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Real Effects (real + effects)
Selected AbstractsLOCAL GROWTH CONTROL AT THE BALLOT BOX: REAL EFFECTS OR SYMBOLIC POLITICS?JOURNAL OF URBAN AFFAIRS, Issue 2 2007MAI THI NGUYEN ABSTRACT:,Growth control regulations are pervasive in local jurisdictions throughout the United States; yet there is still much uncertainty about their effectiveness in slowing down or halting growth. Moreover, there is considerable debate over whether there are unintended (or sometimes intended) exclusionary consequences that disproportionately affect minority and low-income populations. Employing multiple regression analyses, this study examines the effects of growth control ballot measures, adopted by voters, on housing growth and sociodemographic change in local jurisdictions. The findings from the multiple regression analyses reveal that cities in which growth controls were adopted at the ballot box do have slower rates of housing growth. There is also evidence that ballot box growth controls reduce growth in Hispanic and lower-income populations. Overall, the results from this study suggest that the adoption of ballot box growth controls is not merely "symbolic politics," but has real measurable consequences on housing growth. Unfortunately, growth controls adopted by the ballot box may also contribute to the sociospatial segregation of cities by race/ethnicity and income. [source] Monetary policy in high inflation open economies: evidence from Israel and TurkeyINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 4 2007Sushanta K. Mallick Abstract With quarterly data from Israel and Turkey we estimate generalized impulse response functions to show that inflation has no long-run real effects on consumption, investment and the current account balance. The findings are robust even after allowing for inflation volatility obtained through GARCH estimates. We develop an inter-temporal optimizing model of a small open economy with a fixed rate of time preference that supports the empirics. Our model, thus, extends the super-neutrality results (à la Sidrausky) in an open economy paradigm. Copyright © 2007 John Wiley & Sons, Ltd. [source] Altering Investment Decisions to Manage Financial Reporting Outcomes: Asset-Backed Commercial Paper Conduits and FIN 46JOURNAL OF ACCOUNTING RESEARCH, Issue 5 2008DANIEL A. BENS ABSTRACT We evaluate the manner in which sponsors of highly leveraged asset-backed commercial paper (ABCP) conduits responded to Financial Accounting Standards Board Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities an Interpretation of ARB No. 51, and its Canadian counterpart Accounting Standards Board of Accounting Guideline 15 (AcG-15), Consolidation of Variable Interest Entities. By matching commercial paper investors with corporations seeking liquidity, ABCP sponsors facilitate a significant amount of short-term, securitized financing in the United States. FIN 46 and AcG-15 require sponsors to consolidate their ABCP conduits with their financial statements. We demonstrate that the volume of ABCP began to decline when FIN 46 was first proposed, and that this decline is primarily attributable to a reduction in North American banks' sponsorship of ABCP. We also demonstrate that North American banks entered into costly restructuring arrangements to avoid having to consolidate their conduits per the new accounting standards. Our results suggest that, in certain settings, accounting standards appear to have real effects on investment activity and product-market competition. [source] Local Banks Efficiency and EmploymentLABOUR, Issue 3 2008Patrizia Ordine We argue that if banks are not efficient in monitoring the borrowers in the presence of asymmetric information, credit market imperfections have real effects. We estimate dynamic equations using system generalized method of moments (GMM) for bank loans and employment on panel data for Italian firms. The system GMM estimates indicate that the impact of credit market on employment is higher where the local financial market is less developed, asymmetric information is widespread, bank managers are less efficient in assessing the firms' solvency and do not use appropriate methods to evaluate the borrowers' payback capacity. [source] On the Effects of Inflation Shocks in a Small Open EconomyTHE AUSTRALIAN ECONOMIC REVIEW, Issue 3 2007Sushanta K. Mallick The effects of monetary policies remain always an important topic in macroeconomics. In the literature (closed and open economy), there is no theoretical as well as empirical consensus regarding the effects of monetary policies. In this paper we examine the real effects of inflation in an open economy. Australia is a classic example of a small open economy and is known to exercise inflation targeting. Using quarterly data from Australia and employing vector autoregressive (VAR) analysis, we provide evidence that inflation, both in the short and long run, negatively affects durable and non-durable consumption and investment, and has a positive effect on the current account. Further, we show that consumption of durable goods is more sensitive than the consumption of non-durables during the initial periods following inflationary shocks. [source] The Employment Effects of Severance Payments with Wage Rigidities,THE ECONOMIC JOURNAL, Issue 506 2005Pietro Garibaldi Firing costs have two separate dimensions: a transfer from the firm to the laid-off worker and a tax paid outside the firm-worker pair. To avoid the ,bonding critique' most of the existing literature implicitly assumes that, in the presence of wage rigidity, transfers have the same real effects as taxes. This paper shows that this presumption is in general misplaced, especially so when the degree of wage rigidity is endogenous. The predictions of our theory find empirical support in a panel data-set of OECD countries. [source] Gene,environment interplay and psychopathology: multiple varieties but real effectsTHE JOURNAL OF CHILD PSYCHOLOGY AND PSYCHIATRY AND ALLIED DISCIPLINES, Issue 3-4 2006Michael Rutter Gene,environment interplay is a general term that covers several divergent concepts with different meanings and different implications. In this review, we evaluate research evidence on four varieties of gene,environment interplay. First, we consider epigenetic mechanisms by which environmental influences alter the effects of genes. Second, we focus on variations in heritability according to environmental circumstances. Third, we discuss what is known about gene,environment correlations. Finally, we assess concepts and findings on the interaction between specific identified genes and specific measured environmental risks. In order to provide an understanding of what may be involved in gene,environment interplay, we begin our presentation with a brief historical review of prevailing views about the role of genetic and environmental factors in the causation of mental disorders, and we provide a simplified account of some of the key features of how genes ,work'. [source] Sectoral Effects of Monetary Policy: Evidence from MalaysiaASIAN ECONOMIC JOURNAL, Issue 1 2005Mansor H. Ibrahim E40; E52 The present paper analyzes the effects of monetary policy shocks on aggregate and eight sectoral outputs for Malaysia using vector autoregressive models. In line with many existing studies on Malaysia, the results are supportive of the real effects of monetary policy shocks. More importantly, we find evidence suggesting sector-specific responses to innovations in monetary policy. In response to positive interest rate shocks, we note that the manufacturing, construction, finance, insurance, real estate and business services sectors seem to decline more than aggregate production. By contrast, we observe the relative insensitivities of agriculture, forestry and fishing, mining and quarrying, electricity, gas and water to interest rate changes. The results, therefore, seem to confirm potential disparities in the effect of monetary policy on real sectoral activities. [source] The Effect of Exchange Rate on Bilateral Trade Balance: New Evidence from Malaysia and ThailandASIAN ECONOMIC JOURNAL, Issue 3 2001Ahmad Zubaidi BaharumshahArticle first published online: 18 DEC 200 This paper attempts to identify the major economic factors that influence the bilateral trade balances of Malaysia and Thailand with the US and Japan. To this end, an unrestricted VAR model was estimated using quarterly frequency data from 1980: I to 1996: IV. The Johansen results indicate a stable long-run relation between trade and three macro variables: exchange rate, domestic income and foreign income. The main findings of this paper are: (i) the real effective exchange rate is an important variable in the trade balance equation and devaluation improves the trade balances of both economies in the long-run; (ii) the other important variables that determine trade balance include domestic and foreign incomes; (iii) the results indicate no J-curve effect and causal run from exchange rate to trade balance, (iv) the real effects of devaluation are distributed over a period of eight to nine quarters. [source] THE EVOLUTION OF INFLATION AND UNEMPLOYMENT: EXPLAINING THE ROARING NINETIESAUSTRALIAN ECONOMIC PAPERS, Issue 4 2008MARIKA KARANASSOU This paper analyses the relation between US inflation and unemployment from the perspective of ,frictional growth,' a phenomenon arising from the interplay between growth and frictions. In particular, we focus on the interaction between money growth and nominal frictions. In this context we show that monetary policy has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We evaluate this tradeoff empirically and assess the impact of productivity, money growth, budget deficit, and trade deficit on the US unemployment and inflation trajectories during the nineties. [source] Does the Lender Matter?CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES, Issue 4 2002Home Office Location, Lender Type, Real Estate Development Lending Inter-regional expansion and merger and acquisition activity triggered by regulatory reforms are changing the structure of North America's financial industry. Increases in concentration and the belief that large and small financial institutions specialize in distinct segments of the lending market have raised concerns among some that these industry changes will have real effects on the availability and access to credit for distinct classes of borrowers, especially smaller firms. This paper examines this issue by looking at differences across lenders in the financing of residential construction by lender type and home office location (local versus out-of-province). The analysis has two components. The first is a descriptive data analysis for evidence that smaller, local lenders provide capital to more marginal and infra-marginal borrowers. The second is a test of whether lenders active in multiple jurisdictions allocate loan capital for real estate efficiently. To evaluate these issues, the paper uses data on over 1,300 senior and junior construction loans in the Vancouver, BC, metropolitan area. We find that local lenders do seem to behave differently, charging lower spreads and extending credit to more marginal or less well capitalized developers. However, contrary to the claims of many Vancouver developers, lenders in Central Canada did not limit credit to British Columbia when their home real estate markets turned down in the late 1980s and early 1990s. Instead, the lending volume and market share in the Vancouver market of lenders based outside of BC rose when the relative condition of their home real estate markets worsened. Résumé La fusion et l'expansion inter-régionales, l'acquisition des activités déclenchée par les reformes régulatrices modifient la structure des industries financières nord-américaines. Les accroissements de la concentration et la croyance en la spécialisation des petites et des grandes institutions financières dans différents secteurs du marché de prêt ont amené les uns à s'inquiéter du fait que certains de ces changements industriels peuvent avoir des effets certains sur la disponibilité et l'accès au crédit à des classes distinctes d'emprunteurs et en particulier aux petites firmes. Le présent article examine cette question en analysant les différences entre les prêteurs dans le financement des constructions résidentielles suivant le type de prêteur et le lieu d'implantation de son établissement principal (dans la province par opposition à hors de la province). L'analyse a deux composantes: la première est l'analyse descriptive des données dans le but de montrer que les petits prêteurs locaux fournissent des capitaux à plus d'emprunteurs marginaux et infra-marginaux. La seconde composante est un test qui vise à savoir si les prêteurs actifs dans plusieurs juridictions allouent efficacement des capitaux d'emprunts aux compagnies immobilières. Pour évaluer ces questions, l'article utilise des données de plus de 1300 prêts de constructions primaires et secondaires dans la zone métropolitaine de Vancouver, en Colombie Brittanique. Notre travail permet de constater que les prêteurs locaux semblent se comporter différemment, demandant des marges plus basses et accordant des crédits à des promoteurs immobiliers plus marginaux ou nettement moins capitalisés. Cependant, contrairement aux déclarations de plusieurs promoteurs immobiliers de Vancouver, les prêteurs du Canada Centre ne s'étaient pas limités à la Colombie Britannique dans l'octroi des crédits quand leurs marchés des propriétés immobilières avaient fléchi à la fin des années 1980 au début des années 1990. Bien au contraire, le volume de prêt et la part de marché dans le marché de Vancouver des prêteurs installés hors de la Colombie Britannique s'est accru quand la condition relative de leurs marchés immobiliers a empiré. [source] | ||||||||||