JCE Volume 41, Issue 4,(November 2013)

Highlights

► We use a factor model to define four governance measures at the country level. ► We estimate the factor model using 40 expert opinion variables. ► We assess each factor’s impact on per capita income using IV regressions. ► We control for the effects of geography (malaria risk) and trade. ► Two factors – market infrastructure and civil liberties – cause income to rise.

Highlights

• This paper estimates the effect of the corporate tax reform in Estonia in 2000. • This unique reform nullified the taxation of retained earnings. • The difference in differences and matching methods are implemented. • The results indicate increase in firms’ liquidity and decrease in debt financing.

Highlights

► Two institutional decisions are examined; monetary policy delegation and fight of corruption. ► Important determinants: initial corruption and debt levels, degree of tax distortions and policymakers’ preferences. ► Focus on the interactions among the two monetary and fiscal institutional reforms. ► Provide support in favour of strategic complementarities.

Highlights

► Patrilocal household formation rules make the sex of the first born important. ► Patrilocality is strongly negatively associated with female labour supply. ► Impacts of patrilocality are strong in post-communist countries. ► Fertility impacts of patrilocality are not religion- or culture-specific.

Highlights

► We analyze costs of job loss in terms of standard and non-conventional outcomes. ► Our Propensity score matching estimator establishes a causal effect of displacement. ► The main standard costs are foregone earnings, not wage losses upon re-employment. ► Re-employed displaced workers are more likely to be in informal and temporary jobs.

Highlights

• The responses of stock prices differ depending on the net position of a country. • The responses of stock prices differ depending on the cause of oil price change. • The explanatory power of oil shocks relies on the importance of oil to the economy. • The effects of oil price uncertainty are stronger for oil-exporting countries. • Increases in oil price improve the market comovement of oil-exporting countries.

Highlights

• Economic reforms have increased efficiency for both informal and formal firms. • Reforms have increased productivity differentials between formal and informal firms. • All three product market reforms have contributed to greater dualism.