EN:

This paper examines the wage implications of temporary migration for two cohorts of Italian Ph.D.s. Special attention is given to the duration of the international experience, its contribution to earned wages and the selectivity of returnees. Returnees are found to be a self-selected group whose unobservable characteristics are simultaneously associated with both higher wages and a higher propensity to migrate. Moreover, we find positive returns for those who stay longer and negative returns for those who come back sooner. The results are confirmed in several robustness and sensitivity checks.

EN:

We consider an overlapping generations version of a model suggested by Fargione, Lehmann and Polasky that allows us to show, by means of simulations, that randomness of the rate of return on capital, combined with inheritance of capital and consumption being a concave function of wealth may lead to an increasing concentration of capital. We can also show that the average rate of return being higher than the growth rate of aggregate income, r>g, does not necessarily lead to increasing concentration and that there are cases where concentration of capital does increase while the opposite inequality, g>r, holds.

EN:

This study aims to analyze the long-run effects of fiscal consolidation on economic activity in the Economic and Monetary Community of Central Africa (CEMAC), a grouping of six countries (Cameroon, Congo, Gabon, Equatorial Guinea, the Central African Republic, and Chad) forming a monetary union. The empirical analysis of annual data from the Bank of Central African States (BEAC) over the 1987-2016 period first enabled us to identify 22 episodes of fiscal consolidations in all the CEMAC zone countries during the above-mentioned period. Secondly, by adopting the Fully Modified Ordinary Least Square (FMLOS) and the Dynamic Ordinary Least Square (DOLS) panel methods, our results show that fiscal consolidations have recessionary (Keynesian) effects on the CEMAC zone’s economy. Those effects are mainly due to fiscal consolidations that focus on reducing public expenditure.

EN:

Using a dynamic panel dataset of 150 countries for the period of 2006-2018 and a two-step system GMM estimation model, this paper shows that natural resources have a positive effect on economic development while holding corruption constant. Our findings support the notion that natural resources have a positive effect on the economy of a nation. When a country has less corruption, it improves the appropriation of economic gains from natural resources which serves as natural capital that would drive further capital accumulation and further development. We also find that physical capital, human capital, and freedom from corruption show strong positive effects on economic development, controlling for other economic and institutional variables.