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on Microeconomic European Issues |
| By: | Cuccu, Liliana; Royuela, Vicente; Scicchitano, Sergio |
| Abstract: | This paper investigates the surge in Involuntary Part-Time (IPT) employment in Italy from 2004 to 2019, exploring its impact on various socio-economic groups and adopting a spatial perspective. Our study tests the hypothesis that technological shifts, specifically routine biased technological change (RBTC), and the expansion of household substitution services contribute to IPT growth. We uncover a widening negative gap in IPT prevalence among marginalized groups - women, young, and less skilled workers. After controlling for sector and occupation, the higher IPT propensity diminishes but remains significant, hinting at persistent discrimination. Additionally, segregation into more exposed occupations and sectors intensifies over time. Leveraging province-level indicators, and using a Partial Adjustment model, we find support for RBTC's correlation with IPT, especially among women. The impact of household substitution services is notably pronounced for women, highlighting sector segregation and gender norms' influence. |
| Keywords: | Involuntary part-time, Precarisation of labour, Automation |
| JEL: | J21 J24 O33 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1374&r=eur |
| By: | Clemens Ohlert (Federal Institute for Occupational Safety and Health) |
| Abstract: | This paper investigates whether the introduction of a statutory minimum wage in Germany has led to a reduction in gender gaps in hourly wages, working hours and monthly earnings. Using the 2014 Structure of Earnings Survey and the 2015 Earnings Survey, a difference-in-differences approach was applied at the establishment level. The results show a reduction of the gender pay gap in establishments of up to 3.6 percentage points due to the introduction of the minimum wage. While the effects on hourly wages of women and men in low-wage jobs were the same on average, women are more often affected by the minimum wage and therefore benefit more often from it. The gender time gap in establishments decreased by about 2.4 percentage points on average and by about 3.9 percentage points among low wage workers. The minimum wage led to a reduction in the average gender gap in gross monthly earnings in establishments of up to 6.1 percentage points and by up to 4.6 percentage points among low-wage employees. |
| Keywords: | minimum wage, gender pay gap, gender time gap, gender earnings gap |
| JEL: | J08 J16 J22 J31 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2024-663&r=eur |
| By: | Randazzo, Teresa (University of Naples Parthenope); Piracha, Matloob (University of Kent) |
| Abstract: | We study the role of immigrant children's ethnic identity in their educational performance and preferences/aspirations in Italy. We find that students with a weak sense of Italian belonging show a low performance in reading and mathematics and higher probability of grade retention. Moreover, children in middle secondary school with a weak sense of Italian identity have a low preference towards academically-oriented high secondary track which normally increases the likelihood of pursuing a university degree. We also find that the intention of immigrant children in high secondary schools to enrol at university decreases if they have a weak Italian identity. We exploit gender heterogeneity finding that females are more adversely affected in their educational aspirations when they have not built a strong sense of Italian identity. Immigrant children will soon form a very important component of the Italian labour force and shedding light on their educational outcomes will help us understand their performance in the Italian labour market better. |
| Keywords: | ethnic identity, educational performance, educational preferences |
| JEL: | F22 J15 I2 Z13 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16739&r=eur |
| By: | Nicolò Gatti; Fabrizio Mazzonna; Raphaël Parchet; Giovanni Pica |
| Abstract: | This paper investigates the impact of opening the labor market to qualified immigrants who hold fully equivalent diplomas as natives and share the same mother tongue. Leveraging the 2002 opening of the Swiss labor market to qualified workers from the European Union, we show that the policy led to a large inflow of young immigrants with highly heterogeneous effects on the wages and employment status of qualified natives. While incumbent natives experienced a wage gain and a decrease in the likelihood of becoming inactive, the opposite happened for young natives entering the labor market after the policy change. |
| Keywords: | qualified immigration, wage effects, worker substitutability, experience |
| JEL: | F22 J08 J31 J61 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:483&r=eur |
| By: | Jensen, Mathias Fjællegaard; Blundell, Jack |
| Abstract: | In this paper, we exploit a unique and unexpected reform to the child benefit system in Denmark to assess the effects of child benefits on parental labour supply. A cap on child benefit payments in 2011 led to a non-negligible reduction in child benefits for larger families with young children while leaving child benefits for smaller families unchanged. The differential impact of this policy represents an opportunity to assess the causal impact of child benefit programmes on the labour supply of mothers and fathers. Using a difference-in-differences strategy, we find that the reduction in benefits leads to a substantial increase in the labour supply of mothers. Mothers respond to the policy at both the intensive and extensive margins, with the latter outweighing the former, and the effect persists after controlling for fertility-related family characteristics. To fix preferences for additional children across treatment and control groups, we use data on parents’ medical consultations on sterilisation, a common procedure in Denmark. |
| Keywords: | child benefits; gender differences; labour supply |
| JEL: | H24 J13 J16 J18 J22 |
| Date: | 2023–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121357&r=eur |
| By: | Joan Costa-Font (LSE - London School of Economics and Political Science); Sarah Fleche (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Ricardo Pagan (Universidad de Málaga [Málaga] = University of Málaga [Málaga]) |
| Abstract: | Despite the growing prevalence of insufficient sleep among individuals, we still know little about the labour market return to sleep. To address this gap, we use longitudinal data from Germany and leverage exogenous fluctuations in sleep duration caused by variations in time and local sunset times. Our findings reveal that a one-hour increase in weekly sleep is associated with a 1.6 percentage point rise in employment and a 3.4% increase in weekly earnings. Such effect on earnings stems from productivity improvements given that the number of working hours decreases with longer sleep duration. We also identify a key mechanism driving these effects, namely the enhanced mental well-being experienced by individuals who sleep longer hours. |
| Keywords: | Sleep, Employment, Productivity, Mental health, Sunset times |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04331898&r=eur |
| By: | Klinges, Giulia (University of Liège); Jousten, Alain (University of Liège); Lefèbvre, Mathieu (Aix Marseille School of Economics) |
| Abstract: | Over the years, the Belgian social security system has undergone substantial reform with a prime focus on increasing older worker labor force participation. The paper explores the effect of past reforms on inequality in old age. We distinguish two separate effects: The mechanical effect considers the change in inequality and expected benefit levels due to the reforms for a fixed retirement age distribution. The behavioral effect accounts for the endogenous change caused by changes in the incentives to work. Our results show that mechanically, reforms have led to losses in expected benefits for all but the lowest income quintile. Behavioral changes had a positive but orders of magnitude smaller effect. Overall, inequality decreased as a result of reforms. |
| Keywords: | social security and public pensions, old-age labor supply, retirement, pension reforms, inequality |
| JEL: | D63 H55 I38 J26 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16735&r=eur |
| By: | Stuck, Jana; Kalevi Dieke, Alex |
| Abstract: | Internationale Vergleichsstudien zeigen, dass Deutschland Nachholbedarf bei der digitalen Transformation der Verwaltung hat. Darüber hinaus steht der öffentlichen Sektor durch Klimawandel, Mobilitäts- und Energiewende vor großen Herausforderungen. GovTech Unternehmen (kurz für Government Technology) bieten innovative, digitale Lösungen an, die den öffentlichen Sektor bei der Bewältigung dieser Herausforderungen unterstützen. Wir haben in einer Anbieteranalyse 170 GovTech Start-ups mit Hauptsitz in Deutschland, 188 GovTech Start-ups aus Großbritannien und 146 französische GovTech Start-ups untersucht. Die Analyse zeigt, dass die deutschen GovTech Start-ups im Durchschnitt jünger sind (5, 3 Jahre) als die britischen (5, 9 Jahre) und französischen Start-ups (6, 1 Jahre). Besonders auffällig ist, dass es in Deutschland deutlich weniger mittlere und große Unternehmen gibt. Lediglich 7 % der deutschen Start-ups haben zwischen 50 und 249 Mitarbeitende, während dies in Großbritannien 21 % und in Frankreich 17 % sind. Zu den Großunternehmen mit mehr als 250 Mitarbeitenden zählt lediglich 0, 06 % der GovTech Start-ups in Deutschland, in Großbritannien sind es hingegen 6 % und in Frankreich 7 %. |
| Abstract: | International comparisons show that Germany is lagging behind in the digital transformation of public administration. In addition, the public sector is facing major challenges that require innovative solutions, such as climate protection and the transformation of mobility and energy. GovTech companies (short for government technology) offer innovative, digital solutions to support the public sector in addressing these challenges. We analyzed 170 GovTech start-ups based in Germany, 188 GovTech start-ups from the UK and 146 French GovTech start-ups. The analysis shows that the German GovTech start-ups are slightly younger on average (5.3 years) than the British (5.9 years) and French start-ups (6.1 years). It is particularly striking that there are significantly fewer medium-sized and large companies in Germany. Only 7% of German start-ups have between 50 and 249 employees, compared to 21% in the UK and 17% in France. Only 0.06% of GovTech start-ups in Germany are large companies with more than 250 employees, compared to 6% in the UK and 7% in France. |
| Keywords: | E-Government, Unternehmensgründung, IKT-Sektor, Öffentliche Verwaltung, Digitalisierung, Deutschland, Großbritannien, Frankreich |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280942&r=eur |
| By: | Altmann, Steffen (University of Duisburg-Essen); Mahlstedt, Robert (University of Copenhagen); Rattenborg, Malte Jacob (University of Copenhagen); Sebald, Alexander (Copenhagen Business School) |
| Abstract: | Our study investigates the occupational job search strategies of more than 60, 000 unemployed workers in Denmark. We find substantial heterogeneity in how job seekers allocate their search activities across dierent occupations, and this heterogeneity persists throughout the duration of their unemployment spell. Notably, a considerable proportion of unemployed workers (approximately 30%) search in occupations where they lack relevant experiences. Those aiming for jobs unrelated to their prior experience tend to exhibit the lowest levels of employment and earnings, despite the fact that they target occupations with generally favorable conditions. |
| Keywords: | job search, unemployment, occupational mobility, job finding |
| JEL: | J24 J62 J64 D83 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16696&r=eur |
| By: | Sarah McNamara; Guido Neidhoefer; Patrick Lehnert |
| Abstract: | We estimate intergenerational mobility of education for people born 1940-1999 at the subnational level for 40 European countries. The result is a panel of mobility indices for 105 mesoregions (NUTS1), and 215 microregions (NUTS2). We use these indices to make three contributions. First, we describe the geography of intergenerational mobility in Europe. Second, adapting a novel weighting procedure based on cohorts' relative economic contribution, we transform cohort-linked measures into annual measures of intergenerational mobility for each region. Third, we investigate the relationship between intergenerational mobility and innovation, and find robust evidence that higher mobility is associated with increased innovation. |
| Keywords: | Intergenerational Mobility, Equality of Opportunity, Human Capital, Innovation, Regional Economic Performance, Europe |
| JEL: | D63 I24 J62 O15 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0211&r=eur |
| By: | Maria Gomez Leon (Universitat de Valencia); Giacomo Gabbuti (Scuola Superiore Sant'Anna, Istituto di Economia) |
| Abstract: | This paper presents yearly estimates of income inequality in Italy from 1900 to 1950. By constructing dynamic social tables, we comprehensively assess inequality across all components of Italian society and compare Italy with Britain, Germany, and Spain over the same period. In a context of declining inequality across Europe, interwar Italy reveals a trajectory at odds with the narratives on the interwar period: a strong increase of inequality during WWI, markedly reversed during 1918-1922, resumed after the March on Rome, and reaching new peaks during WWII. Indeed, while allowing us to reveal sizeable short-term distributive shocks in Italy and to discuss the political economy of fascist Italy, our results consolidate the reinterpretation of inequality trends in interwar Europe and the regressive nature of fascist regimes. |
| Keywords: | Fascist Italy, income inequality, interwar Europe, dynamic social tables |
| JEL: | D31 E24 E25 J31 N34 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:bci:wpaper:2401&r=eur |
| By: | Fabio Pieri; Massimiliano Vatiero |
| Abstract: | This paper investigates the role of the market for knowledge in shaping firm hierarchy—that is, the span of control and the number of layers. We predict that, the larger the extent of the market for knowledge, the larger the span of control and the fewer the layers. We test our predictions using a rich database representing industrial firms in Italy during 2005-2018. Our identification strategy is based on existing cross-regional and cross-industry heterogeneity within the extent of the market for business services’ providers and instrumental variables. Results confirm that firms are flatter as the regional market for knowledge expands. |
| Keywords: | firm hierarchy, number of layers, span of control, market for knowledge |
| JEL: | D21 D22 D23 L22 L23 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:482&r=eur |
| By: | Jean-Alain Heraud; Phu Nguyen-Van (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique); Thi Kim Cuong Pham (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Purpose This paper analyzes individual subjective well-being using a survey database from the Strasbourg metropolitan development council (France). The authors focus on the effects of externalities generated by public services (transport, culture and sport), environmental quality and feeling of security in the Strasbourg metropolitan area (Eurométropole de Strasbourg, EMS). Results show that EMS specificities (public facilities, environmental quality, safety and security) and individual features like opportunities to laugh or live with children significantly influence individual well-being. These findings are robust when using three subjective measures: feeling of well-being, environmental satisfaction and social life satisfaction. The authors also show that income may affect the perceived well-being of individuals belonging to a low-income group, while individuals belonging to a high-income group tend to be unsatisfied with environmental quality but satisfied with their social life. Besides, social comparison in terms of income does not matter for individual well-being in the Strasbourg metropolitan area. Design/methodology/approach Theoretical and empirical paper —Utility theory in economics—Econometric modeling using an ordered probit model. Findings Specificities of the Strasbourg metropolitan area-France (public services related to transport, culture and sport, environmental quality perceived as convenient for individual health, sense of security) significantly impact individual subjective well-being. Income does not substantially impact the individual subjective perception of happiness: income may matter for the feeling of well-being only for individuals belonging to a low-income group. Wealthy individuals tend to be unsatisfied with environmental quality but satisfied with their social life. Social comparison in terms of income does not matter for individual well-being in the Strasbourg metropolitan area. Research limitations/implications Cross-sectional data, but it is the only available database from a survey conducted by EMS in 2017 to collect information on potential elements relative to individual well-being in the Strasbourg metropolitan area. Practical implications Results shed light on the role of territorial policies in improving individual well-being and might provide some guidelines for policy-makers concerned about the population's welfare. Policy-makers should give strong attention to public facilities (an essential element of local public action) and improve environmental quality. If they care about the population's happiness, they have to reorient current policies in this direction. Of course, through the inquiry in 2017 giving this database, the Strasbourg agglomeration development council aimed to provide such evidence to the local administration. Nevertheless, the results were a bit upsetting for many people in the administrative and political circles, who generally prioritize economic and demographic development, while the citizens' responses to the inquiry have revealed a strong focus on the quality of everyday life in their neighborhood. Originality/value The present study contributes to the literature on subjective well-being, with a focus on the role of local characteristics and living environment. The authors' starting point is related to the standard utility theory, indicating that environmental quality and public services are positive externalities. The authors investigate whether the local living environment and public facilities are crucial elements explaining individual well-being. To do this, we consider three subjective measures: feeling of well-being, environmental satisfaction and social life satisfaction, which are used as proxies of individual utility. The authors consider different explicative variables representing specificities of EMS in terms of public services (transport, culture and sport), environmental quality perceived as convenient for individual health, safety and security, etc. The authors also provide a test for relative standing by including the median monthly household income at the municipality level. |
| Date: | 2023–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04384531&r=eur |
| By: | Nino Buliskeria; Jaromir Baxa; Tomas Sestorad |
| Abstract: | The news-based Economic Policy Uncertainty indices (EPU) of Germany, France, and the United Kingdom display discernible trends that can be found neither in other European countries nor in other uncertainty indicators. Therefore, we replicate the EPU index of European countries and show that these trends are sensitive to the rather arbitrary choice of normalizing the raw counts of news related to economic policy uncertainty by the count of all newspaper articles. We show that an alternative normalization by news on economic policy leads to different long-term dynamics with less pronounced trends and markedly lower uncertainty during recent periods of uncertainty such as Brexit or the COVID-19 pandemic. Consequently, our results suggest that the effects of uncertainty related to these events on economic activity may have been overestimated. |
| Keywords: | Economic policy uncertainty, reliability, reproducibility, trend-cycle decomposition |
| JEL: | D80 E32 E66 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/16&r=eur |
| By: | René Böheim (WIFO); Rainer Eppel (WIFO); Helmut Mahringer (WIFO) |
| Abstract: | We analysed a new counselling and support programme for people with low employment prospects in Austria. The Austrian Public Employment Service introduced regional pilots to investigate whether a new counselling strategy could improve labour market outcomes for this group. Eligible unemployed individuals could opt for third-party counselling and support, access a wide range of low-threshold services, and focus on personal stability rather than job placement. The goal was to achieve similar or even better labour market outcomes at lower cost. By comparing pilot and control regions, we found that introducing the offer resulted in higher costs without improving labour market outcomes. |
| Keywords: | Long-Term Unemployment, Active Labour Market Policy, Public employment service, Counselling, Job placement |
| Date: | 2024–01–22 |
| URL: | http://d.repec.org/n?u=RePEc:wfo:wpaper:y:2024:i:672&r=eur |
| By: | Ahammer, Alexander (University of Linz); Packham, Analisa (Vanderbilt University); Smith, Jonathan (Georgia State University) |
| Abstract: | We estimate the role of firms in worker health care utilization. Using linked administrative data on Austrian workers from 1998–2018, we exploit mobility between firms to estimate how much a firm contributes to worker-level differences in utilization in a setting with non-employer provided universal health care. We find that firms are responsible for nearly 30 percent of the variation in across-worker health care expenditures. Effects are not driven by changes in geography or industry. We then estimate a measure of relative firm-specific utilization and explore existing correlates to help explain these effects. |
| Keywords: | firms, health care utilization, sick leave |
| JEL: | H51 I1 J2 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16708&r=eur |
| By: | Wernick, Christian; Knips, Julian; Strube Martins, Sonia |
| Abstract: | In Europa wurden in den letzten Jahren verschiedene Programme zur nachfrageorientierten Förderung mit unterschiedlichen Zielsetzungen, Ausrichtungen und Ausgestaltungen implementiert. Auch die im Januar veröffentlichten Leitlinien der EU-Kommission zur Breitbandförderung nehmen erstmals Bezug auf die nachfrageorientierte Förderung und benennen konkrete Vorgaben für Konnektivitäts- und Sozialvoucher. Voucher zur Förderung der Ausbauaktivitäten, die im Vereinigten Königreich mittlerweile seit zehn Jahren zum Einsatz kommen, sind hingegen in der Systematik der Kommission nicht vorgesehen. Dies überrascht vor dem Hintergrund, dass Ausbauvoucher nach britischem Vorbild sowohl aus konzeptionell ökonomischer Sicht als auch mit Blick auf die Marktergebnisse zu überzeugenderen Ergebnissen als die Konnektivitäts-Voucher führen. Während bei Konnektivitäts-Vouchern das Risiko für Mitnahmeeffekte und Marktverzerrungen hoch ist, kann durch Anschluss-Voucher die Fördereffizienz im Vergleich zur angebotsorientierten Förderung gesteigert werden. Sozialvoucher erscheinen dort, wo es erforderlich ist, als geeignetes Mittel, um die Chancengleichheit über soziale Grenzen hinweg aufrechtzuerhalten bzw. wiederherzustellen. Auch mit Blick auf die Spezifika des deutschen Marktes erscheinen Anschluss-Voucher Konnektivitäts-Vouchern deutlich überlegen. Allerdings würde ihre Integration in die deutsche Förderlandschaft eine vorgelagerte Abgrenzung zwischen Gebieten mit angebots-, nachfrageorientierter und ohne Förderanspruch voraussetzen, die einen Paradigmenwechsel darstellen würde und daher vor dem Hintergrund der politischen Diskussionen zum jetzigen Zeitpunkt wenig wahrscheinlich erscheint. |
| Abstract: | In Europe, various programmes for demand-oriented funding with different objectives, orientations and designs have been implemented in recent years. The EU Commission also made reference to demand-driven funding as part of the guidelines published in January and included specifications for connectivity and social vouchers. However, vouchers to promote expansion activities, which have now been used in the UK for ten years, are not included in the Commission's system. This is surprising in view of the fact that expansion vouchers based on the British model have led to more convincing results than connectivity vouchers, both from a conceptual economic perspective and in terms of market results. While connectivity vouchers are associated with the risk of deadweight effects and market distortions, expansion vouchers can increase funding efficiency compared to supply-oriented funding. Social vouchers appear to be a suitable means of maintaining or restoring equal opportunities across social boundaries where this is deemed necessary. In view of the specifics of the German market, expansion vouchers also appear to be clearly superior to connectivity vouchers. However, their integration into the German funding landscape would require an upstream demarcation between areas with supply-oriented, demand-oriented and no funding entitlement, which would represent a paradigm shift and therefore appears unlikely. |
| Keywords: | Breitbandkommunikation, Telekommunikationspolitik, Nachfrage, Gutscheinsystem, Deutschland |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280945&r=eur |
| By: | Davi-Arderius, Daniel (University of Barcelona & Chair of Energy Sustainability, Barcelona Institute of Economics (IEB), Spain. Copenhagen School of Energy Infrastructure (CSEI), Copenhagen Business School, Denmark); Jamasb, Tooraj (Department of Economics, Copenhagen Business School); Rosellon, Juan (Centro de Investigación y Docencia Económicas, Mexico; German Institute for Economic Research (DIW Berlin), Germany; Center for Energy Studies, Rice University, USA; University of Barcelona & Chair of Energy Sustainability, Barcelona Institute of Economics (IEB), Spain.) |
| Abstract: | The 2022 energy crisis highlighted the dependence of the European electricity sector on imported natural gas. The European Union adopted measures to reduce gas consumption with peak shaving, energy efficiency, and accelerating the adoption of renewables. We investigate a well-known operational but under-researched issue related to integration of renewables, i.e. the need for conventional generation to ensure system operation requirements (inertia, frequency stability or voltage control) in highly decarbonized systems, which is essential for power system reliability. We analyze the rescheduled supply in Spain in the day-ahead market to respect network constraints, namely ‘redispatching’. Most of the activated volumes are synchronous generators (combined cycle or coal), while an equivalent volume of scheduled renewables (wind) is curtailed to balance the system. These actions have an annual cost of nearly 0.5b€, higher CO2 emissions, and reduce the savings in gas consumption. We also estimate how dispatched volumes evolve under programs that target demand or promote renewables. The Spanish case anticipates similar scenarios in other countries and in the EU. Our main conclusion is that some conventional generators are needed for safe operation of the system and RES and countries need to carefully assess whether to disconnect them from the network. Moreover, solving grid congestions is a necessary but not sufficient for efficient integration of renewables. Grid operators should increase digitalization investments and implement advanced grid planning and operation to anticipate operational constraints. |
| Keywords: | Renewables; Decarbonization; Generation mix; Redispatching; Renewable curtailment; Synchronous generators; Day-ahead market; Network constraints; Gas crisis; System operator; Smart grids; Digitalization |
| JEL: | L51 L94 Q41 Q42 |
| Date: | 2024–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cbsnow:2024_003&r=eur |
| By: | Gregory Clark (University of Southern Denmark); Christian Alexander Abildgaard Nielsen (University of Southern Denmark) |
| Abstract: | There have been many studies estimating the causal effect of an additional year of education on earnings. The majority employ administrative changes in the minimum school leaving age as the mechanism allowing identification. Here we survey 66 such estimates. However, remarkably, while the majority of these studies find substantial gains from education, a number of well-grounded studies find no effect. The average return from these studies still implies substantial average gains from an extra year of education: an average of 8.5%. But the pattern of reported returns shows clear evidence of publication biases. There is, in particular, large scale omission of studies showing negative return estimates. Correcting for these omitted studies, the implied average causal returns to an extra year of schooling are close to 0. |
| Keywords: | human capital, returns to education, publication bias |
| JEL: | I26 J24 N3 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:hes:wpaper:0249&r=eur |
| By: | Chen, Natalie; Novy, Dennis; Perroni, Carlo; Wong, Horng Chern |
| Abstract: | Using firm-level data from France, we document that the shift of economic activity from manufacturing to services over the last few decades has been urban-biased: structural change has been more pronounced in areas with higher population density. This bias can be accounted for by the location choices of large services firms that sort into big cities and large manufacturing firms that increasingly locate in suburban and rural areas. Motivated by these findings, we estimate a structural model of city formation with heterogeneous firms and international trade. We find that agglomeration economies have strengthened for services but weakened for manufacturing. This divergence is a key driver of the urban bias, but it dampens aggregate structural change. Rising manufacturing productivity and falling international trade costs further contribute to the growth of large services firms in the densest urban areas, boosting services productivity and services exports, but also land prices. |
| Keywords: | agglomeration; cities; firm sorting; manufacturing; productivity; services; trade costs; ESRC grant ES/S007121/1; ERC TRADENET grant (714597) |
| JEL: | F15 F00 R12 R14 |
| Date: | 2023–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121286&r=eur |
| By: | Stamm, Isabell; Sandham, Allan |
| Abstract: | Germany is known for its family-owned businesses that transfer ownership across generations. However, business owners in Germany increasingly envision selling their business beyond the family, which fundamentally changes the institutionalized way private ownership of businesses is transferred. In this paper, we analyze and explain this fundamental change in German family capitalism since the 1990s. Drawing on a sociology of ownership, we view family succession as a transfer regime and show how this regime has been problematized and gradually reframed. Based on analysis of a rich corpus of documents, archival materials, and twenty-seven expert interviews, we show how a new transfer regime - the exit regime - emerges, which coordinates ownership transfer among founders through matchmaking. Our study contributes to research on family capitalism and succession by demonstrating how family capital moves toward the financial sector without becoming financial capital as it loses the family and gains the founder as personalized points of reference. |
| Abstract: | Deutschland ist für seine Familienunternehmen bekannt, die das Eigentum am Unternehmen innerhalb der Familie halten und es familienintern an die nächste Generation übergeben. Allerdings ziehen immer mehr Unternehmenseigentümer in Betracht, ihr Unternehmen an Externe zu verkaufen, wodurch sich die institutionalisierte Form des Eigentumstransfers von Unternehmen stark wandelt. In diesem Discussion Paper analysieren und erläutern wir diesen sich seit den 1990er-Jahren vollziehenden Wandel, der den Familienkapitalismus in Deutschland grundlegend verändert. Wir setzen uns aus der Perspektive einer Soziologie des Eigentums mit familieninterner Nachfolge als spezifischem Transferregime auseinander und zeigen, wie dieses Regime problematisiert und allmählich umgestaltet wurde. Anhand der Analyse einer umfangreichen Sammlung von Dokumenten und Archivmaterialien sowie von 27 Experteninterviews veranschaulichen wir, wie sich ein neues Transferregime - das Exit-Regime - herausbildet, das den Eigentumstransfer zwischen 'Gründern' über moderierte Vermittlung koordiniert. Unsere Studie leistet einen Betrag zur Forschung über Familienkapitalismus und Nachfolge, indem sie verdeutlicht, wie Familienkapital finanzialisiert wird, ohne dabei selbst zu Finanzkapital zu werden, solange die Familie mit dem Gründer als persönlichem Bezugspunkt ersetzt wird. |
| Keywords: | capitalism, family, ownership, regime change, succession, Eigentum, Familie, Kapitalismus, Nachfolge, Regimewandel |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:281201&r=eur |
| By: | Rémy Herrera; Zhiming Long (THU - Tsinghua University [Beijing]); Weinan Ding (THU - Tsinghua University [Beijing]) |
| Abstract: | Considering that the rate of profit constitutes a key indicator for the analysis of the evolution of capitalist economies, this chapter proposes to study the case of France from 1896 to 2019, that is, over 124 years in total. From a series of stock of productive capital reconstructed for the occasion, a rate of profit is calculated at the macroeconomic level within a conceptual framework faithful to Marx. Over this period of more than a century, three successive long waves are identified, as parts of a secular trend towards the fall in the French rate of profit. The latter, however, recovered several times during these three sub-periods, but finally reoriented downwards, with fluctuations of an amplitude tending to decrease more and more and a deployment in a decreasing spiral of French capitalism. This long-term downward trend is mainly due to the rise in the organic composition of capital. |
| Keywords: | Rate of profit, long waves, productive capital, organic composition of capital, decomposition of the profit rate, France, Rate of profit long waves productive capital organic composition of capital decomposition of the profit rate France |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04367756&r=eur |
| By: | Briskar, Juraj (LSE); di Porto, Edoardo (University of Naples Federico II); Rodriguez Mora, José V. (University of Edinburgh); Tealdi, Cristina (Heriot-Watt University, Edinburgh) |
| Abstract: | We analyse thirty years of Italian private sector employment data (1985-2018) to study the dynamics of rising earnings inequality. The total variance surged by 10 log points, with 55% occurring between industries, particularly in a few low-paid service sectors. Workers with low earnings ability showed increased likelihood of working in industries with low average firm premium (sorting) together with other low-earning workers (segregation). Strikingly, parallels with the US emerge. In both, inequality increased predominantly between industries and concentrated within a small number of sectors. Italy's increase primarily stems from low-paying sectors, diverging from the more balanced growth observed in the US across high-paying and low-paying industries. Our findings suggest that despite institutional differences similar underlying forces are at work. |
| Keywords: | earnings inequality, industries, sorting, segregation |
| JEL: | E02 E25 J01 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16693&r=eur |
| By: | Pollitt, M. G. |
| Abstract: | Locational marginal prices (LMPs) are an important design feature of several well-developed electricity markets, particularly in the US. They involve the calculation of energy prices which reflect congestion and losses at particular nodes in the electricity network. They have been hotly debated in Australia and Great Britain, but not implemented so far. In this paper we explore whether and how European countries should adopt LMPs. We consider the concept of locational prices and their use in economics and the theory and evidence on nodal pricing. We discuss key unanswered questions in the literature about nodal pricing before suggesting alternative actions to improve locational signals in the electricity system in Europe, including via the smarter use of LMPs. We conclude that while the theory and modelling behind LMPs is strong, their wider theoretical rationale is less clear cut and the evidence on their impact in use is surprisingly weak. |
| Keywords: | LMPs, nodal pricing, electricity markets |
| JEL: | L94 |
| Date: | 2023–12–29 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2352&r=eur |
| By: | Goulas, Sofoklis (Brookings Institution); Megalokonomou, Rigissa (Monash University); Zhang, Yi (University of Queensland) |
| Abstract: | Recent research has shown that females make classrooms more conducive to effective learning. We identify the effect of a higher share of female classmates on students' disruptive behavior, engagement, test scores, and major choices in disadvantaged and non-disadvantaged schools. We exploit the random assignment of students to classrooms in early high school in Greece. We combine rich administrative data with hand-collected student-level data from a representative sample of schools that feature two novel contributions. Unlike other gender peer effects studies, a) we use a rich sample of schools and students that contains a large and diverse set of school qualities, and household incomes, and b) we measure disruption and engagement using misconduct-related (unexcused) teacher-reported and parent-approved (excused) student class absences instead of self-reported measures. We find four main results. First, a higher share of female classmates improves students' current and subsequent test scores in STEM subjects and increases STEM college participation, especially for girls. Second, a higher share of female classmates is associated with reduced disruptive behavior for boys and improved engagement for girls, which indicates an increase in overall classroom learning productivity. Third, disadvantaged students - those who attend low-quality schools or reside in low-income neighborhoods - drive the baseline results; they experience the highest improvements in their classroom learning productivity and their STEM outcomes from a higher share of female classmates. Fourth, disadvantaged females randomly assigned to more female classmates in early high school choose college degrees linked to more lucrative or prestigious occupations 2 years later. Our results suggest that classroom interventions that reduce disruption and improve engagement are more effective in disadvantaged or underserved environments. |
| Keywords: | quasi-random variation, STEM careers, classroom learning productivity, natural experiment, gender peer effects, disadvantaged students |
| JEL: | J16 J24 I24 I26 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16689&r=eur |
| By: | Happ, Marina; Stuck, Jana; Kalevi Dieke, Alex |
| Abstract: | Deutschland schreitet laut internationalen Vergleichsstudien in der Öffnung von Verwaltungsdaten voran, kann aber das Potenzial noch nicht ausreichend heben. Dabei bieten offene Verwaltungsdaten einen hohen Mehrwert sowohl für Wirtschaft, Wissenschaft, Gesellschaft als auch für die öffentliche Verwaltung selbst. Auf Basis von offenen Verwaltungsdaten können sie ihre Verwaltungsprozesse effizienter gestalten, neue Geschäftsmodelle entwickeln, evidenzbasierte Entscheidungen treffen und neue Erkenntnisse erzielen. Die Studie analysiert die nationalen Open-Data-Portale in Deutschland, Dänemark, Frankreich und Großbritannien und zeigt, dass Deutschland bereits eine Vielzahl an Daten veröffentlicht. Darunter befinden sich aber relativ viele Bild- und proprietäre bzw. nicht maschinenlesbare Datenformate, die nur schwer nachnutzbar sind. Deutschland stellt mit 19 % deutlich mehr Bildformate im Open-Data-Portal zur Verfügung als Dänemark (1 %), Frankreich (1 %) und Großbritannien (8 %). Unsere Untersuchung von 100 Open-DataAkteuren zeigt, dass unterschiedliche Initiativen die Öffnung von Verwaltungsdaten vor Ort in den vier Ländern fördern. In Deutschland gibt es insbesondere zivilgesellschaftliche Organisationen, Stiftungen und Vereine, die das Thema vorantreiben. |
| Abstract: | Germany is making progress in opening up government data, but is not yet able to exploit its potential sufficiently. Open government data offers great potential for business, science, society and public administration. Based on open government data, they can make their administrative processes more efficient, develop new business models, make evidence-based decisions and gain new insights. The study analyzes the national open data portals in Germany, Denmark, France and the United Kingdom and shows that Germany already publishes a large amount of data. However, this also includes a lot of image data and proprietary or non-machine-readable data formats that are difficult to reuse. With 19 %, Germany provides significantly more image formats in its open data portal than Denmark (1 %), France (1 %) and the United Kingdom (8 %). Our analysis of 100 open data stakeholders shows that different initiatives can promote open government data in those four countries. In Germany, there are several civil society organizations, foundations and associations, that are driving the topic forward. |
| Keywords: | Öffentliche Verwaltung, Open Data, Deutschland, Großbritannien, Dänemark, Frankreich |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280941&r=eur |
| By: | Bayerlein, Michael |
| Abstract: | This research paper examines the role of the European Structural and Investment (ESI) funds in building the European Health Union (EHU) in the context of the mid-term review of the multiannual financial framework and the high variance in excess mortality during the Covid-19 pandemic. It provides a detailed analysis of the determinants of regional excess mortality and investigates how ESI funds can contribute to building the EHU and resilient health systems through cohesion funding and the convergence of living conditions. It focuses on verifying three hypotheses derived from the literature: (1) economic deprivation and differences in medical infrastructure influence excess mortality; (2) ESI funding leads to an improvement in medical infrastructure; (3) ESI funds support the development of resilient health systems. The results show that economically disadvantaged areas were hit harder by the pandemic and that ESI-funded regions show positive developments in their medical infrastructure. ESI-funded regions have lower excess mortality than comparable regions. This only applies, however, to regions which had experienced a positive economic development in the context of the funding. Alongside ESI-supported economic development and the improvement of medical infrastructure, there must be capacity-building specifically for fighting dangers to health. This research paper recommends using ESI funds to enhance resilience, taking economic determinants into account, and distributing health resources equitable. Building the EHU will thus require an across-the-board approach that combines ESI funds with other initiatives. |
| Keywords: | excess mortality, Covid-19 pandemic, European Structural and Investment (ESI) funds, European Health Union (EHU), multiannual financial framework, economic deprivation, differences in medical infrastructure, resilient health systems, World Health Organization (WHO), EU4Health |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:swprps:281187&r=eur |
| By: | Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Vlados, Charis (Democritus University of Thrace, Department of Economics) |
| Abstract: | This chapter investigates the physiological transformation of small firms in a less developed regional business ecosystem facing multiple development problems, barriers, and inadequacies. We present four field surveys we recently conducted in the peripheral Greek region of Eastern Macedonia–Thrace, on a sample of 230 small entrepreneurs, exploring their perception of the following conceptual triangles: (a) Crisis–Innovation–Change Management, (b) Strategy–Technology–Management, and (c) Human Resource Management–Education and Training–Innovation. We conclude that the sample firms exhibit symptoms of monad-centric business structuring and perceptual-functional weaknesses, which are due to their “traditional” physiology. These comparative weaknesses seem structurally and bi-directionally linked to the low competitiveness of this regional socioeconomic system. |
| Keywords: | entrepreneurship; less-developed regions; evolutionary economics; biological metaphors; evolutionary view of the firm; Stra.Tech.Man (Strategy–Technology–Management); evolutionary organisational physiology; business monad-centredness; business massiveness; business flexibility; Greek entrepreneurial |
| JEL: | B52 L10 |
| Date: | 2023–12–27 |
| URL: | http://d.repec.org/n?u=RePEc:ris:duthrp:2023_005&r=eur |
| By: | Anastasia Litina (University of Macedonia); Luca J. Uberti (University of Milano-Bicocca,); Skerdilajda Zanaj (DEM, Université du Luxembourg) |
| Abstract: | In an era where gender norms vary widely and quite frequently hint to gender inequality in the labor market, previous studies have shown that higher gender diversity is associated with better economic outcomes. Using a novel dataset that provides granular data at the firm level, we test this hypothesis in the context of gold mining companies. We concentrate on a relatively overlooked aspect, namely cost efficiency, and study whether a larger number of women directors is associated with more efficient use of a company’s resources. We use a stochastic frontier methodology to estimate the cost-efficiency of gold mines for a representative sample of global mining companies. Using fixed-effects and instrumental-variable regressions, we find that an increase in female representation on the parent company’s board translates into significant efficiency gains for the mining operations controlled by the parent company. Specifically, a one standard-deviation increase in the share of female directors increases cost-efficiency by 12 percent of a standard deviation of our main efficiency index. This finding is robust to using alternative instruments for female representation, alternative stochastic-frontier methodologies, and different specifications of the main estimating equation. Interestingly, the efficiency gains induced by female directors do not necessarily improve the overall performance of the company as measured by accounting profitability. Yet, cost efficiency is associated with higher cost-sustainability and long-term viability of a firm, thereby rendering it more resilient. This hints that the underlying mechanism is consistent with evidence that suggests that women directors exert a higher monitoring and audit effort than their male counterparts. Our results provide additional evidence of a distinctly female style in corporate leadership and shed light to different aspects of a firm’s productivity. Understanding differences in styles of leadership, allows policy makers to implement more inclusive policies in the labor market and firms to endorse diversity in leadership. This ultimately can lead to more inclusive norms in the labor market. |
| Keywords: | Gender; Boards of directors; Cost efficiency; Stochastic Frontier Analysis; Mining. |
| JEL: | L2 L25 M14 Z1 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:23-18&r=eur |
| By: | Akcigit, Ufuk (Halle Institute for Economic Research (IWH) ; University of Chicago); Alp, Harun (Federal Reserve Board); Diegmann, André (Institute for Employment Research (IAB), Nuremberg, Germany ; Halle Institute for Economic Research (IWH) ; Center for European Economic Research (ZEW)); Serrano-Velarde, Nicolas (Bocconi University ; IGIER ? Innocenzo & Gasparini Institute for Economic) |
| Abstract: | "We develop a labor demand model that encompasses pre-match hiring cost arising from tight labor markets. Through the lens of the model, we study the effect of labor market tightness on firms’ labor demand by applying novel Bartik instruments to the universe of administrative employment data on Germany. In line with theory, the IV results suggest that a 10 percent increase in labor market tightness reduces firms’ employment by 0.5 percent. When accounting for search externalities, we find that the individual-firm wage elasticity of labor demand reduces from -0.7 to -0.5 at the aggregate level. For the 2015 minimum wage introduction, the elasticities imply only modest disemployment effects mirroring empirical ex-post evaluations. Moreover, the doubling of tightness between 2012 and 2019 led to a significant slowdown in employment growth by 1.1 million jobs." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | Bundesrepublik Deutschland ; Ostdeutschland ; IAB-Open-Access-Publikation ; Auswirkungen ; Beschäftigtenzahl ; Beschäftigungseffekte ; Beschäftigungsentwicklung ; Betriebsstilllegung ; Industriepolitik ; Personalpolitik ; Privatisierung ; Produktivitätseffekte ; Produktivitätsentwicklung ; staatlicher Zusammenschluss ; Treuhandanstalt ; Unternehmensentwicklung ; Unternehmensziel ; Arbeitsplatzsicherung ; 1990-2000 |
| JEL: | D24 L25 D22 J08 |
| Date: | 2024–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabdpa:202401&r=eur |
| By: | Julien Gosse; Chris CM Forman; Nicolas van Zeebroeck |
| Abstract: | Today’s world is profoundly transformed by two major revolutions. The first one is related to the sustainability transition, while the other relates to the digital transformation of our economies and societies. Recently, regions such as Europe have put the integration between these two transformations high on their agenda. A term was coined for it: the twin transition. In a nutshell, the twin transition aims at leveraging the potential of technologies such as Cloud technologies, Internet of Things (IoT) and Artificial Intelligence (AI) to tackle the sustainability transition. |
| Keywords: | Digital Transformation, Environmental Management, Sustainability Practices, Green ICT, ICT for Green |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ict:wpaper:2013/368092&r=eur |
| By: | Haapamäki, Taina; Harjunen, Oskari; Kauhanen, Antti; Kuivalainen, Veeti; Riukula, Krista; Valmari, Nelli; Väänänen, Touko |
| Abstract: | Abstract In economics, the regional densification of economic activity is referred to as agglomeration. The effects of agglomeration are often referred to when discussing the wider economic benefits of transportation infrastructure projects. The magnitude of these effects has not been extensively studied in Finland. In this report, we examine the impact of agglomeration on productivity in the Helsinki region, utilizing extensive registry data. We find that improved job to job accessibility increases employees’ wages. However, our findings concerning the value-added at establishment level are less conclusive and statistically insignificant. Our results suggest that increased accessibility leads to increases in other operating expenses such as rents, potentially explaining the lack of statistically significant effect on value-added. Our results suggest that agglomeration benefits are predominantly intraregional, with interregional accessibility having little impact on these benefits. Thus, the ratio between the agglomeration benefits and the direct benefits of transportation infrastructure projects varies depending on the project. Including these benefits directly to cost-benefit analyses risks double counting some benefits. Taxes and similar payments on increased wages due to accessibility increases could be included as a separate item in the cost-benefit analysis. |
| Keywords: | Agglomeration, Productivity, Transport project, Cost-benefit analysis, Accessibility, Wider economic impacts |
| JEL: | R41 R42 R12 |
| Date: | 2024–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:144&r=eur |
| By: | Poullikka, Agni |
| Abstract: | The policy responses to the Eurozone crisis were mainly driven by taxpayer funded bailouts and austerity packages, with the exception of Cyprus where a bail-out was supplemented with a bank bail-in for the first time in the Eurozone. This paper examines how voters assign blame for the 2013 Cypriot banking crisis. The results of an original public opinion survey that was conducted in Cyprus show that neither the incumbent government at the time of the bail-in nor the previous one are assigned primary responsibility. Instead, blame is dispersed towards two non-elected actors; the national central bank and the banking sector. The findings carry implications for democratic accountability at the domestic and European Union level. |
| Keywords: | European union; Eurozone crisis; Cyprus; small states; public opinion |
| JEL: | N0 E6 |
| Date: | 2024–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121228&r=eur |
| By: | Martin Hodula; Lukas Pfeifer; Ngoc Anh Ngo |
| Abstract: | We analyze how a large-scale easing of borrower-based measures affects residential mortgage credit and borrower characteristics. We exploit a case of the easing of the LTV limit and the complete abolition of DTI and DSTI limits in the Czech Republic in the first half of 2020. Our empirical evidence suggests that the households affected increased their borrowing and purchased more expensive houses while being able to decrease the collateral value. We also document a significant increase in borrowers' debt (service) but this was softened by the concurrent growth in borrowers' income. While exploring the heterogeneity in the transmission of the regulatory easing, we find that: (i) LTV-constrained borrowers showed signs of cash-retention behavior while DTI- and DSTI-constrained borrowers acted in line with the financial accelerator mechanism; (ii) relaxing the LTV limit had a larger effect in poorer districts while the abolition of DTI and DSTI limits affected borrowers in richer regions; (iii) younger borrowers were more affected by the easing of LTV and DTI limits, while the easing of the DSTI limit affected older borrowers; (iv) relaxing the LTV limit affected mostly first-time borrowers while abolishing the DTI and DSTI limits affected mostly second-time borrowers who obtained higher mortgages and purchased more expensive property. |
| Keywords: | Borrower-based measures, household finance, loosening, macroprudential policy |
| JEL: | E58 G21 G28 G51 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/18&r=eur |
| By: | Biggar , Darryl (The Ratio Institute); Söderberg, Magnus (The Ratio Institute) |
| Abstract: | What are the best ownership and governance arrangements for a natural monopoly facility? There are three broad approaches: (a) private ownership, coupled with arms-length public utility regulation; (b) some form of government (central, state, or local) ownership; and (c) customer or community ownership. While there is a substantial literature comparing outcomes under private and public (i.e., government) ownership, there is relatively little literature comparing private and/or government ownership with customer ownership. One of the obstacles of performance comparison is that different businesses may choose a different price-quality trade-off, making direct comparison impossible. In this study we cut through this problem by comparing customer perceptions of value-for-money. The study is based on interviews of more than 600 randomly selected electricity distribution customers in Sweden, approximately 150 in each ownership category (municipal, customer, private, and state). These distributors are subject to an identical regulatory framework. The results show that those owned directly by customers are perceived to deliver significantly more value for money than those owned by the government or by private investors. These results lend weight to the view that a well-governed customer-owned utility may lead to better outcomes than other owners" |
| Keywords: | Electricity distribution; Value for money; Ownership; Customer satisfaction; Sweden |
| JEL: | L32 L94 Q48 |
| Date: | 2024–01–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ratioi:0372&r=eur |
| By: | Strube Martins, Sonia; Braun, Menessa Ricarda; Sabeva, Desislava; Wernick, Christian; Tenbrock, Sebastian |
| Abstract: | Die wirtschaftliche Replizierbarkeit von Endkundenprodukten marktbeherrschender Unternehmen ist eine der Voraussetzungen für eine flexiblere Entgeltregulierung von Breitbandvorleistungen. Diese wird anhand des Economic Replicability Test (ERT) überprüft. Im Rahmen des ERT prüft die nationale Regulierungsbehörde, ob die Marge zwischen dem Endkundenpreis des SMP-Netzbetreibers und dem Preis des relevanten regulierten Vorleistungsprodukts die zusätzlichen nachgelagerten Kosten inklusive eines angemessenen Prozentsatzes der Gemeinkosten deckt, die einem Vorleistungsnachfrager entstehen. Damit dieser mit dem marktbeherrschenden Unternehmen konkurrieren kann, darf diese Marge nicht negativ sein. Vor dem Hintergrund des im Februar 2023 von der Europäischen Kommission verabschiedeten Entwurfs der Gigabit Connectivity Empfehlung, welche die Empfehlung der Kommission vom 20. September 2010 über den regulierten Zugang zu Zugangsnetzen der nächsten Generation (NGA Empfehlung) und die Empfehlung der Kommission vom 11. September 2013 über einheitliche Nichtdiskriminierungsverpflichtungen und Kostenrechnungsmethoden zur Förderung des Wettbewerbs und zur Verbesserung des Umfelds für Breitbandinvestitionen (NDCM Empfehlung) ablösen soll, stellt sich die Frage, wie sich die Anwendung des ERT in der Praxis entwickelt hat und welche Implikationen die neue Empfehlung für die Anwendung des ERT hat. In der vorliegenden Studie wird ein internationaler Benchmark über die Anwendung des ERT in Belgien, Irland, Italien, Luxemburg, Norwegen, Österreich, Slowenien und Spanien durchgeführt. |
| Abstract: | The economic replicability of downstream products is one of the prerequisites for a more flexible approach to price regulation of wholesale broadband access. Economic replicability of a product is examined using the Economic Replicability Test (ERT). As part of the ERT, the national regulatory authority examines whether the margin between the SMP network operator's retail price and the price of the relevant regulated wholesale product covers the additional downstream costs and a reasonable percentage of the common costs. In order for the wholesale access seeker to be able to compete with the SMP operator, this margin must not be negative. The draft Gigabit Connectivity Recommendation adopted by the European Commission in February 2023, which replaces the Commission Recommendation of 20 September 2010 on regulated access to next generation access networks (NGA Recommendation) and the Commission Recommendation of 11 September 2013 on uniform non-discrimination obligations and costing methodologies to promote competition and improve the environment for broadband investments (NDCM Recommendation). Against this background the question arises as to how the application of the ERT has developed in practice and what implications the new recommendation has for the application of the ERT. In this study, an international benchmark for the application of ERT in Austria, Belgium, Ireland, Italy, Luxembourg, Norway, Slovenia and Spain was conducted. |
| Keywords: | Breitbandkommunikation, Netzregulierung, Vorleistungen, Anreizregulierung, EU-Staaten, Belgien, Irland, Italien, Luxemburg, Norwegen, Slowenien, Spanien, Österreich |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280947&r=eur |
| By: | Katrin Hussinger (DEM, Université du Luxembourg); Wunnam Issah (University of Leicester School of Business, UK) |
| Abstract: | This paper shows that the American Inventor’s Protection Act, which introduced the disclosure of patent applications after 18 months, i.e. before a grant decision is taken and, hence, before it is known whether the respective technology receives legal protection, is associated with a reduction of family firms’ research and development (R&D) investment. This suggests that early disclosure of patent applications is perceived as a threat to family firms’ innovation activity and discourages their R&D investment. This finding deserves our attention because family firms account for a large share of the U.S. economy and a reduction of their R&D investment can have long-term consequences. |
| Keywords: | R&D investments, AIPA, Family firms, Socio-emotional wealth (SEW) |
| JEL: | O30 O34 O38 G32 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:23-17&r=eur |
| By: | Reis, Julius; Grebe, Leonard; Schiereck, D.; Hennig, Kerstin |
| Abstract: | This study contributes to the ongoing debate on the persistence of stock market anomalies in equity markets (McLean and Pontiff, 2016; Jacobs and Müller, 2020) and concentrates on the day-of-the-week effect in the European real estate sector. Interest payments and settlement effects were discussed as the main factors to explain this anomaly in the past. Today the persistence is highly questionable concerning the dynamically adjusting economic and institutional environment. While previous research indicated a significant Monday and Friday effect in other sectors, literature can only support a Friday effect for real estate. Furthermore, the real estate sector has a lower level of mispricing, which makes it more difficult for an anomaly to survive (Bampinas et al., 2016). The data is splitted in three ten-year periods to analyze the effect's existence over the long term. Applying OLS and GARCH models, results reveal an evolution in a significant Friday effect for cross-country indices (Europe and Global). From 1990 to 2000, the effect is weak but significant. It gains in importance during the period 2000 to 2009. In the final period until 2020, the anomaly weakens again but does not disappear for cross-country indices. From a country-specific perspective, there is no pattern in the significance of the day-of-the-week effect. The real estate sector has a local business character. Therefore, countryspecific effects are possible, but a pattern is not found. In conclusion, there is still a day-of-the-week effect in the real estate sector in Europe from a cross-country perspective. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:141998&r=eur |
| By: | Lopez-Gomez, Laura; Martinez-Rodrigue, Susana |
| Abstract: | Our results reinforce the thesis that the presence of women investors was not only pioneering by developed economies but was rather a reflection of a deeper phenomenon associated with institutions and modernization. We examine the feminization of shareholding employing data from Spanish commercial banks (1918-1948). We build a unique dataset of more than 30.000 women shareholders who took the opportunity to invest in stocks in well-established banks, drawn by the potential economic profitability. Family ties played a crucial role in explaining the presence of women and – specially – men shareholders. The profile of women differs from that of men in terms of their portfolio size, and volatility. Evidence indicates that the feminization of shareholding was a sing of modernization, not a cycle derived from a sternal shock. This paper aims to contribute to the current debate on gender financial gap, tracing women investors in assets and their rational behavior. |
| Keywords: | women shareholders, feminization of shareholding, commercial banks |
| JEL: | G21 J16 N24 |
| Date: | 2023–12–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119740&r=eur |
| By: | Kuosmanen, Natalia; Kuosmanen, Timo; Maczulskij, Terhi; Zhou, Xun |
| Abstract: | Abstract This study investigates the least-cost decarbonization pathways in the Finnish electricity generation industry in order to achieve the national carbon neutrality goal by 2035. Various abatement measures, such as downscaling production, capital investment, increasing labor and intermediate inputs are considered. The marginal abatement costs (MACs) of greenhouse gas emissions are estimated using the convex quantile regression method and applied to unique register-based firm-level greenhouse gas emission data merged with financial statement data. We adjust the MAC estimates for the sample selection bias caused by zero-emission firms by applying the two-stage Heckman correction. Our empirical findings reveal that the median MAC ranges from 0.1 to 3.5 euros per tonne of CO2 equivalent. The projected economic cost of a 90% reduction in emissions is 62 million euros, while the estimated cost of achieving zero emissions is 83 million euros. |
| Keywords: | Abatement cost, Convex quantile regression, Forward-looking assessment, Climate policy, Decarbonization pathways |
| JEL: | O44 Q43 Q51 Q52 Q54 |
| Date: | 2024–01–19 |
| URL: | http://d.repec.org/n?u=RePEc:rif:wpaper:114&r=eur |
| By: | Kohnert, Dirk |
| Abstract: | The European Union (EU) finds itself in a critical need for rare earths, particularly the refined products essential for the production of electric cars, turbines, and other technological applications. However, the refining process is not only energy-intensive but also poses significant environmental risks. Consequently, local communities, as evidenced by instances in Spain and Portugal, vehemently oppose having such operations in their vicinity, advocating a "beggar thy neighbour" policy. The EU currently relies heavily on China, which controls the majority of global processing, commanding 90% of all rare earths and 60% of lithium. In response to these challenges, the EU took a crucial step in November 2023 by reaching a preliminary agreement on the European Critical Raw Materials Act (CRMA). This legislative initiative aims to enhance and diversify the EU's supply of critical raw materials (CRM), foster the circular economy, fortify Europe's strategic autonomy, and explore alternatives to mitigate dependence. Recent transnational crises, including disruptions to supply chains during the COVID-19 pandemic and Russia's invasion of Ukraine, underscore the imperative of secure supply chains across all economic sectors. These crises also underscore the significant influence wielded by major emerging economies, notably the BRICS countries (Brazil, Russia, India, China, and South Africa), which dominate key global supply chains, including those for critical raw materials (CRMs). Russia plays a pivotal role as one of the world's largest suppliers of palladium (40% of global supply), the second-largest supplier of platinum (13%) and nickel (12%), and a substantial contributor of aluminium and copper. Furthermore, Russia possesses the potential to emerge as a major player in the rare earths market due to its extensive reserves. The country also accounts for a considerable share of the EU's acquisitions, including palladium (41%), platinum (16%), cobalt (5%), and lithium (4%). Notably, Russia serves as the primary EU source for platinum group metals processing (iridium, platinum, rhodium, ruthenium; 40%), phosphate rock extraction (20%), lithium processing (4%), and scandium processing (1%). To attain greater independence in external CRM provision, the EU must make significant investments in its mining and processing facilities. However, mining represents merely the initial phase; subsequent steps involve the separation of rare earth elements (REE) from oxides, refining, and alloy forging a complex, highly specialized, multi-stage process. In this regard, relative newcomers like Europe lag behind, as China has solidified its dominant position in each phase through a concerted, long-term industrial strategy supported by state subsidies. |
| Keywords: | terres rare; transition énergétique; changement climatique; pollution; marchés émergents; autonomie stratégique; Russie; UE; BRICS; Allemagne; France; Italie; USA; Chine; Minerals Security Partnership; Critical Raw Materials Act; politique industrielle; |
| JEL: | D24 D43 D52 E23 F13 F18 F23 F51 F63 F64 L13 L61 L63 L72 N14 N54 Q33 Q53 Z13 |
| Date: | 2024–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119984&r=eur |
| By: | Niccolò Galli; Igor Nikolic; Marco Botta |
| Abstract: | On 27th April 2023, the European Commission published a proposal for a Regulation on Standard Essential Patents (hereinafter, SEPs Regulation) and allowed the public to provide feedback. The Centre for a Digital Society (CDS) of the European University Institute (EUI) is thankful for the opportunity to offer its comments and make suggestions on the proposed Regulation. Our team of researchers has significant research, policy and training experience in the areas of intellectual property, telecommunications regulation, standardisation and EU competition policy. In this Position Statement, we caution against adopting the proposed SEPs Regulation in its current form and suggest adopting guidance under Arts. 101 and 102 TFEU to clarify how SEP licensing should occur not to breach EU competition law. In the sub-optimal scenario where EU institutions would continue to pursue an immediate regulatory intervention, we provide substantial suggestions in an attempt to improve the current proposal of SEPs Regulation and limit certain negative consequences. Our constructive criticism aims to be a catalyst for the debate in the legislative process about the appropriate SEP licensing framework. |
| Keywords: | Patents, SEP, FRAND, standards, innovation, regulation |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:rsc:rsceui:2023/51&r=eur |
| By: | Ahmad Haidar (LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]) |
| Abstract: | The rapid integration of Artificial Intelligence (AI) into various sectors has yielded significant benefits, such as enhanced business efficiency and customer satisfaction, while posing challenges, including privacy concerns, algorithmic bias, and threats to autonomy. In response to these multifaceted issues, this study proposes a novel integrative theoretical framework for Responsible AI (RAI), which addresses four key dimensions: technical, sustainable development, responsible innovation management, and legislation. The responsible innovation management and the legal dimensions form the foundational layers of the framework. The first embeds elements like anticipation and reflexivity into corporate culture, and the latter examines AI-specific laws from the European Union and the United States, providing a comparative perspective on legal frameworks governing AI. The study's findings may be helpful for businesses seeking to responsibly integrate AI, developers who focus on creating responsibly compliant AI, and policymakers looking to foster awareness and develop guidelines for RAI. |
| Keywords: | AI for Sustainability, AI Governance, Digital Strategy, Digital Transformation, Integrative Framework, IT Governance, Responsible AI, Responsible Innovation Management |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04364949&r=eur |
| By: | Daniel Aparicio-Pérez (Department of Finance and Accounting, Universitat Jaume I, Castellón, Spain); Jordi Ripollés (Institute of International Economics and Department of Economics, Universitat Jaume I, Castellón, Spain) |
| Abstract: | This paper aims to identify the heterogeneity in the resource-growth nexus and explore the relative importance of the potential factors that may drive it. By exploiting a panel dataset of 97 countries from 1990 to 2019, we employ the Group Fixed Effect estimator of Bonhomme and Manresa (2015) to endogenously identify groups of countries with different time-varying patterns of economic growth that, in addition, present a heterogeneous economic response to changes in natural resource wealth. Subsequently, we employ an ordered probit to characterize the identified heterogeneity, assessing the relevance of multiple institutional factors and other transmission channels. Our findings indicate that the effect of natural resources on economic growth varies significantly among groups of countries, particularly in relation to the quality of economic and political institutions, social capital, export diversification, and financial development. |
| Keywords: | Economic growth; Grouped fixed effects; Heterogeneity; Institutions; Natural resources; Ordered probit. |
| JEL: | C23 O13 O43 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:jau:wpaper:2024/02&r=eur |
| By: | Fiona M. Scott Morton |
| Abstract: | Business users are needed to help create useful interfaces, while useful interfaces are needed to justify investment and entry by business users. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:node_9682&r=eur |
| By: | Lilian Loubet (IDEES - Identité et Différenciation de l’Espace, de l’Environnement et des Sociétés - UNICAEN - Université de Caen Normandie - NU - Normandie Université - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - CNRS - Centre National de la Recherche Scientifique - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université); Géraldine del Mondo (LITIS - Laboratoire d'Informatique, du Traitement de l'Information et des Systèmes - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - INSA Rouen Normandie - Institut national des sciences appliquées Rouen Normandie - INSA - Institut National des Sciences Appliquées - NU - Normandie Université); Julius Bañgate (LITIS - Laboratoire d'Informatique, du Traitement de l'Information et des Systèmes - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - INSA Rouen Normandie - Institut national des sciences appliquées Rouen Normandie - INSA - Institut National des Sciences Appliquées - NU - Normandie Université); Eric Sanlaville (LITIS - Laboratoire d'Informatique, du Traitement de l'Information et des Systèmes - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - INSA Rouen Normandie - Institut national des sciences appliquées Rouen Normandie - INSA - Institut National des Sciences Appliquées - NU - Normandie Université); Pierrick Tranouez (LITIS - Laboratoire d'Informatique, du Traitement de l'Information et des Systèmes - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - INSA Rouen Normandie - Institut national des sciences appliquées Rouen Normandie - INSA - Institut National des Sciences Appliquées - NU - Normandie Université) |
| Abstract: | The paper presents a model designed to analyse port governance. It considers that the stakeholders ability to adopt cooperative behaviors constitutes the key element to port development. Its focus is on medium-sized European ports and fifteen cases were studied. Each territory was first subject to a qualitative survey and analysis of the contents of local stakeholders discourse (over 80 interviews conducted). The material is rich, allowing for the comparison between two or even three ports, yet the delicate nature of the relations brought to light adds considerable complexity to the comparison within a larger ensemble. The paper, therefore, proposes a semi-automatic treatment which helps to mitigate this difficulty by means of a computer model based on graph theory. It involves a modelling system based on the relations between the entities of the system. In this context, the relations between stakeholders were analysed in order to create typologies and eventually envisage some standard models of governance. In order to territorialize the subject, six typical cases out of fifteen were used: Le Havre, Nantes-Saint Nazaire, Dunkirk (France), Gdynia (Poland), Klaipėda (Lituania), Hamina- Kotka (Finland). All these port environments modelled according to a single format (i.e. a graph) led to the application of a certain number of metrics which enables them to be compared. Two main metrics were presented in the framework of this paper for illustrative purposes: "Density" and "S_metric". These metrics originating in graph theory, coupled with other indicators (distribution of degrees and number of hubs per port), allowed to measure the relationships' intensity and the distribution of these intensities among the stakeholders, and to identify the main stakeholders or conversely the least influential. |
| Abstract: | Ce travail présente un modèle d'analyse de la gouvernance portuaire considérant que la capacité des acteurs à adopter des comportements coopératifs constitue l'élément moteur du développement. Il se concentre sur les ports moyens européens ; une quinzaine de cas ont été étudiés (plus de 80 entretiens réalisés). Toutefois, si ce matériau riche permet de comparer la gouvernance de deux, voire trois ports, la finesse des relations mises en lumière complexifie considérablement la comparaison au sein d'un ensemble plus important. Aussi cet article propose un traitement semi-automatique participant à pallier cette difficulté au moyen d'un modèle informatique basé sur la théorie des graphes. Il s'agit de modéliser un système en se basant sur les relations entre les entités du système. Ainsi, les relations entre acteurs ont été analysées afin de créer des typologies et d'envisager à terme des modèles types de gouvernance. Afin de territorialiser le propos, six cas emblématiques ont été retenus sur les quinze : Le Havre, Nantes-Saint Nazaire, Dunkerque (France), Gdynia (Pologne), Klaipėda (Lituanie), Hamina-Kotka (Finlande). Tous ces environnements portuaires modélisés selon un même format (i.e. un graphe) donnent lieu à l'application d'un certain nombre de métriques permettant de les comparer. Deux principales métriques ont été présentées à titre illustratif dans le cadre de cet article : la "Densité" et la "S_metric". Elles ont été couplées à d'autres indicateurs (distribution des degrés et nombre de hubs par port) qui ont permis de mesurer l'intensité des relations, la répartition de cette intensité entre les acteurs, d'identifier les acteurs majeurs ou peu influents. |
| Keywords: | governance, port governance, stakeholder, modelling, graph theory, Cooperation, gouvernance portuaire, gouvernance, parties prenantes, modélisation, théorie des graphes, Coopération territoriale |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04154472&r=eur |
| By: | Arthur Boutiab (Sciences Po, Lyon, France) |
| Abstract: | Circular Economy (CE) has become increasingly influential in policy-making for the past fifteen years. Governments and institutions have seen CE as a way to achieve high levels of sustainability while maintaining GDP growth. This paper describes how waste generation and Raw materials use were modeled in the Environmentally-Extended Input-Output tables of the Eurogreen model. It also explains how Material Flow Analysis (MFA) was used to model Residual Waste Management, Closing Supply-Chains, Waste Efficiency and Material Efficiency. Through the design of several policy scenarios (Business-As-Usual, Techno-Efficiency, Cradle-to-Cradle, Circular Growth, Optimistic Circular Growth and Circular Degrowth), this paper also assesses the efficacy of different Circular Economy policies in delivering a decrease in Raw Materials Extraction and in CO2 emissions in France from 2014 to 2050. |
| Keywords: | Circular Economy, Raw Materials, Input-Output Analysis, Waste Treatment, Recycling, Ecological Economics |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:srt:wpaper:0124&r=eur |
| By: | Niedrig, Nicolas (Technische Universität Berlin and BBH Consulting AG, Berlin, Germany); Giehl, Johannes (Department of Economics, Copenhagen Business School); Jahnke, Philipp (BBH Consulting AG, Berlin, Germany); Müller-Kirchenbauer, Joachim (Technische Universität Berlin) |
| Abstract: | Renewable hydrogen is a crucial element of the energy transition towards climate neutrality. A key aspect of the development of a hydrogen economy is a suitable market design. Public and science discuss aspects like generation, consumption sectors, and infrastructure in detail. However, the discussion of the design options for the hydrogen market is insufficient. The current discussion does not cover different possibilities of the final market states. Thus, this paper focuses on options for the future hydrogen market design. <p> The paper presents a two-step approach to identify market designs. First, a literature review and morphological analysis using the electricity and gas market as references provide the basic elements and values of the options. Second, three different infrastructure scenarios for Germany provide the basis for expert interviews to derive suitable market designs. <p> The analysis results in seven elements that are crucial for the future hydrogen market design. The market design should cover the elements marketplace, trading period, price formation, cost components, price orientation, prequalifications, and geographical coverage. The interviews show that over-the-counter trading and, with increasing regional coverage and more participants, stock exchange trading will be part of the market. The implementation of the stock market requires sufficient market liquidity of the seller’s market dominated by potential generation costs. Further aspects of an exchange in combination with prequalifications would be higher transparency and access to information. These aspects could positively influence the development of the hydrogen economy. |
| Keywords: | Renewable hydrogen; Market design; Hydrogen economy; Energy policy; Power-to-gas |
| JEL: | K20 L10 L50 N54 N74 O24 O25 Q21 Q27 Q41 Q42 |
| Date: | 2024–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cbsnow:2024_004&r=eur |
| By: | Lucidi, Stefano; Sörries, Bernd; Eslamimoshkenani, Mehran |
| Abstract: | Vergleichstools für Telekommunikations- und Energieprodukte sind für Verbraucher und Unternehmen unerlässlich, um fundierte Entscheidungen über ihre Telekommunikationsund Energiedienstleistungen treffen zu können. Deshalb schreiben die europäischen Richtlinien für Telekommunikation und Energie vor, dass Verbraucher Zugang zu mindestens einem unabhängigen Vergleichsinstrument haben müssen. Diese können von öffentlichen Stellen (z. B. Behörden) oder von privaten Anbietern betrieben werden. Für private Anbieter von Vergleichsinstrumenten sieht der sektorspezifische Rechtsrahmen für Telekommunikation und Energie die Möglichkeit einer Zertifizierung vor. Ziel der Studie ist es, Erfahrungen mit der Implementierung von Vergleichsinstrumenten im Telekommunikations- und Energiesektor in verschiedenen Ländern in Europa zu sammeln, um daraus Erkenntnisse für Deutschland abzuleiten. Der Schwerpunkt der Untersuchung liegt dabei auf der Motivation der Länder und Sektoren sich für ein behördliches oder zertifiziertes Vergleichsmarktinstrument zu entscheiden. |
| Abstract: | Comparison tools for telecoms and energy products are essential for consumers and businesses to make informed choices about their telecoms and energy services. That is why the European Telecoms and Energy Directives require consumers to have access to at least one independent comparison tool. These can be run by public bodies (e.g. public authorities) or private providers. For private providers of comparison tools, the sector-specific regulatory frameworks for telecoms and energy provide for the possibility of certification. The aim of the study is to gather experience with the implementation of comparison tools in the telecommunications and energy sectors in various European countries in order to derive lessons for Germany. The focus of the study is on the motivation of countries and sectors to opt for a public or certified comparison tool. |
| Keywords: | Verbraucherschutz, Verbraucherinformation, Vergleich, Telekommunikationsmarkt, Energiemarkt, Deutschland |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280931&r=eur |
| By: | Daniel de Wolf (TVES - Territoires, Villes, Environnement & Société - ULR 4477 - ULCO - Université du Littoral Côte d'Opale - Université de Lille); Yves Smeers (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain) |
| Abstract: | In the current context of the ban on fossil fuel vehicles (diesel and petrol) adopted by several European cities, the question arises of the development of the infrastructure for the distribution of alternative energies, namely hydrogen (for fuel cell electric vehicles) and electricity (for battery electric vehicles). First, we compare the main advantages/constraints of the two alternative propulsion modes for the user. The main advantages of hydrogen vehicles are autonomy and fast recharging. The main advantages of battery-powered vehicles are the lower price and the wide availability of the electricity grid. We then review the existing studies on the deployment of new hydrogen distribution networks and compare the deployment costs of hydrogen and electricity distribution networks. Finally, we conclude with some personal conclusions on the benefits of developing both modes and ideas for future studies on the subject. |
| Abstract: | Dans le contexte actuel d'interdiction des véhicules à énergies fossiles (diesel et essence) adoptée par plusieurs villes européennes, la question se pose du développement des infrastructures de distribution des énergies alternatives, à savoir l'hydrogène (pour les véhicules électriques à pile à combustible) et l'électricité ( pour les véhicules électriques à batterie). Dans un premier temps, nous comparons les principaux avantages/contraintes des deux modes de propulsion alternatifs pour l'utilisateur. Les principaux avantages des véhicules à hydrogène sont l'autonomie et la recharge rapide. Les principaux avantages des véhicules alimentés par batterie sont leur prix inférieur et la large disponibilité du réseau électrique. Nous passons ensuite en revue les études existantes sur le déploiement de nouveaux réseaux de distribution d'hydrogène et comparons les coûts de déploiement des réseaux de distribution d'hydrogène et d'électricité. Enfin, nous concluons par quelques conclusions personnelles sur les avantages de développer à la fois des modes et des idées pour de futures études sur le sujet. |
| Keywords: | battery electric vehicles fuel cell electric vehicles advantages and limitations distribution costs, battery electric vehicles, fuel cell electric vehicles, advantages and limitations, distribution costs |
| Date: | 2023–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04367656&r=eur |
| By: | Steffen, Nico; Kroon, Peter; Abbasi, Faisal Aman; Wiewiorra, Lukas |
| Abstract: | Digital platforms and data-driven business models have become integral to today's internet economy. Large technology companies like Apple, Google, Amazon and Microsoft exert control over access to online content, products, services and social interactions through their digital ecosystems and associated gatekeeping power. Within these ecosystems, mobile platforms centred around smartphones, operating systems and app stores play an increasingly pivotal role. The recent introduction of the Digital Markets Act (DMA) by the European Union represents a significant development in the regulation of digital platforms and mobile ecosystems. By imposing rules aimed at promoting competition and fair access, the DMA directly motivates an examination of access considerations and pricing structures surrounding digital platforms and app stores. This research report provides an in-depth analysis of the various access modes and stages relevant to apps within dominant digital ecosystems, exploring appropriate remuneration approaches. |
| Keywords: | Digitale Plattform, Mobile Anwendung, Electronic Commerce, Monopol, Netzregulierung, EU-Staaten |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280950&r=eur |
| By: | Antoine Bouët (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique); Erica Perego (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique); Vincent Vicard (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique); Mathieu Fouquet (Commissariat général au développement durable - Ministère de l'Ecologie, du Développement durable et du Transport); Alexandre Godzinski (Commissariat général au développement durable - Ministère de l'Ecologie, du Développement durable et du Transport); Frédéric Ghersi (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Sébastien Jean (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université); William l'Heudé (Direction Générale du Trésor); Vincent Aussilloux (France Stratégie); Romain Schweizer (France Stratégie); Christophe C. Gouel (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Paul Malliet (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); François Langot (CEPREMAP - Centre pour la recherche économique et ses applications - ECO ENS-PSL - Département d'économie de l'ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres, GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Le Mans Université); Aude Pommeret (USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc, France Stratégie); Fabien Tripier (Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres, CEPREMAP - Centre pour la recherche économique et ses applications - ECO ENS-PSL - Département d'économie de l'ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres, LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les conséquences économiques et environnementales des politiques françaises de transition énergétique doivent s'envisager dans le cadre d'une économie ouverte. Tout d'abord, le rythme des efforts et les modalités de la décarbonation de l'activité économique sont en partie dictés au niveau européen, comme dans le cas du marché de quotas d'émission pour les industries hautement émissives. Mais surtout, l'Accord de Paris inscrit l'effort français au sein d'une variété d'engagements nationaux de décarbonation, tant en termes d'ambition que d'instruments mis en œuvre pour y parvenir. Cette diversité des efforts et instruments au niveau international contribue à déterminer les effets économiques des choix faits en matière de politiques climatiques adoptées au niveau européen et français. Ce rapport propose un tour d'horizon synthétique de cette dimension internationale des politiques de transition énergétique. En dépit d'éléments communs, notamment leur objectif final de réduction de l'empreinte carbone de l'activité économique, les politiques climatiques des différents pays sont hétérogènes, qu'il s'agisse de leur ambition – à savoir le niveau de leurs engagements en termes de décarbonation – ou des politiques (prix, réglementations, subventions ou crédits d'impôt) mises en œuvre. Il est dès lors illusoire de tenter de réduire les effets de cette hétérogénéité à une métrique commune de l'effort de chaque pays, comme le serait un équivalent prix des mesures réglementaires ou incitatives en place dans les différents pays. |
| Keywords: | changement climatique, Compétitivité, Transition Energétique, Politique environmentale |
| Date: | 2023–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-04248556&r=eur |
| By: | Ericsson, Johan (Department of Economic History, Uppsala University); Molinder, Jakob (Department of Economic History, Uppsala University) |
| Abstract: | When did Sweden become equal? This question has far-reaching implications for our understanding of Swedish history, as well as for theories about inequality, institutions, and politics more broadly. In this article, we present the first multidimensional comparative analysis of the development of inequality in Sweden. Unlike most other studies, we combine a variety of measures to provide a more comprehensive view of inequality. Our findings reveal that, although the share of income and wealth accruing to the absolute top was very high at the beginning of the 20th century, Sweden was more equal than many other countries when focusing on the lower parts of the income distribution. Additionally, several indicators suggest that the decline in inequality began in the decades before the turn of the 19th century. These results imply that the development of the Swedish welfare state was both a cause and a consequence of decreasing inequality. We emphasize the importance of widespread access to education as a key factor in shaping distributional outcomes. |
| Keywords: | inequality; distribution; education; wealth; wages |
| JEL: | D31 N00 N10 N13 N14 N33 N34 |
| Date: | 2024–01–08 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2024_013&r=eur |
| By: | Ilke Aydogan (IÉSEG School Of Management [Puteaux]); Loïc Berger (CNRS - Centre National de la Recherche Scientifique, IÉSEG School Of Management [Puteaux], EIEE - European Institute on Economics and the Environment, CMCC - Centro Euro-Mediterraneo per i Cambiamenti Climatici [Bologna]); Valentina Bosetti (Bocconi University [Milan, Italy], EIEE - European Institute on Economics and the Environment, CMCC - Centro Euro-Mediterraneo per i Cambiamenti Climatici [Bologna]) |
| Abstract: | We report the results of two experiments designed to better understand the mechanisms driving decision-making under ambiguity. We elicit individual preferences over different sources of uncertainty, entailing different degrees of complexity, from subjects with different sophistication levels. We show that (1) ambiguity aversion is robust to sophistication, but the strong relationship previously reported between attitudes toward ambiguity and compound risk is not. (2) Ellsberg ambiguity attitude can be partly explained by attitudes toward complexity for less sophisticated subjects only. Overall, regardless of the subject's sophistication level, the main driver of Ellsberg ambiguity attitude is a specific treatment of unknown probabilities. |
| Date: | 2023–07–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04370668&r=eur |
| By: | Luca Zamparelli (Department of Social and Economic Sciences, Sapienza University of Rome, Italy) |
| Abstract: | This paper investigates alternative ways of introducing technological progress in heterodox theories of economic growth. We model technical change as: i) exogenous and costless; ii) a positive externality of capital accumulation, the wage share or the employment rate; iii) endogenous and costly. We implement these formalizations in Classical growth theories, where investments coincide with full capacity savings, and Keynesian theories where capital accumulation is demand constrained. We also distinguish between abundant and inelastic labor market closures. We discuss the outcomes of these models in terms of long-run growth, functional income distribution and employment. |
| Keywords: | Technical change, heterodox growth models, R&D, factor income shares, employment |
| JEL: | D24 E25 D33 O30 O41 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2404&r=eur |
| By: | Patricia Crifo (École polytechnique, CREST and E4C, France and CIRANO, Canada) |
| Abstract: | This paper examines why a growth process relying on both green innova tion and green human capital may be responsible for higher inequality within and between skills. We propose a theoretical framework and derive some em pirical observations using data from more than 2000 companies in 21 OECD countries in 2022. We discuss the policy implications of this analysis in light of the COVID-19 pandemic, which has led many governments to place green investment at the heart of their recovery plans. |
| Keywords: | Environment, Skill Supply, Innovation-driven Growth |
| JEL: | O33 Q50 J24 |
| Date: | 2024–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:crs:wpaper:2024-02&r=eur |
| By: | Ergen, Timur; Schmitz, Luuk |
| Abstract: | Decarbonization requires the winding down of - economically - fully viable, if not highly prosperous, lines of economic activity. Different from past episodes of industrial restructuring revolving around the managed decline of sunset industries, accelerating climate change requires reallocation away from economic activities where the metaphorical sun is still shining. Firms, owners, workers, regions, and polities structurally rely on these sources of prosperity and have interwoven their past and future lives with them. We argue that this problem has created a space for state actors to experiment with vertical industrial policies to manage the reallocation of resources from polluting to non-polluting activities. We illustrate this dynamic by investigating the least-likely case of the European Union, a polity heavily tilted towards market governance. European climate policymakers, we argue, have incrementally moved away from the primacy of regulatory, market-making tools and have introduced a plethora of vertical instruments to shift resources away from climate-harming fields. This experimentation with vertical policies unfolds against the backdrop of a thirty-year institutional legacy of single market-oriented policy in the energy field. |
| Abstract: | Dekarbonisierung erfordert die Abwicklung und Restrukturierung von - wirtschaftlich - überlebensfähigen, wenn nicht sogar prosperierenden Wirtschaftszweigen. Anders als in früheren industriellen Restrukturierungsprozessen, bei denen es um die kontrollierte Herunterskalierung von 'Sunset-' oder 'Problemindustrien' ging, macht die Beschleunigung des Klimawandels eine Umverteilung weg von wirtschaftlichen Aktivitäten erforderlich, über denen die metaphorische Sonne noch scheint. Unternehmen, Kapitaleignerinnen und Kapitaleigner, Arbeitnehmerinnen und Arbeitnehmer, Regionen und Staaten bleiben strukturell auf diese Aktivitäten angewiesen und haben ihr Leben mit ihnen verwoben. Wir argumentieren, dass dieses Problem einen Raum für staatliche Akteure geschaffen hat, mit vertikalen industriepolitischen Maßnahmen zu experimentieren, um die Umverteilung von Ressourcen von umweltverschmutzenden zu nicht umweltverschmutzenden Aktivitäten zu befördern. Wir veranschaulichen diese Dynamik anhand einer Fallstudie der Europäischen Union, ein institutionelles Gefüge, das traditionell stark auf marktwirtschaftliche Steuerung ausgerichtet ist. Wir argumentieren, dass sich die europäische Klimapolitik schrittweise vom Primat der regulatorischen, marktwirtschaftlichen Instrumente entfernt und eine Fülle von vertikalen Instrumenten eingeführt hat, um den Ressourcenentzug aus klimaschädlichen Bereichen zu ermöglichen. Dieses Experimentieren mit vertikalen Politikinstrumenten vollzieht sich vor dem Hintergrund eines 30-jährigen institutionellen Erbes marktorientierter Politik im Energiesektor. |
| Keywords: | climate change, cohesion policy, European Union, green transition, industrialpolicy, regional restructuring, Energiewende, Europäische Union, Industriepolitik, Klimawandel, Kohäsionspolitik, regionaler Strukturwandel |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:281202&r=eur |
| By: | Sörries, Bernd; Wissner, Matthias |
| Abstract: | Die Umgestaltung der Stromnetze im Zuge der Energiewende erfordert den Ausbau lokaler und regionaler Netze sowie die Digitalisierung von Prozessen, basierend auf Daten, um erneuerbare Energien zu integrieren und den Anschluss von Verbrauchern wie Elektrofahrzeugen und Wärmepumpen zu ermöglichen. Auf europäischer und nationaler Ebene gewinnt das Thema Daten und daraus resultierende Geschäftsmodelle im Zusammenhang mit der Digitalisierung aller Wirtschaftsbereiche zunehmend an Bedeutung, was durch rechtliche Rahmenbedingungen wie den Data Act der EU und eine nationale Datenstrategie vorangetrieben wird. Die Datenökonomie ist dabei als umfassende wirtschaftliche Aktivität zu verstehen, die auf der Nutzung von Daten basiert, wobei die Entwicklung eines Ökosystems von Technologien, Plattformen und Marktakteuren im Fokus steht, während Daten als eigenständiges Produkt dienen und Mehrwerte generieren sollen. Die zunehmende Digitalisierung und Verfügbarkeit von Daten weltweit wird als Grundlage für die Anpassung von Prozessen und die Entwicklung von Dienstleistungen und Produkten betrachtet. Der Erfolg datengetriebener Geschäftsmodelle erfordert dabei das reibungslose Funktionieren und Zusammenspiel jeder einzelnen Komponente in der Wertschöpfungskette, wobei die Herausforderungen von der Datenerfassung bis zur Wahrung des Datenschutzes reichen. |
| Abstract: | The redesign of electricity networks as part of the energy transition requires the expansion of local and regional networks as well as the digitalization of processes based on data in order to integrate renewable energies and enable the connection of consumers such as electric vehicles and heat pumps. At the European and national level, the topic of data and the resulting business models are becoming increasingly important in connection with the digitalization of all economic sectors, which is being driven forward by legal framework conditions such as the EU Data Act and a national data strategy. The data economy is to be understood as a comprehensive economic activity that is based on the use of data, with the focus on the development of an ecosystem of technologies, platforms, and market players, while data should serve as an independent product and generate added value. The increasing digitalization and availability of data worldwide are seen as the basis for adapting processes and developing services and products. The success of data-driven business models requires the smooth functioning and interaction of every single component in the value chain, with challenges range from data collection to maintaining data protection. |
| Keywords: | Stromnetz, Intelligentes Stromnetz, Digitale Dienste, Digitale Plattform, Betriebliche Wertschöpfung, Branche, Deutschland |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280933&r=eur |
| By: | Romain Biard (Université de Franche-Comté, CNRS, LmB, F-25000 Besançon, France); Marc Deschamps (Université de Franche-Comté, CRESE, UR3190, F-25000 Besançon, France); Mostapha Diss (Université de Franche-Comté, CRESE, UR3190, F-25000 Besançon, France); Alexis Roussel (Université de Franche-Comté, CRESE, UR3190, F-25000 Besançon, France) |
| Abstract: | Health is one of the main components of well-being and medical progress has enabled many people to live better lives than at any time in history. Moreover, since the second half of the 20th century, the right to health has been recognized as a human right by international law as well as by many national laws. Unfortunately for many years now - and the phenomenon has become even more acute since COVID-19 pandemic - there has been a worldwide shortage of healthcare workers. This is particularly true for nurses, especially in poor countries. The aim of the paper is to help assess the number of nurses needed to ensure both healthier care- givers and healthier patients. To achieve this goal, we propose a model with random arrivals and exits of patients who may be of a single type (or several), and calculate the average care time they can receive. The results are given in closed form when arrivals follow a Poisson probability distribution. We also propose an analysis of the impact of working conditions on the average time that can be devoted to a patient. |
| Keywords: | Hospital, random arrivals, random exits, types of patients, available care time, nurses working conditions, Poisson distribution |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:crb:wpaper:2024-03&r=eur |
| By: | Jose E. Gomez-Gonzalez (City University of New York- Lehman College (USA), Visiting Professor - Universidad de la Sabana.); Jorge M. Uribe (Universitat Oberta de Catalunya, Barcelona (Spain).); Oscar M. Valencia (Fiscal Management Division, Inter-American Development Bank, Washington (USA).) |
| Abstract: | Sovereign risk exhibits significantly asymmetric reactions to its determinants across the conditional distribution of credit spreads. This aspect, previously overlooked in the literature, carries relevant policy implications. Countries with elevated risk levels are disproportionately affected by climate change vulnerability compared to their lower-risk counterparts, especially in the short term. Factors such as inflation, natural resource rents, and the debt-to-GDP ratio exert different effects between low and high-risk spreads as well. Real growth and terms of trade have a stable but modest impact across the spread distribution. Notably, investing in climate change preparedness proves effective in mitigating vulnerability to climate change, in terms of sovereign risk, particularly for countries with low spreads and long-term debt (advanced economies), where readiness and vulnerability tend to counterbalance each other. However, for countries with high spreads and short-term debt, additional measures are essential as climate change readiness alone is insufficient to offset vulnerability effects in this case. Results also demonstrate that the actual occurrence of natural disasters is less influential than vulnerability to climate change in determining spreads. |
| Keywords: | Sovereign risk; Credit risk; Panel-quantile regressions; Nonlinear dynamics; Vulnerability; Preparedness ; Disaster risk. JEL classification: F34, G15, H63, Q51, Q54. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:202401&r=eur |
| By: | Fernihough, Alan |
| Abstract: | This paper examines the economic impact of Ireland's partition, assessing market access losses using detailed geospatial data and multimodal transport network analysis. The study reveals that partition significantly reduced market access on both sides of the border, contributing to population decline. Districts closest to the border were the most affected, with estimated population figures being approximately 10 per cent lower than they would have been without the border. This negative impact has persisted, remaining evident despite the reduction of many physical border barriers. A counterfactual analysis suggests that absent the border, the current populations of the Republic of Ireland and Northern Ireland would have been 3 per cent and 5 per cent higher, respectively. These findings illustrate the persistent role of political borders in shaping regional economic activity. |
| Keywords: | Economic Geography, Irish Border, Market Access, Economic History of Ireland |
| JEL: | R12 F15 R11 N94 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:qmsrps:202402&r=eur |
| By: | David Lowing (Laboratoire de Génie Industriel, CentraleSupélec, Université Paris-Saclay, France); Léa Munich (Université de Franche-Comté, CRESE, UR3190, F-25000 Besançon, France and Université de Lorraine, BETA, F-54000 Nancy, France); Kevin Techer (UJM Saint-Etienne, GATE, UMR3824, F-42000 Saint-Etienne, France) |
| Abstract: | Accurate cost allocation is a challenge for both public service operators and regulatory bodies, given the dual objectives of ensuring essential public service provision and maintaining fair com- petition. Operators have the obligation to provide essential public services for all individuals, which may incur additional costs. To compensate this, the operators receive state aids, which are determined by an assessment of the net cost associated with these obligations. However, these aids introduce the risk of distorting competition, as operators may employ them to subsidize competitive activities. To avoid this risk, a precise cost allocation method that adequately assess the net cost of these obligations becomes necessary. Such a method must satisfy specific prop- erties that effectively prevent cross-subsidization. In this paper, we propose a method grounded in cooperative game theory that offers a solution for allocating common costs between activities and obligations in public service provision. We adopt a normative approach by introducing a set of desirable axioms that prevent cross-subsidization. We provide two characterizations of our proposed solution on the basis of these axioms. Furthermore, we present an illustration of our method to the allocation of common costs for a public service operator. |
| Keywords: | Cooperative game theory; Cost allocation; Public service; Cross-subsidization |
| JEL: | C71 L51 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:crb:wpaper:2024-05&r=eur |
| By: | Gabriele Di Filippo |
| Abstract: | This paper presents a new database of direct investment positions held through captive financial institutions (CFIs) in Luxembourg that are owned by (resident and non-resident) investment funds focusing on private equity or real estate. Compared to Di Filippo (2023), the new database is more comprehensive as it includes smaller CFIs with less than 500 million euros in total assets. Over 2011-2021, intra-Luxembourg investment positions were larger than foreign direct investment (FDI) positions (both inward and outward). Most of these intra-Luxembourg investment positions arise because investment funds use Luxembourg CFIs to structure their holdings and acquisitions across the globe. In 2021, only about 1% of the inward FDI position held through these CFIs is ultimately invested in targets located in Luxembourg. The outward FDI position held through these CFIs is invested in private companies (65%) or real estate assets (35%). While most investment fund sponsors are headquartered in the United States or in the United Kingdom, investment targets are mostly in Western Europe, with a focus on the euro area. Outward FDI in private equity targets companies that are quite dispersed across economic activities. In 2021, "Information, telecommunications and computer services" have the largest share (17%), followed by "Electricity, gas, water supply, recycling" (12%) and "Chemicals and non-metallic mineral products" (10%). Outward FDI in real estate is more concentrated by property type, with 45% in commercial buildings (office and retail properties), 24% in industrial buildings (in particular logistics properties) and 15% in residential properties. Targets in Luxembourg are mostly companies operating in finance and insurance activities (private equity) or office properties (real estate). |
| Keywords: | Foreign direct investment, Captive financial institutions and money lenders, Sector S127, Investment funds, Private equity, Real estate |
| JEL: | C80 C81 F23 F30 G23 G32 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp181&r=eur |
| By: | Robert Basedow; Sophie Meunier; Christilla Roederer-Rynning |
| Abstract: | The European Union (EU), for decades a pillar of openness and multilateralism, has recently shifted towards a more assertive commercial policy relying on the development of new geoeconomic instruments designed to level the playing field and deal with the increasing blurriness between economy and national security. Alongside the new EU FDI screening framework for national security in place since 2020, the EU recently proposed and adopted another FDI screening mechanism to tackle market distortions arising from foreign subsidies in the context of European mergers and acquisitions. Why is the EU introducing this new policy instrument right now? What political economy forces shape the institutional design? And why does this instrument enjoy broad support in the Commission, Council of Ministers and European Parliament despite its likely redistributive impacts on Member State economies? Our paper uses process tracing, expert interviews, media research and secondary literature to trace the history of this policy project from its inception to its entry into force in mid 2023. In particular, we question why the decision was made to embed this policy under the competition arm of the European Commission, unlike FDI screening for national security which is managed by the trade policy arm. The paper finds that framing foreign subsidies as a competition issue sought to insulate the policy from accusations of disguised protectionism and ensured political support across the EU. Whereas more activist Member States, services of the European Commission and Members of the European Parliament see the instrument as a steppingstone toward a European industrial policy and more assertive foreign policy, vis-à-vis notably China, others perceive it as a long overdue measure to close regulatory gaps and to strengthen EU competition and state aid policy as well as relevant WTO rules. The paper contributes to the growing literature on EU foreign economic policy at the nexus between International Political Economy and Security Studies by shedding light on one of the most prominent new policy initiatives in these domains. |
| Keywords: | EU, China, FDI, M&A, Subsidies, State Aid, Competition Policy, anti-trust |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:rsc:rsceui:2023/41&r=eur |
| By: | Stelios S. Fourakis; Loukas Karabarbounis |
| Abstract: | Advanced economies borrowed substantially during the Covid recession to fund their fiscal policy. The Covid recession differed from the Great Recession in that sovereign debt markets remained calm and spreads barely responded. We study the experience of Greece, the most extreme manifestation of the puzzling behavior of spreads during Covid. We develop a small open economy model with long-term debt and default, which we augment with official lenders, heterogeneous households and sectors, and Covid constraints on labor supply and consumption demand. The model is quantitatively consistent with the observed boom-bust cycle of Greece before Covid and salient observations on macro aggregates, government debt, and the sovereign spread during Covid. The spread is stable despite a rise in external borrowing during Covid, because lockdowns were perceived as transitory and the bailouts of the 2010s had tilted the composition of debt at the beginning of Covid away from defaultable private debt. The ECB's policy of purchasing debt in secondary markets during Covid did not stabilize spreads so much, but allowed the government to provide transfers that reduced inequality. |
| JEL: | E20 E58 E60 F34 F44 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32044&r=eur |
| By: | Byrne, David (Central Bank of Ireland); Foster, Sorcha (Central Bank of Ireland) |
| Abstract: | The pace of current monetary policy tightening has been unprecedented in the history of the Eurosystem. The key ECB interest rates started to increase in July 2022, the first rate rise in 11 years, and have increased sharply by 425 basis points since then. Monetary policy operates with long and variable lags, meaning these increases will take time to affect inflation. However, the first phase of transmission can already be seen in financial conditions, in particular in loan and deposit pricing by banks. In this Letter, we examine how banks’ interest rates have responded to changes in the ECB’s monetary policy rates. We address two key questions regarding this aspect of monetary policy “pass-through” in the euro area and Ireland. First, is there evidence that pass-through is different in this tightening cycle? Second, does pass-through in Ireland differ from other euro area countries? Based on our historical comparisons, we find that pass-through in the euro area is weaker now relative to previous cycles for some deposit products, stronger for new business lending and business term deposits, and the same for mortgages and outstanding business loans. For Ireland, we find evidence that, in this cycle, pass-through to new mortgage rates and to household overnight deposits, which represent the majority of Irish deposits, has been weaker than in other euro area countries. |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:ecolet:3/el/23&r=eur |
| By: | McLaughlin, Darragh (Central Bank of Ireland); Conefrey, Thomas (Central Bank of Ireland) |
| Abstract: | To what extent can the basics of supply and demand help to explain the high rates of inflation in Ireland since 2021?In this Letter, we analyse the data using a simple model-based approach and find that, on average, supply-side drivers explain around three fifths of inflation in the year to May 2023, while demandside factors account for over one third of inflation. The decline in headline inflation since Q3 2022 has been mostly driven by an easing of supply-side inflationary pressures. The contribution of demand to core inflation appears to have faded over the last 12 months. Nevertheless, demand has become a more important driver of services inflation recently – consistent with signs of stronger domestic inflationary pressures. |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:ecolet:4/el/23&r=eur |
| By: | Newbery, D. |
| Abstract: | Ambitious plans to decarbonise electricity will require high levels of variable renewable electricity (VRE). At high VRE penetration, the surplus that cannot be exported must be curtailed (spilled). The last MW of wind capacity will be curtailed 3+ time more hours than the average, but even in efficiently designed markets, price signals for VRE investment are given by average, not marginal, curtailment, creating a “tragedy of the commons†that requires a corrective charge to restore efficiency. The paper sets out an analytical model calibrated to Ireland in 2026, showing the source of this distortion and estimates of its magnitude. |
| Keywords: | renewable electricity, marginal wind curtailment, integration costs, market failures, inertia charges |
| JEL: | H23 L94 Q28 Q42 Q48 |
| Date: | 2023–12–29 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2353&r=eur |