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on Central and Western Asia |
| By: | Toole, Andrew; Low, Sarah |
| Keywords: | patent, regional development, inventors, Community/Rural/Urban Development, R11, |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea13:149013&r=cwa |
| By: | Franken, Jason R.V.; Cook, Michael L. |
| Abstract: | Limited inquiry into cooperative governance and performance suggests that best practices from corporate governance literature may not apply uniformly to cooperatives. The rarely addressed issue of endogeneity limits confidence in recommendations for corporations and cooperatives alike. By accounting for the most commonly recognized sources of endogeneity, expectations of better performance by larger cooperatives with smaller boards are confirmed, while mixed evidence is obtained on effects of seating outside experts on the board and the board’s share of equity. A comprehensive understanding of implications of governance choices requires consideration of trade-offs between financial performance and effectively serving other needs of patron-members. |
| Keywords: | Boards of directors, Cooperatives, Corporate governance, Endogeneity, Performance, Agribusiness, Q13, |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea13:149420&r=cwa |
| By: | Collart, Alba J.; Palma, Marco A. |
| Keywords: | Research Methods/ Statistical Methods, |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea13:149484&r=cwa |
| By: | M. Bigoni; S. Bortolotti; M. Casari; D. Gambetta; F. Pancotto |
| Abstract: | Socio-economic performance differs not only across countries but within countries too and can persist even after religion, language, and formal institutions are long shared. One interpretation of these disparities is that successful regions are characterized by higher levels of trust, and, more generally, of cooperation. Here we study a classic case of within-country disparities, the Italian North-South divide, to find out whether people exhibit geographically distinct abilities to cooperate independently of many other factors and whence these differences emerge. Through an experiment in four Italian cities, we study the behavior of a sample of the general population toward trust and contributions to the common good. We find that trust and contributions vary in unison, and diminish moving from North to South. This regional gap cannot be attributed to payoffs from cooperation or to institutions, formal or informal, that may vary across Italy, as the experimental methodology silences their impact. The gap is also independent of risk and other-regarding preferences which we measure experimentally, suggesting that the lower ability to cooperate we find in the South is not due to individual \moral" flaws. The gap could originate from emergent collective properties, such as different social norms and the expectations they engender. The absence of convergence in behavior during the last 150 years, since Italy was unified, further suggests that these norms can persist overtime. Using a millennium-long dataset, we explore whether the quality of past political institutions and the frequency of wars could explain the emergence of these differences in norms. |
| JEL: | C90 D03 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp882&r=cwa |
| By: | AGRELL, Per (Université catholique de Louvain, CORE & Louvain School of Management, Belgium); BOGETOFT, Peter (Copenhagen Business School, Denmark) |
| Abstract: | Benchmarking methods, and in particular Data Envelopment Analysis (DEA), have become well-established and informative tools for economic regulation. DEA is now routinely used by European regulators to set reasonable revenue caps for energy transmission and distribution system operators. The application of benchmarking in regulation, however, requires specific steps in terms of data validation, model specification and outlier detection that are not systematically documented in open publications, leading to discussions about regulatory stability and economic feasibility of these techniques. In this paper, we review the modern foundations for frontier-based regulation and we discuss its actual use in several jurisdictions. |
| Keywords: | agency theory, regulation, energy networks |
| JEL: | Q40 L59 C51 C24 |
| Date: | 2013–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:cor:louvco:2013008&r=cwa |
| By: | Christian Gouriéroux (CREST and University of Toronto); Jean-Michel Zakoian (CREST and University Lille 3) |
| Abstract: | The linear mixed causal and noncausal autoregressive processes provide often a better fit to economic and financial time series than the standard causal linear autoregressive processes. By considering the example of the noncausal Cauchy autoregressive process, we show that it might be explained by the special associated nonlinear causal dynamics. Indeed, this causal dynamics can include unit root, bubble phenomena, or asymmetric cycles often observed on financial markets. The noncausal Cauchy autoregressive process provides a new modelling for explosive multiple bubbles and their transmission in a multivariate dynamic framework. We also explain why standard unit root tests will fail in detecting such explosive bubbles |
| Keywords: | Causal Innovation, Explosive Bubble, Noncausal Process, Unit Root, Bubble Cointegration |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:crs:wpaper:2013-04&r=cwa |
| By: | Michael McAleer (Erasmus University Rotterdam, The Netherlands; National Chung Hsing University, Taiwan); Juan-Angel Jimenez-Martin (Complutense University of Madrid, Spain); Teodosio Pérez-Amaral (Complutense University of Madrid, Spain) |
| Abstract: | The Basel II Accord requires that banks and other Authorized Deposit-taking Institutions (ADIs) communicate their daily risk forecasts to the appropriate monetary authorities at the beginning of each trading day, using one or more risk models to measure Value-at-Risk (VaR). The risk estimates of these models are used to determine capital requirements and associated capital costs of ADIs, depending in part on the number of previous violations, whereby realised losses exceed the estimated VaR. In this paper we define risk management in terms of choosing sensibly from a variety of risk models, discuss the selection of optimal risk models, consider combining alternative risk models, discuss the choice between a conservative and aggressive risk management strategy, and evaluate the effects of the Basel II Accord on risk management. We also examine how risk management strategies performed during the 2008-09 financial crisis, evaluate how the financial crisis affected risk management practices, forecasting VaR and daily capital charges, and discuss alternative policy recommendations, especially in light of the financial crisis. These issues are illustrated using Standard and Poor’s 500 Index, with an emphasis on how risk management practices were monitored and encouraged by the Basel II Accord regulations during the financial crisis. |
| Keywords: | Value-at-Risk (VaR), daily capital charges, exogenous and endogenous violations, violation penalties, optimizing strategy, risk forecasts, aggressive or conservative risk management strategies, Basel II Accord, financial crisis |
| JEL: | G32 G11 G17 C53 C22 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:2009039&r=cwa |
| By: | Daniela P. Stoycheva (IPC-IG) |
| Abstract: | Access to basic services is a universal human right, and access to a decent ?quality? of water, energy and food are key to sustainable human development. With them, people?s capabilities, opportunities and basic freedoms can expand exponentially. This interconnectedness between the quantity and quality of resources is expressed in the definition of energy access by the UN Secretary General in his declaration of 2012 as the International Year of Sustainable Energy for All and the launch of the Sustainable Energy for All (SEE4ALL) initiative. Defined as ?the physical availability of modern energy services, including electricity and improved end-use devices such as cookstoves, to meet basic human needs at affordable price? (Sustainable Energy for All, 2012), ?access? thus relates to more than availability; it also captures factors such as affordability and relevance. For poor people, this implies that the price of modern energy should be, to some extent, in line with their ability to pay and comparable to the cost and effort of accessing traditional fuels. (?) |
| Keywords: | Green Innovations: Reducing Energy Poverty and Inequitable Access |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:pbrief:24&r=cwa |
| By: | Giuditta De Prato (European Commission – JRC - IPTS); Daniel Nepelski (European Commission – JRC - IPTS) |
| Abstract: | A firm's decision to establish an R&D centre in a specific location creates externalities affecting other firms and, thus, a random distribution of location choices is unlikely. Expecting that the global distribution of R&D centres fulfils the criteria of a complex network, we apply social network analysis to study the locations of international R&D centres and the relationships between the countries owning and hosting them. We analyse the characteristics of the global R&D network and identify its core members. Further, we include network indices in an empirical analysis of the R&D internationalisation determinants. We find that a country's position in the network, which does not necessarily coincide with its geographical or cultural proximity to other countries, has a significant impact on the formation and intensity of R&D linkages between countries. We provide policy implications addressing the challenges emerging from the increasing internationalisation and network of R&D. |
| Keywords: | globalisation of innovation, location of R&D centres, network analysis, gravity model |
| JEL: | D8 O32 L23 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc79478&r=cwa |
| By: | Eamets, Raul (University of Tartu) |
| Abstract: | The purpose of the paper is to analyse how labour market and labour market institutions reacted during recent crises. In early 1990s Estonia introduced a set of rather unique policy options like currency board as a ground for monetary policy, low taxes, open foreign trade policy, low public sector debts, annually balanced state budget etc. These measures caused very limited options to implement both monetary and fiscal policy. Macroeconomic adjustment will take place in such situation through the labour market. In the case of Estonia, we can observe a very high labour market flexibility, which played a crucial role in recent economic recession. The measures taken included a reduction of nominal wages, working hours and redundancies among employees. This indicates that the traditional institutional factors that protect workers and also could decrease the flexibility of the labour market, such as labour market regulation, social protection and union activities, are not very well developed in Estonia and do not have a significant effect on the outcomes of the labour market. The labour market reform was launched in Estonia in 2009. The main idea of the New Employment contract was that the termination of employment relations became less expensive for employers. Although empirical evidence show that the Employment Contracts Act entered into force at a time when most lay-offs had already been effected. |
| Keywords: | labour policy, Estonian labour market, labour market flexibility, labour market and recession |
| JEL: | J08 J21 J50 J63 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp60&r=cwa |
| By: | Allison Hedley Dodd; Ronette Briefel; Charlotte Cabili; er Wilson; Mary Kay Crepinsek |
| Keywords: | child, overweight, sugar-sweetened beverages, racial/ethnic disparities |
| JEL: | I0 I1 |
| Date: | 2013–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:7761&r=cwa |
| By: | Keshari, Pradeep Kumar |
| Abstract: | Despite the implementation of economic reform measures, availability of cheap skilled and unskilled labour, good domestic demand and higher growth trend witnessed since 2003/04, India remains a marginal global player in the non-electrical machinery industry. The present status of the industry is unsatisfactory. It faces serious disadvantage while competing with the countries like China, which has developed strong presence in this industry. The industry is beset with many external and internal problems. Government of India may take important steps in creating level-playing field for the Indian manufacturers of machineries and equipments. Indian firms may attract FDI through MNEs with their potential to offer critical resources and assets, for developing additional capacities as well as for achieving global competitiveness in this industry. |
| Keywords: | Indian non-electrical machinery industry, economic reforms,FDI |
| JEL: | L64 |
| Date: | 2012–03–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43047&r=cwa |
| By: | Schilirò, Daniele |
| Abstract: | This contribution examines the major features of UAE’s economy, its factors of strengths, undelying also its critical aspects. Furthermore, the work focuses on the crucial factors that characterize a diversified knowledge economy and indicates the policies that the economy of the United Arab Emirates must pursue in order to improve its performance and be a competitive economy at a global level. In addition, the paper tries to single out the new business sectors for the diversification and the development of the UAE’s economy. |
| Keywords: | diversification; knowledge economy; institutions; innovation; development |
| JEL: | D83 J20 O11 O14 O31 O33 O38 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47089&r=cwa |
| By: | Amegashie, J. Atsu |
| Abstract: | A primary means of bureaucratic oversight is consumer complaints. Yet, this important control mechanism has received very little attention in the literature on corruption. I study a model of corruption with incomplete information in which consumers require a government service from officials who may be corrupt. A victim of corruption can report corrupt officials to higher-ranking officials (supervisors) who may be corrupt or honest. I find that social welfare may be non-monotonic in the proportion of honest supervisors. In some cases, an increase in the proportion of honest supervisors increases social welfare only if there is a critical mass of honest supervisors. Under certain conditions, there is, surprisingly, an equilibrium in which no one reports corruption regardless of the proportion of honest supervisors although all lower-ranking officials are corrupt. The analysis shows that using an increase in consumer complaints as a measure of the success of an anti-corruption campaign may be wrong because the consumers may benefit in other ways (e.g., a fall in the equilibrium bribe). I also fill a gap in the literature by endogenizing an official's decision to engage in "corruption with theft" or "corruption without theft" as defined by Shleifer and Vishny (1993) and use the model to shed light on recent anti-corruption initiatives such as the Punjab Citizen Feedback Model in Pakistan and a recent proposal by Kaushik Basu (2012). |
| Keywords: | bribes; consumer complaints; corruption with theft; corruption without theft; Bayesian equilibrium. |
| JEL: | H0 O1 O12 |
| Date: | 2013–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47215&r=cwa |
| By: | Peter Dawson |
| Abstract: | Courts require royalty rate calculations based on rigorous economic foundations. The licensing literature provides limited guidance for royalty rate determination, leaving appraisal report readers wanting a more tangible and objective lens through which to understand and judge the credibility of royalty rate analyses. This paper develops the standard, core model for calculating market royalty rates for intangible asset licenses where royalty rates are determined ex ante in the actual market, or ex post in a hypothetical market under a market value standard. The model forms a consistent basis for performing and evaluating licensing royalty appraisals. Not being distracted with the question of how to combine the input values when calculating a royalty rate, the court can focus on understanding and verifying an appraiser’s calculations of the input variable values. |
| Keywords: | royalty rate, licensing, intangible asset, intellectual property rights, technology, valuation, bargaining range, royalty base, Georgia Pacific factors |
| JEL: | D00 D40 D45 D46 D82 D86 K00 K34 L24 M20 O34 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:uct:alumni:2013-03&r=cwa |
| By: | Susanne Bärenthaler-Sieber (WIFO); Sandra Bilek-Steindl (WIFO); Christian Glocker (WIFO) |
| Abstract: | In this paper we present a new long-term database on monthly export and import series for 23 economies during 1921-2010 and its first empirical application. Using these data, we analyse the synchronised decline in foreign trade during the recession 2008-09 in a historical perspective. We investigate the following two research questions: First, we compare the degree of synchronisation of trade flows among the past major economic crises. Second, we investigate the synchronisation of the speed of the recovery after these recessions. In order to answer these questions we use both, descriptive statistics (like rolling correlations) and turning-point oriented measures (Bry-Boschan routine, Markov switching model). |
| Keywords: | Synchronisation, Trade collapse, Turning Points, Economic History |
| Date: | 2013–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:wfo:wpaper:y:2013:i:449&r=cwa |
| By: | Georgarakos, Dimitris; Haliassos, Michael; Pasini, Giacomo |
| Abstract: | Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We examine the role of social influences on debt culture, emanating from perceived average income of peers. Utilizing unique information from a household survey representative of the Dutch population, that circumvents the issue of defining the social circle, we consider collateralized, consumer, and informal loans. We find robust social effects on borrowing, especially among those who consider themselves poorer than their peers; and on indebtedness, suggesting a link to financial distress. We employ a number of approaches to rule out spurious associations and to handle correlated effects. -- |
| Keywords: | Household Finance,Household Debt,Social Interactions,Mortgages,Consumer Credit,Informal Loans |
| JEL: | G11 E21 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:201205&r=cwa |