Papers by Marzio Galeotti
SSRN Electronic Journal, 2000
Economic globalization affects the environment and sustainable development in several ways and th... more Economic globalization affects the environment and sustainable development in several ways and through various channels. The purpose of this paper is to review the key links between globalization and the environment. The paper intends to consider the major issues in multilateral economic agreements in trade and finance that affect environmental sustainability. Major policy issues addressed by these agreements are considered from the perspective of trade liberalization, international investment and finance, and technology diffusion. The concept of trade reflected here is thus broader than international exchange of goods and services.
International economic integration is often blamed for the deteriorating fortunes of unskilled wo... more International economic integration is often blamed for the deteriorating fortunes of unskilled workers in industrial countries. We look at the labor market impact of trade and foreign direct investment in the case of Italy. Our empirical framework allows for trade, technology and factor supply effects. We find that international trade did not contribute to Italy's labor market problems. Indeed, given that Italy holds quite a distinct pattern of trade specialization, compared to other industrialized countries, international integration as reflected in falling import prices may have boosted the demand for labor there. We also argue that the inability of the Mezzogiorno's economy to adjust to the changing international environment is one of the main stumbling blocks in Italy's economy. Finally, we find that greater firm's mobility may have weakened the power of trade unions and contributed to wage moderation. JEL Classification: F16, F23.
SSRN Electronic Journal, 2000
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... list includes: Stern, Common, and Barbier (1996), Ekins (1997), Stern (1998), Stagl (1999), B... more ... list includes: Stern, Common, and Barbier (1996), Ekins (1997), Stern (1998), Stagl (1999), Borghesi (1999), Panayotou (2000), Levinson (2001), de Bruyn (2000), Ekins (2000), Dasgupta, Laplante, Wang, and Wheeler (2002), Harbaugh, Levinson, and Molloy Wilson (2002 ...
European Economic Review, 2008
P i e r o F e r r i M a r z i o G a l e o t t i Giancarlo Graziola Riccardo Leoni Andrea Salanti ... more P i e r o F e r r i M a r z i o G a l e o t t i Giancarlo Graziola Riccardo Leoni Andrea Salanti • La Redazione ottempera agli obblighi previsti dall'art.1 del D.L.L. 31.8.1945, n.660 e successive modificazioni. • Le pubblicazioni del Dipartimento di Scienze Economiche dell'Università di Bergamo, consistenti nelle collane dei Quaderni e delle Monografie e Rapporti di Ricerca, costituiscono un servizio atto a fornire la tempestiva divulgazione di ricerche scientifiche originali, siano esse in forma definitiva o provvisoria.
Journal of the European Economic Association, 2008
Time to build" models of investment expenditures play an important role in many traditional and m... more Time to build" models of investment expenditures play an important role in many traditional and modern theories of the business cycle, especially for explaining the dynamic propagation of shocks. We estimate the structural parameters of a time-to-build model using firm-level investment data on equipment and structures. For equipment expenditures, we find no evidence of time-to-build effects beyond one period. For structures, by contrast, there is clear evidence of time to build in the range of 2-3 years. The contrast between equipment and structures is intuitively reasonable and consistent with previous results. The estimates for structures also indicate that initial-period expenditures are low, and increase as projects near completion. These results provide empirical support for including "time to plan" effects for investment in structures. More generally, these results suggest a potential source of specification error for Q models of investment and production-based asset pricing models that ignore the time required to plan, build and install new capital.
International economic integration is often blamed for the deteriorating fortunes of unskilled wo... more International economic integration is often blamed for the deteriorating fortunes of unskilled workers in industrial countries. We look at the labour market impact of trade and foreign direct investment in the case of Italy. Our empirical framework allows for trade, technology and factor supply ...
International Journal of Global Environmental Issues, 2004
... their emission reduction targets, the Annex B group is likely to reduce its demand for fossil... more ... their emission reduction targets, the Annex B group is likely to reduce its demand for fossil fuels which in turn would lead to the reduction in the world price for fossil fuels or to a relocation of energy-intensive industries (Polidano, Jotzo, Heyhoe, Jakeman, Woffenden, and Fisher ...
Energy Economics, 2014
ABSTRACT According to the Rockets and Feathers hypothesis (RFH), the transmission mechanism of po... more ABSTRACT According to the Rockets and Feathers hypothesis (RFH), the transmission mechanism of positive and negative changes in the price of crude oil to the price of gasoline is asymmetric. Although there have been many contributions documenting that downstream prices are more reactive to increases than to decreases in upstream prices, little is known about the forecasting performance of econometric models incorporating asymmetric price transmission from crude oil to gasoline. In this paper we fill this gap by comparing point, sign and probability forecasts from a variety of Asymmetric-ECM (A-ECM) and Threshold Autoregressive ECM (TAR-ECM) specifications against a standard ECM. Forecasts from A-ECM and TAR-ECM subsume the RFH, while the ECM implies symmetric price transmission from crude oil to gasoline. We quantify the forecast accuracy gains due to incorporating the RFH in predictive models for the prices of gasoline and diesel. We show that, as far as point forecasts are involved, the RFH does not lead to significant improvements, while it can be exploited to produce more accurate sign and probability forecasts. Finally, we highlight that the forecasting performance of the estimated models is time-varying.
SSRN Electronic Journal, 2000
Firms, Governments and Climate Policy, 2003
Firms, Governments and Climate Policy, 2003
SSRN Electronic Journal, 2000
This paper examines the relationship between the exposure to foreign trade and productivity growt... more This paper examines the relationship between the exposure to foreign trade and productivity growth for a sample of Indian manufacturing firms. By testing a catching up model of productivity growth, it sheds some light on the nature of the relationship between the exposure to foreign competition and productivity growth. It finds a non linear relationship between firms' export share and productivity gains. Productivity growth declines with the share of exports on total sales, up to a threshold ranging between 40 and 50 per cent and it increases thereafter. This result appears to be dominated by the behaviour of firms in traditional sectors like textile and clothing. In more technology intensive sectors, like pharmaceuticals, productivity gains also arise for smaller export shares. One likely explanation of this finding is that being successful in the export market for exporters of traditional products also requires investments in technological upgrading. These investments are less likely to be viable for marginal exporters. In fact, firms with a larger than 50 percent share of exports are also found to be more capital intensive and to use newer machinery than non exporters or marginal exporters. In contrast we find that human capital is not significantly different for different categories of firms.
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Papers by Marzio Galeotti