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We find that routine-biased technological change decreases the employment-to-population ratio of foreign-born population over the last three decades (1980–2010). This impact is greater for foreign-born population with lower English proficiency. As computerization and automation substitute for workers in routine occupations, switching from routine jobs to non-routine cognitive jobs may be more challenging for foreign-born workers than for native workers. © 2021, EEA.
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This paper examines the role of property rights and other factors to the growth of real gross domestic product (GDP) per capita. We show using a two-step system generalized method of moments (GMM) dynamic model and a panel data set of around 150 countries from 2006 to 2018 that property rights have a positive and significant effect on the growth of real GDP per capita. The paper also found that human capital, physical capital and inflation have significant effects on real GDP per capita growth. © 2021. All Rights Reserved.
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Using data on a sample of small Iowa towns consistently collected over two decades, we investigate how agglomeration economies, social capital, human capital, local fiscal policy, and natural amenities affect new firm entry. We find that human capital and agglomeration are more conducive to new firm entry than are natural amenities, local fiscal policy, or social capital. The impact of local fiscal policy is too small to overcome the locational disadvantages from insufficient endowment of human capital and agglomeration. A rural development approach that encourages firm entry in rural towns with the largest endowments of human capital and market agglomeration would be more successful than trying to raise firm entry in every town.
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This paper presents a study on 80 countries that evaluates the socioeconomic factors in containing the spread and mortality of COVID-19. Our results show that the long-term social factors such as lower personal freedom, better education in science, and past coronavirus outbreak experience are more effective than the economic factors such as higher healthcare-associated factors per 1000 population and larger GDP. However, using GDP per capita as the instrumental variable, we also find that the richer countries with a high degree of personal freedom have a higher number of infection or death cases per million population because they would be less likely to adhere to and implement the policy of the movement restrictions to restrict their access to goods and services. © 2020 Informa UK Limited, trading as Taylor & Francis Group.
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Following the 2007–2008 financial crisis, there is widespread interest in understanding how derivative use drives bank lending behavior. Our paper examines the impact of bank ownership structure on the relationship between derivative use and lending activities of U.S. banks. We find that lending recovered faster in larger banks than smaller banks post-crisis and in line with Diamond’s (Diamond DW 1984 Financial intermediation and delegated monitoring. Rev Econ Stud 51:393–414) systemic risk reduction theory, derivative use is positively associated with lending growth. Ownership is significant in explaining the magnitude of the relationship even after controlling for alternative specifications of the derivative use variable. In both normal and crisis periods, the speed of adjustment of lending to derivatives use by stock banks lags that of mutual banks. We suggest that speculative trading in derivatives substitutes for lending growth to a larger extent for stock banks compared to mutual banks. These findings may have important implications for investors and bank regulators. © 2020, Academy of Economics and Finance.