Now showing items 1-10 of 13
Nonparametric estimation of returns to scale using input distance functions: an application to large US banks
(Springer International Publishing , 2015)
We derive new measures of returns to scale based on input distance functions (IDFs) and estimate them using nonparametric regression methods. In contrast to the cost function approach, the IDF does not require input prices ...
Obelix vs. Asterix: Size of US commercial banks and its regulatory challenge
(Springer International Publishing, 2015)
Big banks pose substantial costs to society in the form of increased systemic risk and government bailouts during crises. So the question is: Should regulators limit the size of banks? To answer this question, regulators ...
Does PIN measure information? Informed trading effects on returns and liquidity in six emerging markets
Market microstructure models imply that informed trading reduces liquidity and moves prices in the direction of the information. We test this implication using the dynamic PIN model (Easley, Engle, O'Hara and Wu 2008) as ...
Why Aid is Unpredictable: An Empirical Analysis of the Gap Between Actual and Planned Aid Flows
(John Wiley & Sons Ltd, 2015)
Aid flows continue to be volatile and unpredictable, even though it is widely accepted that this erodes the effectiveness of foreign aid. We argue that fragmented donor–recipient relationships, notably the large number of ...
ICP 2005 CONSTRUCTION PRICES: ARE THEY UNDERESTIMATED IN DEVELOPING COUNTRIES?
(International Association for Research in Income and Wealth, 2015)
Construction prices are lower in developing countries in ICP 2005, which has raised these countries’ capital/output ratio in Penn World Tables 7 and 8 and affected growth analyses. We estimate the Colombia/U.S. price ratio ...
Trade openness and bigger governments: The role of country size revisited
This paper revisits the question of why more open countries tend to have bigger governments. We replicate successfully the main results of Ram (2009), who rejects the role of country size as an omitted variable. However, ...
WANT EXPORT DIVERSIFICATION? EDUCATE THE KIDS FIRST
(Western Economic Association International, 2015-10)
This paper uses Bayesian model averaging to uncover the true determinants of export diversification among 36 potential factors, and thus 236 potential models. Using data from 2001 to 2010, our results reveal two strong ...
Expansión de la educación superior y sus efectos en matriculación y migración: evidencia de Colombia
(CEDE, Universidad de los Andes, 2015)
The Effect of Democracy on Corruption: Income is Key
This paper provides an explanation for the ambiguous relationship between democracy and corruption. Using rich panel data with annual observations from 1998 to 2012 allows us to control not only for country- and time-invariant ...
Revisiting the effects of innovation on growth: a threshold analysis
(Taylor & Francis Online, 2015)
Since Schumpeter’s (1934) seminal work, the existing literature has examined the relationship between innovation and economic growth, arguing for a strictly positive relationship. The recent literature suggests that this ...