G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6551
DP6551 The Effects of Immigration on US Wages and Rents: A General Equilibrium Approach
Gianmarco Ottaviano; Giovanni Peri
发表日期2007-11-02
出版年2007
语种英语
摘要We propose and investigate a new channel through which the resource curse - a stylized fact that countries rich in natural resources grow slower - operates. Predatory governments are more likely to expropriate corporate profits in natural-resource industries when the price of resources is higher. Corporations whose profits are more dependent on the price of resources can mitigate the risk of expropriation by reducing corporate transparency. Lower transparency, in turn, leads to inefficient capital allocation and slower economic growth. Using a panel of 72 industries from 51 countries over 16 years, we demonstrate that the negative effect of expropriation risk on corporate transparency is stronger for industries that are especially vulnerable to expropriation, in particular, for industries whose profits are highly correlated with oil prices. Controlling for country, year, and industry fixed effects, we find that corporate transparency is lower in more oil price-dependent industries when the price of oil is high and property rights are poorly protected. Furthermore, corporate growth is hampered in oil price-sensitive industries because of less efficient capital allocation driven by adverse effects of lower transparency.
主题Development Economics ; Financial Economics ; Public Economics
关键词Industry growth Property rights Resource curse Transparency and disclosure Investment efficiency Expropriation Autocracy Oil reserves
URLhttps://cepr.org/publications/dp6551
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535390
推荐引用方式
GB/T 7714
Gianmarco Ottaviano,Giovanni Peri. DP6551 The Effects of Immigration on US Wages and Rents: A General Equilibrium Approach. 2007.
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