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And…. we’re back…

February 20th, 2012
in
Welcome back to China Financial Markets.  We had trouble with our old host and had to set up a new one.  In doing so, however, we lost most of my postings since last August along with the comments.  I will be able to set up the posts again, but the comments are probably lost forever, which is [...]

Levitra Side Affects

January 24th, 2012
in
Levitra side affects: before starting on the subject of debt I wanted to make a quick reference to something sent to me by Charles Horner, a senior fellow at the Hudson Institute.  I am glad to say that the overinvestment thesis is much more widely acknowledged today than it was even two or three years ago, but one myth, I think, is that most of the overinvestment excesses in China are concentrated in the real estate sector.  I have always argued that it is infrastructure where the most amount of i

Buy Vardenafil Online

January 9th, 2012
in
Europe’s underlying problem is not budget deficits or even unsustainable debt.  These are mainly symptoms.  The real problem with Europe is the huge divergence in costs between the core and the periphery – in the past decade costs between Germany and some of the peripheral countries have diverged by anywhere from 20% to 40%.  This divergence has made the latter uncompetitive and has resulted in the massive trade imbalances within Europe.

Levitra Overnight

December 17th, 2011
in
Two weeks ago on Wednesday night, after the Chinese markets closed, the People’s Bank of China announced that it had cut the minimum reserve requirement by 50 basis points to 21% for the large banks, and lower for the smaller banks.  With the announcement coming just hours before announcements by the Fed, the ECB and the central banks of the UK, Switzerland, Japan and Canada, that they would jointly lower interest rates on dollar liquidity swaps to make it cheaper for banks around the world to trade in dollars, it s

Identifying and evaluating large scale policy interventions : what questions can we answer ?

December 16th, 2011
in
Using a data-driven empirical case study method, the paper evaluates the impact of one identified reform program on development outcomes. The paper uses the World Bank Country Policy and Institutional Assessment Ratings to identify large scale structural and macro-level policy interventions in the last decade that were seen as being sustained and successful for IDA countries. Robustness checks are performed to show the efficacy of the method in particular cases. It was found that the method attains robustness in the case of Nigeria.

Educational upgrading and returns to skills in Latin America : evidence from a supply-demand framework, 1990-2010

December 16th, 2011
in
It has been argued that a factor behind the decline in income inequality in Latin America in the 2000s was the educational upgrading of its labor force. Between 1990 and 2010, the proportion of the labor force in the region with at least secondary education increased from 40 to 60 percent. Concurrently, returns to secondary education completion fell throughout the past two decades, while the 2000s saw a reversal in the increase in the returns to tertiary education experienced in the 1990s.

Coordinating tax reforms in the poorest countries : can lost tariffs be recouped ?

December 16th, 2011
in
A revenue-neutral switch from trade taxes to domestic consumption taxes is fraught with implementation challenges in countries with a large informal sector. It is shown for a sample of low-income countries over 25 years that they have had a mixed record of offsetting reductions in trade tax revenue. The paper then analyzes the specific case of Nepal, using a unique data set compiled from unpublished customs records of imports, tariffs and all other taxes levied at the border.

What explains prevalence of informal employment in European countries : the role of labor institutions, governance, immigrants, and growth

December 14th, 2011
in
This paper looks into institutional and other macro determinants of prevalence of informal dependent employment, as well as informal self-employment, in European countries, using European Social Survey data on work without legal contract in on 30 countries, covering years 2004-2009. Consistently with theoretical predictions, quality of business environment has a significant negative impact on prevalence of both types of informal employment. The share of non-contracted employees is negatively affected by perceived quality of public services and positively related to economic growth.

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