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on Microeconomic European Issues |
| By: | Giulia Bovini (Bank of Italy); Emanuele Ciani (Bank of Italy); Marta De Philippis; Stefania Romano (Bank of Italy) |
| Abstract: | We study inequality in gross labour income among the working-age population, comparing Italy to the other main euro area countries. We use EU-SILC data between 2008 and 2018, the longest period without time breaks. We show that inequality in individual labour income is higher in Italy than in France and Germany. This is mainly a consequence of the lower employment rate, i.e. of the higher share of working-age individuals with no labour income, rather than of wider earnings disparities among workers. Inequality in equivalised household labour income is also higher in Italy than in France in Germany because a lower employment rate translates into a larger share of single or no-earner households. In line with these findings, while in Italy low-earning workers are relatively few, they face a greater risk of poverty than in France or Germany, since they more often live in households where other members are not employed or have low-work-intensity jobs. These results stress the importance of jointly considering earnings and employment dynamics when analysing labour income inequality, low-pay work, and in-work poverty. |
| Keywords: | working-age population, employment rate, inequality, in-work poverty |
| JEL: | J21 J30 J82 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_806_23&r=eur |
| By: | Ermisch, John |
| Abstract: | The paper introduces to comparative cross-national fertility research a method to formalise what is meant by the TFR’s of countries ‘moving together’. It is based on the estimation of long run fertility relationships which are stationary series (so called ‘cointegrating equations’). Six sets of countries with similar TFR movements within each were identified: Northwest Europe (England and Wales, France, Netherlands and Belgium); (2) Southern Europe (Italy, Spain and Portugal); (3) the Nordic countries (Denmark, Sweden, Norway and Finland); (4) Germany and Austria; (5) the Eastern Europe group of Poland, Czechia, Hungary and Estonia); and (6) the group of Russia, Belarus and Lithuania. There are unique features of TFR movements in each region. But Northwest Europe, the Nordic countries and Southern Europe all share a decline in their TFR during the past decade, albeit from different levels of fertility. This strongly suggests that factors influencing fertility during this period do not stem from particular features in each country but broader influences, whether social or economic. |
| Date: | 2023–09–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:nej84&r=eur |
| By: | Odran Bonnet; Étienne Fize; Tristan Loisel; Lionel Wilner |
| Abstract: | This paper exploits the introduction of the German carbon tax in 2021 as well as excise tax rebates on fuel in both France and Germany, consecutive to the 2022 oil crisis, to infer how fuel tourism responds to changes in relative prices. Based on French high-frequency transaction-level data issued from individual banking accounts, we find substantial displacement between foreign and domestic consumption. When relative prices increase by 1%, the relative cross-border demand decreases by 7.7%. In border areas, the elasticity of tax revenue with respect to foreign prices is as high as 0.5. Moreover, there is no substantial difference in demand response to either carbon or excise tax. Such empirical evidence illustrates the importance of coordinating tax policy within EU. |
| Keywords: | commodity taxation, tax coordination, carbon pricing, fuel tourism, transaction-level data |
| JEL: | H20 H23 H77 R48 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10918&r=eur |
| By: | Carneiro, Pedro (University College London); Reis, Hugo (Banco de Portugal); Toppeta, Alessandro (SOFI, Stockholm University) |
| Abstract: | Generous maternity leave, affordable daycare, extensive social safety nets, excellent universal health care, and high-quality public schools, are all notable features of Nordic countries. There is a widespread belief that such strong public investments in children contribute to a levelled playing field and promote social mobility. However, gaps in learning outcomes between children of rich and poor parents remain as high in Nordic countries as elsewhere in Europe. One explanation for this paradox is that the equalizing impacts of public investments are undone by parental investments in children of rich and poor families, which are as unequal in Nordic countries as in the rest of the European continent. |
| Keywords: | intergenerational transmission, inequality, education, human capital |
| JEL: | J62 D63 I21 J24 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16785&r=eur |
| By: | Edoardo Frattola (Bank of Italy) |
| Abstract: | This paper investigates whether parental retirement affects the timing of adult couples' fertility decisions and whether the effect is heterogeneous across family policy regimes in Europe. I use SHARE data for the period 2004-2018 and consider 11 countries belonging to three different regimes (Continental, Mediterranean and Nordic). Results from a RDD on a balanced panel of dynasties suggest that parental retirement has a significant and positive causal effect only in Mediterranean countries, where it is driven by an increase in the availability of informal childcare. These findings are consistent with the hypothesis that parental support matters more in countries with weaker family policies and stronger family ties, and hint that increases in retirement age might have unintended negative consequences on fertility rates in Southern Europe through an effect on the timing of fertility. |
| Keywords: | retirement, fertility, grandparents, informal childcare, SHARE |
| JEL: | J13 J14 J26 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1417_23&r=eur |
| By: | L. Bister; Peter Eibich (MPIDR - Max Planck Institute for Demographic Research - Max-Planck-Gesellschaft, Legos - Laboratoire d'Economie et de Gestion des Organisations de Santé - Université Paris Dauphine-PSL - 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); R. Rutigliano; M. Kühn; K. van Hedel |
| Abstract: | Existing literature shows the importance of maternity leave as a strategy for women to balance work and family responsibilities. However, only a few studies focused on the long-run impact of maternity leave length on maternal health. Therefore, how exactly they are related remains unclear. We examine women's selection into different lengths of maternity leave as a potential explanation for the inconclusive findings in the literature on the association between maternity leave and maternal health. This study aims to unravel the association between maternity leave length and mothers' long-term health in Germany. Drawing on detailed data from the German Statutory Pension Fund (DRV), we estimated the association between maternity leave length and sick leave from 3 years following their child's birth for 4, 243 women living in Germany in 2015 by applying discrete-time logistic regression. Our results show a negative relationship between maternity-leave length and long-term maternal health, likely driven by negative health selection. Long maternity leaves of more than 24 months were associated with worse maternal health in the long run, while a positive association emerged for vulnerable women with pre-existing health problems. |
| Keywords: | maternital health, maternity leave, child health, Germany |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04442896&r=eur |
| By: | Junquera, Álvaro F. (Universitat Autònoma de Barcelona) |
| Abstract: | Despite being widely regarded as effective labor market interventions, the impact of job search programs on employment remains contested. Recent research challenges the assumption that the intensity of such programs is directly related with its effectiveness. We evaluate the effects of two treatments of an Italian active labour market program called Assegno per il Lavoro. Each intervention is made up of a voucher to fund job search assistance and a performance-based payment related to job search brokerage. Participants are assigned to a certain group with a certain treatment endowment that is increasing in function of a scoring variable. Leveraging this design, we applied a regression discontinuity analysis to estimate effects on the employment quantity and on the employment quality. We found null effects on the average of worked days for the two treatment comparisons, with transient small effects during the first year for the high endowment. Significant increases of approximately one month were observed at the median of the distribution for certain semesters, but later the effects fade away. This is the first paper studying the effect of the intensity of job search actions on employment in a European context. The main policy implication is a shift from a focus on intensity to a focus on other design elements. |
| Date: | 2024–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rjshu&r=eur |
| By: | Wagner, Joachim |
| Abstract: | The use of robots by firms can be expected to go hand in hand with higher productivity, higher product quality and more product innovation, which should be positively related to export activities. This paper uses firm level data from the Flash Eurobarometer 486 survey conducted in February - May 2020 to investigate the link between the use of robots and export activities in manufacturing enterprises from the 27 member countries of the European Union. Applying standard parametric econometric models and a new machine-learning estimator, Kernel-Regularized Least Squares (KRLS), we find that firms which use robots do more often export, do more often export to various destinations all over the world, and do export to more different destinations. The estimated robots premium for extensive margins of exports is statistically highly significant after controlling for firm size, firm age, patents, and country. Furthermore, the size of this premium can be considered to be large. Extensive margins of exports and the use of robots are positively related. |
| Keywords: | Robots, exports, firm level data, Flash Eurobarometer 486, kernel-regularized leastsquares (KRLS) |
| JEL: | D22 F14 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kcgwps:283903&r=eur |
| By: | Axel Rump (FOM Hochschule für Oekonomie und Management, Germany); Matthias Buntrock (FOM Hochschule für Oekonomie und Management, Germany) |
| Abstract: | Due to financial constraints, urgent investments or even cutting-edge medical research projects with high financial requirements cannot be realized. The acquisition of major donations as an additional source of funding can contribute to this. Crucial here is the knowledge of the most potent donor target group - the high-net-worth individuals (HNWIs = financial assets of at least $1 million, UHNWIs = financial assets of at least $30 million) as major donors. However, there are hardly any comprehensive empirical data on wealthy individuals as donors to cutting-edge medical projects in Germany. This study, therefore, examines for the first time the functionality of major-donor fundraising explicitly for hospitals from two different perspectives - of hospital directors and high-net-worth individuals themselves. The study follows a mixed-methods approach, combining the three sub-studies. The study clarifies that UHNWIs and HNWIs in Germany are willing to become socially involved and that hospitals represent an attractive object of donation for them in terms of a large donation not only during their lifetime but also after their death. However, hospitals do not approach high-net-worth individuals consistently, effectively, and sustainably. This is because German hospitals are not appropriately structured and staffed to meet the wishes and needs of the target group adequately. For the future, a major rethink is coming to hospitals because major gift fundraising cannot be established as an additional funding source without first making a significant investment. |
| Keywords: | Fundraising, funding, cutting-edge medicine, High-Net-Worth donors, Ultra-High-Net-Worth-Individuals, High-Net-Worth-Individuals |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0275&r=eur |
| By: | Guiso, L.; Herrera, H.; Morelli, M.; Sonno, Tommaso |
| Abstract: | We document the spiral of populism in Europe and the direct and indirect role of economic insecurity shocks. Using survey data on individual voting, we make two contributions to the literature. (i) Economic insecurity shocks have a significant impact on the populist vote share, directly as demand for protection, and indirectly through the induced changes in trust and attitudes. (ii) A key consequence of increased economic insecurity is a drop in turnout. The impact of this largely neglected turnout effect is substantial: conditional on voting, when economic insecurity increases, almost 40% of the induced change in the vote for a populist party comes from the turnout channel. |
| Keywords: | 694583 |
| JEL: | J1 |
| Date: | 2024–02–13 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122069&r=eur |
| By: | Luigi Infante (Bank of Italy); David Loschiavo (Bank of Italy); Andrea Neri (Bank of Italy); Matteo Spuri (Bank of Italy); Francesco Vercelli (Bank of Italy) |
| Abstract: | This paper assesses the impact of the 2022 inflationary shock on Italian households’ wealth along the joint distribution of income and net wealth. The analysis was carried out by dividing households into four groups based on their median income and net wealth, using a methodology similar to the Distributional Wealth Accounts developed at European level. The erosion of the real value of net financial wealth due to inflation was heterogeneous across households. While capital losses were small for the least wealthy households, for the wealthiest group they exceeded one tenth of annual disposable income. Conversely, the reduction in the real value of financial liabilities allowed the group of households with high income and low net wealth to realize a capital gain of nearly one tenth of their income. |
| Keywords: | distributional wealth accounts, inflation, joint income and wealth distribution |
| JEL: | D14 D31 D51 E31 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_817_23&r=eur |
| By: | Laura Breitkopf (Max Planck Institute for Research on Collective Goods, Bonn); Shyamal Chowdhury (University of Sydney); Shambhavi Priyam (World Bank, Washington DC, US); Hannah Schildberg-Hörisch (Max Planck Institute for Research on Collective Goods, Bonn, Heinrich Heine University Düsseldorf (DICE), IZA Institute of Labor Economics, Bonn); Matthias Sutter (Max Planck Institute for Research on Collective Goods, Bonn, University of Cologne, Germany, University of Innsbruck, Austria, IZA Bonn, Germany, and CESifo Munich) |
| Abstract: | We use novel data on nearly 6, 000 children and adolescents aged 6 to 16 that combine incentivized measures of social, time, and risk preferences with rich information on child behavior and family environment to study whether children’s economic preferences predict their behavior. Results from standard regression specifications demonstrate the predictive power of children’s preferences for their prosociality, educational achievement, risky behaviors, emotional health, and behavioral problems. In a second step, we add information on a family’s socio-economic status, family structure, religion, parental preferences and IQ, and parenting style to capture household environment. As a result, the predictive power of preferences for behavior attenuates. We discuss implications of our findings for research on the formation of children’s preferences and behavior. |
| Keywords: | social preferences, time preferences, risk preferences, experiments with children, origins of preferences, human capital, behavior |
| JEL: | C91 D01 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2024_09&r=eur |
| By: | Rosalia Greco (Bank of Italy) |
| Abstract: | Since 2000, Italy's output growth lagged behind countries like Germany, France, and Spain, primarily due to weak labor productivity dynamics. Italy's labor productivity growth, especially low before the Great Recession, showed a small improvement afterwards, driven by the business sector. Productivity growth and levels vary across sectors, with the industrial sector generally outperforming market services in all countries. Italy's low aggregate growth, however, cannot be traced back to a composition tilted towards low productivity sectors, rather to across-the-board insufficient sectors' productivity growth. Few exceptions emerge in the industrial sector in 2014-2019: some manufacturing sectors that are more exposed to international trade exhibited higher productivity growth in Italy than elsewhere. Investment affects labor productivity growth through capital deepening. Investment trends, influenced by the financial crisis, varied across countries and sectors. Investment in intangibles (especially important for innovation) consistently increased, while investment in other assets fluctuated, with Italy and Spain experiencing delayed recovery. Intangibles constituted a larger share of investment in the industrial sector, and were most relevant in France. |
| Keywords: | labor productivity, growth, investment |
| JEL: | E22 E24 O47 O52 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_825_23&r=eur |
| By: | Koefer, Franziska; Bokkens, Amber; Preziuso, Massimo; Ehrenhard, Michel |
| Abstract: | This paper investigates strategies of European microfinance institutions (MFIs) and inclusive FinTech organisations to address financial and digital illiteracy among vulnerable customers. It reveals that both MFIs and FinTech organisations focus on personalised financial education, training and coaching but adopt distinct strategies in their approach.The study highlights the crucial role of support teams in enhancing literacy and recommends a balance between digitalisation and human interaction, alongside advocating for governmental and EU educational initiatives. This is the third paper resulting from a research project on 'Strengthening Financial Inclusion through Digitalisation' (SFIDE), initiated by EIF's Research & Market Analysis division. The project is funded by the EIB Institute under the EIB-University Sponsorship Programme (EIBURS). It aims to investigate the potential of technological and financial innovation to increase the efficiency of the inclusive finance sector, through the identification and promotion of best practices. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eifwps:283601&r=eur |
| By: | Heimann, Tobias; Argueyrolles, Robin; Reinhardt, Manuel; Schuenemann, Franziska; Söder, Mareike; Delzeit, Ruth |
| Abstract: | The Renewable Energy Directive (RED II) by the European Union (EU) provides an updated framework for the use of renewable energy in the EU transport sector until 2030, and bans the use of biofuels with a high risk of causing indirect land‐use change in high carbon stock areas (high ILUC‐risk criteria). The only biofuel feedstock affected by this criterion is palm oil. We employ the computable general equilibrium (CGE) model DART‐BIO for a scenario‐based policy analysis and evaluate a phase‐out of palm oil‐based biodiesel, and an additional phase‐out of soy oil‐based biodiesel in the EU. Our results show that the palm phase‐out has only a relatively small impact on global palm fruit production and total crop land use in tropical and subtropical regions, while the soy phase‐out leads to a comparable stronger decrease in global soy production, and a reduction in total cropland use in soy‐producing regions. Both policies lead to increased oilseed production in the EU. Therefore, farmer in Malaysia and Indonesia face a significantly reduced income. While European farmers profit the most, EU firms and households are confronted with higher expenditures. Finally, this study indicates that unilateral demand‐side regulations for a single good in a single sector is not sufficient for effective environmental protection. Enhanced binding sustainability criteria and certification schemes for the use of all vegetable oils in every sector and industry as well as improved protection schemes for sensible forest areas are necessary. |
| Keywords: | Biofuels, Computable General Equilibrium (CGE), Land Use, Palm Oil, Renewable Energy Directive (RED II), Soy Oil |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkie:281955&r=eur |
| By: | Preuß, Sabine; Kunze, Robert; Scherrer, Aline; Zwirnmann, Jakob; Rummel, Alexandra |
| Abstract: | Plug-in electric vehicles (PEV) are widely considered a promising option to reduce greenhouse gas (GHG) emissions in transport. The electricity used for charging is decisive for the environmental assessment of PEV. Most studies assume the average grid mix for charging. A study in 2021 showed that the share of renewables in charging electricity of PEV in Europe was above the grid mix. The present study provides an update of this study to further refine the database and to compare the results from 2021 and 2023. In addition, small methodological adjustments were implemented to improve the estimate of renewable electricity in PEV charging across Europe. Therefore, this article presents results of an extensive survey with over 3, 400 PEV users in 13 countries across the EU. Results reveal that PEV users still charge their PEV mostly at home. However, the share of renewable charging tariffs for home charging decreased compared to the results from 2021. When considering all charging locations (home, work and public charging), the respective share of renewable contracted electricity, and the number of PEV per EU country, the share of renewables in the charging electricity of PEV has further increased and is still above the European grid mix (i.e., balanced total supplier mix). We discuss reasons for this finding by outlining differences between the results of the study from 2021 and the present one. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:283599&r=eur |
| By: | Maja Adena (WZB Berlin); Anselm Hager (HU Berlin) |
| Abstract: | Does online fundraising increase charitable giving? Using the Facebook advertising tool, we implemented a natural field experiment across Germany, randomly assigning almost 8, 000 postal codes to Save the Children fundraising videos or to a pure control. We studied changes in the donation revenue and frequency for Save the Children and other charities by postal code. Our geo-randomized design circumvented many difficulties inherent in studies based on click-through data, especially substitution and measurement issues. We found that (i) video fundraising increased donation revenue and frequency to Save the Children during the campaign and in the subsequent five weeks; (ii) the campaign was profitable for the fundraiser; and (iii) the effects were similar independent of video content and impression assignment strategy. However, we also found some crowding out of donations to other similar charities or projects. Finally, we demonstrated that click data may be an inappropriate proxy for donations and recommend that managers use careful experimental designs that can plausibly evaluate the effects of advertising on relevant outcomes. |
| Keywords: | charitable giving; field experiments; fundraising; social media; competition; |
| JEL: | C93 D64 D12 |
| Date: | 2024–02–13 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:493&r=eur |
| By: | Carmina-Elena Tolbaru (Pitesti University Center, Romania,) |
| Abstract: | Money laundry is a boosting phenomenon worldwide, affecting multiple domains of social life, and we need sustainable efforts to hinder the actions committed by offenders to hide the profits obtained from their offences. The complexity and magnitude of this phenomenon taking place at present is explained within the context of growth of technology, which opens new horizons concerning offence-related opportunities. Thus, offences such as tax evasion, financing terrorist organisations, drug trafficking, corruption, frauds, as well as any other illegal financial activities, are committed regarding the offence of money laundry, witnessing a form of organised cross-border criminality. Starting in 2021, the rate of illegal use of crypto currencies for the purpose of money laundry has registered a significant growth, which made the European Union establish a new regulation framework in the field of combating money laundry, extending the field of application of rules to crypto-assets transfers. This paper analyzes the growing global phenomenon of the use of crypto-assets for criminal purposes, examines the regulatory framework in the European Union, and provides practical recommendations that can help prevent and combat money laundering. |
| Keywords: | money laundry, offenders, organised crime, crypto-assets, European rules |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0312&r=eur |
| By: | Andrea Fabiani (Bank of Italy); Fabio Massimo Piersanti (Bank of Italy) |
| Abstract: | How does inflation affect firms' performance, conditional on their capital structure? To answer this question, we exploit survey-based inflation surprises from the Eurozone and analyze the cross-section of stock returns for non-financial companies on days of release of inflation data over the period 2020-2022. Our results suggest that, in reaction to a positive inflation surprise, firms with relatively higher financial leverage experience larger stock returns. Moreover, long-term leverage drives the adjustment, consistent with Fisherian theories emphasizing the fall in the real value of debt liabilities associated with higher inflation. |
| Keywords: | inflation, capital structure, leverage, debt maturity, stock returns, high-frequency |
| JEL: | E31 E50 G12 G30 G32 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1434_23&r=eur |
| By: | Krämer-Eis, Helmut; Botsari, Antonia; Gvetadze, Salome; Lang, Frank; Torfs, Wouter |
| Abstract: | This working paper provides an overview of the main markets relevant to the EIF, thereby documenting the impact of the polycrisis and the related challenging economic environment on SME financing. The publication first discusses the general market environment and then covers the markets for SME equity and debt products. In addition, it focuses on a number of thematic policy areas that are of particular interest to the EIF, such as Inclusive Finance, Fintech and Green finance & investment. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eifwps:283600&r=eur |
| By: | Valerio Della Corte (Bank of Italy); Raffaele Santioni (Bank of Italy) |
| Abstract: | PMutual funds are a key investment vehicle for households, but past research has questioned the ability of less sophisticated retail investors to optimally select mutual funds. We provide further evidence on this topic by looking at a large sample of mutual funds held by euro-area households from 2009 to 2020. We document that mutual funds with lower participation by institutional investors tend to be more expensive and yield lower risk-adjusted returns, after controlling for many possible predictors of funds’ performance. The underperformance is especially pronounced for equity funds and within-fund over time, meaning that households tend to hold proportionally more funds at times when their risk-adjusted performance is inferior. Running flow-performance regressions, we find that household flows chase past returns rather than risk-adjusted returns and exhibit much stronger inertia than institutional investor flows, which may help explain why they earn lower risk-adjusted returns. Overall, our findings are consistent with models in which individual investors face significant search costs in the mutual funds market. |
| Keywords: | households finance, investment decisions, retail mutual funds |
| JEL: | G5 G14 G23 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1426_23&r=eur |
| By: | Burchi, Francesco; Malerba, Daniele |
| Abstract: | Poverty and gender equality are at the heart of the 2030 Agenda and are key strategic areas for Germany's Federal Ministry for Economic Cooperation and Development (BMZ). It has been often argued that poverty is gendered: at the 1995 UN World Conference on Women, 70 per cent of the world's poor was said to be female. However, that figure is not backed by sound scientific evidence. There are several challenges to examining the relationship between gender and poverty. The main one is that monetary poverty is calculated at the household level: it is not possible to distinguish the poverty status of different household members. Theoretically, it is possible to analyse poverty by gender by focusing on non-monetary dimensions, as several feminist scholars advocate. However, the most well-known indices of multidimensional poverty have the same problems as those for income poverty: they are computed at the household level. Therefore, we do not really know if - or to what extent - poverty is gendered. Recent studies conducted by IDOS researchers help fill this gap by analysing gender disparities in multidimensional poverty in more than 80 low- and middle-income countries and using individual-level indices, which encompass three dimensions: education, health and employment. This policy brief summarises the main findings of the IDOS studies and presents key policy recommendations. The research reveals the female face of poverty. In recent years, female multidimensional poverty has been higher than male multidimensional poverty almost everywhere: on average, the former is about 70 per cent higher than the latter. Depending on the specific poverty index used, women make up between 54 and 63 per cent of the impoverished population. Gender disparities vary substantially across the world: the largest disparities are visible in the Middle East and North Africa (MENA) and South Asia. The research also shows that from the late 1990s/early 2000s most countries experienced increased gender disparities in poverty, a process often referred to as the 'feminisation of poverty'. This largely occurred in Europe and Central Asia, as well as in Latin America and the Caribbean. The very large gender disparities in MENA and South Asia have persisted for decades. The studies also find that the increase in gender disparities occurred especially in rural areas and was mostly driven by an increase in disparities in access to paid employment. To tackle the gendered nature of poverty, we recommend: • Incentivising women's employment and pro-moting the care economy. Care policies can partly free women from their care duties and/or recognise the economic value of care work, thereby increasing employment opportunities for women. Expanding the (professional) care sector - and more generally, the service sector - also creates job opportunities for women. • Adopting gender-responsive social protection. Cash transfers can benefit women in particular but should include clear gender-equality goals and be designed to challenge existing gender norms (rather than reinforce them). • Tackling gender norms. Eliminating discriminatory laws and regulations can help in the short term; education and awareness campaigns are critical in the long run. • Advocating for and realising the (gender) data revolution. It is necessary to invest in ad-hoc data collection focused on individual and female experiences of poverty. |
| Keywords: | Gender disparities, poverty analysis, multidimensional poverty, intra-household distribution, social protection, cash transfers, employment policies, care economy, education, data revolution |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:idospb:283120&r=eur |
| By: | Munch Grønlund, Asger; Jørgensen, Kasper; Schupp, Fabian |
| Abstract: | We build a novel term structure model for pricing synthetic euro area core inflation-linked swaps, a hypothetical swap contract indexed to core inflation. Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation. The model provides estimates of market-based expectations for core inflation, as well as core inflation risk premia, at daily frequency, whereas core inflation expectations from surveys or macroeconomic projections are typically only available monthly or quarterly. We find that core inflation-linked swap rates are generally less volatile than headline inflation linked swap rates and that market participants expected core inflation to be substantially more persistent than headline inflation following the 2022 energy price spike. Using an event-study methodology, we also find that monetary policy shocks significantly lower core inflation expectations. JEL Classification: E31, E44, E52 |
| Keywords: | affine term structure model, inflation-linked swaps, inflation expectations |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20242908&r=eur |
| By: | Fridahl, Mathias; Schenuit, Felix; Lundberg, Liv; Möllersten, Kenneth; Böttcher, Miranda; Rickels, Wilfried; Hansson, Anders |
| Abstract: | Given the escalating climate crisis, the task of integrating novel carbon dioxide removals into the European Union’s climate policy is urgent and long overdue. Here, we argue that there is a window of opportunity for responding now, and put forward a solution. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkie:281982&r=eur |
| By: | Doina Muresan (Dimitrie Cantemir Christian University, Bucharest, Romania) |
| Abstract: | The paper enhances the current understanding of public administration's support for entrepreneurship, providing knowledge that could generate interest in this topic. It analyzes the collaboration among public policies, the public sector, the private sector, and non-governmental organizations, and the following dependent variables: innovation, e-government and digitization, entrepreneurship support ecosystems, and risks in this approach. The academic significance of this research lies in its provision of evidence for the moderating role of NGOs in expanding PPPs to support entrepreneurs. The paper reviews European and national specialized literature in the field of social entrepreneurship. This review focuses on the role of public administrations in supporting social projects and proposes a conceptual model that outlines its empirical boundaries. Additionally, the paper outlines the statistical methods used for this part of the analysis. The findings then lead to suggestions for future research on the role of public administration as a facilitator of social entrepreneurship. |
| Keywords: | public entrepreneurship, public policies, public private partnership, social entrepreneurship |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0303&r=eur |
| By: | Clodomiro Ferreira (Bank of Spain); Stefano Pica (Bank of Italy) |
| Abstract: | We study household expectations for a wide range of macroeconomic and individual-level variables in the six largest euro area countries. Although households disagree in their survey responses, their expectations are correlated in the cross-section. Two principal components account for a significant portion of the variance of all expectations. These components capture household perceptions of the sources of macroeconomic dynamics, with the first capturing supply-side views and the second component reflecting demand-side views. This structure of perceptions and disagreement is stable across countries and over time and does not vary with demographic or socioeconomic characteristics. We then use these insights to identify two common factors driving expectations over time. These factors are consistent with a narrative based on perceived supply-side inflationary pressures after the invasion of Ukraine in February 2022. Recent monetary policy tightening has impacted both factors, with a negative effect on economic growth expectations and ambivalent effects on inflation expectations. We conclude that understanding how people think about price increases is crucial for managing inflation expectations. |
| Keywords: | survey, expectations, inflation, output, supply, demand |
| JEL: | D1 D8 E2 E3 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1441_24&r=eur |
| By: | Bean, Louis H.; Agricultural Adjustment Administration |
| Abstract: | Charts included: Volume of Advertising in Farm Papers, Newspapers and Magazines, 1922 to 1934 --- Advertising in Newspapers and Magazines and National Income (Excluding Farm), 1922 to 1934 --- Cash Farm Income and Advertising in Five National Farm Papers, 1928 to 1934 --- "Spendable" Farm Income and Advertising in National Farm Publications and State and Sectional Papers, 1922 to 1934 --- Advertising and Consumer Incomes, monthly, January 1933 to date. |
| Keywords: | Consumer/Household Economics, Marketing |
| URL: | http://d.repec.org/n?u=RePEc:ags:usdami:340220&r=eur |