@article{MTMT:34603617, title = {Production network diversification and economic development}, url = {https://m2.mtmt.hu/api/publication/34603617}, author = {Gloria, Jose and Miranda-Pinto, Jorge and Fleming-Munoz, David}, doi = {10.1016/j.jebo.2023.12.006}, journal-iso = {J ECON BEHAV ORGAN}, journal = {JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION}, volume = {218}, unique-id = {34603617}, issn = {0167-2681}, abstract = {We provide empirical evidence and a theoretical analysis of the influence of production network diversification on countries' economic performance, reflected in their GDP per-capita levels. Using a panel sample of 55 countries, we find a strong positive association between the number of active links in the input-output network of a country and its GDP per-capita over time, even after controlling for several country characteristics. To complement and scrutinize our empirical finding, we advance economic theory on the link between network diversity and economic development by proposing a multisector model with input-output linkages, non-unitary elasticity of substitution in production, and a love of diversification in the bundle of intermediate inputs that rationalize our empirical results. In the long run, when labor and intermediates are substitute inputs, denser production structures enjoy higher productivity in the intermediate input bundle and also amplify positive shocks more strongly than less connected networks. Hence, our model predicts that economies with denser production structures display higher income.}, keywords = {PRODUCTIVITY; GDP per capita; Production network structure; Substitutability between inputs}, year = {2024}, eissn = {1879-1751}, pages = {281-295} } @article{MTMT:33882752, title = {Schumpeterian competition in a Lucas economy}, url = {https://m2.mtmt.hu/api/publication/33882752}, author = {Andrei, Daniel and Carlin, Bruce I.}, doi = {10.1016/j.jet.2023.105613}, journal-iso = {J ECON THEORY}, journal = {JOURNAL OF ECONOMIC THEORY}, volume = {208}, unique-id = {33882752}, issn = {0022-0531}, abstract = {We model a rent-seeking game where agents experiment with a new technology and compete for claims to a consumption stream. We characterize how creative destruction affects risk, wealth, and asset prices. Competition not only imposes excessive disruption risk on existing assets and higher technological uncer-tainty, it also increases the wealth duration (the weighted-average maturity of wealth). Because of hedging motives, a complementarity between wealth duration and technological uncertainty decreases systematic risk. If competition is sufficiently intense, a negative risk premium may arise. The model generates price paths consistent with boom-bust patterns and transient episodes of negative expected excess returns. We show that Schumpeterian competition may worsen income inequality.(c) 2023 Elsevier Inc. All reserved.}, keywords = {experimentation; INCOME INEQUALITY; Tullock contests; return predictability; Creative destruction; Schumpeterian competition}, year = {2023}, eissn = {1095-7235} } @article{MTMT:33882751, title = {Is fintech the new path to sustainable resource utilisation and economic development?}, url = {https://m2.mtmt.hu/api/publication/33882751}, author = {Awais, Minahil and Afzal, Ayesha and Firdousi, Saba and Hasnaoui, Amir}, doi = {10.1016/j.resourpol.2023.103309}, journal-iso = {RESOUR POL}, journal = {RESOURCES POLICY}, volume = {81}, unique-id = {33882751}, issn = {0301-4207}, abstract = {Sustainability has become an important topic due to the environmental damage caused by economic activity. In this scenario, fintech can help achieve improved resource utilisation and sustainable economic development. To improve understanding of this relationship, panel data has been collected from 66 countries for the 2010-2021 period. A green growth (GG) index has been developed and its relationships with multiple fintech variables have been analysed. Results show that Internet popularisation and Findex have positive effects on green economic activity while carbon emissions have a negative impact. Population growth and unemployment can also impact green growth. Importantly, this research highlights the need for policy makers to promote adoption of fintech for achieving greener economic growth.}, keywords = {CLASSIFICATION; TECHNOLOGY; innovation; Sustainable development; fintech; O3; G0; O4; Green growth index}, year = {2023}, eissn = {1873-7641}, orcid-numbers = {Firdousi, Saba/0000-0003-0477-7346} } @article{MTMT:34270192, title = {Diversification or specialization: Measuring the impact of high-speed rail connection on technological diversity in China}, url = {https://m2.mtmt.hu/api/publication/34270192}, author = {Chen, Jun and Guo, Guangzhen}, doi = {10.1016/j.jik.2023.100306}, journal-iso = {J INNOVAT KNOWLEDGE}, journal = {JOURNAL OF INNOVATION & KNOWLEDGE}, volume = {8}, unique-id = {34270192}, issn = {2530-7614}, abstract = {Technological diversification and specialization have important roles in explaining volatility, innovation, income inequality, exports, and related concerns; however, the relationships between transportation improvement and technological diversification and specialization remains unexplored. Using Chinese citylevel panel data, we investigate the impact of China's high-speed rail (HSR) connection on technological diversity using the difference-in-differences method and instrumental variable regressions. The results demonstrate that HSR connection leads to reductions in technological diversity, particularly in core cities, cities along the four longest HSR lines, and cities that were initially diversified. The findings indicate that HSR connection is conducive to technological specialization rather than diversification, offering new insights for understanding the relationship between transportation improvement and innovation and determining that HSR connection spurs intra-industry knowledge spillovers more than inter-industry knowledge spillovers. (c) 2023 The Authors. Published by Elsevier Espana, S.L.U. on behalf of Journal of Innovation & Knowledge. This (http://creativecommons.org/licenses/by-nc-nd/4.0/)}, keywords = {innovation; knowledge spillovers; high-speed rail; Technological specialization; Technological diversification}, year = {2023}, eissn = {2444-569X}, orcid-numbers = {Chen, Jun/0000-0002-6796-271X} } @article{MTMT:33882753, title = {Idiosyncratic shocks and aggregate fluctuations in an emerging market?}, url = {https://m2.mtmt.hu/api/publication/33882753}, author = {Grigoli, Francesco and Luttini, Emiliano and Sandri, Damiano}, doi = {10.1016/j.jdeveco.2022.102949}, journal-iso = {J DEV ECON}, journal = {JOURNAL OF DEVELOPMENT ECONOMICS}, volume = {160}, unique-id = {33882753}, issn = {0304-3878}, abstract = {This paper provides the first assessment of the contribution of idiosyncratic shocks to aggregate fluctuations in an emerging market using confidential data on the universe of Chilean firms. We find that idiosyncratic shocks account for more than 40 percent of the volatility of aggregate sales. Although quite large, this contribution is smaller than documented in previous studies based on advanced economies, despite a higher degree of market concentration in Chile. We show that this finding is explained by larger firms being less volatile and by weaker propagation effects across Chilean firms.}, keywords = {PROPAGATION; granularity; Business Cycle; EMERGING MARKETS; Firm-level shocks}, year = {2023}, eissn = {1872-6089}, orcid-numbers = {Sandri, Damiano/0000-0002-3771-001X} } @article{MTMT:34270190, title = {How does the target of green innovation for cleaner production change in management process? Quality targeting and link targeting}, url = {https://m2.mtmt.hu/api/publication/34270190}, author = {Hao, Xiaoli and Wen, Shufang and Sun, Qingyu and Irfan, Muhammad and Wu, Haitao and Hao, Yu}, doi = {10.1016/j.jenvman.2023.118832}, journal-iso = {J ENVIRON MANAGE}, journal = {JOURNAL OF ENVIRONMENTAL MANAGEMENT}, volume = {345}, unique-id = {34270190}, issn = {0301-4797}, abstract = {The global economy has accelerated the transition to a green, low-carbon economy. An enterprise's green innovation (GI) is directly related to its capacity for sustainable production as a micro-subject of economic development. This study examined the impact of managerial capacity on enterprise green innovation and changes of green innovation targeting. We used data collected manually from 423 Chinese A-share companies from 2010 to 2017. The effect of various external impact signals was then investigated. This study's findings are as follows: (1) Managerial ability stimulated green enterprise innovation. The marginal effect was 0.0696. While quality targeting has focused more on green invention innovation, managerial capacity significantly improved the marginal impact of green substantial innovation by 0.0375; (2) The clean production link targeting analysis confirmed that enterprises focused on end-of-pipe governance innovation (0.0466), along with new energy innovation (0.0495) rather than energy-saving innovation (-0.0227); (3) The multi-period DDD (Difference in Difference in Difference) model revealed that low-carbon city policy promoted green innovation with a diminishing trend; (4) The voluntary environmental regulation signals, ISO14001 certification, displayed a substitute effect for managerial capacity on enterprise green innovation. This paper provides recommendations, including that enterprises should improve the utilization of new and renewable energy while improving and optimizing production processes. The government should also improve innovation incentive policies and strengthen environmental information disclosure.}, keywords = {Managerial capacity; Enterprise green innovation; Quality targeting; Production link targeting; Multi-period DDD model}, year = {2023}, eissn = {1095-8630}, orcid-numbers = {Hao, Xiaoli/0009-0006-8868-775X; Irfan, Muhammad/0000-0003-1446-583X; Wu, Haitao/0000-0002-5592-7212} } @article{MTMT:33882750, title = {Can increasing technological complexity help strengthen regional economic resilience?}, url = {https://m2.mtmt.hu/api/publication/33882750}, author = {He, Dan and Tang, Yahua and Wang, Luyan and Mohsin, Muhammad}, doi = {10.1007/s10644-023-09506-8}, journal-iso = {ECON CHANGE RESTRUCT}, journal = {ECONOMIC CHANGE AND RESTRUCTURING}, volume = {56}, unique-id = {33882750}, issn = {1573-9414}, abstract = {Improving regional economic resilience through technological innovation has always been a strategic focus of China, but the previous studies have paid little attention to the impact of structural characteristics of technological innovation on regional economic resilience. Based on the complexity of technology, this study studies the impact and mechanism of technological systems with more complex internal mechanisms on economic resilience. The main findings are as follows: (1) Higher technological complexity is conducive to technological innovation and can improve regional economic resilience; (2) technological complexity needs to be in the appropriate range, and its positive effect shows diminishing marginal effect; and (3) optimizing market competition and absorptive capacity plays a positive role in regulating the relationship between technological complexity and regional economic resilience. This study provides policy implications for implementing innovation-driven development strategy, formulating economic recovery plan, and medium- and long-term sustainable development strategy.}, keywords = {Market competition; absorptive capacity; economic resilience; new technology; technological complexity}, year = {2023}, eissn = {1574-0277}, pages = {4043-4070} } @article{MTMT:34270191, title = {Work from Home Suitability and Credit Risk Assessment}, url = {https://m2.mtmt.hu/api/publication/34270191}, author = {Nguyen, Harvey and Pham, Mia Hang and Truong, Cameron}, doi = {10.1080/09638180.2023.2239865}, journal-iso = {EUR ACCOUNT REV}, journal = {EUROPEAN ACCOUNTING REVIEW}, unique-id = {34270191}, issn = {0963-8180}, abstract = {Employing firm-level work from home (WFH) suitability derived from the U.S. universe job postings, we investigate whether rating agencies and debt holders incorporate WFH suitability in their risk assessments. We document that firms with higher WFH suitability have higher credit ratings and lower costs of debt. Our results are robust to different fixed effect estimations, sampling methods, and controls. We identify two ways that WFH suitability translates into higher credit ratings: high WFH suitability is associated with lower future cash flow volatility and lower default risk. Overall, our study suggests that WFH suitability is an important determinant of credit risk assessments and that firms should see flexible work arrangements as an effective strategy in their crisis management planning.}, keywords = {default risk; credit rating; G12; I10; G32; H12; Work from home; G30; G24; G33}, year = {2023}, eissn = {1468-4497} } @article{MTMT:34270193, title = {Intelligent transformation and sustainable innovation capability: Evidence from China}, url = {https://m2.mtmt.hu/api/publication/34270193}, author = {Yang, Siying and Wang, Wenzhi and Ding, Tao}, doi = {10.1016/j.frl.2023.103963}, journal-iso = {FINANC RES LETT}, journal = {FINANCE RESEARCH LETTERS}, volume = {55}, unique-id = {34270193}, issn = {1544-6123}, abstract = {Previous studies overlook the impact of intelligence on enterprises' sustainable innovation capability. Our study shows that intelligent transformation enhances this ability (both inputs and outputs). We mitigate endogeneity through the instrumental variable, and the conclusion remains robust. The optimization of human capital structure and technological diversification constitute the underlying channels through which intelligent transformation promotes enterprises' sustainable innovation. Further research indicates that the sustainable innovation effect of intelligent transformation is more significant in state-owned enterprises. These findings deepen our understanding of the dynamic effects of intelligent transformation on innovation.}, keywords = {sustainable innovation; intelligent transformation; Technological diversification; Human capital structure}, year = {2023}, eissn = {1544-6131}, orcid-numbers = {Yang, Siying/0000-0001-8629-4238} } @article{MTMT:32796389, title = {Services trade and labor market outcomes. Evidence from Italian firms}, url = {https://m2.mtmt.hu/api/publication/32796389}, author = {Bamieh, Omar and Bripi, Francesco and Fiorini, Matteo}, doi = {10.1111/roie.12581}, journal-iso = {REV INT ECON}, journal = {REVIEW OF INTERNATIONAL ECONOMICS}, volume = {30}, unique-id = {32796389}, issn = {0965-7576}, year = {2022}, eissn = {1467-9396}, pages = {673-701} } @article{MTMT:33248715, title = {The Comparative Advantage of Firms}, url = {https://m2.mtmt.hu/api/publication/33248715}, author = {Boehm, Johannes and Dhingra, Swati and Morrow, John}, doi = {10.1086/720630}, journal-iso = {J POLIT ECON}, journal = {JOURNAL OF POLITICAL ECONOMY}, volume = {130}, unique-id = {33248715}, issn = {0022-3808}, abstract = {Resource-based theories propose that firms grow by diversifying into products that use common capabilities. We provide evidence for common-input capabilities, using a policy that removed entry barriers in input markets to show that the similarity of a firm's and an industry's input mix determines firm production choices. We model industry choice and economies of scope from input capabilities. When the model is estimated for Indian manufacturing, input complementarities make firms 5% more likely to produce in an industry and are quantitatively as important as time-invariant drivers of coproduction rates. Upstream entry barriers were equivalent to a 9.5% tariff on inputs.}, year = {2022}, eissn = {1537-534X}, pages = {3025-3100} } @article{MTMT:32984433, title = {Measuring Uncertainty in Export Destinations And Its Impact on Economic Growth. Evidence from Turkey}, url = {https://m2.mtmt.hu/api/publication/32984433}, author = {Chen, Guoliang and Fang, Jianchun and Gozgor, Giray and Pekel, Sercan}, doi = {10.1080/1540496X.2022.2068412}, journal-iso = {EMERG MARK FINANC TR}, journal = {EMERGING MARKETS FINANCE AND TRADE}, volume = {58}, unique-id = {32984433}, issn = {1540-496X}, abstract = {Using data from the World Uncertainty, the World Trade Uncertainty, and the World Pandemic Uncertainty indices for 142 countries, this paper introduces three new indicators for measuring Turkey's export markets' uncertainty from 1996Q1 to 2021Q3. The indicators measure uncertainty in Turkey's export destinations. After introducing three indicators of uncertainty for export markets, we investigate their effects on economic performance. It is found that all uncertainty indicators are negatively related to economic growth. Specifically, an increase in export destinations' uncertainty leads to a slower growth rate of two quarters. Pandemic-induced uncertainty also negatively affects economic growth. The implications for the role of risks and uncertainties, such as financial, geopolitical, and political risks, are also discussed.}, keywords = {Emerging economies; economic policy uncertainty; financial risks; Export market diversification; political risks}, year = {2022}, eissn = {1558-0938}, pages = {4231-4246} } @article{MTMT:32806432, title = {Agricultural Diversity, Structural Change, and Long-Run Development: Evidence from the United States}, url = {https://m2.mtmt.hu/api/publication/32806432}, author = {Fiszbein, Martin}, doi = {10.1257/mac.20190285}, journal-iso = {AM ECON J-MACROECON}, journal = {AMERICAN ECONOMIC JOURNAL-MACROECONOMICS}, volume = {14}, unique-id = {32806432}, issn = {1945-7707}, year = {2022}, eissn = {1945-7715}, pages = {1-43} } @article{MTMT:32955084, title = {Export diversification in low-income countries and small states: Do country size and income level matter?}, url = {https://m2.mtmt.hu/api/publication/32955084}, author = {Lee, Dongyeol and Zhang, Huan}, doi = {10.1016/j.strueco.2021.11.017}, journal-iso = {STRUCT CHANGE ECON DYNAM}, journal = {STRUCTURAL CHANGE AND ECONOMIC DYNAMICS}, volume = {60}, unique-id = {32955084}, issn = {0954-349X}, abstract = {Export structure is less diversified in low-income countries (LICs) and small states that generally face constraints in resources and economic size. This paper presents an empirical analysis on the linkages between export structure and economic growth/volatility in LICs and small states, by using a variant of export concentration indices. The analysis documents that export diversification in products or industries may promote economic growth and reduce economic volatility in these countries. The analysis further demonstrates that the economic benefits of export diversification differ by the country size and income level-larger gains for relatively small and poor countries within a group of LICs and small states. In addition, diversification in export partners or markets tends to be beneficial for economic growth and stability.(c) 2021 Elsevier B.V. All rights reserved.}, keywords = {GROWTH; VOLATILITY; Low-income countries; small states; Export diversfication}, year = {2022}, eissn = {1873-6017}, pages = {250-265}, orcid-numbers = {Lee, Dongyeol/0000-0001-9359-8117} } @article{MTMT:32984434, title = {Export growth drivers and economic development}, url = {https://m2.mtmt.hu/api/publication/32984434}, author = {Mora, Jesse and Olabisi, Michael}, doi = {10.1007/s00181-022-02204-w}, journal-iso = {EMPIR ECON}, journal = {EMPIRICAL ECONOMICS}, volume = {63}, unique-id = {32984434}, issn = {0377-7332}, abstract = {We offer a new approach that explains long-run export growth, and how export growth varies by economic development. The approach relies on a heterogeneous-firm model that parses drivers of export growth along the following dimensions: comparative advantage changes, product demand growth, country-level growth, global growth, and growth in destinations reached. We show that aggregate trade growth for a product is a stronger driver of exports in the same product heading for high-income countries, but is less so for middle-income and low-income countries. Country-level export drivers explain more of export growth at the product-level in middle-income countries, compared to other country-groups. High-income countries appear to benefit more from secular trade growth trends, though the latter results are not as statistically robust. Finally, having more destinations is the most notable driver of the observed export growth in our analysis. Low-income countries appear to benefit the most from entering new markets. The main findings hold up to several robustness checks.}, keywords = {Development; Margins of trade}, year = {2022}, eissn = {1435-8921}, pages = {2389-2426} } @article{MTMT:32984432, title = {The impact of fintech innovation on green growth in China: Mediating effect of green finance}, url = {https://m2.mtmt.hu/api/publication/32984432}, author = {Zhou, Guangyou and Zhu, Jieyu and Luo, Sumei}, doi = {10.1016/j.ecolecon.2021.107308}, journal-iso = {ECOL ECON}, journal = {ECOLOGICAL ECONOMICS}, volume = {193}, unique-id = {32984432}, issn = {0921-8009}, abstract = {Although green growth has become the economic development strategy of many countries in the world, and studies have analyzed the influencing factors of green growth from multiple angles, there are few literatures devoted to the impact of fintech and green finance on green growth. From the perspective of fintech development, this paper tries to construct a comprehensive index to evaluate the green growth of regional economy based on the in-depth analysis of the influence mechanism of green finance on green growth. At the same time, China's provincial panel data from 2011 to 2018 are selected to test the impact of fintech innovation and green finance on green growth, and its mechanism. It turns out that fintech and green finance significantly promotes green economic growth. At the same time, the impact of fintech and green finance on green growth has obvious regional heterogeneity, that is, the impact in eastern China is significantly stronger than that in central and western China. Further research shows that fintech innovation mainly promotes green economic growth through green credit and green investment. Therefore, fintech innovation can promote green economic growth by improving the development level of green finance, which has great reference significance for most countries.}, keywords = {Green growth; Green investment; Green finance; green credit; Fintech innovation}, year = {2022}, eissn = {1873-6106} } @article{MTMT:32984435, title = {Economic Complexity and Inflation: An Empirical Analysis}, url = {https://m2.mtmt.hu/api/publication/32984435}, author = {Al Marhubi, Fahim}, doi = {10.1007/s11293-021-09727-0}, journal-iso = {ATL ECON J}, journal = {ATLANTIC ECONOMIC JOURNAL (AEJ)}, volume = {49}, unique-id = {32984435}, issn = {0197-4254}, abstract = {This study examines the relationship between inflation and economic complexity, the set of productive capabilities and know-how embedded in the structure of an economy. It posits that economic complexity, by providing the economy with the ability to reduce macroeconomic shocks, is associated with lower inflation. Economic complexity is inferred from the overall sophistication and mix of a country's exports. Complex economies are highly diversified and export a large number of less ubiquitous products. Using a sample of 94 countries for the period 1970 to 2014, the impact of economic complexity on inflation is estimated using the Arellano and Bond generalized method of moments estimation procedure. The empirical results show that economic complexity has a negative causal impact on inflation. This effect is statistically significant, quantitatively large, and robust. From a policy perspective, the findings suggest that development driven by economic diversification, a critical component of economic complexity, rather than export specialization, is more likely to promote low inflation, a crucial objective of macroeconomic policy.}, keywords = {INFLATION; economic complexity; Productive capabilities}, year = {2021}, pages = {259-271} } @article{MTMT:32321046, title = {Impact of financial development and technological innovation on the volatility of green growth-evidence from China}, url = {https://m2.mtmt.hu/api/publication/32321046}, author = {Cao, Jianhong and Law, Siong Hook and Samad, Abdul Rahim Bin Abdul and Mohamad, Wan Norhidayah Binti W. and Wang, Jianlong and Yang, Xiaodong}, doi = {10.1007/s11356-021-13828-3}, journal-iso = {ENVIRON SCI POLLUT R}, journal = {ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH}, volume = {28}, unique-id = {32321046}, issn = {0944-1344}, abstract = {China's green growth has shown a trend of fluctuation year by year. Simultaneously, Chinese local governments have pursued simple economic growth driven by the interests of "political competition" for a long time, while the supervision of the ecological environment has been loosened and tightened. In this environment, financial development and technological innovation may easily become the accelerator of this phenomenon, thus exacerbating the fluctuation of green growth. To deeply excavate the key factors to achieve stable and sustained growth of green economy, based on the annual panel data of 30 provinces in China from 2011 to 2018, this paper studies the impact of financial development and technological innovation on the volatility of green growth using dynamic system GMM method. The findings of this paper are shown as follows: First, the expansion of financial institutions' scale will significantly enhance the volatility of green growth. Second, the increase in the scale of the stock market will also significantly cause green growth fluctuations. Third, the interaction between financial development and technological innovation can significantly weaken the volatility of green growth. Fourth, financial development measured by stock market indicators is more efficient than financial development measured by financial institutions indicators to curb the volatility of green growth. Fifth, the fluctuation of green growth in the previous period will reduce the volatility of green growth in the current period. This study provides new evidence for exploring the power source to promote the stability and sustainable growth of the green economy in the special stage of financial and technological integration. Controlling the development scale of financial institutions and removing their state preferences, expanding the development of capital markets, and deepening the integration of financial development and technological innovation are conducive to achieve stable green growth.}, keywords = {VOLATILITY; Technological innovation; Green growth; Financial development; system GMM}, year = {2021}, eissn = {1614-7499}, pages = {48053-48069} } @article{MTMT:32795491, title = {Trade liberalization, roads and firm productivity}, url = {https://m2.mtmt.hu/api/publication/32795491}, author = {Fiorini, Matteo and Sanfilippo, Marco and Sundaram, Asha}, doi = {10.1016/j.jdeveco.2021.102712}, journal-iso = {J DEV ECON}, journal = {JOURNAL OF DEVELOPMENT ECONOMICS}, volume = {153}, unique-id = {32795491}, issn = {0304-3878}, year = {2021}, eissn = {1872-6089}, orcid-numbers = {Fiorini, Matteo/0000-0001-9835-5632; Sanfilippo, Marco/0000-0001-8062-3352; Sundaram, Asha/0000-0003-1864-8019} } @article{MTMT:32321048, title = {Output volatility and efficiency gains: evidence from Latin American gross value added}, url = {https://m2.mtmt.hu/api/publication/32321048}, author = {Hafner, Kurt A.}, doi = {10.1080/15140326.2021.1921518}, journal-iso = {J APPL ECON}, journal = {JOURNAL OF APPLIED ECONOMICS}, volume = {24}, unique-id = {32321048}, issn = {1514-0326}, abstract = {Based on gross value added (GVA) shares of economic activities from 1990 to 2014, the paper shows that convex growth-instability frontiers exist for 19 Latin American countries. Numerical simulations show that in 2011, Latin America's industry portfolios were below Markowitz's efficiency frontier, and that rearranging the shares of economic activities contributes to efficiency gains that are negatively linked to industrial diversification. Reducing output volatility, MERCOSUR countries with a low degree of industrial diversification would average relatively high efficiency gains, while the reverse is true for CACAM and CAN countries. Analyzing more recent industry portfolios, Latin American countries closed the efficiency frontier gap and captured efficiency gains in terms of lower output volatility and higher GVA growth rates. Convex growth-instability frontiers are confirmed by stochastic frontier analysis, which identifies variations in employment ratios and industrial diversification as the key sources of inefficiency.}, keywords = {Portfolio theory; Economic activities; Regional growth; stochastic frontier analysis; economic instability}, year = {2021}, eissn = {1667-6726}, pages = {277-296} } @article{MTMT:32320155, title = {Global volatility accounting and structural transformation}, url = {https://m2.mtmt.hu/api/publication/32320155}, author = {Harchaoui, Tarek M.}, doi = {10.1093/oep/gpz074}, journal-iso = {OXFORD ECON PAP}, journal = {OXFORD ECONOMIC PAPERS-NEW SERIES}, volume = {73}, unique-id = {32320155}, issn = {0030-7653}, abstract = {This paper examines whether the modern phase of globalization that started in the mid-1980s altered the canonical result which emphasizes that macroeconomic volatility declines with development. The application of a framework that gives due consideration to comovements and structural transformation to a near-universe sample of economies at different stages of economic development suggests the following set of results. First, with an explicit account for the roles of structural transformation and comovements, macroeconomic volatility declines during the modern phase of globalization for the Centre while it increases for the Periphery. Second, macroeconomic volatility of the Periphery declines with development only where structural transformation is ruled out-an unrealistic situation. Third, comovements are found to be quantitatively important, albeit without altering the fact that structural transformation constitutes the primary vehicle of transmissions of volatility from the Centre to the Periphery, where China emerges as the epicentre.}, year = {2021}, eissn = {1464-3812}, pages = {720-743} } @article{MTMT:32320158, title = {Production network structure, service share, and aggregate volatility}, url = {https://m2.mtmt.hu/api/publication/32320158}, author = {Miranda-Pinto, Jorge}, doi = {10.1016/j.red.2020.07.001}, journal-iso = {REV ECON DYNAM}, journal = {REVIEW OF ECONOMIC DYNAMICS}, volume = {39}, unique-id = {32320158}, issn = {1094-2025}, abstract = {This paper shows that GDP growth volatility declines with production network diversification. To account for this evidence, I build a multisector model with CES technologies and a cost of complexity in the bundle of intermediates. Production network diversification decreases volatility when intermediate inputs and labor are substitute inputs. U.S. sectoral data suggest that labor and intermediates are substitutes in service sectors. Therefore, a calibrated model that then also matches each country's production network can quantitatively generate the empirical patterns. The model also explains why service-oriented countries are less volatile: service sectors have a more diversified set of suppliers. (C) 2020 Elsevier Inc. All rights reserved.}, keywords = {VOLATILITY; input-output structure; elasticity of substitution; Service share}, year = {2021}, eissn = {1096-6099}, pages = {146-173} } @article{MTMT:32984436, title = {DOES EUROPEAN INTEGRATION MAKE EXPORTS MORE COMPLEX?}, url = {https://m2.mtmt.hu/api/publication/32984436}, author = {Serwach, Tomasz and Gabrielczak, Piotr}, doi = {10.15611/aoe.2021.1.07}, journal-iso = {ARGUM OECON}, journal = {ARGUMENTA OECONOMICA}, volume = {46}, unique-id = {32984436}, issn = {1233-5835}, abstract = {The authors studied the determinants of export complexity aiming at an assessment of the impact of European integration on increased sophistication of exported goods. It is possible that EU membership leads to higher export complexity due to the emergence of new (advanced-technology-oriented) comparative advantages and inflow of capital, for instance, in the form of FDI. At the same time, countries without the supply conditions necessary to produce sophisticated products, may specialize in goods that are less complex. Such a theoretical ambiguity leads to the need to empirically assess the importance of EU accession for export complexity.The study applied panel data analysis. The results indicate that the European Union may have increased the complexity in member states' exports, especially in the less advanced economies.}, keywords = {European Union; international trade; European integration; export complexity}, year = {2021}, pages = {155-168}, orcid-numbers = {Gabrielczak, Piotr/0000-0002-9032-7204} } @article{MTMT:32321047, title = {Technology intensive trade and business cycle synchronisation: Evidence from a panel threshold regression model for India}, url = {https://m2.mtmt.hu/api/publication/32321047}, author = {Shrawan, Aakanksha and Dubey, Amlendu}, doi = {10.1080/09638199.2021.1918224}, journal-iso = {J INT TRADE ECON DEV}, journal = {JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT}, volume = {30}, unique-id = {32321047}, issn = {0963-8199}, abstract = {In recent years, the export baskets of developing economies have undergone a structural shift away from traditional exports towards more technology-intensive exports. The case of India, in particular, is important as the performance of Indian exports in terms of their productivity is now at par with that of developed countries. Since trade integration has significant implications for output comovements, we analyse whether this phenomenon of a structural shift in India's intra-industry trade composition has had any impact on its business cycle synchronisation with its developing and developed trade partners. Using a panel threshold regression model, our estimates reveal that intra-industry trade in technology leads to a convergence in business cycle of India with only its developing country trade partners. Further, when the GDP per capita of the partner country is greater than the threshold estimate, we find a negative relationship between technology-intensive trade and output comovements.}, keywords = {India; Non-linear; Technology intensive trade; business cycle synchronisation; panel threshold regression}, year = {2021}, eissn = {1469-9559}, pages = {906-929} } @article{MTMT:31450741, title = {Diversification through trade}, url = {https://m2.mtmt.hu/api/publication/31450741}, author = {Caselli, F and Koren, Miklós and Lisicky, M and Tenreyro, S}, doi = {10.1093/qje/qjz028}, journal-iso = {Q J ECON}, journal = {QUARTERLY JOURNAL OF ECONOMICS}, volume = {135}, unique-id = {31450741}, issn = {0033-5533}, abstract = {A widely held view is that openness to international trade leads to higher income volatility, as trade increases specialization and hence exposure to sector-specific shocks. Contrary to this common wisdom, we argue that when country-wide shocks are important, openness to international trade can lower income volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and show that in recent decades international trade has reduced economic volatility for most countries.}, year = {2020}, eissn = {1531-4650}, pages = {449-502} } @article{MTMT:31074427, title = {Does the euro increase the complexity of exported goods? The case of Estonia}, url = {https://m2.mtmt.hu/api/publication/31074427}, author = {Gabrielczak, Piotr and Serwach, Tomasz}, doi = {10.1080/01629778.2019.1694551}, journal-iso = {J BALTIC STUD}, journal = {JOURNAL OF BALTIC STUDIES}, volume = {51}, unique-id = {31074427}, issn = {0162-9778}, abstract = {The goal of this article is to assess the impact of the euro's adoption on the complexity of goods in Estonian exports. That policy decision may result in the specialization of production of either more or less sophisticated goods, depending on the country's technological advancement and factor endowment. At the same time, intensified foreign direct investment (FDI) flows may enhance the engagement of a country in international production chains with ambiguous consequences for export complexity. We applied the Synthetic Control Method to compare the observed post-adoption levels of export complexity in Estonia with the counterfactual values of Estonia remaining outside of the Eurozone.}, keywords = {treatment; international trade; Euro; Estonia; complexity}, year = {2020}, eissn = {1751-7877}, pages = {105-124} } @article{MTMT:31450736, title = {Export Quality in Advanced and Developing Economies: Evidence from a New Data Set}, url = {https://m2.mtmt.hu/api/publication/31450736}, author = {Henn, Christian and Papageorgiou, Chris and Romero, Jose Manuel and Spatafora, Nikola}, doi = {10.1057/s41308-020-00110-8}, journal-iso = {IMF ECON REV}, journal = {IMF ECONOMIC REVIEW}, volume = {68}, unique-id = {31450736}, issn = {2041-4161}, abstract = {This paper develops new estimates of export quality, based on bilateral data, which are far more extensive than previous efforts. The data cover 166 countries and more than 800 products over the period 1962-2014. The analysis finds that, within any given product line, export quality on average converges rapidly across countries. However, there is also significant cross-country heterogeneity in the growth rate of quality. Institutional quality, liberal trade policies, foreign direct investment inflows, and human capital all promote quality upgrading, although their impacts vary across sectors.}, keywords = {O14; F14; L15; O11}, year = {2020}, eissn = {2041-417X}, pages = {421-451} } @article{MTMT:31165898, title = {A study on how startups approach sustainable development through intellectual property}, url = {https://m2.mtmt.hu/api/publication/31165898}, author = {Kwon, O.}, doi = {10.1002/sd.2012}, journal-iso = {SUSTAIN DEV}, journal = {SUSTAINABLE DEVELOPMENT}, volume = {28}, unique-id = {31165898}, issn = {0968-0802}, year = {2020}, eissn = {1099-1719}, pages = {613-625} } @article{MTMT:31073946, title = {The volatility of world trade in the 21st century: Whose fault is it anyway?}, url = {https://m2.mtmt.hu/api/publication/31073946}, author = {Bennett, Federico and Lederman, Daniel and Pienknagura, Samuel and Rojas, Diego}, doi = {10.1111/twec.12826}, journal-iso = {WORLD ECON}, journal = {WORLD ECONOMY}, volume = {42}, unique-id = {31073946}, issn = {0378-5920}, abstract = {This paper explores the drivers of the volatility of international trade. It decomposes trade growth into six components that have gained attention in the literature and studies their contribution to overall volatility. It yields three main findings. First, trade volatility in the 1990-2015 period is mostly explained by a common factor, changes in the gravity-related characteristics of a country's trading partners and country-specific factors. Product composition and the identity of trading partners appear to be less important in explaining volatility. Second, the pre-2009 decline in volatility and the post-2009 increase in volatility appear to be driven by different factors. The former is mostly explained by a decline in the variance of country-specific factors; the latter appears to be driven by an increase in the volatility of common factors. Third, diversification is a likely force behind the steady decline in the volatility stemming from country-specific factors, especially in developing countries.}, keywords = {economic development; VOLATILITY; trade liberalisation}, year = {2019}, eissn = {1467-9701}, pages = {2508-2545}, orcid-numbers = {Pienknagura, Samuel/0000-0002-7448-4971} } @article{MTMT:31074433, title = {Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tohoku Earthquake}, url = {https://m2.mtmt.hu/api/publication/31074433}, author = {Boehm, Christoph E. and Flaaen, Aaron and Pandalai-Nayar, Nitya}, doi = {10.1162/rest_a_00750}, journal-iso = {REV ECON STAT}, journal = {REVIEW OF ECONOMICS AND STATISTICS}, volume = {101}, unique-id = {31074433}, issn = {0034-6535}, abstract = {Using novel firm-level microdata and leveraging a natural experiment, this paper provides causal evidence for the role of trade and multinational firms in the cross-country transmission of shocks. The scope for trade linkages to generate cross-country spillovers depends on the elasticity of substitution with respect to domestic inputs. Using the 2011 Tohoku earthquake as an exogenous shock, we structurally estimate production elasticities at the firm level and find greater complementarities in input usage than previously thought. For Japanese affiliates in the United States, output falls roughly one-for-one with declines in imports, consistent with a relationship between imported and domestic inputs that is close to Leontief.}, year = {2019}, eissn = {1530-9142}, pages = {60-75} } @article{MTMT:30557244, title = {Economic Integration and Export Complexity: The Case of Slovakia}, url = {https://m2.mtmt.hu/api/publication/30557244}, author = {Gabrielczak, Piotr and Serwach, Tomasz}, journal-iso = {EKON CAS}, journal = {EKONOMICKY CASOPIS}, volume = {67}, unique-id = {30557244}, issn = {0013-3035}, abstract = {The goal of the article is to evaluate the impact of accession to the European Union (EU) on the complexity of goods in Slovak exports. The traditional theories of trade show that such an engagement in economic integration may lead to specialization in the production of either more or less sophisticated goods, depending on the country's technological advancement and factor endowment. At the same time, increased FDI flows may stimulate the engagement of a country in international production chains with ambiguous effects on export complexity. Because it is impossible to a priori predict the effect economic integration may have on the complexity, it is reasonable to verify it empirically. The authors used the Synthetic Control Method (SCM) to compare the observed post-accession levels of exports complexity in Slovakia with the counterfactual values of that country remaining outside of the EU.}, keywords = {European Union; international trade; Treatment effect; economic integration; Synthetic Control Method; complexity}, year = {2019}, eissn = {0013-3035}, pages = {115-134} } @article{MTMT:31074431, title = {Growth-instability frontier and industrial diversification: Evidence from European gross value added}, url = {https://m2.mtmt.hu/api/publication/31074431}, author = {Hafner, Kurt A.}, doi = {10.1111/pirs.12401}, journal-iso = {PAP REG SCI}, journal = {PAPERS IN REGIONAL SCIENCE: THE JOURNAL OF THE REGIONAL SCIENCE ASSOCIATION INTERNATIONAL}, volume = {98}, unique-id = {31074431}, issn = {1056-8190}, abstract = {The paper applies the modern portfolio theory and stochastic frontier analysis to gross value added growth rates in Europe and presents evidence of convex growth-instability frontiers. Using their national accounts by economic activity, numerical simulations of gross value added shares show that in 2011, industry portfolios were below Markowitz's efficient frontier and that rearranging the share of economic activities lead to efficiency gains in terms of lower output instability and higher growth rates. Gross value added in EU countries in general, and core countries in particular, should be contributed by the "service provider" and "financial activities" sectors, while optimal industry portfolios of periphery countries are more diversified. Stochastic frontier analysis confirms the convex growth-instability frontiers and finds that technical inefficiencies are explained by differences in the growth rate of labour and the degree of industrial diversification. Getting more efficient is a combination of country characteristics and sector specifics, where efficiency gains are inversely related to industrial diversification during economic development. Reported results are robust to model specifications and data restrictions.}, keywords = {Economic activities; Regional growth; stochastic frontier analysis; economic instability; modern portfolio theory}, year = {2019}, eissn = {1435-5957}, pages = {799-+} } @article{MTMT:31073957, title = {Do (all) sectoral shocks lead to aggregate volatility? Empirics from a production network perspective}, url = {https://m2.mtmt.hu/api/publication/31073957}, author = {Joya, Omar and Rougier, Eric}, doi = {10.1016/j.euroecorev.2019.01.004}, journal-iso = {EUR ECON REV}, journal = {EUROPEAN ECONOMIC REVIEW}, volume = {113}, unique-id = {31073957}, issn = {0014-2921}, abstract = {Productive diversification has long been acknowledged as a volatility-reducing strategy. Yet, recent theoretical contributions have shown that, in strongly diversified economies, idiosyncratic shocks could translate into aggregate volatility via the network of inter-industry linkages. By exploiting exogenous cross-country-sector variations in demand shocks during the 2008 Great Recession, we provide empirical evidence that the network properties of a sector affected by an individual shock determine its propensity to transmit volatility to the rest of the economy. More precisely, shocks to sectors that are located in denser parts of a production network fade out over a large number of alternative paths of propagation due to substitution effects, whereas shocks to sectors that are more influential within the network generate aggregate fluctuations through contagion effects. We also find that the impact of sectoral shocks on aggregate volatility (1) is not conditional on sector-level differences in trade intensity, and (2) is larger for developing countries because they tend to have more isolated influential sectors and larger structural holes in their production network. Our results thus help consolidate the two opposite views in the literature on the impact of productive diversification on aggregate volatility. (C) 2019 Elsevier B.V. All rights reserved.}, keywords = {DIVERSIFICATION; VOLATILITY; Production network; input-output structure; Sectoral shock; 2008 global crisis}, year = {2019}, eissn = {1873-572X}, pages = {77-107}, orcid-numbers = {Rougier, Eric/0000-0003-0466-0607} } @article{MTMT:31074429, title = {Trade liberalization and volatility. Evidence from Indian firms}, url = {https://m2.mtmt.hu/api/publication/31074429}, author = {Sundaram, Asha}, doi = {10.1111/roie.12429}, journal-iso = {REV INT ECON}, journal = {REVIEW OF INTERNATIONAL ECONOMICS}, volume = {27}, unique-id = {31074429}, issn = {0965-7576}, abstract = {I look at the impact of trade liberalization on sales growth volatility of firms. Exploiting India's externally imposed trade reform to identify trade liberalization effects, I find that while a fall in the tariff on the final product produced by the firm is associated with an increase in volatility in Indian manufacturing firms, a fall in the tariff on intermediate inputs is associated with a decrease in volatility, with the latter effect dominating the former. I hence propose an additional channel for gains from trade liberalization to the ones documented in the literature.}, year = {2019}, eissn = {1467-9396}, pages = {1409-1426}, orcid-numbers = {Sundaram, Asha/0000-0003-1864-8019} } @article{MTMT:27520192, title = {Export diversification and economic development: A dynamic spatial data analysis}, url = {https://m2.mtmt.hu/api/publication/27520192}, author = {Basile, Roberto and Parteka, Aleksandra and Pittiglio, Rosanna}, doi = {10.1111/roie.12316}, journal-iso = {REV INT ECON}, journal = {REVIEW OF INTERNATIONAL ECONOMICS}, volume = {26}, unique-id = {27520192}, issn = {0965-7576}, year = {2018}, eissn = {1467-9396}, pages = {634-650} } @article{MTMT:27520193, title = {Export characteristics and output volatility: comparative firm-level evidence for CEE countries}, url = {https://m2.mtmt.hu/api/publication/27520193}, author = {Cede, Urska and Chiriacescu, Bogdan and Harasztosi, Peter and Lalinsky, Tibor and Merikull, Jaanika}, doi = {10.1007/s10290-018-0312-x}, journal-iso = {REV WORLD ECON}, journal = {REVIEW OF WORLD ECONOMICS}, volume = {154}, unique-id = {27520193}, issn = {1610-2878}, year = {2018}, eissn = {1610-2886}, pages = {347-376} } @article{MTMT:30490315, title = {Uncertainty, capital flows, and maturity mismatch}, url = {https://m2.mtmt.hu/api/publication/30490315}, author = {Converse, Nathan}, doi = {10.1016/j.jimonfin.2017.07.013}, journal-iso = {J INT MONEY FINANC}, journal = {JOURNAL OF INTERNATIONAL MONEY AND FINANCE}, volume = {88}, unique-id = {30490315}, issn = {0261-5606}, abstract = {This paper explores a how the financial uncertainty generated by volatile international capital flows interacts with maturity mismatch on the balance sheets of nonfinancial firms to increase the volatility of output, investment, and total factor productivity (TFP) in emerging market economies. I build a model of a small open economy in which financial frictions force firms to fund long-term projects with short-term debt. In response to changes in the level of uncertainty regarding the availability of foreign borrowing, firms adjust their long-term investment, contributing to the volatility of investment and output as well as generating endogenous fluctuations in aggregate productivity. Using data from a panel of major emerging markets, I show that the volatility of portfolio debt flows negatively affects output by dampening investment, while the volatility of equity flows, which do not generate maturity mismatch, has no effect. Consistent with the mechanism in the model, the negative impact of capital flow volatility is larger at low levels of financial development and in industries with longer time-to-build lags. My estimates imply that shocks to capital flow volatility account for one fifth of the excess output volatility of the emerging markets in my sample relative to a set of small open advanced economies. (C) 2017 Elsevier Ltd. All rights reserved.}, keywords = {UNCERTAINTY; EMERGING MARKETS; Capital flows; Maturity mismatch; Financial volatility; Capital allocation}, year = {2018}, eissn = {1873-0639}, pages = {260-275} } @article{MTMT:30557248, title = {Natural Disasters, Technology Diversity, and Operating Performance}, url = {https://m2.mtmt.hu/api/publication/30557248}, author = {Hsu, Po-Hsuan and Lee, Hsiao-Hui and Peng, Shu-Cing and Yi, Long}, doi = {10.1162/rest_a_00738}, journal-iso = {REV ECON STAT}, journal = {REVIEW OF ECONOMICS AND STATISTICS}, volume = {100}, unique-id = {30557248}, issn = {0034-6535}, abstract = {In this paper, we empirically measure the impact of natural disasters on firm-level operating performance and examine if such impact can be mitigated by technology diversification. Using major natural disasters specified by Barrot and Sauvagnat (2015) and factory location data from the toxic release inventory (TRI) database, we first find that firms with factories located in states affected by natural disasters are much less profitable. Second, we find that firms with diversified technologies are significantly less subject to the impact of natural disasters, suggesting that technology diversity enhances firms' sustainability.}, year = {2018}, eissn = {1530-9142}, pages = {619-630} } @article{MTMT:27269306, title = {Industrial output fluctuations in developing countries: General equilibrium consequences of agricultural productivity shocks}, url = {https://m2.mtmt.hu/api/publication/27269306}, author = {Lee, Iona Hyojung}, doi = {10.1016/j.euroecorev.2017.10.024}, journal-iso = {EUR ECON REV}, journal = {EUROPEAN ECONOMIC REVIEW}, volume = {102}, unique-id = {27269306}, issn = {0014-2921}, year = {2018}, eissn = {1873-572X}, pages = {240-279} } @inproceedings{MTMT:30557246, title = {Economic Diversification in the Post-Soviet States}, url = {https://m2.mtmt.hu/api/publication/30557246}, author = {Vera, Zaretskaya G.}, booktitle = {Proceedings of the 31st International Business Information Management Association Conference (IBIMA)}, unique-id = {30557246}, abstract = {Research subject. This paper deals with the study of the issue of economic diversification of the regions in the post-Soviet countries.}, keywords = {Orientation; DIVERSIFICATION; economic growth; Herfindahl-hirschman index; gross regional product}, year = {2018}, pages = {2667-2672} } @article{MTMT:26711203, title = {Volatility and slow technology diffusion}, url = {https://m2.mtmt.hu/api/publication/26711203}, author = {Ferraro, Domenico}, doi = {10.1016/j.euroecorev.2017.04.005}, journal-iso = {EUR ECON REV}, journal = {EUROPEAN ECONOMIC REVIEW}, volume = {96}, unique-id = {26711203}, issn = {0014-2921}, year = {2017}, eissn = {1873-572X}, pages = {18-37} } @article{MTMT:26888504, title = {The impact of the euro adoption on the complexity of goods in Slovenian exports}, url = {https://m2.mtmt.hu/api/publication/26888504}, author = {Gabrielczak, Piotr and Serwach, Tomasz}, doi = {10.18045/zbefri.2017.1.45}, journal-iso = {ZB RAD EKON FAK RIJE}, journal = {ZBORNIK RADOVA EKONOMSKOG FAKULTETA U RIJECI-PROCEEDINGS OF RIJEKA FACULTY OF ECONOMICS}, volume = {35}, unique-id = {26888504}, issn = {1331-8004}, year = {2017}, eissn = {1846-7520}, pages = {45-71} } @article{MTMT:25563318, title = {A unified theory of firm selection and growth}, url = {https://m2.mtmt.hu/api/publication/25563318}, author = {Arkolakis, C}, doi = {10.1093/qje/qjv039}, journal-iso = {Q J ECON}, journal = {QUARTERLY JOURNAL OF ECONOMICS}, volume = {131}, unique-id = {25563318}, issn = {0033-5533}, year = {2016}, eissn = {1531-4650}, pages = {89-155} } @article{MTMT:25305230, title = {Market Exposure and Endogenous Firm Volatility over the Business Cycle}, url = {https://m2.mtmt.hu/api/publication/25305230}, author = {Decker, Ryan A and D'Erasmo, Pablo N and Boedo, Hernan Moscoso}, doi = {10.1257/mac.20130011}, journal-iso = {AM ECON J-MACROECON}, journal = {AMERICAN ECONOMIC JOURNAL-MACROECONOMICS}, volume = {8}, unique-id = {25305230}, issn = {1945-7707}, year = {2016}, eissn = {1945-7715}, pages = {148-198} } @article{MTMT:26344197, title = {Power Laws in Economics: An Introduction}, url = {https://m2.mtmt.hu/api/publication/26344197}, author = {Gabaix, Xavier}, doi = {10.1257/jep.30.1.185}, journal-iso = {J ECON PERSPECT}, journal = {JOURNAL OF ECONOMIC PERSPECTIVES}, volume = {30}, unique-id = {26344197}, issn = {0895-3309}, year = {2016}, eissn = {1944-7965}, pages = {185-205} } @article{MTMT:25772237, title = {Importing, exporting, and firm-level employment volatility}, url = {https://m2.mtmt.hu/api/publication/25772237}, author = {Kurz, Christopher and Senses, Mine Z}, doi = {10.1016/j.jinteco.2015.08.003}, journal-iso = {J INT ECON}, journal = {JOURNAL OF INTERNATIONAL ECONOMICS}, volume = {98}, unique-id = {25772237}, issn = {0022-1996}, year = {2016}, eissn = {1873-0353}, pages = {160-175} } @article{MTMT:26016949, title = {Does product complexity matter for firms' output volatility?}, url = {https://m2.mtmt.hu/api/publication/26016949}, author = {Maggioni, Daniela and Lo, Turco Alessia and Gallegati, Mauro}, doi = {10.1016/j.jdeveco.2016.03.006}, journal-iso = {J DEV ECON}, journal = {JOURNAL OF DEVELOPMENT ECONOMICS}, volume = {121}, unique-id = {26016949}, issn = {0304-3878}, year = {2016}, eissn = {1872-6089}, pages = {94-109} } @article{MTMT:24633275, title = {Banking market structure and macroeconomic stability: Are low-income countries special?}, url = {https://m2.mtmt.hu/api/publication/24633275}, author = {Bremus, F and Buch, CM}, doi = {10.1111/1468-0106.12095}, journal-iso = {PAC ECON REV}, journal = {PACIFIC ECONOMIC REVIEW}, volume = {20}, unique-id = {24633275}, issn = {1361-374X}, year = {2015}, eissn = {1468-0106}, pages = {73-100} } @article{MTMT:25305275, title = {Structural Change, Growth, and Volatility}, url = {https://m2.mtmt.hu/api/publication/25305275}, author = {Moro, Alessio}, doi = {10.1257/mac.20130057}, journal-iso = {AM ECON J-MACROECON}, journal = {AMERICAN ECONOMIC JOURNAL-MACROECONOMICS}, volume = {7}, unique-id = {25305275}, issn = {1945-7707}, year = {2015}, eissn = {1945-7715}, pages = {259-294} } @article{MTMT:23779245, title = {Credit market imperfection, labor supply complementarity, and output volatility}, url = {https://m2.mtmt.hu/api/publication/23779245}, author = {Agliari, A and Vachadze, G}, doi = {10.1016/j.econmod.2013.10.039}, journal-iso = {ECON MODEL}, journal = {ECONOMIC MODELLING}, volume = {38}, unique-id = {23779245}, issn = {0264-9993}, year = {2014}, eissn = {1873-6122}, pages = {45-56} } @article{MTMT:23779244, title = {Firm heterogeneity, R&D, and economic growth}, url = {https://m2.mtmt.hu/api/publication/23779244}, author = {Chun, H and Ha, J and Kim, J-W}, doi = {10.1016/j.econmod.2013.09.028}, journal-iso = {ECON MODEL}, journal = {ECONOMIC MODELLING}, volume = {36}, unique-id = {23779244}, issn = {0264-9993}, year = {2014}, eissn = {1873-6122}, pages = {149-156} } @article{MTMT:24608953, title = {Deep financial integration and volatility}, url = {https://m2.mtmt.hu/api/publication/24608953}, author = {Kalemli-Ozcan, S and Sorensen, B and Volosovych, V}, doi = {10.1111/jeea.12089}, journal-iso = {J EUR ECON ASSOC}, journal = {JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION}, volume = {12}, unique-id = {24608953}, issn = {1542-4766}, year = {2014}, eissn = {1542-4774}, pages = {1558-1585} } @article{MTMT:25647928, title = {Are significant inventions more diversified?}, url = {https://m2.mtmt.hu/api/publication/25647928}, author = {Luan, Chunjuan and Hou, Haiyan and Wang, Yongtao and Wang, Xianwen}, doi = {10.1007/s11192-014-1303-x}, journal-iso = {SCIENTOMETRICS}, journal = {SCIENTOMETRICS}, volume = {100}, unique-id = {25647928}, issn = {0138-9130}, year = {2014}, eissn = {1588-2861}, pages = {459-470}, orcid-numbers = {Wang, Xianwen/0000-0002-7236-9267} } @article{MTMT:24079323, title = {On Innovation, Instability, and Growth. A Review and an Interpretative Framework}, url = {https://m2.mtmt.hu/api/publication/24079323}, author = {Pammolli, F}, doi = {10.1428/76489}, journal-iso = {ECON POLIT-ITALY}, journal = {ECONOMIA POLITICA}, volume = {31}, unique-id = {24079323}, issn = {1120-2890}, year = {2014}, eissn = {1973-820X}, pages = {17-32} } @article{MTMT:23848069, title = {Estimating the extensive margin of trade}, url = {https://m2.mtmt.hu/api/publication/23848069}, author = {Santos, Silva JMC and Tenreyro, S and Wei, K}, doi = {10.1016/j.jinteco.2013.12.001}, journal-iso = {J INT ECON}, journal = {JOURNAL OF INTERNATIONAL ECONOMICS}, volume = {93}, unique-id = {23848069}, issn = {0022-1996}, year = {2014}, eissn = {1873-0353}, pages = {67-75} } @article{MTMT:23296589, title = {The Great Diversification and its Undoing}, url = {https://m2.mtmt.hu/api/publication/23296589}, author = {Carvalho, V and Gabaix, X}, doi = {10.1257/aer.103.5.1697}, journal-iso = {AM ECON REV}, journal = {AMERICAN ECONOMIC REVIEW}, volume = {103}, unique-id = {23296589}, issn = {0002-8282}, year = {2013}, eissn = {1944-7981}, pages = {1697-1727} }