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on Investment |
| By: | Branimir Jovanović (The Vienna Institute for International Economic Studies, wiiw); Viktor Stojkoski; Dragan Tevdovski; Marija Trpkova-Nestorovska |
| Abstract: | We study the effects of North Macedonia’s 2017 minimum wage reform – the largest in the country’s history – using matched employer-employee administrative data covering the entire range of firms and employees, and a difference-in-differences design based on firms’ pre-reform share of minimum wage workers. We examine changes in firm employment, wage levels, profitability, non-wage operating expenditures and productivity after the reform. Five results emerge. (i) We find no evidence of job losses, with employment increasing overall, and smaller increases for firms that were more sensitive to the minimum wage increase. (ii) Wages higher than the minimum increased on a widespread basis, with no difference between firms attributable to their relative exposure to the minimum wage increase. (iii) Profitability remained broadly unchanged, with no differences related to the minimum wage. (iv) Firms that were more sensitive to the minimum wage increase reduced non-wage operating costs to a greater extent. (v) Productivity rose, on average, with larger gains among more exposed firms. Overall, the evidence suggests that firms accommodated the higher minimum wage primarily through cuts in other operating expenses and productivity improvements, rather than through layoffs or profit compression, consistent with non-fully competitive wage-setting in a low labour-share economy. These results can serve as a useful benchmark for designing future minimum wage increases in economies with similar features. |
| Keywords: | minimum wages, firm-level performance, productivity, North Macedonia, labour share |
| JEL: | J38 D22 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:wii:wpaper:272 |
| By: | Singh, Rahul |
| Abstract: | This paper constructs a seven-pillar Comprehensive National Power (CNP) Index to provide a transparent, replicable benchmark of the relative power positions of India and China within a ten-country reference group comprising the United States, China, India, Russia, Japan, Germany, the United Kingdom, France, Brazil, and the Republic of Korea. Drawing on twenty-one publicly available indicators sourced from the IMF World Economic Outlook (2024), SIPRI (2025), WIPO Global Innovation Index (2024), Stanford HAI Global AI Vibrancy Tool (2024), UNDP Human Development Report (2025), Brand Finance Global Soft Power Index (2025), the Fund for Peace Fragile States Index (2024), the World Bank World Governance Indicators (2023), and the UN E-Government Development Index (2024), each indicator is subjected to min–max normalisation before being aggregated into pillar scores and a weighted composite index. The results show that China’s CNP score of 62.35 leads India’s 33.83 by 28.5 index points—a gap driven primarily by China’s dominance in the Economic (pillar score: 78.2 vs. 16.9), Technological (57.8 vs. 18.8), and Diplomatic (64.7 vs. 23.6) dimensions. India records superior scores in Human Capital (62.5 vs. 55.5) and Soft Power (68.7 vs. 61.8), suggesting latent assets whose conversion into strategic capability remains the central policy challenge. The paper situates these quantitative findings within the broader theoretical literature on power transition, argues that the gap is structurally significant but not irreversible, and derives policy implications for India’s long-run strategic posture. |
| Date: | 2026–03–12 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:fhgzj_v1 |
| By: | van Asselt, Joanna; Synt, Nang Lun Kham; McCord, Dedrick |
| Abstract: | Drawing on data from seven rounds of the Myanmar Household Welfare Survey (MHWS), conducted between December 2021 and June 2024 with over 12, 000 respondents per round, this report examines individual migration, migration in which one or a few household members leave the household. Over the two-and-a-half-year period from December 2021 to June 2024, an estimated 9 million household members aged 15 and older—17 percent of the total population and 28 percent of the adult population—migrated from their households. During this time, the states of Kachin, Kayin, and Mon reported the highest migration rates, with over 35 percent of the adult population migrating. In January through June 2024, nearly nine percent of households reported sending migrants. However, the proportion of individuals migrating within Myanmar for work declined, while more individuals migrated for reasons such as marriage, education, or safety. Additionally, it is estimated that six percent of households had members migrate abroad to evade conscription laws. Urban households and those in Yangon were particularly likely to send members abroad to avoid conscription. |
| Keywords: | migration; social change; emigration; instability; youth; safety; household surveys; employment; data; Myanmar; Asia; South-eastern Asia |
| Date: | 2025–07–24 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:ifprwp:175805 |
| By: | Jovanovic, Nina; Darwish, Maram; Kurdi, Sikandra; Yamauchi, Futoshi |
| Abstract: | Groundwater irrigation supports agricultural production and local food security in arid regions, however costs and accessibility of fuel for pumping are a challenge in conflict-affected contexts. Solar-powered drip irrigation technology can support smallholder farmers in such settings. In this study we estimated the impacts of subsidized solar-powered drip irrigation systems on smallholder farmers’ production decisions and household food security via a clustered randomized control trial in eastern Yemen. We found that farmers in the treatment group were significantly less likely to cultivate cereals, more likely to cultivate horticultural crops, and more likely to sell a higher share of their harvests at market during the first season post‑intervention. These results provide causal evidence on the impact of solar drip irrigation systems on shifting smallholder farmers’ crop production toward higher-value crops. We did not find significant impacts on household food security within the short-term post-intervention period that the analysis covered. These findings also provide preliminary support for investments in solar and drip irrigation technology in Yemen, while acknowledging that more research is needed to address potential negative externalities. |
| Keywords: | impact assessment; irrigation; solar powered irrigation systems; trickle irrigation; groundwater irrigation; smallholders; irrigation systems; Yemen; Middle East |
| Date: | 2025–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:menawp:179397 |
| By: | Aydın, Yaşar |
| Abstract: | Dreißig Jahre nach Gründung der Zollunion mit der Europäischen Union (EU) sieht Ankara durch die Freihandelsabkommen der EU mit Drittstaaten, zuletzt mit Indien, wachsende wirtschaftliche Risiken. Während die Verhandlungen zum EU-Indien-Freihandelsabkommen Ende Januar abgeschlossen wurden und nun ebenfalls die Sicherheitskooperation zwischen der EU und Indien ausgeweitet werden soll, bleibt Ankara außen vor. Aus Sicht der Türkei könnte das Abkommen zudem ihr Gewicht im strategischen Kalkül der EU schwächen. Mit Nachdruck fordert Ankara daher die Modernisierung der Zollunion. Denn nicht auszuschließen ist, dass sich die strukturellen Asymmetrien in der Zollunion zu seinen Lasten weiter verfestigen: Marktintegration ohne politische Mitgestaltung kann eine dauerhafte Benachteiligung der Türkei bedeuten und belastet ihre Beziehungen zur EU. Mit Inkrafttreten des Freihandelsabkommens werden indische Produkte leichter auf den türkischen Markt gelangen, türkische Produkte aber nicht nach Indien. Aufgrund geopolitischer Divergenzen mit Indien bestehen aus türkischer Perspektive überdies Risiken für eigene regionale Interessen. Brüssel und Berlin könnten diese Konstellation nutzen, um die Kooperation mit Ankara auf eine tragfähige institutionelle Grundlage zu stellen. |
| Keywords: | EU, Türkei, Indien, Zollunion, Freihandelsabkommen, FHA, Zölle, Modernisierung Zollunion, Beziehungen Türkei-EU, Beziehungen Türkei-Indien, Handel Türkei-EU, Lieferketten, Investitionen, Handel Türkei-Indien, Wirtschaftskooperation EU-Türkei, europäische Sicherheitsarchitektur, Beziehungen EU-Türkei |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpakt:338243 |
| By: | Goeb, Joseph; Minten, Bart; van Asselt, Joanna; Reardon, Thomas; Aung, Zin Wai; Htar, May Thet |
| Abstract: | With the intensification and modernization of agriculture in Myanmar, farmers are increasingly dependent on purchased agro-inputs—such as seeds, fertilizers, and pesticides—to enhance productivity. These inputs are typically acquired from small and medium-sized agro-input retailers. Despite their growing significance in agrifood value chains, limited research has examined the roles these retailers play. Drawing on large-scale, nationwide surveys of farmers and agro-input retailers in Myanmar, we explore their operations and implications in this context. Key findings include: 1. There is widespread and increased use of agro-chemicals in Myanmar. Among dry season crop farmers, pesticides were the most commonly purchased input, reported by 73 percent of respondents, closely followed by fertilizers at 72 percent. While fertilizer usage has remained relatively stable compared to nearly a decade ago (75 percent in 2016), pesticide use has increased significantly—rising by 13 percentage points since 2016. 2. The expansion of pesticide use is reflected in official data. In 2017, just over 500 pesticide products were registered; by 2024, this number had increased eightfold. Similarly, pesticide imports in 2023 were five times higher than in 2013. 3. Many agro-input retailers provide complementary services beyond product sales, offering services such as credit, agricultural extension advice, mechanization facilitation, transportation, crop buying, and emergency loans. These complementary services integrate them more deeply into agricultural value chains. 4. Only 12 percent of retailers provided none of the aforementioned complementary services, while 16 percent offered four or more. Competition is a driver of service provision—retailers located near competitors are more likely to offer extension and credit services. 5. Retailers in insecure areas are equally engaged in delivering complementary services as those in more secure regions. 6. Agro-input retailers are a vital source of credit, with nearly half of the farmers purchasing inputs on credit—typically at a monthly interest rate of 2 percent. Larger farmers are more likely than smaller ones to access credit through retailers. 7. Nearly half of the farmers reported receiving agricultural extension advice from their main retailer. This advice often pertains to retailer-sold products but can also address broader agronomic issues. Larger farmers are more likely to use these services than smaller ones. Given the limited availability of public extension services in Myanmar, agro-input retailers are an important, yet often overlooked, source of agricultural knowledge. 8. Despite their advisory role, farmers generally trust retailers’ advice less than other sources. Trust in agro-input retailers ranks below that in other farmers, public, and private extension agents, and only above trust in mills. Notably, medium and large farmers exhibit higher relative trust in retailers compared to smaller farmers. 9. Policy Implications: • The rapid increase in pesticide use by farmers in the country raises a number of health, safety, and environmental concerns, especially in a situation where oversight is limited given insecurity and travel concerns. • The decline in public agricultural service delivery, such as extension and credit, in the country also underscores the need for increased attention from stakeholders focused on agricultural productivity and equity. • While agro-input retailers play crucial, multifaceted roles, their services are not universally accessible. Over-reliance on private providers may risk marginalizing smaller farmers from critical services like credit. • The dependence on retailers for extension advice raises concerns about accessibility and credibility. Low trust in retailer-provided information may hinder behavior change and contribute to product misuse, especially regarding inputs with health and environmental risks like pesticides. • Further research is needed to understand the nature and impact of the advice given by private retailers. Complementary policy efforts—such as training, certification programs, and trust-building initiatives—may help enhance service quality and farmer confidence. |
| Keywords: | agricultural value chains; farm inputs; Myanmar; Asia; Southern Asia |
| Date: | 2025–08–20 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:ifprwp:176165 |
| By: | Yann Desjeux (BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); K Hervé Dakpo (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Laure Latruffe (BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | The wine sector faces the dual challenge of profitability while meeting societal expectations for more sustainable production, in a changing climatic and economic environment. In this frame, the authors propose to provide here a picture of the French wine sector over the last two decades. Using data from the French Farm Accounting Data Network (Réseau d'information comptable agricole-RICA), we study the evolution of winegrowing farms in metropolitan France in terms of structure and performance over the period 2002-2021. Figures show that winegrowing farms have expanded and have experienced a decrease in yield and economic performance per hectare, but an increase in economic performance when calculated per annual working unit. Winegrowing farms have substantially reduced their crop protection costs but have increased the cost of contracting work. |
| Abstract: | Le secteur viticole doit composer avec le double défi de rentabilité tout en répondant aux attentes sociétales d'une production plus durable, dans un environnement climatique et économique changeant. Dans ce cadre, les auteurs proposent ici de fournir une image du secteur viticole français sur les deux dernières décennies. Grâce aux données du Réseau d'information comptable agricole (RICA), ils analysent l'évolution des exploitations viticoles en France métropolitaine en termes de structure et de performance sur la période 2002-2021. Les chiffres montrent que les exploitations viticoles se sont agrandies et ont subi une baisse de rendement et de performance économique ramenée à l'hectare, mais une augmentation de la performance économique par unité de travail annuel. Les exploitations viticoles ont fortement diminué leurs charges dédiées à la protection des cultures mais ont augmenté celles liées aux travaux par tiers. |
| Keywords: | FADN, Performance, Evolution, Winegrowing farms, France, RICA, Exploitations viticoles |
| Date: | 2025–10–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05532322 |
| By: | Fiedler, Charlotte; Lorch, Jasmin; Mross, Karina; Leininger, Julia |
| Abstract: | Zivile Krisenprävention ist von zentraler Bedeutung für das Leitbild der integrierten Sicherheit, an dem sich die Nationale Sicherheitsstrategie der Bundesregierung derzeit orientiert. Dies umfasst auch Konfliktprävention: Gewaltkonflikten mit zivilen Mitteln vorzubeugen oder sie einzudämmen. Konfliktprävention ist auch zentral, um die Außenpolitik der Bundesregierung als wehrhafte Friedenspolitik zu gestalten und das Prinzip zu stärken, Gewalt nur als Ultima Ratio einzusetzen. Dafür ist es wichtig zu wissen, ob und mit welchen Mitteln zivile Konfliktprävention wirkt. Hierfür fasst dieser Policy Brief wissenschaftliche Evidenz über die Wirksamkeit von Konfliktprävention durch Entwicklungszusammenarbeit (EZ) zusammen. Der Überblick zeigt, dass bestimmte EZ-Ansätze nachweisbar Konflikte verhindern oder abmildern können, EZ insgesamt aber nicht automatisch konfliktpräventiv wirkt. Eine Ausdifferenzierung nach verschiedenen Bereichen von EZ macht deutlich, dass vor allem Demokratie- und Friedensförderung konfliktpräventiv wirken. Verschiedene Formen von Gewalt wie Bürgerkrieg oder Wahlgewalt treten seltener auf, wenn in Demokratieförderung investiert wird. Friedensförderung kann maßgeblich den Wiederausbruch von Gewaltkonflikten verhindern, Friedensmissionen Todesopfer reduzieren oder Gewalt eindämmen. Für die EZ insgesamt sind derartige Effekte aber nicht nachgewiesen. Schlimmstenfalls kann EZ in Konfliktkontexten zur umkämpften Ressource werden und Gewalt befeuern. Schlecht geführte Projekte ohne Monitoring und solche, die nicht ausreichend kontextsensibel waren, haben Gewaltkonflikte begünstigt. Gleichzeitig wirken EZ-Schocks - abrupte Rückgänge von EZ - erwiesenermaßen konfliktfördernd. Soll EZ dabei unterstützen, Gewaltkonflikte zu verhindern oder einzudämmen, so muss sie bewusst auf diese Ziele ausgerichtet und mit den notwendigen Ressourcen ausgestattet werden. Außerdem sind gutes Projektmanagement und eine konfliktsensible Umsetzung für alle Arten von EZ maßgeblich, um nicht-intendierte konfliktfördernde Auswirkungen zu vermeiden. Es empfehlen sich folgende Handlungsgrundsätze: Friedens- und Demokratieförderung priorisieren und Ressourcen umsteuern. Um EZ als Konfliktprävention aufzustellen, empfiehlt es sich, Demokratie- und Friedensförderung prominenter auf die Agenda zu setzen und Mittel gezielt in diese Felder zu investieren. Analyseinstrumente schärfen und als Entscheidungsgrundlage nutzen. Die bestehenden Analyseinstrumente sollten in ihrem Fokus auf Konfliktprävention geschärft und konsequenter genutzt werden. Besondere Bedeutung kommt der strategischen Vorausschau zu, die Frühwarnung mit Szenarienarbeit kombiniert. Do-no-Harm durch EZ bleibt Handlungsmaxime. Exit-Schocks vermeiden. Wo EZ erheblich reduziert oder beendet werden soll, hilft die detaillierte Analyse möglicher konfliktverschärfender Auswirkungen im Vorhinein, um diese mit entsprechenden Übergangsstrategien abzufedern. Wo der Ausbruch oder die Eskalation von Gewalt als Folge wahrscheinlich sind, gilt es, geplante Rückzugsentscheidungen zu überdenken. |
| Keywords: | Sicherheit, Frieden und fragile Staaten |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:idospb:338241 |
| By: | Doris Hanzl-Weiss (The Vienna Institute for International Economic Studies, wiiw); Olga Pindyuk (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | FDI in Central, East and Southeast Europe The new trade policies in the US have so far not brought much investment into the country by Olga Pindyuk Mostly gloomy outlook with a few bright spots by Olga Pindyuk and Doris Hanzl-Weiss Most countries in CESEE finished 2024 with foreign direct investment stocks (as a share of GDP) lower than in 2021, the year before the start of Russia’s full-scale invasion of Ukraine. Also more recently, CESEE countries have been struggling to maintain their attractiveness to foreign investors, with the number of greenfield projects announced in the region in January-September 2025 reaching its lowest level for six years. China has further strengthened its role as one of the main investors in CESEE, having significantly increased the capital pledged for greenfield projects this year. Kazakhstan has become the main destination for greenfield capital, accounting for 40% of capital pledged to the entire CESEE region, mostly owing to the influx of Chinese investment. Forecasts of main economic indicators for Central, East and Southeast Europe for 2025-2027 |
| Keywords: | greenfield FDI, import tariffs, FDI inflows, FDI stocks, greenfield FDI, German-Central European supply chain |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:wii:mpaper:mr:2025-11 |
| By: | König, Jörg; Meyer, Tim |
| Abstract: | Die Pläne zur Einführung eines digitalen Euros werden immer konkreter. Im Mai 2026 soll das Europäische Parlament über das Vorhaben abstimmen. Bis Ende des Jahres soll der europäische Gesetzgebungsprozess abgeschlossen sein. Der digitale Euro dürfte jedoch vor allem ein Prestigeprojekt europäischer Institutionen sein, dessen Nutzen nur schwer ersichtlich ist. Die Einführung des digitalen Euros hätte mit hoher Wahrscheinlichkeit Wettbewerbsverzerrungen und Risiken für das Finanzsystem zur Folge. Zudem könnte sie zu einer sukzessiven Verdrängung des Bargelds führen, die diskret von den unterschiedlichen interessierten Seiten vorangetrieben wird. Entgegen der Hoffnung seiner Befürworter dürfte der digitale Euro zudem kaum dazu in der Lage sein, technologischen Fortschritt zu befördern oder die Rolle des Euros als globale Reservewährung zu stärken. Deshalb bedarf es eines ergebnisoffenen Prozesses ohne Zeitdruck, an dessen Ende auch die Entscheidung stehen kann, den digitalen Euro nicht einzuführen. Vielmehr sollten andere Optionen in den Entscheidungsprozess einbezogen werden: Neben der Möglichkeit, der EZB die Bereitstellung der digitalen Infrastruktur anzuvertrauen, sollten private Initiativen Vorrang bei der Entwicklung digitaler Zahlungsdienstleistungen erhalten. Denn eines scheint offensichtlich: Europas Rückstände und Abhängigkeiten bei digitalen Zahlungssystemen lassen sich nicht durch eine mehr oder weniger staatliche Digitalwährung beheben, sondern erfordern Vertrauen in marktwirtschaftliche Prozesse und Offenheit gegenüber privaten Innovationen. |
| Keywords: | Bargeld, Digitalisierung, Europa, Finanzmärkte |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:smwpos:338087 |
| By: | Erik Ernesto Vazquez (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine); Chirag Patel (Grenoble Ecole de Management, 38000 Grenoble, France); Lorena Siliceo (Facultad de Economía y Negocios, Universidad Anáhuac México, Huixquilucan, Mexico.) |
| Abstract: | Personal images of individual influencers are the backbone of image-sharing social media platforms (SMPs). Extant research on using personal images to develop online followership has focused on the main figure or focal area in the images. In doing so, extant research is unable to capture the perceptions and relative value of the main figure which depends not only on the figure but also on the contextual background location. We address this important research gap by studying the context effects of the background location used in images of influencers on followership in image-sharing SMPs. We use theory from context effects and visual perception literature in psychology and consumer behavior to develop our theoretical arguments leading to the hypotheses. We argue that the background location in images of an influencer has a direct and indirect effect on development of followership. Specifically, we hypothesize that an outdoor background is likely to have a greater effect on developing followership compared to an indoor background. Furthermore, this relationship is serially mediated by perceived naturalness and perceived originality. We use secondary field data from Instagram posts to test the direct effect of background location. In addition, experimental data are used to test for both the direct and indirect mediated effect. We obtain support for our hypotheses. |
| Abstract: | Résumé Les images personnelles publiées par les influenceurs constituent le pilier des plateformes sociales axées sur le partage d'images (SMPs). Les recherches existantes sur l'utilisation de ces images pour développer une audience en ligne se sont principalement concentrées sur la figure centrale ou la zone focale des images. Ce faisant, elles ne prennent pas en compte la perception et la valeur relative de cette figure, qui dépendent non seulement de l'individu représenté, mais aussi du contexte visuel en arrière-plan. Cette étude comble cette lacune en examinant les effets contextuels de l'arrière-plan des images d'influenceurs sur le développement de leur audience sur les plateformes de partage d'images. En mobilisant la littérature en psychologie et en comportement du consommateur portant sur les effets de contexte et la perception visuelle, nous développons un cadre théorique appuyant nos hypothèses. Nous soutenons que le lieu représenté en arrière-plan des images d'un influenceur a un effet direct et indirect sur la croissance de son audience. Plus précisément, nous formulons l'hypothèse qu'un arrière-plan extérieur est plus favorable au développement de l'audience qu'un arrière-plan intérieur. De plus, cette relation est médiée en série par le naturel et l'originalité perçus. Nous testons l'effet direct du lieu d'arrière-plan à l'aide de données secondaires issues de publications sur Instagram. En complément, des données expérimentales sont mobilisées pour évaluer les effets directs et indirects médiés. Nos résultats confirment les hypothèses avancées. |
| Keywords: | suivi, réseaux sociaux, images personnelles, effets contextuels, arrière-plan d'image, arrière-plan d'image effets contextuels images personnelles réseaux sociaux suivi |
| Date: | 2025–11–20 |
| URL: | https://d.repec.org/n?u=RePEc:hal:gemptp:hal-05489732 |
| By: | Canavire Bacarreza, Gustavo (World Bank); Herrero-Olarte, Susana (Universidad de Barcelona); Kim, Yeon Soo (World Bank) |
| Abstract: | This paper critically reviews the empirical and structural literature on the effects of income taxation on informal economic activity. Although labor taxation has been widely studied for labor market outcomes, evidence linking income taxes to informality remains fragmented and uneven across countries. Synthesizing findings from both developed and developing economies, the review finds that income taxes have limited effects on formal employment but significant impacts on labor informality, particularly in contexts with weak enforcement, fragile institutions, and highly vulnerable labor markets. Estimated elasticities of informality with respect to income taxation generally range between 3 and 5 percent, averaging around 3.5 percent. The literature, however, is skewed toward high-income countries and relies mainly on reduced-form empirical approaches, limiting understanding of behavioral responses, long-term dynamics, and institutional heterogeneity. Standard theoretical models, grounded in labor supply frameworks, often fail to treat informality as an endogenous margin under weak compliance and regulatory capacity. Consequently, studies may overstate revenue gains and understate distributional impacts. |
| Keywords: | income taxation, labor informality, developing economies, behavioral responses, labor markets, fiscal policy, critical review |
| JEL: | H22 H24 H26 J08 J21 J46 O17 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18449 |
| By: | Reda Mouna (FSJEST - Faculté des sciences juridiques, Economiques et Sociales de Tanger); Oumaima Mouna (ENCGT - Ecole Nationale de Commerce et de Gestion - Tanger) |
| Abstract: | The objective of this paper is a comparison between the Corporate Governance models—conventional and Islamic—establishing their theoretical grounds and aiming to clarify points of convergence and divergence. After an initial alignment inherent to corporations, that is, value creation, the analysis demonstrates a significant divergence between the Shura and Shareholder model on the ownership nature, participation in the decision- making process, and the selection and responsibility of managers. A convergence between the conventional and Islamic stakeholder model is evident since the Islamic-oriented model adapts the conventional stakeholder model according to the precepts of the Shari'ah as guidelines, however, maintaining the principles and foundations of the model. Both conventional and Islamic stakeholder models have nuanced differences with the Shura model, aligning on inclusion as an objective but diverging on its modality. They share a double structure of governance, which in the Shura model is circular while for the stakeholder model it is mixed—horizontal and vertical. Simultaneously, the shareholder and stakeholder models differentiate on inclusion and the importance of extra- financial objectives. This work offers an analysis of four prevalent models, establishing their theoretical grounds for future empirical studies and application by practitioners. |
| Abstract: | L'objectif de cet article est de comparer les modèles de gouvernance d'entreprise—conventionnel et islamique— en établissant leurs fondements théoriques et en visant à clarifier les points de convergence et de divergence. Après un alignement initial inhérent aux entreprises, à savoir la création de valeur, l'analyse démontre une divergence significative entre les modèles Shura et Actionnaires (Shareholder) concernant la nature de la propriété, la participation au processus de prise de décision, ainsi que la sélection et la responsabilité des dirigeants. Une convergence entre le modèle Parties Prenantes (Stakeholder) conventionnel et islamique est évidente, car le modèle à orientation islamique adapte le modèle conventionnel des parties prenantes selon les préceptes de la Shari'ah comme lignes directrices, tout en maintenant les principes et les fondements du modèle. Les deux modèles des parties prenantes, conventionnel et islamique, présentent des différences nuancées avec le modèle Shura, s'alignant sur l'inclusion comme objectif, mais divergent sur sa modalité. Ils partagent une double structure de gouvernance, qui est circulaire dans le modèle Shura, tandis que pour le modèle des parties prenantes, elle est mixte—horizontale et verticale. Simultanément, les modèles Actionnaires et Parties Prenantes se différencient sur l'inclusion et l'importance des objectifs extra-financiers. Ce travail propose une analyse de quatre modèles prévalents, établissant leurs bases théoriques pour de futures études empiriques et pour l'application par les praticiens. |
| Keywords: | Maqasid-based Governance, Shura Governance Model, Stakeholder Model, Shareholder Model, Corporate Governance |
| Date: | 2026–01–27 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05479434 |
| By: | Celine (Yue) Fei; Ulrich Hege; Xiao Jia |
| Abstract: | We study how IPO reforms transmit to venture capital (VC) markets using the introduction of China’s entrepreneurial boards, ChiNext and the registration-based STAR. We document that both boards attract younger, higher-growth firms with weaker fundamentals in levels, but post IPO growth persists for ChiNext firms while decelerating sharply for STAR firms. VC backing plays different roles across regimes: on ChiNext it aligns with valuation premia and long-run outperformance, whereas on STAR it mainly predicts higher first-day returns. To identify causal effects on VC allocation, we construct novel text-based regulatory exposure measures from listing documents using keyword matching and Sentence-BERT semantic similarity, and show that VC financing reallocates toward firms more aligned with “supported” activities. |
| Keywords: | IPO Reforms; IPO Listing Requirements; Venture Capital; Business Description; BERT; China |
| JEL: | G24 G28 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2025_736 |
| By: | Krishna, Eashwar; Nagan, Theja Suresh |
| Abstract: | Background: Environmental justice scholarship has documented racialized inequities in urban contexts, but rural America remains understudied despite its distinct geographies of infrastructure, access, and exposure. This study addresses how racial composition relates to the built and natural environment across nonmetropolitan counties. We argue that rural inequality is best understood through the lenses of spatial justice, structural racism, and environmental justice as a systematic lack of amenities and resources shaped by race, class, and geography. Methods: The analytic sample included 1, 965 nonmetropolitan counties (USDA RUCC ≥ 4). We compiled indicators of the built environment (park access, exercise opportunities, traffic volume, commute times, broadband access, severe housing problems, primary care shortages) and natural environment (PM2.5 exposure, frequency of adverse climate events). Using Principal Component Analysis (PCA), we derived a Rural Structural Environmental Disparity Index (RSEDI). The RSEDI loads most strongly on deficits in exercise opportunities, traffic connectivity, parks, primary care, broadband, and housing quality, capturing a multidimensional pattern of deprivation. We estimated OLS regression models with robust standard errors clustered by state. Analyses were conducted at the national level, stratified by rurality (RUCC codes) and Census regions, and supplemented with Moran’s I to assess spatial clustering. Results: At the national level, counties with larger Black populations had higher disparity scores (β ≈ 0.12), while those with larger Asian populations had lower scores (β ≈ –0.10). Hispanic and Native American/Alaska Native shares showed weaker or null effects once socioeconomic status and rurality were included. Stratified models revealed sharp geographic contingency. Racial disparities were concentrated in the South, where Black population share strongly predicted higher RSEDI. In the Midwest and New England, however, the association reversed sign, suggesting divergent histories of settlement, policy, and resource allocation. In contrast, the negative association with Asian population share was consistent across nearly all regions. Discussion: The findings highlight that structural inequality in rural America cannot be reduced to a single rural–urban gradient. Instead, rural environmental disparity reflects two simultaneous disadvantages: the remoteness of isolation and the neglect of peripheral zones on metropolitan edges. Policy interventions must target both infrastructural capacity (parks, exercise facilities, broadband, primary care) and systemic vulnerability to climate and environmental stressors. Ultimately, our results show that the landscapes of rural inequality are not uniform but geographically contingent, requiring nuanced interventions attuned to region, race, and rurality. |
| Date: | 2026–03–02 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:rvj6d_v1 |
| By: | Jakob R. Munch (Univeristy of Copenhagen); William W. Olney (Williams College); ; |
| Abstract: | ""Offshoring can reduce unionization rates by changing the composition of domestic employment or by eroding the union’s bargaining power and thus decreasing the benefits of membership. Using an employer-employee matched data set we measure the exogenous threat of offshoring at the firm-level and union decisions of individual workers. Findings show that the threat of offshoring reduces unionization rates, even within a job-spell. This is not driven by the changing composition of workers, but instead is consistent with a decline in the union's bargaining position. Additional results confirm that the union-wage-premium and the rent-sharing elasticity are both smaller at offshoring firms."" |
| Keywords: | Offshoring, Unions, Trade, Globalization, Collective Bargaining |
| JEL: | F16 |
| Date: | 2025–08–27 |
| URL: | https://d.repec.org/n?u=RePEc:wil:wileco:2025_117 |
| By: | Rebolledo, Nicolás; Almeyda, Gonzalo; Granada Donato, David; Lombardi, María; Oubiña, Victoria; Zoido, Pablo |
| Abstract: | This paper evaluates a randomized remote tutoring program implemented in Paraguay, targeting 1, 650 students in grades four through six with low baseline performance in Spanish language. The intervention provided two weekly 30-minute one-on-one tutoring sessions over the phone for eight weeks, using a differentiated instruction model tailored to students initial diagnostic assessments. Treated students showed significant learning gains: those offered tutoring scored 0.11 standard deviations higher on standardized language tests compared to controls. Effects were consistent across sociodemographic subgroups and baseline achievement levels. Leveraging the random assignment of students to tutors, we estimate individual tutor value added, and find that tutor effects account for 15% of the variation in student outcomes. Tutors in the top quintile have an average value added of 0.38 standard deviations, almost four times the overall effect of the program, underscoring the importance of individual tutor effectiveness in scaling tutoring interventions successfully. |
| JEL: | J20 J24 O15 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:idb:brikps:14534 |
| By: | Fitzgerald, Jack (Vrije Universiteit Amsterdam); Adema, Joop; Fiala, Lenka; Kujansuu, Essi; Valenta, David (University of Ottawa) |
| Abstract: | Recent literature shows that when regression models are estimated on variables transformed with 'log-like' functions such as the inverse hyperbolic sine or ln(Z + 1) transformations, one can obtain (semi-)elasticity estimates of any magnitude by linearly re-scaling the input variable(s) before transformation. We systematically re-analyze the replication data of 46 papers whose main conclusions are defended by log-like specifications. Our replication findings motivate new theoretical and simulation results showing that in log-like specifications, unit scale can be used to overfit data, creating an uncontrolled multiple hypothesis testing problem that frequently yields spuriously significant results. In particular, 38% of the estimates we re-analyze sit in a 'sweet spot', where both upward and downward re-scalings of variables' units before transformation shrink test statistics. Consequently, published estimates in this literature are statistically significant over 40% more frequently than in the general economics literature. We find that modest changes to model specification yield different statistical significance conclusions for 14-37% of estimates defending papers' main claims. We also show that for 99.8% of estimates, variables transformed with log-like functions do not meet data requirements for log-like specifications from a methodological recommendation cited by all papers in our replication sample. We synthesize and harmonize methodological guidelines and advocate for more robust alternative specifications, including normalized estimands, Poisson regression, and quantile regression. |
| Date: | 2026–03–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:metaar:juda7_v1 |
| By: | Pedraza, Alvaro; Williams, Tomas; Zeni, Federica |
| Abstract: | Although the climate impact of carbon abatement is geographically invariant, this paper documents limited geographic fungibility in voluntary carbon markets. Firms disproportionately retire offsets in countries where they operate. The paper contrasts an Information Channel, whereby local presence improves project screening, with a Goodwill Channel, whereby supporting local projects enhances reputational visibility. The evidence supports the latter. Offsets retired within firms’ operational footprints exhibit systematically lower project quality than those sourced abroad, revealing a negative local quality gradient. This pattern persists with firm experience and generates equilibrium price-quality decoupling: in jurisdictions with concentrated local demand, prices become less responsive to project quality. The resulting distortions can generate a “market for lemons” dynamic, reallocating climate finance away from high-abatement-potential regions toward areas with greater multinational presence. Strategic corporate incentives thus weaken the allocative efficiency of voluntary carbon markets. |
| Date: | 2026–03–16 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11331 |
| By: | Davide Gritti; Dina Maskileyson; Raffaele Grotti; Stefani Scherer |
| Abstract: | Prior research documents a robust wealth–health gradient, yet comparative evidence is largely confined to older adults and offers limited insight into how wealth–related health inequality is patterned across adulthood and institutional contexts. Drawing on life–course perspectives on age–graded stratification and a healthcare–system typology, we examine how the wealth–health gradient varies across age groups in seven OECD countries. Using harmonized microdata from the Luxembourg Wealth Study (LWS), we pool 30 repeated cross–sections from Australia, Germany, Italy, Luxembourg, Spain, the United Kingdom, and the United States (2002–2022), yielding 450, 233 adults aged 25–80. Wealth is measured as gross non–financial and financial assets (ranked into within country–year quintiles), and health is measured with self–rated health. We assess wealth–health inequality by age using Wagstaff–normalized concentration indices and country–specific OLS models with wealth–by–age interactions and covariate adjustment. Across all countries and age groups, health is consistently concentrated among wealthier individuals. Inequality typically rises from ages 25–35 to a late–midlife peak (often 56–65) and attenuates at ages 66–80, with this rise–and–fall pattern most evident in the United States, Australia, and the United Kingdom. Cross–national differences broadly align with Reibling et al.’s OECD healthcare–system typology: private systems show the steepest gradients and regulation–oriented systems more compressed gradients, yet the United Kingdom is a notable outlier, and Italy and Spain show comparatively sustained gradients into older ages. Comparing wealth–health gradients across age groups reveals systematic age–graded patterns that are central to life–course perspectives on stratification. |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:lis:lwswps:52 |
| By: | Borel Ahonon; Guillaume Roussellet |
| Abstract: | We propose a macro-finance model in which inflation, growth, and the policy rate are driven by unobservable long-run trends and transitory cycles that investors must infer from aggregate data. Their subjective estimates of these trends, and the uncertainty surrounding them, are priced into the Treasury yield curve in a tractable way through both interest rate expectations and bond risk premia. Empirical estimates reveal an upward smooth trend in the long-run real interest rate (r-star) until the 1980s, and large investor uncertainty with confidence bands on as wide as 3.4 percentage points, contrasting with the volatile rate implied by perfect information models. |
| Keywords: | Incomplete information; interest rate stars; Bayesian learning; treasury yields; investors; uncertainty |
| JEL: | C58 E43 E52 G12 |
| Date: | 2026–03–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:102914 |
| By: | Lydia Papadaki; Ebun Akinsete (ICRE8); Phoebe Koundouri |
| Abstract: | The Blue Economy, encompassing coastal, oceanic, and sea-related economic activities, is crucial for sustainable global development. The Black Sea, located between Asia and Europe, has significant potential for expansion.. DOORS Black Sea, an EU-funded initiative, aims to revitalize the Black Sea by fostering "blue economy" opportunities through collaboration among industry, academia, and local communities, addressing climate change and human activities' effects on the marine ecosystem. Multi-Actor Forums (MAFs) facilitate the col-laboration of diverse national stakeholders from Georgia, Romania, Bulgaria, and Turkey in order to assist scientists in the prioritisation of Black Sea issues, with an emphasis on innovations to address gaps and blue economy policies. This method also contributes to the co-design of the region's System of Systems, which provides the necessary datasets for researchers to address environmental challenges and advance the blue economy. The results from the first round of MAFs show the sectors which should be prioritized in the Black Sea and the most significant challenges per country that need to be put at the forefront of the public dialogue. |
| Keywords: | Living Labs, Co-creation, Blue Economy, Black Sea, Systems Approaches |
| Date: | 2026–03–16 |
| URL: | https://d.repec.org/n?u=RePEc:aue:wpaper:2609 |
| By: | Soria, Chris |
| Abstract: | As large language model (LLM)–based text classification becomes routine in the social sciences, researchers confront dozens of competing models, inconsistent advice on prompting, and little standardized tooling with evidence‑based defaults. CatLLM, an open‑source Python and R package, addresses this gap with a three‑stage pipeline—exploration, extraction, classification—for coding open‑ended survey responses. The package offers a provider‑agnostic interface that supports multi‑model ensembles, batch processing, and fully local deployment via open‑weight models, and can be operated through a conversational interface by researchers with no programming experience. CatLLM’s defaults are calibrated by a systematic empirical study evaluating 21 LLMs across three capability tiers, six providers, and four survey questions, benchmarked against sociologist‑coded ground truth. This validation reveals a consistent problem: all models over‑classify, with precision lagging 40–50 percentage points behind sensitivity, implying that default LLM configurations may substantially overstate category prevalence. CatLLM encodes empirically grounded mitigations as defaults: verbose category definitions with explicit inclusion and exclusion criteria, unanimous multi‑model ensembling, and an automatic “Other” escape‑valve category, while disabling advanced prompting strategies that show no reliable benefit. Ensembles of inexpensive open‑weight models outperform the best individual cloud model, enabling fully local deployment without transmitting survey data to external servers. These findings replicate on two independent public datasets spanning political and emotional text, and an applied example linking tool‑coded “move reasons” to respondent demographics uncovers distinct life‑course patterns in residential mobility. |
| Date: | 2026–03–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:gjvcf_v1 |
| By: | Agnes Medinaceli (SDSN Bolivia); Lykke E. Andersen (SDSN Bolivia); Marcelo Delajara (Anker Research Institute); Richard Anker (Anker Research Institute); Martha Anker (Anker Research Institute) |
| Abstract: | This report provides updated estimates of living income expenses and living wages for rural areas of Belize. The update for 2024 takes into account inflation and changes in payroll deductions since the original Anker living wage study carried out in May 2018 (Koen, Anker & Anker, 2021). |
| Keywords: | Living costs, living wages, Anker Methodology, Belize. |
| JEL: | J30 J50 J80 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:iad:glliwa:240449 |
| By: | Georgios Tsiachtsiras (White Research SRL); Sergio Petralia (Utrecht University); Ernest Miguelez (AQR-IREA, University of Barcelona); Rosina Moreno (AQR-IREA, University of Barcelona) |
| Abstract: | This article studies how anti-scientific sentiment can shape the direction of technological change, focusing on the tensions between the Catholic Church and the French Republic in late nineteenth-century France. We construct a novel geo-referenced database of French patents filed at the U.S. Patent and Trademark Office (1838-1960) and combine it with historical measures of religiosity at the departmental level. We find that areas with higher shares of refractory clergy, those who refused to swear allegiance to the revolutionary state, produced significantly fewer electrical patents between 1890 and 1914. Crucially, this negative relationship does not extend to other technological fields or to overall patenting activity. Neither education nor migration explains this pattern. We also show that early electrical patenting predicts later activity in computer and communication technologies, consistent with path-dependent technological development. These findings suggest that conservative institutional environments did not suppress innovation broadly, but selectively discouraged disruptive technologies that challenged established norms, with consequences that persisted for decades. |
| Keywords: | innovation, patent data, religion, path-dependence, technological change JEL classification: L92, N73, O31, O33, P25 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:aqr:wpaper:202602 |