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This paper studies whether bilateral international financial connection data help predict bilateral stock return comovement. It is shown that, when the United States is chosen as the benchmark, a larger U.S. portfolio investment asset position on the destination economy predicts a stronger stock return comovement between them. For large economies such as the United States and Germany, the portfolio investment position is also the best predictor among other connection variables. The paper discusses with a simple general equilibrium portfolio model that the empirical pattern is consistent with the behavior of index investors who trade in response to risk-on/risk-off shocks.
International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Exports and Imports --- Finance: General --- Investments: Bonds --- Investments: Stocks --- International Investment --- Long-term Capital Movements --- International Finance: Other --- International Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Stocks --- Portfolio investment --- Stock markets --- Foreign direct investment --- Bond yields --- Financial institutions --- Balance of payments --- Financial markets --- Portfolio management --- Stock exchanges --- Investments, Foreign --- Bonds --- United States
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In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic's impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
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Although GDP growth in the Netherlands has recently been stronger than in peer countries, the main contributor has been the growth in labor. If GDP is divided by labor, productivity growth appears to have been slower than in peers. This chapter discusses both exogenous and endogenous factors behind the disappointing productivity growth in the Netherlands and derives policy implications.
Labor --- Macroeconomics --- Public Finance --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Macroeconomics: Production --- Labor Economics: General --- Demand and Supply of Labor: General --- Taxation, Subsidies, and Revenue: General --- Labour --- income economics --- Public finance & taxation --- Productivity --- Labor markets --- Information technology in revenue administration --- Revenue administration --- Industrial productivity --- Labor economics --- Labor market --- Economic theory --- Revenue --- Netherlands, The
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Financial markets will play a catalytic role in financing the adaptation and mitigation to climate change. Catastrophe and green bonds in the private sector have become the most prominent innovations in the field of sustainable finance in the last fifteen years. Yet, the issuances at the sovereign level have been relatively recent and not well documented in the literature. This Note discusses the benefits of issuing these instruments as well as practical implementation challenges impairing the scaling-up of these markets. The issuance of these instruments could provide an additional source of stable financing with more favorable market access conditions, mitigate the stress of climate risks on public finances and facilitate the transition to greener low-carbon economies. Emerging market and developing economies stand to benefit the most from these financial innovations.
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In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic's impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
Labor market --- COVID-19 Pandemic, 2020 --- -Labor market --- COVID-19 Pandemic, 2020-
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International Financial Connection and Stock Return Comovement.
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Financial markets will play a catalytic role in financing the adaptation and mitigation to climate change. Catastrophe and green bonds in the private sector have become the most prominent innovations in the field of sustainable finance in the last fifteen years. Yet, the issuances at the sovereign level have been relatively recent and not well documented in the literature. This Note discusses the benefits of issuing these instruments as well as practical implementation challenges impairing the scaling-up of these markets. The issuance of these instruments could provide an additional source of stable financing with more favorable market access conditions, mitigate the stress of climate risks on public finances and facilitate the transition to greener low-carbon economies. Emerging market and developing economies stand to benefit the most from these financial innovations.
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Although GDP growth in the Netherlands has recently been stronger than in peer countries, the main contributor has been the growth in labor. If GDP is divided by labor, productivity growth appears to have been slower than in peers. This chapter discusses both exogenous and endogenous factors behind the disappointing productivity growth in the Netherlands and derives policy implications.
Netherlands, The --- Labor --- Macroeconomics --- Public Finance --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Macroeconomics: Production --- Labor Economics: General --- Demand and Supply of Labor: General --- Taxation, Subsidies, and Revenue: General --- Labour --- income economics --- Public finance & taxation --- Productivity --- Labor markets --- Information technology in revenue administration --- Revenue administration --- Industrial productivity --- Labor economics --- Labor market --- Economic theory --- Revenue
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Minimum trace reconciliation, developed by Wickramasuriya et. al. (2019), is an innovation in the literature of forecast reconciliation. The proof, however, is indirect and not easy to extend to more general situations. This paper provides an alternative proof based on the first-order condition in the space of non-square matrix and argues that it is not only simpler but also can be extended to incorporate more general results on minimum weighted trace reconciliation in Panagiotelis et. al. (2021). Thus, our alternative proof not only has pedagogical value but also connects the results in the literature from a unified perspective.
Macroeconomics --- Economics: General --- Forecasting and Other Model Applications --- General Aggregative Models: Forecasting and Simulation --- Forecasting and Simulation: Models and Applications --- Economic & financial crises & disasters --- Economics of specific sectors --- Economic Forecasting --- GDP forecasting --- National accounts --- Currency crises --- Informal sector --- Economics --- National income
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This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic firms tend to employ more workers per asset than FDI firms. The result remains robust across individual industries in the case study of the United Kingdom. The analysis of the switchers (ownership changes from domestic to foreign or vice versa) suggests that ownership changes do not have an immediate impact on the employment per asset. This result suggests that different patterns of employment per asset seem to come from technological differences rather than from different ownership structures.
Exports and Imports --- Financial Risk Management --- Labor --- Public Finance --- International Investment --- Long-term Capital Movements --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- National Government Expenditures and Related Policies: General --- International Financial Markets --- Finance --- Labour --- income economics --- Public finance & taxation --- Foreign direct investment --- Public expenditure review --- Special purpose vehicle --- Balance of payments --- Expenditure --- Asset and liability management --- Investments, Foreign --- Economic theory --- Expenditures, Public --- Asset-liability management --- United Kingdom
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