|
on Confederation of Independent States |
| By: | Shubho Roy (Indira Gandhi Institute of Development Research); Renuka Sane (Indira Gandhi Institute of Development Research); Susan Thomas (Indira Gandhi Institute of Development Research) |
| Abstract: | In response to the Second Micro Finance Crisis in Andhra Pradesh, which took place in October 2010, the Ministry of Finance has pro- posed a new Micro Finance Institutions (Development & Regulation) Bill. This paper undertakes a detailed analysis of the draft Bill in terms of both economic policy and law. This analysis reveals many weak links, including: a lack of clarity on the objectives of the Bill; an insufficient focus on protection of the rights of the micro-borrower; lack of clarity about the definition of thrift; the loss of accountability that comes with multiple regulatory agencies; concerns about the rule of law; and constitutional issues about powers of the Centre versus the State Government. |
| Keywords: | microfinance, regulation, crisis resolution, consumer credit, consumer protection, regulatory objectives |
| JEL: | G20 G21 G28 K12 K23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2011-025&r=cis |
| By: | Elena-Ivona Dumitrescu (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans); Bertrand Candelon (Economics - Maastricht University); Christophe Hurlin (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans); Franz C. Palm (Maastricht University - univ. Maastricht) |
| Abstract: | The recent financial turmoils in Latin America and Europe have led to a concatenation of several events from currency, banking and sovereign debt crises. This paper proposes a multivariate dynamic probit model that encompasses the three types of crises 'currency, banking and sovereign debt' and allows us to investigate the potential causality between all three crises. To achieve this objective, we propose a methodological novelty consisting of an exact maximum likelihood method to estimate this multivariate dynamic probit model, extending thus Huguenin, Pelgrin and Holly (2009). Using a large sample of data for emerging countries, which experienced financial crises, we find that mutations from banking to currency (and vice-versa) are quite common. More importantly, the trivariate model turns out to be more parsimonious in the case of the two countries which suff ered from the 3 types of crises. These findings are strongly confi rmed by a conditional probability and an impulse-response function analysis, highlighting the interaction between the di fferent types of crises and advocating hence the implementation of trivariate models whenever it is feasible. |
| Keywords: | Financial crisis, Multivariate dynamic probit models, Emerging countries |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00630036&r=cis |
| By: | Supardi, Azizan; Adnan, Hamimah; Mohammad, Mohammad Fadhil |
| Abstract: | In Malaysia, the particularly small sized subcontractors are definitely benefited from payment provisions in the proposed Construction Industry Payment and Adjudication Act (CIPA Act). However, they need to enhance their knowledge of the so-called the ‘Security of Payment’ Regime to benefits from the Act. Due to this, this on-going research attempts to introduce payment framework to the sub-contractors, in giving the knowledge, to claim for payment. This paper, though, is to disclose the finding of the level of knowledge that the sub-contractors have to the proposed Act, by preliminary analyzing the quantitative questionnaire survey. It was found that the adequacy of security of payment framework to the particularly small sized sub-contractors needs to be produced, and the analysis on effectiveness of the various avenues incorporated in the construction contract or statutes in the other developed countries as well as the proposed Act needs to be done. However, as long as the regime remains in proposal, the sub-contractors have to bear with the current structure of payment mechanisms in the standard forms of contract, which are payment upon certification, direct payment from the employer, and contingent or conditional payment. |
| Keywords: | legal readiness; Malaysia; sub-contractors; security of payment; construction industry |
| JEL: | K32 K12 L74 |
| Date: | 2011–07–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34013&r=cis |
| By: | Laurent Schoeffel (CEA Saclay) |
| Abstract: | The probability distribution of log-returns for financial time series, sampled at high frequency, is the basis for any further developments in quantitative finance. In this letter, we present experimental results based on a large set of time series on futures. We show that the t-distribution with $\nu \simeq 3$ gives a nice description of almost all data series considered for a time scale $\Delta t$ below 1 hour. For $\Delta t \ge 8$ hours, the Gaussian regime is reached. A particular focus has been put on the DAX and Euro futures. This appears to be a quite general result that stays robust on a large set of futures, but not on any data sets. In this sense, this is not universal. A technique using factorial moments defined on a sequence of returns is described and similar results for time scales are obtained. Let us note that from a fundamental point of view, there is no clear reason why DAX and Euro futures should present similar behavior with respect to their return distributions. Both are complex markets where many internal and external factors interact at each instant to determine the transaction price. These factors are certainly different for an index on a change parity (Euro) and an index on stocks (DAX). Thus, this is striking that we can identify universal statistical features in price fluctuations of these markets. This is really the advantage of micro-structure analysis to prompt unified approaches of different kinds of markets. Finally, we examine the relation of power law distribution of returns with another scaling behavior of the data encoded into the Hurst exponent. We have obtained $H=0.54 \pm 0.04$ for DAX and $H=0.51 \pm 0.03$ for Euro futures. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.1727&r=cis |
| By: | Robert Graham |
| Abstract: | Presentation delivered during the seminar "PPP Américas 2010: Las Asociaciones Público-Privadas en Brasil y América Latina: Desafíos y Perspectivas", celebrated in Salvador-Bahia, Brazil, May 11-13, 2010. It provides an overview of the Energy - from - Waste project put forward by COVANTA, examining the benefits of engaging in Public Private Partnerships to deal with this innovative source of energy and the eonomic incentives that are created in the process. |
| Keywords: | Private Sector :: Public Private Partnerships, Energy & Mining |
| Date: | 2010–05 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13560&r=cis |
| By: | A. Yakovlev; A. Govorun |
| Abstract: | International lessons from emerging economies suggest that business associations may provide an effective channel of communication between the government and the private sector. This function of business associations may become still more important in transition economies, where old mechanisms for coordinating enterprise activities have been destroyed, while the new ones have not been established yet. In this context, Russian experience is a matter of interest, because for a long time, Russia was regarded as a striking example of state failures and market failures. Consequently, the key point of our study was a description of the role and place of business associations in the presentday Russian economy and their interaction with member companies and bodies of state administration. Relying on the survey data of 957 manufacturing firms conducted in 2009, we found that business associations are more frequently joined by larger companies, firms located in regional capital cities, and firms active in investment and innovation. By contrast, business associations tend to be less frequently joined by business groups’ subsidiaries and firms that were non-responsive about their respective ownership structures. Our regression analysis has also confirmed that business associations are a component of what Frye (2002) calls an “elite exchange”– although only on regional and local levels. These “exchanges” imply that members of business associations, on the one hand, more actively assist regional and local authorities in social development of their regions, and on the other hand more often receive support from authorities. However, this effect is insignificant in terms of support from the federal government. In general, our results allow us to believe that at present, business associations (especially the industry-wide and “leading” ones) consolidate the most active, advanced companies and act as collective representatives of their interests. For this reason, business associations can be regarded as interface units between the authorities and businesses and as a possible instrument for promotion of economic development. |
| Keywords: | business associations, economic growth, state-business relations, collective actions |
| JEL: | L31 O17 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:16-11&r=cis |
| By: | Mustafa Yavuz Çakir; Alain Kabundi |
| Abstract: | This paper studies the trade linkages between South Africa and the BRIC (Brazil, Russia, India, and China) countries. We apply a global vector autoregressive model (global VAR) to investigate the degree of trade linkages and shock transmission between South Africa and the BRIC countries over the period 1995Q1-2009Q4. The model contains 32 countries and has two different estimations: the first one consists of 24 countries and one region, with the 8 countries in the euroarea treated as a single economy; and the second estimation contains 20 countries and two regions, with the BRIC and the euro area countries respectively treated as a single economy. The results suggest that trade linkages exist between our focus economies; however the magnitude differs between countries. Shocks from each BRIC country are shown to have considerable impact on South African real imports and output. |
| Keywords: | BRICS, Trade Linkages, Global VAR |
| JEL: | C32 C51 F14 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:250&r=cis |
| By: | María Rosa Reyero y Aranda |
| Abstract: | The study seeks to survey the prevalence of institutional factors posing risks or vulnerabilities to selected Bank operations and the time at, and mechanisms through which these are addressed. As a first study, it focuses on two sub-sectors of the Reform and Modernization of the State sector: Citizen Security and Transparency and Anti-Corruption. The study unfolds in three segments: 1) to identify institutional factors and their impact on sub-sector operations through document review, interviews and other Bank information sources; 2) pointing to existing Bank approaches of addressing institutional factors and suggesting new considerations for their dealing in light of the analysis of survey results, as might be the false dichotomy of early identification v. flexibility; and 3) to cross-check the study's findings on the presence of institutional factors with those yielded by the Matrix of Institutional Factors (MAFI) developed for ICF/ICS, as to assess its effectiveness in factor identification. The main conclusion of the study is that both flexibility and implementation are important elements in project design, at least in the sub-sectors studied. |
| Keywords: | Public Sector :: Citizen Security & Crime Prevention, Public Sector :: Transparency & Anticorruption, Financial Sector :: Financial Services, citizen security, transparency & anti-corruption |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:38458&r=cis |
| By: | Rupayan Pal (Indira Gandhi Institute of Development Research); Ajay Sharma (Indira Gandhi Institute of Development Research) |
| Abstract: | In this paper, we introduce political competition in a sequential move tax competition game between two regions for foreign owned mobile capital. It shows that in case of sequential move, political delegation takes place only in the follower region, not in the leader region. Moreover, political competition need not necessarily lead to higher tax rate in equilibrium. These results are in the sharp contrast to the existing results. |
| Keywords: | Mobile capital, Tax competition, Political competition, Leadership, Public good |
| JEL: | F21 H25 D70 H42 D40 R50 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2011-024&r=cis |
| By: | Dirk Bergemann (Cowles Foundation, Yale University); Stephen Morris (Dept. of Economics, Princeton University) |
| Abstract: | We define a notion of correlated equilibrium for games with incomplete information in a general setting with finite players, finite actions, and finite states, which we call Bayes correlated equilibrium. The set of Bayes correlated equilibria of a fixed incomplete information game equals the set of probability distributions over actions, states and types that might arise in any Bayes Nash equilibrium where players observed additional information. We show that more information always shrinks the set of Bayes correlated equilibria. |
| Keywords: | Correlated equilibrium, Incomplete information, Robust predictions, Information structure |
| JEL: | C72 D82 D83 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1822&r=cis |
| By: | Ulric Trotz; Roger S. Pulwarty |
| Abstract: | This presentation specifically focused on adaptation measures - what is being done and what can be done in the water sector to adapt to climate change impacts. Very specific options and suggestions were presented. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12818&r=cis |
| By: | Supardi, Azizan; Adnan, Hamimah; Mohammad, Mohammad Fadhil |
| Abstract: | In Malaysia, subcontractors are definitely benefited from payment provisions in the proposed Construction Industry Payment and Adjudication Act (CIPA Act). However, the particularly small sized sub-contractors need to enhance knowledge of the so-called the ‘Security of Payment’ Regime to improve their awareness of the benefits of the Act. Due to this, this on-going research attempts to introduce balance and proper guidelines to the sub-contractors, in giving the knowledge, to claim for payment and the main contractors able to make prompt payments. Before that, the research may first identify the payment provisions in the standard forms of contracts as well as in domestic sub-contracts especially on Contingent Payment, and exploring the problems and legal issues relating to payment default. Then, by determining the level of knowledge that the sub-contractors have to the proposed CIPA Act, and analysing the various avenues which improve the payment problem in the construction industry those have been incorporated in the construction contract or statutes in the other developed countries as well as the proposed CIPA Act, the aim may be achieved. The purpose of this paper, though, is to disclose the finding of the first objective of the on-going research. In the standard forms of construction contracts, currently, the payment structure to the sub-contractors are divided into three: payment upon certification, direct payment from the employer, and contingent payment or conditional payment. As long as the Malaysian ‘Security of Payment’ Regime remains in proposal, the sub-contractors have to bear with the current structure of payment mechanisms. |
| Keywords: | legal readiness; Malaysia; sub-contractors; security of payment; construction industry |
| JEL: | K32 K12 L74 |
| Date: | 2010–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34010&r=cis |
| By: | FARACE, Salvatore (CELPE - Centre of Labour Economics and Economic Policy, University of Salerno - Italy); MAZZOTTA, Fernanda (CELPE - Centre of Labour Economics and Economic Policy, University of Salerno - Italy) |
| Abstract: | This paper examines the determinants of innovation and its effects on small- and medium-sized firms We use the data from the OPIS databank, which provides a survey on a representative sample of firms from a province of the Southern Italy. We want to study whether small and medium sized firms can have a competitive advantage using their innovative capabilities, regardless of their sectoral and size limits. The main factor influencing the likelihood of innovation is knowledge, which is acquired through different ways. The econometric methodology consists of two bivariate models in order to estimate the probability of increased sales conditioned to the probability of innovation. We found that knowledge positively influences the probability of innovation; at the same time, knowledge has also a positive indirect effect on the increase of sales through innovation. |
| Keywords: | innovation; small and medium sized firms; human capital; networks; bivariate probit |
| JEL: | C24 C25 O31 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:sal:celpdp:0120&r=cis |
| By: | Sandra Valencia |
| Abstract: | This presentation focused on financing available for adaptation in the water sector. The specific focus was on funds coming from the international negotiations and that are available through MDBs and/or through UN conventions or other such agreements. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management, Financial Sector :: Financial Services |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12698&r=cis |
| By: | Vishal Bhalla |
| Abstract: | This presentation focused on how a case study in St Lucia - the Coconut Bay Beach Resort - has adapted their operations for climate change but specifically on how these activities were financed. It discussed the creation of a public-private partnership and talked about the various entities that funded the collaboration. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management, Private Sector :: Public Private Partnerships |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12618&r=cis |
| By: | Kangsik, Choi |
| Abstract: | We investigate a differentiated mixed duopoly in which private and public firms can choose to strategically set prices or quantities when the public firm is less efficient than the private firm. Thus, regardless of whether the goods are substitutes or complements, if the degree of public firm's inefficiency is sufficiently small, there exists a dominant strategy for both public and private firms that choose Bertrand competition, while there exists a dominant strategy only for the private firm that chooses Bertrand competition if the degree of inefficiency is sufficiently large. Consequently, we show that regardless of the nature of goods, (i) social welfare under Bertrand competition is determined in equilibrium, if the degree of public firm's inefficiency is sufficiently small; and (ii) if the degree of its inefficiency is sufficiently large, social welfare under which the private firm sets its price and the public firm sets its quantity is determined in equilibrium. Moreover, the ranking of a private firm's profit is not reversed. |
| Keywords: | Inefficiency; Cournot-Bertrand Competition; Mixed Duopoly |
| JEL: | L13 D43 H44 |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34100&r=cis |
| By: | Martin S. Feldstein |
| Abstract: | The Tax Reform Act of 1986 was a powerful pro-growth force for the American economy. Equally important, as we look back on it after 25 years, we also see that it taught us two important lessons. First, it showed that politicians with very different political philosophies on the right and on the left could agree on a major program of tax rate reduction and tax reform. Second, it showed that the amount of taxable income is very sensitive to marginal tax rates. More specifically, the evidence based on the 1986 tax rate reductions shows that the response of taxpayers to reductions in marginal tax rates offsets a substantial portion of the revenue that would otherwise be lost. This implies that combining a broadening of the tax base that raises revenue equal to 10 percent of existing personal income tax revenue with a 10 percent across the board cut in all marginal tax rates would raise revenue equal to about four percent of existing tax revenue. With personal income tax revenue in 2011 of about $1 trillion, that four percent increase in net revenue would be $40 billion at the current level of taxable income or more than $500 billion over the next ten years. |
| JEL: | H0 H2 H21 H3 H31 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17531&r=cis |
| By: | Jean-Marc Siroën (UMR DIAL LEDa Université Paris-Dauphine IRD); Aycil Yucer (LEDa, UMR DIAL-Université Paris-Dauphine) |
| Abstract: | We consider the impact of MERCOSUR on trade among Brazilian states and on trade by Brazilian states with MERCOSUR and the rest of the world. We use a theoretically founded gravity model to shed light on MERCOSUR’s possible creation and diversion effects as well as its “preference erosion” effect on trade among Brazilian states. Using data on interstate trade over a four-year period, including one year prior to the MERCOSUR period (1991), we deliver empirical evidence at state level with a focus on the impact of MERCOSUR which can vary across Brazilian regions. We show that MERCOSUR increased Brazilian states’ trade with member countries, but had no effect on either interstate trade or Brazilian states’ trade with third countries. The paper finds that MERCOSUR’s impact varies across Brazilian regions and that the Northern region is relatively less well integrated into international trade. We use an estimation method dealing better with the traditional issue of zero trade values and heteroskedasticity than OLS does. _________________________________ Le document décompose l'impact du MERCOSUR sur le commerce brésilien en distinguant les effets de l’accord sur les échanges entre les États brésiliens et de chaque État brésilien avec le MERCOSUR et le reste du monde. Nous utilisons un modèle de gravité théoriquement fondé pour mettre en évidence non seulement les éventuels effets de création et de détournement de commerce mais également un effet d’"érosion des préférences" quand on considère le Brésil comme un bloc commercial qui regrouperait les États. En utilisant les données sur le commerce interétatique sur une période de quatre ans, dont un an avant la période du MERCOSUR (1991), nous aboutissons à des résultats empiriques au niveau des 27 États brésiliens sur les impacts du MERCOSUR sur le commerce qui peuvent varier selon les régions du Brésil. Nous montrons que le MERCOSUR a permis d’augmenter le commerce des États avec les pays membres, sans effets importants sur le commerce interétatique ou avec les pays tiers. Nous confirmons que l'impact du MERCOSUR varie selon les régions du Brésil et que la région du Nord est relativement moins bien intégrée dans le commerce international. Nous utilisons une méthode d'estimation qui résout certains des problèmes des modèles de gravité comme les valeurs de commerce nulles et l’hétéroscédasticité trouvée en MCO. |
| Keywords: | Regional Trade Agreements; MERCOSUR; Gravity Model; Trade Diversion; Trade Creation; Preference Erosion. |
| JEL: | F14 F15 R10 R50 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt201107&r=cis |
| By: | David R. Bloomgarden |
| Abstract: | Presentation delivered during the Tercer Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, celebrated in Mérida, Yucatán, México, during February 20, 21, and 22. The goals that are being set for this Cluster are improving the capacity in Latin American and Caribbean countries to plan and implement infrastructure Public Private Partnerships (PPPs) at the national, state and community levels, and to expand access to, and improve quality of, basic services through PPPs - particularly Pro-Poor PPPs. This presentation briefly describes the activities that are being considered to meet the aforementioned goals and lists some projects in the region that are already in motion for this purpose. |
| Keywords: | Private Sector :: Public Private Partnerships, Private Sector :: Business Development |
| Date: | 2010–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11658&r=cis |
| By: | Pavlyuk, Dmitry |
| Abstract: | This paper is devoted to econometric analysis of broadband adoption efficiency in EU member states. Stochastic frontier models are widely used for efficiency estimation. We enhanced the stochastic frontier model by adding a spatial component into the model specification to reflect possible dependencies between neighbour countries. A maximum likelihood estimator for the model was developed. The proposed spatial autoregressive stochastic frontier model is used for estimation of broadband adoption efficiency. We confirmed a negative impact of average prices of broadband services on broadband adoption in a country and also discovered a significant negative influence of a level of population income inequality. Significant positive spatial effects also have been revealed, so higher broadband penetration rates in neighbour countries have a positive impact on broadband adoption in a given country. |
| Keywords: | spatial stochastic frontier; broadband adoption; efficiency |
| JEL: | C51 C13 C21 L86 |
| Date: | 2011–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34183&r=cis |
| By: | Brams, Steven J.; Kilgour, D. Marc |
| Abstract: | We assume that a voter’s judgment about a proposal depends on (i) the proposal’s probability of being right (or good or just) and (ii) the voter’s probability of making a correct judgment about its rightness (or wrongness). Initially, the state of a proposal (right or wrong), and the correctness of a voter’s judgment about it, are assumed to be independent. If the average probability that voters are correct in their judgments is greater than ½, then the proposal with the greatest probability of being right will, in expectation, receive the greatest number of approval votes. This result holds, as well, when the voters’ probabilities of being correct depend on the state of the proposal; when the average probability that voters judge a proposal correctly is functionally related to the probability that it is right, provided that the function satisfies certain conditions; and when all voters follow a leader with an above-average probability of correctly judging proposals. However, it is possible that voters may more frequently select the proposal with the greatest probability of being right by reporting their independent judgments—as assumed by the Condorcet Jury Theorem—rather than by following any leader. Applications of these results to different kinds of voting situations are discussed. |
| Keywords: | Approval voting; election systems; referendums; Condorcet jury theorem |
| JEL: | D71 C61 D72 C72 |
| Date: | 2011–10–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34262&r=cis |
| By: | Gluschenko, Konstantin |
| Abstract: | This article considers approaches, prevalent in the world, to appraisal of large-scale investment projects aimed at construction of transport systems. The approaches are classed as microeco-nomic evaluation, multi-criteria evaluation, and macroeconomic evaluation. Problems of appli-cability of specific propositions of these approaches to the Russian reality are discussed. |
| Keywords: | инвестиционный проект; анализ затрат и результатов; многокритериальная оценка; макроэкономическая оценка; железнодорожный транспорт |
| JEL: | L92 H43 O22 D61 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34096&r=cis |
| By: | Carmen Estrades; Cecilia Llambi |
| Abstract: | This paper uses a static computable general equilibrium model (CGE) linked to a microsimulation model to analyze how the global crisis and some adopted policy responses may have affected the Uruguayan economy. The focus is on the trade channel and foreign capital flows, since they are the most important mechanisms through which the global crisis affected the Uruguayan economy. The crisis had a strong impact on exports and fixed investment. Poorest households would be the most affected, as they face a stronger reduction in real wages and a rise in unemployment. We find a negative impact on extreme poverty, but not on moderate poverty, as households near the poverty line would benefit from the fall in some consumer prices. A policy based in increasing current public consumption does moderately counteract some negative impacts of the crisis, but benefits mainly skilled workers, and does not act directly towards the most affected. |
| Keywords: | Global economic crisis, trade shock, fiscal response, Uruguay, unemployment |
| JEL: | D58 I32 J68 H50 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:mpiacr:2011-16&r=cis |
| By: | Maria Laura Pesce (Università di Napoli Federico II and CSEF) |
| Abstract: | In most economies, a fair allocation does not exist. Thus, it seems that we are condemned to live in an unfair world, since we are not happy with what we have and we look at the others with envious eyes. In this paper we want to give an hope for a more equitable society. |
| Keywords: | Asymmetric information; fair allocation; constrained market equilibrium; Maximin and Bayesian expected utility function. |
| JEL: | D63 D82 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:292&r=cis |
| By: | Hippolyte D'Albis (LERNA - Economie des Ressources Naturelles - INRA : UR1081 - CEA : DPG - Université des Sciences Sociales - Toulouse I, TSE - Toulouse School of Economics - Toulouse School of Economics); Stefan Ambec (LERNA - Economie des Ressources Naturelles - INRA : UR1081 - CEA : DPG - Université des Sciences Sociales - Toulouse I, TSE - Toulouse School of Economics - Toulouse School of Economics) |
| Abstract: | In this article, overlapping generations are extracting a natural resource over an infinite future. We examine the fair allocation of resource and compensations among generations. Fairness is defined by core lower bounds and aspiration upper bounds. The core lower bounds require that every coalition of generations obtains at least what it could achieve by itself. The aspiration upper bounds require that no coalition of generations enjoys a higher welfare than it would achieve if nobody else extracted the resource. We show that, upon existence, the allocation that satisfies the two fairness criteria is unique and assigns to each generation its marginal contribution to the preceding generation. Finally, we describe the dynamics of such an allocation. |
| Keywords: | Natural Resources; Sustainable; Core; Fairness; Overlapping generations |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00630440&r=cis |
| By: | Vasily Kartashov; Raimond Maurer; Olivia S. Mitchell; Ralph Rogalla |
| Abstract: | This paper assesses the impact of variable investment-linked deferred annuities (VILDAs) on lifecycle consumption, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme. Reservation loadings on the actuarially fair VILDA price for non-participation are 0.5-8%; if insurers cannot hedge within this range, they will transfer systematic longevity risks to the annuitants. Our findings have implications for new payout products that may be attractive to older households seeking to protect against retirement shortfalls. |
| JEL: | G11 G2 G22 G23 H55 I3 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17505&r=cis |
| By: | Taylor, Mark P. |
| Abstract: | We identify patterns of self-employment entry, exit and survival in a sample of EU countries and examine factors that explain individuals self-employment experiences within and between countries. We estimate a range of models, including dynamic random effects models that endogenise the initial condition. Our results highlight similarities and differences between countries, and illustrate the importance of age and previous labour market experiences in determining self-employment flows. We also find a high degree of persistence in self-employment across countries, which is most pronounced in France and Germany and least pronounced in Spain. Our results suggest that flows into self-employment are positively associated with the strictness of employment protection legislation. |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:ese:iserwp:2011-26&r=cis |
| By: | John Thanassoulis |
| Abstract: | This study outlines a new theory linking industrial structure to optimal employment contracts and value reducing risk taking. Firms hire their executives using optimal contracts derived within a competitive labour market. To motivate effort firms must use some variable remuneration. Such remuneration introduces a myopic risk taking problem: an executive would wish to inflate early expected earnings at some risk to future profits. To manage this some bonus pay is deferred. Convergence in size amongst the largest firms makes the cost of managing the myopic risk taking problem grow faster than the cost of managing the moral hazard problem. Eventually the optimal contract jumps from one achieving zero myopic risk taking to one tolerating the possibility of myopic risk taking. Under some conditions the industry partititions: the largest firms hire executives on contracts tolerant of myopic risk taking, smaller firms ensure myopia is ruled out. |
| Keywords: | Myopic risk taking, Moral hazard, Compensation, Bonuses, Bankers' pay, Tail risk, Industrial structure |
| JEL: | G21 G34 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:oxf:wpaper:571&r=cis |
| By: | Arcand, Jean-Louis; Olarreaga, Marcelo; Zoratto, Laura |
| Abstract: | The recent theoretical literature on the determinants of trade agreements has stressed the importance of political gains, such as credibility, as a rationale for trade agreements. The empirical literature, however, has lagged behind in the estimation of the economic gains or losses associated with these politically motivated trade agreements. This paper fills that gap by providing estimates of the economic impact of politically and economically motivated trade agreements. We find that credibility gains play a role in increasing the probability of two countries signing an agreement. Moreover, agreements with a stronger political motivation are more trade creating than agreements that are signed for pure market access / economic reasons, and the value for the government of solving its time inconsistency problems through trade agreements is estimated at an average of 1.8% of GDP, which compares quite well with the traditional estimates of the economic gains from trade. |
| Keywords: | Credibility; Political economy; Trade agreements |
| JEL: | D72 F13 F15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8595&r=cis |
| By: | McDermott, Grant R. (Dept. of Economics, Norwegian School of Economics and Business Administration); Nilsen, Øivind A. (Dept. of Economics, Norwegian School of Economics and Business Administration) |
| Abstract: | Thermal-based power stations rely on water for cooling purposes. These water sources may be subject to incidents of scarcity, environmental regulations and competing economic concerns. This paper analyses the effect of water scarcity and increased river temperatures on German electricity prices from 2002 to 2009. Having controlled for demand effects, the results indicate that the electricity price is significantly impacted by both a change in river temperatures and the relative abundance of river water. An implication is that future climate change will affect electricity prices not only through changes in demand, but also via increased water temperatures and scarcity. |
| Keywords: | Thermal-based power; water scarcity. |
| JEL: | Q25 Q41 |
| Date: | 2011–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2011_018&r=cis |
| By: | Banco Interamericano de Desarrollo (BID); The Economist |
| Abstract: | Este documento describe la segunda edición de una herramienta de aprendizaje e índice de clasificación que evalúa la capacidad de los países de América Latina y el Caribe para llevar a cabo Asociaciones Público-Privadas en el sector de infraestructura. El contenido y el análisis en este informe e índice cubren el período entre julio de 2009 y agosto de 2010. |
| Keywords: | Infrascope 2010 (español) |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13341&r=cis |
| By: | Adrian R. Trotman |
| Abstract: | This presentation discussed one of the major impacts of climate change - drought. It addressed the impacts on the water sector from this type of climate effect. Mechanisms for adaptation for such impacts were presented. This presentation also included state of the art climate science to describe potential future impacts. |
| Keywords: | Environment & Natural Resources :: Water Management, Environment & Natural Resources :: Climate Change |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12838&r=cis |
| By: | Michael Taylor; Tannecia S. Stephenson |
| Abstract: | This presentation focused on climate modeling and included the methods used and the results that come from climate models. The presentation focused on interpretation of the models rather than the detailed "how to" use of models. The focus was again the Caribbean region. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12798&r=cis |
| By: | Eric A. Hanushek; Ludger Woessmann; Lei Zhang |
| Abstract: | Policy debates about the balance of vocational and general education programs focus on the school-to-work transition. But with rapid technological change, gains in youth employment from vocational education may be offset by less adaptability and thus diminished employment later in life. To test our main hypothesis that any relative labor-market advantage of vocational education decreases with age, we employ a difference-in-differences approach that compares employment rates across different ages for people with general and vocational education. Using micro data for 18 countries from the International Adult Literacy Survey, we find strong support for the existence of such a trade-off, which is most pronounced in countries emphasizing apprenticeship programs. Results are robust to accounting for ability patterns and to propensity-score matching. |
| JEL: | I20 J24 J31 J64 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17504&r=cis |
| By: | H. Lesca (CERAG - Centre d'études et de recherches appliquées à la gestion - CNRS : UMR5820 - Université Pierre Mendès-France - Grenoble II, UPMF Grenoble II - Université Pierre Mendès France - Université Pierre Mendès-France - Grenoble II); Nicolas Lesca (CERAG - Centre d'études et de recherches appliquées à la gestion - CNRS : UMR5820 - Université Pierre Mendès-France - Grenoble II) |
| Abstract: | Le but du présent texte est de présenter la méthode Puzzle® pour l'exploitation des signaux faibles . Elle résulte des travaux de recherche d'une équipe du laboratoire CERAG-CNRS, université Pierre Mendès France, et a fait l'objet d'un grand nombre d'applications en entreprises ainsi que dans des ministères. Pour " faire plus vivant " nous avons choisi d'adopter une forme narrative et de présenter une fiction concernant la Chine. Cependant toutes les informations mentionnées sont exactes et leurs références sont précisées entre parenthèses. |
| Keywords: | Risque ; explosion de l'Italie ;initiateurs de l'Europe ; Application de la méthode Puzzle© ;cas macroéconomique |
| Date: | 2011–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00630449&r=cis |
| By: | Ian David Soane; Rocco Scolozzi; Beatrice Marelli; Cristina Orsatti; Klaus Hubacek; Alessandro Gretter |
| Abstract: | This paper explores methods of applying resilience theory to a case study of natural resource management and the cultural landscape of upland and alpine pasture in northern Italy. We identify that the close interaction between alpine pastures and its managers offers a strong fit with the concept of a social-ecological system that maintains the cultural landscape. We first considered a descriptive approach looking historically at socio-economic development in the study area. We explored whether this can be related to resilience phenomena such as regime shifts, thresholds and/or regime stability through adaptive processes. However, we found it difficult at this overarching level to conceptually combine natural and social capital of alpine pastures and their managers in any quantitative way. We also interpreted our data through considering economic, social and ecological information as acting within separate but interacting domains. This led us to construct conceptual models of adaptive cycles to describe the alpine mountain grassland ecosystem of our study site and to conclude that a panarchy model can offer a powerful metaphor for its ecological dynamics. This has practical implications both for the management of Natura 2000 interest and the maintenance of the cultural landscape in which this Alpine interest occurs. We suggest that Resilience theory through its dynamic approach of interacting scales of adaptive cycles offers useful insights into the resource management (of valued cultural and natural attributes) but that care is needed in distinguishing between descriptive metaphor and predictive model or "real" system. |
| Keywords: | natural resource management, natural and social capital |
| JEL: | M1 M4 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1107&r=cis |
| By: | Christopher Tagwerker; Marcello Basani; Rodrigo Riquelme; Gerhard Knoll; Arturo Pedraza; Ramón Rosas |
| Abstract: | Con el propósito de mejorar el servicio de agua potable que se brinda a la sociedad de los países de América Latina, se ha desarrollado una metodología regional de eficiencia energética y mantenimiento que puede ser aplicada por empresas de agua. La presente hoja de cálculo de eficiencia energética describe paso a paso la metodología de cálculo para aplicar durante la evaluación de eficiencia energética. La hoja incluye datos de un ejemplo, los cuales deben ser reemplazados en cada sistema y equipo en estudio, con la información correspondiente. También están disponibles una Guía para la hoja de cálculo, un Manual de mantenimiento para sistemas de bombeo de agua y un Manual de evaluación de eficiencia energética para sistemas de bombeo en empresas de agua y saneamiento. |
| Keywords: | Energía y minería :: Energía renovable, Energía y minería :: Electricidad, Infraestructura y transporte :: Suministro de agua y saneamiento, Medio ambiente y recursos naturales, eficiencia energética, ahorro de agua, bombas de agua, bombeo de agua, sistemas de agua |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46318&r=cis |
| By: | Christopher Tagwerker; Marcello Basani; Rodrigo Riquelme; Gerhard Knoll; Arturo Pedraza; Ramón Rosas |
| Abstract: | Con el propósito de mejorar el servicio de agua potable que se brinda a la sociedad de los países de América Latina, se ha desarrollado una metodología regional de eficiencia energética y mantenimiento que puede ser aplicada por empresas de agua. La presente publicación corresponde a la Guía para la hoja de cálculo de eficiencia energética para sistemas de bombeo en empresas de agua y saneamiento, que se ha diseñado a estos efectos. En este manual se describe la metodología de cálculo a aplicar durante la evaluación de eficiencia energética en un sistema de bombeo, con la ayuda de una hoja de cálculo que precisamente contiene dicha metodología paso a paso. También están disponibles un Manual de mantenimiento para sistemas de bombeo de agua, un Manual de evaluación de eficiencia energética para sistemas de bombeo en empresas de agua y saneamiento y un Manual de mantenimiento para sistemas de bombeo de agua. |
| Keywords: | Energía y minería :: Energía renovable, Energía y minería :: Electricidad, Infraestructura y transporte :: Suministro de agua y saneamiento, Medio ambiente y recursos naturales, eficiencia energética, ahorro de agua, bombas de agua, bombeo de agua, sistemas de agua |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46298&r=cis |
| By: | Ulric Trotz |
| Abstract: | This presentation gives a focus on the impacts of climate change on water resources in the Caribbean. This was a very specific presentation trying to outline the vulnerabilities and the risks to the water sector from climate change. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12738&r=cis |
| By: | Hubert BONIN (GREThA, CNRS, UMR5113 - IEP BORDEAUX) |
| Abstract: | Having already fixed the arguments about French entrepreneurship in a previous on a long term scope, we focus our paper on the French syndrome about low entrepreneurship throughout the challenges of the rebuilding of economic power and growth after WWII within the framework of planification, at times when the very substance of economic elites was at stake among the business associations, the regional communities of business and the state economic apparel. The 1960s-1970s seemed to foster a balance between from a “from the top approach” and a “from the basis” renewal of entrepreneurship, thanks to new layers of entrepreneurial bourgeoisies, either family business or transfers from the state system – France being supposed to become the “South Korea of Europe”. But the crisis of the 1970s-1990s shook this regarnished confidence: doubtful elites reconsidered the “French model” along issues of differenciation and competitiveness, within the mindsets of “eurosclerosis” and a specific type of “declinism”. We’ll thus ponder the evolution of entrepreneurial reactivity throughout the dismantle of traditional family business and industries and the upsurge of new productive models; and once more tackle the argument about the role of the state in fuelling entrepreneurship and about the ever-dreamed rebirth of “productive districts” and creative communities of entrepreneurship. |
| Keywords: | Enterprise, businessmen, economic regions, corporate strategy, productive system, industrial and services specialisation |
| JEL: | L26 L20 N84 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2011-32&r=cis |
| By: | Dr. Alpesh , Leua; Ms. Sweta , Sawhney |
| Abstract: | Cadbury India Limited has always been known for its innovation in manufacturing and marketing of its products. One such innovation in the distribution channel of the company was the introduction of a new classification system in January 2008, called the RE Classification (Retail Environment Classification) that classified the retailers which were catered to by the Redistributors of the company. The sample size undertaken for survey is 100 retail outlets. It include the 50 outlets each under two distributors of CIL i.e. CY Enterprises and KD Enterprises rises in Agra. It was found that some outlets categorized under new Retail Environment classification are not fulfilling the parameters which were used to categorize the outlets and thus company should perform strict audits to improve over it. The retailers are not satisfied with the system of MSS compliance as it leads to high replacements and so company should take some initiatives to find the loopholes and motivate the retailers to implement the compliance. |
| Keywords: | Retail marketing; Retail Environment;Distribution Channel |
| JEL: | D21 L81 A10 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34032&r=cis |
| By: | Fousseynou Bah (CREG - Centre de recherche en économie de Grenoble - Université Pierre Mendès-France - Grenoble II : EA4625) |
| Abstract: | This article aims to establish a link between the unemployment duration and the inter vivos transfers received by the unemployed individuals. We present a model where the transfer shapes the receiver's job search strategy while the donor bases it on the receiver's unemployment duration. Ultimately, a recursion arises and leads to a simulteanous determination of the transfer and the duration. The model aims to apprehend the job search behaviour in a context where the unemployment compensation system is weak or absent, like in some developing countries. We will take Mali as a study case. |
| Keywords: | unemployment; inter-vivos transfer; job search; household economics. |
| Date: | 2011–01–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00630262&r=cis |
| By: | Antonio Estache; Emili Griffel-Tatjé |
| Abstract: | This paper offers a quantitative evaluation of the distribution of the welfare of a water privatization experience in Mali among the key economic agents. The assessment is based on an index number inspired by Bennet (1920). The main results are as follows. First, taxpayers are the main losers as residual subsidies are much higher than expected at the time of privatization. Second and contrary to what is often claimed, users benefited through lower real water prices. Third, labor, intermediate suppliers and investors have also benefited. Fourth, foreign actors benefited. However, they did so much more than the domestic actors and this is probably what explains best the unhappiness of the Malians. Ultimately, it is the regulator’s decision to improve the relative distribution of gains that explains the departure of the private operator and the widespread sense of the failure of an experience that has generated welfare gains for users and workers, at least in the short run. |
| Keywords: | privatization; regulation; efficiency; equity; distributional effects |
| JEL: | C60 D24 D33 L32 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/98987&r=cis |
| By: | Paige Ouimet; Rebecca Zarutskie |
| Abstract: | We present evidence that young employees are an important ingredient in the creation and growth of firms. Our results suggest that young employees possess attributes or skills, such as willingness to take risk or innovativeness, which make them relatively more valuable in young, high growth, firms. Young firms disproportionately hire young employees, controlling for firm size, industry, geography and time. Young employees in young firms command higher wages than young employees in older firms and earn wages that are relatively more equal to older employees within the same firm. Moreover, young employees disproportionately join young firms that subsequently exhibit higher growth and raise venture capital financing. Finally, we show that an increase in the regional supply of young workers increases the rate of new firm creation. Our results are relevant for investors and executives in young, high growth, firms, as well as policymakers interested in fostering entrepreneurship. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:11-31&r=cis |
| By: | Christopher Tagwerker; Marcello Basani; Rodrigo Riquelme; Gerhard Knoll; Arturo Pedraza; Ramón Rosas |
| Abstract: | Con el propósito de mejorar el servicio de agua potable que se brinda a la sociedad de los países de América Latina, a través del desarrollo de una metodología regional de eficiencia energética y mantenimiento que pueda ser aplicada por empresas de agua, en el marco del Programa de Cooperación Técnica "Eficiencia Energética en Empresas de Agua y Saneamiento en Centroamérica" financiado por el Fondo Especial de Operaciones del Banco Interamericano de Desarrollo (BID), se ha contado con los servicios de consultoría de Econoler Internacional y Alliance to Save Energy, con el fin de desarrollar dicha metodología de eficiencia energética y mantenimiento en el sector de agua y saneamiento. La presente publicación corresponde al manual de mantenimiento para sistemas de bombeo de agua. También están disponibles la Guía para la hoja de cálculo de eficiencia energética y el Manual de eficiencia energética para sistemas de bombeo. |
| Keywords: | Energía y minería :: Energía renovable, Energía y minería :: Electricidad, Infraestructura y transporte :: Suministro de agua y saneamiento, Medio ambiente y recursos naturales, eficiencia energética, ahorro de agua, bombas de agua, bombeo de agua, sistemas de agua |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46118&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | Con el fin de mejorar el entendimiento del riesgo de desastre y el desempeño de la gestión del riesgo, el Instituto de Estudios Ambientales (IDEA) de la Universidad Nacional de Colombia, sede Manizales desarrolló un Sistema de Indicadores transparente, representativo y robusto, de fácil comprensión por los formuladores de políticas públicas y relativamente fácil de actualizar periódicamente. Este sistema de indicadores permite representar el riesgo y la gestión del riesgo a escala nacional, facilitando la identificación de los aspectos esenciales que lo caracterizan desde una perspectiva económica y social, así como también comparar estos aspectos o el riesgo mismo de los diferentes países estudiados. Este documento presenta un resumen de los resultados de la aplicación del Sistema de Indicadores a Guatemala en el período de 2001-2005 y posterior al 2005 hasta donde la información lo permite. Estos resultados son de utilidad para analizar la evolución del riesgo y de la gestión de riesgos en el país, con base en la información suministrada por diferentes instituciones nacionales. |
| Keywords: | Medio ambiente y recursos naturales :: Desastres naturales, gestión del riesgo, riesgo natural, catástrofe, sistema de indicadores |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46358&r=cis |
| By: | Ekhosuehi Iyahen |
| Abstract: | This presentation outlines the potential for insurance to help with risk transfer for adaptation mechanisms to climate change. It discusses the availability of insurance and re-insurance as a source of financing (or at least reduction in risk of costs) for climate change adaptation. The presentation was given by an insurance agency staff that operates in the Caribbean. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Disasters |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12678&r=cis |
| By: | Jain, Rekha |
| Abstract: | Apart from being BRIC countries, what India and Brazil have in common is a large service sector that contributes significantly to the GDP. The service sector contributed 66% to the Brazilian GDP and 59% to the Indian GDP in 2010. Telecommunication services are a significant part of it in both the countries. This paper compares the regulatory processes of privatization of telecom services in these countries and the consequences of these on the telecom firms broadly and on the sector as a whole. Indian companies, facing harsh competition and having refined their business models to compete in this environment acquired the necessary expertise to foray abroad, opportunistically building their businesses. The highly competitive regulatory policies in India, led to the emergence of innovative business models and creation of large domestic companies both in services and infrastructure segment and consequently acquiring the necessary expertise to foray abroad. Brazilian regulatory policies focused on financially sound business and were open to investment by operators in other countries. Facing difficult domestic situation, the operators from Europe saw the Brazilian market as a growth opportunity. The paper concludes that although both in Brazil and India, the objective of the telecom regulatory policies was to bring in privatization and competition, the variations in models followed by the two countries had led to sectoral outcomes that are very different. Brazilian telecom sector had shown higher penetration, both for telecom services in general and broadband in particular but domestic companies, other than one, which too was recently partially acquired by Portugal Telecom, have not emerged. Phased and controlled FDI in India combined with the hyper competitive scenario has led to the emergence of Indian telecom firms that have become significant global players. |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:10678&r=cis |
| By: | Ianni, Antonella |
| Abstract: | This paper studies the analytical properties of the reinforcement learning model proposed in Erev and Roth (1998), also termed cumulative reinforcement learning in Laslier et al (2001). This stochastic model of learning in games accounts for two main elements: the law of effect (positive reinforcement of actions that perform well) and the law of practice (the magnitude of the reinforcement effect decreases with players' experience). The main results of the paper show that, if the solution trajectories of the underlying replicator equation converge exponentially fast, then, with probability arbitrarily close to one, all the realizations of the reinforcement learning process will, from some time on, lie within an " band of that solution. The paper improves upon results currently available in the literature by showing that a reinforcement learning process that has been running for some time and is found suffciently close to a strict Nash equilibrium, will reach it with probability one. |
| Keywords: | Strict Nash Equilibrium; Reinforcement Learning |
| JEL: | C92 D83 C72 |
| Date: | 2011–10–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33936&r=cis |
| By: | Nara F. Monkam (Department of Economics, University of Pretoria) |
| Abstract: | The paper assesses the technical efficiency of 231 local municipalities in South Africa for 2007 and investigates the potential determinants of efficiency gaps among local municipalities in the country using the nonparametric Data Envelopment Analysis (DEA) and the parametric Stochastic Frontier Analysis (SFA) techniques. In relation to the DEA technique, efficiency scores are subsequently explained in a second stage regression model with potential explanatory factors using a Tobit regression model. The results show that on average, B1 and B3 municipalities could have theoretically achieved the same level of basic services with about 16% and 80% fewer resources respectively; the difference between the most efficient and the least efficient municipalities being quite substantial. The results also show that B4 municipalities could have theoretically achieved the same level of basic services with about 62% fewer operating expenditures. Furthermore, fiscal autonomy and the number and skill levels of the top management of a municipality’s administration were found to influence the productive efficiency of municipalities in South Africa. The paper findings raise concerns over the future of local municipalities in South Africa, especially B3 and B4 municipalities, about their capability to efficiently deliver on expected outcomes on a sustainable basis. |
| Keywords: | Municipalities, spending efficiency, sub-national government finance, fiscal decentralization; DEA analysis, Tobit, SFA |
| JEL: | H11 H71 H72 H77 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201120&r=cis |
| By: | Zsolt Darvas; Jean Pisani-Ferry |
| Abstract: | This Policy Contribution puts forward policy recommendations to move towards growth rebuilding in the EU, reducing the fragility of the European banking sector and restore the image of southern European countries as worthwhile places to invest. The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a worthwhile place to invest. The crisis has a similar impact on most European countries and the US: a persistent drop in output level and a growth slowdown. This contrasts sharply with the experience of the emerging countries of Asia and Latin America. Productivity improvement was immediate in the US, but Europe hoarded labour and productivity improvements were in general delayed. Southern European countries have hardly adjusted so far. There is a negative feedback loop between the crisis and growth, and without effective solutions to overturn the crisis, growth is unlikely to resume. National and EU level policies should aim to foster reforms and adjustment and should not risk medium term objectives under the pressure of events. A more hands-on approach, including industrial policies, should be considered. Earlier versions of this Policy Contribution were presented at the Bruegel-PIIE conference on Transatlantic economic challenges in an era of growing multipolarity, Berlin, 27 September 2011, and at the BEPA-Polish Presidency conference on Sources of growth in Europe, Brussels, 6 October 2011. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bre:polcon:623&r=cis |
| By: | Roger S. Pulwarty |
| Abstract: | A presentation about the basics of climate change - the science, the impacts, and the consequences. The focus is on water and the Caribbean in particular but the information is general. It includes information about climate change mitigation and climate change adaptation. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12758&r=cis |
| By: | Juan C. Gómez Sabaini |
| Abstract: | Este documento da un extenso análisis cualitativo y cuantitativo de las finanzas de los gobiernos locales y alternativas en República Dominicana. El país ha avanzado en detener la proliferación de gobiernos locales, dándole mayor transparencia y predictibilidad al proceso de transferencias y fortaleciendo la gestión municipal a través de proyectos informáticos de administración financiera (SIFMUN) para dotarlos de los recursos y herramientas necesarios para su modernización |
| Keywords: | Gobiernos locales; finanzas municipales; países unitarios |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11618&r=cis |
| By: | Spash, Clive L.; Lo, Alex Y. |
| Abstract: | The Australian Government has produced a CO2-equivalent tax proposal with a difference, it is a short prelude to an emission trading scheme that will allow the increasing rate of emissions to continue, while being a net cost to the Treasury. That cost extends to allowing major emitters to make guaranteed windfall profits from pollution permits. The emission trading scheme suffers numerous problems, but the issues raised show taxes can also be watered down and made ineffectual through concessions. Taxpayers will get no assets from the billions of dollars to be spent buying-off the coal generators or other polluters. The scheme hopes to stimulate private investors to create an additional 12 percent in renewable electricity generation by 2020. A serious emissions reducing alternative would be to create a nationalised electricity sector with 100 percent renewable energy within a decade. We explore the difficulties of implementing meaningful greenhouse gas taxes in Australia. |
| Keywords: | greenhouse gases; taxation; emission trading; climate change; regulation; renewable energy; Australia |
| JEL: | D62 Q54 H23 Q58 |
| Date: | 2011–10–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33997&r=cis |
| By: | Doan, Tinh |
| Abstract: | Understanding the degree and evolution of competition across industries is an important step towards understanding the impact of economic reform and competition on economic growth in Vietnam during the economic transition. In this paper, we investigate evolution of competition in Vietnam during the economic transition using the Price-Cost Margin (PCM) or Mark-up that has been widely applied in the economic literature and the Profit Elasticity (PE) recently developed by Boone (2000). This paper provides the first empirical study of intensity and evolution of competition across selected industries in Vietnam in the last decade using firm-level data from the Vietnam Enterprise Census (VEC) conducted annually since 2000 by the Vietnam General Statistical Office (GSO). |
| Keywords: | Competition; industry; economic transition; Vietnam |
| JEL: | L5 P30 L11 P20 D40 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34254&r=cis |
| By: | Yadav, Swati; Upadhyaya, V; Sharma, Seema |
| Abstract: | Impact of Fiscal Policy Shocks on the Indian Economy Swati Yadav , V.Upadhyay , Seema Sharma Abstract In this paper, we analyse the impact of fiscal shocks on the Indian economy using structural vector autoregression (SVAR) methodology. The study uses quarterly data for the period 1997Q1 to 2009Q2. Two different identification schemes have been used to assess the effects of shocks to government spending and tax revenues on output. The recursive scheme is based on the Cholesky decomposition and the second identification scheme Blanchard & Perrotti (1999) technique of using information on tax system to identify the SVAR model. We find that the impulse responses obtained from both identification schemes behave in a similar fashion but the value of multipliers differs. Also the shock to tax variable has a bigger impact on GDP than the government spending shock. In the extended four variable VAR model the effects of fiscal shocks on private consumption has been assessed using the recursive identification scheme. Findings indicate that the tax variable has larger impact on private consumption as compared to the government spending variable. In the short run the impact of expansionary fiscal shocks follow Keynesian tradition but the long run response is mixed. |
| Keywords: | SVAR; Fiscal shocks; Multipliers |
| JEL: | E12 E32 |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34071&r=cis |
| By: | Pashchenko, Svetlana; Porapakkarm, Ponpoje |
| Abstract: | One of the major problems of the U.S. health insurance market is that it leaves individuals exposed to reclassification risk. Reclassification risk arises because the health conditions of individuals evolve over time, while a typical health insurance contract only lasts for one year. A change in the health status can lead to a significant change in the health insurance premium. We study how costly this reclassification risk is for the welfare of consumers. More specifically, we use a general equilibrium model to quantify the implications of introducing guaranteed renewable contracts into the economy calibrated to replicate the key features of the health insurance system in the U.S. Guaranteed renewable contracts are private insurance contracts that can provide protection against reclassification risk even in the absence of consumer commitment or government intervention. We find that though guaranteed renewable contracts provide a good insurance against reclassification risk, the welfare effects from introducing this type of contracts are small. In other words, the presence of reclassification risk does not impose large welfare losses on consumers. This happens because some institutional features in the current U.S. system substitute for the missing explicit contracts that insure reclassification risk. In particular, a good protection against reclassification risk is provided through employer-sponsored health insurance and government means-tested transfers. |
| Keywords: | health insurance; reclassification risk; dynamic insurance; guaranteed renewable contracts; general equilibrium |
| JEL: | I11 G22 D91 D52 D58 D60 |
| Date: | 2011–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34189&r=cis |
| By: | Mehrdad Vahabi (EA - ERASME-Economie Politique Internationale - Université Paris VIII Vincennes-Saint Denis : EA); Mohajer Nasser (EA - ERASME - Université Paris VIII Vincennes-Saint Denis : EA) |
| Abstract: | This paper takes a stylized paradoxical fact of Iranian politics under the Islamic Republic of Iran as its starting point: the stark confusion between the position and a good portion of the opposition. Such a blurred frontier between 'position' and 'opposition' did not exist during the Shah's regime. Without the decisive support of non-Islamic organizations, secular intellectuals, and political forces on the ground, the creation of a theocratic regime in Iran and its consolidation could not be realized. Now in the thirtieth anniversary of the Islamic Republic, the open opposition of many influential clergies towards the way in which government is run under the present Supreme Leader and President Ahmadinejad, provides a new episode of 'opposition' within the theocrats' circles. To put this paradoxical fact differently, it should be emphasized that no regime in Iran's modern history has produced so much 'opposition' within its own ranks and enjoyed the loyalty of its 'oppositions' at the same time. How could this paradox be explained? Our paper tackles this issue by describing the peculiar type of social order under the Republic Islamic of Iran as ordered anarchy or "destructive coordination". Analysing the sources of this type of coordination, we proceed in two steps. The first is to question whether there has ever been a laic or secular movement in the recent Iranian history. The second consists in defining the institutional setup and recent dynamics of the Islamic Republic of Iran as a strange, if not unique, mutant of Huntington's Praetorian state, led by 'priests' and armed religious militants. |
| Keywords: | secularism, destructive coordination, contradictory orders, parallel institutions, Islamic Republic of Iran |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00629139&r=cis |
| By: | Don Fullerton; Catherine Wolfram |
| Abstract: | While economic models have already proven useful to analyze big picture questions about climate policy such as the choice between a carbon tax or cap-and-trade permit system, the 19 chapters in this book show how economic models also are useful to address the many remaining smaller questions that arise as policy is implemented. For example, chapters consider: the tradeoffs policymakers confront in deciding whether to implement the policy upstream on energy producers or downstream on energy users; how to monitor and enforce climate policy; how Federal actions might interact with climate policies at other levels of government or with other non-climate policies; the distributional effects of different policy variations; policies that might impact particular sectors, including residential energy use, agriculture and transportation; and specific questions regarding offsets, trade, innovation, and adaptation. |
| JEL: | H23 Q54 Q58 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17499&r=cis |
| By: | Mamudu, Hadii M.; Dadkar, Sumati; Veeranki, Sreenivas P.; He, Yi |
| Abstract: | In 2007, although Tennessee was (and still is) the third largest tobacco¬producing state, it enacted the Non¬Smoker Protection Act (NSPA), making most enclosed public and workplaces, and restaurants 100% smoke-free. This study triangulates archival documents with interviews, legislative debates and quantitative data for a stakeholder analysis of why and how the diverse interests in the state collaborated to develop the policy and identifies areas and opportunities for improvement. The study utilizes the policy cycle and stages of policy development approach and three public policy models – garbage can or multiple streams, policy networks, and socio¬economic influences – to give us understanding of the phases of the development of the NSPA – agenda-setting, legislative development, and implementation. While the dominant thesis for the origin of this smoke¬free policy (SFP) was government¬centered, the activities of non¬governmental actors, such as efforts by students of University of Tennessee in Knoxville to have smoke¬free domitories and that of Campaign for Healthy and Responsible Tennessee (CHART) to repeal preemption (nongovernmental¬centered thesis), and societal changes (bubble¬up thesis) contributed to its emergence. The SFP entered the state’s policy agenda when the problem of tobacco use in the state (health consequences and costs) and policy solutions (including SFP) became coupled with favorable political circumstances involving Governor Phil Bredesen’s unexpected announcement of support for a statewide SFP during smoke¬free state buildings bill signing ceremony in June 2006. This announcement created a window of opportunity for SFP change, which was seized by a change agent in the state, CHART. In February 2007, the Governor included SFP in the administration's legislative package for the 105th Legislative Session. Additionally, SFP bills were sponsored in both houses of the Legislature to make SFP a priority item on the state’s policy agenda. The development of the NSPA was facilitated by factors, such as the administration’s continuous support for the SFP, activities of CHART, public support for the SFP, U¬turn in the position of Tennessee Restaurant Association (now Tennessee Hospitality Association) to support 100% SFP and limited opposition from tobacco interests in the state. Although implementation of the NSPA has generally proceeded smoothly, about half of the stakeholders prefer that the exemptions are repealed, particularly those for age¬restricted venues, non¬enclosed areas of public places and private businesses with three or fewer employees. This study suggests that there is high level of knowledge on tobacco use (the problem) and control (policy solutions) in policy circles and the key remaining factors for policy change are favorable political environment and a change agent. The development of the NSPA suggests that proponents for policy change should know and understand their policy and political environment and be alert for any change that will facilitate the development of an SFP. |
| Keywords: | Tennessee, tobacco¬producing, smoke¬free policy, tobacco control, legislation, American Politics, Health Policy, Policy Design, Analysis, and Evaluation, Policy History, Theory, and Methods, Political Science, Public Health, Social Policy |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:ctcres:2303680&r=cis |
| By: | Chen, Natalie; Conconi, Paola; Perroni, Carlo |
| Abstract: | Empirical studies of intergenerational social mobility have found that women are more mobile than men. To explain this finding, we describe a model of multi-trait matching and inheritance, in which individuals’ attractiveness in the marriage market depends on their market and non-market characteristics. We show that the observed gender differences in social mobility can arise if market characteristics are relatively more important in determining marriage outcomes for men than for women and are more persistent across generations than non-market characteristics. Paradoxically, the female advantage in social mobility may be due to their adverse treatment in the labor market. A reduction in gender discrimination in the labor market leads to an increase in homogamy in the marriage market, lowering social mobility for both genders. |
| Keywords: | Gender Earnings Gap; Inheritance; Matching; Social Mobility |
| JEL: | C78 D13 J31 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8605&r=cis |
| By: | Jerónimo Roca |
| Abstract: | This paper analyzes the role of fiscal incentives in developing countries and provides a theoretical evaluation of benefits and costs of certain taxes. It also reviews the most notable characteristics of tax incentives frequently granted in Latin America are revised. Special attention is paid to their effectiveness, administration costs, and distortions in allocating resources. |
| Keywords: | Economics :: Fiscal Policy, Effectiveness; Efficiency; Tax Benefits |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12358&r=cis |
| By: | Melecky, Ales; Skutova, Marketa |
| Abstract: | Recently the popularity of fiscal rules has been increasing also due to the impact of macroeconomic and financial shocks on fiscal sustainability. This paper reviews supranational and national fiscal rules implemented in the Visegrad countries (V4). Namely, we base the review and comparison of fiscal rules on the existing literature and the empirical data from the European Commission. According to the Fiscal Rule Strength Index developed by the European Commission, Poland’s debt rule as of 1997 received the highest ranking. Poland also received the highest score based on the aggregated Fiscal Rules Index in 2009. The most influential in this respect is the application of an early adjustment mechanism which is triggered once the debt to GDP ratio exceeds 50%. |
| Keywords: | Nadnárodní fiskální pravidla; Národní fiskální pravidla; V4; EU; Index síly fiskálního pravidla; Index fiskálních pravidel |
| JEL: | E62 H50 H60 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34028&r=cis |
| By: | Alvarado, Rafael |
| Abstract: | The aim in this paper is constructs an index of competitiveness for the provinces (PCI) in Ecuador. The CPI measures the structural and institutional conditions that cause the provinces competitiveness. This index can be used as an indicator larger than the rate of growth of GDP or per capita income to measure the productive capacity of the provinces and the standard of living of its inhabitants. Factors included are economic, human capital, geography, infrastructure, institutions and markets. The factors indicate the ability to leverage resources and create conditions for development more efficiently than their peers. The results obtained show that the most competitive provinces are those with greater economic concentration, less competitive and those with low economic concentration. |
| Keywords: | Competitiveness. Ecuador |
| JEL: | R12 R11 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34244&r=cis |
| By: | Sambit Bhattacharyya |
| Abstract: | There is a growing policy interest in the role of financial structure in promoting development. However, very little is known about how different financial structures emerge and evolve. In this paper we empirically assess the political origins of financial structure. Using difference-in difference estimation and annual data, we study the effects of democratization on financial structure in a sample of 96 countries covering the period 1970 to 2005. Democratization here corresponds to the event of becoming a democracy. We find that democratization leads to a more market-based financial system. Democratic change could also be incremental rather than a one off. To identify the causal effect of incremental democratic change on financial structure we estimate a separate model and find that democracy matters. We also find that countries with substantial democratic capital are more likely to have a market-based financial structure. Our main results are robust to a variety of controls, instrumental variable estimation using commodity price and rainfall as instruments, Arellano-Bond GMM estimation, alternative measures of democracy and financial structure, and across different samples. |
| Keywords: | Democratization; Democracy; Financial Structure |
| JEL: | G20 O10 P16 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2011-20&r=cis |
| By: | Rosenthal-Sabroux, Camille; Grundstein, Michel; Saad, Inès |
| Abstract: | In this paper we present a generalisation of GAMETH framework, that play an important role in identifying crucial knowledge. Thus, we have developed a method based on three phases. In the first phase, we have used GAMETH to identify the set of “reference knowledge”. During the second phase, decision rules are inferred, through rough sets theory, from decision assignments provided by the decision maker(s). In the third phase, a multicriteria classification of “potential crucial knowledge” is performed on the basis of the decision rules that have been collectively identified by the decision maker(s). |
| Keywords: | Knowledge Management; Knowledge Capitalizing; Managing knowledge; crucial knowledge; |
| JEL: | M1 |
| URL: | http://d.repec.org/n?u=RePEc:ner:dauphi:urn:hdl:123456789/4156&r=cis |
| By: | Christopher Tagwerker; Marcello Basani; Rodrigo Riquelme; Gerhard Knoll; Arturo Pedraza; Ramón Rosas |
| Abstract: | Con el propósito de mejorar el servicio de agua potable que se brinda a la sociedad de los países de América Latina, se ha desarrollado una metodología regional de eficiencia energética y mantenimiento que puede ser aplicada por empresas de agua. La presente publicación corresponde al Manual de evaluación de eficiencia energética para sistemas de bombeo en empresas de agua y saneamiento, que se ha delineado a estos efectos. Se describen las etapas necesarias para realizar una auditoría energética en un sistema de agua y saneamiento para América Latina, así como también las principales técnicas de ingeniería que se utilizan para el diagnostico y la evaluación de las oportunidades de ahorro más importantes en este tipo de sistemas, con el objetivo de identificar medidas técnicas y administrativas rentables para el ahorro de energía en dichas instalaciones. También están disponibles un Manual de mantenimiento para sistemas de bombeo de agua, una Hoja de cálculo de eficiencia energética para sistemas de bombeo y una Guía para la hoja de cálculo. |
| Keywords: | Energía y minería :: Energía renovable, Energía y minería :: Electricidad, Infraestructura y transporte :: Suministro de agua y saneamiento, Medio ambiente y recursos naturales, eficiencia energética, ahorro de agua, bombas de agua, bombeo de agua, sistemas de agua |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46138&r=cis |
| By: | Manuel E. Contreras |
| Abstract: | Este trabajo presenta una breve síntesis de las principales teorías de liderazgo y se centra sobre el enfoque de liderazgo adaptativo de Ronald Heifetz. El documento originalmente fue desarrollado para las sesiones de educación a distancia de INDES. Ha sido revisado para usar en otros ámbitos de capacitación y ha sido utilizado en sesiones presenciales llevadas a cabo por INDES, como por otras entidades en universidades y centros de capacitación de America Latina. |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11818&r=cis |
| By: | Georges A. Tanguay; Juste Rajaonson; Marie-Christine Therrien |
| Abstract: | Using sustainable tourism indicators (STI) creates many difficulties resulting mainly from the multiple interpretations of the concept of sustainable development, and by extension of the concept of sustainable tourism. To these difficulties are added an absence of a strong academic background, which is the result of incompatibilities between the needs and objectives of the academic versus the political world, which often challenges the need for indicators. We propose a parsimonious list of sustainable tourism indicators based on the application of a series of selection criteria. From the expert recognized indicators, all of these criteria help us choose the indicators, which cover the dimensions and issues of sustainable development for tourism. They are legitimized by existing experiences and sufficiently flexible to be useful for different destinations. In the end, the intersection of these conditions contributes to the scientific and political recognition of the indicators. We start by applying four general selection criteria to a 507 STI database. This allows us to reduce the list to 20 recognized STI. We end the selection process by applying three specific criteria in order to adjust the 20 STI to render them operational. We illustrate the selection procedure with an example of criteria application to the Gaspésie-Iles-de-la Madeleine region in Quebec. <P>L’utilisation d’indicateurs de tourisme durable (STI) pose de nombreux problèmes qui résultent principalement des multiples interprétations du développement durable et, de ce fait, du tourisme durable. S’y ajoute l’absence d’un cadre de référence établi résultant de l’incompatibilité entre les attentes et objectifs du milieu académique et du milieu politique et remettant souvent en cause la crédibilité et le bien-fondé des indicateurs. Pour y remédier, nous proposons une liste parcimonieuse d’indicateurs de tourisme durable (STI) basée sur l’application d’une série de critères de sélection. L’ensemble de ces critères permet de choisir, parmi les indicateurs reconnus par les experts, ceux qui couvrent largement les dimensions et les enjeux de développement durable dans le domaine du tourisme, qui sont légitimés par les expériences existantes et qui sont en même temps suffisamment flexibles pour être effectifs et utiles à différentes destinations. Nous croyons que le concours de ces conditions contribuera à la reconnaissance et à la légitimité scientifique et politique des indicateurs. Quatre critères de sélection généraux sont appliqués à une base de données de 507 STI pour en réduire le nombre à un effectif optimal de 20 STI. Ensuite, trois critères spécifiques permettent d’ajuster les 20 STI pour les rendre opérationnels. Nous illustrons cette démarche en appliquant ces critères à la région de la Gaspésie-Îles-de-la-Madeleine, Québec. |
| Keywords: | Indicators, Sustainable Tourism, Sustainable Development, Indicators, Sustainable Tourism, Sustainable Development |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2011s-61&r=cis |
| By: | Scharf, Kimberley Ann |
| Abstract: | We describe a model of fundraising in social groups, where private information about quality of provision is transmitted by social proximity. Individuals engage in voluntary provision of a pure collective good that is consumed by both neighbors and non-neighbors. We show that, unlike in the case of private goods, better informed individuals face positive incentives to incur a cost to share information with their neighbors. These incentives are stronger, and provision of the pure public good greater, the smaller are individuals’ social neighborhoods. |
| Keywords: | private provision of public goods; social learning |
| JEL: | D6 D7 H1 L3 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8607&r=cis |
| By: | Iñigo de la Borbolla |
| Abstract: | Presentación expuesta durante el Tercer Encuentro Técnico sobre la Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Mérida, Yucatán, México, el 20, 21 y 22 de enero de 2010. El objetivo de esta presentación es resaltar la importancia de los Proyectos de Prestación de Servicios (PPS), describiendo los aspectos clave para su financiamiento, la asignación y mitigación de riesgos y otros puntos relevantes a considerar en estos programas. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12658&r=cis |
| By: | Joel Waldfogel |
| Abstract: | Recent technological changes may have altered the balance between technology and copyright law for digital products. While file-sharing has reduced revenue, other technological changes have reduced the costs of bringing creative works to market. As a result, we don’t know whether the effective copyright protection currently available provides adequate incentives to bring forth a steady stream of valuable new products. This paper assesses the quality of new recorded music since Napster, using three independent approaches. The first is an index of the quantity of high-quality music based on critics’ retrospective lists. The second and third approaches rely directly on music sales and airplay data, respectively, using of the idea that if one vintage’s music is better than another’s, its superior quality should generate higher sales or greater airplay through time, after accounting for depreciation. The three resulting indices of vintage quality for the past half-century are both consistent with each other and with other historical accounts of recorded music quality. There is no evidence of a reduction in the quality of music released since Napster, and the two usage-based indices suggest an increase since 1999. Hence, researchers and policymakers thinking about the strength of copyright protection should supplement their attention to producer surplus with concern for consumer surplus as well. |
| JEL: | K11 L82 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17503&r=cis |
| By: | Kowalski, Tadeusz |
| Abstract: | The aim of this paper is to present and evaluate the theory and principles of economic policy applied before the 2008-2009 crisis1. Against this backdrop we will attempt to describe the evolution of targets and tools of economic policy in view of the experiences of recent years and the conditions of the globalization in this time. The first Section contains an outline of the world economic situation after 1945. Section two includes presentation and evaluation of the evolution of economic policy theory which co-created the conditions for world economic growth and stabilization in recent decades. The third Section describes macroeconomic mechanisms and conditions of economic policy directly preceding the 2007-2011 situation, and provides an analysis of the 2008-2009 crisis implications for the theory and future practice of economic policy. The paper is summed up in a conclusion. |
| Keywords: | quantitative policy; qualitative policy; monetary policy; exchange-rate policy; financial and economic crisis; globalization |
| JEL: | E12 E30 E13 E61 |
| Date: | 2011–08–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33994&r=cis |
| By: | Supardi, Azizan; Adnan, Hamimah |
| Abstract: | In Malaysia, sub-contractors have to bear with the current structure of payment mechanisms in the standard forms of contract, which are payment upon certification, direct payment from the employer, and contingent or conditional payment. However, „direct payment‟ provision is applied for in most of the nominated sub-contracts and not to the domestic sub-contractors; thus the Construction Industry Payment and Adjudication (CIPA) Act is proposed. This paper, though, is to disclose the findings on legal cases and sub-contractors‟ perspective on direct payment, by preliminary analyzing the quantitative questionnaire survey to the first 81 from the identified 1,500 sub-contractors throughout the country. Before that, from 186 cases, only 5 selected cases are analysed that thoroughly addressed the judgment of direct payment. It is found out that the particularly small sized subcontractors are definitely need to enhance their knowledge of the so-called the „Security of Payment‟ Regime to benefits from the proposed Act. |
| Keywords: | Malaysia; Legal readiness; Sub-contractors; Security of payment; Construction industry |
| JEL: | K32 K12 L74 |
| Date: | 2011–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34023&r=cis |
| By: | Brunnschweiler, Christa N.; Valente, Simone |
| Abstract: | We analyze the effects of different regimes of control rights over critical resources on the total domestic income of open economies. We consider home control, foreign control, and international partnerships in a theoretical model where contracts are incomplete, resource exploitation requires local capital, and foreign technologies are more efficient. Enacting foreign control is never optimal, and assigning complete residual rights to foreign fi rms reduces domestic income. Two testable predictions are derived. First, international partnerships tend to generate higher domestic income than foreign control. Second, the typical regime choice is either partnership or foreign control when the international relative pro fitability of the domestic resource endowment is high or intermediate, and home control with low relative pro fitability. We test these predictions using a new dataset on petroleum ownership structures for up to 68 countries between 1867-2008, finding strong empirical support for the theoretical results. |
| Keywords: | Property rights; control rights; income; oil; panel data |
| JEL: | D23 F20 O13 |
| Date: | 2011–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34222&r=cis |
| By: | Louafi Bouzouina (LET - Laboratoire d'économie des transports - CNRS : UMR5593 - Université Lumière - Lyon II - Ecole Nationale des Travaux Publics de l'Etat); Jean-Pierre Nicolas (LET - Laboratoire d'économie des transports - CNRS : UMR5593 - Université Lumière - Lyon II - Ecole Nationale des Travaux Publics de l'Etat); Florian Vanco (CERTU - Centre d'études sur les réseaux de transport et l' urbanisme - Ministère des Transports, de l'Équipement, du Tourisme et de la mer) |
| Abstract: | Dans un contexte de regain des modes alternatifs à la voiture particulière à l'échelle intra-urbaine, comment les émissions de CO2 liées aux déplacements quotidiens évoluent-elles sur la période récente ? Les dernières enquêtes déplacements locales semblent indiquer une stabilisation, voire une baisse de ces émissions dans les grandes villes françaises. Ce résultat peut-il être confirmé par une analyse fine, et quelles dynamiques sont à l'œuvre derrière ? Pour répondre à ces questions, cet article analyse l'évolution des émissions de CO2 associées à la mobilité quotidienne de semaine des résidents de l'agglomération lyonnaise en les estimant sur les deux dernières enquêtes ménages déplacements (1995 et 2006). Au-delà de la stabilité globale des émissions constatée durant ces 11 années, il met en évidence des dynamiques de mobilité (modes de transport, distances parcourues dans la journée) différenciées entre des groupes de populations (distingués selon le statut, la localisation résidentielle, l'accès à l'automobile et le genre des individus). La typologie permet ainsi de cibler les groupes pour lesquels les marges de manœuvre sont importantes, et l'analyse aide à envisager où devraient porter prioritairement les mesures visant à réduire les émissions de CO2 liées aux déplacements quotidiens. |
| Keywords: | Mobilité quotidienne ; Distance ; Mode de transport ; Émissions de CO2 ; Enquête ménages déplacement ; Agglomération lyonnaise ; Typologie socio-économique |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00629769&r=cis |
| By: | Chiu Yu Ko (Boston College) |
| Abstract: | This paper extends Bernheim and Whinston's (1986) menu auction model under transferable utilities to a framework with non-transferable utilities and budget constraints. Under appropriate definitions of equilibria, it is shown that every truthful Nash equilibrium (TNE) is a coalition-proof Nash equilibrium (CPNE) and that the set of TNE payoffs and the set of CPNE payoffs are equivalent, as in a transferable utility framework. The existence of a CPNE is assured in contrast with the possible non-existence of Nash equilibrium under the definition by Dixit, Grossman, and Helpman (1997). Moreover, the set of CPNE payoffs is equivalent to the bidder-optimal weak core. |
| Keywords: | non-transferable utility, menu auction, coalition-proof Nash equilibrium, truthful Nash equilibrium |
| JEL: | C72 D79 |
| Date: | 2011–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:boc:bocoec:787&r=cis |
| By: | Godart, Olivier; Görg, Holger; Hanley, Aoife |
| Abstract: | Starting from the observation that all firms in Ireland (foreign and domestic in manufacturing and services industries) were hit by the crisis, the paper asks whether there is a difference in the behaviour of foreign and domestic firms. One hypothesis is that foreign multinationals are less linked into the Irish economy, so more likely to leave once the economy is hit by a negative shock. The paper discusses background hypotheses before giving empirical evidence from firstly aggregate data, and secondly firm-level observations. The analysis of the latter suggests that foreign firms are not more likely to leave during the crisis than Irish firms. Some policy conclusions are offered in the paper. |
| Keywords: | financial crisis; firm survival |
| JEL: | F23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8596&r=cis |
| By: | Claude d’Aspremont; Rodolphe Dos Santos Ferreira |
| Abstract: | A comprehensive model of economic household decision is presented which incorporates both fully cooperative and fully non-cooperative variants, parameterized by the income distribution, as well as a semi-cooperative variant, parameterized in addition by a vector B, representing the degrees of individual autonomy. In this comprehensive model, the concept of "household B-equilibrium" is introduced through the reformulation of the Lindahl equilibrium in strategic terms. Existence is proved and some generic properties of the household B-equilibrium derived. An example is given to illustrate. Finally a particular decomposition of the pseudo-Slutsky matrix is derived and the testability of the various models discussed. |
| Keywords: | Intra-household allocation, household financial management, degree of autonomy, Lindahl prices, local income pooling, separate spheres. |
| JEL: | D10 C72 H41 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2011-19&r=cis |
| By: | Dana Michael King; Juan Carlos Benítez Molina |
| Abstract: | Teniendo en cuenta la importancia de las ventanillas únicas empresariales (VUE) para mejorar la eficiencia del desarrollo de los negocios, el presente trabajo procura examinar las diferentes experiencias que han tenido lugar en Chile, Perú y Uruguay para proveer servicios en línea para la creación de empresas. A partir de estas experiencias, se elabora un conjunto de lecciones aprendidas sobre el proceso de diseño e implementación de VUE con el objetivo de que constituya un insumo para aquellos países que deseen llevar a la práctica este tipo de iniciativas. |
| Keywords: | Registros Empresariales; Ventanillas Únicas ; Lecciones Aprendidas; Chile; Perú;Uruguay |
| Date: | 2011–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12178&r=cis |
| By: | Cerviño, Julio |
| Abstract: | To propose a framework integrating the types and levels of the determinants of brand CO recognition and to provide evidence on Internet users’ brand CO recognition rates using a sample of multi-regional and global brands from a variety of product categories and countries. We integrate 'level-1' consumer and brand characteristics and 'level-2' product category and country effects in a single framework. Data obtained through an original on-line survey hosted by Yahoo provide the basis for the empirical analysis. Seven hypotheses are tested using a two-level cross-classified random-effect model (‘HCM2’) : (a) Education is positively related with brand CO recognition; (b) experience with brands is positively related with brand CO recognition; (c) integration between the consumer and the country of a foreign brand is positively related with brand CO recognition; (d) Internet users’ classification performance is significantly better for domestic than for foreign brands; (e) brand-name congruence with true brand origin is positively related with brand CO recognition; (f) brand equity explains brand CO recognition, and (g) product categories with higher consumer involvement enhance brand CO recognition. Brand CO recognition performance by Internet users is in line with classification performance rates reported in other studies dealing with well-know and global brands. The main limitation is the cross-sectional study design. The research implications suggest that scholars should consider level-2 product category and country characteristics in their models, and that the level of brand CO recognition must be understood as inherently associated to the kind of brands under study. Managers would benefit from considering product category and country aspects of their most valuable brands. Policy makers should encourage firms to promote a clear association between brands and countries (when these countries have a positive image) and discriminate between high and low involvement product categories. We contribute to the brand CO awareness literature by integrating consumer and brand characteristics in a theoretical model, and identifying level-2 product category features and CO effects previously disregarded in brand CO recognition frameworks. In addition, our study positively contrasts with previous research by providing empirical evidence on brand CO recognition from the largest set of global brands (109), countries of origin (19) and product categories (15) ever investigated. |
| Keywords: | Brand awareness; Country of origin; Brand CO recognition; Cross-classified hierarchical model; International marketing; |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:carlos:info:hdl:10016/12223&r=cis |
| By: | Mehrdad Vahabi (EA - ERASME-Economie Politique Internationale - Université Paris VIII Vincennes-Saint Denis : EA) |
| Abstract: | Le concept de 'mode de coordination' saisit la façon dont une économie est imbriquée dans les relations sociales et influence l'intégration d'une société à travers un 'processus institué'. Trois principaux modes de coordination ont été identifiés dans la littérature, à savoir le mode de coordination par le marché (dont la figure emblématique est l'Angleterre depuis la révolution industrielle), la redistribution (dont l'une des figures emblématiques récentes est l'économie type soviétique), et la réciprocité (dont la figure emblématique est les tribus ou communauté de parenté) (Polanyi 1944, [1957] 1968 ; Lindblom 1977 ; Kornai 1984, 1992). Notre objectif est d'introduire un nouveau type de coordination que nous nommerons 'mode de coordination destructive'. C'est une forme d'intégration sociale par chantage, menace, intimidation, agression, violence, ou nuisance. Ce type de mode de coordination a été pratiquement entièrement négligé dans la littérature, même s'il existe depuis les temps anciens sous différentes formes et variétés. Une illustration récente typique est celle de l'ordre social sous la République Islamique d'Iran. |
| Keywords: | mode de coordination ; coordination destructive ; ordres contradictoires ; institutions parallèles ; République Islamique d'Iran |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00629134&r=cis |
| By: | Doblhammer, Gabriele (University of Rostock); van den Berg, Gerard J. (IFAU - Institute for Labour Market Policy Evaluation); Fritze, Thomas (German Center for Neurodegenerative Diseases (DZNE)) |
| Abstract: | With ageing populations and a stronger reliance on individual financial decision-making concerning asset portfolios, retirement schemes, pensions and insurances, it becomes increasingly important to understand the determinants of cognitive ability among the elderly. To study effects of the early-life economic environment, macro-economic fluctuations may be used. In European countries, about three to four economic recession and boom periods occurred between 1900 and 1945. The timing of these periods differs across countries. <p> We apply data from the Survey of Health, Aging and Retirement in Europe (SHARE) among elderly individuals. This survey is homogeneous across countries. We use almost 20,000 respondents from 11 countries. We examine several domains of cognitive functioning at ages 60+ and link them to the macro-economic deviations in the year of birth, controlling for demographic, socioeconomic and health status. We find that economic conditions at birth significantly influence cognitive functioning late in life in various domains. The effects are particularly pronounced among the less educated. Recessions negatively influence numeracy and verbal fluency as well as the score on the omnibus cognitive indicator. The results are robust; controlling for current characteristics does not change effect sizes and significance. We discuss possible causal pathways. |
| Keywords: | Cognition; economic business cycle; developmental origins; health; long-run effects; dementia; numeracy; memory; decision-making |
| JEL: | I12 I18 J14 J26 N14 N34 |
| Date: | 2011–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ifauwp:2011_014&r=cis |
| By: | Abhijit Chakraborty; G. Mukherjee; S. S. Manna |
| Abstract: | We present a detailed numerical analysis of the modified version of a conservative self-organized extremal model introduced by Pianegonda et. al. for the distribution of wealth of the people in a society. Here the trading process has been modified by the stochastic bipartite trading rule. More specifically in a trade one of the agents is necessarily the one with the globally minimal value of wealth, the other one being selected randomly from the neighbors of the first agent. The pair of agents then randomly re-shuffle their entire amount of wealth without saving. This model has most of the characteristics similar to the self-organized critical Bak-Sneppen model of evolutionary dynamics. Numerical estimates of a number of critical exponents indicate this model is likely to belong to a new universality class different from the well known models in the literature. In addition the persistence time, which is the time interval between two successive updates of wealth of an agent has been observed to have a non-trivial power law distribution. An opposite version of the model has also been studied where the agent with maximal wealth is selected instead of the one with minimal wealth, which however, exhibits similar behavior as the Minimal Wealth model. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.2075&r=cis |
| By: | Gabriela López Noria |
| Abstract: | Taking advantage of the liberalization process under NAFTA, this paper assesses the relative importance of the degree of trade openness and Foreign Direct Investment (FDI) in explaining inter-industry wage differentials for the case of Mexico. Using INEGI's National Survey of Urban Employment for the period 1994-2004, the empirical analysis is conducted on two stages. In the first stage, individual wages are regressed on worker characteristics, job and firm attributes, informality and a set of industry indicators. In the second stage, inter-industry wage differentials (derived from the coefficient estimates of the industry indicators) are regressed on trade and FDI variables. The main findings show that trade openness does not have a robust and statistically significant effect on inter-industry wage differentials, whereas for the case of FDI, a positive nonlinear relationship is found to exist. |
| Keywords: | Wage Inequality, Trade Liberalization, Foreign Direct Investment, NAFTA. |
| JEL: | F16 G31 J23 M52 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2011-10&r=cis |
| By: | Murtin, Fabrice; Wacziarg, Romain |
| Abstract: | Over the last two centuries, many countries experienced regime transitions toward democracy. We document this democratic transition over a long time horizon. We use historical time series of income, education and democracy levels from 1870 to 2000 to explore the economic factors associated with rising levels of democracy. We find that primary schooling, and to a weaker extent per capita income levels, are strong determinants of the quality of political institutions. We find little evidence of causality running the other way, from democracy to income or education. |
| Keywords: | democracy; GMM; human capital; modernization |
| JEL: | N30 N40 O43 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8599&r=cis |
| By: | Damiano Fiorillo (-) |
| Abstract: | The paper analyses the determinants of household recycling in Italy with particular emphasis on social behaviour. The econometric analysis is based on two waves - 1998 and 2000 - of the Multipurpose Household Survey conducted annually by the Italian Central Statistics Office. In Italy household recycling was substantially voluntary in the years from 1998 to 2000 with no monetary incentives or pecuniary sanctions. Five different materials are investigated: paper, glass, plastic, aluminium and food waste. The results of the probit regressions suggest that membership in organizations, church attendance, the habit of talking politics and reading newspapers are significantly correlated with household recycling behaviour, while gender, age and household income playing the biggest role. Our findings also show that the presence of recycling bins for waste improves household recycling behaviour for all materials whereas difficulty to reach recycling bins adversely affects household recycling outcomes. Household judgments on waste disposal charges have no effect on the recycling effort. As expected, residency in Southern Italy is associated with the lowest probability of recycling all materials. |
| Keywords: | Household recycling, Social behaviour, Social capital, Recycling bins, Flat fee. |
| JEL: | C35 Q53 Z1 |
| Date: | 2011–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:prt:dpaper:10_2011&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | Los servicios de intermediación laboral en los países de América Latina y el Caribe son relativamente nuevos. En los últimos años, en varios países, estos servicios han crecido en cobertura y se han diversificado. No obstante ello, aún no constituye una opción lo suficientemente atractiva para empresas y buscadores de empleo. El Banco Interamericano de Desarrollo (BID), está apoyando a los países de la región no sólo en la implementación de estos servicios, sino a contar con mayor evidencia sobre su efectividad como instrumento para promover la inclusión social y de género en el mercado laboral. La evaluación de la experiencia del Servicio Nacional de Empleo de México, la primera de este tipo que se lleva a cabo en América Latina, arrojó varias lecciones, tanto en relación al funcionamiento del sistema y su efectividad, como al proceso mismo de evaluación. |
| Keywords: | Intermediación |
| Date: | 2010–09 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12998&r=cis |
| By: | Lionel Fontagné (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I); Michela Limardi (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - Ecole Normale Supérieure de Paris - ENS Paris - INRA) |
| Abstract: | Many Developing Countries ratified ILO Fundamental Conventions and authorized local labour unions. Multinational companies producing in these countries pay more when NGOs campaigns take place and reputation counts. However, whether this external pressure from NGOs benefit local workers outside MNEs affiliates in host countries remains an open issue. Segmented and weak local labour unions often rely on external funding from the North and technical assistance by labour NGOs. They need to increase their visibility in the labour intensive sectors targeted by Northern donations and activism. To address these issues we develop a bargaining model adapted to peculiarities of labour market institutions in developing countries, i.e. external funding and the complementarity with labour NGOs. This model is estimated on data on Indonesian manufacturing firms, before and after the authorisation of labour unions, in sensitive and non sensitive sectors. We find that, in sectors with visibility for labour unions, the net outcome on wages of the presence of NGOs is negative. The external fundings imply a distortion in the objective of labour unions, confronted with the constraint of increasing the employment in the formal sector. |
| Keywords: | Labour standards ; NGOs ; Wage determination |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-00630096&r=cis |
| By: | Chodak, Grzegorz |
| Abstract: | In this article e-commerce features, which determines market globalisation were discussed. These fea-tures were divided into facilities and barrier factors. Then an example of activities which should over-come company when it wants to sell globally. In the last part of article four stages of national e-commerce evolution were distinguished and shortly described. |
| Keywords: | e-commerce;globalization;global market;internet shopping |
| JEL: | F10 L86 |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34181&r=cis |
| By: | Jarko Fidrmuc (Zeppelin University Friedrichshafen, CESifo Munich, Institute for Eastern European Studies,); Mariya Hake (Oesterreichische Nationalbank); Helmut Stix (Oesterreichische Nationalbank, Economic Studies Division Central and Eastern Europe) |
| Abstract: | Foreign currency loans represent an important feature of recent financial developments in CEECs. This might pose a serious challenge for macroeconomic stability. Against this background, the authors study the determinants of foreign currency loans of households, using data on the behavior of households in nine CEECs. Their results reveal that foreign currency loans are driven by households’ lack of trust in the stability of the local currency and in domestic financial institutions. Moreover, special factors including remittances and expectations of euro adoption play an important role in selected regions. The financial crisis reduced foreign currency borrowing, but there is some indication this effect might be only temporary. JEL classification: G18, G21, C25 |
| Keywords: | Foreign currency loans, dollarization, euroization, monetary credibility, trust, CEEC |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:onb:oenbwp:171&r=cis |
| By: | Peter Lindner |
| Abstract: | This paper analyses Austrian data on (financial) wealth and income. The main focus lays on the distribution of these indicators. Using a decomposition procedure of the Gini Index first proposed by Lerman and Yitzhaki (1985), it is possible to recover the effect of specific forms of investments of assets and of certain sources of income on the overall distribution (in terms of an elasticity) of wealth and income in Austria. For the first time Austrian wealth and income data are used to decompose the total distribution into various categories. Additionally, there are, due to the lack of available data on household wealth, internationally only very few attempts to compare wealth and income using decomposition methods. The analysis shows that specific forms of assets (mainly more sophisticated ones) as well as income from sources that are concentrated on a small group tend to increase inequality whereas the others have an equalizing effect. JEL classification: D3 |
| Keywords: | Wealth distribution, income distribution, decomposition by components/ |
| Date: | 2011–10–06 |
| URL: | http://d.repec.org/n?u=RePEc:onb:oenbwp:173&r=cis |
| By: | Pintér, Miklós; Udvari, Zsolt |
| Abstract: | Ordinary type spaces (Heifetz and Samet, 1998) are essential ingredients of incomplete information games. With ordinary type spaces one can grab the notions of beliefs, belief hierarchies and common prior etc. However, ordinary type spaces cannot handle the notions of finite belief hierarchy and unawareness among others. In this paper we consider a generalization of ordinary type spaces, and introduce the so called generalized type spaces which can grab all notions ordinary type spaces can and more, finite belief hierarchies and unawareness among others. We also demonstrate that the universal generalized type space exists. |
| Keywords: | type space; unawareness; finite belief hierarchy; generalized type space; generalized belief hierarchy; incomplete information games |
| JEL: | D83 C72 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34107&r=cis |
| By: | Supardi, Azizan; Adnan, Hamimah; Mohammad, Mohammad Fadhil |
| Abstract: | In Malaysia, the particularly small sized sub-contractors are definitely benefited from payment provisions in the proposed Construction Industry Payment and Adjudication Act (CIPA Act), but need to enhance their knowledge in order to improve their awareness of the benefits of the Act. Accordingly, this on-going research attempts to introduce proper guidelines to the sub-contractors, in giving the knowledge, to claim for payment. Firstly, the research explored the problems and legal issues relating to payment default in law cases and standard forms of contract. By downloading from the Malayan Law Journal, cases that indicated the issues of payment to the subcontractors, were analyzed. It is found that on its relevancy, the adjudicator shall be equipped enough with the knowledge on the issues to become a good and reliable adjudicator, as well as sub-contractors will need to enhance their knowledge on the issues of payment in order to be successful in benefitting the proposed CIPA Act. However, as long as the CIPA Act remains in proposal, the sub-contractors have to bear with the knowledge of the current structure of payment mechanisms in the standard forms of contract, which are payment upon certification, direct payment from the employer, and contingent or conditional payment. |
| Keywords: | construction industry; Malaysia; readiness; security of payment; sub-contractors |
| JEL: | K32 K12 L74 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34025&r=cis |
| By: | Wooley, John T.; Ziegler, J. Nicholas |
| Abstract: | The literature on regulation has typically emphasized the ability of concentrated interest groups to secure the rules they prefer. One view argues that concentrated interests are consistently able to impose diffuse costs across large and unorganized interests. A second, largely compatible, view emphasizes the ability of powerful interest groups to mobilize expertise and to provide informational goods to politicians who adjust their legislative proposals accordingly. This paper shows that the Dodd†Frank legislation for financial reregulation in 2010 departs from both versions of this now conventional wisdom. Instead, this paper shows that both political parties adopted what we call a twoâ€tier political strategy of (1) maintaining good relations with the established financial elite and (2) simultaneously responding to the demands of grassâ€roots advocacy groups for more stringent regulation. As a result, Doddâ€Frank Act falls far short of a thoroughâ€going redesign of the regulatory landscape, but also amounted to considerably more than business as usual. While the Doddâ€Frank Act creates new regulatory instruments and powers that hold the potential for farâ€reaching changes, most of the existing agencies and market participants remain intact. This pattern of twoâ€tier politics is evident through the four primary policy domains treated in the legislation: macroprudential regulation, consumer protection, reestablishment of the partition between deposit banking versus proprietary trading (the Volcker Rule), and the regulation of derivatives trading. |
| Keywords: | Finance and Financial Management |
| Date: | 2011–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:indrel:2303557&r=cis |
| By: | Tim Collier (London School of Hygiene and Tropical Medicine) |
| Abstract: | When I first met Stata in October 2000, my golf handicap was 27 and my game was going nowhere slowly. Ten years of intensive Stata therapy later, my handicap is 17.3 and falling. It would, of course, be nonsense to infer from this data that lowering your handicap increases Stata use, but could the reverse be true? Could there be a causal relationship between increasing Stata use and a decreasing handicap? In this presentation, I argue that, yes, there is. Granted, Stata might not work along the lines of traditional golf training aids, but rather its effect is mediated through a third factor, namely time. Golf consumes time. Stata produces time. In this presentation, I will demonstrate how minutes in Stata's programming world are equivalent to hours in the real world, and by the use of programs within programs, minutes can translate to days. Although extrapolation from an N of 1 is nearly always dangerous, I believe that Stata could be similarly used to reduce your weight, improve foreign language skills, or even increase research output. |
| Date: | 2011–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:boc:usug11:24&r=cis |
| By: | Simeonova-Ganeva, Ralitsa |
| Abstract: | Is it true that communist countries had well-developed human capital, or is it just a myth? What were human capital stocks at the beginning of transition to market economy? What happened to human capital formation during the transition? We attempt to answer these questions using evidence from Bulgaria. This is also a story about how a communist government had coped with labour market problems in a small closed economy. Unfortunately, during communism, there had been quite insufficient public information on human capital. Therefore, in the first place, we collect, synthesize and analyze all available information from official statistical publications as well as internal reference books and administrative documents, which used to be classified during communism, and at present are available at the Central State Archives. Next, we construct human capital indicators based on educational data for the communist period and track the dynamics in human capital formation for both communism and transition. Finally, we identify key policy and political measures which have affected human capital formation. Main findings show that communism started with extremely underdeveloped human resources. During the entire period the government had tried to provide favorable conditions for human capital formation. Communist policy measures gave significant results in the 60s, but had been ineffective in sustaining better education in the long run. As a result, the start of transition was characterized by poor levels of human capital due to an educational crisis in the last decade of communism (then, about 60% of the population in Bulgaria was with primary or lower-level of education). We assume that lack of economic incentives at individual level had determined weak pursuit of better education. |
| Keywords: | human capital; communism; transition; human capital formation; determinants of human capital; labour market policies in communism |
| JEL: | I2 E24 O15 P2 J48 J24 N34 J0 |
| Date: | 2005–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34231&r=cis |
| By: | Michael Jorratt |
| Abstract: | The concept of tax expenditure refers to the revenue the treasury foregoes as a result of applying preferential tax regimes with a view to aiding or stimulating certain economic sectors, activities, regions, or agents. Defined in this way, tax expenditures are additional tools for governments to utilize in state intervention, which aim to achieve similar results to those that can be obtained through direct public expenditure. As such, they should be subject to the same controls and transparency criteria as the latter. The general objective of this paper is to develop a methodology to estimate tax expenditures at a regional level, based on the particular case of Colombia. |
| Keywords: | Economics :: Fiscal Policy, Colombia; Fiscal Effect; Regional Tax Expenditures |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12338&r=cis |
| By: | Ahmad, Ehtisham |
| Abstract: | The 1994 reforms in China were remarkably successful in stabilizing the economy and raising revenues for the benefit of sustainable growth and permitting the central government to redistribute resources to poorer regions through an equalization framework. However, the rise of informal local borrowing in the absence of effective own-source revenues raises possible risks and imbalances in the future. There is thus a need to reconsider the fundamentals of intergovernmental fiscal relations, building on the basis laid in the 1994 reforms. |
| Keywords: | Financial Economics, H2, H5, H6, H7, |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:115922&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | Con el fin de mejorar el entendimiento del riesgo de desastre y el desempeño de la gestión del riesgo, el Instituto de Estudios Ambientales (IDEA) de la Universidad Nacional de Colombia, sede Manizales desarrolló un Sistema de Indicadores transparente, representativo y robusto, de fácil comprensión por los formuladores de políticas públicas, relativamente fácil de actualizar periódicamente y que permitiera la comparación entre países. Este sistema de indicadores permite representar el riesgo y la gestión del riesgo a escala nacional, facilitando la identificación de los aspectos esenciales que lo caracterizan desde una perspectiva económica y social, así como también comparar estos aspectos o el riesgo mismo de los diferentes países estudiados. Este informe presenta los resultados del sistema de indicadores para El Salvador. |
| Keywords: | Medio ambiente y recursos naturales :: Desastres naturales, gestión del riesgo, riesgo natural, catástrofe, sistema de indicadores |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46338&r=cis |
| By: | John Charlery |
| Abstract: | Discussion of climate change impacts in the Caribbean based on model projections including interpretation of the model results for more detailed impacts the Region could expect as the climate continues to change. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12778&r=cis |
| By: | Michael Taylor |
| Abstract: | USAID in the Caribbean has been given funding for climate change. This presentation talked about how this money will be directed and the types of activities USAID will be financing and supporting. |
| Keywords: | Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11138&r=cis |
| By: | Ross McKitrick (Department of Economics and Finance, University of Guelph); Timothy Vogelsang (Department of Economics, Michigan State University) |
| Abstract: | Inference regarding trends in climatic data series, including comparisons across different data sets as well as univariate trend significance tests, is complicated by the presence of serial correlation and step-changes in the mean. We review recent developments in the estimation of heteroskedasticity and autocorrelation robust (HAC) covariance estimators as they have been applied to linear trend inference, with focus on the Vogelsang-Franses (2005) nonparametric approach, which provides a unified framework for trend covariance estimation robust to unknown forms of autocorrelation up to but not including unit roots, making it especially useful for climatic data applications. We extend the Vogelsang-Franses approach to allow general deterministic regressors including the case where a step-change in the mean occurs at a known date. Additional regressors change the critical values of the Vogelsang-Franses statistic. We derive an asymptotic approximation that can be used to simulate critical values. We also outline a simple bootstrap procedure that generates valid critical values and p-values. The motivation for extending the Vogelsang-Franses approach is an application that compares climate model generated and observational global temperature data in the tropical lower- and mid-troposphere from 1958 to 2010. Inclusion of a mean shift regressor to capture the Pacific Climate Shift of 1977 causes apparently significant observed trends to become statistically insignificant, and rejection of the equivalence between model generated and observed data trends occurs for much smaller significance levels (i.e. is more strongly rejected). |
| Keywords: | Autocorrelation; trend estimation; HAC variance matrix; global warming; model comparisons |
| JEL: | C14 C32 C52 Q54 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:gue:guelph:2011-09.&r=cis |
| By: | Benjamin Elsner (Institute for International Integration Studies, Trinity College Dublin); |
| Abstract: | This paper studies the impact of a large emigration wave on real wages in the source country. Following EU enlargement in 2004, a large share of the workforce of the Central and Eastern Europe emigrated to Western Europe. Using data from Lithuania for the calibration of a factor demand model I show that emigration had a significant short-run impact on real wages in the source country. In particular, emigration led to a change in the wage distribution between young and old workers. The wages of young workers increased by 6%, whereas the wages of old workers decreased by around 1%. On the contrary, I find no effect on the wage distribution between workers of different education levels. |
| Keywords: | Emigration, EU Enlargement, European Integration, Wage Distribution |
| JEL: | F22 J31 O15 R23 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:iis:dispap:iiisdp379&r=cis |
| By: | Simplice A., Simplice |
| Abstract: | The dominance of English common-law countries in prospects for financial development in the legal-origins debate has been debunked by recent findings. Using exchange rate regimes and economic/monetary integration oriented hypotheses, this paper proposes an “inflation uncertainty theory” in providing theoretical justification and empirical validity as to why French civil-law countries have higher levels of financial allocation efficiency. Inflation uncertainty, typical of floating exchange rate regimes accounts for the allocation inefficiency of financial intermediary institutions in English common-law countries. As a policy implication, results support the benefits of fixed exchange rate regimes in financial intermediary allocation efficiency. |
| Keywords: | Banking; allocation efficiency; exchange rate; inflation; economic integration |
| JEL: | R10 K00 D61 P50 G20 |
| Date: | 2011–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33950&r=cis |
| By: | Juan Pablo Valenzuela |
| Abstract: | Este documento indica la importancia de la descentralización para mejorar la eficiencia del gasto públicos y alcanzar el potencial de desarrollo de las regiones y municipios en Chile. |
| Keywords: | descentralización; Chile; gasto público |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11978&r=cis |
| By: | Masood, Omar; Fry, J. M. |
| Abstract: | This paper addresses an important contemporary issue; namely the implementation of the Basel Accord worldwide. The Basel Accord provides a series of measures to improve the stability of the world’s financial system but its implementation poses a number of challenges for both developing and emerging economies. Pakistan faces a number of unique challenges in this regard due to its recent economic expansion and the fact that the rate at which the Basel Accord is being adopted lags behind that of other countries. This paper throws light on this and a number of related issues due to a combination of the novelty of the survey data from risk managers coupled with a rigorous statistical analysis. Results reflect that the Basel Accord is generally well regarded due to its underlying aims of improved capital standards and a scientific treatment of risk. However, operational risk emerges as a key barrier to implementation in Pakistan. A number of further obstacles are highlighted, which, do seem to have been addressed although only with a partial degree of success. Privately owned banks appear to be more technically competent and more favourably disposed towards implementation than publicly owned banks. |
| Keywords: | Risk Management; Basel Accord; Banking; Financial Regulation; Emerging Markets |
| JEL: | C10 O53 G21 |
| Date: | 2011–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34163&r=cis |
| By: | Dang, Ngoc-Minh |
| Abstract: | Cette thèse traite des problèmes de trading optimal avec une approche de contrôle stochastique et se compose de quatre parties. On commence par une étude de l’impact du volume sur le prix. On introduit un modèle structurel en temps discret dont le changement de prix est dû aux impacts de tous les volumes, affaiblis par un facteur de decay. Dans un cadre continu, on obtient une condition nécessaire sur les stratégies minimisant un critère de type moyenne-variance, et on la résout numériquement. On propose ensuite un modèle générique permettant d’optimiser l’utilisation d’algorithmes de trading. En nous basant sur des techniques de contrôle impulsionnel, on modélise l’exécution d’un ordre par une séquence (τi,δi,Ei)i, où la i-ième slice est exécutée dans [τi,τi+δi] avec le paramètre Ei. On caractérise la fonction valeur comme solution de viscosité d’un système d’EDP. On fournit un schéma numérique et on prouve dont la convergence. L’approche est illustrée par un exemple numérique correspondant à un cas réel. On s’intéresse après à la notion d’évaluation d’option sur liquidation de book dans un modèle à facteur d’impact, pour lequel les notions habituelles d’évaluation par mesure risque neutre ne font plus sens. On commence par traiter un cadre abstrait qui généralise les travaux de Bouchard-Elie-Touzi (2008), puis on l’applique à l’évaluation de garanties de type VWAP. On établit finalement un résultat d’équivalence entre problèmes de cibles stochastiques et problèmes de contrôle optimal sous forme standard. On montre comment retrouver l’équation d’HJB à partir des équations obtenues par l’approche de cibles stochastiques. |
| Abstract: | This PhD thesis considers the optimal trading problem from the stochastic control approach and consists of four parts. In the first part, we begin with the study of the impacts generated by volumes on the price process. We introduce a structural model in which price movements are due to not only the last trade’s volume but also to those of earlier trades, weakened by a decay factor. Considering a similar continuous version, we provide a condition ensuring the optimality of a strategy for the minimization of the execution cost in a mean-variance framework, and solve it numerically. In the second part, we propose a general model to optimize the way trading algorithms are used. Using an impulse control approach, we model the execution of a large order by a sequence (τi,δi,Ei)i, which is defined so that the i-th slice is executed in [τi,τi+δi] with parameter Ei. We characterize the value function as a viscosity solution of a system of PDE. We provide a numerical scheme and prove its convergence. Numerical illustrations are given for a real case. We deal with the problem of pricing an option on the book liquidation in presence of impact where the classical pricing by neutral risk measure fails. We begin with an abstract model generalized from the work of Bouchard- Eile-Touzi (2008), and then apply to compute the price of a VWAP guaranteed contract. We establish in the last part an equivalence result between stochastic target problems and standard optimal control. We derive the classical HJB equation from the PDE obtained in the stochastic target framework. |
| Keywords: | Ordres de bourse; Processus stochastiques; |
| JEL: | C61 G12 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:dauphi:urn:hdl:123456789/7237&r=cis |
| By: | Kisswani, Khalid/ M.; Nusair, Salah/ A. |
| Abstract: | We examine the dynamics of convergence of the ASEAN5 plus the big three for nominal interest rates, inflation rates, and real interest rates. We test for convergence relative to the U.S and Japan, using monthly data over the period January 1990 - December 2010, using non-linear unit root tests. The results show strong evidence of stationary inflation and real interest rate differentials in all but China’s inflation differential relative to the U.S., and stationary nominal interest differentials in most of the cases. We interpret these results as convergence in inflation rates and real interest rates in all cases, and as nominal interest convergence in most of the cases. Moreover, examining the impact of the Asian crisis shows less number of convergences before the crisis and more convergences after the crisis. This suggests that convergence has increased after the 1997/98 Asian crisis, and that the crisis has pulled the economies together. |
| Keywords: | interest rates convergence; inflation convergence; nonlinear unit root tests |
| JEL: | E43 E31 |
| Date: | 2011–07–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34179&r=cis |
| By: | Anayansi Guerra |
| Abstract: | Este documento analiza el proceso de descentralización de la administración pública en Panamá. La nación panameña está organizada en Estado soberano e independiente cuya denominación es Republica de Panamá. También discute en breve base tributaria de los ingresos municipales en Panamá y consideraciones sobre las finanzas municipales en Panamá. |
| Keywords: | Gobiernos locales; finanzas municipales; países unitarios |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12258&r=cis |
| By: | Javier Villa Zárate |
| Abstract: | Presentación expuesta durante el Tercer Encuentro Técnico sobre la Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Mérida, Yucatán, México, el 20, 21 y 22 de enero de 2010. En 1967, en el estudio de Evolución Financiero de México, Brothers y Solís identificaron 3 tendencias negativas de largo plazo para el desarrollo económico: a) Insuficiencia de ahorro interno; b) Ineficiencia del sistema financiero y c) Excesivo endeudamiento externo. A principios de los 1990s se intensificó el proceso de cambio estructural con las modificaciones de diversas leyes y el marco regulatorio relativo a distintos temas de inversión. El objetivo de esta presentación es exponer cómo ha evolucionado la estructuración financiera en México y cómo este proceso ha influido en las inversiones del país. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12858&r=cis |
| By: | Asghar, Zahid |
| Abstract: | Food is one of the most basic rights of every one living on this earth to get food. Food insecurity has very serious consequences in term of undermining people’s health, productivity and even their very survival. Sufficient food policy should not distract us from the need to find ways to address hunger. In this study we have calculated food security indicators related to food access and utilization by using Household Integrated Economic Survey(HIES) 2007-08 data. Almost 25% of the population is suffering from high food insecurity and 40% population is suffering from medium level of food insecurity. Cereals comprise more than 50% of the calories consumed by all income groups. Better educated household heads have lower food insecurity level than less educated after controlling income effect. Household size and food security are negatively related. Sind province has the highest percentage of food insecure population while in absolute number Punjab has the highest number of food insecure people. |
| Keywords: | Availability; Accessibility; Utilization; Food Security Indicators |
| JEL: | D1 |
| Date: | 2011–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34030&r=cis |
| By: | Nakanishi, Yasuo |
| Abstract: | The purpose of this study is to investigate the copyright protection of intellectual property under vertical relations. Vertical relations among author, manufacturer and retailer are considered. We develop several models, each with a different structure of vertical integration. R&D levels, total quantities, profits and social welfare levels are compared. We also investigate the effect of copyright protection by modeling the cases of perfect protection, partial protection and no protection. We analyze whether copyright benefits social welfare. We explain the policy implications of our results for the protection of copyright. |
| Keywords: | R&D; Patent; Copyright; Vertical Relations; Market Structure |
| JEL: | O34 O33 O32 O31 |
| Date: | 2011–10–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34206&r=cis |
| By: | Allegre, Guillaume (Centre de recherche en économie de Sciences Po) |
| Abstract: | Les crises favorisent l’émergence d’un discours selon lequel la lutte des âges, ou le conflit des générations, aurait remplacé la lutte des classes. Les jeunes seraient les premières victimes de ce conflit tandis que les baby-boomers auraient capté les fruits de la croissance économique aux dépens des générations suivantes. Cette rhétorique est d’autant plus convaincante qu’elle s’appuie sur les difficultés réelles d’une partie de la jeunesse. Mais la thèse de la fracture générationnelle s’appuie sur une analyse partiale de la situation des jeunes qui occulte certains avantages dont bénéficie la jeunesse actuelle ou une partie de celle-ci. Elle tend ainsi à masquer les inégalités au sein des générations ainsi que les mécanismes de transmission intergénérationnelle des inégalités... |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:ner:sciepo:info:hdl:2441/eu4vqp9ompqllr09hh1c9ep3l&r=cis |
| By: | Mendes-Da-Silva, Wesley |
| Abstract: | Social Network Analysis (SNA) is an emerging research field in finance, above all in Brazil. This work is pioneering in that it is supported by reference to different areas of knowledge: social network analysis and corporate governance, for dealing with a similarly emerging topic in finance; interlocking boards, the purpose being to check the validity of the small-world model in the Brazilian capital market, and the existence of associations between the positioning of the firm in the network of corporate relationships and its worth. To do so official data relating to more than 400 companies listed in Brazil between 1997 and 2007 were used. The main results obtained suggest that the configuration of the networks of relationships between board members and companies reflects the small-world model. Furthermore, there seems to be a significant relationship between the firm’s centrality and its worth, described according to an “inverted U” curve, which suggests the existence of optimum values of social prominence in the corporate network. |
| Keywords: | Board Interlocking; Social Network Analysis in Finance; Company Boards |
| JEL: | L14 G3 |
| Date: | 2011–10–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34152&r=cis |
| By: | Amiri, Arshia; Gerdtham, Ulf-G |
| Abstract: | This paper introduces a new way of investigating linear and nonlinear Granger causality between exports, imports and economic growth in France over the period 1961-2006 with using geostatistical models (kiriging and inverse distance weighting). Geostatistical methods are the ordinary methods for forecasting the locations and making map in water engineerig, environment, environmental pollution, mining, ecology, geology and geography. Although, this is the first time which geostatistics knowledge is used for economic analyzes. In classical econometrics there do not exist any estimator which have the capability to find the best functional form in the estimation. Geostatistical models investigate simultaneous linear and various nonlinear types of causality test, which cause to decrease the effects of choosing functional form in autoregressive model. This approach imitates the Granger definition and structure but improve it to have better ability to investigate nonlinear causality. Results of both VEC and Improved-VEC (with geostatistical methods) are similar and show existance of long run unidirectional causality from exports and imports to economic growth. However the F-statistic of improved-VEC is larger than VEC indicating that there are some exponential and spherical functions in the VEC structure instead of the linear form. |
| Keywords: | Granger causality; Exports; Imports; Economic growth; Geostatistical model; Kiriging; Inverse distance weighting; Vector auto-regression; France |
| JEL: | F17 F1 C1 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34190&r=cis |
| By: | Sandrine Mesplé-Somps (DIAL, IRD, Paris); Laure Pasquier-Doumer (DIAL, IRD, Paris) |
| Abstract: | This study aims at analyzing the standard of living of the Balbala residents in Djibouti, whose will benefit from an integrated urban development project (PDUI). The objective of the PDUI project is to improve standard of living of 30,000 people in three districts of Balbala, by developing basic infrastructure, community facilities and social programs. To assess the impact of this project, a baseline survey was conducted in 2010 to measure its standard of living before the project started. This representative survey focuses on four areas, where impact is expected: employment, housing conditions, health and safety. The analysis highlights strong disparities within the area in terms of housing conditions. Very strong imbalances can be observed in the labour market, that result in an excessively small share of the population in employment. These imbalances affect mostly youth and women. However, access to health and safety in these neighborhoods are better than what was hypothesized before the implementation of the survey. _________________________________ Cette étude dresse un panorama des conditions de vie des habitants de quartiers pauvres de la ville de Djibouti bénéficiant du Projet de Développement Urbain Intégré (PDUI). L’objectif du projet PDUI est d’améliorer leurs conditions de vie par le développement d’infrastructures de base, la mise en place d’équipements collectifs et le financement de programmes de développement social. En vue d’évaluer l’impact de ce projet, une enquête de référence a été conduite en 2010 afin de connaître les conditions de vie des ménages avant le lancement du projet. Cette enquête, représentative de la zone, porte sur les quatre domaines sur lesquels un impact est attendu: l’emploi, les conditions d’habitat, la santé et la sécurité. Son analyse met en avant des disparités élevées à l’intérieur de la zone dans les conditions d’habitats. Le marché du travail quant à lui présente de très forts déséquilibres, qui se traduisent par une part excessivement réduite de la population exerçant une activité professionnelle. L’inactivité et le chômage touchent principalement les jeunes et les femmes. En revanche, l’accès à la santé ainsi que la sécurité sont dans ces quartiers meilleurs que ce qui était envisagé au moment de la conception du projet. |
| Keywords: | Evaluation d’impact, développement urbain, Djibouti, Balbala, Impact evaluation, Urban development. |
| JEL: | I38 I11 J21 O22 R21 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt201108&r=cis |
| By: | Joshua Aizenman; Brian Pinto; Vladyslav Sushko |
| Abstract: | We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the construction sector is the most responsive to financial sector growth, with a number of others such as government, public utilities, and transportation also exhibiting significant sensitivity to lagged financial sector growth. Sharp fluctuations in the financial sector have asymmetric effects, with the majority of real sectors adversely affected by contractions but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively by the financial openness channel with foreign reserves mitigating these effects with a sizeable (10 to 15 times greater) impact during sharp financial contractions. Both effects are magnified during particularly large financial contractions (with coefficients on interaction terms 2 to 3 times greater than when all contractions are considered). Consequent upon a financial contraction, the most severe real sector contractions occur in countries with high financial openness, relative predominance of construction, manufacturing, and wholesale and retail sectors, and low international reserves. Finally, we find that abrupt financial contractions are more likely to follow periods of accelerated growth, indicative of “up by the stairs, down by the elevator dynamics.” |
| JEL: | F15 F31 F36 F4 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17530&r=cis |
| By: | Longhi, Simonetta; Taylor, Mark P. |
| Abstract: | We use data from the Labour Force Survey to show that employed and unemployed job seekers in Great Britain originate from different occupations and find jobs in different occupations. We find substantial differences in occupational mobility between job seekers: employed job seekers are most likely to move to occupations paying higher average wages relative to their previous occupation, while unemployed job seekers are most likely to move to lower paying occupations. Employed and unemployed job seekers exhibit different patterns of occupational mobility and, therefore, do not accept the same types of jobs. |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:ese:iserwp:2011-25&r=cis |
| By: | Onusic, Luciana |
| Abstract: | A growing number of courses have been created lately in higher education in Brazil. The quality of these courses must be maintained to ensure that professionals are prepared for the labour market. The present work aims to identify, through a case study, the factors that contribute so that the student does not abandon the course s/he chose in a public higher education institution, FEA/USP. The students who participated in this study are those who started the courses in Management, Accountancy, Actuarial Science and Economics in 2007. In order to develop this work, some steps were followed: review of relevant literature and development of a model used in the research. Then a quantitative study was structured to conducted with the students from FEA/USP, and finally, a quantitative analysis was performed using quantitative analysis techniques in order to examine the results obtained. The model chosen to frame this study was the one proposed by Bloemer (1998), which was previously applied to financial institutions. In the present study, the model was used in a higher education institution with constructs of quality, image, satisfaction and loyalty. To assess the relationship among the above-mentioned constructs, structural equations technique were used. As a result of the analysis, it could be observed that student’s loyalty comes directly from his or her general satisfaction with the course, which is influenced by the course’s perceived quality. It is important to observe that the aspects that most distinguish loyal students from non-loyal ones are satisfaction with professors,, administrative processes and with administration in general. |
| Keywords: | Higher education; Varied Analysis; Loyalty and Quality |
| JEL: | A22 I23 I21 |
| Date: | 2011–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34102&r=cis |
| By: | Ann Börestam (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Heiko Schmiedel (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main) |
| Abstract: | The present paper explores issues surrounding multilateral interchange fees (MIFs) in payment card markets from various angles. The Eurosystem’s public stance on interchange fees is neutral. However, the Eurosystem takes a keen interest in facilitating a constructive dialogue among the stakeholders involved in this debate. Transparency and clarity with respect to the real costs and benefi ts of different payment instruments are indispensable for a modern and harmonised European retail payments market. Interchange fees (if any) should be set at a reasonable level so as to promote overall economic efficiency in compliance with competition rules. JEL Classification: G21, D43, L13 |
| Keywords: | Trade credit and debit cards, retail payment systems, two-sided markets, interchange fees |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:20110131&r=cis |
| By: | Robert L. Brown |
| Abstract: | This paper has been written to bring up to date materials in a monograph that was a part of the Butterworths series of monographs in social gerontology, in particular, the 1991 monograph entitled: Economic Security in an Aging Population (Brown, 1991). The paper reports on research that indicates that today’s retirees are doing very well in terms of their replacement ratios and that Canadian poverty rates among the elderly are low relative to OECD (Organization for Economic Co-operation and Development) countries. Government-sponsored plans have been strengthened either through explicit expansion (e.g., the Guaranteed Income Supplement (GIS)) or through the reform of the Canada/Quebec Pension Plans (C/QPP). Also important is the maturation of Employer-sponsored pension plans. However, for the latter, coverage rates are down. This has created concern that future generations of Canadian retirees may not be able to experience the standard of living that is the reality for today’s elderly. The paper concludes that the aging of the population is not the cause of the increased cost of health care and social security today. Even by 2031, when the entire baby boom will be aged 65+, the impact of population aging on costs will be manageable. The paper also discusses the affordability of these systems if the normal age at retirement were to rise. |
| Keywords: | Baby boom, old age security, Canada/Quebec pension plans, registered pension plans, registered retirement savings plans, health care cost |
| JEL: | J18 |
| Date: | 2011–07 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:sedapp:285&r=cis |
| By: | Mohsin, Hasan M; Ashraf, Muhammad Shahzad |
| Abstract: | Studies upon impact of macro variables on firm’s dividend policy are very limited and specifically rare in Pakistan perspective. Main purpose of this research paper is to observe impact of restricted monetary policy on dividend behavior of Pakistani firms. During restricted monetary policy, cost of external funds increases and firms prefer to utilize internal funds leading to reduction in dividend payout. Behaviour of 100 listed firms, selected purposefully, has been observed for the period from 2001 to 2009 by using Lintner’ modified model.. During the research period of nine years, monetary policy has been gone through both loose and tight phases. Proposed model is dynamic one as lagged dependent variable has been used as explanatory variable. Due to certain limitations with selection of monetary policy instrument, overall stance of State Bank of Pakistan (SBP) in its annual reports has been used as a dummy variable in the model. Results of all the three estimations reveal almost same results. First lagged dividend has been proved to be most deterministic factor of dividend policy followed by current earnings. Monetary policy and lagged dividends interactive variables provide mixed results. First interactive variable has negative coefficients in all three, fixed effect, random effects and GMM, models but with insignificant p values. Second monetary policy interactive variable has positive coefficients with significant values in random effects and GMM model. Firms seem to follow relatively stable dividend policies with lower adjustment factor. As model is dynamic, GMM estimation is preferred. Monetary policy has not been observed as significant determinant of dividend policy of Pakistani firms. |
| Keywords: | Dividend payment; Monetary Policy |
| JEL: | E5 N2 |
| Date: | 2011–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34052&r=cis |
| By: | Donald W. K. Andrews (Cowles Foundation, Yale University); Xu Cheng (Dept. of Economics, University of Pennsylvania) |
| Abstract: | This paper analyzes the properties of a class of estimators, tests, and confidence sets (CS's) when the parameters are not identified in parts of the parameter space. Specifically, we consider estimator criterion functions that are sample averages and are smooth functions of a parameter theta. This includes log likelihood, quasi-log likelihood, and least squares criterion functions. We determine the asymptotic distributions of estimators under lack of identification and under weak, semi-strong, and strong identification. We determine the asymptotic size (in a uniform sense) of standard t and quasi-likelihood ratio (QLR) tests and CS's. We provide methods of constructing QLR tests and CS's that are robust to the strength of identification. The results are applied to two examples: a nonlinear binary choice model and the smooth transition threshold autoregressive (STAR) model. |
| Keywords: | Asymptotic size, Binary choice, Confidence set, Estimator, Identification, Likelihood, Nonlinear models, Test, Smooth transition threshold autoregression, Weak identification |
| JEL: | C12 C15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1824&r=cis |
| By: | César Fuentes |
| Abstract: | Presentación expuesta en el Cuarto Encuentro Técnico en Materia de Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, el 16, 17 y 18 de febrero de 2011. El objetivo de esta presentación es analizar detalladamente el clima de inversión en México, específicamente los temas relevantes a las Asociaciones Público Privadas (APPs). Entre otros tópicos, se consideran modelos para armar APPs, teoría de contratos, concesiones y privatización y asignación de riesgos. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11238&r=cis |
| By: | Li, Han Hao; Miller, Marcus; Zhang, Lei |
| Abstract: | The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by large banks counting on state bail outs. In this paper market concentration and risk-shifting is incorporated in an analytically tractable fashion; and the modified framework is used to consider measures to restore competition and stability--including, in particular, those recommended for the UK by the Independent Commission on Banking (2011), chaired by Sir John Vickers. |
| Keywords: | bailouts; money and banking; regulation; risk-taking; seigniorage |
| JEL: | E41 E58 G21 G28 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8602&r=cis |
| By: | Pástor, Luboš; Veronesi, Pietro |
| Abstract: | We study the pricing of political uncertainty in a general equilibrium model of government policy choice. We find that political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides to the market. It also makes stocks more volatile and more correlated when the economy is weak. In addition, we find that government policies cannot be judged by the stock market response to their announcement. Announcements of deeper reforms tend to elicit less favorable stock market reactions. |
| Keywords: | Bayesian; government; learning; political; put; risk premium; uncertainty |
| JEL: | G12 G18 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8601&r=cis |
| By: | Delis, Manthos D; Hasan, Iftekhar; Mylonidis, Nikolaos |
| Abstract: | There is a growing consensus that a prolonged period of low interest rates can exert a negative impact on financial stability through the risk-taking incentives of banks. Using micro-level datasets from the US banking sector, this paper finds evidence of a highly significant negative relationship between monetary policy rates and bank-risk taking. This finding remains robust across various specifications, sub-periods and subsamples, thereby confirming the presence of an active risk-taking channel of monetary policy since the 1990s. The results, therefore, support the new responsibilities of the Fed on macro-prudential supervision to monitor systemic risks. |
| Keywords: | Bank risk; monetary policy; US commercial banks; Total loans; New loans |
| JEL: | E43 E52 G21 |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34084&r=cis |
| By: | Jan-Henrik Meyer |
| Abstract: | Environmental policy has become an important area of European Union (EU) policy making, even though it had not originally been foreseen in the Treaty of Rome. Its emergence in the early 1970s can be understood as a result of a transfer of the novel policy idea of the environment to the European level. This paper thus inquires into the emergence of a European environmental policy from a diffusion of ideas perspective. Rather than focusing on multi-level policy making it seeks to trace the diffusion of environmental ideas from the level of international organizations to the European Communities (EC) in the early 1970s. It analyzes how and why these new concepts were taken up by the European Communities and adapted to the specific institutional framework of the EC. Starting with a brief introduction into the historical context, the paper first explores the origins of the notion of the environment as a political concept emerging in the context of international organizations at the time. Secondly, an analysis of the first Environmental Action Programme of 1973 will be used to show how the EC conceptualized the environment, including the definition of problems and potential remedies. Thirdly, the origins of these ideas will be traced back to international models, from the UNESCO conference Man and the Biosphere in 1968 onwards. In a final step, the paper tries to explain the diffusion and reception of ideas. It examines how these ideas were received by the EC, which actors were involved in this process, and which mechanisms of diffusion played a role. The goal is thus to make a contribution to the debate about the transnational diffusion of ideas. |
| Keywords: | environmental policy; Europeanization; Europeanization |
| Date: | 2011–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:erp:kfgxxx:p0031&r=cis |
| By: | Petrushchak, Bohdan |
| Abstract: | The purpose of this article is to analyze the influence of metallurgical sector on Ukrainian economy. We try to examine what is iron ore for Ukraine – a basis for successful economic development or resource curse, and investigate the impact of steel and iron companies on performance of domestic stock exchange. |
| Keywords: | Metallurgical sector; resource curse; Ukrainian stock market; volatility of export revenues; |
| JEL: | D53 E32 F14 G20 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34001&r=cis |
| By: | Uwe Jirjahn; Vanessa Lange |
| Abstract: | Using unique survey data from the German Socio-Economic Panel, this study examines the influence of reciprocal inclinations on workers¿ sorting into codetermined firms. Employees with strong negative reciprocal inclinations are more likely to work in firms with a works council while employees with strong positive reciprocal inclinations are less likely to work in such firms. We argue that these findings conform to hypotheses derived from the experimental literature. Moreover, the results show striking gender differences in the relationship between reciprocity and taste for representation. These differences can be partially explained by gender-specific differences in the average degree of labor force attachment. |
| Keywords: | Works council, negative reciprocity, positive reciprocity, sorting, gender |
| JEL: | J52 J53 M50 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp402&r=cis |
| By: | Leticia González Vallejo |
| Abstract: | Este informe presenta la Evaluación Final del Convenio de Cooperación Técnica no reembolsable ATN/ME 9561-ME del programa ¿Desarrollo de Nuevas Oportunidades de Mercado en la Base Económica de la Pirámide¿ (Programa BDP) firmado en febrero de 2006 y finalizado a partir del 15 de agosto de 2011. La meta del programa fue incrementar las oportunidades de mercado de las micro, pequeñas y medianas empresas (MPyMEs) en México, atendiendo las necesidades de las comunidades de bajos ingresos (mercados BDP). Para lograrlo, fue necesario desarrollar productos y servicios basados en la innovación y creatividad impulsado con proyectos demostrativos. El programa probó en el contexto mexicano el ¿modelo de negocios inclusivos¿ e impulsó proyectos demostrativos para sembrar y diseminar el conocimiento innovador en este nicho de mercado en México. |
| Keywords: | Sector privado :: Microempresas y microfinanciamiento, Desarrollo social :: Pobreza, Sector privado :: Desarrollo empresarial, oportunidades de mercado, base económica de la pirámide, BOP, ATN/ME 9561-ME |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46419&r=cis |
| By: | Manuel Márquez Fariña; José Luis Ares; Pascual Hernández; Rodolfo Solar |
| Abstract: | El objetivo de este documento es analizar nuevas formas de abordar el control de una frontera, en respuesta a tres necesidades básicas: contribuir a elevar los niveles de la seguridad civil, ejerciendo un control sobre los tránsitos internacionales; mejorar la competitividad nacional, facilitando el tráfico internacional lícito de personas y mercancías; e integrar el desarrollo de la seguridad de fronteras con el resto de las líneas de actuación nacional, en particular con las de desarrollo de la seguridad interior, progreso socioeconómico y relaciones internacionales. Para ello, este documento presenta un primer modelo conceptual de actuación y aborda, en forma de un caso de estudio y notas con mejores prácticas, diferentes aspectos considerados clave en el desarrollo de una estrategia de control de fronteras que une seguridad y facilitación. Todo ello en un marco de respeto a los derechos fundamentales y de minimización del impacto sobre la población residente en las zonas fronterizas. |
| Keywords: | Integración y comercio, Sector público :: Seguridad ciudadana y prevención de la delincuencia, fronteras, control de fronteras, seguridad internacional, tráfico internacional, derecho comparado |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46378&r=cis |
| By: | David Hummels; Rasmus Jørgensen; Jakob R. Munch; Chong Xiang |
| Abstract: | We estimate how offshoring and exporting affect wages by skill type. Our data match the population of Danish workers to the universe of private-sector Danish firms, whose trade flows are broken down by product and origin and destination countries. Our data reveal new stylized facts about offshoring activities at the firm level, and allow us to both condition our identification on within-job-spell changes and construct instruments for offshoring and exporting that are time varying and uncorrelated with the wage setting of the firm. We find that within job spells, (1) offshoring tends to increase the high-skilled wage and decrease the low-skilled wage; (2) exporting tends to increase the wages of all skill types; (3) the net wage effect of trade varies substantially across workers of the same skill type; and (4) conditional on skill, the wage effect of offshoring exhibits additional variation depending on task characteristics. We then track the outcomes for workers after a job spell and find that those displaced from offshoring firms suffer greater earnings losses than other displaced workers, and that low-skilled workers suffer greater and more persistent earnings losses than high-skilled workers. |
| JEL: | F16 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17496&r=cis |
| By: | Mndzebele, Samuel |
| Abstract: | Background: Evidence suggests that growth in a country’s Gross National Products does improve life expectancy only when substantial funds are directed towards healthcare and poverty eradication in society. The economic crisis currently faced by Swaziland has a potential of impacting negatively on her healthcare system, hence the need for drawing-up mitigation strategies. Purpose: To examine the healthcare system in the face of the economic crisis in Swaziland with the aim of drawing-up appropriate socio-economic mitigation strategies in response to the current challenges. Approach: The exercise engaged a descriptive approach through a three-level conceptual model that first examined the current health systems, leading to the analysis of possible health implications. The last phase involved drawing-up appropriate socio-economic mitigation strategies. Health challenges and implications: The Ministry of Health in Swaziland is already struggling to make significant strides in implementing key projects through her primary healthcare strategies as enshrined in the National Health policy of 2007. Of paramount importance is the impact on the comprehensive implementation of her annual action plan and the national health sector strategic plan (2008 -2013). Envisaged implications include the current threat on the capacity surrounding the management of HIVAIDS in the country. Conclusion (mitigation strategies): There is a strong need for the government of Swaziland and the Ministry of Health to act decisively in ensuring that health financing policies are reviewed and re-strategized to mitigate the economic impact on critical services within the department. |
| Keywords: | gross domestic product; healthcare resource allocation; health systems implications |
| JEL: | I10 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34017&r=cis |
| By: | Vilsmeier, Johannes |
| Abstract: | In this paper we ‘update’ the option implied probability of default (option iPoD) approach recently suggested in the literature. First, a numerically more stable objective function for the estimation of the risk neutral density is derived whose integrals can be solved analytically. Second, it is reasoned that the originally proposed approach for the estimation of the PoD has some serious drawbacks and hence an alternative procedure is suggested that is based on the Lagrange multipliers. Carrying out numerical evaluations and a practical application we find that the framework provides very promising results. |
| Keywords: | Option Implied Probability of Default; Risk Neutral Density; Cross Entropy |
| Date: | 2011–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:bay:rdwiwi:22326&r=cis |
| By: | Oleg Badunenko (CGS, University of Cologne); Daniel J. Henderson (State University of New York-Binghamton); Subal C. Kumbhakar (State University of New York-Binghamton) |
| Abstract: | In this paper we compare two flexible estimators of technical efficiency in a cross-sectional setting: the nonparametric kernel SFA estimator of Fan, Li and Weersink (1996) to the nonparametric bias corrected DEA estimator of Kneip, Simar and Wilson (2008). We assess the finite sample performance of each estimator via Monte Carlo simulations and empirical examples. We find that the reliability of efficiency scores critically hinges upon the ratio of the variation in efficiency to the variation in noise. These results should be a valuable resource to both academic researchers and practitioners. |
| Keywords: | Bootstrap, Nonparametric Kernel, Technical Efficiency |
| JEL: | C1 C14 C33 |
| Date: | 2011–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:cgr:cgsser:02-06&r=cis |
| By: | Bosi, Gianni; Zuanon, Magalì |
| Abstract: | We characterize weak continuity of an interval order on a topological space by using the concept of a scale in a topological space. |
| Keywords: | Weakly continuous interval order; continuous numerical representation |
| JEL: | D00 C60 |
| Date: | 2011–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34182&r=cis |
| By: | Giocoli, Nicola |
| Abstract: | Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic model is one who maximizes her subjective expected utility and consistently revises her beliefs according to Bayes’s rule. The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream economists. Though no definitive answer is provided, it is argued that the question is far from trivial and of great historiographic importance. The story begins with Abraham Wald’s behaviorist approach to statistics and culminates with Leonard J. Savage’s elaboration of subjective expected utility theory in his 1954 classic The Foundations of Statistics. It is the latter’s acknowledged fiasco to achieve its planned goal, the reinterpretation of traditional inferential techniques along subjectivist and behaviorist lines, which raises the puzzle of how a failed project in statistics could turn into such a tremendous hit in economics. A couple of tentative answers are also offered, involving the role of the consistency requirement in neoclassical analysis and the impact of the postwar transformation of US business schools. |
| Keywords: | Savage; Wald; rational behavior; Bayesian decision theory; subjective probability; minimax rule; statistical decision functions; neoclassical economics |
| JEL: | B31 B21 D81 |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34117&r=cis |
| By: | Nora Mislan, Nora, M.; Azlina Mohd Kosnin, Azlina, M. K.; Yeo Kee Jiar, Yeo, K. J.; Rio Sumarni Shariffudin, Rio Sumarni, S. |
| Abstract: | The role of teachers involved is very important for an individualised education plan (IEP) to serve its purpose to children with special needs. This is because they are engaged directly in the programme's implementation and in determining the children's learning. Additionally, the role would require them to forge collaboration with the parents for a successful programme. The objective of this research is to investigate the teachers' perceived role in the IEP. Two types of instruments were used; semi-structured interview on seven teachers and questionnaires on 17. Results indicate that the teachers believe they understood their roles and have met them. They also feel that involving parents in the programme is important. Planning and reporting on activities carried out is also important, but they should be receptive and sensitive in the process. Furthermore, they admit that they could improve further become more effective. To this, it is concluded that the school plays and important role in support of the teachers' growth and competency in the field. |
| Keywords: | Teachers; individualized education plan; collaboration |
| JEL: | L84 J24 |
| Date: | 2010–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34059&r=cis |
| By: | Julio Toro Cepeda |
| Abstract: | Presentación expuesta durante el Tercer Encuentro Técnico sobre la Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Mérida, Yucatán, México, el 20, 21 y 22 de enero de 2010. El fin de esta presentación es dar a conocer los avances en cuanto a Asociaciones Público Privadas que se han hecho en Chile. Se analizan los sectores, el marco legal e institucional, los principales aspectos de regulación económica, entre otros aspectos relevantes en este tipo de alianzas. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12958&r=cis |
| By: | Daniela Brandazza |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico sobre Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16, 17 y 18 de febrero de 2011. Los gobiernos se han visto en la necesidad de buscar esquema de financiamiento de infraestructura y/o servicios (Reino Unido, Canadá, Australia, México) para atender demandas de la población. Desde el punto de vista de las calificaciones, se evalúa caso por caso el tipo de Asociación Público Privada (APPs) y si se debe consolidar como deuda o como pasivo contingente. El objetivo de esta presentación es analizar bajo qué lente las clasificadoras de riesgo observan las APPs y sus distintas ramas y cómo éstas impactan en la calificación final de una determinada región. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11678&r=cis |
| By: | Novotný, JOSEF |
| Abstract: | This paper examines regional convergence in living standards among 264 EU27 regions during1992-2006. The main contribution is the exploratory analysis, which inspects various aspects of regional dynamics such as convergence and divergence, polarization, the role of inter-national component, polarization, switching, and mobility of regions. Both the development of absolute and relative differentials in regional living standards is considered by applying several different techniques including some magnitude-free statistics. The results indicate that regional convergence in relative differentials was concurrent to widening of absolute gaps. Beyond the aggregate trends a significant extent of switching and mobility of individual regions has been detected. |
| Keywords: | European Union; living standards; subjective judgements; real convergence; regional dynamics |
| JEL: | O18 C20 R12 O52 |
| Date: | 2011–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34145&r=cis |
| By: | Krupper, Dirk |
| Abstract: | Die Zufriedenheit der Büronutzer und die Beeinflussung der Produktivität sind Kernfragen einer jeden Entscheidung für die Wahl des Bürolayouts. Mit Hilfe einer empirischen Untersuchung wurde diese Frage dahingehend untersucht, ob es wesentliche Unterschiede in der Wahrnehmung und Bewertung der gängigen Büroformen aus Sicht der Nutzer gibt und welche Vor- und Nachteile sich im Einzelnen aufzeigen lassen. Hierzu wurden mehr als 600 Fragebögen ausgewertet und hinsichtlich der generellen Zufriedenheit als auch einzelner Facetten der Bürobedingungen ausgewertet und analysiert. Es lässt sich feststellen, dass das klassische Einzelbüro insgesamt die besten Bedingungen für Büronutzer bietet. In der Einschätzung schneidet das Mehrpersonenbüro sogar besser ab als das moderne Kombibüro, obwohl im direkten Vergleich im Mehrpersonenbüro durchschnittlich mehr Personen auf relativ weniger Raum untergebracht sind. Die schlechteste Alternative stellt in der Untersuchung das Großraumbüro dar. Damit dominieren die räumlich geschlossenen Büroformen (Einzel- und Mehrpersonenbüro) die räumlich offenen bzw. teilweise offenen Layouts (Kombi- und Großraumbüro) in Bezug auf die Nutzerzufriedenheit und im Ergebnis auch in Bezug auf die Produktivität. Auf Basis der Untersuchungsergebnisse lassen sich Differenzen bei der Selbsteinschätzung der Produktivität von bis zu 20% aufzeigen. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:54656&r=cis |
| By: | Simplice A., Asongu |
| Abstract: | This paper assesses how legal-origin influences financial development through regulation quality and the rule of law. It uses data collected after pioneering works on the law-finance nexus to assess hypotheses resulting there-from in the context of Africa. Distinctions are made between English, French, French sub-Saharan, Portuguese and North African countries in how their legal origins affect financial intermediary dynamics of depth, efficiency, size and activity. In terms of policy implications results support the benefits of law channels to financial development in the continent. |
| Keywords: | Law; finance; banks; Africa |
| JEL: | O1 K2 G2 P5 K4 |
| Date: | 2011–09–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34080&r=cis |
| By: | Çokgezen, Murat |
| Abstract: | This study has examined the results of SOE policy by comparing two provinces in Turkey, one that was a would-be beneficiary of this policy and the other not. Statistical data and anecdotal evidence from in-depth interviews show that the SOEs increased labor costs, discouraged private entrepreneurship and guided locals to political, rather than productive solutions to their economic problems; regional development in the province in which SOEs dominated the regional economy was hindered. These results are in line with the reported outcomes of SOE policy adopted by Italian governments in order to promote development in southern Italy. |
| Keywords: | state owned enterprises turkey regional development |
| JEL: | O18 L26 |
| Date: | 2011–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:27676&r=cis |
| By: | Erlend Berg |
| Abstract: | Funeral insurance has existed at least since antiquity, and it remains popular in many parts of Africa today. Yet the study of funeral insurance as a distinct form of insurance has hitherto been neglected. This paper presents a model in which funeral insurance combines regular life insurance with a restriction on how the payout is spent. The model predicts that there is an intermediate range of income and wealth where funeral insurance is demanded. The prediction is tested on a nationally representative sample of black South African households, a setting where both life and funeral insurance are widely available. The model also gives conditions under which funeral insurance is not demanded at any level of income and wealth. This may explain why funeral insurance is less popular in developed countries, even among the relatively poor. |
| JEL: | D81 G22 O12 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2011-16&r=cis |
| By: | Goxe, François |
| Abstract: | Les concepts d' « internationalisation » et de « réseaux » sont l'objet d'un grand nombre de travaux en gestion sans pour autant qu'un consensus ne s'établisse quant à leurs définitions respectives ou à leurs interactions réciproques. D'après une analyse des littératures relatives à ces concepts, nous proposons une lecture du développement international comme un processus entrepreneurial conduit par un individu grâce notamment à la mobilisation de « réseaux » personnels et se traduisant par une tentative de passage d'un champ social à un autre. Cette grille de lecture conceptuelle est opérationnalisée et appliquée aux cas empiriques d'entrepreneurs de PME françaises tentant de se développer en Chine. Nous analysons les efforts d'internationalisation de ces entrepreneurs comme passage d'un champ à un autre au travers des caractéristiques personnelles des individus (capital de l'entrepreneur), de plusieurs dimensions résiliaires et des résultats concrètement obtenus. Nous discutons finalement des implications, notamment les caractéristiques des entrepreneurs internationaux, des logiques et divisions sociales entre acteurs du développement international et leur impact sur l'internationalisation ainsi que certaines réflexions quant aux structures d'accompagnement international. |
| Abstract: | Although the concepts of « internationalization » and « networks » have attracted considerable attention from researchers in management, no consensus has yet been reached as to their respective definitions or reciprocal interactions. Based on an analysis of extant literature on these concepts, we offer to consider internationalization as an entrepreneurial process led by an individual mobilizing personal « networks » and a passage from one social field to another. This conceptual framework is operationalized and applied to the empirical cases of French SME entrepreneurs approaching China. We analyze entrepreneurs' internationalization efforts as a passage from one field to another through individuals' characteristics (entrepreneur's capital), various network dimensions and concrete results obtained. We eventually discuss the research implications including international entrepreneurs' characteristics, social dynamics and divisions among international development actors, their impact upon internationalization along with some practical implications for international development agencies. |
| Keywords: | China; case study; Social capital; Networks; Entrepreneurship; internationalization; Chine; étude de cas; Bourdieu; réseaux; entrepreneuriat; internationalisation; Capital social; |
| JEL: | L14 L26 Z13 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:ner:dauphi:urn:hdl:123456789/7231&r=cis |
| By: | Daniel Muñoz |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla-Gutiérrez, Chiapas, México, el 16,17 y 18 de febrero de 2011. México es uno de los países de América Latina en dónde se ha despertado un mayor interés por desarrollar proyectos de Asociación Público Privada (APPs). El avance ha sido positivo en el país, y el éxito en los proyectos terminados ha sido evidente. Esta presentación tiene como objetivo ilustrar el marco general de APPs en México, incluyendo el esquema jurídico, sus ventajas y los procedimientos pertinentes a estas alianzas. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11398&r=cis |
| By: | Juan Gonzalo Zapata |
| Abstract: | Recientemente se aprobó en Panamá una Ley de Descentralización (Ley No. 37 de junio de 2009), en la cual se establece que, en cuestión de pocos meses, se deben entregar nuevas fuentes de recursos y funciones a estos gobiernos. Además de modificar las funciones y distribución actual de recursos en los distintos niveles de gobierno, esta Ley establece también una serie de mecanismos de planeación y elaboración de presupuestos al interior de los municipios y distritos de obligatorio cumplimiento, tocando adicionalmente aspectos como el organigrama interno de entidades pertenecientes a los gobiernos locales y sus funciones. Este documento analiza el proceso de descentralización de la gestión pública en Panamá y Ley 37 de 200; las obligaciones tributarias municipales e impuesto sobre la propiedad de bienes inmuebles; las finanzas municipales en Panamá; y el desarrollo de la gestión local en Panamá. |
| Keywords: | Gobiernos locales; finanzas municipales; países unitarios |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12278&r=cis |
| By: | Assaf Razin; Jackline Wahba |
| Abstract: | This paper revisits the magnet hypothesis and investigates the impact of the welfare generosity on the difference between skilled and unskilled migration rates. The main purpose of the paper is to assess the role of mobility restriction on shaping the effect of the welfare state genrosity. In a free migration regime, the impact is expected to be negative on the skill composition of migrants while in a restricted mobility regime, the impact will be the opposite, as voters will prefer selective migration policies, favoring skilled migrants who tend to be net contributors to the fiscal system. We utilize the free labor movement within EUR (the EU, Norway and Switzerland) and the restricted movement from outside of the EUR to compare the free migration. |
| JEL: | F22 H3 J48 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17515&r=cis |
| By: | Jelena Budak (The Institute of Economics, Zagreb); Ivan-Damir Anic (The Institute of Economics, Zagreb); Edo Rajh (The Institute of Economics, Zagreb) |
| Abstract: | This paper investigates public attitudes towards surveillance and privacy in Croatia. It segments the respondents based on their views on surveillance and privacy, and examines differences between them with regard to their demographic characteristics. The empirical analysis is based on data obtained from a public opinion survey. The data were analyzed using descriptive statistics, exploratory and confirmatory factor analysis, Cronbach alpha calculation, chi-square test, and cluster analysis. The factor analysis showed six distinct factors: (1) perceived surveillance effectiveness, (2) concern about being surveilled, (3) trust in privacy protection procedures, (4) concern about CCTV privacy intrusion, (5) concern about personal data manipulation, and (6) a need for surveillance enforcement. K-means cluster analysis indicated the following three groups of citizens: pro-surveillance oriented citizens, citizens concerned about being surveilled, and citizens concerned about data and privacy protection. Significant differences between the groups were found in age and education, while no significant differences exist in gender, employment status, and household income. The findings of this study support the existence of different groups of citizens regarding their attitudes towards surveillance and privacy. |
| Keywords: | surveillance, privacy concern, public opinion, segmentation, demographic characteristics, Croatia |
| JEL: | D18 K49 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:iez:wpaper:1101&r=cis |
| By: | Massimo Guidolin |
| Abstract: | I review the burgeoning literature on applications of Markov regime switching models in empirical finance. In particular, distinct attention is devoted to the ability of Markov Switching models to fit the data, filter unknown regimes and states on the basis of the data, to allow a powerful tool to test hypotheses formulated in the light of financial theories, and to their forecasting performance with reference to both point and density predictions. The review covers papers concerning a multiplicity of sub-fields in financial economics, ranging from empirical analyses of stock returns, the term structure of default-free interest rates, the dynamics of exchange rates, as well as the joint process of stock and bond returns. JEL Classification Codes: G00, C00. Keywords: Markov switching, Regimes, Regime shifts, Nonlinearities, Predictability, Autoregressive Conditional Heteroskedasticity. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:415&r=cis |
| By: | Arteaga, Julio Cesar; Flores, Daniel |
| Abstract: | Mexican gas stations across the country buy and sell gasoline at regulated common prices. Therefore, authorities that set these prices do not take into account competition conditions of each market. In this paper we establish the effect of a regulated mark-up price as well as competition on the incentives that gas stations in Mexico have to dispense less amount of gasoline than what consumers pay for. The results of theoretical and empirical work indicate that a higher regulated mark-up price reduces the incentives of gas stations to cheat. Similarly, more intense competition among the retailers of a given market decreases the average shortage. |
| Keywords: | gasoline pricing; regulation; competition; fraud |
| JEL: | L11 K42 |
| Date: | 2010–10–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34187&r=cis |
| By: | Arghya Ghosh; Kieron Meagher |
| Abstract: | Infrastructure, as it impacts transport costs, is crucial in determining equilibrium outcomes in spatial competition; however, infrastructure investment is typically exogenous. Our political economy analysis of infrastructure choice is based upon consumer preferences derived from Salop’s circular city model. In this setting, infrastructure investment has two effects: it directly lowers costs to consumers and indirectly affects market power. We show how political support for infrastructure investments depends crucially on the details of the market. Competition boosts popular support for infrastructure — often excessively so — while collusion leads to underinvestment. The uncertainty produced by infrastructure induced entry leads to traps and thresholds. |
| JEL: | D43 L13 H4 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-556&r=cis |
| By: | Nora Mislan, Nora, M.; Azlina Mohd Kosnin, Azlina, M.K.; Yeo Kee Jiar, Yeo, K.J.; Rio Sumarni Shariffudin, Rio Sumarni, S. |
| Abstract: | The importance of equality among people cannot be over-stressed as it is already now which includes children with disabilities. Hence, the Individualised Education Plan (IEP) for special education was born. The objective of this research is to investigate parents' expectations towards the implementation. To gather data, semi-structured interviews are deployed to seven teaches and five parents while questionnaires are given to 17 teachers and 26 parents. The findings show that parents are satisfied with the services that teachers gave and showed in the IEP implementation. They also have high expectations towards the teachers and other issues such as the placement of specialists to provide more support and better understanding from the teachers. These results mean that misunderstanding could surface between both the teachers and parents. Therefore, collaboration between both parties should be worked out so that the IEP process could take place smoothly. Also, the schools should look into hiring specialist into the program as teachers would be able to learn from them. |
| Keywords: | Parents; expectations; individualized education plan |
| JEL: | H75 D83 |
| Date: | 2010–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34058&r=cis |
| By: | Georg H. Strasser (Department of Economics, Boston College) |
| Abstract: | The macroeconomic evidence on the short-term impact of exchange rates on exports and prices is notoriously weak. In this paper I examine the micro-foundations of this disconnect by looking at firm export and price setting decisions in response to exchange rate fluctuations and changing credit conditions. A unique German firm survey dataset allows me to study the impact of the EUR/USD exchange rate during the years 2003-2010. Its information on pricing and export expectations at the firm-level enables me to measure the instantaneous response of a firm to changing financial constraints and exchange rates, which avoids endogeneity issues. I find that primarily large firms cause the exchange rate "puzzles" in aggregate data. The exchange rate disconnect disappears for financially constrained firms. For these firms, the pass-through rate of exchange rate changes to the prices is more than twice the rate of unconstrained firms. Similarly, their exports are about twice as sensitive to exchange rate fluctuations. Credit therefore affects not only exports via trade finance, but also international relative prices by constraining the scope of feasible pricing policies. The effect of borrowing constraints is particularly strong during the recent financial crisis. |
| Keywords: | exchange rate pass-through, exchange rate disconnect, financing constraints, pricing to market, exports, credit crunch, trade collapse, law of one price, trade finance |
| JEL: | F31 E44 F40 E32 G21 |
| Date: | 2010–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:boc:bocoec:788&r=cis |
| By: | Ana Inés Basco; Ximena Salazar |
| Abstract: | En el marco de la implementación del Plan de Acción para el Apoyo de los Países en sus Esfuerzos por Combatir la Corrupción y Fomentar la Transparencia (PAACT), el BID está apoyando la participación de la Sociedad Civil en el proceso de seguimiento y monitoreo de las Convenciones Internacionales contra la Corrupción. Del análisis de esta experiencia innovadora surgen diversas lecciones y aprendizajes que se recogen en esta Nota. |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13379&r=cis |
| By: | Roberto Antonietti; Giulio Cainelli |
| Abstract: | A recent strand of the economic literature has emphasised the role of services, and in particular knowledge-intensive business services (KIBS), as a primary source of knowledge creation and diffusion. Since this transferring process often occurs through strong face-to-face interactions, the role of spatial proximity becomes crucial. Theoretical and empirical literature shows that the geographic concentration of industry induces firms to vertically disintegrate their production, due to the lowering of transport and governance costs as well as to the reduction of opportunism in managing transactions. However, the evidence is primarily based on manufacturing firms, whereas little or no attention is given to service firms. In this paper we try to fill this gap by estimating the effects of spatial agglomeration on knowledge intensive business service firms' vertical disintegration with reference to the metropolitan region of Milan. Relying on a rich firm-level dataset of about 12.000 KIBS firms located in the metropolitan area of Milan in 2008, we first geo-referenciate our data by employing a GIS routine. Then, we define a set of rings moving out of increments of 1 kilometre, and we count the number of firms located within each ring. For each firm, we compute, ring by ring, the number of neighbouring firms that are in the same three-digit industry, and the number of firms that are in all the three-digit industries except for the one in which the firm operates. In this way, we estimate the impact of proximity-based specialization Vs diversification economies on KIBS firms' vertical disintegration, exploiting information on the actual distance between each pair offirms in the sample. Our dependent variable is calculated as the share of purchased business services over total production costs. This purchased-inputs variable allows accounting for the fact that "many business services are likely to be exactly the kind of locally produced intermediate input that producers in localized areas will have greater access to than producers in isolated areas" (Holmes 1999, p. 316). |
| Keywords: | GIS, KIBS, spatial agglomeration, vertical disintegration |
| JEL: | R12 L8 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1105&r=cis |
| By: | Joshua Blumenstock; Nathan Eagle; Marcel Fafchamps |
| Abstract: | A large literature describes how local risk sharing networks can help individuals smooth consumption in the face of idiosyncratic economic shocks. However, when an entire community faces a large covariate shock, and when the transaction costs of transfers are high, these risk sharing networks are likely to be less effective. In this paper, we document how a new technology – mobile phones – reduces transaction costs and enables Rwandans to share risk quickly over long distances. We examine a comprehensive database of person-to-person transfers of mobile airtime and find that individuals send this rudimentary form of “mobile money” to friends and family affected by natural disasters. Using the Lake Kivu earthquake of 2008 to identify the effect of a large covariate shock on interpersonal transfers, we estimate that a current-day earthquake would result in the transfer of between $22,000 and $30,000 to individuals living near the epicenter. We further show that the pattern of transfers is most consistent with a model of reciprocal risk sharing, where transfers are determined by past reciprocity and geographical proximity, rather than one of pure charity or altruism, in which transfers would be expected to be increasing in the wealth of the sender and decreasing in the wealth of the recipient. |
| Keywords: | Risk Sharing; Mobile Phones; Mobile Money; Information and communications technologies; Development; Earthquakes; Rwanda; Africa. |
| JEL: | O16 O17 O33 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2011-19&r=cis |
| By: | Elena Panaritis; Angelo Kostopoulos |
| Abstract: | As part of an overarching effort to better identify the problems faced today by low-income people and by those with limited access to basic housing, this paper assesses the property rights system in Guyana and the way it affects the real estate/property/ land market and the overall security of the wealth base of individuals. The assessment is based on the methodology of Reality Check Analysis (RCA). RCA allows for a breakdown and mapping of the variables that have contributed to the current bottlenecks in Guyana and as well as poverty, malaise, and lack of affordable housing. With RCA it is possible to identify the correct questions that lead to the appropriate answers regarding policy recommendations. |
| Keywords: | Public Sector :: Civil Registration, Public Sector :: Population Statistics & Information Systems, Social Development, Rural & Urban Development, Guyana; Property Rights |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12318&r=cis |
| By: | Khiabani, Nasser |
| Abstract: | This paper analyzes the effects of oil price and monetary shocks on the Iranian housing market in a Bayesian SVAR framework. The prior information for the contemporaneous identification of the SVAR model is derived from standard economic theory. To deal with uncertainty in the identification schemes, I calculate posterior model probabilities for the SVAR model identified by a different set of over-identification restrictions. In order to draw accurate inferences regarding the effectiveness of the shocks in an over-identified Bayesian SVAR, a Bayesian Monte Carlo integration method is applied. The findings indicate that oil price shocks explain a substantial portion of housing market fluctuations. Housing prices increase in response to a positive credit shock, but only with a noticeably smaller magnitude when compared with the response to a positive oil price shock. |
| Keywords: | Housing market fluctuations; Oil price shocks; Credit shocks; Bayesian Structural VAR; Bayesian model averaging (BMA); Bayesian Monte Carlo integration method |
| JEL: | C32 C53 E32 E52 |
| Date: | 2010–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34041&r=cis |
| By: | Staszkiewicz, Piotr W. |
| Abstract: | The article presents the initial proposal for the group risk measurement based on the comparison of two interconnected sets of webs. The risk scalar has been presented both for each separated subsidiary as well as for the group itself. It was shown the risk profile of the group could be aggregated into a single value, and some consequences of that attribute was discussed. The practical aspects of the proposed solution were outlined. |
| Keywords: | Risk; Risk model; Basel; Accord; CRD; Capiatl groups; Economic capital; Capital alocation; Capital requirements; Subsidiaries; Strukture; VAR; CVAR; Related parties; Fair value; Parent entity; Measurement; Solvency; Transaction value; |
| JEL: | M41 G22 G31 G32 G21 P34 |
| Date: | 2010–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34257&r=cis |
| By: | Chiara Franco; Alberto Marzucchi; Sandro Montresor |
| Abstract: | This paper draws on the multi-dimensional characterization of absorptive capacity (AC) to empirically investigate the antecedents and the effects of its "potential" dimension (PAC): i.e., the firm's capacity of acquiring and assimilating external knowledge, as distinguished from its "realized" transformation and exploitation (RAC). Based on a sample of about 10,500 firms for an area of 3 EU countries (Italy, Germany and Spain) we find that the firm's reliance on external knowledge in general increases its PAC, and that this effect is magnified by the internal shocks the firm faces. However, both these effects find relevant exceptions when different kinds of external sources are considered, at different kinds of distance from the absorbing firm. Unexpectedly, social integration mechanisms in the firm makes PAC less, rather than more, inductive of innovation outcomes. On the contrary, the human capital of the firm has a positive moderating role on the PAC effects. A possible trade-off in the exploitation of the externally assimilated knowledge is suggested. |
| Keywords: | absorptive capacity; external knowledge; innovation |
| JEL: | O31 O33 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1106&r=cis |
| By: | Thomas, C.D. |
| Abstract: | In this thesis we present a new take on two classic problems of game theory: the "multiarmed bandit" problem of dynamic learning, and the "Colonel Blotto" game, a multidi- mensional contest. In Chapters 2-4 we treat the questions of experimentation with congestion: how do players search and learn about options when they are competing for access with other players? We consider a bandit model in which two players choose between learning about the quality of a risky option (modelled as a Poisson process with unknown arrival rate), and competing for the use of a single shared safe option that can only be used by one agent at the time. We present the equilibria of the game when switching to the safe option is irrevocable, and when it is not. We show that the equilibrium is always inefficient: it involves too little experimentation when compared to the planner solution. The striking equilibrium dynamics of the game with revocable exit are driven by a strategic option-value arising purely from competition between the players. This constitutes a new result in the bandit literature. Finally we present extensions to the model. In particular we assume that players do not observe the result of their opponent's experimentation. In Chapter 5 we turn to the n-dimensional Blotto game and allow battlefields to have different values. We describe a geometrical method for constructing equilibrium distribution in the Colonel Blotto game with asymmetric battlfield values. It generalises the 3-dimensional construction method first described by Gross and Wagner (1950). The proposed method does particularly well in instances of the Colonel Blotto game in which the battlefield weights satisfy some clearly defined regularity conditions. The chapter also explores the parallel between these conditions and the integer partitioning problem in combinatorial optimisation. |
| Date: | 2011–08–28 |
| URL: | http://d.repec.org/n?u=RePEc:ner:ucllon:http://discovery.ucl.ac.uk/1325637/&r=cis |
| By: | Murat Kurt (University of Pittsburgh); Mark S. Roberts (University of Pittsburgh); Andrew J. Schaefer (University of Pittsburgh); M. Utku Ünver (Boston College) |
| Abstract: | End-stage renal disease (ESRD) is the ninth-leading cause of death in the U.S. Transplantation is the most viable renal replacement therapy for ESRD patients, but there is a severe disparity between the demand for kidneys for transplantation and the supply. This shortage is further complicated by incompatibilities in blood-type and antigen matching between patient-donor pairs. Paired kidney exchange (PKE), a cross-exchange of kidneys among incompatible patient-donor pairs, overcomes many difficulties in matching patients with incompatible donors. In a typical PKE, transplantation surgeries take place simultaneously so that no donor may renege after her intended recipient receives the kidney. Therefore, in a PKE, the occurrence of a transplantation requires compatibility among the pairs' willingnesses to exchange. We consider an arbitrary number of autonomous patients with probabilistically evolving health statuses in a prearranged PKE, and model their transplant timing decisions as a discrete-time non-zero-sum noncooperative stochastic game. We explore necessary and sufficient conditions for patients' decisions to be a stationary-perfect equilibrium, and formulate a mixed-integer linear programming representation of equilibrium constraints, which provides a characterization of the socially optimal stationary-perfect equilibria. We carefully calibrate our model using a large scale nationally representative clinical data, and empirically confirm that randomized strategies, which are less consistent with clinical practice and rationality of the patients, do not yield a significant social welfare gain over pure strategies. We also quantify the social welfare loss due to patient autonomy and demonstrate that maximizing the number of transplants may be undesirable. Our results highlight the importance of the timing of an exchange and the disease severity on matching patient-donor pairs. |
| Keywords: | medical decision making, paired kidney exchange, game theory, Markov decision processes, integer programming |
| JEL: | C78 I11 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:boc:bocoec:785&r=cis |
| By: | José V. Blanes (Dep. Economics, Quantitative methods and economic History. University Pablo de Olavide); Francisco Requena (Dept. of Applied Economics. Faculty of Economics. University of Valencia); Guadalupe Serrano (Dept. of Economic Analysis. Faculty of Economics. University of Valencia) |
| Abstract: | We investigate the effects of an immigration shock, which is still on course, in the productive structure of Spanish regions in a Heckscher-Ohlin framework. Immigration alters relative factor endowment composition across Spanish regions. The persistence of rigidities in the regional labour markets conditions the absorption of this labour supply shock and gives the clues to understand and anticipate future changes in regional labour markets. Moreover, we test the extent of production techniques homogeneity across regions and industries. We provide evidence that immigration had no perverse effects on regional labour markets over the period 1995-2002. Firstly, a large proportion of the observed changes came from a generalised skill biased technological change that decreases primary educated employment. Secondly, there is evidence that supports the existence of a Rybczynksi effect in the factor mix-output mix relationship. Finally, our findings also support the existence of factor price equalisation across Spanish regions. |
| Keywords: | Immigration, Technological change, Rybczynksi effect, Factor Price Equalisation |
| JEL: | F16 F22 J61 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:eec:wpaper:1123&r=cis |
| By: | Guglielmo Maria Caporale; Luis A. Gil-Alana |
| Abstract: | This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero frequency, although adequately describing the persistent behaviour of the series, do not take into account its cyclical structure. Therefore, a more general cyclical fractional model is considered. Future directions for research in this context are also discussed. |
| Keywords: | Euribor rate, time dependence, cyclical behaviour |
| JEL: | C22 E3 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1165&r=cis |
| By: | Mauricio García Mejía |
| Abstract: | El presente documento presenta la Metodología para el diagnóstico, prevención y control de la corrupción en programas de seguridad ciudadana elaborada por un equipo de trabajo del Banco Interamericano de Desarrollo, que parte de la correlación entre la seguridad ciudadana y la corrupción, y se basa en el análisis de la cadena de valor. Si bien el enfoque general de la metodología puede ser aplicable para otro tipo de programas, su objetivo es presentar una aproximación metodológica para la gestión de riesgos de corrupción, específicamente en programas de seguridad ciudadana. |
| Keywords: | corrupción; seguridad ciudadana; América Latina; cadena de valor; riesgos; BID; procesos; gobernabilidad; programas; políticas públicas; compras públicas; control; metodología. |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12398&r=cis |
| By: | Reinhard Busse (TU Berlin); Jonas Schreyoegg (Universitaet Hamburg); Oliver Tiemann (Universitaet Hamburg) |
| Abstract: | In Zeiten sinkender Ressourcen werden im Gesundheitswesen zunehmend kompetente Fach- und Führungskräfte im Managementbereich benötigt, die über eine interdisziplinäre Ausrichtung verfügen und mit den speziellen institutionellen Gegebenheiten des Gesundheitswesens vertraut sind. Die 2., komplett aktualisierte und ergänzte Auflage des Lehrbuches stellt alle wichtigen Aspekte des Managements von Einrichtungen im Gesundheitswesen umfassend dar. Didaktisch aufbereitet folgen alle Themenblöcke einer einheitlichen Struktur mit einer Einführung zu den gesetzlichen, strukturellen und methodischen Grundlagen. Ausführlich wird auf die speziellen Anforderungen und ihre praktische Umsetzung in den Sektoren des Gesundheitswesens eingegangen: gesetzliche und private Krankenversicherungen, Krankenhäuser, Arztpraxen und Ärztenetze, Arzneimittelindustrie und Netzwerke zur integrierten Versorgung. Plus: Fallstudien vertiefen wichtige Aspekte der praktischen Anwendung und eignen sich gut als Material für Unterricht bzw. Selbststudium. |
| Keywords: | Gesundheitsleistungen - Gesundheitsmanagement - Gesundheitswesen - Leistungsmanagement |
| URL: | http://d.repec.org/n?u=RePEc:hch:wpaper:20102&r=cis |
| By: | James B. Rebitzer; Mark E. Votruba |
| Abstract: | Economists seeking to improve the efficiency of health care delivery frequently emphasize two issues: the fragmented structure of physician practices and poorly designed physician incentives. This paper analyzes these issues from the perspective of organizational economics. We begin with a brief overview of the structure of physician practices and observe that the long anticipated triumph of integrated care delivery has largely gone unrealized. We then analyze the special problems that fragmentation poses for the design of physician incentives. Organizational economics suggests some promising incentive strategies for this setting, but implementing these strategies is complicated by norms of autonomy in the medical profession and by other factors that inhibit effective integration between hospitals and physicians. Compounding these problems are patterns of medical specialization that complicate coordination among physicians. We conclude by considering the policy implications of our analysis - paying particular attention to proposed Accountable Care Organizations. |
| JEL: | D02 D23 I11 I12 J4 J44 M5 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17535&r=cis |
| By: | Carlos Eduardo Suprinyak |
| Abstract: | The turbulent, crisis-ridden first half of the 1620’s was a rich period for economic pamphleteering in England, as has been long recognized in the specialist literature. What is less commonly appreciated is that economic reasoning was not, at that time, exclusively confined to the musings of merchants who sought to influence the course of public policy according to their own practical wisdom or corporate interests. In fact, economic distress was then a central topic for public debate throughout English society at large; it figured prominently both in parliament and at court, thus mobilizing most of the kingdom’s economic and political groups. Using a wide array of primary sources – parliamentary debates, Privy Council records, papers and correspondence by public officials – this paper aims to uncover the place occupied by economic reasoning and discourse within the English public sphere during the early 17th century. When seen against this background, it becomes apparent that the pamphlet literature actually came about as a response to a debate which was already well under way – a rather late chapter of which was the famous controversy among Malynes, Misselden and Mun, played out simultaneously in the political arena and in London’s printing houses. |
| Keywords: | pre-classical economics, mercantilism, 17th century, Stuart England, Thomas Mun |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fea:wpaper:07-2011&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | El Proyecto de Apoyo a la Transición Competitiva Agroalimentaria en la República Dominicana (PATCA) resultó ser un esfuerzo importante para mejorar los servicios de asistencia técnica y de adopción tecnológica en el país, y permitió movilizar una oferta privada de tecnologías apropiadas para el agro dominicano. PATCA promovió la adopción de nuevas tecnologías para pequeños y medianos agricultores, otorgando cofinanciamiento parcial para que los productores adquiriesen bienes y servicios locales. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13438&r=cis |
| By: | Liang Wang (Department of Economics, University of Hawaii) |
| Abstract: | This paper studies the effect of inflation on welfare in a monetary economy with price dispersion and consumer search. When facing greater price dispersion with higher inflation, consumers search harder for lower prices, and increased search raises welfare by intensifying market competition. Producers post inefficiently high prices, and this creates a welfare loss. Both mechanisms are affected by the consumer's monetary balance. I develop a general equilibrium model with search frictions to incorporate the interrelationship of money, search, and endogenous price dispersion. Inflation aspects welfare through three channels: the real balance channel, the search channel, and the price posting channel. I calibrate the model to U.S. data and find that the welfare cost of 10% annual inflation is worth 3.23% of consumption; however, if either the real balance or the price posting channel is closed, the welfare cost significantly decreases to less than 0.15% of consumption. The price posting channel amplifies the welfare-diminishing effect of the real balance channel, and the aggregated negative effect exceeds the positive effect due to the search channel. The search cost only generates a negligible welfare loss. |
| Keywords: | Inflation, Interest Rates, Money, Price Dispersion, Search, Welfare |
| JEL: | E31 E40 E50 D83 |
| Date: | 2011–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:201113&r=cis |
| By: | Ranathunga, Seetha P.B. |
| Abstract: | This study examines the Micro-level factors associated with household poverty in Sri Lanka using latest Household Income and Expenditure Surveys (HIES) data in 2006/07 employing OLS, quintile and probit regressions. The results of the probit regression indicate that, the major determinants of household poverty in Sri Lanka are human capital related factors which can be link to the labour market and remittances. Further, qunatile regression shows that education and foreign remittances have significant positive effect on standard of living in Sri Lanka regardless the sector. |
| Keywords: | Keywords: Poverty determinants; Sri Lanka; Regression Analysis |
| JEL: | I32 |
| Date: | 2010–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34174&r=cis |
| By: | Hasanov, Fakhri |
| Abstract: | The study examines possibility of threshold effect of inflation on economic growth over the period of 2000-2009. Estimated threshold model indicates that there is a non-linear relationship between economic growth and inflation in the Azerbaijani economy and threshold level of inflation for GDP growth is 13 percent. Below threshold level inflation has statistically significant positive effect on GDP growth, but this positive relationship becomes negative one when inflation exceeds 13 percent. Results of the study may be useful for monetary policymakers in terms of keeping inflation below the threshold level of 13 percent to prevent its negative effect on economic growth. |
| Keywords: | Azerbaijani Economy; Inflation; Economic Growth; Gross Fixed Capital Formation; Threshold Level |
| JEL: | C51 E31 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33494&r=cis |
| By: | Rosa Matilde Guerrero; Kurt S. Focke; Simón Cueva Armijos |
| Abstract: | El sistema financiero de Honduras sufrió el impacto de la crisis financiera de 2009 con un deterioro de los indicadores de calidad de activos y de rentabilidad, que posteriormente experimentaron una recuperación en 2010. En el último año se ha podido notar una preferencia de los agentes por la liquidez en el sistema, reflejando la volatilidad del mismo en relación con la crisis económica. Aunque estimaciones econométricas sugieren que las variaciones de la morosidad reflejan también las fluctuaciones en la actividad económica, las instituciones del sistema financiero hondureño tienen una sensibilidad diversa frente a la volatilidad macroeconómica. y el sistema mantiene índices de concentración relativamente elevados en cuanto a activos, cartera y depósitos. Por ello, es necesario fortalecer la supervisión bancaria y la Red de Seguridad Financiera, con un enfoque más preventivo y prácticas claramente orientadas al control de riesgos, para fortalecer la estabilidad del sistema financiero. |
| JEL: | E60 E66 G20 G21 G28 |
| Date: | 2011–05 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11958&r=cis |
| By: | Kaminski, Jonathan; Serra, Renata |
| Abstract: | This paper explores the case for believing endogenous reforms to be more developmental than externally-imposed reforms, by drawing on the recent unorthodox experience of cotton sector reform in Burkina Faso. We address questions about reform emergence, feasibility, developmental impact, and sustainability. Our analysis, which carefully incorporates local social and political realities, suggests that the urban elites dominating the Burkinabè state favoured a particular cotton reform process, because it provided them with higher rents; while allowing for some rent distribution to the rural world which secured national consensus around reform. Endogenous reforms, though more feasible, are not necessarily more sustainable over time. In Burkina Faso, the initial reform benefits were eroded after 2006. We interpret this as due to the inability of the new institutional equilibrium to win over the ressure from changed stakeholder incentives, as well as to a loss of responsiveness of the rural leadership to its base. |
| Keywords: | Cotton, Cotton policy-making, Reforms, Burkina Faso, Agricultural Finance, Environmental Economics and Policy, Financial Economics, International Development, |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ags:huaedp:116227&r=cis |
| By: | Fort, Margherita; Schneeweis, Nicole; Winter-Ebmer, Rudolf |
| Abstract: | We study the relationship between education and fertility, exploiting compulsory schooling reforms in Europe as source of exogenous variation in education. Using data from 8 European countries, we assess the causal effect of education on the number of biological kids and the incidence of childlessness. We find that more education causes a substantial decrease in childlessness and an increase in the average number of children per woman. Our findings are robust to a number of falsification checks and we can provide complementary empirical evidence on the mechanisms leading to these surprising results. |
| Keywords: | education; fertility; instrumental variables |
| JEL: | I2 J13 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8609&r=cis |
| By: | Michal Kolesár; Raj Chetty; John N. Friedman; Edward L. Glaeser; Guido W. Imbens |
| Abstract: | We analyze linear models with a single endogenous regressor in the presence of many instrumental variables. We weaken a key assumption typically made in this literature by allowing all the instruments to have direct effects on the outcome. We consider restrictions on these direct effects that allow for point identification of the effect of interest. The setup leads to new insights concerning the properties of conventional estimators, novel identification strategies, and new estimators to exploit those strategies. A key assumption underlying the main identification strategy is that the product of the direct effects of the instruments on the outcome and the effects of the instruments on the endogenous regressor has expectation zero. We argue in the context of two specific examples with a group structure that this assumption has substantive content. |
| JEL: | C01 C2 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17519&r=cis |
| By: | Plerhoples, Christina; Scorsone, Eric |
| Abstract: | Monitoring the fiscal stress levels of local governments at the state level is a critical strategy for predicting and preventing fiscal crises. The State of Michigan currently monitors the fiscal stress levels of its local governments using a set of indicators created in 2002. These indicators, however, are not capturing all types of fiscal stress and are not being utilized to their fullest. In this report, we outline proposed changes to the current system, calculate the proposed indicators, and then compare them to the current system. The new fiscal stress indicator system proposed here builds upon the current system in five ways. First, it better captures different types of fiscal stress that are being missed in the current system, including those caused by transfers of money from one fund to another and unfunded long term liabilities. Second, it utilizes a mixture of scoring methods that help to determine both relative stress and absolute stress. Third, it measures both current stress levels and changes in stress levels in order to predict future stress in localities that are currently healthy and those that are worsening. Fourth, it captures the magnitude of stress within each indicator rather than assigning a point of either zero or one based on a single threshold. And fifth, it differentiates between different types of fiscal stress which allows it to be better linked with possible solutions based on the specific type of fiscal stress faced by each locality. Two key points are proposed in this paper. First, fiscal stress involves not only financial distress, but service level distress. If a locality is not providing an adequate level of services to its citizens, it is in stress. A city that has balanced books but a high level of unemployment or crime is not a healthy city. Second, not all types of fiscal stress will be solved through the use of short term strategies such as emergency financial managers and emergency loans. Some stress is chronic and requires solutions that are more structural in nature. Short term solutions may work well in situations where the stress is short term and perhaps internally controlled. They may not be successful, however, in situations where stress is chronic and external in nature. The new indicator system helps to distinguish between these different types of fiscal stress. However, fiscal stress indicator systems do not work in isolation. Results must be analyzed and acted upon and indicators must be published in a timely manner. Cities that fall within the distressed range should be further examined and solutions should be sought. The new system will facilitate this action by helping the state to not only acknowledge and predict fiscal stress, but to better link it with strategies that are suited for the specific type of fiscal stress in each locality. This will help the state to not only alleviate fiscal stress, but to prevent it before it occurs. |
| Keywords: | Fiscal Stress Indicators, Local Government, Public Economics, H72, |
| Date: | 2011–04 |
| URL: | http://d.repec.org/n?u=RePEc:ags:midasp:116167&r=cis |
| By: | Dam, E.R. van (Universiteit van Tilburg); Hertog, D. den (Universiteit van Tilburg); Husslage, B.G.M. (Universiteit van Tilburg); Rennen, G. (Universiteit van Tilburg) |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-4334874&r=cis |
| By: | Simplice A., Asongu |
| Abstract: | This paper cuts adrift the mainstream approach to the legal-origins debate on the law-growth nexus by integrating both overall economic and human components in our understanding of how regulation quality and the rule of law lie at the heart of economic and inequality adjusted human developments. Findings summarily reveal that legal-origin does not explain economic growth and human development beyond the mechanisms of law channels. As a policy implication results support benefits of the rule of law and quality of regulation as channels to economic growth and human development. |
| Keywords: | Law; economic growth; human development; developing countries |
| JEL: | O1 K2 P5 I0 K4 |
| Date: | 2011–10–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34082&r=cis |
| By: | B. Michael Gilroy (University of Paderborn); Birke Thuy Duong Nguyen (University of Paderborn) |
| Abstract: | Organisationen des Fairen Handels verfolgen das Ziel benachteiligten Produzenten in Entwicklungsländern faire Preise für deren Erzeugnisse zu zahlen. Dennoch ist es aus makro- und mikroökonomischer Sicht fraglich, ob die Zahlung eines Preisaufschlags wirklich effektiv für die betroffenen Produzenten ist. Am Beispiel des Bananenmarktes soll anhand einer Kosten-Nutzen-Analyse und der Analyse möglicher negativer Externalitäten des Fairen Handels auf nichtteilnehmende Produzenten die Frage erörtert werden, inwieweit dieses alternative Handelsmodell als „fair“ bezeichnet werden kann. |
| Keywords: | Fairer Handel, Bananenmarkt, Kosten-Nutzen-Analyse, Verteilungsaspekte, negative Externalitäten |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pdn:wpaper:43&r=cis |
| By: | Allan Richards |
| Abstract: | In pursuit of its policy objective of supporting member countries in promoting the democratization of sub-national governments, the Inter-American Development Bank has commissioned studies on municipal finances in five Latin American and Caribbean countries. This Knowledge Creation Project [KCP] is aimed at small countries with unitary governmental structures that include local authorities responsible for delegated functions. The five countries included in the exercise are Costa Rica, Dominican Republic, El Salvador, Panama, and Trinidad and Tobago, which is the subject of this study. |
| Keywords: | Economics :: Fiscal Policy, Financial Sector, Gobiernos locales; finanzas municipales; países unitarios |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11338&r=cis |
| By: | Timm Bönke; Giacomo Corneo; Holger Lüthen |
| Abstract: | This paper documents the magnitude, pattern, and evolution of lifetime earnings inequality in Germany. Based on a large sample of earning biographies from social security records, we show that the intra-generational distribution of lifetime earnings of male workers has a Gini coefficient around .2 for cohorts born in the late 1930s and early 1940s; this amounts to about 2/3 of the value of the Gini coefficient of annual earnings. Within cohorts, mobility in the distribution of yearly earnings is substantial at the beginning of the lifecycle, decreases after-wards and virtually vanishes after age forty. Earnings data for thirty-one cohorts reveals striking evidence of a secular rise of intra-generational inequality in lifetime earnings: West-German men born in the early 1960s are likely to experience about 80 % more lifetime inequality than their fathers. In contrast, both short-term and long-term intra-generational mobility have been rather stable. Longer unemployment spells of workers at the bottom of the distribution of younger cohorts contribute to explain 30 to 40 % of the overall increase in life-time earnings inequality. |
| Keywords: | Lifetime Earnings, Earnings Distribution, Inequality, Mobility, Germany |
| JEL: | D31 D33 H24 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1160&r=cis |
| By: | Bicaba, Zorobabel |
| Abstract: | This paper makes two important , even if preliminary, methodological contributions to the financial reforms literature. The first contribution is that it introduces a new framework for the metric of sequence analysis, namely, Optimal Matching Sequence Analysis. The second is that it provides an innovative framework namely synthetic counterfactual approach for the assessment of the impact of financial reforms sequence. It shows that the trajectory of financial reforms followed by countries, affects the level and the volatility of GDP per capita growth. |
| Keywords: | Financial reforms trajectory Mundell trilemma Optimal matching sequence analysis |
| JEL: | N10 C63 C19 D52 E61 |
| Date: | 2011–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34057&r=cis |
| By: | Fabio Cerina; Francesco Mureddu |
| Abstract: | This paper presents a footloose capital model of structural change, agglomeration and growth. By assuming the same non-homothetic preference structure as Murata (2008), we obtain similar results in that a progressive reduction of trade costs allows the economy to pass from a pre-industrialized to an industrialized stage and then, within the latter, from a dispersed to an urbanized regime. However, the introduction of capital accumulation and the dynamic setting of our model opens the door to a richer set of implications. First, as far as the dynamics of equilibrium allocations are concerned, an additional stage is introduced as, for some intermediate values of trade costs, multiple equilibria regime emerges with the symmetric and the core-periphery equilibria stable at the same time. Second, as far as growth analysis is concerned, the introduction of non-homotheticity allows growth to depend on both trade costs and agglomeration even in the absence of localized spillovers. In particular, integration is always growth-enhancing while agglomeration is growth-detrimental. |
| Keywords: | structural change; non-homothetic preferences; agglomeration; growth |
| JEL: | O41 O11 R11 R12 O18 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201118&r=cis |
| By: | Momota, Akira; Horii, Ryo |
| Abstract: | This paper examines the effect of the timing of childbirth on capital accumulation and welfare in a simple overlapping generations model, where each agent lives for four periods and works for two periods. We show that delayed childbearing not only reduces population, but also generates fluctuations in the age composition of workers in the labor force. This causes the aggregate saving rate to fluctuate, which leads to cycles in the capital-labor ratio. When all agents delay childbearing, we analytically show that both the capital-labor ratio and the welfare of all agents can fall in the long run, despite the population decline. When a fraction of agents delay childbearing, it has differential welfare effects on agents depending on their positions in the demographic cycles. The effects of lower lifetime fertility and technological progress are also examined. |
| Keywords: | Economic growth; Overlapping generations; Cycles; Population; Delayed childbearing |
| JEL: | J13 O41 |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34088&r=cis |
| By: | Sackett, Hillary |
| Abstract: | The ability of a firm to differentiate their product hinges critically on an accurate understanding of the perceptions consumers hold regarding the implications of a credence labeling claim. Building upon existing work evaluating other food attribute labels (e.g., genetically-modified products, region of origin, use of growth hormones) and the impact of consumer inferences (e.g., implicit associations made from explicitly provided information), this work begins to address gaps in the literature regarding food products with sustainably produced claims. This paper uses data collected in the summer and fall of 2010 from a national, web-based survey of 1002 households, to initiate the process of examining consumer inferences and valuations of food products making sustainably produced claims. A Best-Worst scaling framework was implemented to identify what consumers believe sustainably produced labels mean and their preferences for each of the sustainable farming practices considered. The best-worst survey method forces respondents to make trade-offs by simultaneously choosing the most and least preferred attributes. The measured level of concern can then be applied to a standardized ratio scale. The results of this study suggest that consumers perceive farm size and local production as highly important elements of sustainable agriculture. Additionally, consumer preferences over economic attributes such as consumer food prices and financial stability of farmers exhibit high heterogeneity, indicating segmentation in the sample and potential for targeted marketing management. |
| Keywords: | Sustainably Produced Food, Best-Worst, Consumer Perceptions, Agricultural and Food Policy, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, Q01, Q13, Q11, |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ags:midagr:115966&r=cis |
| By: | Alan de BROMHEAD (Mansfield College, Oxford University); Karol Jan BOROWIECKI (Department of Economics, Trinity College Dublin) |
| Abstract: | This paper analyses the determinants of the demand for life insurance using sample data from the 1911 Census of Canada. We find that immigrants’ demand for life insurance was on average around seven percent lower than that of native born Canadians and varied depending on the time that elapsed since immigration. The results imply substantially lower risk aversion of immigrants and possibly indicate the importance of personal networks for informal risk sharing that could evolve over time. We also find that the value of life insurance held by immigrants increases with time elapsing since immigration and converge towards the value of individuals born in Canada. |
| Keywords: | Insurance, welfare, migration, Canada |
| JEL: | G22 J61 N31 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:tcd:tcduee:tep1511&r=cis |
| By: | Mukherjee, Soumyatanu |
| Abstract: | In this paper, we try to analyze the possible reasons behind food price hike. The motivation of doing this project is to see the probable reasons, which impact “common people” of India to the utmost extent. We concentrate mainly on the supply side, distribution aspects and the demand side. Checking these aspects we try to see their sensitivity in food prices. |
| Keywords: | Wholesale Price Index; Food grain prices; Public investment; Grain orientation; Public Distribution System; Wholesale and retail prices; Per capita net availability of food grains; Durbin-Watson ‘d’ test; augmented Dicky-Fullar(ADF)test; NREGA |
| JEL: | C32 C82 G38 C87 H30 C22 |
| Date: | 2011–10–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34009&r=cis |
| By: | Sandra González-Bailón; Tommy E. Murphy |
| Abstract: | We build an agent-based simulation model that incorporates both historical data on population characteristics and spatial information on the geography of France to experimentally study the role of social interactions in fertility decisions. We assess how different behavioural and interdependence assumptions cause variations in macro dynamics and diffusion patterns. The analyses show that incorporating social interactions into the model contribute to mimic empirically observed behaviour. Our findings suggest individual-level mechanisms through which the observed demographic transition was materialised. Keywords fertility decline, demographic transition, diffusion, France, simulation experiments, agent-based models, decision-making, social norms, social interactions. JEL classification N33, J13, C15. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:419&r=cis |
| By: | Felix Groba |
| Abstract: | Studies analyzing renewable energy market development usually investigate additional capacity or investment. Characteristics, roles and determinants of cross border trade with renewable energy system components remain blurred. Environmental regulation and renewable energy policies are important in promoting renewable energy use. Yet, the effect of respective policies on determining exports remains ambiguous. The Porter hypothesis and the lead market literature argue that environmental regulation leads to a comparative export advantage. Empirical studies testing both hypotheses reach diverging conclusions and rarely focus on the renewable energy sector. Using solar energy technology components, this study adds to the literature by explaining exports of environmental technologies. The analysis uses a gravity trade model and a unique panel dataset to test the role of renewable energy policies on environmental technology exports from OECD countries and to describe structure and development of international solar energy technology component trade. The results find a rapidly growing market with trade dominated by European countries. The study supports the Porter and the lead market hypotheses as early adopters of strong renewable energy policies have gained a comparative advantage. Analyzing the importer side, the study suggests that regulatory policies and import tariffs determine export flows of solar energy technology components. |
| Keywords: | Solar Energy Technologies, Energy Policy, Environmental Regulation and Trade, Trade Barriers |
| JEL: | F14 F18 Q42 Q55 Q56 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1163&r=cis |
| By: | Julio, Juan Manuel |
| Abstract: | A closed formula for the Hodrick & Prescott, HP, filter subject to linear restrictions is derived. This filter is also known as the HP filter with priors. When the formula is applied to the ordinary HP filter linear restrictions apply only within the sample. However, when this formula is applied to the extended HP filter and extensions that correct for GDP revisions and delays, linear restrictions apply out of sample also. |
| Keywords: | Business Cycles, Hodrick-Prescott Filter |
| JEL: | E32 C22 |
| Date: | 2011–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34202&r=cis |
| By: | Francisco Sagasti |
| Abstract: | El presente documento consiste en la propuesta de agenda para la implementación de las recomendaciones del Diálogo Regional de Política: Diálogo Subregional de Centroamérica, Panamá y República Dominicana, Red de Comercio e Integración, en base a la reunión realizada en San José, Costa Rica, el 4 de febrero del 2010. Se trató de una reunión subregional conjunta de las redes de Comercio e Integración y de Innovación, Ciencia y Tecnología auspiciadas por el BID, en la que participaron los países de Centroamérica, Panamá y República Dominicana. El objetivo de este evento fue iniciar un debate de ideas sobre la interacción entre innovación tecnológica, comercio internacional e inversión extranjera. Esta sección se limita a resumir los aspectos más salientes para el diseño de una agenda para la cooperación regional orientada hacia aprovechar las oportunidades que ofrecen los acuerdos comerciales mediante la innovación tecnológica. |
| Keywords: | Ciencia y tecnología, Integración y comercio :: Acuerdos comerciales, Economía :: Inversión, I+D, innovación tecnológica, desarrollo regional, inversión extranjera |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46418&r=cis |
| By: | Fernando Cuenin; Mauricio Silva |
| Abstract: | Muchas ciudades latinoamericanas experimentan un crecimiento territorial desbalanceado en el que coexisten áreas muy dinámicas con otras fuertemente rezagadas en términos sociales y económicos, habitualmente localizadas en la periferia urbana. Ese desbalance se refleja en un suministro de servicios, empleos, áreas verdes, espacios públicos y comunales, así como en usos de suelo, que son muy desiguales para diferentes áreas de la urbe y que no necesariamente están correlacionados con la localización de la población. Esta situación crea, para la ciudad como un todo, varias ineficiencias e inequidades, a la vez que limita sus posibilidades de alcanzar un desarrollo más armónico y eficiente; las necesidades de desplazamiento motorizado se incrementan, surgiendo problemas de congestión que se traducen en pérdidas de tiempo y productividad, y contaminación ambiental. Como una de las respuestas a este tipo de crecimiento expansivo de baja densidad de ocupación del territorio urbano (urban sprawl), nuevos centros urbanos o centralidades comienzan a surgir dentro de las ciudades. Esta nota técnica analiza esta situación a partir del trabajo realizado por la Alcaldía de Quito y el BID para la preparación del Programa de Fortalecimiento de Centralidades Urbanas de Quito. |
| Keywords: | Centralidades. Lugares centrales. Desarrollo urbano. Planificación urbana. Desarrollo territorial. Economía urbana. Quito |
| JEL: | R00 |
| Date: | 2010–07 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12038&r=cis |
| By: | Daniel C. Hardy (International Monetary Fund); María J. Nieto (Banco de España) |
| Abstract: | We study the optimal joint design of prudential supervision and deposit guarantee regulations in a multi-country, integrated banking market, where policy-makers have preferences regarding profitability and stability of the banking sector. Non-coordinated policies will tend to yield too little supervision and too much deposit insurance. The paper concludes with recommendations on policy priorities in this area. |
| Keywords: | Deposit guarantees, bank supervision, cross-border coordination, EU |
| JEL: | F36 F59 G28 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:1126&r=cis |
| By: | Shahbaz, Muhammad; Shabbir, Shahbaz Muhammad; Butt, Muhammad Sabihuddin |
| Abstract: | This study investigates the relationship between financial development and agriculture growth employing Cobb-Douglas function which incorporates financial development as an important factor of production for the period 1971-2011. The ARDL bounds testing approach to cointegration is applied to examine long run relationship between the variables. The direction of causality is detected by VACM Granger causality test and robustness of causality results is tested through innovative accounting approach (IAA). Our findings confirm that the variables are cointegrated for equilibrium long run relationship between agriculture growth, financial development, capital and labor. The results indicate that financial development has a positive effect on agricultural growth. This implies that financial development plays its significant role in stemming agricultural production and hence agricultural growth. The capital use in the agriculture sector also contributes to the agricultural growth. The Granger causality analysis reveals bidirectional causality between agricultural growth and financial development. The robustness of these results is confirmed by innovative accounting approach (IAA). This study has important policy implications for policy making authorities to stimulate agricultural growth by improving the efficiency of financial sector. |
| Keywords: | Agriculture Growth; Financial Development; Cointegration |
| JEL: | Q14 |
| Date: | 2011–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34162&r=cis |
| By: | Dagmar Hartwig Lojsch (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.); Marta Rodríguez-Vives (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.); Michal Slavík (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.) |
| Abstract: | This paper explains the various concepts of government debt in the euro area with particular emphasis on its size and composition. In terms of size, the paper focuses on different definitions that are in use, in particular the concept of gross general government debt used in the surveillance of the euro area countries, the total liabilities from the government balance sheet approach, and the net debt concept which subtracts government financial assets from the liability side. In addition, it discusses “hidden debt” in the form of implicit and contingent liabilities. In terms of composition, the paper provides information about euro area government debt broken down by maturity, holder or the currency of issue. All these indicators illustrate a sharp increase in government debt in most euro area countries as a result of the crisis. This in turn has several policy implications: (i) the growing government debt ratios need to be stabilised and put on a downward path which improves market confidence; (ii) fiscal surveillance needs to put more emphasis on government debt indicators than in the past; (iii) government financial assets could play a role when analysing solvency issues; (iv) implicit and other off-balance-sheet government liabilities need to be carefully monitored and reported; (v) the gross debt concept should remain the key basis for fiscal surveillance in the EU and for the Excessive Deficit Procedure in particular; (vi) beyond the size of government debt its composition is also a key factor behind public finance vulnerabilities. JEL Classification: E10, E62, G15, H30, H6. |
| Keywords: | Fiscal policies, government debt, sustainability, stability and growth pact. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:20110132&r=cis |
| By: | Daniel Kim (RAND Corporation); Christopher F Baum (Boston College; DIW Berlin); Michael Ganz (Outcomes Research, Abt Bio-Pharma Solutions, Inc.); S.V. Subramanian (Department of Society, Human Development, and Health, Harvard School of Public Health); Ichiro Kawachi (Department of Society, Human Development, and Health, Harvard School of Public Health) |
| Abstract: | Past observational studies of the associations of area-level/contextual social capital with health have revealed conflicting findings. However, interpreting this rapidly growing literature is difficult because estimates using conventional regression are prone to major sources of bias including residual confounding and reverse causation. Instrumental variable (IV) analysis can reduce such bias. Using data on up to 167,344 adults in 64 nations in the European and World Values Surveys and applying IV and ordinary least squares (OLS) regression, we estimated the contextual effects of country-level social trust on individual self-rated health. We further explored whether these associations varied by gender and individual levels of trust. Using OLS regression, we found higher average country-level trust to be associated with better self-rated health in both women (beta=0.051, 95% confidence interval 0.011 to 0.091, P=0.01) and men (beta=0.038, 0.0002 to 0.077, P=0.049). IV analysis yielded qualitatively similar results, although the estimates were more than double in size (in women, using country population density and corruption as instruments: beta=0.119, 0.028 to 0.209, P=0.005; in men: beta=0.115, 0.025 to 0.204, P=0.01). The estimated health effects of raising the percentage of a country's population that trusts others by 10 percentage points were at least as large as the estimated health effects of an individual developing trust in others. These findings were robust to alternative model specifications and instruments. Conventional regression and to a lesser extent IV analysis suggested that these associations are more salient in women and in women reporting social trust. In a large cross-national study, our findings, including those using instrumental variables, support the presence of beneficial effects of higher country-level trust on self-rated health. Past findings for contextual social capital using traditional regression may have underestimated the true associations. Given the close linkages between self-rated health and all-cause mortality, the public health gains from raising social capital within countries may be large. |
| Keywords: | social capital, social determinants of health, social environment, epidemiology, causal inference, instrumental variable |
| JEL: | I18 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:boc:bocoec:786&r=cis |
| By: | Jenö Pál; John Stachurski |
| Abstract: | This paper studies a value function iteration algorithm that can be applied to almost all stationary dynamic programming problems. Using nonexpansive function approximation and Monte Carlo integration, we develop a randomized fitted Bellman operator and a corresponding algorithm that is globally convergent with probability one. When additional restrictions are imposed, an OP(n-1/2) rate of convergence for Monte Carlo error is obtained. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-560&r=cis |
| By: | Inter-American Development Bank (IDB); Center for Latin American Monetary Studies (CEMLA) |
| Abstract: | The importance of international remittance flows to Latin American and Caribbean economies has increased substantially, both in terms of macroeconomic stability given the magnitude of these capital inflows, and of economic development in view of their impact on financial inclusion and poverty alleviation. The present Report, International Remittances in Barbados, is one of the descriptive documents in the series, and was prepared with the active participation of the Central Bank of Barbados. This report is based on the findings of a mission that visited Barbados in November 2009, comprising two teams that worked jointly. This document describes the remittance market in Barbados, including: the economic context, the institutional and legal framework of this market; characteristics of the issuers, of the recipients and providers of remittances, the means and channels of payment; costs of remittance, disclosure, transparency and consumer protection, as well as the methodology for the measurement of these flows. |
| Keywords: | Financial Sector :: Remittances, Remittances in Barbados, Remittances measurement in Barbados, Description of the remittances market in Barbados, Economic and remittances market background in Barbados, Legal and institutional framework of the remittances market in Barbados, Charact |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:15098&r=cis |
| By: | Daniel Vieitez Martínez |
| Abstract: | Presentación expuesta durante el Tercer Encuentro de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Mérida, Yucatán, México, el 20, 21 y 22 de enero de 2010. La Coordinación Técnica del Programa para el Impulso de Asociaciones Público-Privadas en Estados Mexicanos (PIAPPEM) está coordinando, supervisando y elaborando unos Documentos de Apoyo para el desarrollo de infraestructura y la provisión de servicios públicos bajo esquemas de Alianzas Público Privadas (APP). El objetivo es dar a conocer las mejores prácticas contractuales, técnicas, financieras y metodológicas de esquemas APP para que puedan ser aprovechadas por los estados participantes del PIAPPEM. Esta presentación tiene como objetivo dar a conocer un contexto general de las APPs en México, incluyendo los documentos legales, los aspectos técnicos y la guía metodológica para desarrollar un taller de análisis de riesgos. Asimismo, se describen las experiencias internacionales en APPs y la forma en que esta práctica ha tenido auge en diferentes regiones del mundo. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11638&r=cis |
| By: | Deborah A. Cobb-Clark; Erdal Tekin |
| Abstract: | This paper analyzes the relationship between having one or more father figures and the likelihood that young people engage in delinquent criminal behavior. We pay particular attention to distinguishing the roles of residential and non-residential, biological fathers as well as stepfathers. Using data from the National Longitudinal Study of Adolescent Health, we find that adolescent boys engage in more delinquent behavior if there is no father figure in their lives. However, adolescent girls' behavior is largely independent of the presence (or absence) of their fathers. The strong effect of family structure is not explained by the lack of paternal involvement that generally comes with fathers’ absence, even though adolescents, especially boys, who spend time doing things with their fathers usually have better outcomes. There is also a link between adult delinquent behavior and adolescent family structure that cannot be explained by fathers' involvement with their adolescent sons and is only partially explained by fathers' involvement with their adolescent daughters. Finally, the strong link between adolescent family structure and delinquent behavior is not accounted for by the income differentials associated with fathers' absence. Our results suggest that the presence of a father figure during adolescence is likely to have protective effects, particularly for males, in both adolescence and young adulthood. |
| JEL: | J12 J13 K42 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17507&r=cis |
| By: | Caballero Hernandez, Alvaro Jose; Enamorado, Luis Ernesto Pocasangre; Casanoves, Fernando; Avelino, Jacques; Fernandez, Ana Cecilia Tapia; Ortiz, Juan Luis |
| Abstract: | This paper was submitted on the first national congress of Sustainable Agriculture: Today and future life towards climate change, 25-26 August 2011,UNA Nicaragua. |
| Keywords: | Fusarium oxysporum f. sp. cubense, Panama disease, banana, Gros Michel (AAA), endophytic fungus, biological control, Trichoderma spp, Agribusiness, Agricultural and Food Policy, Community/Rural/Urban Development, Crop Production/Industries, Food Security and Poverty, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2011–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nauncp:116033&r=cis |
| By: | Tsur, Yacov; de Gorter, Harry |
| Abstract: | Regulation of nonpoint source pollution often relies in one way or another on policy instruments based on ambient indicators. For wellknown reasons, enforcement of ambient-based policies is, at best, limited. If no individual choices or actions are observed, than ambientbased regulation might be the only feasible approach. Often, some relevant individual indicators, such as output or certain inputs, are observable. For such cases, we offer a regulation mechanism that does away with ambient indicators. The mechanism implements the optimal output-abatement-emission allocation and gives rise to the full information outcome when the social cost of transfers is nil. Special attention is given to the regulation of (unobserved) abatement. |
| Keywords: | Nonpoint source pollution, abatement, asymmetric information, regulation mechanism, implementation., Environmental Economics and Policy, |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ags:huaedp:116228&r=cis |
| By: | Guglielmo Maria Caporale; Alessandro Girardi |
| Abstract: | This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked with each other. However, financial markets seem to be able to discriminate among different issuers. Consequently, fiscal imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European institutions. |
| Keywords: | Global VAR methodology, fiscal spillovers, euro area, public debt |
| JEL: | C32 E62 F42 H63 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1164&r=cis |
| By: | Robinson, Joshua J |
| Abstract: | This paper explores the causal pathway by which poor fetal health translates into reducing educational attainment and earnings as an adult. Using insights from the medical literature, I decompose low birth weight infants into two distinct subtypes: a symmetric type, which is characterized by cognitive deficits, and an asymmetric type, which exhibits little to no cognitive problems. Using data from a longitudinal survey of newborns, I establish three results: First, there is empirical evidence of brain sparing in the asymmetric subtype, but not in the symmetric subtype. Second, despite differences in cognitive impairment, both subtypes exhibit similar impairment to physical health. And finally, there is evidence that the causes and timing of onset during pregnancy are different for asymmetric and symmetric growth restriction. The results indicate that differentiating between these subtypes may offer new opportunities to identify the underlying casual relationships between health and human capital development, as well as uncovering the "black box" mechanism behind the fetal origins hypothesis. These results also have broad implications for the timing of policy interventions aimed at pregnant women. |
| Keywords: | Health; Fetal Growth Restriction; Human Capital; Education |
| JEL: | I0 I12 I18 J24 I10 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34175&r=cis |
| By: | Susana Assunção (Faculdade de Economia, Universidade do Porto); Rosa Forte (CEF.UP, Faculdade de Economia, Universidade do Porto); Aurora A. C. Teixeira (CEF.UP, Faculdade de Economia, Universidade do Porto; INESC Porto; OBEGEF) |
| Abstract: | The development of economic activity and the rise in foreign direct investment (FDI) in recent decades has prompted a great deal of research into the phenomenon of multinational companies. A vast amount of empirical literature on FDI catalogues a long list of determinants that try to explain direct investment by multinational companies in a particular location, but it is noticeable that the results are not always consensual. This article provides a review of the theoretical approaches to and empirical studies on FDI in an attempt to single out the most robust factors for explaining the geographic distribution of FDI flows worldwide. It also suggests paths for future research in this area. |
| Keywords: | FDI, determinants of FDI, literature review |
| JEL: | F21 F23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:433&r=cis |
| By: | Jessica Schicks |
| Abstract: | In the past, the microfinance industry focused mainly on growth and outreach. Addressing financial exclusion implied a huge supply gap. Recent over-indebtedness crises in several countries have shown that this gap can turn into over-supply. The industry urgently requires research to understand the magnitude and consequences of this shift. This chapter reveals the broad spectrum of consequences over-indebtedness can have on borrowers and other stakeholders, mainly MFIs. It emphasizes that over-indebtedness consequences reach far beyond the risk management concerns that MFIs and investors have on top of their mind. In a second step the chapter reviews the existing empirical research on microfinance over-indebtedness and examines how prevalent over-indebtedness is in microfinance markets today. It highlights the evidence for over-indebtedness in crisis markets and non-crisis markets, especially when markets mature. Only if the extent of the problem is known and its effects are properly understood, can the microfinance industry develop appropriate measures against over-indebtedness and adapt to the challenge of oversupply. |
| Keywords: | Microfinance; Microcredit; Supply Gap; Demand Gap; Over-Indebtedness; Customer Protection |
| JEL: | O16 O50 G21 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/99192&r=cis |
| By: | Xiaolan Fu; Carlo Pietrobelli; Luc Soete |
| Abstract: | This article explores in depth the role of indigenous and foreign innovation efforts in technological change and catching up in emerging economies. It also looks at the interaction between indigenous and foreign innovation. The article presents original evidence and argues that, despite the potential offered by globalisation and a liberal trade regime, the benefits of international technology diffusion can only be delivered with parallel indigenous innovation efforts and the presence of modern institutional and governance structures and conducive innovation systems. This conclusion is compounded by the expected inappropriateness of Northern technology for countries in the developing South, which calls for greater efforts to develop indigenous innovation. In this sense, indigenous and foreign innovation efforts are complementary. |
| Keywords: | Social Development :: Afro Descendants & Indigenous Peoples, Science & Technology :: New Technologies, Science & Technology :: Technology Transfer, indigenous innovation, technology transfer, technological capabilities, technological change, emerging economies |
| JEL: | F23 O33 |
| Date: | 2010–09 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12078&r=cis |
| By: | Nakabayashi, Masaki |
| Abstract: | The impact of schooling, an observable signal, on wages decreases as the employers “publicly” learn about the workers’ ability from their experience. This symmetric employer learning hypothesis is empirically questioned by, first, the asymmetry in learning of the current and the potential employers, and second, the complementarity between schooling and work experience that could enshroud learning effect. A microanalysis of the Japanese steel industry shows that, (1) experience before entering into long-term employment is complementary to schooling, and (2) the employer learning effect dominates the complementarity effect after entering into long-term employment; the internal labor market facilitates the employer learning. |
| Keywords: | employer learning, schooling and wages, internal labor market effect |
| JEL: | N35 J31 J24 |
| Date: | 2011–04–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:30749&r=cis |
| By: | Campbell, Carl |
| Abstract: | This study demonstrates that a model with efficiency wages and imperfect information produces a Phillips curve relationship. Equations are derived for labor demand and the efficiency wage-setting condition, and shifts in these curves in response to aggregate demand shocks result in a relationship with the characteristics of a Phillips curve. The Phillips curve differs from the efficiency wage-setting condition in that the Phillips curve is a more parsimonious expression and has a coefficient on expected inflation equal to 1. Also derived from this model is the counterpart curve to the Phillips curve in unemployment – inflation space. |
| Keywords: | Phillips curve; Efficiency wages; Imperfect information |
| JEL: | E24 E31 |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34121&r=cis |
| By: | Inter-American Development Bank (IDB) |
| Abstract: | This document discusses the basics on microfranchising. It reviews the concept and key elements, lessons learned from other regions, including the Grameen Bank. Finally, an agenda for the development of FOMIN microfranchising support is presented. |
| Keywords: | Private Sector :: Microbusinesses & Microfinance, Social Development :: Poverty, microfinance, microcredit, microfranchising, franchising |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46098&r=cis |
| By: | Vladimir Ramírez |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla-Gutiérrez, Chiapas, México, el 16,17 y 18 de febrero de 2011. En México se ha incrementado de forma significativa la inversión impulsada por el sector público, en particular, la inversión presupuestaria. En esta presentación se resalta la importancia de la inversión pública en este país, detallando los mecanismos que se utilizan, las regulaciones pertinentes al tema, los avances hasta la fecha, y otros tópicos relevantes que han ayudado al desarrollo regional de la nación y las herramientas que se están empleando para proyectos en el futuro. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12899&r=cis |
| By: | Tibor Besedeš; Byung–Cheol Kim; Volodymyr Lugovskyy |
| Abstract: | We investigate the effect of credit constraints on the growth of exports at the micro level. We develop a model showing credit constraints play a key role in early stages of exporting, but not in later stages. Our empirical results using product level data on exports to twelve European Union members and the U.S. support the model’s predictions: exports from more credit constrained exporters grow faster. Export growth rates decrease with duration and converge across countries. Larger initial export volume reduces subsequent growth. While an important force in early stages, the effect of credit constraints is not persistent. |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:cfg:cfigwp:16&r=cis |
| By: | Mía Elisabeth Harbitz; Iván Arcos Axt |
| Abstract: | El marco conceptual de esta discusión y la nota técnica está enfocado en los fundamentos que gobierna la relación e interacciones del ciudadano con el gobierno y la sociedad. Por la velocidad que crecen las interfaces y los procesos de interacción virtual entre el ciudadano y el estado, también crecen las instancias que requieren la validación y autenticación de la identidad de uno. Lamentablemente las políticas relacionadas con identidad legal e identificación personal y las de gobierno electrónico, no se están desarrollando a la misma velocidad. Esta nota técnica busca iluminar algunos de los fundamentos que merecen una mayor atención en el debate público. Si bien esta nota técnica está enfocada en los marcos que rigen el registro civil e identificación, los fundamentos aquí discutidos también son válidos en el contexto de interoperabilidad de otros registros, los que, sin embargo, no forman parte de este análisis. |
| Keywords: | Políticas de identificación y gobernanza; fundamentos jurídicos; identificación; gobernanza; interacciones del ciudadano |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12098&r=cis |
| By: | Pavel Doležel (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic) |
| Abstract: | V èlánku navrhujeme tøi metody pøepoètu hlasù na mandáty pro volby do Poslanecké snìmovny Parlamentu ÈR (PS PÈR) založené na metodách matematického programování. Dùvod pro jejich zavedení spatøujeme v tom, že bìžnì používané metody pøepoètu hlasù na mandáty èasto vedou k podstatným odchylkám od dokonalé proporcionality a to nad rámec, který je dán uzavírací klauzulí. Ztráta proporcionality je pøímým dùsledkem nejen nutnosti alokovat politickým subjektùm celé mandáty a nikoliv jejich èásti, ale také rozdìlení voleb do volebních obvodù, v nichž probíhá pøepoèet hlasù na mandáty samostatnì. |
| Keywords: | disproporcionalita, volební systém, uzavírací klauzule, volební obvod, Poslanecká snìmovna, celoèíselné programování |
| JEL: | D71 D72 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2011_31&r=cis |
| By: | Shatdal, Arvind |
| Abstract: | Physical spaces may significantly shape social interaction. This study has explored how the residential provisions (Dormitories) for students at IIM-Ahmedabad impact their social life. This paper adopted interpretive methods in order to explore the impact of physical space on sociability of students. Data was collected with the help of interviews and observations in order to explore and uncover the collective meaning imparted by the participants of research in understanding the impact of built spaces on sociability for the old campus and new campus dormitory residents of IIMA. Three narratives emerged from the collected data. First narrative focused on life in the dorm, second narrative focused on artifacts and how they influence the interaction among the students, and third narrative was built around the events in the dorm. Interpretive methods helped in drawing out participants’ meanings related to spaces of the old and new campus dormitories and their impact on sociability. The study explored the lifeworld of dorm residents within these spaces. The study finds that built space and the organization of artifacts in that space do make a significant difference in social life of the dorm residents of IIMA. |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:10679&r=cis |
| By: | Gete, Pedro; Porchia, Paolo |
| Abstract: | We study the optimal hiring and firing decisions of a firm under two different firing costs regulations: 1) Dual labor markets characterized by high firing costs for workers with seniority above a threshold ("permanent workers") and by low costs for "temporary workers". 2) The Single Labor Contract, a policy proposal to make firing costs increasing in seniority at the job. We focus on the option value implied by the regulations and obtain some new results: the optimal firing rule is a constant function of worker's productivity only for permanent workers. For temporary workers it varies with seniority at the job because the firm tries to keep alive the option to fire at low cost. In the Dual regulation the workers more likely to be fired are those close to become permanent. On the contrary, the Single Contract transfers that maximum firing to the new hires. Thus, fired workers are fired sooner under the Single Contract. However, if both regulations have the same average firing cost for workers who become permanent, temporary workers are less likely to be fired in the Single Contract. Moreover, this new regulation increases hiring and average employment duration. It also reduces turnover among temporary workers, but at the expense of higher turnover among permanent workers who are more often replaced by temporary workers. |
| Keywords: | Real Options; Dual Labor; Single Contract |
| JEL: | D21 J40 E24 D20 J01 D92 A10 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34055&r=cis |
| By: | Gaudeul, Alexia; Giannetti, Caterina |
| Abstract: | This paper deals with the role of reciprocation in the formation of individuals' social networks. We follow the activity of a panel of bloggers over more than a year and investigate the extent to which initiating a relation brings about its reciprocation. We adapt a standard capital investment model to study how reciprocation affects the build-up of the individual social capital of bloggers, as measured by their links and interactions with others. This allows us to measure the role of content production and relationship building in the dynamics of online social networks and to distinguish between the social networking and media aspects of blogging. |
| Keywords: | Blogs; Friendship; LiveJournal; Reciprocation; Social Capital; Social Networks |
| JEL: | L82 Z13 C33 D85 |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34094&r=cis |
| By: | Xiao-Qian Sun; Xue-Qi Cheng; Hua-Wei Shen; Zhao-Yang Wang |
| Abstract: | Manipulation is an important issue for both developed and emerging stock markets. For the study of manipulation, it is critical to analyze investor behavior in the stock market. In this paper, an analysis of the full transaction records of over a hundred stocks in a one-year period is conducted. For each stock, a trading network is constructed to characterize the relations among its investors. In trading networks, nodes represent investors and a directed link connects a stock seller to a buyer with the total trade size as the weight of the link, and the node strength is the sum of all edge weights of a node. For all these trading networks, we find that the node degree and node strength both have tails following a power-law distribution. Compared with non-manipulated stocks, manipulated stocks have a high lower bound of the power-law tail, a high average degree of the trading network and a low correlation between the price return and the seller-buyer ratio. These findings may help us to detect manipulated stocks. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.2260&r=cis |
| By: | Ejaz Ghani; William R. Kerr; Stephen D. O'Connell |
| Abstract: | We analyze the spatial determinants of entrepreneurship in India in the manufacturing and services sectors. Among general district traits, quality of physical infrastructure and workforce education are the strongest predictors of entry, with labor laws and household banking quality also playing important roles. Looking at the district-industry level, we find extensive evidence of agglomeration economies among manufacturing industries. In particular, supportive incumbent industrial structures for input and output markets are strongly linked to higher establishment entry rates. We also find substantial evidence for the Chinitz effect where small local incumbent suppliers encourage entry. The importance of agglomeration economies for entry hold when considering changes in India’s incumbent industry structures from 1989, determined before large-scale deregulation began, to 2005. |
| JEL: | L10 L26 L60 L80 M13 O10 R00 R10 R12 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17514&r=cis |
| By: | Fedorova, Elena (BOFIT) |
| Abstract: | With the rise of interconnected global financial systems, there is an increased risk that a financial crisis in one country may spread to others. The contagion effects of the 2008 global financial crisis hit advanced economies fast and hard while sparing less developed and less integrated financial systems. The present study focuses on the contagion effects at Eastern European stock markets and changes in their interconnections after EU accession in 2004. Specifically, we investigate the relationship among the stock market sectors of Poland, Hungary and the Czech Republic during 19982009 and their exposure to on-shored financial risk. The evidence suggests direct linkages between different stock market sectors with respect to returns and volatilities with increased equity-shock transmission between markets after EU accession in 2004. Of particular note is the intra-industry contagion in emerging Europe. Our findings have implications for asset pricing and portfolio selection for international financial institutions and financial managers. |
| Keywords: | GARCH-BEKK; international risk transfer; emerging Eastern Europe; spillovers; intra- and inter-industry contagion |
| JEL: | C32 F36 G12 G15 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2011_024&r=cis |
| By: | Mekonnen Beyene, Berhe (Dept. of Economics, University of Oslo) |
| Abstract: | I studied the determinants of migration from urban Ethiopia to other countries, to rural areas and to other urban areas. In general, the result differs by migration type. For international migration, wealth and network variables are found to be important. It is mainly those households who have the network and/or the capacity to finance migration who send household members abroad. Human capital variables like age and education matter only for the two internal migrations. While the social capital theory has strong explanatory power for international migration, the human capital theory is important for internal migration. The NELM is important for all migration types underscoring the importance of the family as a decision unit. |
| Keywords: | urban; rural; international; migration; Ethiopia |
| JEL: | F22 O15 R23 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2011_024&r=cis |
| By: | JG. Brida; Manuela Deidda; N. Garrido; Manuela Pulina |
| Abstract: | This paper introduces a methodology to describe and compare the economic relative performance of the hospitality sector of the Italian regions during the period 2000-2004. Dynamics of the hospitality sector of each region is represented by the evolution of its economic efficiency. The investigation involves the following steps - a static Data Envelopment Analysis (DEA) to estimate the pure economic efficiency; two different notions of distances between time series and hierarchical clustering techniques are used to classify the economies in the sample. By using a correlation-based distance, three main clusters are detected, while two clusters are identified when the average distance is used. The trend patterns, identified by employing the correlation distance, can be interpreted in terms of exogenous factors that influence the economic efficiency of the group of regions, causing shocks picked up by the high volatility as well as structural breaks. By employing the average distance, one infers information on the cluster that have had similar efficiency values over the period under analysis. This efficiency can be also interpreted in terms of a particular type of hospitality management as well as the firm structure. Following the analysis, some policy and management implications are presented. |
| Keywords: | Regional hospitality sector; window DEA; hierarchical clustering |
| JEL: | L83 C24 C14 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201117&r=cis |
| By: | Brams, Steven J.; Jones, Michael A.; Klamler, Christian |
| Abstract: | A cake is a metaphor for a heterogeneous, divisible good, such as land. A perfect division of cake is efficient (also called Pareto-optimal), envy-free, and equitable. We give an example of a cake in which it is impossible to divide it among three players such that these three properties are satisfied, however many cuts are made. It turns out that two of the three properties can be satisfied by a 3-cut and a 4-cut division, which raises the question of whether the 3-cut division, which is not efficient, or the 4-cut division, which is not envy-free, is more desirable (a 2-cut division can at best satisfy either envy-freeness or equitability but not both). We prove that no perfect division exists for an extension of the example for three or more players. |
| Keywords: | Cake-cutting; fair division; efficiency; envy-freeness; equitability; heterogeneous good |
| JEL: | D71 D63 D30 D74 D61 C61 C72 |
| Date: | 2011–10–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34264&r=cis |
| By: | Massimo Guidolin; Stuart Hyde |
| Abstract: | it is often suggested that through a judicious choice of predictors that track business cycles and market sentiment, simple Vector Autoregressive (VAR) models could produce optimal strategic portfolio allocations that hedge against the bull and bear dynamics typical of financial markets. However, a distinct literature exists that shows that nonlinear econometric frameworks, such as Markov switching (MS), are also natural tools to compute optimal portfolios in the presence of stochastic good and bad market states. In this paper we examine whether simple VARs can produce portfolio rules similar to those obtained under MS, by studying the effects of expanding both the order of the VAR and the number/selection of predictor variables included. In a typical stock-bond strategic asset allocation problem, we compute the out-of-sample certainty equivalent returns for a wide range of VARs and compare these measures of performance with those typical of nonlinear models for a long-horizon investor with constant relative risk aversion. We conclude that most VARs cannot produce portfolio rules, hedging demands, or (netof transaction costs) out-of-sample performances that approximate those obtained from equally simple nonlinear frameworks. We also compute the improvement in realized performance that may be achieved adopting more complex MS models and report this may be substantial in the case of regime switching ARCH.JEL codes: G11, C53. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:414&r=cis |
| By: | Yu-chin Chen; Stephen J. Turnovsky; Eric Zivot |
| Abstract: | This paper shows that for five small commodity-exporting countries that have adopted inflation targeting monetary policies, world commodity price aggregates have predictive power for their CPI and PPI inflation, particularly once possible structural breaks are taken into account. This conclusion is robust to using either disaggregated or aggregated commodity price indexes (although the former perform better), the currency denomination of the commodity prices, and to using mixed-frequency data. In pseudo out-of-sample forecasting, commodity indexes outperform the random walk and AR(1) processes, although the improvements over the latter are sometimes modest. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:udb:wpaper:uwec-2011-14&r=cis |
| By: | Adriana Di Liberto; M. Sideri |
| Abstract: | In this paper we study the connection between economic performance and the quality of government institutions for the sample of 103 Italian NUTS3 regions. We include new measures of institutional quality calculated using data on the provision of four areas of public services - health, education, environment and energy. We depart from the vast literature that examines the role of different formal institutions on economic development and investigate if the quality of the same governing institutions matters for productivity. To get through likely endogeneity problems we focus on history to find good instruments. We firstly concentrate on the Spanish period that has been often portrayed by historians as having negatively affected the dominated areas through its legacy of inefficient bureaucracy. Secondly, unlike previous studies that are usually based on specific historical events, we collect data for all different dominations that governed each Italian province over seven centuries before the creation of the unified Italian State. Our results suggest a significant role of past historical institutions on the current public administration efficiency and, most of all, confirm that the latter matters for explaining region’s economic performance, with institutional quality differences explaining more than 20% of the observed differences in productivity levels. Our results are robust to the inclusion of different sets of controls, instruments and the use of different measures of regional economic performance. |
| Keywords: | economic development; quality of institutions; history |
| JEL: | O43 O11 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201115&r=cis |
| By: | Jens Leth Hougaard; Juan D. Moreno-Ternero; Lars Peter Østerdal (University of Copenhagen) |
| Abstract: | We explore in this paper the implications of ethical and operational principles for the evaluation of population health. We formalize those principles as axioms for social preferences over distributions of health for a given population. We single out several focal population health evaluation functions, which represent social preferences, as a result of combinations of those axioms. Our results provide rationale for popular theories in health economics (such as the unweighted aggregation of QALYs or HYEs, and generalizations of the two, aimed to capture concerns for distributive justice) without resorting to controversial assumptions over individual preferences. |
| Keywords: | population health, QALYs, HYEs, axioms |
| JEL: | D63 I10 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kuiedp:1124&r=cis |
| By: | Sugiyanto, Catur; Nugroho, Dwi |
| Abstract: | This paper reports the assessment of what factors determines farmer’s decision to convert their farm land (rice field) into other uses, especially business and residential. We sampled 40 farmers in Sleman Regency, Yogyakarta as a case. In addition to their social characteristics, we asked them the willingness to accept for their land if someone else wants to buy and convert it into other uses (residensial or business) and how much the compensation their asked if the regency of Sleman ask them to preserve it. Based on the farmers expected return from their farming and their social characteristics, we found that farmers tend to preserve their land. This decision is supported when they have other sources of income, farm their own land, have larger size of land, and the further from the urban. Such information is useful to the Regency of Sleman once it needs to preserve its farming area to increase the water catchment and the reduce of the green house effect of converting the farm land (rice field) into residential or business. This is true to the fields close to the urban areas. |
| Keywords: | land conversion; future price; farming; and sustainable farm land |
| JEL: | D23 D61 D01 |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:28753&r=cis |
| By: | Miriam Schwartz-Ziv; Michael Weisbach |
| Abstract: | We analyze a unique database from a sample of real-world boardrooms – minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions of models of boards of directors. These models generally fall into two categories: “managerial models” assume boards play a direct role in managing the firm, and “supervisory models” assume that boards’ monitor top management but do not make business decisions themselves. Consistent with the supervisory models, our minutes-based data suggest that boards spend most of their time monitoring management: 67% of the issues they discussed were of a supervisory nature, they were presented with only a single option in 99% of the issues discussed, and they disagreed with the CEO only 3.3% of the time. In addition, managerial models describe boards at times as well: Boards requested to receive further information or an update for 8% of the issues discussed, and they took an initiative with respect to 8.1% of them. In 63% of the meetings, boards took at least one of these actions or did not vote in line with the CEO. |
| JEL: | G3 L2 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17509&r=cis |
| By: | European Commission (European Commission) |
| Abstract: | Fiscal sustainability and economic growth are key concerns at the current juncture. The focus of tax policy has now shifted away from stimulus measures towards a much needed consolidation of public finances, made even more necessary in light of the difficulties currently faced by some Member States in refinancing their sovereign debt. At the same time, tax policies may play an important role in enhancing the growth potential of the EU economy, which is a goal per se but also a condition for making public finance sustainable. A growth-friendly tax structure is particularly important to cope with today's policy challenges. As a background for the analysis, the 2011 issue of the report ‘Tax reforms in EU Member States’, subtitled this year as ‘Tax policy challenges for economic growth and fiscal sustainability’, provides an overview of recent trends in tax revenues and of tax measures adopted in Member States in 2010 and the first half of 2011. In addition to these descriptive chapters, this year's report provides an analytical focus on two topics of particular relevance at the current juncture. The first analytical chapter of the report addresses the multi-faceted concept of the quality of taxation – particularly relevant for any future tax reforms – with a particular focus on the tax structure. A ‘good’ tax system should design taxes so as to reduce distortions to the minimum possible and, where appropriate, correct market failures. Well-designed tax reforms promoting employment and growth can go hand in hand with social equity. To avoid adverse interaction between cross-country tax systems, tax policies should benefit from an efficient coordination at the EU level. The second analytical chapter discusses three types of potential challenges in the area of tax policy currently faced by EU Member States: (i) addressing severe fiscal consolidation challenges also on the revenue side, (ii) making the overall tax structure more growth friendly and (iii) improving the design of the tax system for individual types of taxes. Applying an indicator-based approach, the report identifies in which euro-area Member States higher tax revenues might potentially contribute to consolidation and which countries might benefit from a shift from labour taxes, in particular those bearing on vulnerable groups, to consumption and real estate taxes. Analysing more specific horizontal challenges related to the design of individual taxes, the report concludes that almost all euro-area Member States face at least one challenge. |
| Keywords: | financial crisis, tax policy, taxation, fiscal consolidation |
| JEL: | H21 H22 H23 H25 H27 H62 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxpap:0028&r=cis |
| By: | Giulio Cainelli; Donato Iacobucci |
| Abstract: | Several recent studies investigate the relation between geographic concentration of production and vertical integration, based on the hypothesis that spatial agglomeration of firms in the same industry facilitates input procurement thereby reducing the degree of vertical integration. The present paper contributes to this debate by also considering the effects of industry variety at the local level. Specifically, we consider two forms of variety: unrelated variety and vertically related variety. The latter index is constructed using information drawn from input-output tables and captures the opportunities for outsourcing within the local system. We consider inter-industry vertical integration by taking account of the ownership of activities with input-output linkages. Using a dataset of 24,663 Italian business groups in 2001, we estimate Tobit models to investigate the influence of vertically related variety and other agglomeration forces on the degree of vertical integration of groups. Our evidence confirms that vertical integration is influenced by industry specialization at the local level. We also find that the higher the vertically related variety, the lower the need for firms to integrate activities since they have more opportunities to acquire intermediate goods and services within the local system. |
| Keywords: | vertical integration, agglomeration, related-variety, business group |
| JEL: | L2 M2 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1104&r=cis |
| By: | Onour, Ibrahim; Sergi, Bruno |
| Abstract: | This paper investigates volatility spillover across crude oil market and wheat and corn markets. The corn commodity is taken here to assess the impact of change in demand for biofuel on wheat market. Results of multivariate GARCH model show evidence of corn price volatility transmission to wheat market . Our results indicate that while shocks (unexpected news) in crude oil market have significant impact on volatility in wheat and corn markets, the effect of crude oil price changes on corn and wheat markets is insignificant. The impulse response analysis indicate shocks in oil markets have permanent effect on food commodity price changes. Also indicated that fertilizers markets influenced by own-shocks and shocks in oil markets. |
| Keywords: | Volatility; global food; impulse response |
| JEL: | C53 Q18 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34079&r=cis |
| By: | Gustavo S. Cortes; Renato L. Marcondes; Maria Dolores M. Diaz |
| Abstract: | O objetivo deste artigo é mostrar a relação entre o mercado de crédito hipotecário e as atividades industriais da Cidade de São Paulo, considerando as hipotecas uma forma não-usual de nanciamento industrial. Hipotecas registram diferentes formas de nanciamento. Por meio delas, podemos descobrir se as indústrias foram nanciadas por bancos nacionais ou estrangeiros, indivíduos privados ou emissão de debêntures. O período analisado está inserido em um contexto de intensa transformação da economia brasileira, que inclui: expansão das exportações cafeeiras, urbanização e investimentos em infra-estrutura. Analisando os dados, armamos que o capital nativo é preponderante em hipotecas industriais e que os tamanhos das indústrias importam para determinar as condições de nanciamento. Não obstante, embora bancos e títulos sejam importantes para se explicar o nanciamento industrial, as hipotecas mostraram que a maior parte das operações de crédito foram realizadas por agentes não-bancários. |
| Keywords: | crédito hipotecário, indústria, mercados nanceiros |
| JEL: | N26 N66 N86 |
| Date: | 2011–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:fea:wpaper:09-2011&r=cis |
| By: | Sdiri, Hanen; Ayadi, Mohamed |
| Abstract: | Service innovation is a key element in firms’ performance. However, most studies have paid particular attention to the analysis of business’ internal resources and their effects on innovation, regardless to the role of some other relevant characteristics such as external environment of firms. Using a sample of 108 Tunisian service firms, the goal of this paper is to analyze the relationship between internationalization and innovation which represents a central issue in the international business literature. Our results confirm that internationalization enhances a firm’s innovation capacity. This result suggests that access to external knowledge clearly explains the innovation performance of Tunisian firms. |
| Keywords: | Innovation capacity; Internationalization; Service sector |
| JEL: | F23 O33 L80 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34036&r=cis |
| By: | Stefan Gerlach (Institute for Monetary and Financial Stability, Goethe University Frankfurt); Laura Moretti (Center for Financial Studies) |
| Abstract: | We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the latter had one-to-one effects on the federal funds rate. Third, these findings can be rationalized in a New Keynesian model. |
| Keywords: | Monetary Policy, Long Real Interest Rates, TIPS |
| JEL: | E43 E52 E58 |
| Date: | 2011–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:cfs:cfswop:wp201122&r=cis |
| By: | Çokgezen, Murat |
| Abstract: | This study evaluates attitudes of Turkish university students towards markets and influence of taking a course in economics on these attitudes, and compares the results with students in other countries. The study results show that the opinions of university students in Turkey about the justice of market relations are negative compared to students from other countries; and, unlike other countries’ students, taking a course in economics does not change this attitude. |
| Keywords: | attitudes; markets; economics education; Turkey |
| JEL: | A13 A20 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:32346&r=cis |
| By: | José Miguel Martínez-Carrión (Departamento de Economía Aplicada. Facultad de Economía y Empresa, Universidad de Murcia) |
| Abstract: | Recent research of anthropometric history within the Iberian world shed new light on trends in nutritional status, health, living standards, and biological welfare since ancient times. It has been shown that nutrition was not worse during the middle Ages than at the beginning of modern times, and that the height of the Portuguese and Spaniards did not differ much from that enjoyed by other Europeans in the Age of Enlightenment. At the beginning of industrialization height deteriorated in both countries, earlier in Spain than in Portugal, between 1840 and 1900 recruitments. Since then, human growth has been spectacular. Spaniards height grew 13 cm between 1880 and 1980 cohorts while Portuguese height increased 9 cm during the same period, the latter being somewhat higher in 1880. The advance of biological welfare in Spain is more meaningful, knowing the height decline occurred in the generations born by 1920s -recruits who lived the Civil War and its aftermath. The explosion of human growth in the twentieth century, especially after World War II, is explained by the importance of environmental changes such as improved income and diet, the unstoppable advance of life expectancy, the mortality decline during childhood, the family care for children, as well as the almost complete reduction of child labor. In addition, the relationship between the human height and the main indicators of welfare suggest the importance of public health policies and education in well-being improvements. |
| Keywords: | Height, human growth, biological wellbeing, Spain, Portugal, Iberian |
| JEL: | I31 N33 N34 O15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ahe:dtaehe:1108&r=cis |
| By: | Tombe, Trevor |
| Abstract: | Regional income inequality within countries is an important contributor to global income inequality. I investigate its relationship with structural change and growth using the historical experience of the United States since 1880. Specifically, I modify an existing multi-sector general equilibrium growth model and highlight two important forces: (1) structural change, which disproportionately benefit poor agricultural regions; and (2) transport cost reductions, which shrinks regional price and wage differences. Consistent with existing research, structural change accounts for the Southern states’ convergence to the Northeast. In contrast, I find reductions in transport costs offset the nominal income gains from structural change for the Midwestern states. The Midwest case is of greater relevance for developing countries, given their high internal transportation costs. These results suggest growth in developing countries may not significantly reduce global income inequality. |
| Keywords: | Structural change; income convergence; dual-economy |
| JEL: | O11 R11 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34053&r=cis |
| By: | Crudu, Federico; Sándor, Zsolt |
| Abstract: | We provide Monte Carlo evidence on the finite sample behavior of the conditional empirical likelihood (CEL) estimator of Kitamura, Tripathi, and Ahn (2004) and the conditional Euclidean empirical likelihood (CEEL) estimator of Antoine, Bonnal, and Renault (2007) in the context of a heteroskedastic linear model with an endogenous regressor. We compare these estimators with three heteroskedasticity-consistent instrument-based estimators in terms of various performance measures. Our results suggest that the CEL and CEEL with fixed bandwidths may suffer from the no-moment problem, similarly to the unconditional generalized empirical likelihood estimators studied by Guggenberger (2008). We also study the CEL and CEEL estimators with automatic bandwidths selected through cross-validation. We do not find evidence that these suffer from the no-moment problem. When the instruments are weak, we find CEL and CEEL to have finite sample properties --in terms of mean squared error and coverage probability of confidence intervals-- poorer than the heteroskedasticity-consistent Fuller (HFUL) estimator. In the strong instruments case the CEL and CEEL estimators with automatic bandwidths tend to outperform HFUL in terms of mean squared error, while the reverse holds in terms of the coverage probability, although the differences in numerical performance are rather small. |
| Keywords: | Conditional empirical likelihood; conditional Euclidean likelihood; heteroskedasticity; weak instruments; cross-validation |
| JEL: | C13 C14 C15 C30 |
| Date: | 2011–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34116&r=cis |
| By: | Joshua Aizenman; Yothin Jinjarak; Donghyun Park |
| Abstract: | We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international financial system. We look at the relationship both before and after the global crisis. Our study reveals a complex and mixed picture. The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns. We find a large and robust relationship between FDI – both inflows and outflows – and growth. The relationship between growth and equity flows is smaller and less stable. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis. |
| JEL: | F21 F32 F43 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17502&r=cis |
| By: | Karsten Neuhoff; Benjamin F. Hobbs; David Newbery |
| Abstract: | EU Member States are pursuing large scale investment in renewable generation in order to meet a 2020 target to source 20% of total energy sources by renewables. As the location for this new generation differs from the location of existing generation sources, and is often on the extremities of the electricity network, it will create new flow patterns and transmission needs. While congestion exists between European countries, increasing the penetration of variable sources of energy will change the current cross-border congestion profile. It becomes increasingly important for the power market design to foster the full use of existing transmission capacity and allow for robust operation even in the presence of system congestion. After identifying five criteria that an effective congestion management scheme for European countries will need, this paper critically assess to what extent the various approaches satisfy the requirements. |
| Keywords: | Power market design, integrating renewables, congestion management |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1161&r=cis |
| By: | Pintér, Miklós |
| Abstract: | The notion of common prior is well-understood and widely-used in the incomplete information games literature. For ordinary type spaces the common prior is defined. Pinter and Udvari (2011) introduce the notion of generalized type space. Generalized type spaces are models for various bonded rationality issues, for finite belief hierarchies, unawareness among others. In this paper we define the notion of common prior for generalized types spaces. Our results are as follows: the generalization (1) suggests a new form of common prior for ordinary type spaces, (2) shows some quantum game theoretic results (Brandenburger and La Mura, 2011) in new light. |
| Keywords: | Type spaces; Generalized type spaces; Common prior; Harsányi Doctrine; Quantum games |
| JEL: | D83 C72 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34118&r=cis |
| By: | Freije, Samuel; Lopez-Acevedo, Gladys; Rodriguez-Oreggia, Eduardo |
| Abstract: | The 2008-09 economic crisis has had a long-lasting negative impact on the Mexican economy. This paper examines labor market dynamics in Mexico in light of the crisis. The labor market has been characterized in recent years by low relative unemployment, but high levels of informal jobs, low-growth, and almost stagnant real wages. In this context, the crisis destroyed a wide number of formal jobs, and even informal, increasing the unemployment rates to pre-crisis levels. Manufacturing was the sector that endured the largest job losses during the crisis and wages decreased for all sectors. The government of Mexico implemented a variety of programs to cope with the crises. However, these measures were too limited to counteract the large negative impact of the crisis on labor markets. |
| Keywords: | Labor Markets,Labor Policies,Population Policies,Labor Standards,Economic Theory&Research |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5840&r=cis |
| By: | Jarle Møen (Department of Finance and Management Science, Norwegian School of Economics, 5045 Bergen, Norway); Dirk Schindler (Department of Economics, University of Konstanz, Germany); Guttorm Schjelderup (Department of Finance and Management Science, Norwegian School of Economics, 5045 Bergen, Norway); Julia Tropina (Department of Economics, Norwegian School of Economics, 5045 Bergen, Norway) |
| Abstract: | We examine the capital structures of multinational companies. Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low-tax countries to affiliates in high-tax countries. Previous papers have omitted either internal debt or external debt from the analysis. We are the first to model the companies’ choice between internal and external debt shifting, and show that it is optimal to use both types of debt in order to save taxes. Using a large panel of German multinationals, we find strong empirical support for our model. The estimated coefficients suggest that internal and external debt shifting are of about equal relevance. |
| Keywords: | Corporate taxation, multinationals, capital structure, international debt-shifting, tax avoidance |
| JEL: | H25 G32 F23 |
| Date: | 2011–10–07 |
| URL: | http://d.repec.org/n?u=RePEc:knz:dpteco:1140&r=cis |
| By: | Stefan Dercon |
| Abstract: | Social protection can play an important role in poverty reduction and making growth inclusive of the poor. At times, it is also argued that social proection can directly contribute to growth and economic efficiency. The paper revisits the evidence on the cost of social protection to reduce poverty, and its contribution to efficiencey and growth. As social protection may overcome market failures in credit and insurance, the paper also considers the role of alternatives, such as micro-credit and micro-insurance. The evidence on social transfers (in cash or in kind, conditional or not) suggests that while they have substantial poverty and euity impacts, their efficiency and growth impact is unlikely to be high-not dissimilar to the limited growth impacts of microcredit. The implication is that the main motivation for the social trabsfers must lie in their equity or poverty impacts. The evidence on contigent transfers, made in response to shocks such as illness, drought or unemployment, as in social insurance, is that their contribution to resolving market failures may be higher, leading to potentially more substantial gains, especially where children are targeted. Given the problems with developing market-based solutions via micro-insurance, there is a strong case for social protection initiatives in this area from an efficiency point of view, to complemnet contributions-based social insurance and micro-insurance inititaives. Conditions in conditional cash transfers can also be used to enhance efficiencey gains, for example if conditions target activities or investments with clear soical externalities. the paper ends with three areas where tyhere could be potentiall high growth impacts: social protecion focusing on children, especially before the age of five; social protection meausres to make migration smoother and cities more attractive places to live for low skilled workers, possibly via urban workforce schemes focusing on urban community asset building; and social protection targeted at adolescents and young adults, including transfers conditional on training focused on urban labour market transitions. in all these cases standard cash transfers may be too blunt to have high impacts, suggesting the need for more context-specific 'smarter' social protection schemes. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2011-17&r=cis |
| By: | Askitas, Nikos (IZA); Zimmermann, Klaus F. (IZA and University of Bonn) |
| Abstract: | We present the operationalized Toll Index, which is a new type of early indicator for the German business cycle. We present the basic idea and document the power of the indicator for the purpose of nowcasting. The data will be regularly available at the IDSC, the data bank center of IZA and will be accessible there through the homepage. We further emphasize several policy recommendations regarding data. |
| Keywords: | nowcasting, toll index, MAUT, economic telemetry, secondary data use |
| JEL: | C82 E01 E32 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp31&r=cis |
| By: | Nan Zhang; Alet Roux; Tomasz Zastawniak |
| Abstract: | We present a parallel algorithm that computes the ask and bid prices of an American option when proportional transaction costs apply to the trading of the underlying asset. The algorithm computes the prices on recombining binomial trees, and is designed for modern multi-core processors. Although parallel option pricing has been well studied, none of the existing approaches takes transaction costs into consideration. The algorithm that we propose partitions a binomial tree into blocks. In any round of computation a block is further partitioned into regions which are assigned to distinct processors. To minimise load imbalance the assignment of nodes to processors is dynamically adjusted before each new round starts. Synchronisation is required both within a round and between two successive rounds. The parallel speedup of the algorithm is proportional to the number of processors used. The parallel algorithm was implemented in C/C++ via POSIX Threads, and was tested on a machine with 8 processors. In the pricing of an American put option, the parallel speedup against an efficient sequential implementation was 5.26 using 8 processors and 1500 time steps, achieving a parallel efficiency of 65.75%. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.2477&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | Es importante aprender continuamente de la experiencia derivada de la práctica operacional y corporativa del Banco, para prevenir errores y adoptar prácticas exitosas que permitan mejorar la eficiencia y relevancia de las intervenciones. La identificación, documentación y diseminación y la promoción del re-uso de las lecciones aprendidas provenientes de la experiencia operacional y corporativa del BID y de sus países miembros, persigue este objetivo. Esta Nota Técnica nos introduce en el proceso de gestión de lecciones aprendidas como parte del ciclo de proyectos y del mainstream en el "modus operandi" del Banco y, en los principios metodológicos que orientan dicho proceso. |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13319&r=cis |
| By: | Banco Interamericano de Desarrollo (BID) |
| Abstract: | El presente documento expone los principios básicos del sistema de microfranquicias. Se explican el concepto y los elementos claves, las lecciones aprendidas de otras regiones, incluyendo la del Banco Grameen. Por último se presenta la agenda de apoyo al desarrollo de microfranquicias del FOMIN. |
| Keywords: | Sector privado :: Microempresas y microfinanciamiento, Desarrollo social :: Pobreza, microfinanzas, microcrédito, microfranquicia, franquicia |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:46099&r=cis |
| By: | Yuet-Yee Wong; Randall Wright |
| Abstract: | We study bilateral exchange, both direct trade and indirect trade that happens through chains of intermediaries or middlemen. We develop a model of this activity and present applications. This illustrates how, and how many, intermediaries get involved, and how the terms of trade are determined. We show how bargaining with one intermediary depends on upcoming negotiations with downstream intermediaries, leading to holdup problems. We discuss the roles of buyers and sellers in bilateral exchanges, and how to interpret prices. We develop a particular bargaining solution and relate it to other solutions. In addition to contrasting our framework with other models of middlemen, we discuss the connection to different branches of search theory. We also illustrate how bubbles can emerge in intermediation. |
| JEL: | D2 D4 D83 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17511&r=cis |
| By: | Davoust, Romain |
| Abstract: | Le changement climatique de la planète constitue un problème majeur du 21ième siècle. Une limitation du réchauffement à +2⁰C au dessus des niveaux pré-industriels devrait permettre d'atténuer les dégradations environnementales. En l’état de la science climatique, cet objectif de développement durable requiert une stabilisation des concentrations de Gaz à Effet de Serre (GES) à 450 ppmv CO2-équivalent. Au cours du prochain demi-siècle, la communauté internationale devra réduire ses rejets de GES de manière drastique, d'environ 50% par rapport au niveau de 1990. Dans ce contexte, l'Europe a adopté un objectif officiel de réduction des GES de 20% en 2020 par rapport à 1990, rehaussable à 30% en cas d'accord international équitable. A long terme, l'UE vise un minimum de 80% de réduction en 2050, pourcentage minimal exigé sous la contrainte de 450 ppmv CO2-éq.. Cette thèse modélise l'effort carbone en Europe pour atteindre -80% de GES en 2050. Sur la projection, le modèle OCTET (Optimal Carbon Trajectories for Emission Targets) projette un ensemble de trajectoires CO2 temporellement optimales. Des stratégies de réduction efficaces sont précisées pour les points de passage (2020, 2030, 2040) en fonction de l'incertitude internationale. La thèse calcule également les profils de prix du carbone en Europe pour une contrainte de réduction facteur 5 ainsi que les coûts de réduction. Dans l'ensemble, la thèse s'attache à explorer les implications d'une société européenne faiblement carbonée et à éclairer la politique européenne de réduction à l'horizon 2050. |
| Abstract: | Global warming will be a major issue in the 21st century. Limiting temperature increase to +2⁰C above pre-industrial levels should help to preserve ecosystems. According to current estimates, this sustainable development objective requires a stabilisation of Greenhouse Gases (GHG) concentrations at 450 ppmv CO2-equivalent. Over the next decade, the world should reduce its GHG emissions by a factor 2 compared to 1990 levels. Europe has committed to reduce its Greenhouse Gases emissions by 20% in 2020 compared to 1990 and by 30% in case of a fair international agreement. In the long term, EU is targeting an abatement of at least 80% by 2050, which is a required level under the 450 ppmv CO2-equivalent constraint. The thesis models carbon effort in Europe to reach -80% GHG by 2050. Over the projection, the OCTET model (Optimal Carbon Trajectories for Emission Targets) projects a set of temporally optimal CO2 pathways. Efficient reduction strategies are built for the next decades (2020, 2030, 2040) depending on international uncertainty. The thesis calculates carbon price profiles in Europe under a factor 5 reduction as well as reduction costs. In a word, this thesis seeks to explore the implications of a low-carbon European society and to advise the European abatement policy over the 2050 horizon. |
| Keywords: | Réchauffement Climatique; Optimisation Intertemporelle; Modélisation Environnementale; Coût de Réduction; Prix du Carbone; Réduction de CO2; Développement Durable; Intertemporal Optimisation; Environmental Modeling; Reduction Cost; Carbon Price; CO2 Abatement; Europe; Sustainable Development; Global Warming; |
| JEL: | Q32 Q56 Q54 |
| Date: | 2011–07 |
| URL: | http://d.repec.org/n?u=RePEc:ner:dauphi:urn:hdl:123456789/7235&r=cis |
| By: | Stefan Lutz |
| Abstract: | Valuing a firm using the discounted cash flow method (DCF) requires the joint determination of the market value of its equity (MVE) together with the equity risk premium (ERP) the firm should earn, since the latter is part of the discount rate used in the calculation of the MVE. This paper presents a theoretical derivation of how MVE and ERP can be calculated simultaneously under fairly general conditions. Besides firm data on free cash flow to equity the only external data needed are the risk-free rate of interest and a parameter indicating the required market risk premium per return volatility. |
| Keywords: | firm valuation, DCF, CAPM, risk premium, transfer pricing |
| JEL: | G1 G3 M4 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:icr:wpicer:15-2011&r=cis |
| By: | Vance Martin; Yoshihiko Nishiyama; John Stachurski |
| Abstract: | We introduce a goodness of fit test for ergodic Markov processes. Our test compares the data against the set of stationary densities implied by the class of models specified in the null hypothesis, and rejects if no model in the class yields a stationary density that matches with the data. No alternative needs to be specified in order to implement the test. Although our test compares densities it involves no smoothing parameters, and is powerful against 1/ n local alternatives |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-557&r=cis |
| By: | John Y. Campbell; João F. Cocco |
| Abstract: | This paper solves a dynamic model of a household's decision to default on its mortgage, taking into account labor income, house price, inflation, and interest rate risk. Mortgage default is triggered by negative home equity, which results from declining house prices in a low inflation environment with large mortgage balances outstanding. Not all households with negative home equity default, however. The level of negative home equity that triggers default depends on the extent to which households are borrowing constrained. High loan-to-value ratios at mortgage origination increase the probability of negative home equity. High loan-to-income ratios also increase the probability of default by tightening borrowing constraints. Comparing mortgage types, adjustable-rate mortgage defaults occur when nominal interest rates increase and are substantially affected by idiosyncratic shocks to labor income. Fixed-rate mortgages default when interest rates and inflation are low, and create a higher probability of a default wave with a large number of defaults. Interest-only mortgages trade off an increased probability of negative home equity against a relaxation of borrowing constraints, but overall have the highest probability of a default wave. |
| JEL: | E21 G21 G33 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17516&r=cis |
| By: | Biran, Omer |
| Abstract: | Nous étudions la question de la collusion dans les enchères. Nous commençons par présenter un modèle d'enchère au premier prix en information complète et externalités directes non-symétriques. Nous suivons une approche non-coopérative en étudiant le processus de négociation qui décrit la formation d'un cartel. Nous montrons qu'en présence d'externalités directes la formation de la grande coalition n'est pas assurée, en proposant un exemple d'enchère dans lequel une petite coalition se forme à l'équilibre. Nous continuons par étudier la stabilité (au sens du cœur) de coalitions dans les jeux bayésiens. Nous montrons que tout équilibre coalitionnel est sans perte de généralité incitatif. Nous appliquons ainsi la notion de stabilité aux procédures d'enchères communes sans externalités directes, en établissant (surtout) la stabilité de la grande coalition. Avec externalités directes en information complète nous montrons que la grande coalition (ainsi qu'une coalition plus petite) peut devenir instable. Nous finissons par examiner la notion de stabilité dans les enchères au deuxième prix avec externalités directes en information incomplète. Nous identifions une classe d'équilibres maniables dans ces enchères pour toutes formes de collusion données. Finalement, dans ce modèle, nous démontrons l'instabilité de la grande coalition en présence d'externalités directes, en identifiant encore les externalités directes comme un obstacle au coopération. |
| Abstract: | We study the question of collusion in auctions. We start by presenting a model of a first price auction with complete information and direct asymmetric externalities. Following a non-cooperative approach we study the negotiations process which yields a cartel. We show that in the presence of direct externalities the grand coalition may not form, proposing an example of an auction in which a small coalition forms in equilibrium. We continue by studying the stability (in the sense of the core) of coalitions in Bayesian games. We show that all coalitional equilibria can be made incentive compatible. We apply the notion of stability on standard auctions without direct externalities, establishing (mainly) the stability of the grand coalition. With direct externalities and complete information we show that the grand coalition (as well as small coalitions) may become unstable. We conclude by examining the notion of stability in second price auctions with direct externalities and incomplete information. We identify a class of tractable equilibria for these auctions for any given collusion scheme. Finally, in this model, we demonstrate the instability of the grand coalition in the presence of direct externalities, identifying (again) direct externalities as an obstacle to cooperation. |
| Keywords: | Alliances stratégiques; Négociations; Cartels; Théorie des jeux; Vente aux enchères; |
| JEL: | D74 C7 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:ner:dauphi:urn:hdl:123456789/7238&r=cis |
| By: | Geoff Kenny (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Julian Morgan (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main) |
| Abstract: | The economics profession in general, and economic forecasters in particular, have faced some understandable criticism for their failure to predict the timing and severity of the recent economic crisis. In this paper, we offer some assessment of the performance of the Economic Analysis conducted at the ECB both in the run up to and since the onset of the crisis. Drawing on this assessment, we then offer some indications of how the analysis of economic developments could be improved looking forward. The key priorities identifi ed include the need to: i) extend existing tools and/or develop new tools to account for important feedback mechanisms, for instance, improved real-fi nancial linkages and non-linear dynamics; ii) develop ways to handle the complexity arising from the presence of multiple models and alternative economic paradigms; and iii) given the limitations of point forecasts, to further develop risk and scenario analysis around baseline projections. JEL Classification: E02, E30, E2, C53 |
| Keywords: | EURO AREA, FINANCIAL CRISIS, MACRO ECONOMIC FORECASTING |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:20110130&r=cis |
| By: | Julio Toro Cepeda |
| Abstract: | En este documento se presentan los principales aspectos que fundamentan el Programa de Concesiones de Chile en los diferentes sectores de infraestructura, así como los principales aspectos institucionales y regulatorios de éste; el detalle de los proyectos por sector; los principales riesgos identificados y su tratamiento; las principales fuentes de financiamiento utilizadas, para terminar con un estudio de casos en dos sectores paradigmáticos como son el programa de concesiones viales urbanas y el programa de edificación pública. |
| Keywords: | Asociaciones Público Privadas, Proyectos para la Prestación de Servicios |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11858&r=cis |
| By: | Anne Lauringson |
| Abstract: | The current study shows that the disincentive effects of unemployment benefits exist even during a period of deep recession. The study uses recent data for unemployment benefit recipients in Estonia – a country where the rise in unemployment during the global financial crisis was the highest in the entire European Union. Both a higher benefit level and a longer maximum duration of benefits decrease exits from unemployment to employment. Yet, compared to the pre-crisis period, the effects of unemployment benefits are slightly milder and more homogenous. In addition, unemployed people directed to active measures tend to exhibit a lower hazard of leaving unemployment just before the period of an active measure and during the period of receiving an active measure. |
| Keywords: | unemployment benefits, disincentive effects, economic crisis, Estonia |
| JEL: | J64 J65 C41 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:mtk:febawb:82&r=cis |
| By: | David Duarte Arancibia |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16,17 y 18 de febrero de 2011. El sistema de concesiones tiene distintos objetivos, entre los cuales se pueden mencionar: disminuir déficit de infraestructura; eliminar cuellos de botella para el crecimiento económico; mantener disciplina en el gasto fiscal; no incrementar la deuda pública; mejorar eficiencia y financiar a los usuarios. El objetivo de esta presentación es exponer las características del sistema de concesiones y como éste impacta el ámbito fiscal de un país. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12918&r=cis |
| By: | Justin Visagie; Dorrit Posel |
| Abstract: | In this paper, we revisit 'what and who' is middle class in South Africa using data collected in the 2008 National Income Dynamics Study. First we consider how to identify the middle class based on two broad definitions adopted in the international literature: a middle class defined by the middle share of the national income distribution; and a middle class defined by an absolute level of affluence and lifestyle. We explore alternative ways of capturing the ‘middle strata’ of the national income distribution; and we suggest an approach for identifying threshold levels of income associated with middle-class affluence. Second, we show that both the size and the composition of the middle class in South Africa are very sensitive to how the middle class is defined. In particular, we demonstrate that there is very little overlap between the two broad definitions, a finding which reflects very high levels of poverty and inequality in the country. Lastly, both definitions of the middle class are shown to be robust to two common issues of measurement, namely the inclusion of implied rental income, and the use of expenditure as opposed to income as the basis for measuring class status. |
| Keywords: | middle class; income strata; middle-class affluence; income distribution |
| JEL: | D31 D63 I31 Z13 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:249&r=cis |
| By: | Franz Hamann; Luis-Fernando Mejía |
| Abstract: | Este trabajo presenta un modelo de equilibrio parcial dinámico de emprendedores que escogen establecerse en el sector formal o en el informal. Esta decisión es el resultado de un análisis de los costos y beneficios estáticos y dinámicos asociados a operar en cada uno de los dos sectores que incluyen los costos salariales, las tasas impositivas, los costos de crear y liquidar una empresa formal y la posibilidad de acceder al sistema financiero. El modelo es calibrado para replicar tanto el promedio como una medida de la dispersión del valor agregado relativo del sector formal versus el sector informal en Colombia para el período 2000-2007. Posteriormente, el trabajo investiga el impacto de diversas políticas de formalización sobre el tamaño relativo del sector formal. Las simulaciones encuentran que reducciones en los costos asociados a operar en el sector formal pueden conducir a aumentos considerables en el tamaño relativo del sector formal. El costo de montar una empresa, en especial, tiene efectos grandes sobre el tamaño de la formalidad. Los resultados sugieren, entonces, que el marco legal de regulación del sector formal en Colombia actúa como una barrera importante para la formalización empresarial. |
| Keywords: | Formalidad, informalidad, políticas de formalización empresarial. Classification JEL: E2, E6, H3, J4. |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:676&r=cis |
| By: | Antonio E. Noriega; Cid Alonso Rodríguez-Pérez |
| Abstract: | This paper shows that the evolution of the level of Mexico real and real per capita output between 1895 and 2008 can be adequately described through a trendstationary model, affected by 4 structural breaks, which occurred at dates that seem to coincide with domestic institutional arrangements, wars, and financial and economic crises. These changes are modeled through logistic smooth transition functions, in which transition periods are endogenously estimated. In terms of growth rates, our results indicate that for Mexico real and real per capita GDP, there are four stationary growth paths, separated by three transition periods. For instance, for real GDP we identify the following stationary growth paths: 1895-1924, 1935-1952, 1956-1978, and 1989-2008, separated by three transition periods: 1925-1934, 1953-1955, and 1979-1988. |
| Keywords: | Gross domestic product, economic growth, stationarity, unit root, structural break, logistic function, smooth transition. |
| JEL: | C12 C13 C15 C22 O47 O54 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2011-11&r=cis |
| By: | Eric Hutton |
| Abstract: | El presente trabajo ha sido elaborado con el fin de proponer un marco para la evaluación de los gastos tributarios en una estructura normativa clásica del Impuesto al Valor Agregado (IVA). Uno de los parámetros claves del diseño de la estructura del modelo consiste en aprovechar al máximo la mejor información de la que se dispone. Como tal, el modelo está diseñado para utilizar, en la medida de lo posible, datos provenientes de las declaraciones de aduana y de las declaraciones del IVA, en lugar de datos estadísticos generales. |
| Keywords: | gastos tributarios; impuesto; valor agregado; marco básico |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12378&r=cis |
| By: | Lyócsa, Štefan; Výrost, Tomáš; Baumöhl, Eduard |
| Abstract: | Using weekly returns of S&P 500 constituents, we study the time-varying correlation structure during the period of 2006 to mid-2011. Contrary to most of the previous correlation studies of many assets, we do not use rolling correlations but the DCC MV-GARCH model with the MacGyver strategy proposed by Engle (2009). We find empirical evidence that the correlation structure tends to change significantly during the periods of high volatility and market downturns. |
| Keywords: | correlation structure; dynamic conditional correlations; range-based volatility; conditional volatility; MacGyver strategy |
| JEL: | C32 G1 |
| Date: | 2011–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34160&r=cis |
| By: | Kris Inwood (Department of Economics University of Guelph); Chris Minns (Department of Economic History London School of Economics); Mary MacKinnon (Department of Economics McGill University) |
| Abstract: | This paper uses newly available census evidence to portray changes in labour market outcomes in Canada between 1891 and 1911. Multiple census cross-sections allow for the documentation of how the location, occupation, and earnings of Canadian and foreign-born cohorts changed over time. The westward movement of young anglophones after 1901 contributed to the formation of a national labour market. Anglophone, francophone, and foreign-born cohorts all experienced significant occupational mobility between 1891 and 1911, but francophones and immigrants remained over-represented at the bottom of the occupational ladder. Greater occupational and geographical mobility supported higher rates of earnings growth among Anglophones. |
| Keywords: | labour market, census, Canada, ethnicity, anglophone, francophone, occupations, earnings regression, 1891, 1901, 1911 |
| JEL: | J31 J61 J62 N31 |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:gue:guelph:2010-14.&r=cis |
| By: | Kakarot-Handtke, Egmont |
| Abstract: | The purpose of the present paper is to demonstrate how the interaction of the structural axiomatic core and the behavioral propensity function produces plausible outcomes in the product market. The propensity function is a compact formal expression of random, semi-random, and deterministic behavioral assumptions. Its two components are direction and magnitude of the rate of change of an elementary axiomatic variable. A type-C propensity function is the formal container for a familiar conception that Samuelson identified as qualitative prediction. Two type-C functions are sufficient to produce stochastic stability and optimality in the product market. |
| Keywords: | New framework of concepts; Structure-centric; Axiom set; Qualitative prediction; Tendency laws; Separability; Determinism–indeterminism; Information function; Action function |
| JEL: | D01 |
| Date: | 2011–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34051&r=cis |
| By: | Nagayasu, Jun |
| Abstract: | This paper analyzes the stationarity of forward premiums in the foreign exchange markets. Considering a wide range of countries and contract periods and taking into account cross-sectional correlations and heterogeneities in nonstationary environments, we confirmed mixed evidence of stationary forward premiums. However, mounting evidence to support the stationarity is provided when regime shifts which likely reflect the effects of the Lehman Shock and changing monetary policies are considered. Thus these events seem to have increased the nonstationary element in the premiums, and our further analysis suggests the effect of these events can be captured by interest rates, leaving the covered interest parity condition as a valid long-run concept. |
| Keywords: | Panel unit root tests; structural shifts; forward premiums; Lehman shock |
| JEL: | F31 |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34265&r=cis |
| By: | Martin Berka; Mario J Crucini; Chih-Wei Wang |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:camaaa:2011-34&r=cis |
| By: | Azhari, Mhd Karim |
| Abstract: | The initial main theme of CenPRIS’s ocean research cluster is “connecting oceans” - an allusion to CenPRIS’s eventual focus on the Straits of Malacca as a body of water or maritime space that connects its littoral states - Thailand, Indonesia, Malaysia, Singapore - with the larger ocean space, the Indian Ocean. Focusing on the maritime potential of nations represents the other principal component of CenPRIS’s ocean research cluster. The development of the “CenPRIS Ocean Index” will measure the level of utilisation of a nation’s maritime resources and act as a policy planning instrument within Malaysia’s new Ocean Policy. Another research project under the cluster will examine the development of Penang as a knowledge hub in the Straits of Malacca region. A third project that will build upon the two research frameworks is on the governance of ethnic and bio-diversity along the Straits of Malacca, examining in greater detail the importance of sea passageways. For the governance of diversity, the participation of the natural sciences - marine biologists, oceanographers and other scientists - will bring more depth to a complex field that demands an interdisciplinary approach. |
| Keywords: | ocean research; maritime economy; maritime resources; shipping; CenPRIS ocean index; Malaysia; Indonesia; Singapore |
| JEL: | O1 O13 O21 |
| Date: | 2011–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33989&r=cis |
| By: | Gonzalo Rivas |
| Abstract: | En muchos países de América Latina existen dudas sobre la posibilidad de implementar exitosamente políticas de apoyo al desarrollo productivo. Luego de presentar brevemente los antecedentes teóricos que justifican este tipo de intervenciones, el texto se enfoca en dar cuenta de los avances logrados en la generación de criterios para orientar la implementación de tales políticas, aspecto que ha sido el más débil en la experiencia de los países de la región. |
| Keywords: | política industrial, políticas para el desarrollo productivo, fallas de mercado, fallas de coordinación |
| JEL: | O25 |
| Date: | 2010–08 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12118&r=cis |
| By: | Todd A. Gormley; Simon Johnson; Changyong Rhee |
| Abstract: | Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea’s 1997-99 crisis, suggests an answer: No. Despite a general “no bailout” policy during the crisis, the largest Korean corporate groups (chaebol) – facing severe financial and governance problems – could still borrow heavily from households through issuing bonds at prices implying very low expected default risk. The evidence suggests “too big to fail” beliefs were not eliminated by government promises, presumably because investors believed that this policy was not time consistent. Subsequent government handling of potential and actual defaults by Daewoo and Hyundai confirmed the market view that creditors would be protected. |
| JEL: | E44 G18 G21 G3 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17518&r=cis |
| By: | Ko, Jun-Hyung |
| Abstract: | This paper investigates the inflation rate that should be set as the target for the central bank. To this end, we develop a two-sector economy model in the existence of long-lived durables. In contrast to recent studies that have been conducted on how monetary policy can affect the role of durable goods, which examine only the production sector, we introduce a service market. Accordingly, we can endogenously derive the traditional user cost equation and the price-rent ratio. Our main findings are as follows: First, even in cases where both service and production sectors are equally sticky, the user cost is more important than the purchase price, from the perspective of welfare loss. Second, in contrast to the situation in the economy that includes only nondurables, a temporary shock persistently influences output fluctuations. However, this does not mean that welfare loss increases as the degree of durability increases. Third, welfare is found to be a strictly increasing function of durability. |
| Keywords: | Durables; User cost; Price-rent ratio; Optimal monetary policy |
| JEL: | E31 E52 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34147&r=cis |
| By: | Chen, Shenjie; Van Biesebroeck, Johannes; Yu, Emily |
| Abstract: | We evaluate the impact of the export promotion program delivered by the Canadian Trade Commissioner Service on various dimensions of export performance. Over the 1999-2006 time period we study, Canadian firms successfully diversified their exports to destinations beyond the United States and smaller firms increased their share of total exports. Both of these achievements are explicit aims of the program, but in order to make causal inferences we rely on various identifying assumptions from the treatment effects literature. The results indicate very robustly that the program had an effect at the intensive margin, boosting the average level of exports to given product-destination markets. Effects at the extensive margins of trade, increasing the number of export destinations or number of products exported, are smaller and more sensitive to the identification assumption. This finding differs from previous studies for several Latin American countries where extensive margin effects were most robust. One reason is that the Canadian program was most effective for larger firms and for firms already active on several export markets. |
| Keywords: | Export Promotion; heterogeneous firms; treatment effect |
| JEL: | F13 F14 L15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8597&r=cis |
| By: | Derek Woodhouse |
| Abstract: | El presente documento es un modelo general de bases de licitación para otorgar un título de concesión o para adjudicar un contrato bajo el esquema de proyecto de prestación de servicios de largo plazo y deberá adecuarse considerando, entre otros aspectos: (i) quién será la autoridad convocante; (ii) el tipo de proyecto que se va a desarrollar; y (iii) si se otorgará o no el derecho a utilizar algún terreno propiedad del Estado, o de la entidad o dependencia, etc. Las bases modelo admiten adecuaciones y/o modificaciones. La contraprestación a cargo de la autoridad contratante, el procedimiento de pago y demás mecanismos deberán ajustarse al tipo de proyecto y preferencias o restricciones administrativas del caso concreto. |
| Keywords: | APP PPS |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13478&r=cis |
| By: | Lorenzo Camponovo (Dept. of Economics, University of Lugano); Taisuke Otsu (Cowles Foundation, Yale University) |
| Abstract: | Baggerly (1998) showed that empirical likelihood is the only member in the Cressie-Read power divergence family to be Bartlett correctable. This paper strengthens Baggerly's result by showing that in a generalized class of the power divergence family, which includes the Cressie-Read family and other nonparametric likelihood such as Schennach's (2005, 2007) exponentially tilted empirical likelihood, empirical likelihood is still the only member to be Bartlett correctable. |
| Keywords: | Bartlett correction, Empirical likelihood, Cressie-Read power divergence family |
| JEL: | C12 C14 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1825&r=cis |
| By: | Marco Da Rin; Thomas F. Hellmann; Manju Puri |
| Abstract: | This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on organizational structures of venture capital firms, and the relationship between general and limited partners. It discusses the work on the returns to venture capital investments. It also examines public policies, and the role of venture capital in the economy at large. |
| JEL: | G21 G23 G24 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17523&r=cis |
| By: | Moisés Alcalde Virgen |
| Abstract: | Presentación expuesta en el Cuarto Encuentro Técnico en Materia de Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Tuxtla-Gutiérrez, México, el 16,17 y 18 de febrero de 2011. Los gobiernos de distintos países han probado la efectividad en la reducción de costos y carga administrativa, y el incremento en la calidad de los servicios, mediante el uso del "outsourcing". Esto se debe principalmente a que el gobienro no cuenta en todos los casos con el personal, los recursos y el "know-how" indicados para desarrollar algunas de las actividades que se requieren para proveer servicios público (por ejemplo, carreteras, hospitales, instituciones educativas, etc.) Por lo general, quien tiene lo que el gobierno necesita y por esto lo contrata, es el sector privado. El objetivo de esta presentación es analizar los proyectos de APPs desarrollados en México, las obras y proyectos que se han implementado y el marco regulatorio al que estas alianzas están sujetas. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11218&r=cis |
| By: | Kristian Rydqvist; Joshua Spizman; Ilya A. Strebulaev |
| Abstract: | Since World War II, direct stock ownership by households across the globe has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside tax-deferred plans. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices. |
| JEL: | G10 G20 H22 H30 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17522&r=cis |
| By: | Haque, Nadeem; Pirzada, Ahmed; Ahmed, Vaqar |
| Abstract: | Connectivity in developing countries has traditionally been viewed in terms of investment in transport and communications. This papers makes an effort to go beyond this traditional view and conceptualizes connectivity as networks between people and places. We split the overall national reforms agenda for connectivity into three prongs: a) transportation and related services, b) ICT, and c) social capital. We try to see the state of each of these three in case of Pakistan and then propose reforms keeping in view the current political economy milieu. |
| Keywords: | Connectivity; Economic Growth; Transport; Communications; Social Capital |
| JEL: | Z13 D83 F43 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34049&r=cis |
| By: | Alon Brav; Wei Jiang; Hyunseob Kim |
| Abstract: | This paper studies the long-term effect of hedge fund activism on the productivity of target firms using plant-level information from the U.S. Census Bureau. A typical target firm improves its production efficiency within two years after activism, and this improvement is concentrated in industries with a high degree of product market competition. By following plants that were sold post-intervention we also find that efficient capital redeployment is an important channel via which activists create value. Furthermore, our analyses demonstrate that measuring performance using the Compustat data is likely to lead to a downward bias because target firms experiencing greater improvement post-intervention are also more likely to disappear from the Compustat database. Finally, consistent with recent work in asset-pricing linking firm investment decisions and expected returns, we show how changes to target firms’ productivity are associated with a decline in systemic risk, particularly in competitive industries. |
| JEL: | G23 G3 G34 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17517&r=cis |
| By: | Marcel Bluhm (Xiamen University and Center for Financial Studies) |
| Abstract: | This paper outlines a new method for using qualitative information to analyze the monetary policy strategy of central banks. Quantitative assessment indicators that are extracted from a central bank's public statements via the balance statistic approach are employed to estimate a Taylor-type rule. This procedure allows to directly capture a policymaker's assessments of macroeconomic variables that are relevant for its decision making process. As an application of the proposed method the monetary policy of the Bundesbank is re-investigated with a new dataset. One distinctive feature of the Bundesbank's strategy consisted of targeting growth in monetary aggregates. The analysis using the proposed method provides evidence that the Bundesbank indeed took into consideration monetary aggregates but also real economic activity and inflation developments in its monetary policy strategy since 1975. |
| Keywords: | Monetary Policy Rule, Statement Indicators, Bundesbank, Monetary Targeting |
| JEL: | E52 E58 N14 |
| Date: | 2011–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:cfs:cfswop:wp201120&r=cis |
| By: | Yin Liao; John Stachurski |
| Abstract: | In applied density estimation problems, one often has data not only on the target variable, but also on a collection of covariates. In this paper, we study a density estimator that incorporates this additional information by combining parametric estimation and conditional Monte Carlo. We prove an approximate functional asymptotic normality result that illustrates convergence rates and the asymptotic variance of the estimator. Through simulation, we illustrate the strength of its finite sample properties in a number of standard econometric and financial applications. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-562&r=cis |
| By: | JG. Brida; N. Garrido; Francesco Mureddu |
| Abstract: | This paper compares the long run prediction of convergence clubs introduced by Quah (1996 and 1997) with the actual observed dynamics of the Italian regions during the period 1970-2004. Economic dynamics is described by the evolution per capita GDP and different notions of distance are introduced to compare the trajectories of the regions. In addition, by means of hierarchical clustering methodologies the set of economies are segmented. By using the average distance, the study identifies two main performance clubs resembling the long run prediction of two converge clubs. On the other hand, the distance correlation shows different co-movements between members of the same cluster, indicating a variety of responses to external shocks. In particular the average distance identifies a clear division between a high performance club consisting of regions from the Center North, and a low performance club composed by regions from the South and islands. The presence of a cluster composed by center north regions is substantially confirmed by the distance correlation analysis, suggesting an homogeneous response to external shock. By contrast Southern regions display the same dynamical evolution but difference in co-movements. Our analysis provides hints about the fundamentals that link the regions in their process of divergence. In fact the performance clubs pattern we discovered reflects the distribution of economic activities as well as the structural attributes of the regional economies. |
| Keywords: | economic convergence; economic dualism; hierarchical clustering |
| JEL: | L83 C24 C14 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201116&r=cis |
| By: | Vance Martin (Department of Economics, The University of Melbourne); Yoshihiko Nishiyama (Institute of Economic Research, Kyoto University); John Stachurski (Research School of Economics, Australian National University) |
| Abstract: | We introduce a goodness of fit test for ergodic Markov processes. Our test compares the data against the set of stationary densities implied by the class of models specified in the null hypothesis, and rejects if no model in the class yields a stationary density that matches with the data. No alternative needs to be specified in order to implement the test. Although our test compares densities it involves no smoothing parameters, and is powerful against 1√n local alternatives. |
| Keywords: | Specification test, goodness of fit, Markov processes. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:787&r=cis |
| By: | Paolo Crosetto (Max Planck Institute for Economics, Jena); Alexia Gaudeul (Graduate School "Human Behavior in Social and Economic Change" (GSBC), Friedrich Schiller University, Jena) |
| Abstract: | Consumers make mistakes when facing complex purchasing decision problems but if at least some consumers choose only among offers that are easy to compare with others then firms will adopt common ways to present their offers and thus make choice easier (Gaudeul and Sugden, 2011). We design an original experiment to identify consumers' choice heuristics in the lab. Subjects are presented with menus of offers and do appear to favour offers that are easy to compare with others in the menu. While not all subjects do so, this is enough to deter firms from introducing spurious complexity in the way they present products. |
| Keywords: | Bounded Rationality, Cognitive Limitations, Common Standards, Consumer Choice, Experimental Economics, Heuristics, Libertarian Paternalism, Pricing Formats, Spurious Complexity |
| JEL: | D83 L13 D18 |
| Date: | 2011–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2011-044&r=cis |
| By: | Svetlana Demidova; Andres Rodriguez-Clare |
| Abstract: | In this paper we present a version of the Melitz (2003) model for the case of a small economy and summarize its key relationships with the aid of a simple figure. We then use this figure to provide an intuitive analysis of the implications of asymmetric changes in trade barriers and show that a decline in import costs always benefits the liberalizing country. This stands in contrast to variants of the Melitz model with a freely traded (outside) sector, such as Demidova (2008) and Melitz and Ottaviano (2008), where the country that reduces importing trade costs experiences a decline in welfare. |
| JEL: | F1 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17521&r=cis |
| By: | Yamamura, Eiji; Andrés , Antonio; Katsaiti , Marina |
| Abstract: | The question to what extent corruption influences suicide remains still unanswered. This paper examines the effect of corruption on suicide using a panel data approach for 24 OECD countries over the period 1995-2004. Our results show that suicide rates are lower in countries with lower levels of corruption. We also find evidence that this effect is approximately three times larger for males than for females. It follows from these findings that corruption has a detrimental effect on societal well-being and its effect differs based on the social position of genders. |
| Keywords: | Corruption; Panel data; Suicide; Well- Being; OECD |
| JEL: | D73 H75 I18 |
| Date: | 2011–10–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34044&r=cis |
| By: | Emilia Del Bono; Andrea Weber; Rudolf Winter-Ebmer |
| Abstract: | We study the effect of job displacement on fertility in a sample of white collar women in Austria. Using instrumental variables methods we show that unemploy- ment incidence as such has no negative effect on fertility decisions, but the very fact of being displaced from a career-oriented job has; fertility rates for women affected by a plant closure are signiffcantly below those of a control group, even after six years. |
| Keywords: | fertility, unemployment, plant closings, human capital |
| JEL: | J13 J64 J65 J24 |
| Date: | 2011–04 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2011_01&r=cis |
| By: | Cláudio Ribeiro de Lucinda; Rodrigo Luiz Vieira |
| Abstract: | Este artigo tem por objetivo investigar algumas questões importantes sobre a demanda por crédito pessoal em um grupo que não é muito estudado na literatura acadêmica: a classe média em um grande mercado emergente, o Brasil. Para isto, foi usada uma base de dados de um experimento feito por um grande emissor de cartões de crédito, em que ofertas com diferentes taxas de juros foram enviadas aleatoriamente para clientes em dois grupos diferentes – um deles de renda mediana de USD 20 mil, e outro de USD 8 mil. Foi investigada a sensibilidade a juros da demanda por crédito, tanto na margem extensiva e intensiva, assim como a existência de problemas de seleção adversa e risco moral. Em termos dos resultados, a demanda é mais sensível a taxa de juros para o grupo de renda mais alta, os dois grupos apresentam evidências de seleção adversa em observáveis e os problemas de risco moral podem ser mais importantes para o grupo de renda mais baixa. |
| Keywords: | Credit Demand, Adverse Selection, Moral Hazard |
| JEL: | D12 D14 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fea:wpaper:10-2011&r=cis |
| By: | Hein, Eckhard |
| Abstract: | In a Kaleckian distribution and growth model with workers’ debt we examine the short- and long-run effects of three stylized facts of ‘finance-dominated capitalism’: a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the expense of the wage share, and increasing lending of rentiers to workers for consumption purposes. In particular, we specify the conditions for long-run stability of the workers’ debt-capital ratio. We thus identify the threshold for this ratio to turn unstable causing increasing financial fragility and finally financial crisis due to systemic stock-flow or stock-stock dynamics. |
| Keywords: | Finance-dominated capitalism; distribution; household debt; financial fragility; growth; Kaleckian model |
| JEL: | E25 E12 O41 E22 E21 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34115&r=cis |
| By: | Amiri, Arshia; Bakhshoodeh, Mohamad; Najafi, Bahaeddin |
| Abstract: | This paper, we studied the ability of geostatistical models (ordinary kriging (OK) and Inverse distance weighting (IDW)), adaptive neuro-fuzzy inference system (ANFIS) and Winter method for prediction of seasonality in prices of potatoes and onions in Iran over the seasonal period 1986_2001. Results show that the best estimators in order are winter method, ANFIS and geostatistical methods. The results indicate that Winter and ANFIS had powerful results for prediction the prices while geostatistical models were not useful in this respect. |
| Keywords: | Price; Geostatistical model; Kiriging; Inverse distance weighting; Winter’s method; Adaptive neuro fuzzy inference system; Potatoes; Onions; Iran |
| JEL: | Q1 C53 |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34093&r=cis |
| By: | William Frey; Julie Park |
| Abstract: | This report seeks to evaluate selective migration processes of Hispanic and Asian nationality groups in the US from established settlement areas, using recent migration data from the American Community Survey. The underlying goal is to detect migration tendencies leading toward an increased dispersion of these groups associated with their migration processes. Using descriptive statistics, maps, and migration models, we assess how migration processes in the 2006-8 period are leading to the dispersal of Hispanic and Asian race ethnic groups across metropolitan areas, with special attention to the roles of co-ethnic communities and spatial assimilation. These analyses employ migration data available from the 3-year 2006-8 American Community Survey using restricted data from the US Census Bureau’s Research Data Centers. This use of the restricted ACS files permitted the first post 2000 analysis of inter-metropolitan migration for Hispanic groups (Mexicans, Puerto Ricans, Cubans, Salvadorans, Dominicans) and Asian groups (Chinese, Indians, Filipinos, Vietnamese, Koreans) using the detailed demographic and geographic attributes available with these files. The data and analysis presented here provide a benchmark for further research of this kind with the American Community Survey in light of the fact that migration data will no longer be available from the US decennial census. The study examines migration from these groups’ major settlement areas to other metropolitan area destinations as they are affected by the attraction of co-ethnic communities and by a migrant selectivity pattern consistent with the perspective of spatial assimilation. The migration processes themselves were evaluated in terms of two components: the out--migration rates of residents, and the destination selection of movers. From the perspective of co-ethnic community attraction, it was hypothesized that the outmigration rates from high co-ethnic settlement areas would be lower than those from areas where the group had a smaller overall presence and that the destination selections of out-migrants would be positively affected by the presence of high co-ethnic population shares in destination areas. From the spatial assimilation perspective, it was hypothesized that out-migration from high coethnic areas would least likely occur for group members with lowest education, poor facility with English, and recently arrived in the US; whereas the selection of destinations with large coethnic population shares would be most likely to occur for these same population categories. The results strongly confirm that co-ethnic community attraction continues to reduce outmigration of groups from major settlement origins and positively influences their destination selections. A series of multivariate migrant destination selection models confirm a consistent draw of ethnically similar destinations across individual Hispanic and Asian groups when other economic, demographic and structural metropolitan attributes are taken into account. In contrast, results regarding spatial assimilation are typically mixed or nonexistent in characterizing both out-migration and mover destination selectivity patterns. In fact, we find contrary evidence for some Asian groups for whom it is the most educated, and native born migrants who show a penchant for selecting destinations with greater co-ethnic population shares. Among the greatest destinations for Indians, for example, are Philadelphia, Seattle, Dallas, Boston and Atlanta- areas with higher than average Indian population shares, and areas that also house knowledge-based industries. The selection of co-ethnic destinations among Hispanic group migrants appears somewhat impervious to education attainment and Hispanic and Mexican group movers, who are foreign born and who arrived since 2000, are least, rather than most, prone to select co-ethnic destinations. The mover destination models make plain that employment growth at destination provides a strong draw for all Hispanic groups. This suggests that recent growth in low skilled jobs in parts of the country with small Hispanic populations are nonetheless attracting newly arrived, and less skilled Mexicans and other Hispanics who might have previously been especially lured to destinations with large co-ethnic population shares. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:11-33&r=cis |
| By: | Levy, Brian |
| Abstract: | Many low-income countries contend with a governance syndrome characterized by a difficult combination of seeming openness, weak institutions, and strong inter-elite contestation for power and resources. In such countries, neither broad-based policy nor public management reforms are likely to be feasible. But are broad-based approaches necessary? Theory and evidence suggest that in such settings progress could be driven by"islands of effectiveness"-- narrowly-focused initiatives that combine high-quality institutional arrangements at the micro-level, plus supportive, narrowly-targeted policy reforms. This paper explores whether and how local-level collaborative governance can provide a platform for these islands of effectiveness. Drawing on the analytical framework developed by the Nobel-prize winning social scientist Elinor Ostrom, the paper reviews the underpinnings of successful collaborative governance. It introduces a simple model for exploring the interactions between collaborative governance and political economy. The model highlights the conditions under which coordination is capable of countering threats from predators seeking to capture the returns from collaborative governance for themselves. The relative strength in the broader environment of two opposing networks emerges as key --"threat networks"to which predators have access, and countervailing"trumping networks"on which protagonists of effective collaborative governance can draw. The paper illustrates the potential practical relevance of the approach with three heuristic examples: the governance of schools, fisheries, and road construction and maintenance. It concludes by laying out an agenda for further empirical research, and suggesting what might be the implications of the approach for future operational practice. |
| Keywords: | Governance Indicators,National Governance,Public Sector Corruption&Anticorruption Measures,Environmental Economics&Policies,Economic Policy, Institutions and Governance |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5842&r=cis |
| By: | Alimatou Cisse |
| Abstract: | Health constitutes a sufficiently solid entrance to reduce poverty and promote economic growth. Yet, in most African countries and particularly in Côte d’Ivoire, the populations’ state of health has seen a real deterioration over the last decade. This study seeks to explain this decline by determining the explanatory factors of recourse to health care providers. To this end, the multinomial logit model is used. The theoretical basis for this analysis is the maximization of a utility function to produce health. The data to test the study’s hypotheses came from the survey of the National Institute of Statistics, entitled Social Dimension of Structural Adjustment, carried out in April 1993. The results show that the education level of the household head, the household’s income, the price of medication, and the time to reach the health care provider (as a proxy for the distance to a health care provider) determine the choice for a specific health care provider. The level of education and the income positively influence this choice, while the cost of medication and the time to provider (time to reach the health provider) negatively influence the choice of health care provider. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:aer:rpaper:rp_201&r=cis |
| By: | Malte Sunderkötter (Chair for Management Sciences and Energy Economics, University of Duisburg-Essen) |
| Abstract: | This article investigates the impact of the fuel mix structure in power generation portfolios on expected stock returns for major European power companies. The 22 biggest publicly listed European power producers are examined between January 2005 and December 2010. Based on the capital asset pricing model (CAPM) and multiâ€factor market models, the systematic risk of the power companies relative to the overall market performance and other typical energy and macroeconomic risk factors is analyzed. The fullâ€information approach is used to determine technologyâ€specific betas and risk factor sensitivities from the sample. Although most companies are not exclusively in the power producing business, it is shown that the generation fuel mix has a significant impact on the historical stock returns of the investigated companies. In particular, the sample companies exhibit significant differences in the systematic risk of gas and nuclear generation technologies compared with renewable technologies measured by technologyâ€specific, delevered beta factors. This study extends existing literature and contributes new insights in two ways: Firstly, this is to our knowledge the first empirical analysis comparing the financial risk of different electricity generation technologies. Secondly, the results provide practical benefit to determine adequate riskadjusted capital costs for typical generation technologies. Therewith, this study is relevant for evaluating all kinds of power plant investments. |
| Keywords: | power plant investments, asset pricing, fuel mix diversification |
| JEL: | G11 G12 L94 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:dui:wpaper:1106&r=cis |
| By: | Renato G. Flores Jr. |
| Abstract: | The crisis has drawn attention to the fact that not only emerging powers but other regions of the world as well may be offering different development models and may constitute into alternative, in some dimensions more positive agents, in the conduct of the present stage of globalisation. Notwithstanding, the traditional western powers have not lost a large amount of control of the world economy. And the crisis proceeds, reallocating world power as in a Hobbesian anarchy. It is difficult to foresee smooth developments in the near future. On the contrary, multilateralism seems to be losing ground to unilateral action or bilateral arrangements. More or less disguised currency wars may lead to serious disequilibria, and turf wars may become more frequent, with motives ranging from securing captive markets to control of specific commodities and energy goods, or targeted regulatory frameworks. As economic policy becomes even more involved with defence and security affairs, the feedbacks from each side to the other seem likely to keep dissent and animosity high, rather than contributing to peaceful and constructive approaches. A more trouble-prone world may be easily expected. JEL codes: |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:unl:unlfep:wp558&r=cis |
| By: | Guntram B. Wolff |
| Abstract: | Ahead of the European Council meeting on 23 October, the author outlines how EU Heads of States should focus on restoring confidence in euro-area policymakersâ?? ability and determination to put the euro area on a sound footing and restore market credibility. Stress in the interbank market has increased dramatically since July and bank stock market valuation has fallen by 22 percent on average for 60 of the most important banks tested in the EBA stress tests. I find evidence that bank stock valuation is significantly and economically meaningfully affected by the bankâ??s exposure to Greek debt. Greek banks are particularly affected. Holdings of debt of the other four periphery countries does not however appear to be a strong determinant of stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be perceived as credible. The exposure to Greece cannot explain the general and large decline in euro area banksâ?? market cap. Instead, a general confidence crisis of the euro area banking system, or more deeply the euro area construction, might be driving the fall in stock prices. The summit of 23 October should focus on restoring confidence in euro-area policymakersâ?? ability and determination to put the euro area on a sound footing. Recapitalisation of banks can only be only one aspect. A credible solution to Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the banking system, are of at least equal importance. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bre:polcon:622&r=cis |
| By: | Melecky, Ales; Melecky, Martin |
| Abstract: | The global financial crisis and its ramification into the fiscal area have demonstrated the importance of regular assessment and monitoring of fiscal vulnerabilities, including the sustainability of sovereign debt. This paper extends the analytical framework of Favero and Giavazzi (2007) to facilitate the analysis of the effects of macroeconomic shocks on public debt dynamics in an open economy. It then applies this framework using the data for the Czech Republic and derives some policy implications from such an analysis. The modeling framework nests a linear structural vector auto-regression (SVAR) model estimated with short-run identifying restrictions and a non-linear equation describing the public debt dynamics. The main variables of the system include GDP growth, inflation, the effective interest rate on government debt, government expenditures and revenues, the exchange rate and government debt. The utilized estimation method is the Bayesian approach. |
| Keywords: | Macroeconomic Shocks; Non-linear Public Debt Dynamics; Open Economy; Czech Republic; Structural Vector Autoregression Model; Bayesian Estimation |
| JEL: | E62 H68 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34114&r=cis |
| By: | Ian A. MacKenzie (ETH Zurich, Switzerland); Markus Ohndorf (ETH Zurich, Switzerland) |
| Abstract: | Project-based emissions trading schemes, like the Clean Development Mechanism, are particularly prone to problems of asymmetric information between project parties and the regulator. In this paper, we extend the general framework on incomplete enforcement of policy instruments to reflect the particularities of credit-based mechanisms. The main focus of the analysis is to determine the regulator’s optimal spot-check frequency given plausible assumptions of incomplete enforcement under asymmetric information on reduction costs and heterogeneous verifiability of projects. We find that, depending on the actual abatement cost and penalty schemes, optimal monitoring for credit-based systems is often discontinuous and significantly differs from the one to be applied for cap-and-trade schemes or environmental taxes. We conclude that, in a real-world context, project admission should ultimately be based on the criterion of verifiability. |
| Keywords: | Environmental regulation, Project-based emissions trading systems, Audits and compliance. |
| JEL: | K32 D42 D82 Q58 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:eth:wpswif:11-152&r=cis |
| By: | Brian Burgoon; Bea Cantillon (Departement Sociale Wetenschappen, Universiteit van Antwerpen, Centrum voor Sociaal Beleid Herman Deleeck); Giacomo Corneo (Department of Economics, Freie Universität Berlin); Marloes Graaf-zijl (AIAS, Universiteit van Amsterdam); Tony Fahey; Horn, D.; Bram Lancee (AIAS, Universiteit van Amsterdam); Valkana Lesseva; Virginia Maestri (AIAS, Universiteit van Amsterdam); Ive Marx (Centre for Social Policy, University of Antwerp); Abigail Mcknight (London School of Economics, Centre for Analysis of Social Exclusion); Márton Medgyesi; Elena Meschi (Institute of Education ,Room 405, University of London); Michelle Norris (Extension at the Champaign Center, University of Illinois); Brian Nolan (School of Applied Social Science, University College Dublin); Veruska Oppedisano (Department of Economics, University College London); Olivier Pintelon; Wiemer Salverda (AIAS, Universiteit van Amsterdam); Francesco Scervini (Collegio Carlo Alberto, Università degli Studi, Torino); Herman Werfhorst (FMG / AIAS, Universiteit van Amsterdam); Mechelen, N. Van; Tim Rie (Centrum voor Sociaal Beleid Herman Deleeck, Universiteit Antwerpen); Verbist, G.; Christopher Whelan (Newman Building, School of Sociology); Nessa Winston |
| URL: | http://d.repec.org/n?u=RePEc:aia:ginidp:re1&r=cis |
| By: | Jesse Rothstein |
| Abstract: | Nearly two years after the official end of the "Great Recession," the labor market remains historically weak. One candidate explanation is supply-side effects driven by dramatic expansions of Unemployment Insurance (UI) benefit durations, to as many as 99 weeks. This paper investigates the effect of these UI extensions on job search and reemployment. I use the longitudinal structure of the Current Population Survey to construct unemployment exit hazards that vary across states, over time, and between individuals with differing unemployment durations. I then use these hazards to explore a variety of comparisons intended to distinguish the effects of UI extensions from other determinants of employment outcomes. The various specifications yield quite similar results. UI extensions had significant but small negative effects on the probability that the eligible unemployed would exit unemployment, concentrated among the long-term unemployed. The estimates imply that UI benefit extensions raised the unemployment rate in early 2011 by only about 0.1-0.5 percentage points, much less than is implied by previous analyses, with at least half of this effect attributable to reduced labor force exit among the unemployed rather than to the changes in reemployment rates that are of greater policy concern. |
| JEL: | H53 I38 J64 J65 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17534&r=cis |
| By: | Yann Algan; Pierre Cahuc; Andrei Shleifer |
| Abstract: | We use several data sets to consider the effect of teaching practices on student beliefs, as well as on organization of firms and institutions. In cross-country data, we show that teaching practices (such as copying from the board versus working on projects together) are strongly related to various dimensions of social capital, from beliefs in cooperation to institutional outcomes. We then use micro-data to investigate the influence of teaching practices on student beliefs about cooperation both with each other and with teachers, and students’ involvement in civic life. A two-stage least square strategy provides evidence that teaching practices have an independent sizeable effect on student social capital. The relationship between teaching practices and student test performance is nonlinear. The evidence supports the idea that progressive education promotes social capital. |
| JEL: | I2 Z1 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17527&r=cis |
| By: | Giancarlo Corsetti; Luca Dedola; Francesca Viani |
| Abstract: | Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets. Key to the literature is the evidence, at odds with efficiency, that consumption is relatively high in countries where its international relative price (the real exchange rate) is also high. We reconsider the relation between cross-country consumption differentials and real exchange rates, by decomposing it into two components, reflecting the prices of tradable and nontradable goods, respectively. We document that, as a common pattern among OECD countries, both components tend to contribute to the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency deviations. We relate these findings to two mechanisms proposed by the literature to reconcile open economy models with the data. One features strong Balassa-Samuelson effects on nontradable prices due to productivity gains in the tradable sector, with a muted offsetting response of tradable prices. The other, endogenous income effects causing nontradable but especially tradable prices to appreciate with a rise in domestic consumption demand. |
| JEL: | F41 F42 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17501&r=cis |
| By: | Juan C. Gómez Sabaini; Pedro Velasco |
| Abstract: | This report was commissioned by the Inter-American Development Bank's Fiscal and Municipal Management Division of the Institutional Capacity and Finance Sector within the framework of the project Tax Expenditures: Reducing Abuse and Increasing Effectiveness. It tackles controversial questions regarding the interpretation, criteria, and estimation methodologies of tax expenditures in the field of corporate income tax aimed at encouraging investment. It is intended to provide the basis for a dialogue, which could be further developed, leading to the future establishment of tax expenditure estimation directives for Latin American and Caribbean countries, and thereby contributing to the comparison of tax expenditure measurement processes. |
| Keywords: | Economics :: Fiscal Policy, Private Sector :: Business Development, Tax Expenditures; Tax; Expenditures; Investment; Corporate Income Tax; |
| JEL: | H50 |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12198&r=cis |
| By: | R. Anton Braun; Huiyu Li; John Stachurski |
| Abstract: | The look-ahead estimator is used to compute densities associated with Markov processes via simulation. We study a framework that extends the look-ahead estimator to a much broader range of applications. We provide a general asymptotic theory for the estimator, where both L1 consistency and L2 asymptotic normality are established. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-558&r=cis |
| By: | Christian Andres (WHU – Otto Beisheim School of Management); André Betzer (University of Wuppertal); Inga van den Bongard (University of Mannheim); Christian Haesner (WHU – Otto Beisheim School of Management); Erik Theissen (University of Mannheim) |
| Abstract: | This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend surprise. Using data from Germany, we find significant share price reactions after dividend announcements. Once we control for analysts’ expectations, the dividend change loses explanatory power. Our results thus suggest that the naive model should be abandoned. We use panel methods to analyze the determinants of the share price reactions. We find (weak) support in favor of the dividend signaling hypothesis and no support for either the free cash flow hypothesis or the rent extraction hypothesis. |
| Keywords: | Dividend Announcements, Market Efficiency, Ownership Structure, Agency Theory |
| JEL: | G35 G34 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:bwu:schdps:sdp11013&r=cis |
| By: | Eswar S. Prasad |
| Abstract: | I document that emerging markets have cast off their “original sin”--their external liabilities are no longer dominated by foreign-currency debt and have instead shifted sharply towards direct investment and portfolio equity. Their external assets are increasingly concentrated in foreign exchange reserves held in advanced economy government bonds. Given the enormous and rising public debt burdens of reserve currency economies, this means that the long-term risk on emerging markets’ external balance sheets is shifting to the asset side. However, emerging markets continue to look for more insurance against balance of payments crises, even as self-insurance through reserve accumulation itself becomes riskier. I discuss a possible mechanism for global liquidity insurance that would meet emerging markets’ demand for insurance with fewer domestic policy distortions while facilitating a quicker adjustment of global imbalances. I also argue that emerging markets have become less dependent on foreign finance and more resilient to capital flow volatility. The main risk that increasing financial openness poses for these economies is that capital flows exacerbate vulnerabilities arising from weak domestic policies and institutions. |
| JEL: | F3 F4 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17497&r=cis |
| By: | Sergio Suárez |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16, 17 y 18 de febrero de 2011. Acciona es una compañía que desarrolla su actividad principalmente en los sectores de: infraestructuras, energías renovable y agua, teniendo también presencia en inmobiliaria, servicios públicos y de transporte, urbanos y medioambientales. El objetivo de esta presentación es analizar el proyecto de la Universidad Politécnica de San Luis Potosí en México, el cual fue planeado bajo un enfoque de Asociación Público Privada. Dentro del contenido que se aborda, se incluyen generalidades de la obra, la descripción de cada unos de los edificios en plano, los servicios en contrato, la operación día a día y los distintos hechos que aportan valor dentro de un marco general. |
| Keywords: | Contrato, Responsabilidades, Disponibilidad y desempeño, Reportes, Reglamentación |
| Date: | 2009–11 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13678&r=cis |
| By: | William D. Nordhaus (Cowles Foundation, Yale University) |
| Abstract: | A new and important concept in global warming economics and policy is the social cost of carbon or SCC. This concept represents the economic cost caused by an additional ton of carbon-dioxide emissions or its equivalent. The present study describes the development of the concept as well as its analytical background. We estimate the SCC using an updated version of the RICE-2011 model. Additional concerns are uncertainty about different aspects of global warming as well as the treatment of different countries or generations. The most important results are: First, the estimated social cost of carbon for the current time (2015) including uncertainty, equity weighting, and risk aversion is $44 per ton of carbon (or $12 per ton CO_{2}) in 2005 US$ and international prices). Second, including uncertainty increases the expected value of the SCC by approximately 8 percent. Third, equity weighting generally tends to reduce the SCC. Finally, the major open issue concerning the SCC continues to be the appropriate discount rate. |
| Keywords: | Social cost of carbon, Climate change, Carbon price, Equity weights |
| JEL: | Q54 Q5 H4 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1826&r=cis |
| By: | Cervini, María; Ramos , Xavier; Silva, José I. |
| Abstract: | We study wage effects of two important elements of non-wage labour costs: firing costs and payroll taxes. We exploit a reform that introduced substantial reduction in these two provisions for unemployed workers aged less than thirty and over forty five years. Theoretical insights are gained with a matching model with heterogeneous workers, which predict a positive effect on wages for new entrant workers but an ambiguous effect for incumbent workers. Difference-in-differences estimates, which account for the endogeneity of the treatment status, are consistent with our model predictions and suggest that decreased firing costs and payroll taxes have a positive effect on wages of new entrants. We find larger effects for older than for younger workers and for men than for women. Calibration and simulation of the model corroborate such positive effect for new entrants and also show a positive wage effect for incumbents. The reduction in firing costs accounts, on average, for one third of the overall wage increase. |
| Keywords: | Dismissal costs; payroll tax; evaluation of labour market reforms; difference-in-difference; matching model; Spain |
| JEL: | D31 J31 C23 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34033&r=cis |
| By: | Josheski, Dushko; Lazarov, Darko; Fotov , Risto; Koteski, Cane |
| Abstract: | In this paper IS-LM model, has been introduced as time series model. Standard VAR, VECM test have been applied .Three variables that we estimated were: logarithm of real GDP (q), 3 month interbank interest rate (i), real monetary base (m).VECM mechanism shows that if the system is in disequilibrium alteration in the change of interbank interchange interest rate, log of real US gdp , and monetary base will be downward 5,5%,4,6% and 0,4% respectively. |
| Keywords: | IS-LM; VAR; VECM;JMULTI |
| JEL: | N1 E12 C40 E21 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34024&r=cis |
| By: | John Whalley |
| Abstract: | This paper discusses the role that trade can potentially play in both negotiating and operating a post Kyoto/post 2012 global climate policy regime. As an addition to the bargaining set for a global climate negotiation, trade in principle widens the range of jointly beneficial potential outcomes and can in this sense be a potential facilitator of an agreed global climate regime. The reverse is also true, that in a linked climate-trade-finance global policy coordination structure that goes well beyond what was envisioned at Bretton Woods, climate now added to the global policy bargaining set also offers the prospect of potentially stronger trade disciplines (and even beyond WTO disciplines being negotiated). Trade policy can as well be an instrument for the implementation of a global climate regime, since trade provides a mechanism for achieving an internalization outcome for the global externality that climate change represents, and that provides a potentially more efficient outcome and also helps meet distributional objectives. In short, trade added to the emerging post 2012 climate regime can both expand the bargaining set for both (effectively linked) negotiations, and additionally provide an instrument for the implementation of an agreed outcome. |
| JEL: | F13 F18 Q54 Q56 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17498&r=cis |
| By: | Levy, Brian |
| Abstract: | This paper lays out a comparative framework for assessing the potential, limitations and challenges of a variety of emerging institutional innovations in globalized regulation. The framework highlights two dimensions of effectiveness -- the comprehensiveness of coverage, and the credibility of the regulatory regime. Performance in relation to these two dimensions is assessed for three distinctive approaches to globalized regulation: i) Government-centric approaches, including treaties, extra-territorial regulation and government networks -- seven examples are assessed in the paper. ii) Civil regulation, including both joint initiatives by private firms and civil society, and wholly private self-regulatory approaches -- with eight examples assessed. iii) Hybrid approaches, involving multiple governmental and non-governmental stakeholders -- with three examples assessed. Overall, the assessment points to an abundance of innovation -- but a seeming failure of the many innovations to deliver more than, at best, partial successes in meeting the credibility and comprehensiveness criteria for effectiveness. The paper concludes by suggesting ways in which the distinct elements of different approaches might be combined so that the whole can be more, rather than less, than the sum of its parts. The way forward is likely to be incremental and cumulative, bottom-up as well as top down -- transcending a too neat, and ultimately unhelpful, bifurcation between civil society advocacy and technocratic rule-making.<BR> |
| Keywords: | Regulatory Regimes,Public Sector Corruption&Anticorruption Measures,Public Sector Regulation,Social Accountability,Labor Policies |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5841&r=cis |
| By: | Basant, Rakesh; Chandra, Pankaj; Upadhyayula Rajesh |
| Abstract: | The role of industrial clusters in the industrialization of many emerging economies continues to dominate the debate among policy makers and researchers worldwide. While recent discussions on this debate have focused on knowledge spillovers among participants within clusters, knowledge flows between non local networks and the cluster actors have not been accorded due attention in the literature. Further, the literature does not compare the relative impact of knowledge flows among firms within clusters and firms outside clusters. In this study, we attempt a comparative analysis of the role of knowledge flows in capability formation among firms in the Indian Information Technology sector (IT sector) across cluster and non-cluster locations. The empirical results suggest that at the firm level, leveraging of capabilities to enhance performance and networks to build capabilities is not automatic; structural features of the firms’ location enable this transformation. Moreover, while capabilities affect performance of firms positively only in clusters, economies of scale and some strategies like quality certification used by firms impact performance of firms outside clusters. Interestingly, although economies of scale do not impact the performance of firms within clusters, they do, however affect the capability formation of firms within clusters only. Further, we found that local and national non-customer networks affect capability formation of firms within and outside clusters whereas international customer networks affect capability formation of firms within clusters only. These have implications for how firms can develop appropriate strategies to enhance their performance. |
| Keywords: | Industrial Clustering, Information Technology industry, Networks, Capabilities |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:10677&r=cis |
| By: | Shahbaz, Muhammad; Zeshan, Muhammad; Tiwari, Aviral Kumar |
| Abstract: | Impulse responses of our structural VAR portray a positive correlation between the real GDP of Romania and energy consumption. The present study employs the annual data covering the period 1980-2008, and brings to light the factors playing important role in satisfying the energy requirements, its economic and social implications. Any short-run rise in energy requirements is contented with the help of nonrenewable energy consumption, for renewable energy is not so common in Romania. In addition, high installation cost and the ignorance about our environmental responsibilities etc. might be other possible factors for this limited use of renewable energy. It also identifies a strong positive correlation between the nonrenewable energy consumption and the CO2 emissions; resultantly, CO2 piles on in the ecosystem as the nonrenewable energy consumption boosts up. This exaggeration of the CO2 emissions ever time paves some way for the renewable energy which appears to play a minor role at this stage. Impulse responses represent some weak substitution between the nonrenewable energy consumption with the renewable energy consumption, which lowers carbon emissions and communicates some positive message. |
| Keywords: | renewable and nonrenewable energy consumption; real GDP; CO2 emissions |
| JEL: | P28 |
| Date: | 2011–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34066&r=cis |
| By: | Corsetti, Giancarlo; Dedola, Luca; Viani, Francesca |
| Abstract: | Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets. Key to the literature is the evidence, at odds with efficiency, that consumption is relatively high in countries where its international relative price (the real exchange rate) is also high. We reconsider the relation between cross-country consumption differentials and real exchange rates, by decomposing it into two components, reflecting the prices of tradable and nontradable goods, respectively. We document that, as a common pattern among OECD countries, both components tend to contribute to the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency deviations. We relate these findings to two mechanisms proposed by the literature to reconcile open economy models with the data. One features strong Balassa-Samuelson effects on nontradable prices due to productivity gains in the tradable sector, with a muted offsetting response of tradable prices. The other, endogenous income effects causing nontradable but especially tradable prices to appreciate with a rise in domestic consumption demand. |
| Keywords: | consumption-real exchange rate anomaly; Harrod-Balassa-Samuelson effect; incomplete markets; international transmission mechanism; terms of trade |
| JEL: | F41 F42 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8613&r=cis |
| By: | Jorge Kohon |
| Abstract: | Los ferrocarriles urbanos y suburbanos en las grandes ciudades no cubren con sus ingresos propios los costos de capital y, usualmente, tampoco cubren los costos de operación. Este estado de cosas requiere nuevas alternativas de financiamiento que contribuyan a disminuir el "peso" sobre los presupuestos públicos, de la expansión de los sistemas y de los déficits de operación al que generalmente esas expansiones están asociadas. El propósito de esta Nota es describir y analizar las alternativas que se implementaron en Tokio, Japón, el mayor sistema ferroviario de pasajeros urbanos y suburbanos a nivel mundial, para enfrentar el desafío del financiamiento de la expansión de su sistema ferroviario de pasajeros. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13398&r=cis |
| By: | Samuel Soberano |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico en Materia de Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16, 17 y 18 de febrero de 2011. La Universidad Politécnica de San Luis Potosí observa cinco beneficios de trabajar con una Alianza Público Privada (APPs): 1) La Secretaría espera obtener un valor presente neto positivo en la APP versus el sistema tradicional de construcción de instalaciones 2) Acelerar el incremento de la cobertura del Subsistema de Educación Superior, objetivo prioritario del Programa Nacional de Educación del gobierno federal 3) Obtener elevados niveles de desempeño en los servicios de apoyo a las funciones sustantivas de las Universidades, lo que permitirá tener una referencia para definir los niveles de desempeño de estos servicios en las instituciones públicas de educación superior 4) Entender procesos de planeación de largo plazo en el sector educativo, lo que contribuiría al fortalecimiento de la cultura de planificación de las instituciones públicas de educación superior 5) Ofrecer la oportunidad de que las Instituciones de Educación Superior puedan concentrarse en sus tareas académicas, sin dedicar tanto tiempo a la gestión de los servicios de apoyo, lo que redundará necesariamente en la calidad de sus resultados en docencia, investigación, preservación y difusión de la cultura. Esta presentación tiene como fin ahondar en los detalles del contrato que se hizo en la Universidad y explicar más a fondo cómo un esquema de APP le dio un valor agregado al proyecto global. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11938&r=cis |
| By: | Miguel Santolino (Faculty of Economics, University of Barcelona); Catalina Bolancé (Faculty of Economics, University of Barcelona); Manuela Alcañiz (Faculty of Economics, University of Barcelona) |
| Abstract: | Hospital expenses are a major cost driver of healthcare systems in Europe, with motor injuries being the leading mechanism of hospitalizations. This paper investigates the injury characteristics which explain the hospitalization of victims of traffic accidents that took place in Spain. Using a motor insurance database with 16,081 observations a generalized Tobit regression model is applied to analyse the factors that influence both the likelihood of being admitted to hospital after a motor collision and the length of hospital stay in the event of admission. The consistency of Tobit estimates relies on the normality of perturbation terms. Here a semi-parametric regression model was fitted to test the consistency of estimates, concluding that a normal distribution of errors cannot be rejected. Among other results, it was found that older men with fractures and injuries located in the head and lower torso are more likely to be hospitalized after the collision, and that they also have a longer expected length of hospital recovery stay. |
| Keywords: | Body injuries, Heckit estimator, semi-parametric estimator, Hausman test JEL classification:C24, I10 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:201119&r=cis |
| By: | Nicita, Alessandro; Olarreaga, Marcelo; Porto, Guido |
| Abstract: | The objective of this paper is to estimate the potential pro-poor bias in the existing structure of protection in six countries in Sub-Saharan Africa (SSA) (i.e., whether it redistributes income from rich to poor households). We also explore the extent to which the barriers faced by SSA exporters to the rest of the world are biased in favor of poor or rich households. To this end, we start with a simple agricultural household production model and propose an extension to include adjustments in labor income associated with changes in unskilled and skilled wages. We then build indicators that capture the differences in welfare changes across income levels associated with the elimination of SSA's own trade protection, as well as trade protection on SSA's export bundle by the rest of the world. Results suggest that SSA's own trade policy is biased in favor of poor households. In contrast, the trade policies of SSA's trading partners tend to be biased in favor of SSA's rich households, especially when ad-valorem equivalents of non tariff measures (NTMs) are taken into account. |
| Keywords: | Poverty; Sub-Saharan Africa; Trade policy; Wage elasticities |
| JEL: | F13 F16 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8594&r=cis |
| By: | Alp Simsek |
| Abstract: | While the traditional view of financial innovation emphasizes the risk sharing role of new financial assets, belief disagreements about these assets naturally lead to speculation, which represents a powerful economic force in the opposite direction. This paper investigates the effect of financial innovation on portfolio risks in an economy when both the risk sharing and the speculation forces are present. I consider this question in a standard mean-variance framework. Financial assets provide hedging services but they are also subject to speculation because traders do not necessarily agree about their payoffs. I define the average variance of traders' net worths as a measure of portfolio risks for this economy, and I decompose it into two components: the uninsurable variance, defined as the average variance that would obtain if there were no belief disagreements, and the speculative variance, defined as the residual variance that results from speculative trades based on belief disagreements. Financial innovation always decreases the uninsurable variance because new assets increase the possibilities for risk sharing. My main result shows that financial innovation also always increases the speculative variance. This is true even if traders completely agree about the payoffs of new assets. The intuition behind this result is the hedge-more/bet-more effect: Traders use new assets to hedge their bets on existing assets, which in turn enables them to place larger bets and take on greater risks. The net effect of financial innovation on portfolio risks depends on the quantitative strength of its effects on the uninsurable and the speculative variances. I consider a calibration of the model for new assets linked to national incomes of G7 countries, which were recommended by Athanasoulis and Shiller (2001) to facilitate risk sharing. For reasonable levels of belief disagreements, these assets would actually increase the average consumption risks of individuals in G7 countries. In addition, a profit seeking market maker would introduce a different subset of these assets than the ones proposed by Athanasoulis and Shiller (2001). The endogenous set of new assets would be directed towards increasing the opportunities for speculation rather than risk sharing. |
| JEL: | D53 D61 G1 G11 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17506&r=cis |
| By: | Dierk Herzer; Peter Nunnenkamp |
| Abstract: | This paper argues that previous cross-country (panel) studies on the relationship between income inequality and health suffer from significant biases due to (i) omitted country-specific factors, (ii) endogeneity, and (iii) cross-country heterogeneity in the impact of inequality on health. Using panel cointegration techniques that are robust to omitted variables, endogenous regressors, and slope heterogeneity, we find that income inequality has, on average, a small, but robust and statistically significant positive impact on population health. Also, there is some evidence that inequality is endogenous in the sense that poor health leads to increased income inequality. Finally, we find that there are large cross-country differences in the effect of income inequality on health (in about 35 percent of the cases, the effect is negative |
| Keywords: | Health; Inequality; Panel cointegration |
| JEL: | C23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1736&r=cis |
| By: | Jing Cai; Ann Harrison |
| Abstract: | We explore the impact of a tax reform in some provinces of China which eliminated the value-added tax on some investment goods. While the goal of the experiment was to encourage upgrading of technology, our results suggest that there was no evident increase overall in fixed investment, and employment fell significantly in the treated provinces and sectors. The reform reduced the total number of employees for all types of firms. For domestic firms, it reduced employment by almost 8%. Our results are robust to a variety of approaches, and suggest that the primary impact of the policy has been to induce labor-saving growth. This experiment has since been extended to the rest of China. |
| JEL: | F21 F23 H25 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17532&r=cis |
| By: | Barbanel, Julius B.; Brams, Steven J. |
| Abstract: | A cake is a metaphor for a heterogeneous, divisible good. When two players divide such a good, there is always a perfect division—one that is efficient (Pareto-optimal), envy-free, and equitable—which can be effected with a finite number of cuts under certain mild conditions; this is not always the case when there are more than two players (Brams, Jones, and Klamler, 2011b). We not only establish the existence of such a division but also provide an algorithm for determining where and how many cuts must be made, relating it to an algorithm, “Adjusted Winner” (Brams and Taylor, 1996, 1999), that yields a perfect division of multiple homogenous goods. |
| Keywords: | Cake-cutting; fair division; envy-freeness; adjusted winner; heterogeneous good |
| JEL: | D63 D30 D74 C61 D61 C72 |
| Date: | 2011–10–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34263&r=cis |
| By: | Beja, Jr., Edsel |
| Abstract: | The subjective well-being approach to valuation is applied to the valuation of income inequality. Results show that objective inequality is a bad in the industrialized economies but a good in the emerging economies. Too much objective inequality is a bad in both areas. Results also show that people in both areas consider income inequality as a good, thus suggesting that income disparities are viewed as incentives to work harder and take risks. Such findings on subjective inequality make sense if people have knowledge or even hope that opportunities for economic advancement are available despite the presence of objective inequality in their society. Ensuring that people get fair chances to opportunities is a reasonable first step if income inequality is yet not viewed as a problem. To draw out a demand for redistribution requires actions that are intended to transform the consciousness of the people. |
| Keywords: | Subjective well-being; inequality; valuation |
| JEL: | D63 I31 |
| Date: | 2011–10–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34177&r=cis |
| By: | Wang, Gaowang |
| Abstract: | This paper reexamines the relationship between the time preference rate and the real interest rate in the neoclassical growth model by introducing Keynesian time preference. It is shown that the long-run behavior of the neoclassical growth model persists. When introduucing money by money-in-utility, money is superneutral and the optimal monetary policy is the Friedman rule. |
| Keywords: | Keynesian time preference; Monetary Superneutrality; Optimum Quantity of Money |
| JEL: | O42 E31 E5 |
| Date: | 2011–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34063&r=cis |
| By: | Andrés Navarro |
| Abstract: | Los comentarios presentados en este documento, sobre el estudio realizado por el consultor Juan Carlos Gómez Sabaini relativo a las finanzas de los gobiernos locales de la República Dominicana "República Dominicana: Las finanzas de los gobiernos locales y alternativas para su fortalecimiento", se centran en las conclusiones y recomendaciones de dicho estudio, abordando también aspectos como la reflexiones sobre la capacidad fiscal de los ayuntamientos y la estructura del gasto. En ese marco, reconocemos el gran valor del estudio, no sólo por la problemática abordada y el enfoque con el cual se hace, sino también por el momento oportuno en el cual se realiza la reflexión. |
| Keywords: | Gobiernos locales; finanzas municipales; países unitarios |
| Date: | 2010–09 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12298&r=cis |
| By: | Laura Ruiz Pérez; Daniel Vieitez Martínez; Jesús García López |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla-Gutiérrez, Chiapas, México, en febrero 2011. En ésta se plasma la necesidad de proyectos de infraestructura, como requerimientos básicos y urgentes para el desarrollo. Asimismo, se describen los procedimientos para crear una Asociación Público Privada en México y los institutos de aprendizaje que se han creado para capacitar a individuos interesados en este tipo de alianzas. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13498&r=cis |
| By: | Christian A. L. Hilber |
| Abstract: | House price capitalization - the adjustment of house prices to changes in local public service and tax levels - has long been thought to be a means of testing for efficiency in the local public sector. In this article I argue that the extent of house price capitalization itself may have important economic implications. In doing so I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader implications of such capitalization. The main insights are: (i) House price capitalization is more pronounced in locations with strict regulatory and/or geographical/physical supply constraints; (ii) capitalization can - under certain conditions - induce the provision of durable local public goods and club goods; and (iii) capitalization effects - which are habitually ignored by policy makers - have important adverse consequences for a wide range of policies such as intergovernmental aid or the mortgage interest deduction. |
| Keywords: | House price capitalization, homeownership, local public goods, club goods, land use regulation, land and housing supply, incentives to invest, redistribution |
| JEL: | D71 R21 R31 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercdp:0091&r=cis |
| By: | Casamatta, Georges |
| Abstract: | We follow the approach of Grochulski (2007), who determines the optimal income tax schedule when individuals have the possibility of avoiding paying taxes. We however modify his setup by considering a convex concealment cost function. This assumption violates the subadditivity property used in Grochulski (2007) and this has strong implications for the design of the tax schedule. This latter indeed shows that, with subadditivity, all individuals should declare their true income. Tax avoidance is thus not optimal. With a convex cost function, we find that a subset of individuals, located in the interior of the income distribution, should be allowed to avoid taxes, provided that the marginal cost of avoiding the first euro is suciently small. We also provide a characterization of the optimal income tax curve. |
| Keywords: | fiscal avoidance; optimal income tax |
| JEL: | H21 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8608&r=cis |
| By: | AfDB |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:adb:adbpbr:337&r=cis |
| By: | Robert Anderton (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Aidan Meyler (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Luca Gattini (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Mario Izquierdo (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Valerie Jarvis (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Ri Kaarup (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Magdalena Komzakova (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Bettina Landau (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Matthias Mohr (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Adrian Page (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); David Sondermann (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); Philip Vermeulen (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main); David Cornille (National Bank of Belgium, boulevard de Berlaimont 14, 1000 Brussels, Belgium.); Tsvetan Tsalinski (Bulgarian National Bank, 1, Knyaz Alexander ? Sq., 1000 Sofia, Bulgaria.); Zornitsa Vladova (Bulgarian National Bank, 1, Knyaz Alexander ? Sq., 1000 Sofia, Bulgaria.); Christin Hartmann (Deutsche Bundesbank, Wilhelm-Epstein-Straße 14, 60431 Frankfurt am Main, Germany.); Harald Stahl (Deutsche Bundesbank, Wilhelm-Epstein-Straße 14, 60431 Frankfurt am Main, Germany.); Suzanne Linehan (Central Bank and Financial Services Authority of Ireland,Dame Street, Dublin 2, Ireland.); Hiona Balfoussia (Bank of Greece, 21, E. Venizelos Avenue, P. O. Box 3105, GR-10250 Athens, Greece.); Stelios Panagiotou (Bank of Greece, 21, E. Venizelos Avenue, P. O. Box 3105, GR-10250 Athens, Greece.); María de los Llanos Matea (Banco de España, Alcalá 50, E-28014 Madrid, España.); Luis J. Alvarez (Banco de España, Alcalá 50, E-28014 Madrid, España.); Pierre-Michel Bardet-Fremann (Banque de France, 39, rue Croix-des-Petits-Champs, F-75049 Paris Cedex 01, France.); Nicoletta Berardi (Banque de France, 39, rue Croix-des-Petits-Champs, F-75049 Paris Cedex 01, France.); Patrick Sevestre (Banque de France, 39, rue Croix-des-Petits-Champs, F-75049 Paris Cedex 01, France.); Emanuela Ciapanna (Banca d’Italia, Via Nazionale 91, I-00184 Rome, Italy.); Concetta Rondinelli (Banca d’Italia, Via Nazionale 91, I-00184 Rome, Italy.); Demetris Kapatais (Central Bank of Cyprus, 80, KENNEDY AVENUE, CY-1076 NICOSIA, Cyrpus); Eric Walch (Banque centrale du Luxembourg; 2, boulevard Royal; L-2983 Luxembourg, Luxembourg.); Patrick Lünnemann (Banque centrale du Luxembourg; 2, boulevard Royal; L-2983 Luxembourg, Luxembourg.); Sandra Zerafa (Central Bank of Malta, Pjazza Kastilja, Valletta, VLT 1060, MALTA.); Christopher Pace (Central Bank of Malta, Pjazza Kastilja, Valletta, VLT 1060, MALTA.); Jasper Kieft (De Nederlandsche Bank, Westeinde 1, 1017 ZN Amsterdam, the Netherlands.); Friedrich Fritzer (Oesterreichische Nationalbank, Otto-Wagner-Platz 3, POB-61, A-1011 Vienna, Austria.); Fatima Cardoso (Banco de Portugal, Av. Almirante Reis, 71 – 8°, 1150-012 Lisboa, Portugal.); Mateja Gabrijelcic (BANK OF SLOVENIA, Slovenska 35, 1505 Ljubljana, Slovenija); Branislav Karma (Narodna banka Slovenska, Imricha Karvasa 1, 813 25 Bratislava); Jarkko Kivistö (Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland.) |
| Abstract: | The distributive trades, consisting of wholesaling and retailing, are a key sector of the economy. As the main interface between producers and consumers, the sector is particularly important from a monetary policy point of view: this is where most consumer goods prices are ultimately set. Despite almost 20 years of the Single Market, mark-ups in the distributive trades sector can still be substantial and differ considerably across countries, while cross-border trade remains limited. This report examines the structural features of the distributive trades sector which are likely to play an important role in determining price level and infl ation differences across countries. JEL Classification: |
| Keywords: | Prices, trades, euro area |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:20110128&r=cis |
| By: | Cohen, Joseph N |
| Abstract: | A conventional reading of economic history implies that free market reforms rescued the world’s economies from stagnancy during the 1970s and 1980s. I reexamine a well-established econometric literature linking economic freedom to growth, and argue that their positive findings hinge on two problems: conceptual conflation and ahistoricity. When these criticisms are taken seriously, a very different view of the historical record emerges. There does not appear to be enduring relationship between economic liberalism and growth. Much of the observed relationship between these two variables involves a one-shot transition to freer markets around the Cold War’s end. Several concurrent changes took place in this historical context, and it is hasty to conclude that it was market liberalization alone that produced the economic turnaround of the 1990s and early-2000s. I also question market fundamentalists’ view that all forms of liberalization are helpful, arguing that the data show little to no benefit from reforms that did not attract foreign investment. |
| Keywords: | Economic Growth; Economic Freedom; Economic Liberalization; Economic Development; Foreign Investment; Market Fundamentalism; Inflation; Governance |
| JEL: | P11 P17 O21 E61 O4 |
| Date: | 2011–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33757&r=cis |
| By: | Tengeh, Robertson Khan /RKT; Ballard, Harry / HB; Slabbert, Andre /AS |
| Abstract: | Using a triangulation of three methods, we devise a framework for the acquisition of the resources vital for the start-up of a business in South Africa. Against the backdrop of the fact that numerous challenges prohibit African immigrants from starting a business, let alone growing the business, we set out to investigate how those who succeed acquired the necessary resources. Within the quantitative paradigm, the survey questionnaire was used to collect and analyze the data. To compliment the quantitative approach, personal interviews and focus groups were utilised as the methods within the qualitative approach paradigm. The research revealed that an African immigrant entrepreneur is most likely to be a male between the ages of 19 and 41 who has been forced to immigrate by political circumstances. Once in South Africa, limited job opportunities forced these immigrants into starting-up a business. In order of importance, financial, informational, human and physical, resources were identified as being critical for the start-up a business. With respect to the acquisition of resources, African immigrant entrepreneurs unwillingly made use of personal savings to finance their businesses during the start-up phase of the business. Financial resource played a double role in that it determined the main sources of physical resources used. From a human resource perspective, African immigrant entrepreneurs preferred employing South Africans during the start-up phase of the business, and the reverse was true during the growth phase. To a limited extent family labour was involved at both the start-up as well as the operation phases of the business; with formal education and prior experience playing an indirect role as far as the human resources mixed were concerned. In terms of information, African immigrant entrepreneurs made use of two primary sources of information namely; their ethnic networks and friends from somewhere else. |
| Keywords: | South Africa; African immigrants; business start-up resources; SMMEs;framework; self employment |
| JEL: | A23 A11 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34211&r=cis |
| By: | Dambala Gelo; Steven F. Koch |
| Abstract: | Through the implementation of a choice experiment valuation exercise, this study set out to identify the set of community plantation attributes that impact the welfare of potential community forestry program participants. We employed a combination of choice models to evaluate the preferences, welfare impacts and choice elasticities associated with alternative community forestry programs, allowing for different assumptions regarding heterogeneity. In line with economic theory, increased participation costs reduced the demand for community forestry, while increases in expected productivity raised the demand. With respect to preferences for the other alternatives considered — type of forest, area enclosure and type of land upon which the forest was to be situated — the results point to significant differences in preferences across the study population, suggesting that programs should be tailored to the communities in which the program is to be implemented. |
| Keywords: | community forestry, choice experiment, conditional logit, random parameters logit and latent class model |
| JEL: | Q23 Q28 Q51 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:248&r=cis |
| By: | Fanti, Luciano; Gori, Luca |
| Abstract: | We study the stability issue in a Cournot duopoly with codetermined firms. We show that when both firms codetermine employment together with decentralised employees’ representatives, a rise in wages acts as an economic de-stabiliser (stabiliser) when the wage is fairly low (high), while under profit maximisation a rise in wages always stabilises the market equilibrium. Moreover, increasing the union’s bargaining power has a de-stabilising effect, except when the wage is low and the firm’s power is already high. |
| Keywords: | Bifurcation; Codetermination; Cournot; Duopoly; Employment |
| JEL: | L13 D43 C62 |
| Date: | 2011–10–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34144&r=cis |
| By: | Fratzscher, Marcel; Mehl, Arnaud; Vansteenkiste, Isabel |
| Abstract: | This paper investigates the empirical link between fiscal vulnerabilities and currency crashes in advanced economies over the last 130 years, building on a new dataset of real effective exchange rates and fiscal balances for 21 countries since 1880. We find evidence that crashes depend more on prospective fiscal deficits than on actual ones, and more on the composition of public debt (i.e. rollover/sudden stop risk) than on its level per se. We also uncover significant nonlinear effects at high levels of public debt as well as significantly negative risk premia for major reserve currencies, which enjoy a lower probability of currency crash than other currencies ceteris paribus. Yet, our estimates indicate that such premia remain small in size relative to the conditional probability of a currency crash if prospective fiscal deficits or rollover/sudden stop risk are high. This suggests that a currency’s international status is not necessarily sufficient to shelter it from collapse. |
| Keywords: | advanced economies; banking crises; currency crashes; exchange rates; fiscal vulnerability; foreign debt; reserve currencies; total debt level |
| JEL: | F30 F31 N20 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8612&r=cis |
| By: | Bishnu, Monisankar; Ghate, Chetan; Gopalakrishnan, Pawan |
| Abstract: | We construct a model of endogenous investment specific techological change in which the stock of public capital influences the real price of capital goods. We show that the growth and welfare maximizing tax rates coincide in the planned economy. When factor income taxes finance public investment infintely many tax-subsidy combinations can decentralize the planner's allocations. The optimal capital income tax can be positive in this environment. We then augment the model to incorporate administrative costs. A unique combination of factor income taxes now decentralizes the planner's allocations. A simple calibration exercise suggests that changes in factor income taxes does not cause a significant change in the optimal growth rate or welfare. Our framework broadens the environment in which investment specific technological change occurs, and characterizes the role of optimal factor income taxation in raising long run growth and welfare. |
| Keywords: | Investment Specific Technological Change; Endogenous Growth; Capital Income Taxation; Public Policy; Administrative Costs |
| JEL: | E2 H2 E6 O4 |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34111&r=cis |
| By: | Sergio Alejandro Hinojosa |
| Abstract: | Presentación expuesta en el Cuarto Encuentro Técnico en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16, 17 y 18 de febrero de 2011. El objetivo de esta presentación es analizar el proceso por medio del cual se eligen los proyectos más adecuados para una Asociación Público Privada. Asimismo, se enfoca en los procedimientos que se efectúan después de esta elección, para seleccionar qué modalidad de contratación se va a emplear en cada caso específico. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13638&r=cis |
| By: | Raquel Fernández; Joyce Cheng Wong |
| Abstract: | Women born in 1935 went to college significantly less than their male counterparts and married women’s labor force participation (LFP) averaged 40% between the ages of thirty and forty. The cohort born twenty years later behaved very differently. The education gender gap was eliminated and married women’s LFP averaged 70% over the same ages. In order to evaluate the quantitative contributions of the many significant changes in the economic environment, family structure, and social norms that occurred over this period, this paper develops a dynamic life-cycle model calibrated to data relevant to the 1935 cohort. We find that the higher probability of divorce and the changes in wage structure faced by the 1955 cohort are each able to explain, in isolation, a large proportion (about 60%) of the observed changes in female LFP. After combining all economic and family structure changes, we find that a simple change in preferences towards work can account for the remaining change in LFP. To eliminate the education gender gap requires, on the other hand, for the psychic cost of obtaining higher education to change asymmetrically for women versus men. |
| JEL: | D91 E2 J12 J16 J22 Z1 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17508&r=cis |
| By: | Kakarot-Handtke, Egmont |
| Abstract: | Tastes and technology are the ultimate givens of standard economics. Their interaction is mediated by the marginal principle. This approach is unsuitable to explain the nature and magnitude of overall profits and their distribution within the business sector. The present paper therefore takes a quite different analytical route. The standard behavioral axioms are replaced by objective structural axioms and the standard production function is replaced by a sequential production function. From this new formal basis two exemplary factor prices, the product price, and the real wage are derived under the conditions of market clearing and equal profit ratios. |
| Keywords: | New framework of concepts; Structure-centric; Axiom set; Factors of production; Substitution; Profit redistribution; Bargaining margin; Equal profit ratios; Metachoice |
| JEL: | D33 D24 |
| Date: | 2011–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34225&r=cis |
| By: | Nymoen, Ragnar (Dept. of Economics, University of Oslo); Rygh Swensen, Anders (Dept. og Mathematics, University of Oslo); Tveter, Eivind (Statistics Norway) |
| Abstract: | We present a framework for interpretation of the empirical results of New Keynesian models of inflation dynamics. Both the rational expectations solution of the structural New Keynesian Phillips curve, NKPC, and the reduced form VAR analysis of the multivariate time series properties give insight about the joint implications of the evidence in the NKPC literature. For example, we show that the unit-root form of non-stationary may be implied for inflation even though the econometric model initally assumed stationarity. We point out and suggest a correction to an error in the literature regarding the existence or not of a rational expectations solution in the case of homogeneity and forward-dominance. |
| Keywords: | New Keynesian Phillips Curve; forward-looking price setting; rational expectations; VAR model |
| JEL: | B41 C22 E31 E52 |
| Date: | 2011–07–19 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2011_023&r=cis |
| By: | Michaillat, Pascal |
| Abstract: | This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier---the reduction in unemployment rate achieved by spending one dollar on public-sector jobs---is positive and countercyclical. Although the labor market always sees vast flows of workers and a great deal of matching, recessions are periods of acute job shortage without much competition for workers among recruiting firms. Hence hiring in the public sector reduces unemployment effectively because it does not crowd out hiring in the private sector much. An implication is that empirical studies should control for the state of the economy when fiscal policies are implemented to estimate accurately the amplitude of fiscal multipliers in recessions. |
| Keywords: | business cycle; fiscal multiplier; job rationing; matching frictions; unemployment |
| JEL: | E24 E32 E62 J64 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8610&r=cis |
| By: | Carlos Casas Tragodara |
| Abstract: | Presentación expuesta en el Cuarto Encuentro Técnico de Capacitación en Materia de Estructuración de Proyectos de Asociación Público Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, México, el 16,17 y 18 de febrero de 2011. En mayo del año 2008 se dio el Decreto Legislativo 1012 que es la Ley Marco de Asociaciones Público-Privadas (APPs). El objetivo de esta presentación es analizar el contexto de Perú en cuanto a las APPs ya que cada país se rige bajo diferentes normas y sigue distintos lineamientos para desarrollar esta práctica. Asimismo, se desarrolla un modelo estadístico para determinar la ocurrencia de la activación de la garantía no financiera, demostrado en un caso práctico del país. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11518&r=cis |
| By: | Breinlich, Holger |
| Abstract: | This paper presents novel empirical evidence on key predictions of heterogeneous firm models by examining stock market reactions to the Canada-United States Free Trade Agreement of 1989 (CUSFTA). Using the uncertainty surrounding the agreement's ratification, I show that the pattern of abnormal returns of Canadian manufacturing firms was broadly consistent with the predictions of a class of models based on Melitz (2003). Increases in the likelihood of ratification led to stock market gains of exporting firms relative to non-exporters. Moreover, gains were higher in sectors with larger cuts in U.S. import tariffs. Decreases in the likelihood of ratification led to opposite stock market reactions. Results for the impact of Canadian tariff reductions are less conclusive but most specifications suggest that exporters also gained relative to non-exporters in response to such reductions. Translating stock market gains into implied profit changes, I find that CUSFTA increased expected per-period profits of exporters by around 6-7% relative to non-exporters. |
| Keywords: | Canada-U.S. Free Trade Agreement; Heterogeneous Firm Models; Stock Market Event Studies |
| JEL: | F12 F14 G14 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8600&r=cis |
| By: | Michael Jorratt |
| Abstract: | El concepto de gasto tributario hace referencia a la recaudación que el Fisco deja de percibir producto de la aplicación de tratamientos tributarios preferenciales y cuya finalidad es favorecer o estimular a determinados sectores, actividades, regiones o agentes de la economía. Los gastos tributarios, así definidos, son una herramienta alternativa de intervención estatal, que busca conseguir resultados similares a los que se podrían obtener mediante el gasto público directo. En este sentido, debieran estar sujetos a los mismos controles y criterios de transparencia que este último. El objetivo general de este estudio es desarrollar una metodología de estimación de los gastos tributarios en el ámbito subnacional, con base en el caso específico de Colombia. |
| Keywords: | impacto fiscal, gastos tributarios subnacionales, gastos tributarios |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12138&r=cis |
| By: | Aoife Hanley; Joaquín Monreal-Pérez |
| Abstract: | The prevalence of Internet-based sales by exporters vs. non-exporters is highlighted in a recent World Bank Report (Ferro, 2011) suggesting the use of sophisticated processes when selling overseas. We investigate the count of new process/ product innovations for a group of newly exporting Spanish firms vs. a non-exporter control group. We use propensity score kernel matching and difference-in-differences to help deal with endogenous exporting, sunk exporting costs and common macroeconomic shocks. Our results confirm that selection into exporting is largely driven by productivity and industry technological differences, consistent with exporting sunk costs. We find some evidence of ‘technology upgrading’ through higher contemporaneous process innovation rates |
| Keywords: | exporting, innovation, Propensity Score Kernel Matching, Learning-by-exporting |
| JEL: | F14 F23 O3 |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1735&r=cis |
| By: | Goodness C. Aye (Department of Agricultural Economics, University of Agriculture, Makurdi, Nigeria); Rangan Gupta (Department of Economics, University of Pretoria) |
| Abstract: | This study provides empirical evidence of aggregate, anticipated and unanticipated and asymmetric (positive and negative) effects of monetary policy on real agricultural prices in South Africa over the monthly period of 1970:01-2010:12. For this purpose, we use the Vector Autoregressive (VAR) model coupled with the monetary misperception model to distinguish between anticipated and unanticipated monetary policy shocks. Results show that the actual, anticipated and unanticipated monetary policy had significant effect on real farm prices. These findings are robust when the shocks are modelled as recursive residuals. Moreover, the positive monetary policy was consistently significant either at specific lags or jointly. With exception of the recursive anticipated monetary policy, the negative components were consistently insignificant. Further, the hypothesis of asymmetric effect was supported for the recursive anticipated monetary policy only. The effects observed in this study are quantitatively small and accounts for only a very small percentage (1.5 percent - 6.5 percent) of the variation in real farm prices. |
| Keywords: | Monetary policy, real farm price, asymmetric effects, recursive residuals |
| JEL: | C12 E52 Q11 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201119&r=cis |
| By: | Frieder Borggrefe; Karsten Neuhoff |
| Abstract: | EU Member States increase deployment of intermittent renewable energy sources to deliver the 20% renewable target formulated in the European Renewables Directive of 2008. To incorporate these intermittent sources, a power market needs to be flexible enough to accommodate short-term forecasts and quick turn transactions. This flexibility is particularly valuable with respect to wind energy, where wind forecast uncertainty decreases significantly in the final 24 hours before actual generation. Therefore, current designs of intraday and balancing markets need to be altered to make full use of the flexibility of the transmission system and the different generation technologies to effectively respond to increased uncertainty. This paper explores the current power market designs in European countries and North America and assesses these designs against criteria that evaluate whether they are able to adequately handle wind intermittency. |
| Keywords: | Power market design, integrating renewables, wind energy, balancing, intraday |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1162&r=cis |
| By: | Allen Head; Lucy Qian Liu; Guido Menzio; Randall Wright |
| Abstract: | Why do some sellers set nominal prices that apparently do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption; here it is a result. We use search theory, with two consequences: prices are set in dollars, since money is the medium of exchange; and equilibrium implies a nondegenerate price distribution. When the money supply increases, some sellers may keep prices constant, earning less per unit but making it up on volume, so profit stays constant. The calibrated model matches price-change data well. But, in contrast with other sticky-price models, money is neutral. |
| JEL: | E0 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17520&r=cis |
| By: | Menzie D. Chinn; Barry Eichengreen; Hiro Ito |
| Abstract: | We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit countries such as the U.S. and the U.K. The effect of the “saving glut variables” on current account balances has been relatively stable for emerging market countries, suggesting that those factors cannot explain the bulk of their recent current account movements. We also find the 2006-08 period to constitute a structural break for emerging market countries, and to a lesser extent, for industrialized countries. We attribute the anomalous behavior of pre-crisis current account balances to stock market performance and real housing appreciation; fiscal procyclicality and the stance of monetary policy do not matter as much. Household leverage also appears to explain some of the standard model’s prediction errors. Looking forward, U.S., fiscal consolidation alone cannot induce significant deficit reduction. For China, financial development might help shrink its current account surplus, but only when it is coupled with financial liberalization. These findings suggest that unless countries implement substantially more policy change, global imbalances are unlikely to disappear. |
| JEL: | F32 F41 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17513&r=cis |
| By: | Elias Albagli (USC Marshall); Christian Hellwig (Toulouse School of Economics); Aleh Tsyvinski (Dept. of Economics, Yale University) |
| Abstract: | We propose a theory of asset prices that emphasizes heterogeneous information as the main element determining prices of different securities. Our main analytical innovation is in formulating a model of noisy information aggregation through asset prices, which is parsimonious and tractable, yet flexible in the specification of cash flow risks. We show that the noisy aggregation of heterogeneous investor beliefs drives a systematic wedge between the impact of fundamentals on an asset price, and the corresponding impact on cash flow expectations. The key intuition behind the wedge is that the identity of the marginal trader has to shift for different realization of the underlying shocks to satisfy the market-clearing condition. This identity shift amplifies the impact of price on the marginal trader's expectations. We derive tight characterization for both the conditional and the unconditional expected wedges. Our first main theorem shows how the sign of the expected wedge (that is, the difference between the expected price and the dividends) depends on the shape of the dividend payoff function and on the degree of informational frictions. Our second main theorem provides conditions under which the variability of prices exceeds the variability for realized dividends. We conclude with two applications of our theory. First, we highlight how heterogeneous information can lead to systematic departures from the Modigliani-Miller theorem. Second, in a dynamic extension of our model we provide conditions under which bubbles arise. |
| Keywords: | Information aggregation, Information wedge, Heterogeneous beliefs, Modigliani-Miller theorem, Bubbles |
| JEL: | G12 G14 G30 E44 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:1827&r=cis |
| By: | Fernando Aportela Rodríguez |
| Abstract: | Presentación expuesta durante el tercer Encuentro Técnico sobre la Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Mérida, Yucatán, México, el 20, 21 y 22 de enero de 2010. Desde 2005, Protego Finanzas Públicas e Infraestructura (FPI) está involucrado en el desarrollo de Proyectos para Prestación de Servicios (PPS) en las entidades federativas. FPI ha asesorado a la mayoría de los estados que han adecuado su marco jurídico para permitir el desarrollo de PPS. El objetivo de esta presentación es describir los mecanismos bajo los cuales se desarrollan los Proyectos para Prestación de Servicios. Se incluyen los riesgos financieros asociados a este esquema, riesgos de cobro, riesgos de pago y otros temas relevantes a estas asociaciones. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:12859&r=cis |
| By: | Susan Dynarski; Joshua M. Hyman; Diane Whitmore Schanzenbach |
| Abstract: | This paper examines the effect of early childhood investments on college enrollment and degree completion. We use the random assignment in the Project STAR experiment to estimate the effect of smaller classes in primary school on college entry, college choice, and degree completion. We improve on existing work in this area with unusually detailed data on college enrollment spells and the previously unexplored outcome of college degree completion. We find that assignment to a small class increases the probability of attending college by 2.7 percentage points, with effects more than twice as large among blacks. Among those with the lowest ex ante probability of attending college, the effect is 11 percentage points. Smaller classes increase the likelihood of earning a college degree by 1.6 percentage points and shift students towards high-earning fields such as STEM (science, technology, engineering and medicine), business and economics. We confirm the standard finding that test score effects fade out by middle school, but show that test score effects at the time of the experiment are an excellent predictor of long-term improvements in postsecondary outcomes. We compare the costs and impacts of this intervention with other tools for increasing postsecondary attainment, such as Head Start and financial aid, and conclude that early investments are no more cost effective than later investments in boosting adult educational attainment. |
| JEL: | I21 I28 J24 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17533&r=cis |
| By: | Scandurra, Giuseppe; Romano, Antonio Angelo |
| Abstract: | The aim of this study is to analyse the driving of investment in renewable energy sources in low carbon and high carbon economies. To address these issues, a dynamic panel analysis of the renewable investment in a sample of 29 countries was proposed. Results demonstrate that the dynamic of investments in renewable sources is similar in the two panels, and depends by nuclear power generation, GDP and technological efficiency. Results show that countries try to reduce their environmental footprint, decreasing the CO2 intensity . Based on the estimation results, we think that energy sustainability passes through the use of renewable resources that can complement the nuclear technology on condition that both exceed their limits. |
| Keywords: | CO2 intensity; Dynamic model; Nuclear Energy |
| JEL: | C23 O13 Q42 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34216&r=cis |
| By: | Monika Butler; Kim Peijnenburg; Stefan Staubli |
| Abstract: | We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out (occupational) pension wealth for low and middle income earners, instead of taking the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the disadvantages, giving up “free” wealth in the form of means-tested supplemental benefits. We find that the availability of means-tested benefits can reduce the desired annuitization levels substantially. Using individual level data, we show that the model’s predicted annuitization rates as a function of the level of pension wealth are roughly consistent with the cash-out patterns of occupational pension wealth observed in Switzerland. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:418&r=cis |
| By: | Johnson, Noel D; Koyama, Mark |
| Abstract: | This paper explores the rise of the fiscal state in the early modern period and its impact on legal capacity. To measure legal capacity, we establish that witchcraft trials were more likely to take place where the central state had weak legal insti- tutions. Combining data on the geographic distribution of witchcraft trials with unique panel data on tax receipts across 21 French regions, we find that the rise of the tax state can account for much of the decline in witch trials during this period. Further historical evidence supports our hypothesis that higher taxes led to better legal institutions. |
| Keywords: | Rule of Law; Witchcraft; France; Institutions; Fiscal Capacity; Legal Capacity |
| JEL: | K0 H2 P48 K14 N43 |
| Date: | 2011–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34266&r=cis |
| By: | Lina Salazar |
| Abstract: | Staff from five Bank departments (FIN, ITE, VPS, RMG and LEG) formed a core team that designed and executed the largest IDB conversion offer to date, and one of the largest liability management operations ever executed by emerging markets. The team learned that the design of an optional, cost neutral and scalable initiative needs to be accompanied by an effective outreach strategy and constant responsiveness to client's needs. |
| Keywords: | Financial Sector :: Financial Services |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13378&r=cis |
| By: | Jakob Vesterlund Olsen (Knowledge Centre for Agriculture, Aarhus (Denmark)); Arne Henningsen (Institute of Food and Resource Economics, University of Copenhagen) |
| Abstract: | In this paper, we present a theoretical model for adjustment costs and investment utilisation that illustrates their causes and types and shows in which phases of an investment they occur. Furthermore, we develop an empirical framework for analysing the size and the timing of adjustment costs and investment utilisation. We apply this methodology to a large panel data set of Danish pig producers with 9,281 observations between 1996 and 2008. The paper further contributes with a thorough discussion of the calculation and deflation of capital input from microeconomic data. We estimate an output distance function as a stochastic frontier model and explain the estimated technical inefficiencies with lagged investments, farm size and age of the farmer. We allow for interaction effects between these variables and derive the formula for calculating the marginal effects on technical efficiency. The results show that investments have a negative effect on farm efficiency in the year of the investment and the year after accruing from adjustment costs. There is a large positive effect on efficiency two and three years after the investment. The farmer’s age and the farm size significantly influence technical efficiency, as well as the effect of investments on adjustment costs and investment utilisation. These results are robust to different ways of measuring capital. |
| Keywords: | investment utilisation, adjustment costs, stochastic frontier analysis, technical efficiency, pig production, Denmark |
| JEL: | Q12 D24 D92 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:foi:wpaper:2011_13&r=cis |
| By: | Chao Gu; Randall Wright |
| Abstract: | We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics. There are also stochastic (sunspot) equilibria, in which credit conditions change randomly over time, even though fundamentals are deterministic and stationary. We show this can occur when the terms of trade are determined by Walrasian pricing or by Nash bargaining. The results illustrate how it is possible to generate equilibria with credit cycles (crunches, freezes, crises) in theory, and as recently observed in actual economies. |
| JEL: | E32 E44 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17510&r=cis |
| By: | Takashi Kamihigashi; John Stachurski |
| Abstract: | This paper generalizes the sufficient conditions for stability of monotone economies and time series models due to Hopenhayn and Prescott (Econometrica, 60, p. 1387–1406, 1992). We introduce a new order-theoretic mixing condition and characterize stability for monotone economies satisfying this condition. We also provide a range of results that can be used to verify our mixing condition in applications, as well as the other components of our main stability theorem. Through this approach, we extend Hopenhayn and Prescott’s method to a significantly larger class of problems, and develop new perspectives on the causes of instability and stability. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-561&r=cis |
| By: | Cheung , Yin-Wong (BOFIT); Fujii, Eiji (BOFIT) |
| Abstract: | We study the differences in currency misalignment estimates obtained from alternative datasets derived from two International Comparison Program (ICP) surveys. A decomposition exercise reveals that the year 2005 misalignment estimates are substantially affected by the ICP price revision. Further, we find that differences in misalignment estimates are systematically affected by a country’s participation status in the ICP survey and its data quality – a finding that casts doubt on the economic and policy relevance of these misalignment estimates. The patterns of changes in estimated degrees of misalignment across individual countries, as exemplified by the BRIC economies, are highly variable. |
| Keywords: | Penn effect regression; data revision; PPP-based data; measurement factors; economic factors |
| JEL: | C31 E01 F31 F40 |
| Date: | 2011–11–11 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2011_025&r=cis |
| By: | Murray, Michael/ M J |
| Abstract: | Production and distribution needs a proper place in heterodox economics. It has recently been suggested that the construction of production models needs to be empirically grounded. Also it has been stated that empirically grounded production models must be circular production models. This argument then marginalizes the contributions of important economists in heterodox thought. The paper will argue that heterodox production models need not be perfectly circular to make important contributions for heterodox production theory. Furthermore, it will be argued that models which consist of elements of hierarchial structures of production put emphasis on out of equilibrium traverse processes and historical time. |
| Keywords: | Heterodox Economic Theory; Heterodox Price and Production Modeling |
| JEL: | B21 B50 B16 B53 |
| Date: | 2011–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34255&r=cis |
| By: | Görtz, Christoph; Tsoukalas, John |
| Abstract: | We develop a two-sector DSGE model with financial intermediation to investigate the role of news as a driving force of the business cycle. We find that news about future capital quality is a significant source of aggregate fluctuations, accounting for around 37% in output variation in cyclical frequencies. Financial intermediation is essential for the importance and propagation of capital quality shocks. In addition, news shocks in capital quality generate aggregate and sectoral comovement as in the data and is consistent with procyclical movements in the value of capital. From a historical perspective, news shocks to capital quality are to a large extent responsible for the recession following the 1990s investment boom and the latest recession following the financial crisis, but played a much smaller role during the recession at the beginning of the 1990s. This is in line with the belief that revisions of overoptimistic expectations contributed to the last two recessions while movements in fundamentals played a much bigger role for the recession at the beginning of the 1990s. |
| Keywords: | News; Anticipation effects; Business cycles; DSGE; Bayesian estimation |
| JEL: | E2 E3 |
| Date: | 2011–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34113&r=cis |
| By: | Chodak, Grzegorz |
| Abstract: | In this article main advantages and disadvantages of internet distribution as additional channel were analysed. The profs were divided into real, illusory and ambiguous factors. Then threats and disadvantages were shown. The important issues concerning additional internet channel were also described . The last part of the article contains presentation of the survey conducted in 616 Polish internet shops. The investigation concerns multi-channel distribution. |
| Keywords: | distribution; internet shop; electronic commerce |
| JEL: | L86 |
| Date: | 2010–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34180&r=cis |
| By: | Antràs, Pol |
| Abstract: | I survey the influence of Grossman and Hart's (1986) seminal paper in the field of International Trade. I discuss the implementation of the theory in open-economy environments and its implications for the international organization of production and the structure of international trade flows. I also review empirical work suggestive of the empirical relevance of the property-rights theory. Along the way, I develop novel theoretical results and also outline some of the key limitations of existing contributions. |
| Keywords: | intrafirm trade; multinational firms; outsourcing; property rights |
| JEL: | D23 F10 F12 F14 F21 F23 L22 L23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8598&r=cis |
| By: | Takashi Kamihigashi; John Stachurski |
| Abstract: | We discuss stability of discrete-time Markov chains satisfying monotonicity and an order-theoretic mixing condition that can be seen as an alternative to irreducibility. A chain satisfying these conditions has at most one stationary distribution. Moreover, if there is a stationary distribution, then the chain is stable in an order-theoretic sense. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-559&r=cis |
| By: | Jorge Kohon |
| Abstract: | El Gobierno de México definió el período presidencial 2007-2012 como el sexenio de la infraestructura, adoptando importantes acciones para impulsar su expansión y mejora. Dentro de los sectores que componen la infraestructura, el transporte masivo urbano ha ido ganando importancia ante la creciente demanda de movilidad de la población, su incidencia en las finanzas públicas locales de las ciudades, y su rol clave para impulsar otras políticas de interés nacional (por ejemplo, políticas ambientales, sociales o de desarrollo urbano). Ese conjunto de aspectos hicieron que los proyectos de transporte masivo cobraran relevancia dentro del "sexenio de la infraestructura". Esta Nota pone de manifiesto algunas de las razones que hacen justificable el apoyo del gobierno federal al Programa y la importancia de los criterios en que se basa la selección de los proyectos candidatos a obtener su apoyo. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13401&r=cis |
| By: | Marcelle, Chauvet; Jeremy, Piger |
| Abstract: | The Great Recession of 2007-2009 has not only caused a large wealth loss, it was also followed by a sluggish subsequent recovery. Two years after officially emerging from the recession, the economy was still growing at a low pace and payroll employment was far from reaching its previous peak. However, assessment of the employment situation was markedly different across different series. The two most important employment series, payroll employment (ENAP) and civilian employment (TCE), have recently been displaying divergent patterns. This has been a source of great uncertainty regarding labor market conditions. This paper investigates the differences in the cyclical dynamics of these series and the implications for monitoring business cycle on a current basis. Univariate and multivariate Markov switching models are applied to revised and real time unrevised data. We find that the main differences across these series occur around recessions. The employment measures have diverged considerably around the last three recessions in 1990-1991, in 2001, and in 2007-2009, but especially during their subsequent recoveries. In particular, while the probabilities of recession for models that include ENAP depict jobless recoveries, the probabilities of recessions from models with TCE fall right around the trough of the last three recessions, as determined by the NBER. This significantly impacts the identification of turning points in multivariate models in sample and in recursive real time analysis, with models that use TCE being more accurate compared to the NBER dating, and delivering faster call of troughs in real time. Models that include ENAP series, on the other hand, yield delays in signaling business cycle troughs, especially the most recent ones. |
| Keywords: | Employment; Business Cycle; Turning Point; Real Time; Markov-Switching; Dynamic Factor Model; Jobless Recovery |
| JEL: | E32 C22 |
| Date: | 2010–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34103&r=cis |
| By: | Sandrine Labory |
| Abstract: | The paper analyses the role of external knowledge flows in the upgrading of the biomedical district of Mirandola, Emilia-Romagna region, in Italy. The district produces two types of products, namely disposables and electromedical machines, and the paper considers this second production type. The Mirandola district has been able to maintain a relatively good competitive position. The paper shows that while all firms in this sector in this region tend to have fairly good performance in terms of size and revenue growth, a significant difference exists in terms of innovation performance. Firms in the Mirandola district produce more patents and more scientific publications. From a methodological point of view, negative binomial regressions are made on the determinants of patenting and publishing activity by firms. Two major factors seem to explain the superior performance in terms of innovation. First, the significant role of the leader firms in the district. Second, linkages external to the district, namely relationships with research centres (universities in particular) located not only in the region but also in the rest of the country and abroad. The importance of external relations and institutional diversity (in terms of variety of institutions collaborating in scientific publications), appear to grow over time. |
| Keywords: | Innovation; Upgrading; Industrial districts; Biomedical sector |
| JEL: | O31 L60 R11 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:201114&r=cis |
| By: | Dalfo, C.; Dam, E.R. van (Universiteit van Tilburg); Fiol, M.A. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-5013964&r=cis |
| By: | Uppal, Yogesh; Glazer, Amihai |
| Abstract: | An examination of how increased turnover among legislators in the fifty U.S. states affects fiscal policy and economic growth finds that it makes legislators short-sighted. Turnover increases the size of government by increasing the shares of both total spending and taxes in income. In particular, turnover increases capital expenditure and income taxes, both of which may cause long-run distortions in the economy. Further, increased turnover, by resulting in inefficient fiscal policy, reduces long-term economic growth. |
| Keywords: | Government size; State finances; Political competition; Legislative turnover; Composition of spending; short-sighted behavior |
| JEL: | H54 H20 H72 H30 H24 H71 H53 H40 H11 H51 H52 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34186&r=cis |
| By: | Josheski, Dushko; Lazarov, Darko; Fotov, Risto; Koteski, Cane |
| Abstract: | In this paper the issue of causality between wages and prices in UK has been tested. OLS relationship between prices and wages is positive; productivity is not significant in determination of prices or wages too. These variables from these statistics we can see that are stationary at 1 lag, i.e. they are I(1) variables, except for CPI variables which is I(2) variable. From the VECM model, If the log wages increases by 1%, it is expected that the log of prices would increase by 5.24 percent. In other words, a 1 percent increase in the wages would induce a 5.24 percent increase in the prices.About the short run parameters, the estimators of parameters associated with lagged differences of variables may be interpreted in the usual way.Productivity was exogenous repressor and it is deleted since it has coefficient no different than zero. The relation (causation) between these two variables is from CPI_log→ real_wage_log .Granger causality test showed that only real wages influence CPI or consumer price index that proxies prices, this is one way relationship, price do not influence wages in our model. |
| Keywords: | VECM; Granger causality; real wages; prices; cointegration ; OLS |
| JEL: | E24 J01 C22 |
| Date: | 2011–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34095&r=cis |
| By: | António Brandão (CEF.UP, Faculdade de Economia, Universidade do Porto); Luís Guimarães (Faculdade de Economia, Universidade do Porto); Carlos Seixas (Faculdade de Economia, Universidade do Porto) |
| Abstract: | Green and Porter (1984) made a huge contribution to Industrial Organization Theory where a trigger price is defined by firms and whenever the price falls below this trigger price, the firms cease to produce at the monopoly level and enter into a punishment period. Our goal with this paper is to define, endogenously in the model, relationships between the trigger price and the punishment period, which were set exogenously in the original paper. |
| Keywords: | Green and Porter (1984); trigger price; punishment period |
| JEL: | L13 L20 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:432&r=cis |
| By: | Pugalendhi, Subburethina Bharathi; Nakkeeran, Senthil kumar |
| Abstract: | The name andragogy was first used by a German grammar school teacher named Alexander Kapp in 1833 to portray the educational theory of the Greek philosopher Plato. He used it to refer to the normal process by which adults engage in continuing education. The first use of the term "andragogy" to catch the extensive attention of adult educators was in 1968, when Knowles, then a professor of adult education at Boston University, introduced the term (then spelled "andragogy") through a journal article. Andragogy is an educational theory that utilizes the adult’s life experiences to teach and aid in learning rather than using someone else’s experience in an attempt to teach. Since this is a way of teaching and learning, the principles lend andragogy to be accepted as a theory. Andragogy applies to any form of adult learning and has been used extensively in the design of organizational training programs (especially for "soft skill" domains such as management development). Andragogical methods are best when they can be applied are in community situation and industry/corporate situations that are supportive of a self-directed learner. Human Resource departments should also consider andragogical principals when designing their employee development programs, providing the organization whose management style is one that is represented by McGregor’s Theory Y. By placing a value on training and development, employees will be motivated to learn new skills to help them in their career development. |
| Keywords: | Andragogy; Management learning tool |
| JEL: | M53 M12 |
| Date: | 2011–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34045&r=cis |
| By: | Sebastián Quijada |
| Abstract: | Presentación expuesta durante el Cuarto Encuentro Técnico en Materia de Estructuración de Proyectos de Asociación Público-Privada, llevado a cabo en Tuxtla Gutiérrez, Chiapas, el 16,17 y 18 de febrero de 2011. La Eurostat (Statistical Office of European Communities), creada en 1953, es la oficina de estadísticas de la Comunidad Europea que produce datos sobre la Unión Europea y promueve la armonización de los métodos estadísticos de sus estados miembros. La Eurostat ha desarrollado una serie de criterios que tiene como finalidad homologar las interpretaciones contables respecto a los activos (pasivos) que son generados como consecuencia de la ejecución de contratos de Asociación Público Privada (APP). Esta presentación tiene como fin analizar la Normas de Eurostat y el Modelo PFI (Private Finance Initiative) adoptado en el Reino Unido. En cuanto a este país europeo, se resaltan algunos casos de estudio que han sido exitosos utilizando este enfoque de inversión. |
| Date: | 2011–02 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11918&r=cis |
| By: | Muhammad, Shahbaz; Nuno, Carlos Leitão; Summaira, Malik |
| Abstract: | The aim of present paper is to examine the role of financial development on FDI-Growth nexus using annual data over the period of 1975-2008. The results show that financial development is playing its role well but not satisfactory. This study will provide new guidelines for policy making authorities for Portuguese's economy. The manuscript applies the unrestricted error correction model (ECM) estimator advanced by Inder (1993) while ARDL bounds testing approach is employed to find cointegration among variables. Stationarity issue is investigated by Ng-Perron unit root test. The results show that financial development stimulates economic growth for the case of Portugal. Foreign direct investment also good promoter of economic growth while investment in public capital stock is contributing more as compared to financial development and foreign direct investment. Inflation declines economic growth. |
| Keywords: | Foreign Direct Investment; Growth; Cointegration; Portugal |
| JEL: | B22 |
| Date: | 2011–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34226&r=cis |
| By: | Antoci, Angelo; Sabatini, Fabio; Sodini, Mauro |
| Abstract: | The objective of this paper is to theoretically analyze how human interaction may evolve in a world characterized by the explosion of online networking and other Web-mediated ways of building and nurturing relationships. The analysis shows that online networking yields a storage mechanism through which any individual contribution - e.g. a blog post, a comment, or a photo - is stored within a particular network and ready for virtual access by each member who connects to the network. When someone provides feedback, for example by commenting on a note, or by replying to a message, the interaction is finalized. These interactions are asynchronous, i.e. they allow individuals to relate in different moments, whenever they have time to. When the social environment is poor of participation opportunities and/or the pressure on time increases (for example due to the need to increase the working time), the stock of information and ties stored in the Internet can help individuals to defend their sociability. |
| Keywords: | Internet; computer-mediated communication; online networking; Facebook; social networks; social capital |
| JEL: | O33 D83 Z13 D85 |
| Date: | 2011–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34232&r=cis |
| By: | Jürgen Eichberger (University of Heidelberg, Alfred-Weber-Institut für Wirtschaftswissenschaften); Klaus Rheinberger; Martin Summer |
| Abstract: | Credit risk models used in quantitative risk management treat credit risk analysis conceptually like a single person decision problem. From this perspective an exogenous source of risk drives the fundamental parameters of credit risk: probability of default, exposure at default and the recovery rate. In reality these parameters are the result of the interaction of many market participants: They are endogenous. The authors develop a general equilibrium model with endogenous credit risk that can be viewed as an extension of the capital asset pricing model. They analyze equilibrium prices of securities as well as equilibrium allocations in the presence of credit risk. The authors use the model to discuss the conceptual underpinnings of the approach to risk weight calibration for credit risk taken by the Basel Committee. JEL classification: G32, G33, G01, D52 |
| Keywords: | Credit Risk, Endogenous Risk, Systemic Risk, Banking Regulation |
| Date: | 2011–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:onb:oenbwp:172&r=cis |
| By: | Massimo Guidolin; Francesco Ravazzolo; Andrea Donato Tortora |
| Abstract: | This paper uses a multi-factor pricing model with time-varying risk exposures and premia to examine whether the 2003-2006 period has been characterized, as often claimed by a number of commentators and policymakers, by a substantial missprcing of publicly traded real estate assets (REITs). The estimation approach relies on Bayesian methods to model the latent process followed by risk exposures and idiosynchratic volatility. Our application to monthly, 1979-2009 U.S. data for stock, bond, and REIT returns shows that both market and real consumption growth risks are priced throughout the sample by the cross-section of asset returns. There is weak evidence at best of structural misspricing of REIT valuations during the 2003-2006 sample. Key words: REIT returns, Bayesian estimation, Structural instability, Stochastic volatility, Linear factor models. JEL codes: G11, C53. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:416&r=cis |
| By: | Yiting Li; Guillaume Rocheteau; Pierre-Olivier Weill |
| Abstract: | We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous upper bounds on the quantity of each asset that can be sold, or posted as collateral in the OTC market. Each endogenous, asset-specific, resalability constraint depends on the vulnerability of the asset to fraud, on the frequency of trade, and on the current and future prices of the asset. In equilibrium, the set of assets can be partitioned into three liquidity tiers, which differ in their resalability, their prices, their sensitivity to shocks, and their responses to policy interventions. The dependence of an asset's resalability on its price creates a pecuniary externality, which leads to the result that some policies commonly thought to improve liquidity can be welfare reducing. |
| JEL: | E41 E44 E5 E58 G1 G12 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17500&r=cis |
| By: | Giovanni Marin; Massimiliano Mazzanti; Anna Montini |
| Abstract: | We integrate input output and NAMEA tables for Spain and Italy in 1995, 2000 and 2005, in order to address the hot policy issue of sustainable consumption and production. A comparison of a production and consumption perspective may have relevant policy implications. We deal with the domestic technology assumption and primarily the aggregation bias that may result when calculating indirect emission using different sector aggregation in the analyses (e.g. 16, 32, 50). Extended Input output analysis provides analyses of the emissions embodied in domestic consumption and domestic production by considering the structure of intermediate inputs and environmental efficiency in each production sector. Our empirical findings show that different sectoral aggregation significantly biases the amount of emissions both for the consumption and the production perspective, though differently in the two countries. Italy surprisingly show consumption/production ratios around or lower than one, but in line with some major work at EU level. Our results thus suggest that special attention must be paid when interpreting the EE-IOA of country estimated amounts of embodied emissions, both in domestic final demand and those directly associated with the production sectors when the sectoral aggregation level has a low definition as considered in some recent similar studies. |
| Keywords: | NAMEA, extended input output, sustainable consumption and production, aggregation bias, final demand |
| JEL: | Q53 Q56 D57 F18 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1109&r=cis |
| By: | Kieron Meagher |
| Abstract: | In Hotelling style duopoly location games the product variety (or firm locations) is typically not socially optimal. This occurs because the competitive outcome is driven by the density of consumers at the margin while the socially optimal outcome depends on the whole distribution of consumer locations/tastes. We consider a natural extension of the standard model in which firms are imperfectly informed about the distribution of consumers, in particular firms are uncertain about the consumer mean. In the uniform case, as the aggregate uncertainty about the mean becomes large relative to the dispersion of consumers about the mean, competitive locations become socially optimal. A limit result on prices for discontinuous, log-concave densities shows the result will hold in a range of cases. |
| JEL: | C72 D43 D81 L10 L13 R30 R39 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:acb:cbeeco:2011-555&r=cis |
| By: | Andy Pike (CURDS, Newcastle University); Andrés Rodríguez-Pose (IMDEA Social Sciences Institute); John Tomaney (CURDS, Newcastle University); Gianpiero Torrisi (CURDS, Newcastle University); Vassilis Tselios (Monash University, Australia) |
| Abstract: | After a decade of devolution and amid uncertainties about its effects, it is timely to assess and reflect upon the evidence and enduring meaning of any 'economic dividend' of devolution in the UK. Taking an institutionalist and quantitative approach, this paper seeks to discern the nature and extent of any ‘economic dividend’ through a conceptual and empirical analysis of the relationships between spatial disparities, spatial economic policy and decentralisation. Situating the UK experience within its evolving historical context, we find: i) a varied and uneven nature of the relationships between regional disparities, spatial economic policy and decentralisation that change direction during specific time periods; ii) the role of national economic growth is pivotal in explaining spatial disparities and the nature and extent of their relationship with the particular forms of spatial economic policy and decentralisation deployed; and, iii) there is limited evidence that any ‘economic dividend’ of devolution has emerged but this remains difficult to discern because its likely effects are over-ridden by the role of national economic growth in decisively shaping the pattern of spatial disparities and in determining the scope and effects of spatial economic policy and decentralisation. |
| Keywords: | Economic Dividend; Devolution; Spatial Disparities; Spatial Economic Policy; Decentralisation; UK |
| Date: | 2011–10–14 |
| URL: | http://d.repec.org/n?u=RePEc:imd:wpaper:wp2011-18&r=cis |
| By: | Della Seta, M. (Universiteit van Tilburg) |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-4960699&r=cis |
| By: | Petrushchak, Bohdan |
| Abstract: | Проаналізовано концептуальні помилки багаторівневої сек’юритизації іпотечних кредитів та розглянуто роль рейтингових агенцій в оцінці ризику цінних паперів, забезпечених пулом іпотечних кредитів; The conceptual failures of multi-stage securitization of mortgage securities are analyzed and the role of rating agencies in context of mortgage-backed securities’ risk is considered. |
| Keywords: | Цінні папери; забезпечені пулом кредитів житлової та комерційної іпотеки; транш першої черги; акціонерний транш; фінансові інновації; moragage-backed securities; residential and commercial mortgage-backed securities; collaterized debt obligations; senior-tranche; equity-tranche; financial innovation |
| JEL: | D81 G11 G21 |
| Date: | 2011–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33999&r=cis |
| By: | Noussair, Charles; van Soest, Daan; Stoop, Jan |
| Abstract: | We report a framed field experiment, in which we study the effectiveness of punishment and reward in sustaining cooperation in a social dilemma. Punishments tend to be directed at non-cooperators and rewards are assigned by those who are relatively cooperative. In contrast to the results typically found in laboratory experiments, however, we find that punishments and rewards fail to increase cooperation. |
| Keywords: | Field experiment; public goods game; social preferences; punishment; reward |
| JEL: | C92 C93 C72 |
| Date: | 2011–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34067&r=cis |
| By: | Giulio Cainelli; Massimiliano Mazzanti; Sandro Montresor |
| Abstract: | This paper investigates the drivers of the environmental innovations (EI) introduced by firms in local production systems (LPS). The role of firm network relationships, agglomeration economies and internationalization strategies is analysed for a sample of 555 firms in the Emilia-Romagna region, North-East of Italy. Cooperating with 'qualified' local actors - i.e. universities and suppliers - is the most important driver of EI for most firms, along with their training policies and IT innovations. The role of agglomeration economies is less clear and seems to depend on the EI propensity of more locally oriented firms playing in industrial district areas, which might even turn agglomeration economies into dis-economies. Networking effects and agglomeration economies are instead found to strongly promote the adoption of EI by multinational firms, thus highlighting the importance of local-global interactions. We provide some interesting findings for particular kinds of challenging EI in such fields as CO2 abatement and ISO labelling, generally extending the analysis of EI drivers by joining local and international factors. |
| Keywords: | Eco-innovation, foreign ownership, networking, district, agglomeration economics, local production systems |
| JEL: | C21 L60 O13 O30 Q20 Q58 F23 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpol:1108&r=cis |
| By: | Paige Ouimet; Rebecca Zarutskie |
| Abstract: | We present evidence that some firms pursue M&A activity with the objective of obtaining a larger workforce. Firms most likely to be acquired for their large labor force, firms with the largest ex ante employment, are associated with more positive post-merger employment outcomes. Moreover, we find this relation is strongest when acquiring labor outside of an M&A is likely to be most difficult, due to tight labor conditions, or most valuable, in high human capital industries. We further find that high employment target firms are associated with relatively greater post-merger wage increases and lower post-merger employee turnover. We find no evidence that the positive relation between target ex ante employment and ex post employment change is driven by target asset size, market capitalization, industry, profitability or acquirer characteristics. Our findings do not exclude the possibility that a different subset of M&A activity may be motivated to penalize managers who have tolerated over-employment. Indeed, we find evidence consistent with this disciplinary motivation when considering acquisitions of targets in declining industries. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:11-32&r=cis |
| By: | Tadesse, Tasew |
| Abstract: | Abstract The study has examined the impact of foreign aid on investment and economic growth in Ethiopia over the period 1970 to 2009 using multivariate cointegration analysis. The empirical result from the investment equation shows that aid has a significant positive impact on investment in the long run. On the other hand, volatility of aid by creating uncertainty in the flow of aid has a negative influence on domestic capital formation activity. Foreign aid is effective in enhancing growth. However, the aid-policy interaction term has produced a significant negative effect on growth implying that bad policies can constrain aid effectiveness. The growth equation further revealed that rainfall variability has a significant negative impact on economic growth as the economy. This study indicated also that the country has no problem of capacity constraint as to the flow of foreign aid. |
| Keywords: | foreign aid; policy; economic growth; cointegration; VECM; Ethiopia |
| JEL: | F35 C22 F43 |
| Date: | 2011–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:33953&r=cis |
| By: | Montserrat Guillén (Departament d'Econometria, Estadística i Economia Espanyola. RFA-IREA. University of Barcelona. Spain); Ana María Pérez-Marín (Departament d'Econometria, Estadística i Economia Espanyola. RFA-IREA. University of Barcelona. Spain); Montserrat Guillén (Departament d'Econometria, Estadística i Economia Espanyola. RFA-IREA. University of Barcelona. Spain) |
| Abstract: | This article focuses on business risk management in the insurance industry. A methodology for estimating the profit loss caused by each customer in the portfolio due to policy cancellation is proposed. Using data from a European insurance company, customer behaviour over time is analyzed in order to estimate the probability of policy cancelation and the resulting potential profit loss due to cancellation. Customers may have up to two different lines of business contracts: motor insurance and other diverse insurance (such as, home contents, life or accident insurance). Implications for understanding customer cancellation behaviour as the core of business risk management are outlined. |
| Keywords: | Policy cancellation, customer loyalty, profit loss, customer behavior. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:xrp:wpaper:xreap2011-13&r=cis |
| By: | Rena M. Conti; Haiden A. Huskamp; Ernst R. Berndt |
| Abstract: | The US Food and Drug Administration (FDA) expends considerable efforts in regulating medications approved for use. Yet the impact of medication labeling changes on brand pharmaceutical products, and whether and what firms do to respond to increased information regarding the safety and efficacy of a drug, have not be characterized. We propose a behavioral framework for examining the effects of FDA advisories on branded pharmaceutical firms and their products. We empirically assess the impact of recent FDA advisories on the stock market valuations of a sample of branded pharmaceutical manufacturing firms using event study methods. We examine whether and how branded pharmaceutical manufacturers respond to an advisory by assessing changes in promotion compared to non-affected firms. We find firms targeted by an advisory have average stock price declines of 3% in three days and 11% in five days following the advisory release, and in turn appear to decrease total physician-directed promotion spending, journals ads and detailing visits significantly six months following the advisory release; the provision of free samples is unaffected. We find no changes among therapeutic substitutes unaffected by the advisory. Results of sensitivity analyses suggest firms with market dominant positions experience similar decreases in stock market valuations and physician-directed promotion compared to pooled results. The results are also robust to alternative definitions of the timing of advisory release dates and the severity of advisories’ wording. Theory and empirical results suggest the public release of FDA advisories negatively impacts firm’s short-term market valuations. The results suggest an additional rationale for previously documented declines in prescribing after FDA advisory releases – significant declines in physician-directed promotion following FDA advisory releases; the combined (and likely correlated) effects of the release of the advisory and declines in physician-directed promotion on prescribing behavior are likely larger than the sum of the independent effects. |
| JEL: | D43 I11 I18 K23 L1 L11 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17528&r=cis |
| By: | Carlo Pietrobelli; Roberta Rabellotti |
| Abstract: | This paper addresses two research questions: How do learning mechanisms operate in different types of global value chains? What is the supporting role of the innovation system in GVC-driven learning and innovation processes? Empirical evidence is used from the authors' research as well as secondary sources. Given the highly differentiated reality behind the sketchy and simplistic term "developing countries," the paper focuses on a particular group of middle-income developing countries: Brazil, Taiwan and Mexico. |
| Keywords: | Rural & Urban Development :: Public Utilities, Financial Sector, Global Value Chains, Innovation Systems, Governance, Foreign Direct Investment, Learning, Upgrading, Productivity |
| JEL: | F23 O14 O33 |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11098&r=cis |
| By: | Jürgen Faik |
| Abstract: | The discussion paper examines sensitivity influences on the German personal income distribution in a time-series perspective and in a methodically broad manner. The author spins on the following “adjusting screws” of distributional analyses: (1) different kinds of equivalence scales, (2) different demarcations of income areas (in the sense of social classes), (3) different inequality indicators, and (4) different income operationalisations. Furthermore, the new approach related to measuring income inequality, which is presented in the paper and which incorporates variable equivalence scales, is applied to socio-demographic stratification in Germany to exemplarily demonstrate the power of this new approach. All in all, the analyses of the paper point to the necessity of a rigorous methodological foundation of distributional studies, especially concerning the selection of a set of (preferably variable) equivalence scales, the choice of the inequality indicator, and – not least – of the income variable. This paper refers to data from the German Socio-Economic Panel (1995-2009) in contrast to FaMa discussion paper 6/2010 which partly was similar to this paper but methodologically less elaborated; the last-mentioned paper was related to the German Income and Consumption Surveys (“Einkommens- und Verbrauchsstichproben”) 1993-2003. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp401&r=cis |
| By: | Noriaki Matsushima; Fumitoshi Mizutani |
| Abstract: | We provide a theoretical framework to discuss the relation between market size and vertical structure in the railway industry. The framework is based on a simple downstream monopoly model with two input suppliers, labor forces and the rail infrastructure firm. The operation of the downstream firm (i.e., the train operating firm) generates costs on the rail infrastructure firm. We show that the downstream firm with a larger market size is more likely to integrate with the rail infrastructure firm. This is consistent with the phenomenon in the railway industry. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:dpr:wpaper:0820&r=cis |
| By: | Jonathan Chiu; Cesaire Meh; Randall Wright |
| Abstract: | The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We characterize optimal policies to subsidize research and trade in ideas, given both knowledge and search externalities. We discuss the roles of liquidity and financial institutions, and show two ways in which intermediation can enhance efficiency and innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain bargaining problems, by allowing entrepreneurs to undo otherwise sunk investments in liquidity. We also discuss some evidence, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations. |
| JEL: | O12 O16 O3 O31 O33 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17512&r=cis |
| By: | Robert A. Pollak |
| Abstract: | In an efficient household if the spouses' time inputs are perfect substitutes, then spouses will “specialize" regardless of their preferences and the governance structure. That is, both spouses will not allocate time to both household production and the market sector. The perfect substitutes assumption implies that spouses' "unilateral" production functions (i.e., the household production function when only one spouse allocates time to home production) are closely related, satisfying a highly restrictive condition that I call "compatibility." I introduce the “correspondence assumption,” which postulates that the unilateral production functions in a newly formed household coincide with individuals’ production functions before they enter marriage. The correspondence assumption provides a plausible account of the genesis of household technology and simplifies its estimation. I introduce the "additivity assumption” which postulates that the household production function is the sum of the spouses' unilateral production functions and argue that additivity is implicit in much of the new home economics. Together, the correspondence and additivity assumptions imply that individuals’ technologies reveal the entire household technology. I show that perfect substitutes, additivity and concavity imply that the household production function is of the same form as the unilateral production functions, exhibits constant returns to scale, and depends on the spouses' total time inputs, measured in efficiency units. |
| JEL: | D13 J22 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17529&r=cis |
| By: | Robert E. Lucas, Jr.; Benjamin Moll |
| Abstract: | We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have, and interacting with others in search of new, productivity-increasing ideas. These choices jointly determine the economy’s current production level and its rate of learning and real growth. Individuals’ time allocation decisions depend on the knowledge distribution because the productivity levels of others determine their own chances of improving their productivities through search. The time allocations of everyone in the economy in turn determine the evolution of its knowledge distribution. We construct the balanced growth path for this economy, thereby obtaining a theory of endogenous growth that captures in a tractable way the social nature of knowledge creation. We also study the allocation chosen by an idealized planner who takes into account and internalizes the external benefits of search, and tax structures that implement an optimal solution. Finally, we provide two examples of alternative learning technologies, as concrete illustrations of other directions that might be pursued. |
| JEL: | O0 O15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17495&r=cis |
| By: | Steve Gibbons; Henry G. Overman |
| Abstract: | This policy note spells out lessons for rural policy that emerge from recent SERC research. It summarises a SERC policy paper available at http://www.spatialeconomics.ac.uk/texton ly/SERC/publications/download/sercpp008. pdf |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercpp:009&r=cis |
| By: | Alan Barreca; Price V. Fishback; Shawn Kantor |
| Abstract: | The Agricultural Adjustment Act (AAA) caused a population shift in the United States in the 1930s. Evaluating the effects of the AAA on the incidence of malaria can therefore offer important lessons regarding the broader consequences of demographic changes. Using a quasi-first difference model and a robust set of controls, we find a negative association between AAA expenditures and malaria death rates at the county level. Further, we find the AAA caused relatively low-income groups to migrate from counties with high-risk malaria ecologies. These results suggest that the AAA-induced migration played an important role in the reduction of malaria. |
| JEL: | H3 H51 N32 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17526&r=cis |
| By: | Lefèvre, Mélanie; Tharakan, Joe |
| Abstract: | Transport costs play a key role in agricultural markets in developing countries and are one of the causes of poverty amongst farmers that are geographically isolated. Another characteristic of agricultural markets is that they often involve interlinked transactions. However, the existing theoretical literature on interlinked transactions does not take into account the existence of transport costs. This paper develops a model of input-output interlinked contracts between geographically dispersed farmers and a trader, whether this trader is for-profit or non-profit. We derive implications of imposing either uniform or mill pricing policies, as opposed to spatial price discrimination. Impact on profit, farmers' income, level of production, social welfare and regional disparities are investigated. |
| Keywords: | Rural development; spatial pricing; transportation |
| JEL: | O18 R32 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8615&r=cis |
| By: | Nakanishi, Yasuo |
| Abstract: | This article presents an empirical investigation of the role of IT（Information Technology）capital in the Japanese macroeconomy, with a particular focus on the adjustment of IT capital stock. We use the Translog model in this study and treat IT capital as the only quasi-fixed factor. We found that the shadow price of IT capital was largely decreased, and that there was a significant difference in the shadow prices between the beginning of the measurement periods and in recent years. There was also a high investment incentive in most periods. We found evidence for the contribution of IT capital to labor productivity, and our findings are consistent with the proposition that IT capital contributes to output growth. |
| Keywords: | IT capital; Translog model; productivity |
| JEL: | D21 O33 D24 |
| Date: | 2011–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34178&r=cis |
| By: | Massimo Guidolin; Francesca Rinaldi |
| Abstract: | Empirical research suggests that investors’ behavior is not well described by the traditional paradigm of (subjective) expected utility maximization under rational expectations. A literature has arisen that models agents whose choices are consistent with models that are less restrictive than the standard subjective expected utility framework. In this paper we survey the literature that has explored the implications of decision-making under ambiguity for financial market outcomes, such as portfolio choice and equilibrium asset prices. We conclude that the ambiguity literature has led to a number of significant advances in our ability to rationalize empirical features of asset returns and portfolio decisions, such as the failure of the two-fund separation theorem in portfolio decisions, the modest exposure to risky securities observed for a majority of investors, the home equity preference in international portfolio diversification, the excess volatility of asset returns, the equity premium and the risk-free r ate puzzles, and the occurrence of trading break-downs. JEL codes: G10, G18, D81. Keywords: ambiguity, ambiguity-aversion, participation, liquidity, asset pricing.By Massimo Guidolin, Francesca Rinaldi |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:417&r=cis |
| By: | Eijffinger, Sylvester C W; Nijskens, Rob |
| Abstract: | During the recent financial crisis, central banks have provided liquidity and governments have set up rescue programmes to restore confidence and stability, often against the LLR principle advocated by Bagehot. Using a model of a systemic bank suffering from liquidity shocks, we find that the unregulated bank keeps too much liquidity and monitors too little. A central bank can alleviate the liquidity problem, but induces moral hazard. Therefore, we introduce an additional authority that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This authority faces a trade-off: demanding a fixed premium increases investment but worsens moral hazard. Request for an equity claim by the fiscal authority reduces excessive risk taking at the expense of investment. This resembles the current situation on financial markets, in which banks take less risk but also provide less credit to the economy |
| Keywords: | Bailout; Bank Regulation; Capital; Lender of Last Resort; Liquidity |
| JEL: | E58 G21 G28 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8603&r=cis |
| By: | Amit K. Khandelwal; Peter K. Schott; Shang-Jin Wei |
| Abstract: | If trade barriers are managed by inefficient institutions, trade liberalization can lead to greater-than-expected gains. We examine Chinese textile and clothing exports before and after the elimination of externally imposed export quotas. We find that the surge in export value and decline in export prices following quota removal is driven by net entry, and show that this dominance is inconsistent with use of a productivity-based allocation of quota licenses by the Chinese government. Our counterfactual implies that elimination of misallocated quotas raised the overall productivity gain of quota removal by 28 percent. |
| JEL: | F1 O1 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:17524&r=cis |
| By: | Erick Gong |
| Abstract: | Using data from a study that randomly assigns offers of HIV testing in two urban centers in East Africa, I examine the effects of testing, taking into account people's beliefs of their HIV status prior to testing. I objectively measure risky sexual behavior using sexually transmitted infections (ÒSTIsÓ) contracted during the 6 month study as proxies. Individuals surprised by an HIV-positive test are over nine times more likely to contract an STI indicating an increase in risky sexual behavior. Individuals surprised by an HIV-negative test are 84% less likely to contract an STI indicating a decrease in risky sexual behavior. Using these estimates, I simulate the effects of testing on new HIV infections. I find the overall number of HIV infections increases by 30% when people are tested compared to when they are unaware of their status - an unintended consequence of testing. |
| Keywords: | HIV/AIDS; risk behavior; information; beliefs |
| JEL: | D84 I18 O12 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:mdl:mdlpap:1101&r=cis |
| By: | Stefan Dercon; John Hoddinott; Tassew Woldehanna |
| Abstract: | What keeps some people persistently poor, even in the context of relative high growth? In this paper, we explore this question using a 15-year longitudinal data set from Ethiopia. We compare the findings of an empirical growth model with those derived from a model of the determinants of chronic poverty. We ask whether the chronically poor are simply not benefiting in the same way from the same factors that allowed others to escape poverty, or whether there are latent factors that leave them behind? We find that this chronic poverty is associated with several initial characteristics: lack of physical assets, education, and ‘remoteness’ in terms of distance to towns or poor roads. The chronically poor appear to benefit from some of the drivers of growth, such as better roads or extension services in much the same way that the non-chronically poor benefit. However, they appear to have lower growth in this period, related to time-invariant characteristics, and this suggests that they face a considerable growth and standard of living handicap. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2011-18&r=cis |
| By: | Seiji Ikkatai (Graduate School of Education, Kyoto University); Katsuhiko Hori (Institute of Economic Research, Kyoto University); Ikuma Kurita (Institute of Economic Research, Kyoto University) |
| Abstract: | This paper reports the results of interviews with four Polish companies. The results of the interviews shows that Polish companies tend to evaluate the effects of the introduction of EU ETS in 2005 positively: it provided an alternative view that they need considering environment in their business, and that they had much useful information for the improvement of energy losses by measuring it to verify the amount of emissions. However, there are also several negative claims to the EU ETS: auction adopted in the EU ETS from 2013 not only requires purchasing allowances, but also increases production cost due to the rise in the electricity price. Moreover, some of them are concerned that the competitiveness of Poland might be weakened, since it deeply depends on coal. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:786&r=cis |
| By: | Dam, E.R. van (Universiteit van Tilburg); Haemers, W.H. (Universiteit van Tilburg) |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-4578529&r=cis |
| By: | Giacomini, Raffaella; Ragusa, Giuseppe |
| Abstract: | We propose a method for modifying a given density forecast in a way that incorporates the information contained in theory-based moment conditions. An example is "improving" the forecasts from atheoretical econometric models, such as factor models or Bayesian VARs, by ensuring that they satisfy theoretical restrictions given for example by Euler equations or Taylor rules. The method yields a new density (and thus point-) forecast which has a simple and convenient analytical expression and which by construction satisfies the theoretical restrictions. The method is flexible and can be used in the realistic situation in which economic theory does not specify a likelihood for the variables of interest, and thus cannot be readily used for forecasting. |
| Keywords: | Bayesian VAR; Euler conditions; Exponential tilting; Forecast comparisons |
| JEL: | C53 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8604&r=cis |
| By: | Van Biesebroeck, Johannes; Zhang, Lijun |
| Abstract: | We analyze a firm that produces a final good from multiple intermediates that can each be sourced domestically or from a low-wage country. The model explicitly incorporates that sourcing decisions of intermediates are interdependent. Equilibrium predictions depend crucially on a key modeling assumption--the nature of the trade friction that foreign production has to overcome. If production abroad involves a fixed cost, offshoring one intermediate unambiguously facilitates offshoring of other intermediates. However, if production abroad involves incomplete contracts, offshoring one intermediate almost always makes it more difficult to offshore others. We illustrate that the pattern in prices at which successive automotive parts are imported into the U.S. accords better with the predictions of the incomplete contracting model, except for a few countries with the best governance indicators. |
| Keywords: | FDI; Outsourcing; property rights |
| JEL: | D23 F12 L23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8614&r=cis |
| By: | Karol Jan BOROWIECKI (Department of Economics, Trinity College Dublin); John W. O'HAGAN (Department of Economics, Trinity College Dublin) |
| Abstract: | The purpose of this paper is to demonstrate the potential for generating interesting aggregate data on certain aspect of the lives of thousands of composers, and indeed other creative groups, from large on-line dictionaries and to be able to do so relatively quickly. A purpose-built java application that automatically extracts and processes information was developed to generate data on the birth location, occupations and importance (using word count methods) of over 12,000 composers over six centuries. Quantitative measures of the relative importance of different types of music and of the different music instruments over the centuries were also generated. Finally quantitative indicators of the importance of different cities over the different centuries in the lives of these composers are constructed. A range of interesting findings emerge in relation to all of these aspects of the lives of composers, which might provide insight and productive lines of enquiry for further work as to why certain composers were so successful in different historical periods. |
| Keywords: | cliometrics, data collection, geographic concentration, creative individual |
| JEL: | O15 N01 N90 Z11 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:tcd:tcduee:tep1411&r=cis |
| By: | Dam, E.R. van (Universiteit van Tilburg); Omidi, G.R. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-5013966&r=cis |
| By: | Chauvet, Marcelle; Senyuz, Zeynep; Yoldas, Emre |
| Abstract: | This paper provides an extensive analysis of the predictive ability of financial volatility measures for economic activity. We construct monthly measures of aggregated and industry-level stock volatility, and bond market volatility from daily returns. We model log financial volatility as composed of a long-run component that is common across all series, and a short-run component. If volatility has components, volatility proxies are characterized by large measurement error, which veils analysis of their fundamental information and relationship with the economy. We find that there are substantial gains from using the long term component of the volatility measures for linearly projecting future economic activity, as well as for forecasting business cycle turning points. When we allow for asymmetry in the long-run volatility component, we find that it provides early signals of upcoming recessions. In a real-time out-of-sample analysis of the last recession, we find that these signals are concomitant with the first signs of distress in the financial markets due to problems in the housing sector around mid-2007 and the implied chronology is consistent with the crisis timeline. |
| Keywords: | Realized Volatility; Business Cycles; Forecasting; Dynamic Factor Models; Markov Switching |
| JEL: | C32 E32 E44 |
| Date: | 2010–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34104&r=cis |
| By: | Birkeland, Sigbjørn (Dept. of Economics, Norwegian School of Economics and Business Administration); Cappelen, Alexander W. (Dept. of Economics, Norwegian School of Economics and Business Administration); Sørensen, Erik Ø. (Dept. of Economics, Norwegian School of Economics and Business Administration); Tungodden, Bertil (Dept. of Economics, Norwegian School of Economics and Business Administration) |
| Abstract: | This paper studies the pro-social preferences of criminals by comparing the behavior of a group of prisoners in a lab experiment with the behavior of a benchmark group recruited from the general population. We find a striking similarity in the importance the two groups attach to pro-social preferences in both in strategic and non-strategic situations. This result also holds when the two groups interact. Data from a large internet experiment,matched with official criminal records, suggest that our main finding from the lab experiment is not influenced by the additional scrutiny experienced by participants in prison. |
| Keywords: | Pro-social preferences; Criminals; Lab experiment |
| JEL: | C91 D63 K40 |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2011_015&r=cis |
| By: | Kind, Hans Jarle (Dept. of Economics, Norwegian School of Economics and Business Administration); Schjelderup, Guttorm (Dept. of Economics, Norwegian School of Economics and Business Administration); Stähler, Frank (University of Würzburg) |
| Abstract: | Many countries levy reduced-rate indirect taxes on newspapers, with proclaimed policy goals of stimulating investment in journalism and ensuring low newspaper prices. However, by taking into account the fact that the media industry operates in two-sided markets, we find the paradoxical result that the consequences of a low-tax regime might be quite the opposite; low investments and high prices. We also show that the low-tax regime tends to increase newspaper differentiation. If the advertising market is relatively small, the newspapers might invest too little in journalism and be too differentiated from a social point of view. In this case a tax increase will be welfare-enhancing. |
| Keywords: | Two-sided markets; ad-valorem taxes. |
| JEL: | D43 H21 H22 L13 |
| Date: | 2011–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2011_016&r=cis |
| By: | CHAGAS LOPES, MARGARIDA; LEAO FERNANDES , GRAÇA |
| Abstract: | Abstract Failure in Higher Education (HE) is the outcome of multiple time-dependent determinants. Interruptions in student’s individual school trajectories are one of them and that’s why research on this topic has been attracting much attention these days. From an individual point of view, it is expected that interruptions in school trajectory, whatever the reason, influence success in undergraduate programs either this success is measured by time required to obtain a degree, the scores obtained in some more “critical” subjects in these programs or the number of enrolment registrations. Nevertheless, performing a paid job during interruption may in given circumstances positively affect academic success on account of the combination between learning and occupational experience The study of interruptions’ impact on failure in HE is also important to help Education institutions at all grades to think about changes in organisational procedures, class timetables, syllabuses contents or teachers recruitment and training in order to fight this problem. From a social and political point of view, interruptions are also a matter of concern since failure in HE affects individual’s lifelong learning opportunities, distort public funding allocation efficiency to HE institutions and create lag effects in the desired/planned outcomes of HE production functions. So, research on the impact of interruptions on failure in HE is important to support policy measures definition related to the articulation between Upper Secondary and HE programs. In previous research we have shed some light into the determinants of failure in 1st year of HE studies using longitudinal data on ISEG’s undergraduate students. A further insight into this database revealed the existence of a meaningful number of students with interruptions in their school trajectories either in the transition from Upper Secondary to HE or within HE programs. In this paper our major concern is to find some evidence on interruptions effects on HE failure among ISEG students using a life cycle approach with control group. We are interested in knowing whether the above mentioned effects are gender and/or specific graduation program neutral. We also want to search if work experience may counter balance the effect of interruption on academic success. We hope to be able to derive some useful recommendations to address policy making in the fields of pedagogic methodologies in HE, articulation between academic and occupational learning in the framework of Bologna Chart and public funding/fellowship policies in HE. |
| Keywords: | Key words: Portuguese Higher Education; Interruption; Failure; Adult Students; Bologna Chart; Policy Implications |
| JEL: | A23 I23 |
| Date: | 2011–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34227&r=cis |
| By: | Steve Gibbons; Henry G. Overman |
| Abstract: | This policy paper is concerned with rural policy. It spells out the lessons for rural policy that emerge from recent SERC research. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercpp:008&r=cis |
| By: | Max Nathan |
| Abstract: | Ethnic inventors play important roles in US innovation systems, especially in high-tech regions like Silicon Valley. Do 'ethnicity-innovation' channels exist elsewhere? This paper investigates, using a new panel of UK patents microdata. In theory, ethnicity might affect positively innovation via 'star' migrants, network externalities from co-ethnic groups, or production complementarities from diverse inventor communities. I use the novel ONOMAP name classification system to identify ethnic inventors. Controlling for individuals' human capital, I find small positive effects of South Asian and Southern European co-ethnic group membership on individual patenting. The overall diversity of inventor communities also helps raise individual inventors' productivity. I find no hard evidence that ethnic inventors crowd out patenting by majority groups. |
| Keywords: | ethnic inventors, innovation, patents, cultural diversity, diasporas, cities |
| JEL: | J15 J24 J61 M13 O3 R11 R23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sercdp:0092&r=cis |
| By: | Gary S. Shea |
| Abstract: | In 1720, subscription finance and its attendant financial policies were highly successful for the Royal African Company. The values of subscription shares are easily understandable using standard elements of derivative security pricing theory. Sophisticated provision for protection of shareholder wealth made subscription finance successful; its parallels with modern innovated securities are demonstrated. A majority of Company shareholders participated in the re-financing, but could provide only a small portion of the new equity required. The re-financing attracted to the subscription an investment class that was strongly composed of parliamentary and aristocratic elements, but appeared to be only weakly attractive to persons who had already invested in the East India Company and was not attractive at all to Bank of England investors or to those persons who were investing in newly created marine insurance companies. Subsequent trade in subscription shares was more intense than was other share trading during the South Sea Bubble, but the trade was only lightly served by financial intermediaries. Professional financial intermediaries did not form densely connected networks of trade that were the hallmarks of Bank of England and East India Company share trading. The re-financing launched an only briefly successful revival of the Company¡¯s slave trade. |
| Keywords: | South Sea Company; South Sea Bubble; goldsmith bankers; subscription shares; call options; derivatives; installment receipts; innovated securities; networks. |
| JEL: | N23 G13 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:san:cdmawp:1114&r=cis |