39 documents found, page 1 of 4
Using machine learning to unveil the predictors of intergenerational mobility
Clemente-Casinhas, L.; Ferreira-Lopes, A.; Martins, L. F.We assess the predictors of intergenerational mobility in income and education for a sample of 137 countries, between 1960 and 2018, using the World Bank's Global Database on Intergenerational Mobility (GDIM). The Rigorous LASSO and the Random Forest and Gradient Boosting algorithms are considered, to avoid the consequences of an ad-hoc model selection in our high dimensionality context. We obtain variable impo...
Using survey data to estimate intergenerational mobility in income and educatio...
Clemente-Casinhas, L.; Martins, L. F.; Ferreira-Lopes, A.Previous studies about intergenerational mobility for the Portuguese economy find that education and income persistence is very high in comparison with other developed economies. We construct relative, absolute, global and local measures of mobility for Portugal, comparing them with existing evidence for this and other countries. These are the intergenerational income elasticity (computed using the two-sample t...
Uncovering the (possible) relationship between Central Bank Independence and ec...
Martins, L. F.; Clemente-Casinhas, L.; Ferreira-Lopes, A.This work estimates the relationship between Central Bank Independence (CBI) and economic growth in the context of monetary unions, using dynamic panel models. We use two measures of CBI: the Legal CBI index and the irregular turnover rate. When an irregular turnover of the Central Bank Governor occurs, it harms growth for countries outside monetary unions. On the contrary, the Legal CBI index is a positive fac...
When firms go international: Deliberate or random?
Vinhas da Silva, R.; Ferreira-Lopes, A.; Carvalho, H.; Duarte, J.The Net Outward Investment Position (NOIP) indicator is insufficient for the purposes of understanding firms’ internationalization decision-making behaviour. The indicator does not allow for the withdrawal of insights into the structure of an economy, and is a weak predictor of the degree of Foreign Direct Investment (FDI). We argue that a typology of firms aggregated according to intrinsic characteristics of t...
The revival of the Feldstein-Horioka Puzzle and moderation of capital flows aft...
Duran, H. E.; Ferreira-Lopes, A.This study investigates the recent trend of the Feldstein-Horioka puzzle and the underlying reasons for moderation in capital flows. This issue is analysed quite inadequately for the period after the Global Financial Crisis, which represents a crucial turning point for economic climate and policies. The Feldstein-Horioka Puzzle is estimated using the World’s 13 largest economies, with panel GMM regression, betw...
Determinants of Africa’s development: An exploratory study
Veiga, J.; Ferreira-Lopes, A.; Carvalho, H.; Sequeira, T. N.; Monteiro, H.The increasing sustainability and the causes of economic growth in African countries, provide a set of new research questions for development scholars around the World. The possible determinants of this phenomenon are usually considered to be of economic, social, and institutional natures. In this work is assessed which economic, social, and institutional determinants of economic development are important to th...
Quantitative easing and economic growth in Japan: A meta‐analysis
Ferreira-Lopes, A.; Linhares, P.; Martins, L. F.; Sequeira, T. N.We present an original meta-probit analysis for the effect of the Bank of Japan monetary policy on economic growth for the period 2001-2020, using 45 studies. We use impulse response functions in VAR type models to assess if the effects on output of unconventional monetary policies are significant (positive or negative) or not. Funnel asymmetry and precision effect tests do not provide a striking evidence of pu...
The relationship between tax rates and tax revenues in eurozone member countrie...
Ferreira-Lopes, A.; Martins, L. F.; Espanhol, R.We estimate Laffer Curves for direct and indirect taxes for each Eurozone country, using panel data from 1995 to 2011, by means of Seemingly Unrelated Regression (SUR) models. We choose the three taxes that contribute the most to the government tax revenue: the value added tax (VAT), the corporate income tax (CT), and the labour income tax (LT). From our estimated significant parameters, which have the expected...
Human capital and genetic diversity
Sequeira, T. N.; Santos, M.; Ferreira-Lopes, A.This paper investigates the relationship between human capital and the ancestral genetic diversity of populations. A simple model highlights a new channel through which genetic diversity can affect development: human capital. Additionally, empirical evidence of an unconditional hump-shaped relationship between genetic diversity and human capital is documented. This relationship decreases statistical significanc...
Explaining growth in African countries – what matters?
Lopes, J.; Ferreira-Lopes, A.; Sequeira, T.; Santos, M.In this work we analyze the role of the traditional determinants of economic growth, pointed by the literature, in African countries in the period between 1950 and 2012, using growth regressions. Due to the specificity and the single nature of each one of these countries, methods that take into account observed and unobserved heterogeneity are used. Results highlight the relevance of the growth rate of the capi...