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We study how firms and workers adjust when previously restricted migrants gain full and portable work rights in a labor market with substantial informality. We exploit the 2007 EU accession of Bulgaria and Romania, which granted unrestricted work rights to Italy’s largest migrant group. Using matched employer–employee administrative data and an IV-DID design, we find…
The AUD/JPY cross extends this week’s retracement slide from the 114.65 zone, or its highest level since June 3, and attracts some follow-through selling for the second straight day. The intraday decline picks up pace following the release of soft Australian consumer inflation figures and drags spot prices to an over one-week low, around the…
It’s easy to understand why so many investors are bearish on Bitcoin (BTC +0.99%) right now. It’s down nearly 50% from its all-time high of $126,000 last October. As a result, investment opportunities in AI simply look more appealing than Bitcoin right now. However, Bitcoin has always been a highly cyclical asset, and the most…
Every company needs working capital, particularly to get things going. Space Exploration Technologies (SPCX 4.51%) is no exception. The timing and scope of SpaceX’s most recent fundraising, however, are a bit of a red flag. We’re not talking about SpaceX’s mid-June initial public offering, which raised proceeds of $85.7 billion when demand exceeded the $75 billion…
Two different reads on the housing market released Thursday point to the same problem, one that appears to be getting worse. Housing is just too expensive — to own and to build. Pending home sales in June, a measure of signed contracts on existing homes, fell 5.4% from May, according to the National Association of…