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JCE Volume 41, Issue 3 (August 2013)

Does trust favor macroeconomic stability?

Original Research Article
Pages 653-668
Marc Sangnier
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Highlights

► More trust is associated with less volatility in a cross section of countries. ► Trust relaxes credit constraints and diminishes investment’s procyclicality. ► Inherited trust of Americans is used as an instrumental variable for trust. ► There is no clear evidence that trust also reduces volatility across time.
2

Estimating the social return to transport infrastructure: A price-difference approach applied to a quasi-experiment

Original Research Article
Pages 669-683
Zhigang Li, Yu Chen
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Highlights

► An investment that doubled the capacity of a 1000-mile railroad in western China. ► The railroad was congested in only one direction before the capacity expansion. ► Using changes in price gaps between markets to infer the return to the investment. ► Price gaps decreased by 30% in the congestion direction, but not the other. ► An implied social return of 30% on average.
3

Does democracy affect taxation and government spending? Evidence from developing countries

Original Research Article
Pages 684-718
Paola Profeta, Riccardo Puglisi, Simona Scabrosetti
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Highlights

► We focus on developing countries in South-East Asia, Latin America and the EU. ► We explore the relation between political institutions and public finance variables. ► Pooled OLS findings do not survive the more demanding fixed effects specification. ► The only exceptions are indirect, trade and property taxes, and defense expenditure. ► Our findings cast doubts on channels through which institutions affect development.
4

Egalitarian norms, economic development, and ethnic polarization

Original Research Article
Pages 719-744
Rein Haagsma, Pierre v. Mouche
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Highlights

► We present two models that show how modernization may change traditional communities. ► Resistance is strong when new options are available for only few people. ► Resistance is also strong when communities are socially unstable. ► Polarization occurs when new options lead to group differences in norm compliance. ► If the group with new options comprises half the population, polarization is highest.
5

Sukuk vs. conventional bonds: A stock market perspective

Original Research Article
Pages 745-761
Christophe J. Godlewski, Rima Turk-Ariss, Laurent Weill
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6

Foreign ownership and the credibility of national rating agencies: Evidence from Korea

Original Research Article
Pages 762-776
Giovanni Ferri, Punziana Lacitignola, Jeong Yeon Lee
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7

Does trust promote growth?

Original Research Article
Pages 777-788
Roman Horváth
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Highlights

► Cross-country evidence suggests that generalized trust is one of key drivers of growth. ► Bayesian model averaging is applied to deal with model uncertainty formally. ► The effect of trust on growth is stronger in countries with a weak rule of law.
8

A different look at Lenin’s legacy: Social capital and risk taking in the Two Germanies

Original Research Article
Pages 789-803
Guido Heineck, Bernd Süssmuth
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9

Reluctant regulation

Original Research Article
Pages 804-828
Bernardo Bortolotti, Carlo Cambini, Laura Rondi
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Highlights

► We study the state ownership’s effect on the market value of publicly traded EU utilities. ► When subject to independent regulation, firms’ value is positively affected by state ownership. ► The effect is strong in countries where political institutions do not constrain the executive power. ► We claim that politicians influence regulatory agencies in order to benefit state-owned firms.
10

Globalization and labor market institutions: International empirical evidence

Original Research Article
Pages 829-842
Niklas Potrafke
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Highlights

► I investigate the influence of globalization on labor market institutions. ► I use panel data and cross-sectional data. ► To deal with potential reverse causality, I employ a system GMM panel estimator. ► I use a constructed trade share as an instrumental variable for globalization. ► The results do not show that globalization induced labor market deregulation.
11

Trade and product market policies in upstream sectors and productivity in downstream sectors: Firm-level evidence from China

Original Research Article
Pages 843-862
Maria Bas, Orsetta Causa
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Highlights

► We study the impact of structural reforms on firm productivity in China. ► Input-trade liberalization increases productivity for firms closer to technological frontier. ► Product market reforms have a similar effect on firm productivity. ► While financial liberalization boosts productivity of laggard firms. ► These findings are robust to alternative econometric specifications.
12

On the transaction values of land use rights in rural China

Original Research Article
Pages 863-878
Sivalai V. Khantachavana, Calum G. Turvey, Rong Kong, Xianli Xia
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Highlights

► We investigate prices that Chinese farmers might buy or sell Land Use Rights (LURs). ► We find that market clearing will occur at about 39,000 CNY/mu. ► Should LUR become transactable market disequilibrium is the likely result. ► Results imply that Chinese farmers will not eagerly sell land use rights.
13

Comparing China and India: A factor accumulation perspective

Original Research Article
Pages 879-894
Kamhon Kan, Yong Wang
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Highlights

► We compare China and India from factor accumulation perspective. ► China has much higher ratios of physical to human capital than India. ► Government policy is more physical-capital friendly in China than in India. ► We explain the differences within a standard two-factor growth model. ► We estimate a normalized CES production function for both China and India.
14

Impact of firm heterogeneity on direct and spillover effects of FDI: Micro-evidence from ten transition countries

Original Research Article
Pages 895-922
Jože P. Damijan, Matija Rojec, Boris Majcen, Mark Knell
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Highlights

► This paper presents a comparative study of the importance of FDI spillovers in 10 transition countries, using a common methodology and a large firm-level dataset. ► The main novelty of the paper is the explicit control for various sources of firm heterogeneity when accounting for different effects of FDI on firm performance. ► We find that horizontal spillovers have become increasingly important over the last decade, and they may even become more important than vertical spillovers. ► This work shows that both direct effects from foreign ownership as well as the spillovers from foreign firms substantially depend on the absorptive capacity and productivity level of individual firms. ► Only more productive firms and firms with higher absorptive capacities are able to compete with foreign affiliates in the same sector and to benefit from the increased upstream demand for intermediates generated by foreign affiliates. ► In addition, these results show that foreign presence may also affect smaller firms to a larger extent than larger firms, but this impact may go in either direction.
15

Have the returns to education really increased in Vietnam? Wage versus employment effect

Original Research Article
Pages 923-938
Remco H. Oostendorp, Quang Hong Doan
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Highlights

► We show analytically how changes in the returns to education depend on changes in wage and employment patterns. ► We use four large-scale representative household surveys from the transition economy of Vietnam for the period 1998–2006. ► There have been large shifts in employment in Vietnam especially between the import substituting and export oriented sectors. ► Changes in the returns to education are overestimated if the shifts in employment patterns are ignored.
16

Exports, capabilities, and industrial policy in India

Original Research Article
Pages 939-956
Jesus Felipe, Utsav Kumar, Arnelyn Abdon
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17

Montias Prize


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2013-2014 ACES MEMBERSHIP FORM


Page 958
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