| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6551 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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