have experienced an explosive growth in the start-up support ecosystem.


Who Reacts To Income Tax Rate Changes? The Relationship Between Income Taxes And The Motivation To Work: The Case Of Azerbaijan, Orkhan Nadirov, Bruce Dehning, Khatai Aliyev, Minura Iskandarova Jan 2017

Who Reacts To Income Tax Rate Changes? The Relationship Between Income Taxes And The Motivation To Work: The Case Of Azerbaijan, Orkhan Nadirov, Bruce Dehning, Khatai Aliyev, Minura Iskandarova

Accounting Faculty Articles and Research

This research investigates the effects of income taxation on the motivation to work by employing a survey method for the Azerbaijan population. The two research questions of interest are, if subjects consider income taxes when deciding how many hours to work and how subjects would react to a hypothetical 5% income tax rate increase. Also examined are the responses to these questions between subjects with different socio-economic characteristics. Examining cross-sectional data of 326 respondents reveals that income taxes do not influence Azerbaijan labour market participants’ motivation to work, regardless of their socio-economic characteristics. Empirical results indicate that reactions to hypothetical ...


To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning Jan 2017

To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning

Accounting Faculty Articles and Research

Using country-level data from 2000-2013, we test the relationship between life satisfaction (measured as how people evaluate their life as a whole rather than their current feelings) and the motivation to work (measured as aggregate hours of work). Our hypothesis is that even after controlling for average labor income tax rates in countries with high and low average hours worked, there is a significant negative association between the motivation to work and life satisfaction. The main findings of this paper are that the increase in the motivation to work per employee comes at the expense of life satisfaction, and differences ...


Australian Real Estate Stock Reactions To Firb Regulation Changes, Henry Wei Jan 2017

Australian Real Estate Stock Reactions To Firb Regulation Changes, Henry Wei

CMC Senior Theses

This study analyzes the share price reactions to real estate development and building/construction materials corporations in relation to FIRB rule changes. It appears companies as a whole were indifferent to the rule changes; however individual securities returns were wildly different. These findings suggest that the FIRB rule changes had a mixed effect on different corporations possibly based on their exposure to the Australian real estate market.


The Gettysburg Economic Review, Volume 10, Spring 2017 Jan 2017

The Gettysburg Economic Review, Volume 10, Spring 2017

Gettysburg Economic Review

No abstract provided.


The Viability Of Profit-Loss Sharing Models To Finance Small And Medium Enterprises: The Case Of Saudi Arabia, Alhanoof Alghamdi Jan 2017

The Viability Of Profit-Loss Sharing Models To Finance Small And Medium Enterprises: The Case Of Saudi Arabia, Alhanoof Alghamdi

Electronic Theses and Dissertations

This study aims to explore the role of profit-loss sharing (PLS) models to alleviate access to finance for small and medium enterprises in Saudi Arabia, in the light of the stringent requirements of traditional financial institutions, to ensure the growth and development of the SME sector. A central question of this study is the extent to which Islamic banks can adopt profit-loss sharing modes to finance SMEs. The main results present the barriers preventing Islamic banks from the application of profit-loss sharing that increase incidence of agency problems for such institutions. High asymmetry of information and the nature of Islamic ...


Mexico Consensus Economic Forecast, Volume 20, Number 1, Thomas M. Fullerton Jr., Adam G. Walke Jan 2017

Mexico Consensus Economic Forecast, Volume 20, Number 1, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.


Currency Mismatch And Balance Sheet Effects Of Exchange Rate In Turkish Non-Financial Corporations, Serkan Demirkilic Jan 2017

Currency Mismatch And Balance Sheet Effects Of Exchange Rate In Turkish Non-Financial Corporations, Serkan Demirkilic

Doctoral Dissertations

Until the East Asian Crisis of 1990s, literature exclusively focused on the assumed expansionary competitiveness channel of deprecation in the domestic currency. The East Asian and Latin American Crisis of 1990s proved that depreciation in the domestic currency caused fragilities through the deterioration in firms’ balance sheet net- worth. Many have argued that excessive reliance on short-term debt and un-hedged foreign currency borrowings of firms were responsible of fragilities, and resulting poor performances of firms in these countries. The latter body of the literature introduced the contractionary balance sheet effects of foreign currency indebtedness through depreciation, and argued that if ...


How Do The Trans-Pacific Economies Affect The Usa? An Industrial Sector Approach, Takeshi Yagihashi, David D. Selover Jan 2017

How Do The Trans-Pacific Economies Affect The Usa? An Industrial Sector Approach, Takeshi Yagihashi, David D. Selover

Economics Faculty Publications

This paper studies how the Trans-Pacific region affects the US economy in terms of business cycle transmission. We use a large data set consisting of disaggregated sectoral industrial production indexes from selected countries in the region and employ a factor-augmented vector autoregression (FAVAR) approach to analyze the transmission of shocks in different industries. We find that a positive output shock in the entire Trans-Pacific region has positive effects on the majority of US manufacturing sectors. We also find that sectoral shocks in five sectors of the Trans-Pacific region have a large impact on the overall US economy. Three of the ...


The German Current Account: A Comparison Of American And European Perspectives And Policies, Lauren N. Anders Jan 2017

The German Current Account: A Comparison Of American And European Perspectives And Policies, Lauren N. Anders

Social Impact Research Experience (SIRE)

This paper reviews the components of the current account balance, the historical trends of Germany’s current account, and compares Germany’s current account to others across the world. It then discusses factors contributing to the current account surplus, including savings and investment behaviors, interest rates and the euro, and the gap between exports and imports. After discussing the impact of the surplus on international political relations and the political environment within Germany, this paper then delves into American, European, and German perspectives of the surplus – if it is harmful to the Eurozone and the global economy, and if so ...