|
on Islamic Finance |
| By: | Azzeddine Allioui (LAREGO Laboratory, ENCG, Cadi Ayyad University, Marrakesh, Morocco); Badr Habba (Chair of Moroccan Family businesses, ESCA Ecole de Management, Casablanca, Morocco, LAREGO Laboratory, ENCG, Cadi Ayyad University, Marrakesh, Morocco); Taib Berrada El Azizi (Chair of Moroccan Family businesses, ESCA Ecole de Management, Casablanca, Morocco) |
| Abstract: | This research paper aims to study the level and determinants of the financial performance of family businesses, according to the gender of the board of directors' chairman in the Arab world. Our research approach is based on a sample of 152 listed family-owned businesses and a control sample of 166 listed non-family businesses over the 2011-2018 periods. The research results indicate that the female gender issue has a positive influence on the financial performance of businesses with family ownership. This is explained by the fact that women leaders have a prudent and pragmatic leadership style that limits stereotypical images of women presidents' leadership style in the Arab world. This result is original since it can be considered as the first one to ever clarify the relationship between female leadership in the board of directors, risk-taking, and financial performance in the context of family ownership in the Arab countries. |
| Keywords: | family business,female leadership,women's leadership,transformational leadership,financial performance,risk-taking |
| Date: | 2021–01–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03131055&r=all |
| By: | Sompa, Andi Tenri |
| Abstract: | The development requires directed actions for the improvement and improvement of the quality of human life, guidelines that can provide direction in development strategies as social policies designed for the welfare of the community and the quality of life of the community in order to meet social, economic, health and other public services needs including responsibility in providing services to the poor, providing guarantees to the community so as not to fall into poverty. This study includes descriptive qualitative with the aim of analyzing the implementation of the UPPKS program in family economic empowerment in Tanah Laut Regency, explaining the factors that affect the effectiveness of groups in the program UPPKS in family economic empowerment in Tanah Laut Regency and analyzed the success of the UPPKS program in family economic empowerment in Tanah Laut Regency. Scientific qualitative research methods concoct various information from objects and subjects in social research. From 11 sub-Regency in Tanah Laut Regency, in total, there are 135 villages and sub?Regency. The factors that influence the effectiveness of groups in the UPPKS program in family economic empowerment include (1) human factors, namely the level of member participation, member commitment, and leadership influence. (2) material factors, namely the availability of raw materials, availability of packaging materials, supporting equipment, product quality, and promotional activities. (3) method factors, namely communication, deliberation and consensus, division of tasks, openness, and the existence of standard operating procedures. (4) environmental factors, namely assistance to family planning officers/extension agents, the role of local government, banking / private sector/stakeholders. |
| Date: | 2021–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:9amsj&r=all |
| By: | Arabsheibani, Reza (London School of Economics); Kudebayeva, Alma (KIMEP); Mussurov, Altay (KIMEP) |
| Abstract: | Using data from the 2011 and 2016 Life in Kyrgyzstan surveys, we examine Kyrgyz women's labour supply elasticities at the extensive margin. We use Heckman's two-step approach to predict earnings for the non-participating women and then use these predictions to estimate the participation equation. We find that women's labour supply decision is not influenced by their earnings. We also show that there exists a significant gap in employment propensities among ethnic Kyrgyz women in consensual or arranged marriages compared to women in kidnapped-based marriages. This finding suggests that the practice of bride abduction adversely affects women's probability of employment and might have negative consequences on their economic well-being. |
| Keywords: | labour supply, women, bride kidnapping, Kyrgyzstan |
| JEL: | J01 J16 J22 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14133&r=all |
| By: | Hafni, Nur |
| Abstract: | The role actor’s in implementation support the effort of Islamization of Education by integrating Islamic education concept into regular basic education in North Aceh district. This study investigates how this coalition network plays their roles in succeeding the implementation of the Islamization education concept at the school level through advocating cross-sectorial actors within the regency so that the integration concept can be generated into district regulation and can be implemented at the lower level by implementing agencies including schools. Besides, the current study also seeks some issues and challenges the coalition face during the process of concept integration and advocacy. The findings show that there are some constraints on both contexts of policy and practical level, especially, regarding the resource sharing availability. Responding to this situation, Dayah Education Office, Scholars Consultative Assembly, North Aceh Representative Council (DPRK), Mass media, and other education stakeholders suggest the integration can be performed by adopting models and curriculum implemented in Dayah education since Aceh province has special right to implement education system respectfully to the local characteristics and local wisdom in Aceh. |
| Date: | 2020–11–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:cshwg&r=all |
| By: | Alberto Bisin; Jared Rubin; Avner Seror; Thierry Verdier; Thierry Verdier |
| Abstract: | Recent theories of the Long Divergence between Middle Eastern and Western European economies focus on Middle Eastern (over-)reliance on religious legitimacy, use of slave soldiers, and persistence of restrictive proscriptions of religious (Islamic) law. These theories take as exogenous the cultural values that complement the prevailing institutions. As a result, they miss the role of cultural values in either supporting the persistence of or inducing change in the economic and institutional environment. In this paper, we address these issues by modeling the joint evolution of institutions and culture. In doing so, we place the various hypotheses of economic divergence into one, unifying framework. We highlight the role that cultural transmission plays in reinforcing institutional evolution toward either theocratic or secular states. We extend the model to shed light on political decentralization and technological change in the two regions. |
| Keywords: | long divergence, cultural transmission, institutions, legitimacy, religion |
| JEL: | O10 P16 P48 N34 N35 Z12 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8900&r=all |
| By: | Alberto Bisin; Jared Rubin; Avner Seror; Thierry Verdier |
| Abstract: | Recent theories of the Long Divergence between Middle Eastern and Western European economies focus on Middle Eastern (over-)reliance on religious legitimacy, use of slave soldiers, and persistence of restrictive proscriptions of religious (Islamic) law. These theories take as exogenous the cultural values that complement the prevailing institutions. As a result, they miss the role of cultural values in either supporting the persistence of or inducing change in the economic and institutional environment. In this paper, we address these issues by modeling the joint evolution of institutions and culture. In doing so, we place the various hypotheses of economic divergence into one, unifying framework. We highlight the role that cultural transmission plays in reinforcing institutional evolution toward either theocratic or secular states. We extend the model to shed light on political decentralization and technological change in the two regions. |
| JEL: | N34 N35 O10 O33 P16 P48 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28488&r=all |
| By: | Susniwati, Susniwati |
| Abstract: | Bandung is one of 4 (four) districts in West Java that have received Universal Health Coverage (UHC) with more than 95% participation as of January 1, 2018. In the implementation of the JKN program in Bandung, there are still some obstacles, namely collaboration between the main actors of the program has not been implemented and the lack of information socialization to the community. The purpose of this article is to analyze collaborative governance in the implementation of the JKN program in Bandung. The research method used is a descriptive method with a qualitative approach. Data collection techniques using observation, in-depth interviews, and documentation study. The results of research on collaborative governance in the implementation of the JKN program in Bandung on the dimensions of the context system that houses the JKN Program in Bandung. The implementation of the JKN program in Bandung requires improving accountability function and role sharing between various sectors involved. The dimensions of the collaborative governance regime consist of the dynamics of collaboration and collaboration action between the relevant stack holders. Collaboration between stakeholders has not been optimal, there is still a lot of obscurity in the data request process. Collaboration between stakeholders is difficult due to the fragmentation of national, regional, and health systems. The third dimension of collaboration dynamics consisting of 3 (three) components namely principle engagement, shared motivation, and capacity for joint action needs to improve information socialization so that the equalization of health services through the JKN program can be implemented to the maximum. |
| Date: | 2020–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:w8kxc&r=all |
| By: | Susniwati, Susniwati |
| Abstract: | Batu City is known as one of the leading tourist cities in Indonesia because of its extraordinary potential of natural beauty. The purpose of this research is to analysize the actor network in tourism management based on sustainable development in Batu City. This study used a descriptive research method with a qualitative approach. As a result it is recommended to strengthen the role Department of Environmental Service in tourism development policies in Batu City. Batu City Government needs to establish a forum for “Community Conscious Environment” as a controlling agent. Batu City Government also needs to expand cooperation with academics, especially in environmental assessment cooperation. |
| Date: | 2020–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:qd4zf&r=all |
| By: | Sompa, Andi Tenri |
| Abstract: | Sultan Adam Tahura is the largest Tahura area in Indonesia. A Tahura which has the widest area is both a pride and a challenge in maintaining and managing this area so that it can benefit the community, both ecologically, economically, and socially. This study aims to describe how the management of Sultan Adam's Tahura natural tourism in several ways perspective development. A qualitative approach is used in research. To provide in-depth descriptions, descriptive methods are implemented. Data collection stages through three stages. Analysis model of Miles and Huberman chose for present narrative text in research. The results of the study describe that the Community Empowerment Program that has been implemented following the principle of community empowerment in the management of the Sultan Adam Tahura natural tourism in Belangian Village, Aranio Subdistrict, Banjar Regency is as follows: 1) Program for the Use of Village Fund Allocation, 2) the Riam Kanan Watershed Rehabilitation Program, 3) Social Forestry Program in the form of Forestry Partners, and 4) Tourism Village Development Program. The fourth economic impact of the Community Empowerment Program implemented in Belangian Village, the District as a whole can be concluded that it has been able to improve the welfare of Belangian Village residents. |
| Date: | 2021–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:dy35t&r=all |
| By: | Cronin, Anne M; Edwards, Lee |
| Abstract: | Drawing on a case study of public relations in the UK charity sector, this article argues that cultural intermediary research urgently requires a more sustained focus on politics and the political understood as power relations, party politics and political projects such as marketization and neoliberalism. While wide-ranging research has analysed how cultural intermediaries mediate the relationship between culture and economy, this has been at the expense of an in-depth analysis of the political. Using our case study as a prompt, we highlight the diversity of ways that the political impacts cultural intermediary work and that cultural intermediary work may impact the political. We reveal the tensions that underpin practice as a result of the interactions between culture, the economy and politics, and show that the tighter the engagement of cultural intermediation with the political sphere, the more tensions must be negotiated and the more compromised practitioners may feel. |
| Keywords: | charities; communication; cultural intermediaries; public relations; the political |
| JEL: | R14 J01 |
| Date: | 2021–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108897&r=all |
| By: | Marcela Ibañez Diaz; Menusch Khadjavi; Christina Martini |
| Abstract: | This paper examines the hypothesis that cooperation depends on the aspirations that individuals hold for their community welfare and tests whether videos that depict either a successful example of collective action or living conditions in rural areas can shape community aspirations and increase cooperation among rural communities in Zambia. The results of a lab in the field experiment indicate that compared with the no video condition, unconditional contributions are higher in the video that presents village life while the collective action video does not affect cooperation. When both contributors watch the village life video, conditional contributions are also higher compared to the control treatment. This points to the importance of social norms in the evolution of collective action. We find that individual aspirations are significantly negatively related to the unconditional contribution decision, while community aspirations do not correlate with contribution levels. |
| Keywords: | Community/Rural/Urban Development |
| Date: | 2021–01–11 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gagfdp:309650&r=all |
| By: | Isabel Cairo (Board of Governors); Shigeru Fujita (Federal Reserve Bank of Philadelphia); Camilo Morales-Jimenez (Board of Governors) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:20-507&r=all |
| By: | Sompa, Andi Tenri |
| Abstract: | One main goal of village development is to develop development or at least reduce poverty, improve a more decent standard of living. Village development must involve the majority of the population, the results of which can be enjoyed by the entire community. This research uses a qualitative research approach with a phenomenological research type. This is intended to find out and describe in detail and depth about the role of the village government in community economic empowerment in Alalak Island Village, Barito Kuala Regency. The data analysis technique used is an interactive model analysis consisting of data reduction, data presentation, and concluding. The results showed that community economic empowerment in Alalak Island Village Barito Kuala District was intervened by the local government. This is in line with the policy of two programs, namely the empowerment program for micro, small and medium enterprises (MSMEs). Empowerment of the capital sector in the village government is not involved in ever providing financial assistance in the form of empowerment in the capital sector. Factors that support the role of the government in increasing community economic empowerment in Alalak Island Village, Barito Kuala Regency, include the response of community members to village government policy programs. The awareness to participate in community economic empowerment, community members try to dig up information about the possibility of contributing to the implementation of community economic empowerment programs, community culture that can accept changes and developments in aspects of social life. |
| Date: | 2021–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:zxdaw&r=all |
| By: | Fiedor, Pawel (Central Bank of Ireland); Katsoulis, Petros (Cass Business School, City, University of London) |
| Abstract: | We show that exchange-traded funds (ETFs) establish strong information links with the underlying equities but weak ones with the underlying corporate debt securities. This has several distinct effects on each asset class. First, ETFs propagate liquidity shocks to equities but not to debt securities. Second, ETF flows affect the underlying equities’ returns to a much higher degree than debt securities’ returns. Third, higher ETF ownership increases equities’ volatility but decreases debt securities’ volatility. The results are consistent with the view that the higher accessibility of equities facilitates the formation of close information links with ETFs through arbitrage, which makes equities’ prices sensitive to ETF demand shocks and creates the potential for illiquidity contagion when this link is disrupted. In contrast, the hard-to-access nature of corporate debt securities results in weak information links with ETFs which reduces commonalities between the two markets. |
| Keywords: | Information links, ETFs, liquidity, returns, volatility . |
| JEL: | G12 G14 G23 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:wpaper:08/rt/20&r=all |
| By: | Dutta, Sourish |
| Abstract: | Purpose of this background note is to present some relevant research issues about India’s GVC, such as degree of India’s GVC linkages, by sector, by industry (preliminary analysis by GVC measures as well as in-depth econometric analysis), consequences of GVCs for economic prosperity i.e. industrial or economic upgrading (including trade-oriented upgrading and adaptation), the impact of GVCs on social upgrading, such as reflection on labour market dynamics (because social upgrading is not immediately associated with industrial or economics upgrading). |
| Date: | 2021–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:xre6f&r=all |
| By: | Christelle Baunez (Aix-Marseille Univ, CNRS, Institut Neurosciences Timone); Michaël Degoulet (Aix-Marseille Univ, CNRS, Institut Neurosciences Timone); Stéphane Luchini (Aix-Marseille Univ, CNRS, AMSE, Marseille, France.); Patrick A. Pintus (Aix-Marseille Univ, CNRS, AMSE, Marseille, France.) |
| Abstract: | Even though much has been learned about the new pathogen SARS-CoV-2 since the beginning of the COVID-19 pandemic, a lot of uncertainty remains. In this paper we argue that what is important to know under uncertainty is whether harm accelerates and whether health policies achieve deceleration of harm. For this, we need to see cases in relation to diagnostic effort and not to look at indicators based on cases only, such as a number of widely used epidemiological indicators, including the reproduction number, do. To do so overlooks a crucial dimension, namely the fact that the best we can know about cases will depend on some welldefined strategy of diagnostic effort, such as testing in the case of COVID-19. We will present a newly developed indicator to observe harm, the acceleration index, which is essentially an elasticity of cases in relation to tests. We will discuss what efficiency of testing means and propose that the corresponding health policy goal should be to find ever fewer cases with an ever-greater diagnostic effort. Easy and low-threshold testing will also be a means to give back people’s sovereignty to lead their life in an “open” as opposed to “locked-down” society. |
| Keywords: | uncertainty, acceleration index, anti-fragility, reproduction factor, test strategy, sovereignty |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:aim:wpaimx:2112&r=all |
| By: | Sánchez, M.V.; Cicowiez, M.; Ramírez, J. |
| Abstract: | In the face of the economic downturn that Nicaragua experienced in 2018 and the need for a recovery, the study provides a comparative analysis of how investments in productive infrastructure in different agri-food sectors would impact on growth and poverty. The analysis is based on scenarios generated through an economy-wide model representing the Nicaraguan economy and its sectors. The model includes financing constraints and the study explores different financing options for the new investments. |
| Keywords: | Agricultural and Food Policy, Food Security and Poverty, Public Economics |
| Date: | 2020–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:ags:faoets:309368&r=all |
| By: | Antoine GODIN; Louison CAHEN-FOUROT; Emanuele CAMPIGLIO; Eric KEMP-BENEDICT; Stefan TRSEK |
| Abstract: | The aim of this article is to assess the exposure of economic systems to the risk of physical capital stranding following a reduction of fossil fuel production and use. We calculate crosssectoral and cross-country ‘marginal stranding multipliers’ for 43 regions, and study how supply-side capital stranding might propagate via international production networks. We show how the fossil industry has the potential of creating significant stranding cascades affecting downstream sectors and the economic system as a whole. We then focus on crosscountry stranding impacts and rank countries according to their external stranding potential and to their exposure to external stranding risk. Finally, we analyse more in depth the origins and transmission channels of the stranding links affecting the most exposed countries (US, China and Germany). Our results confirm the relevance of including multi-regional production networks and physical capital stranding into the ongoing effort to assess the macro-financial implications of a low-carbon transition. |
| JEL: | Q |
| Date: | 2021–03–03 |
| URL: | http://d.repec.org/n?u=RePEc:avg:wpaper:en12201&r=all |
| By: | Cahen-Fourot, Louison; Campiglio, Emanuele; Godin, Antoine; Kemp-Benedict, Eric; Trsek, Stefan |
| Abstract: | The aim of this article is to assess the exposure of economic systems to the risk of physical capital stranding following a reduction of fossil fuel production and use. We calculate cross-sectoral and cross-country ‘marginal stranding multipliers’ for 43 regions, and study how supply-side capital stranding might propagate via international production networks. We show how the fossil industry has the potential of creating significant stranding cascades affecting downstream sectors and the economic system as a whole. We then focus on cross-country stranding impacts and rank countries according to their external stranding potential and to their exposure to external strandingrisk. Finally, we analyse more in depth the origins and transmission channels of the stranding links affecting the most exposed countries (US, China and Germany). Our results confirm the relevance of including multi-regional production networks and physical capital stranding into the ongoing effort to assess the macro-financial implications of a low-carbon transition. |
| Keywords: | low-carbon transition; asset stranding; production networks; capital stocks; fossilfuels; supply-side policies |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus045:8007&r=all |
| By: | Buckmann, Marcus (Bank of England); Gallego Marquez, Paula (Bank of England); Gimpelewicz, Mariana (Bank of England); Kapadia, Sujit (European Central Bank); Rismanchi, Katie (Bank of England) |
| Abstract: | This paper assesses the value of multiple requirements in bank regulation using a novel empirical rule‑based methodology. Exploiting a dataset of capital and liquidity ratios for a sample of global banks in 2005 and 2006, we apply simple threshold-based rules to assess how different regulations individually and in combination might have identified banks that subsequently failed during the global financial crisis. Our results generally support the case for a small portfolio of different regulatory metrics. Under the objective of correctly identifying a high proportion of banks which subsequently failed, we find that a portfolio of a leverage ratio, a risk-weighted capital ratio, and a net stable funding ratio yields fewer false alarms than any of these metrics individually – and at less stringent calibrations of each individual regulatory metric. We also discuss how these results apply in different robustness exercises, including out-of-sample evaluations. Finally, we consider the potential role of market-based measures of bank capitalisation, showing that they provide complementary value to their accounting-based counterparts. |
| Keywords: | Banking regulation; Basel III; bank failure; global financial crisis; marketbased metrics; regulatory complexity |
| JEL: | G01 G18 G21 G28 |
| Date: | 2021–01–29 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0905&r=all |
| By: | Waidlein, Nicole; Wrzesinski, Marcel; Dubois, Frédéric; Katzenbach, Christian |
| Abstract: | Within the realm of electronic publishing, journals are plenty and their publishing models vary greatly. A segment most in line with fair and transparent open access principles are journals that were born open access, are scholar-led, and do not levy any fees on authors or readers. But while promising for increasing access to quality research and furthering bibliodiversity (i.e., variety of content, publication formats and publishing institutions), a survey we did in Germany in 2020 suggests that many of the journals in that segment face the threat of extinction. This white paper provides preliminary answers to the monetary challenge by evaluating possible financing models, discussing their applicability, and facilitating the transferability of these findings by including a short case study of Internet Policy Review-an international, peer-reviewed diamond open access journal. |
| Keywords: | Open access,Scholar-led,Business models,Sustainability,Funding,Small sciences |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:231354&r=all |
| By: | Schnabl, Gunther; Murai, Taiki |
| Abstract: | The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly depressed, net interest revenues declined, which forced the banks to expand revenues from fees and commissions. The banks had to cut costs by reducing the number of employees, closing branches and merging into larger banks. The gradual concentration process has most recently cumulated in the relaxation of the monopoly law. With the capital allocation function of banks being undermined, the Japanese economy has become zombified, suffering from anemic growth. |
| Keywords: | Japan,Bank of Japan,monetary policy,banks,interest margin,financial repression,concentration,regional banks |
| JEL: | E50 E52 G21 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:leiwps:169&r=all |
| By: | Samira Hellou |
| Abstract: | The development of financial markets and banking activity coupled with the strengthening of banking regulations has largely affected the new structure of external financing of emerging countries. Indeed, the financial markets influence the behavior of international banks in a context of regulatory strengthening which implies a contraction of the bank flows volume and a decrease in the maturity of these flows. The empirical results, for 37 emerging countries, confirm that financial markets have influenced differently the volume and the term structure of bank flows from developed to emerging countries according to the regulatory context. |
| Keywords: | Financial markets, Banking flows, Emerging countries |
| JEL: | E22 O16 G11 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2021-5&r=all |
| By: | Jacopo Bonchi (LUISS); Giacomo Caracciolo (Bank of Italy) |
| Abstract: | The natural interest rate is the level of the real interest rate compatible with potential output and stable prices. We develop a life-cycle model and calibrate it to the US economy to quantify the role of the public pension scheme for the past and future evolution of the natural interest rate. Between 1970 and 2015, the pension reforms have overall mitigated the secular decline in the natural interest rate, raising it by around one percentage point and thus counteracting the downward pressure from adverse demographic and productivity patterns. As regards the future, we simulate the effects of the demographic trends, expected between 2015 and 2060, combined with alternative pension reforms and productivity growth scenarios. We rank the different policy options according to a welfare criterion and study the implications for the natural interest rate. A reduction in the replacement rate outperforms, in terms of welfare, an increase in the contribution rate in the “normal growth” scenario and vice versa in the “stagnant growth” case. |
| Keywords: | natural interest rate, pensions, population ageing, secular stagnation, demography, social security |
| JEL: | E60 H55 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1317_21&r=all |
| By: | Pike, Susan |
| Abstract: | There is much uncertainty over whether on-demand ridehailing services, namely Uber and Lyft, will worsen or alleviate existing transportation problems such as congestion, emissions, and inequities in access and mobility. For policymakers, transportation planners, and others in the transportation arena, these unknowns have created uncertainty over which policies would best steer ridehailing toward equitable and sustainable outcomes. To address these uncertainties, researchers at UC Davis assessed how stakeholders from different groups view the possible impacts of ridehailing and the policies that might best address those impacts. The researchers evaluated these questions through in-depth interviews with stakeholders from 38 agencies and organizations throughout California. Interviewees included transportation planners, members of state agencies, and representatives from non-profit organizations and the ridehailing industry. This policy brief summarizes those interviews, as well as findings from the research. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Exhaust gases, Interviewing, Ridesourcing, Stakeholders, Sustainable transportation, Transportation planning, Uncertainty, Vehicle miles of travel |
| Date: | 2021–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt6fd4f75d&r=all |
| By: | William A. Barnett (University of Kansas); Taniya Ghosh (Indira Gandhi Institute of Development Research); Masudul Hasan Adil (Flame University) |
| Abstract: | We revisit the issue of stable demand for money, using quarterly data for the European Monetary Union, India, Israel, Poland, the UK, and the US. We use the same linear modeling and specification approach that had previously cast doubt on money demand stability. Autoregressive distributed lag (ARDL) cointegration models are used in the study to establish a long-term relationship between real money balances and real output, interest rate, and real effective exchange rate. For all the countries analyzed, evidence of the existence of stable demand for money is found. Broad money in general is better at capturing a stable demand for money than narrow money. The stability results are especially strong, when broad Divisia money is used instead of its simple sum counterpart. |
| Keywords: | Narrow money demand, broad money demand, simple-sum monetary aggregates, Divisia monetary aggregates, ARDL cointegration approach |
| JEL: | C23 E41 E52 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2021-005&r=all |
| By: | Mohammad Aldubyan; Moncef Krarti; Eric Williams (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | This paper describes the development of the Residential Energy Model (REEM) for Saudi Arabia using an engineering bottom-up approach. The model can assess energy demand for the current residential building stock and the impact of energy efficiency and demand-side management programs. It accounts for the makeup and features of the Kingdom’s existing housing stock using 54 prototypes of residential buildings defined by three building types, three vintages, and six locations representing different climatic zones. |
| Keywords: | Energy Efficiency, Energy Modeling, Residental building stock, Demand side management |
| Date: | 2021–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:prc:mpaper:ks--2020-mp05&r=all |
| By: | Kohnert, Dirk |
| Abstract: | ABSTRACT & RÉSUMÉ : Every three years, the AU-EU summit reunites African and EU leaders to outline the future direction of cooperation. The 6th summit had been to reaffirm and renew the partnership between the two blocks already in October 2020, but it was pushed back to the first quarter of 2021 or even later due to COVID-19 crisis. Besides, Brussels had to deal with its own post-Brexit situation and its repercussions on EU-Africa relations, excluding the UK. African states, for their part, wanted to renegotiate the EU-Africa partnership and to balance it with new promising Post-Brexit visions of the British premier Johnson about increased economic ties with the African Angloshere. China and other global players compete with the EU and its member states in the new scramble for African resources. Given that Africa is increasingly courted by other partners it could be inclined to successively limit its relations with the EU and see it as a mere provider of aid and security against Islamic terrorism. This trend was reinforced by the fact that the new EU-Africa strategy still hasn't been approved by EU member states. And a timely replacement of the Cotonou Agreement, which expires in November 2021, is open to question. RÉSUMÉ : Tous les trois ans, le sommet UA-UE réunit les dirigeants africains et européens pour définir l'orientation future de la coopération. Le 6e sommet devait réaffirmer et renouveler le partenariat entre les deux blocs déjà en octobre 2020, mais il a été repoussé au premier trimestre 2021, ou même plus tard, en raison de la crise du COVID-19. En outre, Bruxelles a dû faire face à sa propre situation post-Brexit, compte tenu l'exclusion du Royaume-Uni, et à ses répercussions sur les relations UE-Afrique. Les États africains, pour leur part, souhaitaient renégocier le partenariat UE-Afrique, et l'équilibrer avec les nouvelles visions post-Brexit prometteuses du Premier ministre britannique Johnson sur le renforcement des liens économiques avec l'Anglosphère africaine. La Chine et d'autres acteurs mondiaux sont en concurrence avec l'UE et ses États membre dans la nouvelle ruée vers les ressources africaines. Étant donné que l'Afrique est de plus en plus courtisée par d'autres partenaires, elle pourrait être encline à limiter successivement ses relations avec l'UE et à la considérer comme un simple fournisseur d'aide et de sécurité contre le terrorisme islamique. Cette tendance a été renforcée par le fait que la nouvelle stratégie UE-Afrique n'a toujours pas été approuvée par les États membres de l'UE. Et un remplacement opportun de l'accord de Cotonou, qui expire en novembre 2021, est sujet à caution. |
| Keywords: | EU-Africa summit, Corona, Brexit, Afrique, Royaume-Uni, UE, commerce international, récession économique, pauvreté, violence |
| JEL: | F13 F35 F54 F63 G15 I1 N17 N47 N67 O17 P16 Z13 |
| Date: | 2021–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:106318&r=all |
| By: | Guy Meunier; Jean-Pierre Ponssard |
| Abstract: | We assume that a project requires an initial outlay and may either succeed or fail. The probability of success depends on its type and on the effort of the firm. Only in the case of success do private and external benefits appear. The paper analyzes the optimal design of subsidies under different information structures the state agency and the firm may have over the characteristics of the project. It is proved that under symmetric information structures rewarding success is optimal while, ordinarily, under asymmetric ones, rewarding failure is optimal. While reward success encourages effort, rewarding failure mitigates windfall profit. In asymmetric structures, the second feature dominates. These results emphasize the crucial significance of properly identifying the underlying structure in designing an efficient incentive scheme. The policy relevance of our analysis is discussed in the context of risky programs such as those for the energy transition associated with COVID recovery plans. |
| Keywords: | green innovation, public financing, information structure, conditional schemes |
| JEL: | O38 D25 D82 H25 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8881&r=all |
| By: | Calista Cheung; Jerome Lyons; Bethany Madsen; Sarah Miller; Saarah Sheikh |
| Abstract: | We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy. |
| Keywords: | Business fluctuations and cycles; Coronavirus disease (COVID-19); Domestic demand and components; Recent economic and financial developments; Regional economic developments |
| JEL: | E20 H7 I18 R1 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:21-1&r=all |
| By: | Nurdaulet Abilov (NAC Analytica, Nazarbayev University) |
| Abstract: | We analyze the role of banking sector and credit in business cycle fluctuations in Kazakhstan by adopting the dynamic stochastic general equilibium (DSGE) model with financial frictions and banks. We introduce financial frictions that lead to the amplification of the effects of shocks in the economy. We find that bank capital adjustment costs are essential in the model due to the large capital adjustment cost parameter. This implies that banks' capital adjusts very slowly to exogenous shocks in the economy. We also analyze impulse responses of endogenous variables to exogenous shocks, including a negative bank capital shock, in order to understand the propagation mechanisms of the shocks. The results from the historical decomposition exercise show us that the financial shocks have played an important role in business cycle fluctuations in Kazakhstan since 2015. |
| Keywords: | DSGE; financial frictions; banking sector; Kazakhstan |
| JEL: | C11 E32 E37 E44 E51 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:ajx:wpaper:8&r=all |
| By: | Dirección General de Economía y Estadística (Banco de España) |
| Abstract: | This paper describes the main features of the Spanish housing market during the latest expansionary period (2014-2019), and discusses two aspects relating to its recent situation. First, it analyses the evidence of households’ possible housing affordability difficulties. It finds that these difficulties have been exacerbated in recent years, especially for specific groups such as the young and low-income households, and particularly in certain zones, such as the major metropolitan areas. Next, it reviews the ensuing consequences from the standpoint of economic efficiency and of social challenges, analysing potential public measures that might be considered to alleviate these difficulties. Finally, it assesses the potential systemic risks associated with the residential real estate market, concluding that these were, at end-2019, more limited than those prevalent in the run-up to the financial crisis that broke in 2008. |
| Keywords: | housing market, mortgage market, housing affordability, systemic risks, public intervention |
| JEL: | R30 R31 R38 G21 G51 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:bde:opaper:2013e&r=all |
| By: | Rashid Sbia (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université); Hamdi H. (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | The aim of this paper is to investigate the impact of remittances outflows on inflation for a panel of 14 OPEC countries during the period 1980-2018. Using bias-corrected least-squares dummy variable (CLSDV) estimator, empirical results reveal that remittance outflows have no effect on inflation rate. However, trade openness and current account deficits have a positive impact on inflation. Further, oil price appears to not have any effect on inflation in OPEC countries. |
| Keywords: | remittances,O.P.E.C,inflation,CLSDV |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03082806&r=all |
| By: | Stefania Bortolotti (University of Bologna, IZA); Thomas Dohmen (University of Bonn, IZA, Maastricht University, ROA, DIW); Hartmut Lehmann (National Research University Higher School of Economics, Russia, IZA, University of Bologna); Frauke Meyer (Forschungszentrum Julich); Norberto Pignatti (International School of Economics at Tbilisi State University (ISET), Tbilisi; IZA); Karine Torosyan (International School of Economics at Tbilisi State University, Tbilisi (ISET);) |
| Abstract: | We shed new light on the relationship between cognition and patience, by providing documenting that the correlation between cognitive abilities and delay discounting is weaker for the same group of individuals if choices are incentivized. We conjecture that the exertion of higher cognitive effort, which induces higher involvement of the cognitive system, moderates the relationship between patience and cognition. To test this hypothesis, we analyze the relationship between various measures of cognitive ability, including the cognitive reflection test (CRT), a symbol-correspondence test, a numeracy test, as well as self-reported math ability and the interviewer’s assessment of the respondent’s sharpness and understanding, and di↵erent measures of patience, including incentivized choices between smaller sooner and larger later monetary payments and hypothetical inter-temporal trade-offs, for 107 subjects drawn from the adult population in Tbilisi (Georgia). |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tbs:wpaper:21-001&r=all |
| By: | Santori, Paolo; Assistant, JHET |
| Abstract: | In the eighteenth-century Scottish and British cultural context, idleness was a central issue for religion, literature, art, and philosophy. This paper analyzes the reflections of David Hume and Adam Smith on idleness and commercial society. Hume advanced his most provocative view on the subject in his Dialogues Concerning Natural Religion (1779), where idleness is represented as the endowment made by the “very sparing hand” of the “author of nature” to humanity. My argument is that Smith’s view on idleness advanced in the Wealth of Nations (1776) is connected to Hume’s Dialogues, as Smith’s invisible hand defeats idleness through a combination of self-interest, the propensity to exchange, and the division of labor. The broader aim of this study is to add to the philosophical relationship between the Scottish philosophers. |
| Date: | 2021–02–12 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:r2uje&r=all |
| By: | Remi Jedwab (George Washington University, Department of Economics); Felix Meier zu Selhausen (Wageningen University); Alexander Moradi (Free University of Bolzano‐Bozen, Faculty of Economics and Management) |
| Abstract: | How did Christianity expand in Africa to become the continent’s dominant religion? Using annual panel census data on Christian missions from 1751 to 1932 in Ghana, and pre-1924 data on missions for 43 sub-Saharan African countries, we estimate causal effects of malaria, railroads and cash crops on mission location. We find that missions were established in healthier, more accessible, and richer places before expanding to economically less developed places. We argue that the endogeneity of missionary expansion may have been underestimated, thus questioning the link between missions and economic development for Africa. We find the endogeneity problem exacerbated when mission data is sourced from Christian missionary atlases that disproportionately report a selection of prominent missions that were also established early. |
| Keywords: | Economics of Religion; Religious Diffusion; Human Capital; Economic Persistence; Measurement; Historical Data; Atlases; Missions; Christianity; Africa |
| JEL: | O10 O40 Z12 I20 N30 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps78&r=all |
| By: | Riehm, Tobias; Fugger, Nicolas; Gillen, Philippe; Gretschko, Vitali; Werner, Peter |
| Abstract: | We test the importance of social norms for market interactions associated with negative real-world externalities in a large-scale experiment with a heterogeneous population sample from Germany. The majority of experimental participants refuses to trade, thus behaving in a moral way. Our data suggest the importance of norm conformity for the decision to trade as a significant share of buyers and sellers condition market entry on the decisions of others. Moreover, a majority of observers is willing to incur personal costs to sanction trading. Moral behavior is significantly linked to demographic characteristics and stated preferences and attitudes of the participants. |
| Keywords: | Markets,moral behavior,negative externalities,social norms,punishment,large population sample,experiment |
| JEL: | D01 D62 D64 C93 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21017&r=all |
| By: | Célestin Mayoukou (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université) |
| Abstract: | Microfinance industry is changing progressively during this last thirty years. The depth of is intermediation is growing. Serving at the beginning of the informal customers ; he serves since several years yet, small and medium enterprise (SME). Multinational banks and international funds had also entering the microfinance industry by granting loans to microfinance institutions. The digital innovation had disrupted the sector who become adult. |
| Abstract: | L'industrie de la microfinance connait depuis 30 ans une mutation perpétuelle. L'échelle de son intermédiation s'est progressivement élargie. Centrée à ses débuts sur des acteurs du secteur informel ; cette activité touche désormais une large clientèle englobant même des PME exportatrices. Son mode de refinancement s'étend désormais au marché international des capitaux, puisque des Fonds d'investissement et des Banques multinationales alimentent les IMF en capitaux. La digitalisation et les plateformes de crédits en ligne ont aussi fait leur entrée dans la microfinance. Cette industrie n'est plus désormais une industrie dans l'enfance |
| Keywords: | Microfinance,intermediation,microfinance industry,intermadiation,industrie microfinancière |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02489308&r=all |
| By: | Pablo Hernández de Cos (Banco de España) |
| Abstract: | The COVID-19 crisis has elicited an immediate and forceful economic policy response. With the height of the crisis behind us, the Governor has set out priority economic measures for the post-lockdown phase. He calls for the urgent launch of an ambitious, comprehensive, permanent and assessable strategy of structural reforms and fiscal consolidation. In this second, gradual-recovery phase, laying the foundations for sustainable and balanced growth will involve the economic policy response combining two objectives: to support the recovery and to provide for structural adjustment. And, in this scenario, public finances sustainability must be ensured. Three elements are needed to boost the credibility and effectiveness of this initial response and of the entire reform strategy. First, the fiscal expansion in the short term should go hand-in-hand with a plan to restore health to public finances in the medium term, once the economy resumes a sound growth path. Second, structural reforms should be expedited so they positively affect spending, investment and hiring decisions in the very short term. And third, political consensus must ensure the durability of the strategy over several legislatures. In the short run, the policies supporting the recovery should be attuned to the health situation and economic circumstances. That will involve maintaining monetary and financial measures geared to preserving appropriate access to financing. It will further entail extending and recalibrating income support and furlough schemes. New measures will also be needed, namely: active labour market and training policies for the unemployed; enhanced business restructuring and insolvency procedures; and a fiscal impulse for the restructuring of the productive system through investment in technological capital, education and training. In the medium term, the Spanish economy’s main challenges will determine the structural reform agenda needed to increase our potential growth over the coming years. The paper details the measures on this agenda in response to each of the challenges identified: i) to improve productivity dynamics (promotion of business dynamics and growth, increased sectoral competition, enhanced human capital and an increase in technological capital); ii) to reduce unemployment and job insecurity (with a lower temporary employment ratio and active labour market policies); iii) to address population ageing (pensions system reform); iv) to bolster inclusion policies (minimum living income and housing affordability); v) to smooth the transition to a more sustainable economy (via fiscal policy and the financial system); vi) to maintain a healthy financial sector; vii) to tackle new challenges (globalisation and digitalisation); viii) to drive forward European governance reform (an appropriate European recovery fund, headway in the fiscal union, Stability and Growth Pact reform, completion of the Banking Union and a genuine Capital Markets Union); and ix) to ensure the sustainability of public finances (an ambitious multi-year fiscal consolidation programme). |
| Keywords: | post-pandemic scenario, economic policies, strategic priorities, economic recovery, structural adjustment, fiscal consolidation, reform agenda, potential growth, labour market policies, human and technological capital, inclusion policies, sustainable economy, European governance, globalisation, digitalisation |
| JEL: | E60 E61 E65 E66 E44 E62 E64 E58 J1 J3 J38 I0 I2 F55 I14 I15 Q5 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:bde:opaper:2024e&r=all |
| By: | Sandra García-Uribe; Hannes Mueller; Carlos Sanz |
| Abstract: | This article exploits two newspaper archives to track economic policy uncertainty in Spain in 1905-1945, a period of extreme political polarization. We find that the outbreak of the civil war in 1936 was anticipated by a striking upward level shift of uncertainty in both newspapers. We study the dynamics behind this shift and provide evidence of a strong empirical link between increasing uncertainty and the rise of divisive political issues at the time: socio-economic conflict, regional separatism, power of the military, and role of the church. This holds even when we exploit variation in content at the newspaper level. |
| Keywords: | economic policy uncertainty, Civil War, political polarization, social conflict, agrarian reform, natural language processing, tf-idf |
| JEL: | D72 D74 N14 N24 N44 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1240&r=all |
| By: | Eduardo Bandrés (Universidad De Zaragoza Y Funcas); María-Dolores Gadea (Universidad De Zaragoza); Ana Gómez-Loscos (Banco De España) |
| Abstract: | The analysis of the regional business cycles in Spain highlights a high degree of similarity in the developments of most regions, but also shows idiosyncratic behaviour that mainly affects the duration and intensity of recessions. Such idiosyncratic behaviour would advise complementing national policies with specific policies aimed at certain territories. This paper adopts two complementary approaches in order to comprehensively date and analyse regional business cycles: the first uses an annual aggregate indicator such as GDP, for which a long series is available; the second focuses on a set of specific monthly indicators for a more recent period and provides a more accurate characterisation of the reference cycle. |
| Keywords: | regional cycles, synchronisation, clusters |
| JEL: | C32 E32 R11 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:bde:opaper:2107e&r=all |