|
on Efficiency and Productivity |
|
Issue of 2017‒04‒23
23 papers chosen by |
| By: | Lema, Tadesse Zenebe |
| Abstract: | This study evaluates the productivity change of the Ethiopian banking industry. For this purpose secondary data on input variables (interest expense, non-interest expense and deposit) and output variables (interest income, non-interest income and loan) are collected from the audited balance sheets and income statements of the banks under study. A Malmquist productivity index approach is employed to evaluate the productivity change of the Banks. The results of the study confirmed that; Abay bank, Construction and Business Bank and Commercial Bank of Ethiopia exhibited a productivity regress. For Abay Bank productivity regress is due to the technical change component while for Construction and Business bank and Commercial Bank of Ethiopia productivity regress is due to the efficiency change component. Thus, Abay bank should invest more on technological development and innovation while Construction and Business bank and Commercial Bank of Ethiopia should improve their resource use efficiency. The efficiency change component is split into pure technical efficiency component and scale efficiency component and the results revealed that Construction and Business bank and United bank exhibited productivity regress in the pure technical efficiency component while Construction and Business bank, Commercial bank of Ethiopia, Nib international bank and Wegagen bank exhibited productivity regress in the scale efficiency change component. Thus, Construction and Business bank and United bank should improve their managerial capacity and Construction and Business bank, Commercial Bank of Ethiopia, Nib international bank and Wegagen bank should adjust their scale of operation. |
| Keywords: | Productivity Change, Commercial Banks, Malmquist Productivity Index, Technical Efficiency Change, Technological Change |
| JEL: | D24 |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:77969&r=eff |
| By: | Isabel Narbón-Perpiñá (Department of Economics, Universitat Jaume I, Castellón, Spain); Mª Teresa Balaguer-Coll (Department of Accounting and Finance, Universitat Jaume I, Castellón, Spain); Marko Petrovic (LEE and Department of Economics, Universitat Jaume I, Castellón, Spain); Emili Tortosa-Ausina (IVIE and Department of Economics, Universitat Jaume I, Castellón, Spain) |
| Abstract: | We analyse overall cost efficiency in Spanish local governments during the crisis period (2008–2013). To this end, we first consider some of the most popular methods to evaluate local government efficiency, DEA (Data Envelopment Analysis) and FDH (Free Disposal Hull), as well as recent proposals, namely the order-m partial frontier and the non-parametric estimator proposed by Kneip, Simar and Wilson (2008), which are also non-parametric approaches. Second, we compare the methodologies used to measure efficiency. In contrast to previous literature, which has regularly compared techniques and made proposals for alternative methodologies, we follow recent proposals (Badunenko et al., 2012) with the aim of comparing the four methods and choosing the one which performs best with our particular dataset, that is, the most appropriate method for measuring local government cost efficiency in Spain. We carry out the experiment via Monte Carlo simulations and discuss the relative performance of the efficiency scores under various scenarios. Our results suggest that there is no one approach suitable for all efficiency analysis. We find that for our sample of 1,574 Spanish local governments, the average cost efficiency would have been between 0.54 and 0.77 during the period 2008–2013, suggesting that Spanish local governments could have achieved the same level of local outputs with about 23% to 36% fewer resources. |
| Keywords: | OR in government, efficiency, local government, nonparametric frontiers |
| JEL: | C14 C15 H70 R15 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:jau:wpaper:2017/06&r=eff |
| By: | Hien Thu Pham (School of Economics, The University of Queensland); Shino Takayama (School of Economics, The University of Queensland) |
| Abstract: | This paper empirically investigates the relationship between firm size, production efficiency, and returns to scale. Using a recently developed stochastic frontier approach and data from Vietnam, our analysis shows that across all of the sectors we consider, production efficiency is most variable among middle-sized firms, with these firms across all sectors tending to have the lowest production efficiency. While most firms across different sized groups show constant returns-to-scale technologies, our analysis using Spearman coefficients shows that there is a significant difference in technologies and this difference varies substantially across size groups in all sectors. Furthermore, we show that the least-efficient size also differs across sectors. Although our analysis is a snapshot of the Vietnamese manufacturing industry, the diverse production efficiencies in the middle-sized groups can be thought of as a risk that small-sized firms would face in expanding their business. |
| Keywords: | Firm size distribution, Missing middle, Productivity, Efficiency, Stochastic frontier. |
| JEL: | D21 D22 L25 |
| Date: | 2017–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uq2004:581&r=eff |
| By: | Robert Alexander; Hien Thu Phan; Sajid Anwar |
| Abstract: | The paper addresses two questions: (i) how efficient is Hong Kong’s banking sector? and (ii) what are the determinants of banking sector efficiency in Hong Kong? The cost efficiency of the Hong Kong Banking sector over the period 2004 to 2014 is estimated by both traditional DEA and DEA window analysis. The determinants of the efficiency scores are then investigated using a truncated regression model. Data Envelopment Analysis. The efficiency estimates indicate an overall decrease in cost efficiency in the middle of the period, coincident with the Global Financial Crisis and, then, some recovery in efficiency. A second stage regression analysis finds that bank size and GDP growth are positively associated with efficiency, whereas revenue diversification and inflation are associated with lower efficiency. Stock exchange listing status appears to be associated with lower efficiency but no clear relationship between measures of market structure and efficiency is found. |
| Keywords: | Hong Kong, Finance, Optimization models |
| Date: | 2016–07–04 |
| URL: | http://d.repec.org/n?u=RePEc:ekd:009007:9846&r=eff |
| By: | Dirk Hoorelbeke |
| Abstract: | The competitivity of the Flemish economy is a continuously ongoing priority of policymakers. Very often the focus is only on labour costs in comparison with the neighbouring countries (measured as labour cost per unit of output, for instance total labour cost divided by value added). A wider analysis also takes into account labour productivity (measured as value added divided by employment). A comprehensive measure of productivity is total factor productivity. Total factor productivity does not focus only on the production factor labour but also takes into account the other production factors, such as capital and energy. Total factor productivity is not available in the national accounts or other official databases. It is also not possible to obtain it via a simple operation of available series (such as a division of two series). Total factor productivity needs to be derived through econometric estimations (and by imposing hypotheses). For instance one could impose a Cobb-Douglas production function which needs to be estimated (after log-linearisation). The OLS estimator, however, is inadequate because of endogeneity problems. Using a 2SLS estimation method could be a solution. Other possibilities are panel data estimation and the method proposed by Olley and Pakes (1996). The goal of this paper is to derive sectoral total factor productivity for the Belgian regions and to show a graphical instrument for policy making purposes, as proposed by Goesaert and Reynaerts (2012). The graphical instrument allows to identify strong and weak sectoral branches. |
| Keywords: | Belgium (regional level), Regional modeling, Sectoral issues |
| Date: | 2016–07–04 |
| URL: | http://d.repec.org/n?u=RePEc:ekd:009007:9619&r=eff |
| By: | João Morgado; Vincenzo Salvucci |
| Abstract: | In this study we analyze the gender gap in agricultural productivity in Mozambique applying the Oaxaca-Blinder decomposition approach on data from four agricultural surveys between 2002 and 2012. We find that female-headed households are on average substantially less productive (about 20 per cent) than male-headed households, and that differences are more pronounced in the centre-north compared to the south. The gap persists even though female-headed households are disproportionally found in relatively smaller plots, and a pronounced inverse-size productivity relation exists. We could identify some of the most important drivers of this divide linked to differences in endowments. However, a larger proportion is accounted for by the structural part, potentially linked to technical efficiency, pure discrimination, or other unobservable characteristics. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2016-176&r=eff |
| By: | Igor Bagayev; Ronald B. Davies |
| Abstract: | As is well established, one prediction of the heterogenous firms literature spearheaded by Melitz (2003) is that trade liberalization, by increasing import competition, drives less productive domestic firms from the market. This increases average productivity of the domestic economy via the “selection effect”. In addition, it has the potential to affect the skewness of the observed productivity distribution, i.e. the gap between the productivity of the median firm and average productivity. We examine these predictions empirically using data on 28 sectors across 99 countries. On the whole, we find that higher protection levels lower average productivity and drive a larger wedge between mean and median productivity. This latter suggests that policy decisions based on mean outcomes may arrive at different conclusions than those based on median voters. |
| Keywords: | Productivity distribution; Heterogeneous firms; Non-tariff measures |
| JEL: | F12 F13 |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:ucn:wpaper:201705&r=eff |
| By: | Neda Trifkovic |
| Abstract: | A rising number of firms from developing countries have adopted voluntary private standards in the last decade. This has become an area of active research, especially in terms of the impact of private standards on trade, organizational performance, and employee outcomes. This paper analyses how standards affect labour productivity of small and medium firms from the food sector in Viet Nam. The results based on a 3-year panel show that the application of private standards improves labour productivity. These gains primarily occur to firms operating above a threshold labour-intensity level. Firms with low labour intensity are not likely to experience gains in labour productivity from standards. This implies that employee compensation increase due to standards is a likely mechanism for labour productivity gains. The results are robust to several specification changes and instrumental variable estimation. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2016-163&r=eff |
| By: | Rakesh Radav (University of Latvia, Department of Management) |
| Abstract: | This probably maiden study for Indian financial market on executive compensation uses novel approach by using data of women director's compensation of firm listed at Bombay stock exchange (BSE)India. The methodology adopted for this study is multivariate regression method; this method is common for the research on compensation, on the basis of the survey of literature which treats total compensation paid to the director as dependent variable and firm performance as independent variable. This study adds to the literature one more equation that is impact of firm performance (dependent variable) on compensation (independent variable). Further by using the holistic combination which is rare in the literature of executivecompensation, both measures of firm performance mainly accounting measures (EPS, ROCE and RONW) and market measures (P/E, P/BV) gives comprehensive view of firm performance in relation to compensation. The control variables mainly net sales, R and D and total assets are drawn from literature often known as instrumental variable approach in econometrics. The boundary condition for the sample is BSE-500 firms listed at Bombay stock exchange out of this BSE-500 firms sample of 407 firms are used for study. |
| Keywords: | Corporate governance, emerging economy, executive compensation, firm performance, India, Indian firms, women director |
| JEL: | G34 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:ana:wpaper:17003&r=eff |
| By: | Hien Thu Pham (School of Economics, The University of Queensland); Shino Takayama (School of Economics, The University of Queensland) |
| Abstract: | This paper investigates empirically the relationship between firm size and production effi- ciency and inefficiency associated with the production scale. We study the possible sources of the missing middle phenomenon, which refers to the fact that most employment in developing countries is located in either small-sized or large-sized firms. Using Vietnamese data, we show that middle-sized firms’ production efficiencies tend to be lower than small-sized or large-sized firms in most of the manufacturing industries, that the least efficient firm tends to be middle-sized, and that efficiency scores are more diverse for middle-sized firms, which is arguably associated with the uncertainty that a small firm faces when increasing its size. Our work also indicates that the large-sized firms may be unable to fully utilize their inputs. |
| Keywords: | firm size distribution, missing middle, productivity, efficiency, data envelopment analysis, free disposal hull |
| JEL: | D21 D22 L25 |
| Date: | 2017–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uq2004:580&r=eff |
| By: | Isabel Narbón-Perpiñá (Department of Economics, Universitat Jaume I, Castellón, Spain); Mª Teresa Balaguer-Coll (Department of Accounting and Finance, Universitat Jaume I, Castellón, Spain); Emili Tortosa-Ausina (IVIE and Department of Economics, Universitat Jaume I, Castellón, Spain) |
| Abstract: | In the recent years of international economic crisis, Spanish local governments have come under increasing pressure to accommodate severe economic restrictions while maintaining (or even increasing) their provision of local public services. This paper aims to analyse overall cost efficiency in Spanish local governments during the period of the economic crisis (2008–2013) which has scarcely been examined to date. To this end, we measure efficiency, for which we consider four different non-parametric methodologies. Moreover, given how problematic it is to precisely define the bundle of services and facilities that municipalities must provide, we compare three different output models in which we consider measures of quantity as well as quality. Our results suggest that Spanish local government efficiency improved over the crisis period 2008–2013 since budget expenditures (inputs or costs) fell while local public services and facilities (outputs) were maintained. We also find evidence of the possible implications of service quality when measuring local governments’ cost efficiency, and of structural differences in the average efficiency between municipalities located in different Spanish regions and provinces. Finally, our results confirm that the level and variation of efficiency scores are affected by the approach taken. |
| Keywords: | Efficiency, local government, non-parametric frontiers |
| JEL: | C14 H11 H70 R15 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:jau:wpaper:2017/05&r=eff |
| By: | Sebastian Dörr; Mehdi Raissi; Anke Weber |
| Abstract: | The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme and loan-level data on syndicated lending. We exploit the heterogeneous loan exposure of Italian banks to foreign borrowers in distress, and find that a negative shock to bank credit supply reduces firms' loan growth, investment, capital-to-labor ratio, and productivity. The transmission from changes in credit supply to firm productivity relates to labor market rigidities, which delay or distort the adjustment of firms' desired labor and capital allocations, and thereby reduce firms' productivity. Effects are stronger for firms with higher capital intensity and external financial dependence. |
| Keywords: | Financial crises;Europe;Italy;Productivity;credit-supply shocks, labor market rigidities, Financial Markets and the Macroeconomy |
| Date: | 2017–03–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:17/67&r=eff |
| By: | Jangho Yang (Department of Economics, New School for Social Research) |
| Abstract: | This paper proposes an entropy-constrained model of induced technical change (ITC) and estimates the innovation possibilities frontier (IPF) of the OECD countries. The ITC model captures endogenous dynamics of technical progress driven by competition among capitalists to lower production costs. However, its assumption that the typical capitalist is able to maximize cost reductions with complete certainty leads to the implausible result that all capitalists end up being on the technological frontier. The entropy constrained ITC model generalizes the canonical model by allowing the economic agent to have a positive degree of uncertainty. This leads to a qualitatively different result in that the solution of the same maximization problem is not a single point on the frontier but a probability distribution of the possible states of the technological change. The Bayesian inference is then employed and successfully recovers the single IPF of the entropy constrained ITC model for the OECD countries. |
| Keywords: | Induced technical change, innovation possibilities frontier, entropy constrained model, Bayesian inference |
| JEL: | C11 C15 D01 D24 D80 O33 O4 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:1714&r=eff |
| By: | Coccorese, Paolo; Girardone, Claudia |
| Abstract: | This study employs bank-level data for a global sample to examine the relationship between capital and profitability over 2000-2013. Our evidence suggests that bank capital is positively related to bank profitability, although the estimated impact is relatively marginal. However, more capitalised banks that are more profitable appear to have a higher traditional risk, a greater proportion of non-traditional activities in their balance sheets and they tend to be more effective at controlling their costs. The relationship depends on environmental conditions as well and bank size. It is typically stronger in crisis periods, in lower and middle income countries and for larger banks (but not for Global Systemically Important Banks, or GSIBs). Finally, for banks operating in less restricted, more unstable and corrupt environments, the same increase in capital is associated with more profitable institutions than banks operating in countries with lower corruption levels. Our findings are robust to different specifications and robustness tests, and carry important implications for policy reforms aimed at ensuring stability to the banking sector globally. |
| Keywords: | Capital; Profitability; Risks; Crisis; Banking. |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:esy:uefcwp:19480&r=eff |
| By: | MERTER MERT (Gazi University) |
| Abstract: | This study simply claims that technological progress has positive and negative effects on the labour productivity, so, on the economic growth. Technological progress may have a negative effect on economic growth because of skills obsolescence of labour. For this reason, if the nature of technological progress is assumed as Harrod-neutral for the steady-state analysis, then, the net effect of the technological progress on the economic growth can be examined. Using Hicks-neutrality, it cannot be possible to investigate positive and negative effects. The present study offers a simple calculation procedure in order to disentangle the positive and negative effects. Finally, the study tries to introduce capital-deepening-induced technological progress, if the growth rate and contribution of technological progress is found negative while there is positive economic growth and the steady state conditions are hold at the final state. |
| Keywords: | Economic growth, technological progress, skills obsolescence. |
| JEL: | O40 O39 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:4707377&r=eff |
| By: | Elisa Calza; Micheline Goedhuys; Neda Trifkovic |
| Abstract: | Using a rich panel dataset of SMEs active in the manufacturing sector in Viet Nam, this paper investigates the drivers of firm productivity, focusing on the role played by international management standards certification. We develop and test the hypothesis that, controlling for technological innovation (product and process) and other variables related to technological capabilities, international standards are still conducive to higher productivity, through improved management practices associated with their adoption. In line with the requirement of continuous improvement implied by most international standards, the main findings show that the possession of an internationally recognized standard certificate leads to significant productivity premium. We further investigate the relationship between technological innovation and standard adoption. We find that the likelihood of certificate adoption is higher when firms implement technological innovations and that the effect of certification on productivity is particularly strong for firms with technological innovation. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2017-68&r=eff |
| By: | Nicholas Bloom; Erik Brynjolfsson; Lucia Foster; Ron S. Jarmin; Megha Patnaik; Itay Saporta-Eksten; John Van Reenen |
| Abstract: | Partnering with the Census we implement a new survey of “structured” management practices in 32,000 US manufacturing plants. We find an enormous dispersion of management practices across plants, with 40% of this variation across plants within the same firm. This management variation accounts for about a fifth of the spread of productivity, a similar fraction as that accounted for by R&D, and twice as much as explained by IT. We find evidence for four “drivers” of management: competition, business environment, learning spillovers and human capital. Collectively, these drivers account for about a third of the dispersion of structured management practices. |
| JEL: | L2 M2 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23300&r=eff |
| By: | Mateusz Mokrogulski (Warsaw School of Economics) |
| Abstract: | Banking sectors in particular EU Member States are characterized by different profitability and concentration. In the literature there are divergent views on the appropriate concentration level from the perspective of supervisory authorities, consumers or banks themselves. However, the research carried out for Poland shows that there is positive correlation between concentration and profitability. Moreover, since 2009 a wave of mergers and acquisitions has occurred in the Polish banking sector, which is detrimental to consumers. This conclusion has been drawn from the Lerner index values that have been computed owing to the econometric model with transcendental logarithmic function for the total cost. Thus, if concentration is too high, the supervisory authorities could consider preventing further mergers or acquisitions using new macroprudential policy tools, instead of old administrative ones. Especially important here is the capital buffer that is set on other systemically important institutions. It can be accompanied by the systemic risk buffer. Nevertheless, the results of the comparative analysis show that diverse solutions are currently applied across EU Member States. |
| Keywords: | concentration, Lerner index, macroprudential policy, capital buffer, bank |
| JEL: | D04 G21 G28 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:4707270&r=eff |
| By: | Tyrefors Hinnerich, Björn (Research Institute of Industrial Economics (IFN)); Jansson, Joakim (Research Institute of Industrial Economics (IFN)) |
| Abstract: | Board room quotas have recently received an increasing amount of attention. This paper provides novel evidence on firm performance from an exogenous change in female board participation in Sweden. We use the credible threat, aimed at listed firms, of a quota law enacted by the Swedish deputy prime minister as an exogenous variation. The threat caused a substantial and rapid increase in the share of female board members in firms listed on the Stockholm stock exchange. This increase was accompanied by an increase in different measures of firm performance in the same years, which were related to higher sales and lower labor costs. |
| Keywords: | Gender quotas; Corporate boards; Firm performance |
| JEL: | G34 G38 J16 J48 J78 M12 M51 |
| Date: | 2017–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1165&r=eff |
| By: | Li, Hao-Ching; Lee, Wen-Chieh; Ko, Bo-Ting |
| Abstract: | This paper sounds an alarm about disparate efficiencies among China’s regions in the allocation of innovation inputs. A theoretical measure of misallocation is adopted to gauge the distortions that exacerbate the inefficiency of resource allocations across geographic innovation units; these units’ usage of innovative inputs reveals the level of misallocations prevalent within the Chinese economy. The measure of innovation misallocation is computed by utilizing a micro dataset based on information from the China Statistical Yearbook for Science and Technology (CSYST) from 1999 to 2012. In addition, this paper probes the factors that co-move with China’s innovation resource misallocations. We find that, although an advanced financial market is beneficial to innovation efficiency in China, both the government’s extensive development of transportation infrastructure and the preferential treatment given to state-owned enterprises (SOEs) and foreign-invested enterprises (FIEs) negatively correlate with innovation efficiency. We conclude that emerging economies that are experiencing R&D input expansion, such as China, should be cautious in ensuring efficient resource allocations. |
| Keywords: | Resource misallocation; Innovation efficiency; Financial market; Infrastructure investment; Preferential treatment |
| JEL: | O11 O32 O47 |
| Date: | 2016–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:77998&r=eff |
| By: | Kathryn L. Shaw; Anders Sørensen |
| Abstract: | Serial entrepreneurs, who open more than one business, are found to have higher sales and higher productivity than novice entrepreneurs, who open one business. Using panel data on entrepreneurs and their firms from Denmark for 2001-2013, the serial entrepreneur has 67% higher sales than the novice, but also opens firms that are larger in terms of the initial capital and labor, and thus is 39% more productive. There are subsets of firms that perform especially well – serial entrepreneurs that hold a portfolio of overlapping ongoing firms perform the best, as do those that open as limited liability firm rather than proprietorships. Female serial entrepreneurs do as well as male serial entrepreneurs relative to the performance of novices of their own genders. The second firms of the serial entrepreneurs also stay in business longer than the first (and only) firms of the novices. |
| JEL: | G24 J24 L26 M13 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23320&r=eff |
| By: | Emma Howard |
| Abstract: | This paper uses panel data to assess the relative importance of social networks and geographic proximity to micro, small, and medium enterprises in Viet Nam. The results suggest that a larger social network, and hiring employees mainly through social networks, are both correlated with higher value added per worker. The number of government officials and civil servants in a firm’s network emerges as particularly important. When the quality of contacts is controlled for, firms with tighter social networks have, on average, higher value added per worker. The analysis of spatial networks reveals that firms with a lower percentage of customers and suppliers in the same district actually have higher value added per worker. The results suggest that for micro, small, and medium firms in Viet Nam, strong social networks are much more important than geographic proximity. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2017-69&r=eff |
| By: | Nakano, Satoshi; Nishimura, Kazuhiko; Kim, Jiyoung |
| Abstract: | We model the transition of technological structure that is associated with the changes in cost induced by the innovation that occurred, using a system of multi-sector, multi-factor production functions. Structural propagation is quantified by using a system of unit-cost functions compatible with multi-level CES, plain CES, Cobb--Douglas, and Leontief production functions whose parameters we estimate via two timely distant input--output accounts. The economy-wide welfare gain obtainable for an exogenously given innovation will hence be quantified via the technological structure after structural propagation. Welfare gain due to productivity doubling for the medical and health services (public) industry is studied as an example, using the 2000--2005 Korean linked input--output table as the source of data. |
| Keywords: | Input-output tables, Productivity, South Korea, General equilibrium, Structural propagation |
| JEL: | C67 D57 |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper552&r=eff |