Mostrando recursos 1 - 20 de 1.707

  1. Spillover from the Haven: Cross-Border Externalities of Patent Box Regimes Within Multinational Firms

    Schwab, Thomas; Todtenhaupt, Maximilian
    We analyze the cross-border effect of tax cuts on R&D activity in the context of profit shifting. A tax cut in one location of a multinational enterprise reduces the user cost of capital for the whole group if profit shifting is possible and exerts a positive cross-border effect on R&D output. Using micro-level data, we find an increase of patent output of 15% upon the implementation of a foreign tax cut for firms with cross-border links. In addition, we find that foreign tax cuts prohibiting profit shifting generate a negative cross-border effect on average patent quality.

  2. Big Data and Regional Science: Opportunities, Challenges, and Directions for Future Research

    Schintler, Laurie A.; Fischer, Manfred M.
    Recent technological, social, and economic trends and transformations are contributing to the production of what is usually referred to as Big Data. Big Data, which is typically defined by four dimensions -- Volume, Velocity, Veracity, and Variety -- changes the methods and tactics for using, analyzing, and interpreting data, requiring new approaches for data provenance, data processing, data analysis and modeling, and knowledge representation. The use and analysis of Big Data involves several distinct stages from "data acquisition and recording" over "information extraction" and "data integration" to "data modeling and analysis" and "interpretation", each of which introduces challenges that need...

  3. Does Space Finally Matter? The Position of New Economic Geography in Economic Journals

    Maier, Gunther; Lehner, Partick
    This paper presents an empirical analysis about the position new economic geography plays in economics. In a theoretical review we discuss recent developments in economics, like new trade theory, endogenous growth theory, and new economic geography and analyze their implications for spatial structure. The paper presents the basic components of these theories and points out their commonalties. This shows that all these theories are based on assumptions that lead to spatial structure, i.e. differences in the spatial allocation of economic activities. In the empirical investigation we use the Social Science Citation Index to analyze citations of seminal contributions in various types...

  4. The Size of the Government and Economic Growth: An Empirical Study of Sri Lanka

    Herath, Shanaka
    Series: SRE - Discussion Papers

  5. Path dependence in economic theory and research

    Hartell, Ann
    This paper gives an overview of the concept of path dependence and explores its relevancy for sustainability-related research. The importance of path dependency for evolutionary economics is discussed, along with some important criticisms of the concept. The framework of path dependency is then applied to a case study of a regional rail transport plan with implications for sustainable transportation systems. Traditional economic theory emphasizes a set of assumed initial conditions, a series of decisions guided by rationality and perfect information which deliver a market to a state of predictable equilibrium where efficiency reigns. The orthodox idea of equilibrium holds that any...

  6. Contextualizing Location Affordability: Urban Sprawl and Foreclosure

    Ann, Hartell
    Location affordability is a policy concept that links housing costs with transport costs, recognizing that assessing affordability should consider the combined costs incurred by a given location choice. As a more holistic perspective on affordability than traditional thresholds of housing costs alone, location affordability opens new possibilities for applied analyses that suggest a need for stronger coordination between housing and transport sectors in policy, planning, and project development. A range of housing and transport system configurations can result in affordable locations. For example, it may be that high housing cost burdens in densely developed urban markets can be softened by...

  7. Sprawl and Commuting: Exploring New Measures of United States Metro Regions

    Hartell, Ann
    The degree of connectivity and proximity that results from the configuration of land uses and associated transport networks is an important concept in much of the transportation research agenda. A substantial body of work has developed around the idea that compact, mixed-use development with multimodal transport options will shape travel behavior, increasing the use of transit, walking, and cycling for routine travel. Yet empirical evidence is somewhat mixed. One of the reasons for this uncertainty is the difficulty of defining and measuring sprawl in a meaningful way for use in quantitative analyses, rather than using regionally idiosyncratic or mono-dimensional definitions...

  8. Structural Characteristics of Peripheral Areas and the Relevance of the stock-in-trade Variables of Regional Science

    Stöhr, Walter
    Series: IIR-Discussion Papers

  9. On the relevance of double tax treaties

    Petkova, Kunka; Stasio, Andrzej; Zagler, Martin
    This paper investigates the effects of double tax treaties (DTTs) on foreign direct investment (FDI) after controlling for their relevance in the presence of treaty shopping. DTTs cannot be considered a bilateral issue, but must be viewed as a network, since FDI can flow from home to host country through one or more conduit countries. By accounting for treaty shopping, we calculate the shortest (i.e. the cheapest) tax distance between any two countries allowing the corporate income to be channelled through intermediate jurisdictions. We differentiate between relevant and neutral DTTs - i.e. tax treaties that offer investors a financial advantage - and irrelevant DTTs and...

  10. The dynamic impact of monetary policy on regional housing prices in the US: Evidence based on factor-augmented vector autoregressions

    Fischer, Manfred M.; Huber, Florian; Pfarrhofer, Michael; Staufer-Steinnocher, Petra
    In this study interest centers on regional differences in the response of housing prices to monetary policy shocks in the US. We address this issue by analyzing monthly home price data for metropolitan regions using a factor-augmented vector autoregression (FAVAR) model. Bayesian model estimation is based on Gibbs sampling with Normal-Gamma shrinkage priors for the autoregressive coefficients and factor loadings, while monetary policy shocks are identified using high-frequency surprises around policy announcements as external instruments. The empirical results indicate that monetary policy actions typically have sizeable and significant positive effects on regional housing prices, revealing differences in magnitude and duration. The largest effects are observed in regions located...

  11. The Effect of Intellectual Property Boxes on Innovative Activity & Effective Tax Rates

    Bornemann, Tobias; Oßwald, Benjamin
    We examine the effect of the introduction of a large tax rate cut on patent income in Belgium on firms' patenting activities and effective tax rates (ETRs). In contrast to contemporaneous research on intellectual property (IP) boxes that examines multiple countries, we focus on one country because it allows us to cleanly identify targeted innovative activity and resulting tax benefits around the adoption of the IP box. We find that relative to firms in an adjoining country with no IP box, patent applications and patent grants increase after the introduction of an IP box regime, while patent quality decreases. This...

  12. Tax Avoidance and Accounting Conservatism

    Bornemann, Tobias
    This study analyzes the relation between accounting conservatism, future tax rate cuts and countries' level of book-tax conformity. Firms have an incentive to increase conservatism in financial reporting when a tax rate cut is imminent to shift taxable income into the lower taxed future. Using a panel of firms across 18 countries from 1995 to 2010 I find that conditional conservatism is positively and significantly associated with future tax rate cuts when book-tax conformity is high. This effect is particularly pronounced for firms that concentrate the majority of their operations in the country in which the tax rate is cut....

  13. Do Transfer Pricing Rules distort R&D Investment Decisions?

    Bornemann, Tobias
    This study analyzes the impact of transfer pricing on multinational enterprises' R&D investment decisions. Specifically, I examine the effects of two commonly used contract designs to exchange and develop intangible assets across group affiliates: licensing and cost sharing agreements. Whilst serving as a tool to allocate taxable income between group affiliates, the economic implications of licensing and cost sharing agreements differ. Whereas licensing agreements provide for a sharing rule on the intangible's profits, cost sharing agreements on the other hand provide a sharing rule on R&D development costs. This difference matters when firms simultaneously use internal transfer prices to allocate...

  14. Literacy skills, equality of educational opportunities and educational outcomes: an international comparison

    Jovicic, Sonja
    This paper assesses the role of literacy skills as an equalizer in both educational outcomes and educational opportunities. First, by linking two surveys of adult skills for 11 OECD countries (PIAAC - Survey of Adult Skills (conducted in mid-1990s) and IALS - International Adult Literacy Survey (conducted in 2011)), the relationship between performance (average literacy test scores) across countries and within-country skill inequality (dispersion in literacy test scores) is examined. Although Okun's style tradeoff could suggest that there is a tradeoff between efficiency and equality, in this analysis the opposite holds true. Countries with higher average literacy test scores have, at the same time, higher equality in...

  15. Illusionen grenzenloser Globalisierung

    Novy, Andreas
    Wir leben in interessanten Zeiten. In den reichen Ländern verbreitet sich das Bewusstsein, dass die Zukunft keinesfalls zwangsläufig besser wird. Die Verhältnisse sind im Umbruch, was für diejenigen, die weltweit lange Zeit zu den GewinnerInnen gezählt haben - das heißt wir alle, die wir hier sitzen -, unangenehm werden könnte. Bleibt die hierarchische Weltordnung, die Wohl und Wehe so ungleich verteilt, in dieser Form bestehen, nur wir verlieren den Platz an ihrer Spitze, dann könnte dies dramatische Konsequenzen für uns haben. Was tun? Auf jeden Fall steht einiges auf dem Spiel. Aus diesem Grund teilen immer mehr Menschen die Einschätzung, dass...

  16. Sophisticated and small versus simple and sizeable: When does it pay off to introduce drifting coefficients in Bayesian VARs?

    Feldkircher, Martin; Huber, Florian; Kastner, Gregor
    We assess the relationship between model size and complexity in the time-varying parameter VAR framework via thorough predictive exercises for the Euro Area, the United Kingdom and the United States. It turns out that sophisticated dynamics through drifting coefficients are important in small data sets while simpler models tend to perform better in sizeable data sets. To combine best of both worlds, novel shrinkage priors help to mitigate the curse of dimensionality, resulting in competitive forecasts for all scenarios considered. Furthermore, we discuss dynamic model selection to improve upon the best performing individual model for each point in time.

  17. Estimating the Trade and Welfare Effects of Brexit: A Panel Data Structural Gravity Model

    Oberhofer, Harald; Pfaffermayr, Michael
    This paper proposes a new panel data structural gravity approach for estimating the trade and welfare effects of Brexit. The suggested Constrained Poisson Pseudo Maximum Likelihood Estimator exhibits some useful properties for trade policy analysis and allows to obtain estimates and confidence intervals which are consistent with structural trade theory. Assuming different counterfactual post-Brexit scenarios, our main findings suggest that UKs (EUs) exports of goods to the EU (UK) are likely to decline within a range between 7.2% and 45.7% (5.9% and 38.2%) six years after the Brexit has taken place. For the UK, the negative trade effects are only...

  18. The Effects of German Wind and Solar Electricity on French Spot Price Volatility: An Empirical Investigation

    Haxhimusa, Adhurim
    We examine the relationship between German wind and solar electricity and French spot price volatility. Using hourly data, we find that French imports from Germany driven by German wind and solar electricity sometimes decrease, sometimes increase the volatility of French spot prices. These two opposing effects depend on the shape of the French supply function and on the French demand. We, therefore, estimate different coefficients for imports depending on different demand levels. We acknowledge the endogeneity problem in identifying these effects and employ instrumental variable techniques to circumvent this problem. Our results show the urgent need for further coordination of...

  19. The propagation of business sentiment within the European Union

    Kukuvec, Anja; Oberhofer, Harald
    This paper empirically investigates the propagation of business sentiment within the European Union (EU) and adds to the literature on shock absorption via a common market's real economy. To this end, we combine EU-wide official business sentiment indicators with world input-output (IO) data and information on indirect wage costs. Econometrically, we model interdependencies in economic activities via IO-linkages and apply space-time models. The resulting evidence provides indication for the existence of substantial spillovers in business sentiment formation. Accordingly, and highlighted by the estimated impacts of changes in indirect labor costs, policy reforms aiming at increasing the resilience of the European...

  20. Trade Balance Dynamics and Exchange Rates: In Search of the J-Curve Using a Structural Gravity Approach

    Badinger, Harald; Fichet de Clairfontaine, Aurélien
    This paper uses a structural gravity approach, specifying currency movements as trade cost component to derive an empirical trade balance model, which incorporates multilateral resistance terms and accounts for the cross-country variation in the exchange rate pass-through into import and export prices. The model is estimated using quarterly bilateral trade flows between 47 countries over the period 2010Q1-2017Q2, disaggregated into 97 commodity groups. Our results support the existence of an ``aggregate'' J-curve, pooled over commodity groups; at the same time they point to considerable heterogeneity in the trade balance dynamics across industries below the surface of aggregate data.

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