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ECB Vs Council Vs Commission
Recoge: 1. Introduction - 2.A simple model - 3. The Nash equilibrium - 4. Systematic misperceptions on the side of the fiscal authority - 5. Stackelberg equilibrium - 6. Conclusions.
Implications for Fiscal Policy of Sustaining a Large Banking Sector
This paper investigates common determinants of fiscal crises using a standard Early Warning System (EWS) approach, with a particular focus on the role of the financial sector. We find that the probability of a fiscal crisis decreases with the level of domestic credit (as a share of GDP), but that at very high levels of credit it starts to increase. The critical threshold above which an increase in the level of credit signals an increase in the likelihood of a fiscal crisis, appears to be country (or group) specific, rather than an absolute level valid across all countries as previous research on this issue seemed to suggest. The paper also presents some preliminary results suggesting that, t...
New Perspectives on Corporate Social Responsibility in the Caribbean
This paper aims at shedding light on the practice of Corporate Social Responsibility (CSR) in the Caribbean region. Two main reasons make this effort worthwhile: firstly, through the practice of CSR, the private sector can play a decisive role in addressing some of the development challenges that we currently observe in the region, and secondly, there has been relatively little research to date on CSR in the Caribbean, considering that most of the existing literature on Latin America and the Caribbean deals mainly with the former. In the first part of the paper we provide an overview of the practice of CSR by the private sector in three of the main economies of the region (Trinidad and Tobago, Jamaica and Barbados), highlighting the existing gaps. In the second part, based on these results, we draw some conclusions at the regional level and identify some key elements that would increase the effectiveness of CSR as a development tool for the region. We refer to these elements as Strategic Drivers of CSR in the Caribbean.
A Duopoly Model of Corporate Social Responsibility and Location Choice
We adopt a framework of vertical differentiation to study the issue of Corporate Social Responsibility (CSR). We develop a model of duopoly in a two-country setting, in which firms choose the country of location, the level of CSR and finally compete in the market ¿ la Bertrand. We show that: i) at equilibrium the two firms choose different levels of CSR, i.e. an "ethical" and a "neutral" firm coexist in the market; ii) regardless of its location choice, the "neutral" firm undertakes a level of CSR equal to the minimum international standard; iii) the location choice of both the "ethical" and the "neutral" firm depends on the relative costs of CSR in the two countries; in addition the choice of the "ethical" firm is influenced by the distribution of consumers' tastes for CSR, while the choice of the "neutral" firm is affected by the level of the minimum international standard for CSR.
A Dynamic Model of Corporate Social Reponsibility and Enlightened Profit Maximization
The aim of this paper is to contribute to the analysis of Corporate Social Responsibility (CSR) from an economic perspective, in two ways. Firstly, introducing a new definition and a new framework of analysis, which can account for both the externallydriven and the internallydriven view of CSR. Secondly, developing a dynamic model of internallydriven CSR - which draws inspiration from the literature on renewable resources - to show that, under certain circumstances, an enlightened profit-maximizing firm will behave as 'socially-responsible' to the eyes of the society. The paper also discusses some possible limits and extensions of this theoretical framework.
Fiscal Policy Making in the European Union
This book examines key aspects of the measurement of fiscal policy making in the EU fiscal surveillance framework, highlighting strengths and weaknesses of current assessment practice. Based on the proceedings of a workshop organized by the European Commission’s Directorate-General Economic and Financial Affairs, the book’s contributions from leading experts will be of particular value to individuals and institutions involved in the fields of national and international economics and finance. Key Features: chapters are arranged within three main sections: Long-term sustainability; Measurement of the underlying budgetary position and discretionary fiscal policy; Reliability of fiscal indic...
USITC Publication
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