|
on Islamic Finance |
| By: | John Willoughby (American University); Zehra Aftab (American University) |
| Abstract: | In this paper, we investigate both how the use of language in higher education in Pakistan has evolved and why the medium of instruction remains a contested terrain. We focus on the struggle between advocates for the use of Urdu and the use of English. By examining the repeated failed attempts by high political authorities to replace English with Urdu, we demonstrate the usefulness of Avner Greif’s evolutionary, path-dependent theory of institutional change. We also argue, however, that Jack Knight’s focus on the struggle over resources is necessary if we are to understand why the futile attempts to make Urdu the dominant language of education persist. |
| Keywords: | Higher Education, Education and Inequality, Language, Pakistan. |
| JEL: | I23 I24 P16 Z13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:29&r= |
| By: | M. Ali Choudhary; Anil K. Jain |
| Abstract: | Using detailed administrative Pakistani credit registry data, we show that banks with low leverage ratios are both significantly slower and less likely to recognize a loan as nonperforming than other banks that lend to the same firm. Moreover, we find suggestive evidence that this lack of recognition impedes loan curing, with banks with low leverage ratios reporting significantly higher final default rates than other banks for the same borrower (even after controlling for differences in loan terms). Our empirical findings are consistent with the theoretical prediction that classifying a nonperforming loan is more expensive for banks with less capital. |
| Keywords: | Credit markets; Banks; Corporate debt; Evergreening; Nonperforming loans |
| JEL: | G21 G33 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1327&r= |
| By: | Kohnert, Dirk |
| Abstract: | ABSTRACT & RÉSUMÉ & ZUSAMMENFASSUNG : The combined impact of Brexit and the COVID-19 pandemic on British foreign- and trade relations to Israel and its Arab neighbours constitute a particularly sensitive case. A destabilization of these countries could impact seriously stability and security, not just of the Middle-East region, but on the whole world. So far, the preliminary effects are ambivalent. Whereas Britons entertained reasoned hope for a ‘Corona miracle’ and a marvellous economic recovery in 2021, the prospects for Israel, the occupied Palestinian territories, Lebanon, Jordan and Egypt were less rosy. Presumably, Brexit is likely to harm the United Kingdom in the medium and long run. The post-Brexit impact on Israel and its Arab neighbours will be negative as well, but probably only be felt in the medium and long term also. However, the direct and indirect negative effects of the global COVID-19 crisis will by far outdo the Brexit impact. RÉSUMÉ : L'impact combiné du Brexit et de la pandémie de COVID-19 sur les relations étrangères et commerciales britanniques avec Israël et ses voisins arabes constitue un cas particulièrement sensible. Une déstabilisation de ces pays pourrait avoir de graves répercussions sur la stabilité et la sécurité, non seulement de la région du Moyen-Orient, mais du monde entier. Jusqu'à présent, les effets préliminaires sont ambivalents. Alors que les Britanniques nourrissaient un espoir raisonné d'un « miracle de Corona » et d'une merveilleuse reprise économique en 2021, les perspectives pour Israël, les territoires palestiniens occupés, le Liban, la Jordanie et l'Égypte étaient moins roses. Vraisemblablement, le Brexit est susceptible de nuire au Royaume-Uni à moyen et long terme. L'impact post-Brexit sur Israël et ses voisins arabes sera également négatif, mais ne se fera probablement sentir qu'à moyen et long terme également. Cependant, l'effet négatif direct et indirect de la crise mondiale du COVID-19 dépassera de loin l'impact du Brexit. --------------------------------------------------------------------------------------------------------------------------------------- ZUSAMMENFASSUNG : Die gemeinsamen Auswirkungen des Brexits und der COVID-19-Pandemie auf die britischen Außen- und Handelsbeziehungen zu Israel und seinen arabischen Nachbarn sind ein besonders heikler Fall. Eine Destabilisierung dieser Länder könnte die Stabilität und Sicherheit nicht nur im Nahen Osten, sondern auf der ganzen Welt ernsthaft gefährden. Bisher erscheinen die vorläufigen Effekte ambivalent. Während die Briten begründete Hoffnungen auf ein „Corona-Wunder“ und eine erstaunliche wirtschaftliche Erholung im Jahr 2021 hegen, sind die Aussichten für Israel, die besetzten palästinensischen Gebiete, den Libanon, Jordanien und Ägypten weniger rosig. Vermutlich wird der Brexit dem Vereinigten Königreich mittel- und langfristig schaden. Die post-Brexit Auswirkungen auf Israel und seine arabischen Nachbarn werden ebenfalls negativ s, aber vermutlich ebenfalls nur mittel- und langfristig zu spüren sein. Die direkten und indirekten negativen Effekte der weltweiten COVID-19-Krise werden jedoch die Folgen des Brexits bei weitem übertreffen. |
| Keywords: | Brexit, COVID-19-pandemic, Corona, economic growth, Israel, Palestine, Lebanon, Jordan, Egypt, United Kingdom, international trade, free trade area, customs union, Anglosphere, |
| JEL: | F13 F15 F22 F52 F68 I14 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109100&r= |
| By: | Joan Costa-Font (CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science, IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics); Sarah Fleche (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science); Ricardo Pagan (Universidad de Málaga [Málaga] = University of Málaga [Málaga]) |
| Abstract: | Daylight Saving Time (DST) is currently implemented by more than seventy countries, yet we do not have a clear knowledge of how it affects individuals' welfare. Using a regression discontinuity design combined with a differences-in-differences approach, we find that the Spring DST causes a significant decline in life satisfaction. By inducing a reallocation of time, the transition into DST deteriorates sleep and increases time stress, which in turn affects physical and emotional health. After performing a simple cost-benefit analysis, we find evidence suggestive that ending DST would exert a positive effect on welfare, namely the wellbeing costs associated with DST exceed its benefits. |
| Keywords: | Daylight Saving Time,wellbeing,health,sleep,time stress |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03322741&r= |
| By: | Chakravorty, Bhaskar (University of Warwick); Arulampalam, Wiji (University of Warwick); Imbert, Clement (University of Warwick); Rathelot, Roland (University of Warwick) |
| Abstract: | Using a randomised experiment, we show that providing better information about prospective jobs to vocational trainees can improve their placement outcomes. The study setting is the vocational training programme DDU-GKY in India. We find that including in the training two information sessions about placement opportunities make trainees 17% more likely to stay in the jobs in which they are placed. We argue that this effect is likely driven by improved selection into training. As a result of the intervention, trainees that are over-optimistic about placement jobs are more likely to drop out before placement. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:567&r= |
| By: | Clément de Chaisemartin (Universite de Californie, J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Quentin Daviot (J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Marc Gurgand (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Sophie Kern (Laboratoire de dynamique du langage - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Quand un enfant issu d'un milieu défavorisé entre à l'école, il maitrise en moyenne moins bien le langage qu'un enfant issu d'un milieu favorisé. Ce désavantage le pénalisera dans ses apprentissages pendant sa scolarité, augmentera ses risques de décrochage et aura des conséquences sur ses conditions de vie futures. De nombreux travaux de recherche soutiennent que l'on peut cependant corriger cette situation dès la petite enfance, par exemple en introduisant des programmes de haute qualité éducative en crèche. Le programme Parler Bambin vise à former les professionnelles de crèche pour renforcer leurs connaissances et leurs pratiques quotidiennes dans le domaine du langage et de l'interaction langagière, et ainsi améliorer le développement langagier des jeunes enfants. Le programme a pour vocation de réduire ces inégalités précoces de développement langagier, dans l'espoir, à terme, de réduire les inégalités scolaires et socio-économiques. Cette étude évalue les effets du programme Parler Bambin sur les pratiques des professionnelles et sur le développement des enfants. Pour ce faire, nous avons mené une évaluation randomisée à grande échelle auprès de 94 crèches réparties sur le territoire de la France métropolitaine, en suivant des enfants issus de familles défavorisées. Nous avons travaillé avec ces crèches pendant trois années dans le but d'estimer des effets de court et de plus long termes. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ipppap:halshs-03288700&r= |
| By: | Sarah Flèche (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science); Anthony Lepinteur (Department of Behavioural and Cognitive Sciences); Nattavudh Powdthavee (WBS - Warwick Business School - University of Warwick [Coventry], IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics) |
| Abstract: | Would improving women's access to capital reduce the gender entrepreneurial gap? We study this issue by exploiting longitudinal data on lottery winners. Comparing between large to small winners, we find that an increase in lottery win in period t-1 significantly increases the likelihood of becoming self-employed in period t. This windfall effect is statistically the same in magnitude for men and women; the top 25% winners (an average win = £831.16) in year t-1 report a significant increase in the probability of self-employment in year t by approximately 2 percentage points, which is approximately 20-30% of the gender entrepreneurial gap. These results suggest that we can causally reduce the gender entrepreneurial gap by improving women's access to capital that might not be as readily available to the aspiring female entrepreneurs as it is to male entrepreneurs |
| Keywords: | gender inequality,self-employment,lottery wins,BHPS |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03260992&r= |
| By: | Nicholas Ryan |
| Abstract: | Green energy is produced by relationship-specific assets that are vulnerable to hold-up if contracts are not strictly enforced. I study the role of counterparty risk in the procurement of green energy using data on the universe of solar procurement auctions in India. The Indian context allows clean estimates of how risk affects procurement, because solar power plants set up in the same states, by the same firms, are procured in auctions variously intermediated by either risky states themselves or the central government. I find that: (i) the counterparty risk of an average state increases solar energy prices by 10%; (ii) the intermediation of the central government eliminates this risk premium; (iii) higher prices due to risk reduce investment, because state demand for green energy is elastic. The results suggest that the risk of hold-up places developing countries at a disadvantage in the procurement of green energy. |
| JEL: | L14 O13 Q42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29154&r= |
| By: | Carranza, Rafael; Morgan, Marc; Nolan, Brian |
| Abstract: | In this paper we bridge the gap between two different approaches to measure inequality: one based on household surveys and summary measures such as the Gini, and the other focused on taxable income and top income shares. We explore how these approaches adjust the Gini for equivalised household income in 26 European countries over 2003-2017 using the EU-SILC, focusing on the World Inequality Database (WID) adjustment as proposed in Blanchet et al. (2020). On average, the Gini increases by around 2.4 points as a result of the WID adjustment, for both gross and disposable income, with notable differences across countries, affecting rankings, despite limited impact on trends. We find that differences in inequality depend less on the adjustment method and more on whether it relies on external data sources such as tax data. In fact, SILC countries that rely on administrative register data experience relatively small changes in inequality after the WID adjustment. For recent years, we find that the Gini for 'non-register' countries increases by 2.8 points on average while in 'register' countries it does so by 0.9 points. We conclude by proposing ways in which household surveys can improve their representativeness of income and living conditions. |
| Keywords: | Inequality, Reweighting, Survey Representativeness, Top incomes |
| JEL: | D31 D63 N30 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-16&r= |
| By: | Rania El Modni (Laboratory of Finance, Audit and Organizational Governance Research); Mounime Elkabbouri (Laboratory of Finance, Audit and Organizational Governance Research) |
| Abstract: | Regardless of their structure and form (public/private), organizations are often faced with structural choices. These choices can be the result of their history, their activity, the people involved or the strategies pursued. At each stage, managers have to make structural choices that allow them to be in the best possible configuration to be effective. Therefore, these sports organizations must have a structure that allows them to ensure the best possible coordination between departments. The objective of this paper is to identify structural models and examine the relationship between structure and efficiency in Moroccan soccer clubs. The three organizational design parameters: formalization, centralization, and specialization were examined to determine the structural patterns of Moroccan soccer clubs. The study was carried out with a sample of 15 Moroccan sports clubs. A total of 72 staff members responded to an online survey. The results found show the presence of two structural models: the divisional structure and the functional structure. The MANCOVA procedures showed differences between clubs in terms of sports performance. There is a significant difference between clubs with a functional structure and those with a divisional structure in sports performance, with clubs with a divisional structure generally performing significantly better than those with a functional design because football clubs choose to orient their structure according to the basic criteria of specialization, centralization and formalization. |
| Keywords: | Structure,Effectiveness,Formalization,Centralization,Specialization,Football clubs. |
| Date: | 2021–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312913&r= |
| By: | Arezki, Rabah (African Development Bank and Harvard’s Kennedy School of Government); Djankov, Simeon (London School of Economics and Peterson Institute for International Economics); Nguyen, Ha (World Bank); Yotzov, Ivan (University of Warwick & CAGE) |
| Abstract: | Using a new dataset of 198 national elections across 48 democracies, this paper is the first to systematically examine the effects of oil price shocks on incumbents’ political fortunes in developed oil-importing countries. We find that oil price increases systematically lower the odds of reelection for incumbents and increase the likelihood of changes in the ideology of the incoming government. These shocks are found to operate through lowering consumption growth. |
| Keywords: | Elections, Incumbent, Oil Prices, Economic Shocks JEL Classification: D72; E21; P16; Q43 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:572&r= |
| By: | Luca Bonacini; Irene Bfrunetti; Giovanni Gallo |
| Abstract: | This study aims to identify the main determinants of student performance in reading and maths across eight European Union countries (Austria, Croatia, Germany, Hungary, Italy, Portugal, Slovakia, and Slovenia). Based on student-level data from the OECD’s PISA 2018 survey and by means of the application of efficient algorithms, we highlight that the number of books at home and a variable combining the type and location of their school represent the most important predictors of student performance in all of the analysed countries, while other school characteristics are rarely relevant. Econometric results show that students attending vocational schools perform significantly worse than those in general schools, except in Portugal. Considering only general school students, the differences between big and small cities are not statistically significant, while among students in vocational schools, those in a small city tend to perform better than those in a big city. Through the Gelbach decomposition method, which allows measuring the relative importance of observable characteristics in explaining a gap, we show that the differences in test scores between big and small cities depend on school characteristics, while the differences between general and vocational schools are mainly explained by family social status. |
| Keywords: | Gelbach decomposition, Education inequalities, Machine learning, PISA, Schooling tracking, Student performance. |
| JEL: | I21 I24 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mod:recent:150&r= |
| By: | Asier Aguilera-Bravo (Universidad de Navarra); Miguel Casares (Universidad Pública de Navarra & INARBE); Hashmat Khan (Carleton University) |
| Abstract: | We provide evidence that both firm and establishment entry rates in the US have been increasing over the past decade, seemingly ending the secular decline observed over previous decades. However, the job-size of new businesses relative to incumbents has decreased substantially. Controlling for these opposite trends reveals that the size-adjusted entry rate continues to decline. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:nav:ecupna:2105&r= |
| By: | Evangelos Christou (International Hellenic University); Anestis Fotiadis (Zayed University); Kostas Alexandris (Aristotle University of Thessaloniki) |
| Abstract: | Book of extended abstracts (proceedings) of TOURMAN 2021 Conference "Restarting tourism, travel and hospitality: The day after". |
| Keywords: | tourism,travel,hospitality,leisure |
| Date: | 2021–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313706&r= |
| By: | Ruchir Agarwal; Ms. Gita Gopinath |
| Abstract: | Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world. |
| Keywords: | COVID-19; Pandemic; Economic crisis; pandemic policy; financing facilities; donor country; LMIC vaccination; vaccination target; Income; Manufacturing; Global; Africa |
| Date: | 2021–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfsdn:2021/004&r= |
| By: | Matthew McCormick; Mark E. Paddrik; Carlos Ramirez |
| Abstract: | The overnight segment of the triparty repurchase agreement (repo) market plays a pivotal role in the normal functioning of the U.S. financial system by acting as an important source of secured short-term funding and supporting the liquidity of key fixed income markets, including U.S. Treasury and agency securities. This over-the-counter market accounts for over $1 trillion in daily transactions and provides a unique venue in which a diverse set of market participants invest their cash as well as obtain short-term funding. |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-02&r= |
| By: | Brian Cushing (Regional Research Institute, West Virginia University); Elham Erfanian (Department of Agricultural Economics and Community and Economic Development Initiative of Kentucky, University of Kentucky) |
| Abstract: | Appalachia has been at the center of the drug crisis that has now exploded across the United States, wreaking havoc on communities and destroying lives. Other than a brief, hopeful leveling off in 2018, drug use and overdose deaths have continued to accelerate. One key focus of policies aimed at dealing with the crisis has been treatment and recovery resources, which provide critical support for those struggling with addiction. The Appalachian Regional Commission wishes to document the distribution of treatment and recovery resources within Appalachia, which is critical to assessing unmet needs. The following report describes, reviews, and evaluates the usefulness of the National Survey of Substance Abuse Treatment Services (N-SSATS) database for summarizing and analyzing substance abuse treatment resources and services at the substate level that would be required for understanding the extent of unmet needs within Appalachia’s counties and subregions. Though the focus of our initial research was on a substate/subregional analysis of the Appalachian Region, the issues discussed are broadly applicable to other areas. |
| Keywords: | Opioid crisis, Treatment and recovery services, N-SSATS, Appalachia |
| JEL: | R1 I18 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2021rp07&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | renewables support schemes, distortions, auctions, yardstick contracts |
| JEL: | D44 D62 D86 H23 H25 L94 Q28 Q42 Q48 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2107&r= |
| By: | Advani, Arun (University of Warwick and Institute of Fiscal Studies (IFS)); Ash, Elliot (ETH Zurich); Cai, David (ETH Zurich); Rasul, Imran (University College London and IFS) |
| Abstract: | How does economics compare to other social sciences in its study of issues related to race and ethnicity? We assess this using a corpus of 500,000 academic publications in economics, political science, and sociology. Using an algorithmic approach to classify race-related publications, we document that economics lags far behind the other disciplines in the volume and share of race-related research, despite having higher absolute volumes of research output. Since 1960, there have been 13,000 race-related publications in sociology, 4,000 in political science, and 3,000 in economics. Since around 1970, the share of economics publications that are race-related has hovered just below 2% (although the share is higher in top-5 journals); in political science the share has been around 4% since the mid-1990s, while in sociology it has been above 6% since the 1960s and risen to over 12% in the last decade. Finally, using survey data collected from the Social Science Prediction Platform, we find economists tend to overestimate the amount of race-related research in all disciplines, but especially so in economics. |
| Keywords: | JEL Classification: A11, Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:565&r= |
| By: | Kirdar, Murat G. (Bogazici University); Cruz, Ivan Lopez (Sabanci University); Türküm, Betül (European Economic Institute) |
| Abstract: | Most studies examining the impact of migrants on crime rates in hosting populations are in the context of economic migrants in developed countries. However, we know much less about the crime impact of refugees in low- and middle-income countries—whose numbers are increasing worldwide. This study examines this issue in the context of the largest refugee group in any country—Syrian refugees in Turkey. Although these refugees are much poorer than the local population, have limited access to formal employment, and face partial mobility restrictions, we find that total crime per person (including natives and refugees) falls due to the arrival of the refugees. This finding also applies to several types of crime; the only exception is smuggling, which increases due to the population influx. We also show that the fall in crime does not result from tighter security; we find no evidence of a change in the number of armed forces (military and civil personnel) in the migrant-hosting regions. |
| Keywords: | refugees, crime, security, immigration-crime nexus, civil war |
| JEL: | J15 K42 D74 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14647&r= |
| By: | Beatriz Rache; Márcia Castro |
| Date: | 2021–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:017&r= |
| By: | Muhammad Anwar Hossain; Iryna Zablotska-Manos |
| Abstract: | COVID-19 pandemic has affected each and every country's health service and plunged refugees into the most desperate conditions. The plight of Rohingya refugees is among the harshest. It has severely affected their existing HIV/STI prevention and management services and further increased the risk of violence and onward HIV transmission within the camps. In this commentary, we discuss the context and the changing dynamics of HIV/AIDS during COVID-19 among the Rohingya refugee community in Bangladesh. What we currently observe is the worst crisis in the Rohingya refugee camps thus far. Firstly, because of being displaced, Rohingya refugees have increased vulnerability to HIV, as well as to STIs and other poor health outcomes. Secondly, for the same reason, they have inadequate access to HIV testing treatment and care. Not only because of their refugee status but also because of the poor capacity of the host country to provide services. Thirdly, a host of complex economic, socio-cultural and behavioural factors exacerbate their dire situation with access to HIV testing, treatment and care. And finally, the advent of the COVID-19 pandemic has changed priorities in all societies, including the refugee camps. In the context of the unfolding COVID-19 crisis, more emphasis is placed on COVID-19 rather than other health issues, which exacerbates the dire situation with HIV detection, management, and prevention among Rohingya refugees. Despite the common crisis experienced by most countries around the world, the international community has an obligation to work together to improve the life, livelihood, and health of those who are most vulnerable. Rohingya refugees are among them. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09690&r= |
| By: | Lucas Chancel (WIL - World Inequality Lab , PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Thomas Piketty (WIL - World Inequality Lab , PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | In this paper, we mobilize newly available historical series from the World Inequality Database to construct world income distribution estimates from 1820 to 2020. We find that the level of global income inequality has always been very large, reflecting the persistence of a highly hierarchical world economic system. Global inequality increased between 1820 and 1910, in the context of the rise of Western dominance and colonial empires, and then stabilized at a very high level between 1910 and 2020. Between 1820 and 1910, both between-country and within-country inequality were increasing. In contrast, these two components of global inequality have moved separately between 1910 and 2020: within-country inequality dropped in 1910- 1980 (while between-country inequality kept increasing) but rose in 1980-2020 (while between-country inequality started to decline). As a consequence of these contradictory and compensating evolutions, early 21st century neo-colonial capitalism involves similar levels of inequality as early 20th century colonial capitalism, though it is based upon a different set of rules and institutions. We also discuss how alternative rules such as fiscal revenue sharing could lead to a significant drop in global inequality. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wilwps:halshs-03321887&r= |
| By: | Patrycja Klusak (Bennett Institute for Public Policy, University of Cambridge); Matthew Agarwala (Bennett Institute for Public Policy, University of Cambridge); Matt Burke (Bennett Institute for Public Policy, University of Cambridge); Moritz Kraemer (Centre for Sustainable Finance, SOAS, UK); Kamiar Mohaddes (EPRG, CJBS, Univeristy of Cambridge) |
| Keywords: | Sovereign credit rating, climate change, counterfactual analysis, climateeconomy models, corporate debt, sovereign debt |
| JEL: | C33 C53 G10 G18 H63 O44 Q51 Q54 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2110&r= |
| By: | Sarwar J. Minar |
| Abstract: | Conventional wisdom suggests that large-scale refugees pose security threats to the host community or state. With massive influx of Rohingyas in Bangladesh in 2017 resulting a staggering total of 1.6 million Rohingyas, a popular discourse emerged that Bangladesh would face severe security threats. This article investigates the security experience of Bangladesh in case of Rohingya influx over a three-year period, August 2017 to August 2020. The research question I intend to address is, 'has Bangladesh experienced security threat due to massive Rohingya influx?' If so in what ways? I test four security threat areas: societal security, economic security, internal security, and public security. I have used newspaper content analysis over past three years along with interview data collected from interviewing local people in coxs bazar area where the Rohingya camps are located. To assess if the threats are low level, medium level, or high level, I investigated both the frequency of reports and the way they are interpreted. I find that Bangladesh did not experience any serious security threats over the last three years. There are some criminal activities and offenses, but these are only low-level security threat at best. My research presents empirical evidence that challenges conventional assertions that refugees are security threats or challenges to the host states. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11344&r= |
| By: | Albert, Christoph (CEMFI, Madrid); Glitz, Albrecht (Universitat Pompeu Fabra); Llull, Joan (MOVE, Barcelona) |
| Abstract: | In this paper, we show that the wage assimilation of immigrants is the result of the intricate interplay between individual skill accumulation and dynamic equilibrium effects in the labor market. When immigrants and natives are imperfect substitutes, increasing immigrant inflows widen the wage gap between them. Using a simple production function framework, we show that this labor market competition channel can explain about one quarter of the large increase in the average immigrant-native wage gap in the United States between the 1960s and 1990s arrival cohorts. Once competition effects and compositional changes in education and region of origin are accounted for, we find that the unobservable skills of newly arriving immigrants increased over time rather than decreased as traditionally argued in the literature. We corroborate this finding by documenting closely matching patterns for immigrants' English language proficiency. |
| Keywords: | immigrant assimilation, labor market competition, cohort sizes, imperfect substitution, general and specific skills |
| JEL: | J21 J22 J31 J61 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14641&r= |
| By: | C. A. K. Lovell (The University of Queensland, Australia) |
| Abstract: | The pandemic depression and climate change have buffeted the global economy and more. The pandemic has caused the deepest depression in a century, has had a devastating impact on human health and morbidity, and has exacerbated global inequalities. Climate change has exacted its own economic toll, has had its own adverse impacts on human health and global inequalities, and continues to wreak havoc on the global environment. I survey the literatures exploring the two challenges as at mid-2021, separately and jointly because they interact. I survey the impacts of the pandemic on global value chains, on aggregate and business output and employment, and on productivity. I survey the impacts of climate change on aggregate and business adaptation, the last line of defence, on agriculture, where the impacts are particularly severe, on business, and on productivity. I continue with an exploration into the linkages between the two challenges, and efforts to decouple them through a wide range of green growth policies. Throughout I emphasise the important role played by management, at business, national and global levels, in allocating resources to counter the impacts of both challenges. I acknowledge that the pandemic and climate change are evolving, the former encouragingly rapidly until the unwelcome arrival of the Delta variant, and the latter depressingly slowly, and consequently this survey is aiming at a pair of moving targets. |
| Keywords: | pandemic, climate change, green growth, productivity, management |
| JEL: | O44 Q54 Q58 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uqcepa:165&r= |
| By: | Dal Borgo, Mariela (Bank of Mexico) |
| Abstract: | This paper examines empirically the effect of the level of personal bankruptcy protection in the US on households’ demand for financial assets. A Chapter 7 bankruptcy allows protecting the home equity up to a certain limit or "exemption". Previous literature shows that such exemption biases investment towards home equity. This paper tests whether it also lowers investment in stocks, which are not protected in bankruptcy. Using an instrumental variable approach, I estimate a lower stock market participation when the home equity is below the exemption, but the result is not robust, and households at higher risk of bankruptcy do not exhibit a stronger response. Moreover, investment in home equity is not higher when the home is fully protected. These findings suggest no substantial portfolio distortions from the level of home equity that is protected in bankruptcy. |
| Keywords: | Personal bankruptcy law; Home equity protection; Stock market participation; Portfolio allocation JEL Classification: D14; G00; G11; K35 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:564&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03321889&r= |
| By: | Alfred Galichon |
| Abstract: | We show the role that an important equation first studied by Fritz John plays in mechanism design. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10538&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03321889&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wilwps:halshs-03321889&r= |
| By: | Stephen Littlechild (University of Birmingham and CJBS) |
| Keywords: | online reviews, customer satisfaction, customer feedback, Trustpilot, retail energy market, supermarkets, banks, mobile phone providers |
| JEL: | L15 L84 L94 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2025&r= |
| By: | Agarwal, Manmohan (Centre for International Trade and Development, Jawaharlal Nehru University); Azim, Rumi (Centre for International Trade and Development, Jawaharlal Nehru University) |
| Abstract: | The paper tests the hypothesis that financial stress caused the stagnation in the manufacturing sector, using firm level data on a sample of 804 large, mid, and small cap manufacturing firms for 15 years from 2005 to 2019. We analyse the trend in the financial indicators and estimate dynamic panel data regression using a two-step GMM method. We do not find substantial for financial stress to be a major determinant of the investment slowdown in these firms. Our results support the Pecking order theory, particularly for larger firms. In addition, we find that the declining growth in sales is a major determinant in explaining the slowdown in fixed investments and profits. For small cap firms, the size of the firms also matters. We therefore suggest that measures to increase demand can help in reviving the sales growth of firms and thereby private investments and profits. |
| Keywords: | Capital structure ; Investment ; Profitability ; Manufacturing ; India |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/339&r= |
| By: | Lorie Logan |
| Abstract: | Remarks at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference). |
| Keywords: | liquidity; markets; repo; facilities; financial; conditions; shocks; pandemic; COVID-19; announcements |
| Date: | 2021–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsp:92982&r= |
| By: | David Vallat (TRIANGLE - Triangle : action, discours, pensée politique et économique - CNRS - Centre National de la Recherche Scientifique - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - UL2 - Université Lumière - Lyon 2 - ENS Lyon - École normale supérieure - Lyon) |
| Date: | 2020–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03297099&r= |
| By: | Bose, Sukanya (National Institute of Public Finance and Policy); Ghosh, Priyanta (Gour Banga University); Sardana, Arvind (Social Science Group, Eklavya); Boda, Manohar (JNU) |
| Abstract: | The unrecognised school sector in Delhi has grown significantly over the years, and since long ceased to be marginal. The aim of the study is to understand the regulatory practice on the ground in this sector. According to the law, private schools must seek recognition from the appropriate authorities such that their functioning is aligned to public interest. Reading of the laws and an important Court case provides the background to the primary fieldwork on which the analysis is based. The results of the field survey indicate that unrecognised schools are growing unfettered. There is incentive for informality, regulation is totally absent and vested interests attempt to perpetuate the practice. The continuation of hands-off policy of the government vis-à-vis the sector despite the clear pronouncements in the Right to Education Act is explored from a variety of perspectives. Some suggestions towards formalisation are presented. |
| Keywords: | Low fee private schools ; unrecognised schools ; regulation ; informality in schooling ; educational policy ; educational law ; RTE. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/340&r= |
| By: | Aslihan Arslan; Eva-Maria Egger; Erdgin Mane; Vanya Slavchevska |
| Abstract: | Climate change is expected to increase the risk in agricultural production due to increasing temperatures and rainfall variability. Smallholders can adjust by diversifying income sources, including through migration. Most existing studies investigate whether households send a migrant after experiencing weather shocks, but the literature lacks evidence on migration as an ex-ante measure. In this paper, we disentangle the direct effect of weather shocks on income from agriculture from the effect of changing weather patterns over a few years on migration as a diversification strategy. |
| Keywords: | Climate change, Migration, Agriculture, Simultaneous equations, Nepal |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-131&r= |
| By: | Addis Gedefaw Birhanu (emlyon business school); Philipp Geiler; Luc Renneboog; Yang Zhao |
| Abstract: | We investigate whether acquisition experience of executive and non-executive directors is priced in their remuneration contracts. Acquisition experience generates a contractual premium, and the relative size of this premium is higher for non-executive directors than for executives. Only a director's track record related to past successful acquisitions is priced. Acquisition experience of a director is not remunerated if this type of experience is already abundantly present in the firm through the firm's past acquisition record (substitution effect). We verify the results by examining potential endogeneity concerns, by analyzing a broad set of measures of acquisition experience (such as industry-specific, broad or international experience, experience on a target's board), and by ruling out alternative explanations (such as a director's general skills level or reputation, the CEO's power and delegation attitude, and the firm's corporate governance quality). |
| Keywords: | Directors,M&A,Takeovers,Mergers,remuneration contracting,Compensation,Experience,Human capital,skills |
| Date: | 2021–05–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03265164&r= |
| By: | Abdelouahed Berrichi (LURIGOR - Laboratoire d’Universitaire de Recherche en Instrumentation et Gestion des Organisations - Université Mohammed Premier [Oujda]); Zineb Azarkan (LURIGOR - Laboratoire d’Universitaire de Recherche en Instrumentation et Gestion des Organisations - Université Mohammed Premier [Oujda]) |
| Abstract: | Exactly two months after the first case in Wuhan, China, towards the end of 2019, the gap between the carriers of the virus and the epidemiological situation is growing just like a sword of Damocles over the heads of systems and nations around the world. Due to its spread, this pandemic has also challenged enterprises' operational capacity and market presence. In such a context, a question arises: did companies manage the pandemic effectively? Through this question, this article aims to explore the problematic relationship between the Covidian context and businesses and, along the way, understand why while facing Covid-19 and its multiple effects some businesses win and others lose. For this purpose, it seems opportune, first of all, to identify the multiple effects inherent in Covid-19, in order to better interpret the sensitivity of companies to the weight of the crisis, and thirdly, to specify how certain companies have managed to organize their activity and adapt to health contingencies thanks to the business continuity plan, while others have experienced great difficulties (namely making negative financial results, or cutting jobs to reduce costs, temporally or totally stopping their operations, or even declaring their bankruptcy). The impact of this pandemic has allowed us to determine a new way of comparison between companies: differentiation based on the use or the disuse of the business continuity plan as the ideal solution to manage and overcome this crisis by guaranteeing the preparation, the proactivity and the rapid recovery of activities. Therefore, this plan helped the companies to maintain in the market without cutting jobs or shutting down their doors. |
| Keywords: | Business Continuity Plan,Alterities,Effects,Crisis,COVID-19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313584&r= |
| By: | Fahd Zulfiqar (Pakistan Institute of Development Economics, Islamabad.); Fida Muhammad Khan (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | This paper attempts to understand the economics underlying broadcast media in Pakistan. Specifically, we seek to understand the media market in Pakistan, the politics of media ratings in the country, and the role of PEMRA as the regulator of broadcast media. After explaining what media economics as a specialised field of scientific inquiry entails, we examine the magnitude and trend of advertisement expenditures and its consequences for the quality of broadcast content. Next, we have detailed the dynamics of ratings of the broadcast media content and again its impact on the quality of content. Finally, the role of PEMRA as the regulator of broadcast media is investigated. Our findings suggest that the high magnitude of advertisement expenditure and the dynamics of ratings induce the broadcasters to focus on the preferences of the advertisers rather than society at large. The role of PEMRA is open to question— over-reliance on its status as the regulator of broadcast media content rather than that of a media market, and preference for policing over persuasion has caused trust deficit between licensees and PEMRA. We offer a few pragmatic options for improving the economics of broadcast media in Pakistan. |
| Keywords: | Broadcast Media, Economics, Media, Pakistan, PEMRA |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:7&r= |
| By: | Neil Bhutta; Adithya Raajkumar; Eileen van Straelen |
| Abstract: | New homes listed for sale fell sharply at the beginning of the pandemic. Anecdotal evidence suggests that fear of COVID made homeowners reluctant to list their homes, driving down new listings. Figure 1 shows that from March to April 2020, as COVID lockdowns went into effect, new listings declined by more than one-third relative to previous years and did not return to normal levels until July 2020. |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-16&r= |
| By: | Adrian Fernandez-Perez (AUT - Auckland University of Technology); Ana-Maria Fuertes (Sir John Cass Business School); Joelle Miffre (Audencia Business School) |
| Abstract: | This paper studies the energy futures risk premia that can be extracted through long-short portfolios that exploit heterogeneities across contracts as regards various characteristics or signals and integrations thereof. Investors can earn a sizeable premium of about 8% and 12% per annum by exploiting the energy futures contract risk associated with the hedgers' net positions and roll-yield characteristics, respectively, in line with predictions from the hedging pressure hypothesis and theory of storage. Simultaneously exploiting various signals towards style-integration with alternative weighting schemes further enhances the premium. In particular, the style-integrated portfolio that equally weights all signals stands out as the most effective. The findings are robust to transaction costs, data mining and sub-period analyses. |
| Keywords: | Integration,Long-short portfolios,Risk premium,Energy futures markets |
| Date: | 2021–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312959&r= |
| By: | Vines, David; Maciejowski, Jan; Rowthorn, Robert; Sheffield, Scott; Williamson, Annie |
| Abstract: | In the United Kingdom, as elsewhere, there has been a debate on how to escape from lockdown without provoking a resurgence of the Covid-19 disease. This paper presents a simple cost-benefit analysis inspired by optimal control theory, incorporating an SEIR model of disease propagation. Our calibration accords with UK experience and simulations start from the beginning of January 2021. The optimal path for government intervention is computed under different assumptions about the value of life. We examine how the test & trace system and vaccination affect this optimal path and show that these policies are complements. Test & trace has most effect at the beginning when prevalence is high, whereas vaccination only affects infections gradually. Comparing optimal paths, we show that economic cost is much lower under vaccination alone than under test & trace alone. Deaths, in contrast, are somewhat higher under vaccination. In general, the greater is the value of life, the longer is the optimal lockdown. Under certain conditions, this relationship is discontinuous: a small increase in the value of life leads to a jump in the optimal length of lockdown. |
| Keywords: | Covid-19, cost-benefit, lockdown, SEIR, pandemic |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-14&r= |
| By: | Christopher Jepsen; Peter Mueser; Kenneth Troske; Kyung-Seong Jeon |
| Abstract: | This paper provides novel evidence on the labor-market returns to for-profit postsecondary school and community college attendance using a two-step model to avoid recent concerns with singlestage fixed effects methods. Specifically, we link administrative records on for-profit school and community college attendance with quarterly earnings data for over 400,000 students in one state. Five years after enrollment, quarterly earnings conditional on employment exceed earnings in the absence of schooling by 20-29 percent for students attending for-profit schools and 16-27 percent for students attending community colleges. Despite differences in costs, in aggregate the benefits of attendance generally exceed the costs in both for-profit schools and community colleges. Finally, we present evidence showing that students in for-profit schools and community colleges pursue different degrees and focus on different areas of study. |
| Keywords: | postsecondary education, labor-market returns, for-profit schools |
| JEL: | J24 I26 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9272&r= |
| By: | Anabela Santos (European Commission - JRC) |
| Abstract: | Based on the case study of Portugal, the present study aims to analyse the alignment of investments in the Portuguese ‘Recovery and Resilience Plan’ with the Smart Specialisation Strategies priorities (2021-2027) of this territory, and then identify opportunities for potential synergies and complementary between funding instruments. With the information available in the Plan and its annex, a detailed analysis is performed to identify investments able to enhance Research & Development, and Innovation and/or to improve the regional innovation eco-systems. The analysis shows that up to €6 Billion of the Plan (37%) may potentially support directly and indirectly the Smart Specialisation in Portugal. However, the effect of such contribution will strongly depend on the final beneficiaries, projects selected, absorption capacity, and governance model. The paper also explains the relevance of Smart Specialisation in the Covid-19 recovery and draft some policy recommendations. |
| Keywords: | Covid-19 crisis; Innovation; Government Policy; Portugal. |
| JEL: | E32 O31 G38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:termod:202105&r= |
| By: | Sasse, Lea |
| Abstract: | Starting on 18 October 2019, Chile experienced the largest mass protests in its history. The movement was immensely broad in its demands and diverse in tactics and participants. The citizens' discontent went beyond solely one issue, addressing a more equal welfare system and social justice, among other things. But it was not only about street protests; the social movement also caused an avalanche in social media exchanges and initiated a dialogue among Chileans in the form of neighbourhood associations. This paper argues that long-standing inequalities, the inability of politics to address them, a growing distancing of the population from politics, and the process of the citizens' politicisation were the reasons for the mass protests. |
| Keywords: | Social movements,Chile,inequality,mass protests,civil society,Latin America,social media,political opportunities,social justice |
| JEL: | O54 I38 Z13 N36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:1662021&r= |
| By: | Buckmann, Marcus (Bank of England); Haldane, Andy (Bank of England); Hüser, Anne-Caroline (Bank of England) |
| Abstract: | Is human or artificial intelligence more conducive to a stable financial system? To answer this question, we compare human and artificial intelligence with respect to several facets of their decision-making behaviour. On that basis, we characterise possibilities and challenges in designing partnerships that combine the strengths of both minds and machines. Leveraging on those insights, we explain how the differences in human and artificial intelligence have driven the usage of new techniques in financial markets, regulation, supervision, and policy making and discuss their potential impact on financial stability. Finally, we describe how effective mind-machine partnerships might be able to reduce systemic risks. |
| Keywords: | Artificial intelligence; machine learning; financial stability; innovation; systemic risk |
| JEL: | C45 C55 C63 C81 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0937&r= |
| By: | Thibaut Duprey; Colin Jones; Callie Symmers; Geneviève Vallée |
| Abstract: | Natural disasters occur more often than before, potentially exposing households to financial distress. We study the intersection between household financial vulnerabilities and severe weather events. |
| Keywords: | Climate change; Credit and credit aggregates; Financial stability; Housing; Recent economic and financial developments |
| JEL: | C38 D14 Q54 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:21-19&r= |
| By: | Uchida, Yuki; Ono, Tetsuo |
| Abstract: | The golden rule of public finance distinguishes public investment from consumption spending when borrowing, permitting the finance of public investment only. This study focuses on public investment in human capital and compares this rule with the balanced budget rule, which rules out debt finance, in an overlapping generations model. In the model, fiscal policy is endogenous, chosen each period by a short-lived government representing existing generations. We evaluate the government's choice and the resulting political distortions for a given fiscal rule from the long-lived planner's perspective. We find that a country with a larger preference for public consumption can minimize distortions by lowering the fraction of debt-financed public investment. We calibrate the model to a sample of OECD countries. On the one hand, we find that the golden rule of public finance in human capital is optimal and politically supported in Greece; on the other hand, the balanced budget rule (no borrowings for human capital investment) is optimal and politically supported in Germany and to a lesser extent in Japan and the United States. |
| Keywords: | Balanced Budget Rule; Golden Rule of Public Finance; Probabilistic Voting, Overlapping Generations |
| JEL: | D70 E62 H63 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109289&r= |
| By: | Steven J. Davis (University of Chicago, and NBER); John C. Haltiwanger (University of Maryland, and NBER); Kyle Handley (University of Michigan, and NBER); Ben Lipsius (University of Michigan); Josh Lerner (Harvard Business School, and NBER); Javier Miranda (Friedrich-Schiller University Jena and Halle Institute for Economic Research (IWH)) |
| Abstract: | We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, syste matic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment at target firms shrinks 13% over two years in buyouts of publicly listed firms but expands 13% in buyouts of privately held firms, both relative to contemporaneous outcomes at control firms. Labor productivity rises 8% at targets over two years post buyout (again, relative to controls), with large gains for both public-to-private and private-to-private buyouts. Target productivity gains are larger yet for deals executed amidst tight credit conditions. A post-buyout widening of credit spreads or slowdown in GDP growth lowers employment growth at targets and sharply curtails productivity gains in public-to-private and divisional buyouts. Average earnings per worker fall by 1.7% at target firms after buyouts, largely erasing a pre-buyout wage premium relative to controls. Wage effects are also heterogeneous. In these and other respects, the economic effects of private equity vary greatly by buyout type and with external conditions. |
| Keywords: | Private equity buyouts, business cycle, business dynamics, real effects, job creation, productivity, wages, administrative data, large matched sample |
| JEL: | D22 D24 G24 G34 J63 L25 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2021-013&r= |
| By: | Choi, Eseul; DePaula, Guilherme M.; Kyveryga, Peter; Fey, Suzanne |
| Keywords: | Environmental Economics and Policy, Production Economics, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312893&r= |
| By: | Tanveer, Muhammad; Hassan, Shafiqul; Mahmood, Haider; Khan, Syed Abdul Rehman |
| Abstract: | Since the outset of severe acute respiratory syndrome-coronavirus-2 (SARS-CoV-2), commonly referred to as the “COVID-19” pandemic, people spend more time online. The pandemic has spurred growth in the use of social media. Organizations now train employees to use digital media to coordinate work and connect from home. The study aims to produce effective discussion regarding the importance of social media and how it can assist in the recent times of Covid-19 regarding job performance. Research predicts the new ways of business conducted and how communication and coordination, knowledge exchange, training, and development are helpful in carryout effective job productivity at the workplace. We analyzed responses of more than 800 managers who reported on “go-to” social media tools and remote office practices. The research employed quantitative methodology (i.e., emailed questionnaires) and found that social media has become an important tool for conducting business operations due to social distancing and isolation. As per the results, it is clear that the utilization of social media allows Saudi Arabia's management to improve the training and development and communication and coordination among the employees while also being perceived as a highly useful tool. Therefore, we recommend that researchers conduct studies in inter-organizational and cross-national settings. Looking ahead, organizations will continue to engage in practices that ensure personal safety amid a complex web of new requirements and processes, as understanding and treatment of COVID-19 and ongoing outbreaks continues to affect and minutely transform the current work-life balance. |
| Keywords: | Social Media, Leaders, Business Management, Productivity, Telecommunications |
| JEL: | M1 |
| Date: | 2021–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109249&r= |
| By: | Michael T. Kiley |
| Abstract: | How will climate change affect risks to economic activity? Research on climate impacts has tended to focus on effects on the average level of economic growth. I examine whether climate change may make severe contractions in economic activity more likely using quantile regressions linking growth to temperature. The effects of temperature on downside risks to economic growth are large and robust across specifications. These results suggest the growth at risk from climate change is large—climate change may make economic contractions more likely and severe and thereby significantly impact economic and financial stability and welfare. |
| Keywords: | Climate change; Risk management; GDP at Risk |
| JEL: | E23 O13 Q54 Q56 |
| Date: | 2021–08–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-54&r= |
| By: | Vines, David |
| Abstract: | The UK now faces many fundamental political-economy choices. These cover: dealing with the implications of Covid for healthcare and social care; making post-Brexit decisions about trade policy and industrial policy; achieving net-zero carbon emissions; responding to the North-South divide and dealing with inequality; rethinking the UK's policy for primary, secondary and tertiary education; and constructing a policy to shape the country's research and development agenda. All of these choices have implications for how the UK's low level of productivity might be raised. This paper argues that there is a need for a national policy review institution – a Productivity Commission - to provide guidance for these choices. This would be a statutory body, one that could both analyse reforms and make policy recommendations to Government, according to their implications both for the UK's national interest, and for different groups within the country. A valuable model is provided by Australia's Productivity Commission, an institution with a long history of making recommendations on a wide range of microeconomic and social-policy issues. I spell out how this institution came to be established, why it has been so important in Australia, and what we can learn from this Australian experience. I examine what the policy guidelines for such an instiution might be and show how such a body might be established in the UK. |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-13&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | Transport policy, fuel taxes, road pricing, road investment |
| JEL: | D62 H23 R41 R48 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2024&r= |
| By: | Christopher P. Adams |
| Abstract: | This paper presents the Congressional Budget Office’s simulation model for analyzing legislative proposals that may substantially affect new drug development. The model uses estimates of changes in expected future profits or development costs to estimate the percent change in the number of drug candidates entering the various stages of human clinical trials. Given changes in decisions to enter at each stage, the model estimates when and by how much the number of new drugs entering the market will change. To illustrate the implications of the model, the paper considers a |
| JEL: | I11 I18 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:cbo:wpaper:57010&r= |
| By: | Crafts, Nicholas (University of Sussex and CAGE, University of Warwick) |
| Abstract: | In 1930 Keynes opined that by 2030 people would work only 15 hours per week. As such, this prediction will not be realised. However, expected lifetime hours of leisure and non-market work in the UK rose by 60 per cent between 1931 and 2011, considerably more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer expected periods of retirement. Leisure in retirement contributes to high life satisfaction for the elderly but building up savings to pay for it is a barrier to working only 15 hours per week. |
| Keywords: | Leisure: Life Expectancy; Retirement; Work JEL Classification: J22; J26; N34 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:566&r= |
| By: | Paul Ho |
| Abstract: | We survey approaches to macroeconomic forecasting during the COVID-19 pandemic. Due to the unprecedented nature of the episode, there was greater dependence on information outside the econometric model, captured through either adjustments to the model or additional data. The transparency and flexibility of assumptions were especially important for interpreting real-time forecasts and updating forecasts as new data were observed. With data available at the time of writing, we show how various assumptions were violated and how these systematically biased forecasts. |
| Keywords: | Macroeconomic Forecasting; COVID-1 |
| Date: | 2021–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92993&r= |
| By: | David Kaplan (University of Missouri) |
| Abstract: | I developed the distcomp command to help Stata users compare distributions using recent methodology from the econometrics literature (Goldman and Kaplan 2018; https://doi.org/10.1016/j.jeconom.2018.04.003). Goodness-of-fit tests like ksmirnov simply test the null hypothesis that two distributions are identical; the test can only reject or accept. Providing more information, distcomp identifies specific intervals on which the distributions' difference is statistically significant, while still controlling the false-positive rate appropriately. A secondary benefit of distcomp is its improved power in the tails compared with ksmirnov. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:2&r= |
| By: | Antoine Fosset; Jean-Philippe Bouchaud; Michael Benzaquen (LadHyX - Laboratoire d'hydrodynamique - X - École polytechnique - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We propose an actionable calibration procedure for general Quadratic Hawkes models of order book events (market orders, limit orders, cancellations). One of the main features of such models is to encode not only the influence of past events on future events but also, crucially, the influence of past price changes on such events. We show that the empirically calibrated quadratic kernel is well described by a diagonal contribution (that captures past realised volatility), plus a rank-one "Zumbach" contribution (that captures the effect of past trends). We find that the Zumbach kernel is a power-law of time, as are all other feedback kernels. As in many previous studies, the rate of truly exogenous events is found to be a small fraction of the total event rate. These two features suggest that the system is close to a critical point -- in the sense that stronger feedback kernels would lead to instabilities. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02998555&r= |
| By: | Bachelet, Marion (Mercator Research Institute on Global Commons and Climate Change (MCC)); Kalkuhl, Matthias (Mercator Research Institute on Global Commons and Climate Change (MCC)); Koch, Nicolas (Mercator Research Institute on Global Commons and Climate Change (MCC)) |
| Abstract: | The COVID-19 pandemic created the largest experiment in working from home. We study how persistent telework may change energy and transport consumption and costs in Germany to assess the distributional and environmental implications when working from home will stick. Based on data from the German Microcensus and available classifications of working-from-home feasibility for different occupations, we calculate the change in energy consumption and travel to work when 15% of employees work full time from home. Our findings suggest that telework translates into an annual increase in heating energy expenditure of 110 euros per worker and a decrease in transport expenditure of 840 euros per worker. All income groups would gain from telework but high-income workers gain twice as much as low-income workers. The value of time saving is between 1.3 and 6 times greater than the savings from reduced travel costs and almost 9 times higher for high-income workers than low-income workers. The direct effects on CO2 emissions due to reduced car commuting amount to 4.5 millions tons of CO2, representing around 3 percent of carbon emissions in the transport sector. |
| Keywords: | working from home, COVID-19, distributional effect, climate impact |
| JEL: | D13 J22 J61 Q40 R11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14642&r= |
| By: | OMOLLO, HAROLD; OLWENY, TOBIAS; OLUOCH, OLUOCH; WAMATANDA, JOSHUA |
| Abstract: | Financial structure choice and its impact on growth remains a great dilemma to all stakeholders. Whereas several studies have been done on this subject, more is yet to be established so as to ascertain the validity of the relationship between the financial structure and growth while factoring in an appropriate moderating variable like firm size in Kenya. The study investigates the confluence of financial structure and growth of pension funds management organizations in Kenya while considering confounding studies supporting, disagreeing and undecided views of other scholars. This study highlighted several empirical evidences, literature review, objectives and the research hypotheses. The study employed causal research design with secondary panel data from the financial statements of 49 pension firm organizations carefully identified according to Krejcie and Morgan (1970) table retrieved from a population of 68 registered pension scheme managers in Kenya as at December 31st 2018. Data was retrieved from the retirement benefit authority records for the period December 2009-2018.Model specifications linking both the Independent, dependent and the error term was applied together with statistical and diagnostic tests. The effect of financial structure on pension funds is not significant across all firms. It is also concluded that highly geared firms have significant relationship with equity returns and insignificant relationship with asset returns. In addition, highly geared firms tend to have high profitability and that the nature of the industry also determines the effect of financial structure on their growth. |
| Keywords: | Capital Structure, Financial Performance, Financial Structure, Speed of Adjustment Working Capital Management, Short Term Debt, Long Term Debts, External Equity Internal Equity |
| JEL: | G3 |
| Date: | 2021–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109217&r= |
| By: | Nicholas M Odhiambo (University of South Africa) |
| Abstract: | Purpose – This study examines the causal relationship between exports and economic growth in sub-Saharan African (SSA) countries during the period 1980 to 2017. The study also examines whether the causality between these two macroeconomic variables depends on the countries’ stage of development as proxied by their per capita income. Design/methodology/approach – The study uses a panel cointegration test and panel Granger-causality model to examine the link between exports and growth. The study also incorporates external debt as an intermittent variable in a bivariate setting between exports and economic growth, thereby creating a dynamic multivariate panel Granger-causality model. Findings – Although the study found the existence of a long-run relationship between exports and economic growth, the study failed to find any export-led growth response in both low-income and middle-income countries. Instead, the study found evidence of a bidirectional causality and a neutrality response in middle-income and low-income countries, respectively. The study, therefore, concludes that the benefits of an export-led growth hypothesis may have been oversold, and that the strategy may not be desirable to some low-income developing countries. Practical implications – These findings have important policy implications as they indicate that the causality between exports and economic growth in SSA countries varies with the countries’ stage of development. Consistent with the contemporary literature, the study cautions low-income SSA countries against over-relying on an export-led growth strategy to achieve a sustained growth path as no causality between exports and economic growth has been found to exist in those countries. Instead, such countries should consider pursuing new growth strategies by building the domestic demand side of their economies alongside their export promotion strategies in order to expand the real sector of their economies. For middle-income countries, the study recommends that both export promotion strategies and pro-growth policies should be intensified as economic growth and exports have been found to reinforce each other in those countries. Originality/value – Unlike the previous studies, the current study disaggregated the full sample of SSA countries into two subsets – one comprising of low-income countries and the other consisting of middle-income countries. In addition, the study uses a multivariate Granger-causality model in order to address the emission-of-variable bias. To our knowledge, this may be the first study of its kind in recent years to examine in detail the causal relationship between exports and economic growth in SSA countries using an ECM-based multivariate panel Granger-causality model. |
| Keywords: | Granger Causality, Economic Growth, Exports, Sub-Saharan Africa |
| JEL: | C33 F14 O41 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afa:wpaper:aeri0121&r= |
| By: | Alexander Karsay (National Bank of Slovakia) |
| Abstract: | The study presents main structural and cyclical drivers most likely driving unemployment rate developments in the period of the recent labour market expansion in Slovakia in 2014 – 2019. It presents estimates of the impact of individual drivers on structural unemployment rate using panel regression methods. The contributions of drivers to unemployment developments are presented for V4 countries. We also provide a hint as to likely future drivers of unemployment in the Slovak Republic in coming years. The 2014 – 2019 period in Slovakia was characterised by both a structural and cyclical decline in unemployment. The structural decline was driven by active labour market policies, demography, workforce mobility, to some extent higher quality of human capital and labour productivity. The current pandemic crisis causes an upward adjustment of unemployment unwinding previous imbalance. This is accompanied by efforts to increase efficiency of production processes due to general automation drive as well as potential lagged impacts of dynamic growth of labour costs. These factors could potentially offset other opposite structural forces, namely demography and potential output growth. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1078&r= |
| By: | Buscha, Franz (University of Westminster); Gorman, Emma (University of Westminster); Sturgis, Patrick (London School of Economics) |
| Abstract: | In this paper we use linked census data to assess whether an academically selective schooling system promotes social mobility, using England as a case study. Over a period of two decades, the share of pupils in academically selective schools in England declined sharply and differentially by area. Using a sample of census records matched to administrative data on selective system schooling within local areas, we exploit temporal and geographic variation to estimate the effects of the selective schooling system on absolute and relative social class mobility. Our results provide no support for the contention that the selective schooling system increased social mobility in England, whether considered in absolute or relative terms. The findings are precisely estimated and robust to a comprehensive battery of robustness checks. |
| Keywords: | social mobility, selective schooling, grammar schools |
| JEL: | I21 J18 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14640&r= |
| By: | Thibault Langlois-Berthelot (EHESS - École des hautes études en sciences sociales, Kedge BS - Kedge Business School); Ghislaine Bouillet-Cordonnier (Cabinet d'avocats) |
| Abstract: | L'avènement des nouvelles technologies du numérique fait aujourd'hui émerger de nouveaux usages en matière de financement. La digitalisation progressive des méthodes de levées de fonds bouleverse les relations commerciales et les régimes juridiques relatifs au triptyque conventionnel régissant les créanciers, les débiteurs et les porteurs de projets. En ce sens, le financement participatif numérique permet, grâce à des plateformes en ligne (Section I) et parfois couplées à une Technologie de Registre Distribué (TRD1) (Section II), d'optimiser certains processus de financements des entreprises. |
| Keywords: | Droit Comparé,Droit économie,Droit suisse |
| Date: | 2021–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03282220&r= |
| By: | Rekker, Saphira; Ives, Matthew; Wade, Belinda; Greig, Chris; Webb, Lachlan |
| Abstract: | To meet climate goals, it is necessary for companies to become Paris-compliant. Two recent initiatives, the Transition Pathway Initiative (TPI) and Assessing low-Carbon Transitions (ACT) initiative, have proposed methodologies to benchmark companies performances against science-based emission reduction levels. However, these initiatives have several limitations, including a shifting baseline, and a focus on carbon-intensities. Here, we propose a methodology that overcomes these limitations by ensuring each company strictly adheres to the Paris carbon budget. Applying our metrics to the ten highest emitting companies in the Australian electricity sector, we find that none are currently Paris-compliant, with every year of delayed action increasing their required rate of decarbonisation and hence the exposure of billions in assets to transition risk. We demonstrate that even using the more prescriptive ACT guidelines allows these companies to exceed their carbon budgets up to 235% by mid-century. Applying our proposed method ensures accurate tracking of progress, which is imperative for companies and stakeholders to align their decision-making with the Paris Agreement. |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-03&r= |
| By: | Hind Ennaji (Université Ibn Zohr [Agadir]); Mustapha Jaad (Université Ibn Zohr [Agadir]) |
| Abstract: | In a highly competitive environment, the issue of green logistics is receiving considerable attention. Green supply chain management has become an important organizational philosophy for reducing environmental risk, so it plays an important role in improving business performance. In 1991, the American Logistics Council, a U.S.-based trade organization, defined logistics as: "the process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from one point of origin to another" (Council of Logistics Management | Trade Organization, n.d.) Since the application of logistics generally has a positive effect on the efficiency of the supply chain system, it is suggested that logistics should be environmentally friendly, hence the concept of "green logistics". There are many barriers and factors that directly and indirectly affect the implementation of green practices in an organization (at different levels and depending on the level of development of the organization). In this paper, a total number of 27 barriers and 41 drivers are identified from the literature. These Barriers and Drivers are almost common in various sectors for the adoption and implementation of GSCM in companies. |
| Abstract: | Dans un environnement hautement compétitif, la question de la logistique verte suscite une attention considérable. La gestion verte de la chaîne d'approvisionnement est devenue une philosophie organisationnelle importante pour réduire risque environnemental, ainsi elle joue un rôle important dans l'amélioration de la performance des entreprises. En 1991, le conseil américain en logistique , une organisation commerciale basée aux États-Unis, a défini la logistique comme suit : « le processus de planification, de mise en œuvre et de contrôle du flux et du stockage efficaces des biens, des services et des informations connexes d'un point d'origine à un autre »(Council of Logistics Management | Trade Organization, s. d.) Étant donné que l'application de la logistique a généralement un effet positif sur l'efficacité du système de la chaine logistique, Il est suggéré que la logistique doit être respectueuse de l'environnement, c'est d'où vient donc le concept de «logistique verte». Il existe de nombreux obstacles ainsi que des facteurs qui affectent directement et indirectement la mise en œuvre des pratiques vertes dans une organisation (à différents niveaux et en fonction du niveau de développement de l'organisation). Dans cet article, un nombre total de 27 obstacles et 41 moteurs sont identifiés de la littérature. Ces Barrières et moteurs sont presque communs dans divers secteurs pour l'adoption et la mise en œuvre de la GSCM dans les entreprises. |
| Keywords: | Sustainable Development,Green Logistics,Supply Chain Management,Développement Durable,Gestion de la Chaine Logistique,Logistique verte |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313907&r= |
| By: | Victor Ajayi (EPRG, CJBS, University of Cambridge); Geoffroy Dolphin (EPRG, CJBS, University of Cambridge); Karim Anaya (EPRG, CJBS, University of Cambridge); Michael Pollitt (EPRG, CJBS, University of Cambridge) |
| Keywords: | Total factor productivity, growth accounting, regulation, energy networks, climate policy |
| JEL: | D24 O47 H23 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2021&r= |
| By: | Ihsaan Bassier |
| Abstract: | How does centralized bargaining affect the broader wage structure? And what does this tell us about the (non-)competitive dynamics of such labour markets? I study large contracted wage increases negotiated by centralized bargaining councils in South Africa, using matched employer-employee tax panel data from 2008 to 2018. First, my stacked event-study of bargaining council firms shows sharp wage increases in bargaining councils, concentrated in mid-wage and mid-size firms. |
| Keywords: | Wages, Collective bargaining, Monopsony, Spillovers, event study, labour markets |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-132&r= |
| By: | Zineb Debbagh (UIT - Université Ibn Tofaïl); Hassan Azouaoui (UIT - Université Ibn Tofaïl) |
| Abstract: | Events are recognized as catalysts for tourism development and enhancing the image of the destination. Indeed destination marketers view the use of events as territorial marketing tools that contribute to the future success of the destination. The aim of this study is to provide a theoretical understanding and empirical examination of the impact of event image on destination image. We mobilize the theory of image transfer to examine the causal link between festival image and host destination image. Data were collected among 514 tourists who attended music festivals in Morocco and the model was tested using structural equation modeling (PLS-SEM). The results of this study support the positive impact of the event's image on the destination's image and confirm the image transfer from the event to the destination. |
| Abstract: | Les événements sont reconnus comme des catalyseurs de développement touristique et d'amélioration de l'image de destination. En effet, les marqueteurs de la destination voient l'utilisation des événements comme outil de marketing territorial qui contribueront au rayonnement de la destination. L'objectif de ce papier est de fournir une compréhension théorique et un examen empirique de l'impact de l'image de l'événement sur l'image de la destination. Nous mobilisons la théorie du transfert d'image pour examiner le lien de causalité entre l'image du festival et l'image de la destination hôte. Les données ont été collectées auprès de 514 touristes qui ont assisté à des festivals de musique au Maroc et le test du modèle s'est effectué par la modélisation par équations structurelles basée sur la méthode PLS. Les résultats de cette étude soutiennent l'impact positif de l'image de l'événement sur l'image de la destination et confirment le transfert d'image de l'événement vers la destination. |
| Keywords: | Event image,destination image,image transfer,Image de la destination,Image de l’événement,Transfert d'image |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03316268&r= |
| By: | Juan Estrada (Emory University) |
| Abstract: | I present the netivreg command, which implements the generalized three-stage least-squares (G3SLS) estimator for the endogenous linear-in-means model developed in Estrada et al. (2020, “On the Identification and Estimation of Endogenous Peer Effects in Multiplex Networks"). The G3SLS procedure utilizes full observability of a two-layered multiplex network data structure using Stata 16's new multiframes capabilities and Python integration. Implementations of the command utilizing simulated data as well as three years' worth of data on peer-reviewed articles published in top general-interest journals in economics in Estrada et al. (2020) are also included. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:16&r= |
| By: | Eddie Nebie (UCD - Université Chouaib Doukkali); Elmoukhtar Tbitbi (UH2MC - Université Hassan II [Casablanca]) |
| Abstract: | Empirical studies have shown that board characteristics influence the choice of capital structure in listed and unlisted companies. This paper aims to add to the existing literature on corporate governance and capital structure decisions in listed companies in Morocco by examining the relationship between board characteristics and capital structure. The paper uses a panel of data from 53 Moroccan nonfinancial listed companies from 2015 to 2019. In order to properly examine this relationship, correlation analysis and multiple linear regression (OLS) are performed between the dependent and independent variables. This study found that the percentage of female board members, the size of the board of directors as well as company-specific variables such as asset tangibility and company size have a significant influence on capital structure decisions. However, the empirical results of the relationships are only statistically significant in the case of board size and the proportion of women on the board. While the presence of independent directors and CEO duality show no effect on capital structure. It is clear from the study that corporate governance structures influence the financing decisions of listed Moroccan firms. However, this study has limitations that could lead to future research in terms of choice of variables and statistical method. |
| Abstract: | Des études empiriques ont montré que les caractéristiques du conseil d'administration influencent le choix de la structure du capital des sociétés cotées et non cotées. Cet article vise à enrichir la littérature existante sur la gouvernance d'entreprise et les décisions relatives à la structure du capital dans les sociétés cotées en bourse au Maroc en examinant la relation entre les caractéristiques du conseil d'administration et la structure du capital. Le document utilise un panel de données de 53 sociétés non financières marocaines cotées en bourse, soit 424 observations, de 2015 à 2019. Afin d'examiner correctement cette relation, une analyse de corrélation et une régression linéaire multiple (MCO) sont réalisées entre les variables. Cette étude a montré que le pourcentage de femmes membre du conseil d'administration, la taille du conseil d'administration ainsi que les variables propres aux entreprises, telles que la tangibilité des actifs et la taille de l'entreprise, ont une influence significative sur les décisions relatives à la structure du capital. Toutefois, les résultats empiriques des relations ne sont statistiquement significatifs que dans le cas de la taille du conseil d'administration et de la proportion de femmes dans le conseil d'administration. Tandis que la présence des administrateurs indépendants et la dualité du PDG ne présentent aucun effet sur la structure du capital. Il ressort clairement de l'étude que les structures de gouvernance d'entreprise influencent les décisions de financement des entreprises marocaines cotées. Cependant, cette étude présente des limites qui pourraient conduire à des recherches futures en termes de choix de variables et méthode statistique. |
| Keywords: | Performance,Territorial management,Governance,Territorial communities,Management territorial,Gouvernance,Collectivités territoriales |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312629&r= |
| By: | Nicolas Jacquemet (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Stéphane Luchini (CNRS - Centre National de la Recherche Scientifique, 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); Antoine Malézieux (CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)) |
| Abstract: | Does giving taxpayers a voice over the destination of tax revenues lead to more honest income declarations? Previous experiments have shown that giving participants the opportunity to select the organization that receives their tax funds tends to increase tax compliance. The aim of this paper is to assess whether this increase in compliance is induced by the sole fact of giving subjects a choice — a "direct democracy effect". To that aim, we ask participants to a tax evasion game to choose, in a collective or individual choice setting, between two very similar organizations which provide the same social (ecological) benefits. We elicit compliance for both organizations before the choice is made so as to control for the counter-factual compliance decision. We find that democracy does not increase compliance, and even observe a slight negative effect — in particular for women. Our results confirm the existence of a commitment effect of democracy, leading to favor more the selected organization when it was actively chosen. The commitment effect of democracy is however not enough to overcome the decrease in the level of compliance. Thanks to response times data, we show that prior choice on similar options as compared to a purely random selection weakens the preference for honesty. One important field application of our results is that democracy in tax spending must offer real choices to tax payers to improve compliance. |
| Keywords: | Commitment,Direct democracy effect,Voting,Tax evasion game |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03277339&r= |
| By: | Fuller, Sam; Kunz, Tatjana; Brown, Austin L.; D’Agostino, Mollie C. |
| Abstract: | Use of Transportation Network Companies (TNCs) such as Uber and Lyft has grown rapidly in cities across the United States. TNCs often provide a cheaper and more flexible travel option than traditional taxi services, and could improve transportation sustainability if they facilitated more pooled travel and public transit use. However, TNCs’ growth has been linked to increased congestion and emissions. Cities and states have begun regulating TNCs, imposing taxes that are assessed per ride at a flat or percentage rate. Researchers at the University of California, Davis assessed 21 state and local TNC taxes across the United States and developed a method of comparing per-ride and percentage taxes. The researchers then assessed the likelihood of these taxes encouraging more sustainable travel. This policy brief summarizes the findings from that research and provides policy implications. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Alternatives analysis, Fees, Policy analysis, Pollutants, Ridesharing, Ridesourcing, Sustainable transportation, Taxes, Traffic congestion |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt5945q52x&r= |
| By: | Christopher Loewald |
| Abstract: | Macro works: applying integrated policy frameworks to South Africa |
| Date: | 2021–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11016&r= |
| By: | Mona Barake (EU Tax - EU Tax Observatory); Theresa Neef (EU Tax - EU Tax Observatory); Paul-Emmanuel Chouc (EU Tax - EU Tax Observatory); Gabriel Zucman (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EU Tax - EU Tax Observatory) |
| Abstract: | This study estimates how much tax revenue the European Union could collect by imposing a minimum tax on the profits of multinational companies. We compute the tax deficit of multinational firms, defined as the difference between what multinationals currently pay in taxes, and what they would pay if they were subject to a minimum tax rate in each country. We then consider three ways for EU countries to collect this tax deficit. First, we simulate an international agreement on a minimum tax of the type currently discussed by the OECD, favored by a number of European Union countries, and by the United States. In this scenario, each EU country would collect the tax deficit of its own multinationals. For instance, if the internationally agreed minimum tax rate is 25% and a German company has an effective tax rate of 10% on the profits it records in Singapore, then Germany would impose an additional tax of 15% on these profits to arrive at an effective rate of 25%. More generally, Germany would collect extra taxes so that its multinationals pay at least 25% in taxes on the profits they book in each country. Other nations would proceed similarly. We find that such a 25% minimum tax would increase corporate income tax revenues in the European Union by about €170 billion in 2021. This sum represents more than 50% of the amount of corporate tax revenue currently collected in the European Union and 12% of total EU health spending. The revenue potential of a coordinated minimum tax is thus large. However, revenues significantly depend on the commonly agreed minimum tax rate. With a 21% minimum rate, the European Union would collect about €100 billion in 2021. Moving from 21% to 15% would reduce the potential revenue by a factor of two to about €50 billion. Second, we simulate an incomplete international agreement in which only EU countries apply a minimum tax, while non-EU countries do not change their tax policies. In this scenario, each EU country would collect the tax deficit of its own multinationals (as in our first scenario), plus a portion of the tax deficit of multinationals incorporated outside of the European Union, based on the destination of sales. For instance, if a British company makes 20% of its sales in Germany, then Germany would collect 20% of the tax deficit of this company. We find that that in such a scenario, using a rate of 25% to compute the tax deficit of each multinational, the European Union would increase its corporate tax revenues about €200 billion. Out of this total, €170 billion would come from collecting the tax deficit of EU multinationals; an additional €30 billion would come from collecting a portion of the tax deficit of non-EU multinationals. For the European Union, there is thus a much higher revenue potential from increasing taxes on EU companies than from taxing non-EU companies. To improve the fairness of its tax system and generate new government revenues (e.g., to pay for the cost of Covid-19), it is essential that the European Union polices its own multinationals. Last, we estimate how much revenue each EU country could collect unilaterally, assuming all other countries keep their current tax policy unchanged. This corresponds to a "first-mover" scenario, in which one country alone decides to collect the tax deficit of multinational companies. This first mover would collect the full tax deficit of its own multinationals, plus a portion (proportional to the destination of sales) of the tax deficit of all foreign multinationals, based on a reference rate of 25%. We find that a first mover in the European Union would increase its corporate tax revenues by close to 70% relative to its current corporate tax collection. Although international coordination is always preferable, a unilateral move of a single EU member state (or a group of member states) would encourage other EU countries to also collect the tax deficit of multinationals—as not doing so would mean leaving tax revenues on the table for the first movers to grab. This could pave the way for an ambitious agreement on a high minimum tax, within the European Union and then globally. This analysis shows that unilateral action can play a transformative role and that refusing international coordination is not a sustainable solution, since other countries can always choose to collect the taxes that tax havens choose not to collect. Our estimates are based on a transparent methodology that combines newly available macroeconomic data on the location and effective tax rates of multinational profits. We illustrate and validate our approach by applying it to firm-level data publicly disclosed by all European banks and 16 large non-bank multinationals. We find that European banks would have to pay 41% more in taxes if they were subject to a 25% country-by-country minimum tax. This estimate is in line with our finding that EU multinationals as a whole (all sectors combined) would have to pay around 50% more in taxes, thus suggesting that this number is indeed the correct order of magnitude. Companies such as Shell, Iberdrola, and Allianz—who voluntarily disclose their country-by-country profits and taxes—would also have to pay 35%-50% more in taxes if they were subject to a 25% minimum tax. This report is supplemented by a pioneering interactive website, https://tax-deficitsimulator.herokuapp.com. This new tool allows policy makers, journalists, members of civil society, and all citizens in each EU country to assess the revenue potential from minimum taxation on both domestic and foreign firms. Users can select various scenarios (e.g., international coordination or unilateral action), and a full range of minimum tax rates from 10% to 50%. All the data and computer code are available online, making our estimates fully reproducible. We plan to regularly update our findings, as improved and more comprehensive macroeconomic data sources become available, refined estimation techniques are designed, and more companies publicly disclose their country-by-country reports. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03323095&r= |
| By: | Mona Barake (EU Tax - EU Tax Observatory); Theresa Neef (EU Tax - EU Tax Observatory); Paul-Emmanuel Chouc (EU Tax - EU Tax Observatory); Gabriel Zucman (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EU Tax - EU Tax Observatory) |
| Abstract: | This study estimates how much tax revenue the European Union could collect by imposing a minimum tax on the profits of multinational companies. We compute the tax deficit of multinational firms, defined as the difference between what multinationals currently pay in taxes, and what they would pay if they were subject to a minimum tax rate in each country. We then consider three ways for EU countries to collect this tax deficit. First, we simulate an international agreement on a minimum tax of the type currently discussed by the OECD, favored by a number of European Union countries, and by the United States. In this scenario, each EU country would collect the tax deficit of its own multinationals. For instance, if the internationally agreed minimum tax rate is 25% and a German company has an effective tax rate of 10% on the profits it records in Singapore, then Germany would impose an additional tax of 15% on these profits to arrive at an effective rate of 25%. More generally, Germany would collect extra taxes so that its multinationals pay at least 25% in taxes on the profits they book in each country. Other nations would proceed similarly. We find that such a 25% minimum tax would increase corporate income tax revenues in the European Union by about €170 billion in 2021. This sum represents more than 50% of the amount of corporate tax revenue currently collected in the European Union and 12% of total EU health spending. The revenue potential of a coordinated minimum tax is thus large. However, revenues significantly depend on the commonly agreed minimum tax rate. With a 21% minimum rate, the European Union would collect about €100 billion in 2021. Moving from 21% to 15% would reduce the potential revenue by a factor of two to about €50 billion. Second, we simulate an incomplete international agreement in which only EU countries apply a minimum tax, while non-EU countries do not change their tax policies. In this scenario, each EU country would collect the tax deficit of its own multinationals (as in our first scenario), plus a portion of the tax deficit of multinationals incorporated outside of the European Union, based on the destination of sales. For instance, if a British company makes 20% of its sales in Germany, then Germany would collect 20% of the tax deficit of this company. We find that that in such a scenario, using a rate of 25% to compute the tax deficit of each multinational, the European Union would increase its corporate tax revenues about €200 billion. Out of this total, €170 billion would come from collecting the tax deficit of EU multinationals; an additional €30 billion would come from collecting a portion of the tax deficit of non-EU multinationals. For the European Union, there is thus a much higher revenue potential from increasing taxes on EU companies than from taxing non-EU companies. To improve the fairness of its tax system and generate new government revenues (e.g., to pay for the cost of Covid-19), it is essential that the European Union polices its own multinationals. Last, we estimate how much revenue each EU country could collect unilaterally, assuming all other countries keep their current tax policy unchanged. This corresponds to a "first-mover" scenario, in which one country alone decides to collect the tax deficit of multinational companies. This first mover would collect the full tax deficit of its own multinationals, plus a portion (proportional to the destination of sales) of the tax deficit of all foreign multinationals, based on a reference rate of 25%. We find that a first mover in the European Union would increase its corporate tax revenues by close to 70% relative to its current corporate tax collection. Although international coordination is always preferable, a unilateral move of a single EU member state (or a group of member states) would encourage other EU countries to also collect the tax deficit of multinationals—as not doing so would mean leaving tax revenues on the table for the first movers to grab. This could pave the way for an ambitious agreement on a high minimum tax, within the European Union and then globally. This analysis shows that unilateral action can play a transformative role and that refusing international coordination is not a sustainable solution, since other countries can always choose to collect the taxes that tax havens choose not to collect. Our estimates are based on a transparent methodology that combines newly available macroeconomic data on the location and effective tax rates of multinational profits. We illustrate and validate our approach by applying it to firm-level data publicly disclosed by all European banks and 16 large non-bank multinationals. We find that European banks would have to pay 41% more in taxes if they were subject to a 25% country-by-country minimum tax. This estimate is in line with our finding that EU multinationals as a whole (all sectors combined) would have to pay around 50% more in taxes, thus suggesting that this number is indeed the correct order of magnitude. Companies such as Shell, Iberdrola, and Allianz—who voluntarily disclose their country-by-country profits and taxes—would also have to pay 35%-50% more in taxes if they were subject to a 25% minimum tax. This report is supplemented by a pioneering interactive website, https://tax-deficitsimulator.herokuapp.com. This new tool allows policy makers, journalists, members of civil society, and all citizens in each EU country to assess the revenue potential from minimum taxation on both domestic and foreign firms. Users can select various scenarios (e.g., international coordination or unilateral action), and a full range of minimum tax rates from 10% to 50%. All the data and computer code are available online, making our estimates fully reproducible. We plan to regularly update our findings, as improved and more comprehensive macroeconomic data sources become available, refined estimation techniques are designed, and more companies publicly disclose their country-by-country reports. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-03323095&r= |
| By: | Sung Hoon Choi |
| Abstract: | I develop a feasible weighted projected principal component (FPPC) analysis for factor models in which observable characteristics partially explain the latent factors. This novel method provides more efficient and accurate estimators than existing methods. To increase estimation efficiency, I take into account both cross-sectional dependence and heteroskedasticity by using a consistent estimator of the inverse error covariance matrix as the weight matrix. To improve accuracy, I employ a projection approach using characteristics because it removes noise components in high-dimensional factor analysis. By using the FPPC method, estimators of the factors and loadings have faster rates of convergence than those of the conventional factor analysis. Moreover, I propose an FPPC-based diffusion index forecasting model. The limiting distribution of the parameter estimates and the rate of convergence for forecast errors are obtained. Using U.S. bond market and macroeconomic data, I demonstrate that the proposed model outperforms models based on conventional principal component estimators. I also show that the proposed model performs well among a large group of machine learning techniques in forecasting excess bond returns. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10250&r= |
| By: | Samuel Luethi; Stefan C. Wolter |
| Abstract: | In this study, we examine the influence of competitiveness on the stability of labour relations using the example of premature employment and training contract termination in the apprenticeship education sector. The paper extends the small but growing evidence on the external relevance of competitiveness by analysing gender differences in the correlation between competitiveness and labour market success and whether these effects depend on how the students' propensity to compete is measured. By matching a large experimental dataset with administrative data identifying contract terminations, we find that both gender and test specification matter. While competitive men assigned to a difficult competitiveness task are less likely to drop out of the contract than non competitive men, there is no such effect observable for those assigned to the easier task. On the other hand, competitive women are more likely to drop out than non competitive women, irrespective of how competitiveness is measured. |
| Keywords: | Competitiveness, non-cognitive skills, gender, apprenticeship |
| JEL: | C9 J16 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0185&r= |
| By: | Samuel Lüthi; Stefan C. Wolter |
| Abstract: | In this study, we examine the influence of competitiveness on the stability of labour relations using the example of premature employment and training contract termination in the apprenticeship education sector. The paper extends the small but growing evidence on the external relevance of competitiveness by analysing gender differences in the correlation between competitiveness and labour market success and whether these effects depend on how the students’ propensity to compete is measured. By matching a large experimental dataset with administrative data identifying contract terminations, we find that both gender and test specification matter. While competitive men assigned to a difficult competitiveness task are less likely to drop out of the contract than non competitive men, there is no such effect observable for those assigned to the easier task. On the other hand, competitive women are more likely to drop out than non competitive women, irrespective of how competitiveness is measured. |
| Keywords: | competitiveness, non-cognitive skills, gender, apprenticeship |
| JEL: | C90 J16 J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9264&r= |
| By: | Paul Mesnier (IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres, Zenon Research); Dimitri Chuard (IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres, Zenon Research); Gregory de Temmerman (Zenon Research, IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres); Jean-Baptiste Rudelle (Zenon Research) |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03268738&r= |
| By: | Zouhair El Arhlabi (Université Mohammed V de Rabat [Agdal]) |
| Abstract: | The term human capital is seen as a key element in enhancing an organization's assets. It refers to the set of employees with sustainable competitive advantages that increase the efficiency and performance of their company. Some organizational specialists, such as Henry MINTZBERG or Michel CROZIER, apply the rules of human capital theory to prove their ability to create competition between companies by developing individual human resources. Several studies have studied the role of human capital in the organization and its impact on the company and on the motivation of its staff, in particular those of (PAUL & SUSAN 1996) and (MORIN & AUBE 2007). The present work is therefore a collection of knowledge and previous work aimed at shedding light on this topic. This work indicates that the common index, proving to be crucial at all levels of change management in the organization, is human competence. Those who work in the core center of the organization need to develop higher competencies. It is important that these people have sufficient knowledge, information, innovation, adaptation and creativity to increase customer satisfaction and create a competitive advantage for the organization. |
| Abstract: | Le terme capital humain est considéré comme un élément clé pour améliorer les atouts d'une organisation. Il s'agit de l'ensemble des employés disposant d'avantages concurrentiels durables qui font augmenter l'efficacité et le rendement de leur entreprise. Certains spécialistes de l'organisation, tels que Henry MINTZBERG ou Michel CROZIER, appliquent les règles de la théorie du capital humain pour prouver leur capacité à créer des compétitions entre les entreprises en développant des ressources humaines individuelles. Plusieurs recherches ont étudié le rôle du capital humain dans l'organisation et son impactent sur l'entreprise et sur la motivation de son personnel, notamment celles de (PAUL ET SUSAN 1996) et (MORIN ET AUBE 2007). Le présent travail constitue donc un recueil de connaissances et de travaux précédents visant à éclairer cette thématique. Ces travaux indiquent que l'indice commun, se révélant cruciaux à tous les niveaux de gestion de changement de l'organisation, qui est la compétence humaine. Ceux qui travaillent dans le centre noyau de l'organisation doivent développer des compétences plus élevées. Il importe que ces personnes possèdent suffisamment de connaissances, d'informations, d'innovation, d'adaptation et de créativité pour augmenter la satisfaction du client et créer un avantage concurrentiel pour l'organisation. |
| Keywords: | Human Capital,Organizational Change,Motivation,Competence,Compétence,Changement Organisationnel,Capital Humain |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312407&r= |
| By: | Seema Sangita (TERI School of Advanced Studies) |
| Abstract: | Educationists have had long debates on the efficacy of traditional forms of education versus vocational training. Even as India grapples with the challenges of improving the quality of primary and secondary education, there appears to be a policy shift in India, favouring vocational trainings that target the skill development of workers. This paper tries to analyse the impact of two types of technical education—one leading to an engineering degree or diploma and the other, to vocational training in selected fields such as Information and Communications Technology (ICT)— on firms operating in the manufacturing sector in India. A Cobb Douglas production function has been enhanced to incorporate education and training in order to understand the implications of the latter on firm performance. The results show that when a larger number of workers acquire technical education that leads to a degree or diploma in engineering, there is a positive impact on the performance of firms. In contrast, participation in vocational training programmes pertaining to similar disciplines has an insignificant effect on firms. |
| Keywords: | Technical Education, Vocational Education, Skills, Employability, Productivity, Digital Skills, ICT Skills |
| JEL: | J4 J24 O1 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:125&r= |
| By: | Yusuf Emre Akgunduz; Seyit Mumin Cilasun; H. Ozlem Dursun-de Neef; Yavuz Selim Hacihasanoglu; Ibrahim Yarba |
| Abstract: | This paper exploits the COVID-19 pandemic as a negative shock on firm revenues in affected industries and studies the transmission of this shock via banks. We use the ex-ante heterogeneity in the amount of loans issued to affected industries to measure the variation in banks' exposure to the negative shock. Using bank-firm level credit register data from Turkey, we show that banks transmitted the negative shock with a reduction in their loan supply not only to affected but also unaffected industries. The effect persists at the firm level, but is reduced for large firms and firms with existing relationships to state-owned banks. |
| Keywords: | Bank loan supply, Economic shocks propagation, COVID-19 pandemic, Bank lending channel, Firm borrowing channel |
| JEL: | G01 G21 G28 G32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:2124&r= |
| By: | Emma M., Iglesias; J. Carles, Maixé-Altés |
| Abstract: | Are transaction costs and half-lives between two cities the same in both directions in traditional city-based monetary systems? Market conditions and political circumstances may not justify this assumption; and we provide evidence that it does not hold in the 1825-1885 period in Spain. Moreover, we show empirical evidence that market integration in Spain from 1875 to 1885 was a slow process of monetary unification with decreasing transaction costs, and a very inefficient convergence. Therefore, full integration did not happen in the period 1875-1885 and had to wait until mid-1880s, when the Spanish money-market was unified due to financial innovations. |
| Keywords: | Integration of monetary markets; Nineteenth century; Monetary and financial history; Market Convergence and Efficiency; Western Europe; Private Finance, Capital Markets |
| JEL: | E02 E42 F02 F15 F31 F36 L10 N13 N73 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109219&r= |
| By: | Gérard Pogorel (SES - Département Sciences Economiques et Sociales - Télécom ParisTech, ECOGE - Economie Gestion - I3, une unité mixte de recherche CNRS (UMR 9217) - Institut interdisciplinaire de l’innovation - X - École polytechnique - Télécom ParisTech - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Keywords: | Industry 4.0: Digitalisation for productivity and growth,EPRS Briefing (Brussels: European Parliament,2015). liberalforum.eu |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03299196&r= |
| By: | Salam, Shiny; S R, Shehnaz; S, Suresh Kumar |
| Abstract: | The dimensions of the triangular relationship between companies, the state and the society has been rapidly transforming ever since the dawn of the present millennium and firms can no longer continue to act as independent entities regardless of the interest of the general public. The relationship between companies and society has been evolving from that of philanthropic coexistence to that where the mutual interest of all the stakeholders is given paramount importance. Corporate Social Responsibility (CSR) has become one of the key elements of sustainable business. An examination of the present status of corporate social responsibility (CSR) would be an ideal starting ground for the conceptual development of suitable corporate business practices for emerging markets. Kerala, has achieved social and educational development comparable to most Western nations and has been acclaimed worldwide for its Kerala model of development though this achievement is not yet matched by industrial growth or economic development. With over a thousand companies registered and head quartered within the state coupled with many national and international ones operating in the state, will this regulatory mandate on CSR spending be a shot in the arm in social development of the state is a question that seeks answer from various quarters. The combined CSR spending in Kerala by all the qualified entities put together will work out to be around Rs 350 core to Rs 400 crore. It is in the backdrop, the study examined the CSR effectiveness of seven drivers namely regulatory compliances, brand reputation, employee interests, community concerns, investor interests, environmental interests and sustainability initiatives as identified by companies in Kerala in design and implementation of their CSR initiatives. The study relied on structural equation modelling based on partial least squares path modelling (PLS-PM) using data collected from 91 executives, who are directly involved in CSR planning and implementation. The first order constructs as mentioned as drivers of CSR were modelled with five measured variables each and the second order construct namely effectiveness of CSR was evaluated using standardised construct scores of the first-order constructs as indicators. The results of analysis revealed that overall model fit was adequate, and all the drivers of CSR showed a high coefficient of determination of more than 0.43 except the employee interests which showed an R-squared of only 0.32. The dependent variable namely sustainability where all the other 6 drivers converge showed an R-square of 0.70. |
| Keywords: | CSR drivers, Sustainability, PLS-Path Modelling, CSR effectiveness |
| JEL: | M14 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109042&r= |
| By: | Bouchra Benyacoub (USMBA - Université Sidi Mohamed Ben Abdellah); Marouane Daoui (USMBA - Université Sidi Mohamed Ben Abdellah) |
| Abstract: | By using a database of 117 quarterly series (from 1985: Q1 to 2018: Q4), we explore in this paper the advantages of combining the benefits of dynamic factor models (the inclusion of a large number of variables) and error correction models (the inclusion of along-run or cointegrating relationships) as the factor augmented error correction model (FECM). Indeed, the main objective is to examine the effects of monetary policy shocks on economic growth in Morocco using the FECM. In order to assess the informational contribution of non-stationarity in dynamic factor modeling, the results obtained by the FECM model are compared to those obtained by the factor augmented vector autoregression (FAVAR) model. The results suggest that the FECM, which exploits information from non-stationary variables, is an empirically important extension of the FAVAR for modeling monetary policy shocks. |
| Abstract: | En utilisant une base de données de 117 séries trimestrielles (allant de 1985 : T1 à 2018 : T4), nous explorons dans cet article les avantages de combiner les bienfaits des modèles à facteurs dynamiques (tenir compte d'un grand nombre de variables) et ceux des modèles à correction d'erreur (tenir compte des relations de long terme ou de cointégration) sous forme du modèle à correction d'erreur augmentés de facteurs (FECM). En effet, l'objectif principal est d'examiner les effets des chocs de la politique monétaire sur la croissance économique au Maroc en utilisant le modèle FECM. Afin d'évaluer la contribution informationnelle de la nonstationnarité dans la modélisation à facteurs dynamiques, les résultats obtenus par le modèle FECM sont comparés à ceux obtenus par le modèle vectoriel autorégressif augmenté de facteurs (FAVAR).Les résultats suggèrent que le modèle FECM, qui exploite l'information provenant de variables non stationnaires, constitue une extension empiriquement importante du modèle FAVAR pour la modélisation des chocs de la politique monétaire. |
| Keywords: | FECM,FAVAR,Dynamic factor model,Economic growth,Monetary policy shocks,Impulse responses,Morocco,Chocs de politique monétaire,Croissance économique,Modèle à facteurs dynamiques,Réponses impulsionnelles,Maroc |
| Date: | 2021–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03315795&r= |
| By: | João Z. Carrilho; Ines A. Ferreira; Rui N. Ribeiro; Finn Tarp |
| Abstract: | This paper explores agricultural performance of Mozambique, its institutional weaknesses, and the underlying factors that underpin an unsatisfactory performance during many decades. We point to the role of systemic political instability and violence combined with challenges to state legitimacy. Regional divides and lack of market integration continue to influence in a critical and all-encompassing manner. |
| Keywords: | Agriculture, Environment, Institutions, Agricultural policy, Productivity |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-135&r= |
| By: | Bahalou Horeh, Marziyeh; Elbakidze, Levan; Sant'Anna, Ana Cluadia |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agricultural and Food Policy, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312822&r= |
| By: | Preusse, Verena; Wollni, Meike |
| Keywords: | International Development, Resource/Energy Economics and Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312690&r= |
| By: | Aleksandr Alekseev (University of Regensburg); James Alm (Tulane University); Vjollca Sadiraj (Georgia State University); David L. Sjoquist (Georgia State University) |
| Abstract: | How do exogenous increases in resources to a government affect its expenditure decisions? Economic theory typically predicts that a lump-sum grant will have the same impact on government expenditures as an increase in income. However, empirical studies consistently find that government spending is stimulated far more by grants than by income; that is, grants have a “flypaper effect” because the money “sticks where it hits”. We conduct a laboratory experiment that controls for the most important factors that have been suggested in explaining the existence of the flypaper effect. Our experimental design crosses four transfer delivery methods with three voting frameworks. We examine three payoff-equivalent transfer delivery methods, all relative to a fourth baseline treatment with no transfer: an increase in income, a subsidy (repayment) for expenditures on the public good, and a lump-sum grant. Our two alternative voting frameworks are voting over levels of expenditures and voting over changes with information on public good externalities, each relative to a third baseline treatment where voting is over changes from a default (reference) level of expenditures. We find robust evidence of a flypaper effect: both the subsidy and the lump-sum grant increase expenditures more than does an equivalent increase in income. Our results are largely consistent with, and explained by, theoretical models that rely upon behavioral economics. |
| Keywords: | Laboratory experiment; intergovernmental grants; flypaper effect; reference dependence; public goods; incremental budgeting |
| JEL: | C9 H4 H8 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2113&r= |
| By: | Eric Bonsang; Joan Costa-Font; Sonja De New; Joan Costa-i-Font |
| Abstract: | This paper analyses the relationship between locus of control (LOC) and the demand for supplementary health insurance. Drawing on longitudinal data from Germany, we find robust evidence that individuals having an internal LOC are more likely to take up supplementary private health insurance (SUPP). The increase in the probability to have a SUPP due to one standard deviation increase in the measure of internal LOC is equivalent to an increase in household income by 14 percent. Second, we find that the positive association between self-reported health and SUPP becomes small and insignificant when we control for LOC, suggesting that LOC might be an unobserved individual trait that can explain advantageous selection into SUPP. Third, we find comparable results using data from Australia, which enhances the external validity of our results. |
| Keywords: | private health insurance, health care use, risk aversion, locus of control, positive selection, supplementary insurance, Germany, Australia |
| JEL: | I12 I13 I18 D15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9257&r= |
| By: | HyeonJun Kim |
| Abstract: | Renowned method of log-periodic power law(LPPL) is one of the few ways that a financial market crash could be predicted. Alongside with LPPL, this paper propose a novel method of stock market crash using white box model derived from simple assumptions about the state of rational bubble. By applying this model to Dow Jones Index and Bitcoin market price data, it is shown that the model successfully predicts some major crashes of both markets, implying the high sensitivity and generalization abilities of the model. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11755&r= |
| By: | Haider, Khan; Szymanski-Burgos, Adam |
| Abstract: | COVID-19 impacts have exacerbated socioeconomic inequalities and the threat of hunger and absolute poverty for vulnerable populations globally. Brazil, as a large Southern engine of growth, is a complex case. In responding to the public health impacts and economic challenges of the pandemic, the case of Brazil stands out for several reasons. First, what was distinctive about Brazilian public health policy and what have been the consequences so far? Second, what circumstances and economic policy measures have led to a V-shaped recovery? Finally, what is the further prognosis for Brazil over the next few years and what are the points of leverage to ensure a sustained recovery? Our analysis highlights the salience of considering development and the economic and social shocks of pandemics from a Socially Embedded Intersectional Approach (SEICA) perspective. Using an economy-wide modelling methodology, we identify ‘strategic’ sectors in the Brazilian economy defined as sectors critical for both pulling the wider economy out of a recession and for supporting widespread income growth, particularly for those in the bottom 40% of households. Additionally, we are able to draw some conclusions that may be relevant for the case of other economies in various stages of development, particularly those with sharply uneven development patterns and large rural populations. |
| Keywords: | Input-output; Key Sectors; Brazil; Development; Covid-19; Latin America |
| JEL: | A1 O2 R15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109022&r= |
| By: | Arias-Granada, Yurani; Bauchet, Jonathan; Ricker-Gilbert, Jacob |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312768&r= |
| By: | Clarke, Damian (University of Chile); Llorca-Jaña, Manuel (Universidad de Valparaíso); Pailañir, Daniel (University of Chile) |
| Abstract: | Quantile regression and quantile treatment effect methods are powerful econometric tools for considering economic impacts of events or variables of interest beyond the mean. The use of quantile methods allows for an examination of impacts of some independent variable over the entire distribution of continuous dependent variables. Measurement in many quantative settings in economic history have as a key input continuous outcome variables of interest. Among many other cases, human height and demographics, economic growth, earnings and wages, and crop production are generally recorded as continuous measures, and are collected and studied by economic historians. In this paper we describe and discuss the broad utility of quantile regression for use in research in economic history, review recent quantitive literature in the field, and provide an illustrative example of the use of these methods based on 20,000 records of human height measured across 50-plus years in the 19th and 20th centuries. We suggest that there is considerably more room in the literature on economic history to convincingly and productively apply quantile regression methods. |
| Keywords: | quantile regression, quantile treatment effects, economic history, practitioners |
| JEL: | N30 B41 C21 C22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14659&r= |
| By: | David Haritone Shikumo |
| Abstract: | Purpose: A significant number of the non-financial firms listed at the Nairobi Securities Exchange (NSE) have been experiencing declining financial performance which deters investors from investing in such firms. The lenders are also not willing to lend to such firms. As such, the firms struggle to raise funds for their operations. Prudent financing decisions can lead to financial growth of the firm. The purpose of this study is to assess the effect of Share capital on financial growth of Non-financial firms listed at the Nairobi Securities Exchange. Financial firms were excluded because of their specific sector characteristics and stringent regulatory framework. The study is guided by Market Timing Theory and Theory of Growth of the Firm. Methodology: Explanatory research design was adopted. The target population of the study comprised of 45 non-financial firms listed at NSE for a period of ten years from 2008 to 2017. The study conducted both descriptive statistics analysis and panel data analysis. Findings: The result indicates that, share capital explains 32.73% and 11.62% of variations in financial growth as measure by growth in earnings per share and growth in market capitalization respectively. Share capital positively and significantly influences financial growth as measured by both growth in earnings per share and growth in market capitalization. Implications: The study recommends for the Non-financial firms to utilize equity financing as a way of raising capital for major expansions, asset growth or acquisitions which may require heavy funding. In this way, firms will be assured of improved performance as well as high financial growth. The study also recommends for substantial firm financing through equity. Value: Equity financing is important to any firm, if the proceeds are used to invest in projects which eventually bring growth to the firm. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10244&r= |
| By: | Marouane Daoui; Bouchra Benyacoub (FSJES-Fès - Faculté des Sciences Juridiques, Economiques et Sociales de Fès) |
| Abstract: | In response to the empirical anomalies relating to the use of VAR models in analysing the impact of monetary policy shocks, the Factor-Augmented VAR (FAVAR) models attempt to provide a practical solution. Moreover, these models, based on dynamic factor models (DFM), make it possible to summarize the information present in a large database into a small number of factors common to all the variables. In this paper, we analyse the effects of monetary policy shocks on economic growth using the FAVAR model on a large number of Moroccan macroeconomic time series (117 quarterly time series from 1985Q1 to 2018Q4). First, we present the econometric framework of the FAVAR model, then the data used and their necessary transformations. Next, we determine the number of factors before estimating the model. Then, we focus on the analysis of the impulse response functions of some indicators of economic growth in Morocco. The results of the analysis indicate that, the overall decline in GDP in response to monetary policy shocks suggests that they have a clearly negative impact on economic growth. |
| Abstract: | En réponse aux anomalies empiriques liées à l'utilisation des modèles VAR dans l'analyse de l'impact des chocs de politique monétaire, les modèles VAR augmentés de facteurs (FAVAR) tentent d'apporter une solution pratique. De plus, ces modèles, basés sur des modèles factoriels dynamiques (DFM), permettent de résumer l'information présente dans une grande base de données en un petit nombre de facteurs communs à toutes les variables. Dans ce papier, nous analysons les effets des chocs de politique monétaire sur la croissance économique en utilisant le modèle FAVAR sur un grand nombre de séries temporelles macroéconomiques marocaines (117 séries temporelles trimestrielles de 1985Q1 à 2018Q4). Dans un premier temps, nous présentons le cadre économétrique du modèle FAVAR, puis les données utilisées et leurs transformations nécessaires. Ensuite, nous déterminons le nombre de facteurs avant d'estimer le modèle. Ensuite, nous nous concentrons sur l'analyse des fonctions de réponse impulsionnelle de certains indicateurs de la croissance économique au Maroc. Les résultats de l'analyse indiquent que, la baisse globale du PIB en réponse aux chocs de politique monétaire suggère que ceux-ci ont un impact clairement négatif sur la croissance économique. |
| Keywords: | Monetary policy shocks,Economic growth,Dynamic factor model,FAVAR,Morocco |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03277727&r= |
| By: | Alexandre Coulondre (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel); Claire Juillard |
| Abstract: | Qu'est-ce que la donnée (et son ouverture croissante) fait-elle au marché immobilier ? Le rend-elle vraiment plus transparent ? Plus sage ? Le rapport présente les résultats d'une étude empirique sur les données de prix et leurs usages concrets par les vendeurs de logements en France en s'appuyant sur une enquête par questionnaires menée entre décembre 2020 et janvier 2021 auprès d'un échantillon représentatif. Le rapport pointe les effets contrastés de la disponibilité croissante de données sur la transparence des marchés et la régulation des prix des logements. |
| Keywords: | Marché,Transparence,Prix,Données,Logement,Immobilier |
| Date: | 2021–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03321023&r= |
| By: | Krista Finstad-Milion (ICN Business School); Kim Ceulemans (TBS - Toulouse Business School); Emma Avetisyan (Audencia Business School) |
| Abstract: | Over the last twenty-five years, the concept of Engaged Scholarship has gained momentum in the academic world striving to value knowledge developed through academia while actively engaging and dialoguing with society. Yet, how business schools and faculties, and universities at large, can move beyond institutional boundaries to engage deeply with society on complex urgent problems, such as sustainability remains less explored. To address this issue this study focuses on the role of boundary-spanning intermediary organizations for responsible education, namely the PRME France-Benelux Chapter. Relying on evidence from multiple internal Chapter documents and PRME global sources of information, and exemplifying the three levels of engaged scholarship drawing on concrete engaged educational, research and service actions of the PRME France-Benelux Chapter, our research shows evidence of how the Chapter convenes and facilitates collaboration for sustainability at a regional level. We conclude that PRME Chapters, as well as other regional and national networks, have the potential to further foster substantial responsible management education among their signatory schools through creating space for conversations, knowledge and practice sharing, and capacity building on the urgent topic of sustainability and CSR. |
| Abstract: | Au cours des vingt-cinq dernières années, le concept « engaged scholarship » a pris de l'ampleur dans le monde universitaire, s'efforçant de valoriser les connaissances développées par le milieu universitaire tout en s'engageant activement et en dialoguant avec la société. Pourtant, la manière dont les écoles et facultés de management, et les universités en général, peuvent dépasser les frontières institutionnelles pour s'engager profondément avec la société sur des problèmes complexes et urgents, tels que la durabilité, reste moins explorée. Pour répondre à cette problématique, cette étude s'intéresse au rôle des organisations régionales transfrontalières qui sont vecteurs d'une éducation responsable en management, et plus précisément le chapitre PRME France-Benelux. S'appuyant sur des exemples tirés de multiples documents internes du chapitre et des sources d'informations de PRME Global, et illustrant les trois niveaux de « engaged scholarship » en s'appuyant sur des actions concrètes d'éducation, de recherche et de services engagés par le chapitre PRME France-Benelux, notre travail de recherche montre comment le chapitre se réunit et facilite la collaboration pour contribuer aux efforts de développement durable au niveau régional. Nous concluons que les chapitres PRME, ainsi que d'autres réseaux universitaires régionaux et nationaux, ont le potentiel de favoriser un enseignement substantiel du management responsable dans leurs écoles signataires en créant un espace pour des échanges, le partage des connaissances et pratiques et le renforcement des capacités sur le sujet urgent de la durabilité et de la RSE. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03258980&r= |
| By: | Gatti, Nicolas; Gomez, Miguel I.; Bennett, Ruth; Bowe, Justine |
| Keywords: | Marketing, Environmental Economics and Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312754&r= |
| By: | Cynthia Bansak; Ellen E. Meade; Martha Starr-McCluer |
| Abstract: | The shortage of women and historically underrepresented racial and ethnic groups in the economics profession has received considerable public attention in the past several years. The American Economic Association (AEA), the professional organization for economists, has been taking steps to address criticism that the economics discipline is unwelcoming to women and underrepresented minorities. |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-06-2&r= |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech) |
| Abstract: | Die Entscheidung für die eine oder andere nachhaltige Landbewirtschaftungsalternative sollte nicht nur auf den jeweiligen Vorteilen in Bezug auf den Klimaschutz beruhen, sondern auch auf den Leistungen der von den landwirtschaftlichen Betrieben genutzten Produktionssysteme, wobei deren Umweltauswirkungen anhand der Kosten für die eingesetzten Düngemittelressourcen bewertet werden. In dieser Mitteilung werden die symbolischen PCA- und Clustering-Werkzeuge verwendet, um die bedingten Quantilsschätzungen der Düngemittelkosten der jährlichen Pflanzenproduktion in der Landwirtschaft zu analysieren, als Ersatz für die internen Bodenerosionskosten. Nachdem wir den konzeptionellen Rahmen der Schätzung der landwirtschaftlichen Produktionskosten in Erinnerung gerufen haben, stellen wir das empirische Datenmodell, den Ansatz der Quantilregression und die Intervall-Hauptkomponentenanalyse-Clustering-Tools vor, die verwendet werden, um Typologien der europäischen Länder auf der Grundlage der bedingten Quantilverteilungen der empirischen Schätzungen der Düngemittelkosten zu erhalten. Die vergleichende Analyse der ökonometrischen Ergebnisse für die wichtigsten Produkte zwischen den europäischen Ländern veranschaulicht die Relevanz der erhaltenen Typologien für internationale Vergleiche zur Bewertung von Landmanagementalternativen auf der Grundlage ihrer Auswirkungen auf die landwirtschaftliche Kohlenstoffbindung in Böden. |
| Abstract: | The decision to adopt one or another of the sustainable land management alternatives should not be based solely on their respective benefits in terms of climate change mitigation but also based on the performances of the productive systems used by farm holdings, assessing their environmental impacts through the cost of fertilizer resources used. This communication uses the symbolic PCA and clustering tools in order to analyse the conditional quantile estimates of the fertilizer costs of yearly crop productions in agriculture, as a replacement proxy for internal soil erosion costs. After recalling the conceptual framework of the estimation of agricultural production costs, we present the empirical data model, the quantile regression approach and the interval principal component analysis clustering tools used to obtain typologies of European countries on the basis of the conditional quantile distributions of fertilizer cost empirical estimates. The comparative analysis of econometric results for main products between European countries illustrates the relevance of the typologies obtained for international comparisons to assess land management alternatives based on their impact on agricultural carbon sequestration in soils. |
| Abstract: | La décision d'adopter l'une ou l'autre des alternatives de gestion durable des terres ne doit pas être basée uniquement sur leurs avantages respectifs en termes d'atténuation du changement climatique, mais également sur les performances des systèmes productifs utilisés par les exploitations agricoles, en évaluant leurs impacts environnementaux à travers le coût des ressources spécifiques utilisées. Cette communication utilise les outils d'analyse en composantes principales et de classification symboliques afin d'analyser les estimations quantiles conditionnelles des coûts de fertilisation de productions spécifiques en agriculture, comme proxy de remplacement des coûts internes d'érosion du sol. Après avoir rappelé le cadre conceptuel de l'estimation des coûts de production agricole, nous présentons le modèle de données empiriques, l'approche de régression quantile et les outils de clustering symbolique utilisés pour obtenir des typologies de pays européens sur la base des distributions quantiles conditionnelles des estimations empiriques des coûts des engrais. L'analyse comparative des résultats économétriques pour les principaux produits entre les pays européens illustre la pertinence des typologies obtenues pour les comparaisons internationales basées sur leur productivité spécifique aux intrants. |
| Keywords: | principal component analysis,divisive clustering,interval estimates,quantile regression,input-output model,symbolic data analysis,agricultural production cost,fertilizer,yearly crops,micro-economics |
| Date: | 2021–04–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03193404&r= |
| By: | Wheatley, W. Parker; Pede, Valerien O.; Khanam, Taznoore; Yamano, Takashi |
| Keywords: | International Development, Risk and Uncertainty, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312720&r= |
| By: | Anandlogesh R R; Breasha Gupta; Divika Agarwal; Rasika Joshi |
| Abstract: | The story of the Chemical Industry in India is one of outperformance and promise. A consistent value creator, the chemical industry remains an attractive hub of opportunities, even in an environment of global uncertainty. This paper aims to analyze the various driving factors, the performance of the key players over fundamental analysis, and the various trends that would shape the performance of the industry due to the various geopolitical and macroeconomic trends in the post-pandemic world. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06066&r= |
| By: | Marisa Miraldo; Carol Propper; Christiern Rose |
| Abstract: | This paper provides new identification results for panel data models with contextual and endogenous peer effects, respectively operating through time-invariant individual heterogeneity and outcomes. The results apply for general network structures governing peer interactions, and hinge on a conditional mean restriction requiring exogenous mobility of individuals between groups over time. Some networks preclude identification, in which case we propose additional conditional variance restrictions. We apply our method to surgeon-hospital-year data to study take-up of keyhole surgery, finding a positive effect of the average individual heterogeneity of peers. This effect is equally due to endogenous and contextual effects. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11545&r= |
| By: | Noel Rapa (Central Bank of Malta) |
| Abstract: | In response to the rapid spread of the COVID-19 pandemic, national governments have implemented a range of mitigation measures designed to limit the transmission of the novel virus. In order to estimate the effects of these†non-pharmaceutical†policies, one needs to properly account for prevalence responses; self-imposed restrictions of individuals who trade-off the utility derived from social interactions against the risk of infection. We study the determinants of community mobility across the European Union during the COVID-19 crisis, focusing on government and self-imposed restrictions. Results indicate that timeseries breaks in all types of mobility were clustered across time and EU states, with the most discretionary types falling first and by the largest amounts. Mobility measures fall only after the escalation of government containment measures, with school closures and cancellation of public events preceding falls in all types of mobility across all EU states. This indicates that these two policies have led to an overall risk re-assessment by the general public leading to self-imposed yet not self-initiated falls in mobility. Finally, self-imposed restrictions occurring independently of government measures are responsible for a significant part in the fall of post-pandemic mobility in the EU. |
| JEL: | I12 I18 D70 D80 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mlt:wpaper:0321&r= |
| By: | Grace Melo (Texas A&M University) |
| Abstract: | We introduce the command quaidsce, a modified version of the estimation command provided by Poi (2008) to estimate the Almost Ideal Demand System proposed by Deaton and Muellbauer (1980) and extended by Banks et al. (1997) to allow for nonlinear demographic effects (through a price deflator for total expenditure) and nonlinear Engel curves (through a quadratic term of total expenditure). The command of Poi (2008) to estimate the Quadratic Almost Ideal Demand System (QUAIDS) is extended to a two-step censoring demand system. Postestimation tools calculate expenditure and price elasticities. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:23&r= |
| By: | António S. Cruz; Ines A. Ferreira; Johnny Flentø; Finn Tarp; Mariam Umarji |
| Abstract: | At independence in 1975, the Frelimo government took over public administration from the colonial system and started to transform it. The public financial management (PFM) system was adapted to the central planning and management of the economy in line with nationalist and Marxist-Leninist thinking. Collapse followed in the mid-1980s, amidst the Cold War and the liberalization of the economy. |
| Keywords: | Public finance management, Mozambique, Reforms, Budget |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-136&r= |
| By: | Dominique Torre (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur); Qing Xu (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur) |
| Abstract: | Alipay and WeChat Pay, the mobile payment services of Alibaba and Tencent, rapidly spread out in China from the early 2010s. Their successes motivate three open questions: (i) why the two companies did not really compete to gain the exclusivity of their clients? (ii) why the installed basis of the incumbent did not prevent the success of the entrant? (iii) why the new entry accelerated the dffusion of the incumbent's solutions? This paper elaborates an adoption model which encapsulates the distinctive features of the two service providers. It points out that complementaries between the two solutions (dfferentiated services offered to clients, decreasing adoption costs and contrasting business models) can explain the interest of both service providers to avoid any strong competition. During the adoption phase, Alipay and WeChat had interest to a mutual development as soon as they did not offered the same product, with the same business model. In this situation, every improvement of the technology of each operator increased the profit of the other. This strategic complementarity effect between the two competitors could however decrease during time their incentive to innovate. |
| Keywords: | strategic complementarities,online payment,electronic wallets,payments in China,mobile-payment,paiement mobile,complémentarités stratégiques,paiement en ligne,porte-monnaie électronique,paiements en Chine |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03313693&r= |
| By: | James Alm (Tulane University); Trey Dronyk-Trosper (Amazon.com, Inc) |
| Abstract: | It is widely believed that basic infrastructure in the United States has been seriously underfunded in recent years. We examine this broad issue by focusing on two specific questions. First, how has subnational government spending on infrastructure changed over the last half-century, focusing especially on transportation spending? Second, what factors have driven these spending changes? To answer these questions, we collect data on local, state, and combined state and local government spending on roads and other expenditure categories from 1957 to 2013. With these data, we first demonstrate that infrastructure spending has increased on average in real per capita terms across all states, even while it has declined significantly across all states as a percentage of government spending. Second, we also examine empirically several causal factors that help explain what has driven these changes in transportation spending over time, using several estimation methods and robustness tests. We find suggestive evidence that it is primarily changes in government spending on welfare programs that have driven these sizeable changes in transportation spending. Indeed, we calculate that, if state governments were spending the same percentage of their budgets on transportation in 2013 as they had been in 1957, then state government spending on transportation across all states would increase in total by an additional $133.5 billion in 2013, an amount equal to an additional $422 per capita. |
| Keywords: | Infrastructure, state and local governments |
| JEL: | H72 R42 H41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2114&r= |
| By: | Atoi, Ngozi Victor; Nwambeke, Chinedu G. |
| Abstract: | This study examines money market and foreign exchange market dynamics in Nigeria by estimating the dynamic correlation and volatility spillovers between Nigeria Naira/US Dollar Bureau De Change (BDC) exchange rate and interbank call rate with data from January 2007 to August 2019. The study employs a dynamic conditional correlation form of GARCH model (DCC-GARCH) to access the nature of correlation, while an unrestricted bivariate BEKK-GARCH (1, 1) form of multivariate GARCH model is utilized to investigate shocks and volatility spillover of the rates. The estimated DCC-GARCH (1, 1) reveals that interest rate and exchange rate are dynamically linked negatively, suggesting that exchange rate (or interest rate) is inversely sensitive to interest rate (or exchange rate) in Nigeria. This result was substantiated by the estimated BEKK-GARCH(1, 1) model. Furthermore, the effects of news (shocks spillover) are bi-directional across the markets. However, volatility spillover is unidirectional, from exchange rate to interest rate, suggesting that, calming the volatility in foreign exchange market does guarantee moderation of volatility in the money market, whereas the reverse is not the case. The results underscore the growing influence of foreign exchange market in the financial space of the Nigerian economy. Thus, the study recommends that foreign exchange policies aimed at maintaining exchange rate stability should be sustained, having found exchange rate to be more effective in moderating interest rate volatility in Nigeria. |
| Keywords: | Exchange rate, interest rate, multivariate GARCH, volatility spillover |
| JEL: | C4 E52 F31 G10 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109305&r= |
| By: | Tran, Lan T.; McCann, Laura M.; Skevas, Teo |
| Keywords: | Institutional and Behavioral Economics, Production Economics, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312886&r= |
| By: | Chinonso Nwankwo; Weizhong Dai |
| Abstract: | When solving the American options with or without dividends, numerical methods often obtain lower convergence rates if further treatment is not implemented even using high-order schemes. In this article, we present a fast and explicit fourth-order compact scheme for solving the free boundary options. In particular, the early exercise features with the asset option and option sensitivity are computed based on a coupled of nonlinear PDEs with fixed boundaries for which a high order analytical approximation is obtained. Furthermore, we implement a new treatment at the left boundary by introducing a third-order Robin boundary condition. Rather than computing the optimal exercise boundary from the analytical approximation, we simply obtain it from the asset option based on the linear relationship at the left boundary. As such, a high order convergence rate can be achieved. We validate by examples that the improvement at the left boundary yields a fourth-order convergence rate without further implementation of mesh refinement, Rannacher time-stepping, and/or smoothing of the initial condition. Furthermore, we extensively compare, the performance of our present method with several 5(4) Runge-Kutta pairs and observe that Dormand and Prince and Bogacki and Shampine 5(4) pairs are faster and provide more accurate numerical solutions. Based on numerical results and comparison with other existing methods, we can validate that the present method is very fast and provides more accurate solutions with very coarse grids. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10418&r= |
| By: | Leone Walters (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa); Carolyn Chisadza (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa); Matthew Clance (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa) |
| Abstract: | We study whether present-day women political participation in sub-Saharan Africa can be linked to the temporary gender ratio imbalances caused by the transatlantic and Indian Ocean slave trades, taking into account pre-existing gender norms influenced by kinship structures. Using individual-level data for 29 sub-Saharan African countries from the latest Afrobarometer surveys, ethnic region kinship and slave trade data, we find that a woman's ethnic region exposure to the transatlantic slave trade is associated with an increase in her likelihood to vote, however, only in non-patrilineal ethnic regions. This effect is mitigated in patrilineal ethnic regions, where women have less decision-making power. This paper contributes to the literature on the contemporary sub-national effects of the slave trades and the historical causes of gender gaps in political participation. |
| Keywords: | Slave Trade, Gender, Africa |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202156&r= |
| By: | Jesse Rothstein; Diane Whitmore Schanzenbach |
| Abstract: | Card and Krueger (1992a,b) used labor market outcomes to study the productivity of school spending. Following their lead, we examine effects of post-1990 school finance reforms on students’ educational attainment and labor market outcomes. Lafortune et al. (2018) show that these reforms increased school spending and narrowed spending and achievement gaps between high- and low-income districts. Using a state-by-cohort panel design, we find that reforms increased high school completion and college-going, concentrated among Black students and women, and raised annual earnings. They also increased the return to education, particularly for Black students and men and driven by the return to high school. |
| JEL: | I21 I24 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29177&r= |
| By: | Bornali Bhandari (National Council of Applied Economic Research) |
| Abstract: | Demographic transition, economic uncertainty and technological changes have come together to create a concoction in India that has the potential to boil over economically and socially, if not skilfully managed. One path that could steady the future of India is to both create jobs that will absorb the burgeoning population and make the population work ready so that they can be absorbed in those same jobs. The three basic questions in economics contextualised within India’s skills market boils down to the following. What skills should we equip the workforce with? How should we equip them? For whom should we equip them? These questions are examined in the historical context to serve a dual purpose – first, to understand how they were answered in the past to derive lessons, if any, therefrom, and second, to understand why we are what we are today in terms of the education, employability and employment (3–E) challenge. The same questions are examined for the post-Independence era. While overall, skills as measured by education show a positive association with economic growth, drilling down shows several inconsistencies. Given the shortage of skilled workers and high demand for them, there is a high premium for skills, i.e., tertiary education. Prospective employees aspire for education that will enable them to get a secure job. However, a majority falter in the path and the ones who are able to get the education, still do not have the skills to get the aspirational job. With other channels of human capital investment limited, general educational attainment continues to present the only sustainable path. India is not addressing the micro distortions in terms of incentives and signals to employees (prospective or otherwise) and firms who make choices of about investments in education, on-the-job training, migration, creation of jobs, technologies to adopt, which in turn result in not addressing the above mentioned macro issues, thereby creating a vicious cycle. |
| Keywords: | Education, Employability, Employment, Skills, Vocational Skills, India |
| JEL: | J24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:122&r= |
| By: | Mohammed Belbachir (Université Mohammed V de Rabat [Agdal]); Rachid Zammar (Université Mohammed V de Rabat [Agdal]) |
| Abstract: | Since the emergence of the Covid 19 pandemic, several sectors in the world have been really impacted. Thus, the audiovisual sector in Morocco has suffered greatly from this situation. Recourse to innovative entrepreneurship has become an unavoidable necessity. For this reason, the Moroccan government has introduced a range of financial, legal and administrative measures to revive this sector. With this in mind, our aim in this article is to highlight the interaction between innovative entrepreneurship and the audiovisual sector in Morocco. Thus, this paper aims to dissect to what extent innovative entrepreneurship can impact the audiovisual sector as well as the multiple programs established to promote this sector. In order to formulate a clearer and more exhaustive vision, our study has focused on the National Broadcasting and Television Company (SNRT) being the driving force of this sector in Morocco. To do this, a documentary study was also carried out through scientific developments and analysis of monographs, reports and graphs on this field, especially this company. This documentary analysis has allowed us to confirm the importance of entrepreneurship as a key factor in the revival of the sector's dynamics in the short term. However, given the high cost generated by the introduction of new processes and technologies, the impact of innovation will only be realized after a certain period of time. |
| Abstract: | Depuis l'émergence de la pandémie Covid 19, plusieurs secteurs dans le monde ont été véritablement impactés. Ainsi, le secteur audiovisuel au Maroc a beaucoup souffert de cette conjoncture. Le recours à l'entrepreneuriat innovant devient une nécessité incontournable. Pour cette raison, le gouvernement marocain a instauré une panoplie de mesures d'ordre financier, juridique et administratif afin de relancer ce secteur. Dans cette optique, nous ambitionnons à travers cet article de mettre en relief l'interaction entre l'entrepreneuriat innovant et le secteur audiovisuel au Maroc. Ainsi, ce papier vise à décortiquer à quelle ampleur l'entrepreneuriat innovant peut impacter le secteur audiovisuel ainsi que les multiples programmes établis afin de promouvoir ce secteur. Afin de bien formuler une vision plus claire et exhaustive, notre étude a été focalisée sur la société Nationale de Radiodiffusion et de Télévision (SNRT) étant la locomotive de ce secteur au Maroc. Pour ce faire, une étude documentaire a été également réalisée par le biais des développements scientifiques et des analyses de monographies, des rapports et des graphiques portant sur ce domaine surtout de cette société. Cette analyse documentaire nous a permis de confirmer l'importance de l'entrepreneuriat étant un facteur névralgique de la relance de la dynamique de ce secteur à court terme. Cependant, vu le coût élevé généré par l'introduction de nouveaux procédés et technologies, l'impact de l'innovation se sera concrétisé qu'après une période bien déterminée. |
| Keywords: | audio-visual,Innovation,Entrepreneurship,Morocco,Entrepreneuriat,Audiovisuel,Maroc |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313583&r= |
| By: | Winkler, Julian; Semenova, Valentina |
| Abstract: | This paper develops an empirical and theoretical case for how 'hype' among retail investors can drive large asset fluctuations. We use the dataset of discussions on WallStreetBets (WSB), an online investor forum with over nine million followers as of April 2021, to show how excitement about trading opportunities can ripple through an investor community with large market impacts. This paper finds empirical evidence of psychological contagion among retail investors by exploiting differences in stock price fluctuations and discussion intensity. We show that asset discussions on WSB are self-perpetuating: an initial set of investors attracts a larger and larger group of excited followers. Sentiments about future stock performance also spread from one individual to the next, net of any fundamental price movements. Leveraging these findings, we develop a model for how social contagion impacts prices. The proposed model and simulations show that social contagion has a destabilizing effect on markets. Finally, we establish a causal relationship between WSB activity and financial markets using an instrumental variable approach. |
| JEL: | D91 G14 G41 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-04&r= |
| By: | FERREIRA Valeria; ALMAZÁN-GÓMEZ Miguel Ángel; NECHIFOR VOSTINARU Victor (European Commission - JRC); FERRARI Emanuele (European Commission - JRC); DIALLO Souleymane Sadio |
| Abstract: | A Social Accounting Matrix (SAM) is a comprehensive and economy-wide database recording data on all transactions that take place in an economy over a period of time, usually one year. It has two principal objectives. On the one hand, it presents a complete picture of the economy, taking into account the economy's structure and the interrelationships between economic agents. On the other hand, it provides a coherent framework to analyse how the economy works and to predict the effects of policy interventions through its use as a database in multisectoral linear models by calculating multipliers, and in the calibration and exploitation of Computable General Equilibrium (CGE) models. This report presents the Côte d’Ivoire's SAM for 2015, with the main purpose of providing a suitable database for implementing and evaluating the country's own developmental social and economic policies and initiatives. For this purpose, the basic structure of a SAM is presented, explaining the meaning of each account. Then, the accounts included in the SAM of Côte d'Ivoire are explained in detail covering the main aspects of its construction and estimation. This SAM has the advantage of including the Household Production for Household Consumption (HPHC) approach and a high disaggregation of the agricultural and food sector, which is very important for an economy like the Ivorian case. Finally, the SAM is used as a database to perform a descriptive analysis of the Ivorian economy and to obtain results of employment, output and value added multipliers with the application of a linear multiplier analysis. Annex 3 explains how to download the matrix available online. |
| Keywords: | Social Accounting Matrices, Côte d'Ivoire Economy, linear multisectoral models |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125648&r= |
| By: | Natalia Fabra (Universidad Carlos III de Madrid); Imelda (Universidad Carlos III de Madrid) |
| Keywords: | market power, forward contracts, arbitrage, renewables |
| JEL: | L13 L51 Q41 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2117&r= |
| By: | Bonsang, Eric (Université Paris-Dauphine); Costa-Font, Joan (London School of Economics); de New, Sonja C. (Monash University) |
| Abstract: | This paper analyses the relationship between locus of control (LOC) and the demand for supplementary health insurance. Drawing on longitudinal data from Germany, we find robust evidence that individuals having an internal LOC are more likely to take up supplementary private health insurance (SUPP). The increase in the probability to have a SUPP due to one standard deviation increase in the measure of internal LOC is equivalent to an increase in household income by 14 percent. Second, we find that the positive association between selfreported health and SUPP becomes small and insignificant when we control for LOC, suggesting that LOC might be an unobserved individual trait that can explain advantageous selection into SUPP. Third, we find comparable results using data from Australia, which enhances the external validity of our results. |
| Keywords: | positive selection, locus of control, risk aversion, health care use, private health insurance, supplementary insurance, Germany, Australia |
| JEL: | I18 D15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14633&r= |
| By: | Klaus Wohlrabe; Lutz Bornmann |
| Abstract: | In this article, we revisit the analysis of Laband and Tollison (2006) who documented that articles with two authors in alphabetical order are cited much more often than non-alphabetized papers with two authors in the American Economic Review and the American Journal of Agricultural Economics. Using more than 120,000 multi-authored articles from the Web of Science economics subject category, we demonstrate first that the alphabetization rate in economics has declined over the last decade. Second, we find no statistically significant relationship between alphabetized co-authorship and citations in economics using six different regression settings (the coefficients are very small). This result holds when accounting for intentionally or incidentally alphabetical ordering of authors. Third, we show that the likelihood of non-alphabetized co-authorship increases the more authors an article has. |
| Keywords: | alphabetization, co-authorship, citations, Web of Science |
| JEL: | A12 A14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9230&r= |
| By: | Chen, Xiaomeng; Forman, Christopher; Kummer, Michael E. |
| Abstract: | We analyze whether an informal second channel for communication can improve the efficiency of knowledge transfer in an electronic network of practice. We explore this question by analyzing the effect of chat rooms in the well-known Q&A forum Stack Overflow. We identify the causal effect using a difference-in-differences approach, which exploits a feed functionality that non-selectively pushed all questions from the Q&A into the relevant chat rooms. We report two main findings: First, chat rooms reduced the time until a question in the main Q&A received a satisfactory answer. Second, chat rooms disproportionately benefited new users who asked low-quality questions. Our study has clear managerial implications: A second channel for communication can complement the main channel in online communities to enhance both efficiency and inclusion. |
| Keywords: | Knowledge sharing,Online community,User contribution |
| JEL: | L17 O31 O36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21061&r= |
| By: | Bronka, Patryk; Collado, Diego; Richiardi, Matteo |
| Abstract: | We nowcast the economic effects of the Covid-19 pandemic and related lock-down measures in the UK and then analyse the distributional and budgetary effects of the estimated individual income shocks, distinguishing between the effects of automatic stabilisers and those of the emergency policy responses. Under conservative assumptions about the exit strategy and recovery phase, we predict that the rescue package will increase the cost of the crisis for the public budget by an additional £26 billion, totalling over £60 billion. However, it will allow to contain the reduction in the average household disposable income to 1 percentage point, and will reduce poverty rate by 1.1 percentage points (at a constant poverty line), with respect to the pre-Covid situation. We also show that this progressive effect is due to the increased generosity of Universal Credit, which accounts for only 20% of the cost of the rescue package. |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-17&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | wind curtailment, market failures, corrective charges |
| JEL: | H23 L94 Q28 Q42 Q48 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2036&r= |
| By: | Chakraborty, Lekha (National Institute of Public Finance and Policy) |
| Abstract: | India was the first to integrate climate change criteria in the inter- governmental fiscal transfers This analysis suggests that climate change criterion in the intergovernmental fiscal transfer mechanism in India is a significant step to incentivise the conservation of forests. However, the macropolicy channel of this link is through the public expenditure priorities related to climate change commitments by the state governments, to make a "just transition" towards a sustainable climate-resilent economy. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/341&r= |
| By: | Arjan Non (Erasmus University Rotterdam, Erasmus School of Economics); Ingrid Rohde (Open University Netherlands and University of Bonn, Institute for Applied Microeconomics); Andries de Grip (Maastricht University, Research Centre for Education and the Labor Market); Thomas Dohmen (University of Bonn, Institute for Applied Microeconomics; Maastricht University; IZA) |
| Abstract: | We conduct a discrete choice experiment to investigate how the mission of high-tech companies affects job attractiveness and contributes to self-selection of science and engineering graduates who differ in prosocial attitudes. We characterize mission by whether or not the company combines its profit motive with a mission on innovation or corporate social responsibility (CSR). Furthermore, we vary job design (e.g. autonomy) and contractible job attributes (e.g. job security). We find that companies with a mission on innovation or CSR are considered more attractive. Women and individuals who are more altruistic and less competitive feel particularly attracted to such companies. |
| Keywords: | Mission of the company, sorting, discrete choice experiment, job characteristics, social preferences |
| JEL: | J81 J82 M52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:113&r= |
| By: | Zhang, Hanzhe (Michigan State University, Department of Economics); He, Simin (Department of Economics, Shanghai University of Finance and Economics); Wu, Jiabin (Department of Economics, University of Oregon) |
| Abstract: | We experimentally study Becker-Shapley-Shubik matching models. We show that whether efficient matching is assortative and whether the pairwise Nash-Rubinstein bargaining outcome is stable affects matching and surplus; the canonical theory predicts no effect. In markets with equal numbers of participants on the two sides, individual payoffs in our and others’ experiments cannot be explained by existing refinements of the core, but are consistent with our noncooperative model’s prediction. In markets with unequal numbers of participants on the two sides, noncompetitive outcomes—subjects on the long side do not fully compete—are not captured by the canonical theory, but by our noncooperative model. |
| Keywords: | decentralized matching; matching with transfers; assignment games; bargaining experiments |
| JEL: | C71 C72 C78 C90 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:ris:msuecw:2021_002&r= |
| By: | J. Gavin; M. Crane |
| Abstract: | In this paper, the cross-correlations of cryptocurrency returns are analysed. The paper examines one years worth of data for 146 cryptocurrencies from the period January 1 2019 to December 31 2019. The cross-correlations of these returns are firstly analysed by comparing eigenvalues and eigenvector components of the cross-correlation matrix C with Random Matrix Theory (RMT) assumptions. Results show that C deviates from these assumptions indicating that C contains genuine information about the correlations between the different cryptocurrencies. From here, Louvain community detection method is applied as a clustering mechanism and 15 community groupings are detected. Finally, PCA is completed on the standardised returns of each of these clusters to create a portfolio of cryptocurrencies for investment. This method selects a portfolio which contains a number of high value coins when compared back against their market ranking in the same year. In the interest of assessing continuity of the initial results, the method is also applied to a smaller dataset of the top 50 cryptocurrencies across three time periods of T = 125 days, which produces similar results. The results obtained in this paper show that these methods could be useful for constructing a portfolio of optimally performing cryptocurrencies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09763&r= |
| By: | Christian Moser (Columbia University); Pierre Yared (Columbia University) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:20-442&r= |
| By: | Farzana Afridi, (Economics and Planning Unit, Indian Statistical Institute, Delhi and IZA, Bonn); Sourav Bhattacharya, (Indian Institute of Management, Kolkata); Amrita Dhillon, (Department of Political Economy, Kings College, London, and CAGE, University of Warwick); Eilon Solan, (School of Mathematical Sciences, Tel Aviv University) |
| Abstract: | In developing countries with weak enforcement institutions, there is implicitly a large reliance on electoral incentives to reduce corruption. However electoral discipline works well only under some conditions. In this paper we study the effect of electoral competition on corruption when uncertainty in elections is high (or accountability is low), as in many developing countries . Our theory focuses on the case of high uncertainty and shows that in this case there is a U-shaped relationship between electoral competition and corruption. We illustrate the predictions of the model with village level data on audit detected irregularities and electoral competition from India. |
| Keywords: | Corruption, Electoral Competition, Uncertainty, Audit, Accountability JEL Classification: D72, D82, H75, O43, C72. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:569&r= |
| By: | Mila Bertolo (Unknown); Manvir Singh (IAST - Institute for Advanced Study in Toulouse); Samuel Mehr (Unknown) |
| Date: | 2021–01–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03268513&r= |
| By: | Wei Zhou (Department of Engineering, University of Cambridge); Eoghan O’Neill (Faculty of Economics, University of Cambridge); Alice Moncaster (Department of Engineering, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Peter Guthrie (Department of Engineering, University of Cambridge) |
| Keywords: | building stock, lifetime distribution, System Dynamics, Bayesian Model Averaging, Markov Chain Monte Carlo, embodied energy, operational energy, China |
| JEL: | C11 O18 R21 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2016&r= |
| By: | Matthew Stern; Yash Ramkolowan |
| Abstract: | Understanding South Africas trade policy and performance |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11017&r= |
| By: | Tapsoba, Augustin |
| Abstract: | This paper studies how local polygyny norms affect the equilibrium response of marriage markets to short-term changes in aggregate economic conditions. It develops a simple equilibrium marriage market framework with overlapping generations in which polygyny is modeled as a sequential one-to-one matching. The model generates predictions that are tested by revisiting the impact of rainfall shocks on the timing of marriage in Sub-Saharan Africa. Consistent with the model’s predictions, I find that the effect of droughts on child marriage is weaker where polygyny is more commonly practiced. The same shock leads to a large increase in the annual hazard of child marriage in monogamous areas but has no detectable effect in areas with high polygyny levels. In these areas, there is instead an increase in the market shares of young men that are looking for first/unique spouses at the expense of older men that are looking for second spouses. The differences in equilibrium outcomes on the marriage markets translate into differences in fertility onset and long term fertility levels. |
| Keywords: | Marriage market, local norms, polygyny, bride price, income shocks, informal insurance, Africa |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125854&r= |
| By: | Seisho Sato (University of Tokyo); Naoto Kunimoto (Tokyo Keizai University) |
| Abstract: | We develop a new regression method called frequency regression and smoothing. This method is based on the separating information maximum likelihood developed by Kunitomo and Sato (2021) and Sato and Kunitomo (2020) for estimating the hidden states of random variables and handling noisy nonstationary (small sample) time series data. Many economic time series include not only the trend-cycle, seasonal, and measurement error components, but also factors such as structural breaks, abrupt changes, trading-day effects, and institutional changes. Frequency regression and smoothing can be applied to handle such factors in nonstationary time series. The proposed method is simple and applicable to several problems when analyzing nonstationary economic time series and handling seasonal adjustments. An illustrative empirical analysis of the macroconsumption in Japan is provided. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cfi:fseres:cf519&r= |
| By: | Boujema El Gazzan (Université Mohammed Premier [Oujda]); Kamal Hassani (Université Mohammed Premier [Oujda]) |
| Abstract: | With a view to intra-regional trade integration, African countries have decided to create an African Continental Free Trade Area (ACFTA) which should establish the rules and political guidelines necessary to promote intra-regional trade but the success of such political choice is conditioned by the degree of complementarity between the economies of these countries as well as their establishment in a win-win approach. In order to assess the prospects for the creation of the ACFTA and specifically on the Moroccan economy by integrating the specificities and potentials of African countries, the estimation of the potential has, however, shown the existence of a significant global potential for Morocco which can be exploited. To do this, the implementation of the ACFTA should allow the dismantling of tariff and non-tariff barriers under the condition of a great diversification of Moroccan products exported regionally which is necessary. The empirical study by integrating the gravitational model and economic variables for the period 2001-2019 on a sample of 50 African countries has made it possible to detect a potential to be exploited but the experience of failure of the already existing interregional communities presupposes a structural transformation of a commercial order, piloting by better diversity and integration of the production chain reinforced by good infrastructure and logistics, and of a political order by boycotting with historical factors and individualism for the benefit of a goal and a lucrative common identity for all countries. |
| Abstract: | En vue d'une intégration commerciale intra régionale, les pays africains ont décidé de créer une zone de libre échange continentale africaine (ZLECA) qui devrait instaurer les règles et les orientations politiques nécessaires pour promouvoir le commerce intra régional, mais le succès d'un tel choix politique est conditionné par le degré de complémentarité entre les économies de ces pays, de même que leur instauration dans une approche gagnantgagnant. Dans un objectif d'évaluer les perspectives de la création de la ZLECA et spécifiquement sur l'économie marocaine en intégrant les spécificités et les potentialités des pays africains, l'estimation du potentiel a montré toutefois l'existence d'un potentiel global important pour le Maroc qui peut être exploité. Pour ce faire, la mise en œuvre de la ZLECA devrait permettre le démantèlement des barrières tarifaires et non tarifaires sous condition d'une grande diversification des produits marocains exportés régionalement ce qu'est nécessaire. L'étude empirique par l'intégration du modèle gravitationnel et des variables économiques pour la période 2001-2019 sur un échantillon de 50 pays africains a permet de détecter un potentiel à exploiter, mais l'expérience d'échec des communautés interrégionales déjà existantes supposent une transformation structurelle d'ordre commerciale, piloter par une meilleure diversité et intégration de chaine de production renforcée par des bonnes infrastructures et logistique, et d'ordre politique en boycottant avec les facteurs historiques et l'individualisme au profit d'un but et d'une identité commune lucrative à tous les pays |
| Keywords: | Trade Integration,African Continental Free Trade Area (ACFTA),Free Trade Agreement,Regional Community,Intégration commerciale,Accords de libre-échange,Communauté régionale,Zone de libre-échange continentale africaine (ZLECA) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313403&r= |
| By: | Goyal, Ananya (National Institute of Public Finance and Policy); Pandey, Radhika (National Institute of Public Finance and Policy); Sane, Renuka (National Institute of Public Finance and Policy) |
| Abstract: | A study of inflation requires a fixed consumption basket. The last publicly available data on household consumption baskets is from Consumer Expenditure Survey (CES) 2011-12. A more recent source of data has been the CMIE Consumer Pyramid Household Survey (CPHS). In this paper we compare the weights of various commodities in the Consumer Price Index (CPI) series with the CES 2011-12 and the CPHS 2019. We first document the methodology of construction of the Consumer Price Index (CPI) including details on commodity classification, reference and recall periods. We find that while CPI is based on CES 2011-12, CPI weights closely match those of CES 2011-12 only once the sub-group `Housing' is excluded from the total consumption expenses. For comparison with CPHS, we first map the CPHS commodities to CPI to make them comparable. We find the differences in some categories such as food, household goods and services are less than 2 percentage points. Differences in the shares of commodities such as transport and communication, health, education and intoxicants are larger. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/343&r= |
| By: | Cem Özgüzel |
| Abstract: | During the Great Recession, immigrants reacted to the drop in labour demand in Spain through internal migration or leaving the country. Consequently, provinces lost 13.5% of their immigrants or - 3% of the total labour supply, on average. Using municipal registers and longitudinal administrative data, I find that immigrant outflows slowed the decline in employment and wage of natives. I use a modified shift-share instrument based on past settlements to claim causality. Employment effects were driven by increased entries to employment, while wage effects were limited to natives that were already employed. These effects also persisted in the medium-term. |
| Keywords: | immigrant mobility, wages, employment, local labour market, Great Recession, Spain |
| JEL: | F22 J31 J61 R23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9268&r= |
| By: | Emmanuel Asane-Otoo (University of Oldenburg, Department of Economics); C. Dannemann (University of Oldenburg, Department of Economics) |
| Abstract: | Besides temporal and spatial aggregation issues in the analysis of asymmetric response of retail gasoline prices, previous studies have also largely ignored parameter heterogeneity across fuel stations. This paper addresses the aggregation issues and the parameter homogeneity assumption by examining the responsiveness of stations to input cost changes using daily station-specific retail and wholesale gasoline prices for 12,613 geographically diverse stations. Based on individual station analysis using asymmetric error correction models, we find that 48% of stations engage in competitive pricing while the remaining 52% exhibit the rockets and feathers pricing pattern. Our findings suggest that the rockets and feathers phenomenon is a feature of individual stations and local market characteristics are important determinants. We also show that pooled panel regression techniques obscure the actual pricing pattern observed from station-level time series analysis. |
| Keywords: | Asymmetric Pricing, Input Cost, Price Transparency, Aggregation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:old:dpaper:436&r= |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech) |
| Abstract: | Wie reagieren Unternehmen und Organisationen auf Krisen? Die von Dauphine Recherches en Management (DRM), einem universitären Zentrum für Managementwissenschaften, vorgestellten Untersuchungen zu den Strategien von Unternehmen in Krisensituationen drehen sich um die recht klassischen Themen Restrukturierung, Integration neuer Herausforderungen, Sicherung von Transaktionen und Anpassung an Veränderungen in ihrem Umfeld. Aber auch wenn diese Forschung auf der Basis von Mehrjahresprogrammen durchgeführt wird, schwingen ihre Ergebnisse manchmal im aktuellen Geschehen mit. |
| Abstract: | How do companies and organisations react to crises? The research presented by Dauphine Recherches en Management (DRM), a university centre for management sciences, on the strategies implemented by companies in crisis situations is organised around the fairly classic issues of restructuring, integrating new challenges, securing transactions and adapting to changes in their environment. However, even if this research is conducted on the basis of multi-year programmes, its results sometimes resonate with current events. |
| Abstract: | Comment les entreprises et les organisations réagissent-elles aux crises ? Les recherches présentées par Dauphine Recherches en Management (DRM), centre universitaire en sciences de gestion, sur les stratégies mises en oeuvre par les entreprises en situation de crise s'organisent autour de problématiques assez classiques de restructuration, d'intégration de nouveaux enjeux, de sécurisation des transactions et d'adaptation aux évolutions de leur envIronnement. Cependant, même si ces recherches sont conduites plutôt à partir de programmes pluriannuels, leurs résultats entrent parfois en résonnance avec l'actualité . |
| Abstract: | Come reagiscono le aziende e le organizzazioni alle crisi? La ricerca presentata da Dauphine Recherches en Management (DRM), un centro universitario di scienze manageriali, sulle strategie messe in atto dalle imprese in situazioni di crisi è organizzata intorno ai temi abbastanza classici della ristrutturazione, dell'integrazione di nuove sfide, della sicurezza delle transazioni e dell'adattamento ai cambiamenti del loro ambiente. Tuttavia, anche se questa ricerca è condotta sulla base di programmi pluriennali, i suoi risultati a volte risuonano con l'attualità. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03266986&r= |
| By: | POST Jan; DE JONG Pieter; MALLORY Matt; DOUSSINEAU Mathieu; GNAMUS Ales (European Commission - JRC) |
| Abstract: | The smart Specialisation strategy design and implementation offer to the territories in Europe a solid paradigm for developing effective innovation governance, improving innovation policy capacities, enhancing public-private partnerships, offering common platform for inter-regional cooperation activities and through that an operative engagement of stakeholders in the international value chains. The sustainable Smart Specialisation strategies framework can play a key role as enabler of a sustainable transformation of European economy towards the Green Deal by streamlining innovation activities around the value chains to reach the competitiveness edge of Europe vis-à-vis the rest of the world. The Blue Economy activities, by safeguarding the preservation of healthy oceans, seas and waters, represent an important component of the European Green Deal activities in the regions and Member States. One of the emerging blue economy sectors with considerable “greening” potential for a stable water supply in the ever growing areas with increasing water imbalances is the desalination sector. Besides its essential role in providing water in the areas suffering water shortages, lately seriously aggravated by the climate change impacts, the sector has a potential for creating of prosperity and employment in some territories of Europe through a combination of innovation based sustainable water, energy and chemical technologies, coupled with environmental and societal challenges. This report aims at analysing the sector from the innovation, the EU policy and regional perspectives - in the latter with examples of implementation of desalination technologies in the three types of regions with specific water supply issues across Europe, namely in the water scarce regions of the Southern Europe, in European Western and Northern regions, and in the specific case of island regions, where a stable water supply through desalination improves substantially the living conditions and local economy. Overall, the desalination sector provides a sustainable solution for agro-food systems and for integrated water provision and management in the water scarce areas, makes those often vulnerable territories more climate-resilient, efficient, cost-effective, and environmentally and socially sustainable, and contributes to climate adaptation by solving the water scarcity, food security, soil health by enhancing rainwater infiltration and water reuse, nutrition, health and well-being of population in these areas. Given the increasing climate change pressures, a holistic approach to address the global freshwater scarcity through sustainable innovative solutions is needed and the sector of desalination will be granted increasing protagonism in the endeavours to enhance territorial resilience, improve ecosystem services, biodiversity and a more sustainable agricultural production in Europe and beyond. |
| Keywords: | Smart Specialisation, Blue Economy, Desalination Sector |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125905&r= |
| By: | Raphael Udeh (University of Newcastle, Australia) |
| Abstract: | COVID-19 has been shown to present with a varied clinical course, hence the need for more specific diagnostic tools that could identify severe cases and predict outcomes during COVID-19 infection. Recent evidence has shown an expanded potential role for calprotectin, both as a diagnostic tool and as a stratifying tool in COVID-19 patients in terms of severity. Therefore, this systematic review and meta-analysis aims to evaluate the levels of calprotectin in severe and nonsevere COVID-19 and also identify the implication of raised calprotectin levels. Databases searched include MEDLINE, EMBASE, the Cochrane Library, Web of Science, and MedRxiv. Stata was employed in meta-analysis to compare the serum/fecal levels of calprotectin between severe and nonsevere COVID-19 infections. A pooled analysis of data in the eight quantitative studies from 613 patients who were RT-PCR positive for COVID-19 (average age = 55 years; 52% males) showed an overall estimate as 1.34 (95% CI: 0.77, 1.91). Stata was further employed to carry out an in-depth investigation of the in-between study heterogeneity. In conclusion, calprotectin levels have been demonstrated to be significantly elevated in COVID-19 patients who develop the severe form of the disease, and it also has prognostic importance. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:19&r= |
| By: | Ben Jann (University of Bern) |
| Abstract: | In this talk, I will present a new Stata command that unites a variety of methods to describe (univariate) statistical distributions. Covered are density estimation, histograms, cumulative distribution functions, probability distributions, quantile functions, Lorenz curves, percentile shares, and a large collection of summary statistics, such as classical and robust measures of location, scale, skewness, and kurtosis, as well as inequality, concentration, and poverty measures. Particular features of the command are that it provides consistent standard errors supporting complex sample designs for all covered statistics and that the simultaneous analysis of multiple statistics across multiple variables and subpopulations is possible. Furthermore, the command supports covariate balancing based on reweighting techniques (inverse probability weighting and entropy balancing), including appropriate correction of standard errors. Standard-error estimation is implemented in terms of influence functions, which can be stored for further analysis, for example, in RIF regressions or counterfactual decompositions. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:1&r= |
| By: | Zineb Debbagh (UIT - Université Ibn Tofaïl); Hassan Azouaoui (UIT - Université Ibn Tofaïl) |
| Abstract: | In a tourism destination, tourists are the main factor and what matters is to attract them. Therefore, in the competitive context of tourism destinations, those who can create, enhance and differentiate their image are more successful as they improve their popularity, reputation, and ability to attract more tourists in the future. Hence, we can infer that the image of the destination is one of effective marketing tools to attract more tourists. The purpose of this paper is to examine the impact of destination images on behavioral intentions. More specifically, we investigate the impact of cognitive and affective destination image on intentions to revisit and recommend the destination among past tourists. Data were collected from 249 tourists who visited the city of Essaouira and the model was tested using structural equation modeling based on the PLS method. The results of this study is to support the positive impact of the destination image on behavioral intentions. |
| Keywords: | Behavioral intention,Tourism,Marketing,Destination,Image |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03316260&r= |
| By: | James Hurley (University of Melbourne) |
| Abstract: | Whether Candida interacts with Gram-positive bacteria to enhance their invasive potential from the microbiome leading to infection within intensive care unit (ICU) patients remains unclear. These infections arise from the colonizing flora, but quantifying microbial colonization in patients is not simple. Using published ICU infection prevention data, one can model the interaction between Candida and Gram-positive bacteria (at the level of the ICU) using generalized structural equation models (GSEM). In these models, colonization is a latent variable defined by the proportion of patients with respiratory tract or blood stream infections. The various ICU infection prevention interventions (as studied within more than 250 publications) variously impact colonization with Candida and Gram-positive bacteria, which are measured as latent variables within the GSEM. The models provide support to interactions occurring between Candida and Gram-positive bacteria, contributing to bacteremia and pneumonia with these microbes within ICU patients. Similar GSEM modeling likewise implicates interactions between Candida and Gram-negative bacteria contributing to bacteremia. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:30&r= |
| By: | Michael Mehling (MIT Center for Energy and Environmental Policy Research); Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Border carbon adjustment, carbon pricing, Green Deal, international law, international trade |
| JEL: | H23 K33 Q54 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2026&r= |
| By: | Peterson-Wilhelm, Bailey; Durand-Morat, Alvaro; Nalley, Lawton L.; Norsworthy, Jason; Bagavathiannan, Muthukumar V. |
| Keywords: | Production Economics, Environmental Economics and Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312774&r= |
| By: | You, Wen; Davis, George C.; Yang, Jinyang |
| Keywords: | Food Consumption/Nutrition/Food Safety, Consumer/Household Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312810&r= |
| By: | Damian Clarke; Manuel Llorca Ja\~na; Daniel Paila\~nir |
| Abstract: | Quantile regression and quantile treatment effect methods are powerful econometric tools for considering economic impacts of events or variables of interest beyond the mean. The use of quantile methods allows for an examination of impacts of some independent variable over the entire distribution of continuous dependent variables. Measurement in many quantative settings in economic history have as a key input continuous outcome variables of interest. Among many other cases, human height and demographics, economic growth, earnings and wages, and crop production are generally recorded as continuous measures, and are collected and studied by economic historians. In this paper we describe and discuss the broad utility of quantile regression for use in research in economic history, review recent quantitive literature in the field, and provide an illustrative example of the use of these methods based on 20,000 records of human height measured across 50-plus years in the 19th and 20th centuries. We suggest that there is considerably more room in the literature on economic history to convincingly and productively apply quantile regression methods. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06055&r= |
| By: | Masashige Hamano; Munechika Katayama |
| Abstract: | We propose a novel SIR-macro model in which virus transmission is uncertain. The model is solved with the perturbation method around a deterministic infectious steady state. Assuming a stationary infection process, a positive infection shock increases infection while reducing consumption and hours worked for susceptible individuals. Further, we estimate our model with the recent US data on the COVID-19 outbreak. Historical decomposition obtained with Bayesian techniques finds that the dis-containment rule that encourages people to work more, as well as infection shock and technology shock, play an important role in characterizing US infection and macroeconomic dynamics. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:tcr:wpaper:e162&r= |
| By: | Paul H\"unermund (Copenhagen Business School); Beyers Louw (Maastricht University); Itamar Caspi (Bank of Israel) |
| Abstract: | Double machine learning (DML) is becoming an increasingly popular tool for automated model selection in high-dimensional settings. At its core, DML assumes unconfoundedness, or exogeneity of all considered controls, which might likely be violated if the covariate space is large. In this paper, we lay out a theory of bad controls building on the graph-theoretic approach to causality. We then demonstrate, based on simulation studies and an application to real-world data, that DML is very sensitive to the inclusion of bad controls and exhibits considerable bias even with only a few endogenous variables present in the conditioning set. The extent of this bias depends on the precise nature of the assumed causal model, which calls into question the ability of selecting appropriate controls for regressions in a purely data-driven way. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11294&r= |
| By: | Bornali Bhandari (National Council of Applied Economic Research) |
| Abstract: | The objective in this paper is to define the full range of employability skills from Prekindergarten to Higher Education and integrate it to the ground-level realities in the Indian context. It clearly identified that there are four types of skills –cognitive, socio-emotional, physical or psychomotor and job-specific skills. Every job role requires a different permutation and combination of these skills. These skills are mapped across foundational and advanced skills. The third objective is to propose an integrated perspective on education and training for India, which provided the maximum flexibility to workers to determine their own path. Education up to Class X has to be made compulsory. There should be two pathways after that – general schools that offer general education with vocational education and vocational schools that offer vocational education with general education. Apprenticeships needed to be made compulsory in the latter. Internships could be offered in both types of schools. The quality had to be strengthened to deliver a full range of skills at all levels. Even after landing a job, options for re-skilling and up skilling had to be offered. However, a demand-supply side delineation of the full range of the skill set shows that the supply-side is only delivering part of the skill set and even that suffers from quality issues. For example, nowhere active listening and active learning are recognised as key foundational cognitive skills, neither in policy nor in literature. However, these are two skills that employers want. The matching, if at all, was either at the very low-end at the primary/middle school level or at the college level. |
| Keywords: | Education, Employability, Employment, Skills, Vocational Skills, India |
| JEL: | J24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:123&r= |
| By: | Yan, Weibo (Zhongnan University of Economics and Law); Nie, Peng (Xi’an Jiaotong University) |
| Abstract: | Using the 2011-2013 China Migrants Dynamic Survey, this paper utilizes the quarter of the year in which a child was born as an instrumental variable to measure child education shock and explores its impact on migrated households. We only find significant education-induced migration among boys, which we attribute to son preference in China. Due to child education-induced migration, the per capita household consumption increases by 56.7%, the savings rate decreases by 40.3%, and remittances sent home decline by about 1.3 monthly household incomes, however, there are no effects on income, food consumption, and house rent. After exploring the mechanisms underlying child education-induced migration, we find that children migrate with their parents for a better education in urban areas. Because of the closure and consolidation of rural primary schools, children are forced to migrate due to their education needs. The accessibility of primary schools in urban areas is also responsible for migration decisions regarding children. This paper facilitates understanding of how Hukou influences gender inequality in China. We also provide evidence to show that the segregation of the education system through Hukou is a possible explanation for the low consumption rate of migrants. |
| Keywords: | education-induced migration, Hukou, son preference, economic behaviors |
| JEL: | O15 I28 D14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14653&r= |
| By: | Sandrine Benoist (VALLOREM - Val de Loire Recherche en Management - UO - Université d'Orléans - Université de Tours) |
| Abstract: | Dans l'imaginaire collectif, la vie à la campagne est celle d'un havre de paix, c'est-à-dire un territoire où l'on peut vivre modestement et qui reste propice à la création d'une famille et à la promotion des valeurs comme l'honnêteté, le travail et l'indépendance (Pagès, 2004). Une telle description du secteur agricole peut faire croire à l'inexistence de risques psychosociaux tels que le stress. L'objet de cet article est de comprendre la nature des ressources mises en évidence par les exploitants agricoles pour faire face au stress, en mobilisant la théorie de conservation des ressources de Hobföll (1989). Afin d'apporter des éléments de réponse, une étude empirique a été menée auprès de 15 exploitants agricoles. Les résultats de la recherche montrent la place centrale des ressources dans la perception du stress professionnel des agriculteurs. Par ailleurs, l'étude permet d'analyser le caractère réel et matériel des pertes exprimées par les exploitants agricoles. Elle invite à réfléchir sur les « stratégies d'ajustement » susceptibles de faire face aux différentes tensions de rôles. |
| Keywords: | Farmer group,Job Strain,Role Strain,Conservation of Resources Theory,Paradox,Farmers,Monde agricole,Agriculteurs,Agricultrices,Exploitants agricoles,Exploitantes agricoles,Stress professionnel,Tensions de rôles,Théorie de la conservation des ressources,Paradoxe,Risques psychosociaux,Facteurs psychosociaux de risques,Ressources adaptatives,Pertes,Contraintes,Agriculture,Stress perçu |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03262804&r= |
| By: | Laure Patouillard (CIRAIG - EPM - École Polytechnique de Montréal, IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, ECO-PUB - Economie Publique - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Daphné Lorne (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Pierre Collet (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Cécile Bulle (CIRAIG - EPM - École Polytechnique de Montréal); Manuele Margni (CIRAIG - EPM - École Polytechnique de Montréal) |
| Abstract: | Purpose Consequential life cycle assessment (C-LCA) aims to assess the environmental consequences of a decision. It differs from traditional LCA because its inventory includes all the processes affected by the decision which are identified by accounting for causal links (physical, economic, etc.). However, C-LCA results could be quite uncertain which makes the interpretation phase harder. Therefore, strategies to assess and reduce uncertainty in C-LCA are needed. Part of uncertainty in C-LCA is due to spatial variability that can be reduced using regionalization. However, regionalization can be complex and time-consuming if straightforwardly applied to an entire LCA model. Methods The main purpose of this article is to prioritize regionalization efforts to enhance interpretation in C-LCA by assessing the spatial uncertainty of a case study building on a partial equilibrium economic model. Three specific objectives are derived: (1) perform a C-LCA case study of alternative transportation scenarios to investigate the benefits of implementing a public policy for energy transition in France by 2050 with an uncertainty analysis to explore the strength of our conclusions, (2) perform global sensitivity analyses to identify and quantify the main sources of spatial uncertainty between foreground inventory model from partial equilibrium economic modeling, background inventory model and characterization factors, (3) propose a strategy to reduce the spatial uncertainty for our C-LCA case study by prioritizing regionalization. Results and discussion Results show that the implementation of alternative transport scenarios in compliance with public policy for the energy transition in France is beneficial for some impact categories (ICs) (global warming, marine acidification, marine eutrophication, terrestrial acidification, thermally polluted water, photochemical oxidant formation, and particulate matter formation), with a confidence level of 95%. For other ICs, uncertainty reduction is required to determine conclusions with a similar level of confidence. Input variables with spatial variability from the partial equilibrium economic model are significant contributors to the C-LCA spatial uncertainty and should be prioritized for spatial uncertainty reduction. In addition, characterization factors are significant contributors to the spatial uncertainty results for all regionalized ICs (except land occupation IC). Conclusions Ways to reduce the spatial uncertainty from economic modeling should be explored. Uncertainty reduction to enhance the interpretation phase and the decision-making should be prioritized depending on the goal and scope of the LCA study. In addition, using regionalized CFs in C-LCA seems to be relevant, and C-LCA calculation tools should be adapted accordingly. |
| Abstract: | Objectif L'analyse du cycle de vie conséquentielle (ACV-C) vise à évaluer les conséquences environnementales d'une décision. Elle diffère de l'ACV traditionnelle car son inventaire comprend tous les processus affectés par la décision qui sont identifiés en tenant compte des liens de causalité (physiques, économiques, etc.). Cependant, les résultats de l'ACV-C peuvent être assez incertains, ce qui rend la phase d'interprétation plus difficile. Par conséquent, des stratégies pour évaluer et réduire l'incertitude dans l'ACV-C sont nécessaires. Une partie de l'incertitude de l'ACC est due à la variabilité spatiale qui peut être réduite en utilisant la régionalisation. Cependant, la régionalisation peut être complexe et prendre beaucoup de temps si elle est appliquée directement à un modèle d'ACV complet. Méthodes L'objectif principal de cet article est de prioriser les efforts de régionalisation pour améliorer l'interprétation dans l'ACV-C en évaluant l'incertitude spatiale d'une étude de cas basée sur un modèle économique d'équilibre partiel. Trois objectifs spécifiques sont dérivés : (1) réaliser une étude de cas C-LCA de scénarios de transport alternatifs pour étudier les bénéfices de la mise en œuvre d'une politique publique de transition énergétique en France d'ici 2050 avec une analyse d'incertitude pour explorer la force de nos conclusions, (2) réaliser des analyses de sensibilité globales pour identifier et quantifier les principales sources d'incertitude spatiale entre le modèle d'inventaire de premier plan issu de la modélisation économique d'équilibre partiel, le modèle d'inventaire de fond et les facteurs de caractérisation, (3) proposer une stratégie pour réduire l'incertitude spatiale pour notre étude de cas C-LCA en priorisant la régionalisation. Résultats et discussion Les résultats montrent que la mise en œuvre de scénarios de transport alternatifs en conformité avec la politique publique de transition énergétique en France est bénéfique pour certaines catégories d'impact (CI) (réchauffement climatique, acidification marine, eutrophisation marine, acidification terrestre, eau thermiquement polluée, formation d'oxydants photochimiques et formation de particules), avec un niveau de confiance de 95%. Pour les autres CI, une réduction de l'incertitude est nécessaire pour déterminer les conclusions avec un niveau de confiance similaire. Les variables d'entrée avec une variabilité spatiale provenant du modèle économique d'équilibre partiel contribuent de façon significative à l'incertitude spatiale de l'ACV-C et devraient être priorisées pour la réduction de l'incertitude spatiale. En outre, les facteurs de caractérisation contribuent de manière significative aux résultats de l'incertitude spatiale pour tous les CI régionalisés (sauf le CI d'occupation des sols). Conclusions Il convient d'explorer les moyens de réduire l'incertitude spatiale de la modélisation économique. La réduction de l'incertitude afin d'améliorer la phase d'interprétation et la prise de décision doit être priorisée en fonction de l'objectif et de la portée de l'étude ACV. En outre, l'utilisation de FC régionalisées dans l'ACV-C semble être pertinente, et les outils de calcul de l'ACV-C devraient être adaptés en conséquence. |
| Keywords: | partial equilibrium economic modelling,regionalization,public policy,transport,uncertainty,interpretation,Life Cycle Assessment,global sensitivity analysis,modèle d'équilibre partiel |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03111911&r= |
| By: | Hanifi, S.M. Manzoor Ahmed (International Center for Diarrhoeal Disease Research); Menon, Nidhiya (Brandeis University); Quisumbing, Agnes (International Food Policy Research Institute) |
| Abstract: | This paper studies the impact of climate change on the nutritional status of very young children between the ages of 0 – 3 years by using weather data from the last half century merged with rich information on child, mother and household characteristics in rural coastal Bangladesh. We evaluate the health consequences of rising temperature and relative humidity and varying rainfall jointly. Leveraging a saturated fixed-effects model that controls for annual trends and location-specific seasonality, and that allows the impacts of temperature to vary non-parametrically while rainfall and humidity have flexible non-linear forms, we find that extreme heat and humidity in the month of birth exert significant negative effects on children's nutritional status as measured by mid upper arm circumference. The impact of humidity in particular persists when child, mother and household controls are included. We find that exposure to changing climate in utero and in the month of conception also matters. Possible explanations for our findings include consequences of varying heat, humidity, and rainfall on the extent of pasture, rain-fed and irrigated lands, on the propensity of household out-migration, and on mother's age at first marriage. We employ alternate models and undertake falsification tests to underline the robustness of the estimates. Our results indicate that climate change has real consequences for the health of very young populations who are in vulnerable areas. |
| Keywords: | climate change, temperature, humidity, rainfall, Bangladesh, children, mid upper arm circumference, non-parametric, non-linear |
| JEL: | Q54 I15 O15 Q56 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14657&r= |
| By: | Ioannis Arampatzidis (Department of Economics, University of Duisburg-Essen, Germany); Theologos Dergiades (Department of International and European Studies, University of Macedonia, Greece); Robert. K. Kaufmann (Department of Earth and Environment, Boston University, USA); Theodore Panagiotidis (Department of Economics, University of Macedonia, Greece) |
| Abstract: | We extend the existing understanding of the relation between oil prices and stock markets in two ways: (1) by evaluating the effects of the oil market on the U.S. stock market, at an aggregate level and for all forty-nine U.S. industry specific portfolios, and (2) by scrutinizing the dynamic nature of this relation, by fitting a Structural Vector Autoregression (SVAR) specification for a large set of rolling samples with fixed size. Results indicate that the effect of oil prices on the U.S. stock market depends on the type and timing of the shock. An oil supply shock generally does not have a statistically measurable effect on stock market performance. Conversely, an aggregate demand shock has a positive effect on nearly all sectors while an oil-specific demand shock has a negative effect on stock returns for most industries. These results suggest that investors can shift the portfolios consistent with smaller effects of oil-related shocks and the costs of carbon taxes and/or tradeable permits may be smaller than commonly thought if stock prices represent the net present value of profits. |
| Keywords: | Stock markets, Oil shocks, Rolling SVAR, U.S. Industries, Carbon tax |
| JEL: | C10 G01 G02 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:21-19&r= |
| By: | Hyeongwoo Kim; Shuwei Zhang |
| Abstract: | This paper shows that fiscal policy in the U.S. has become ineffective due to lack of coordination between monetary and fiscal policy. We present a New Keynesian model that generates strong output effects of government spending shocks only when monetary policy coordinates well with fiscal policy. Employing the post-war U.S. data, we report strong stimulus effects of fiscal policy during the pre-Volcker era, which rapidly dissipate when we shift the sample period to the post-Volcker era. Finding a negligible role of the real interest rate in the propagation of government spending shocks, we propose an alternative explanation using a sentiment channel. Employing the Survey of Professional Forecasters data, we show that forecasters tend to systematically over-estimate real GDP growth in response to positive innovations in government spending when policies coordinate well with each other. On the other hand, they are likely to formulate pessimistic forecasts when the monetary authority maintains a hawkish stance that conflicts with the fiscal stimulus. The fiscal stimulus, under such circumstances, may generate consumer pessimism, which decreases private spending and ultimately weakens the output effects of fiscal policy. We also provide statistical evidence that confirms an important role of the sentiment channel under different regimes of policy coordination. |
| Keywords: | Fiscal Policy; Time-varying Effectiveness; Policy Coordination; Sentiment; Survey of Professional Forecasters |
| JEL: | E32 E61 E62 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:abn:wpaper:auwp2021-04&r= |
| By: | Charles Collet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Pascal Gastineau (AME-SPLOTT - Systèmes Productifs, Logistique, Organisation des Transports et Travail - Université Gustave Eiffel); Benoit Chèze (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Frederic Martinez (AME-DCM - Dynamiques des changements de mobilité - Université de Lyon - Université Gustave Eiffel); Pierre-Alexandre Mahieu (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UN - Université de Nantes - ECN - École Centrale de Nantes - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes) |
| Abstract: | The transportation sector constitutes one of the main contributors to CO2 emissions. Several incentive measures have been already proposed by economists to mitigate these emissions. But, as we all know, these tools have met with mixed success. This paper proposes the use of attribute valence framing, i.e. a description of the same object/characteristics positively or negatively, in order to reduce CO2 emissions. This so-called nudge is easier to implement than more traditional tools, such as taxation, and does not rely on the stringent assumption that individuals are fully rational. The findings from a discrete choice experiment focusing on long-distance travel choice are reported herein. Results indicate that a loss framing on CO2 emissions significantly increases the respondents' practice of pro-environmental behaviors. The framing effect is larger when applied to CO2 than to travel duration (+50% and +30% of the willingness to pay, respectively). In employing psychological constructs, it is shown that preferences are affected by individuals' psychological features (i.e. a preference for the future and environmental self-identity), and moreover that the magnitude of the framing effect depends on individuals' motivational strategies. |
| Keywords: | Framing effect,Discrete choice experiment,Pro-environmental behavior,Travelers' willingness to pay |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03321706&r= |
| By: | Rey, Patrick; Nocke, Volker |
| Abstract: | We consider a multiproduct seller facing consumers who must search to learn prices and valuations. The equilibrium features choice overload: the larger the product line, the fewer consumers start searching. We provide conditions under which the seller o¤ers too much or too little variety. We then allow the seller to position products or make recommendations, thereby introducing the possibility of directed search, and show that the seller may .nd it pro.table to maintain some noise. Finally, we study the seller.s incentive to disclose product identity and extend our analysis to that of a platform choosing which sellers to host. |
| Keywords: | Sequential consumer search; product variety; choice overload; multi-product firm; platform |
| JEL: | L12 L15 D42 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125850&r= |
| By: | Bazzana, Davide; Foltz, Jeremy D.; Zhang, Ying |
| Keywords: | Environmental Economics and Policy, International Development, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312665&r= |
| By: | Sebastian Jaimungal; Silvana Pesenti; Ye Sheng Wang; Hariom Tatsat |
| Abstract: | We present a reinforcement learning (RL) approach for robust optimisation of risk-aware performance criteria. To allow agents to express a wide variety of risk-reward profiles, we assess the value of a policy using rank dependent expected utility (RDEU). RDEU allows the agent to seek gains, while simultaneously protecting themselves against downside events. To robustify optimal policies against model uncertainty, we assess a policy not by its distribution, but rather, by the worst possible distribution that lies within a Wasserstein ball around it. Thus, our problem formulation may be viewed as an actor choosing a policy (the outer problem), and the adversary then acting to worsen the performance of that strategy (the inner problem). We develop explicit policy gradient formulae for the inner and outer problems, and show its efficacy on three prototypical financial problems: robust portfolio allocation, optimising a benchmark, and statistical arbitrage |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10403&r= |
| By: | Hughes, Megan N.; Ma, Meilin; Mallory, Mindy L.; O'Connor, Kylie |
| Keywords: | Agricultural and Food Policy, Risk and Uncertainty, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312803&r= |
| By: | Nicolas Jacquemet (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Stéphane Luchini; J Rosaz; J Shogren |
| Abstract: | In a competitive business environment, dishonesty can pay. Self-interested executives and managers can have incentive to shade the truth for personal gain. In response, the business community has considered how to commit these executives and managers to a higher ethical standard. The MBA Oath and the Dutch Bankers Oath are examples of such a commitment device. The question we test herein is whether the oath can be used as an effective form of ethics management for future executives/managers-who for our experiment we recruited from a leading French business school-by actually improving their honesty. Using a classic Sender-Receiver strategic game experiment, we reinforce professional identity by pre-selecting the group to which Receivers belong. This allows us to determine whether taking the oath deters lying among future managers. Our results suggest "yes and no." We observe that these future executives/managers who took a solemn honesty oath as a Sender were (a) significantly more likely to tell the truth when the lie was detrimental to the Receiver, but (b) were not more likely to tell the truth when the lie was mutually beneficial to both the Sender and Receiver. A joint product of our design is our ability to measure in-group bias in lying behavior in our population of subjects (comparing behavior of subjects in the same and different business schools). The experiment provides clear evidence of a lack of such bias. |
| Keywords: | Commitment,Lying,In-group bias |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03277342&r= |
| By: | He, Xi; DePaula, Guilherme M.; Zhang, Wendong |
| Keywords: | International Development, Community/Rural/Urban Development, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312818&r= |
| By: | Patrick Flynn; Michelle M. Marcus |
| Abstract: | The Clean Water Act (CWA) significantly improved surface water quality, but at a cost exceeding the estimated benefits. We quantify the effect of the CWA on a direct measure of health and incorporate health benefits into a cost-benefit analysis. Using a difference-in-differences framework, we compare health upstream and downstream from wastewater treatment facilities before and after CWA grant receipt. Pollution only decreased downstream from facilities required to upgrade their treatment technology, and we leverage this additional variation with a triple difference. CWA grants increased average birth weight by 8 grams. A back-of-the-envelope calculation bounds infant health benefits below $29 billion. |
| JEL: | H51 I1 Q51 Q53 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29152&r= |
| By: | Zhu, Rong (Flinders University) |
| Abstract: | This paper examines the empirical link between retirement and the supply of volunteer labor, using panel data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey. To identify the causal impact, we exploit a major reform of the Australian Age Pension which has significantly changed the retirement incentives of older people. We find positive and significant effects of retirement status on the voluntary work provision of older men and women. Longer time spent in retirement increases the unpaid labor supply of women, while there is no such evidence for men. We further find evidence of intra-household retirement externalities: older people's retirement impacts positively on the volunteer behavior of their family members. Our findings suggest that the Australian Age Pension reform aiming at working life prolongation has led to an unintended shrinkage of the volunteer workforce. |
| Keywords: | retirement status, retirement duration, voluntary work, pension reform |
| JEL: | H55 J22 J26 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14648&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III)); Hughson, Helen (London School of Economics III); Tarrant, Hannah (London School of Economics III) |
| Abstract: | In this paper we model the revenue that could be raised from an annual and a one-off wealth tax of the design recommended by Advani, Chamberlain and Summers (2020b). We examine the distributional effects of the tax, both in terms of wealth and other characteristics. We also estimate the share of taxpayers who would face liquidity constraints in meeting their tax liability. We find that an annual wealth tax charging 0.17% on wealth above £500,000 could generate £10 billion in revenue, before administrative costs. Alternatively, a one-off tax charging 4.8% (effectively 0.95% per year, paid over a five-year period) on wealth above the same threshold, would generate £250 billion in revenue. To put our revenue estimates into context, we present revenue estimates and costings for some commonly-proposed reforms to the existing set of taxes on capital. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:578&r= |
| By: | Luca Fumarco (Tulane University); Alessandro Vandromme (Ghent University); Levi Halewyck (Ghent University); Eline Moens (Ghent University); Stijn Baert (Ghent University) |
| Abstract: | We are the first to estimate the impact of relative age (i.e., the difference in classmates’ ages) on both speed and quality of individuals’ transition from education to the labour market. Moreover, we are the first to explore whether and how this impact passes through characteristics of students’ educational career. We use rich data pertaining to schooling and to labour market outcomes one year after graduation to conduct instrumental variables analyses. We find that a one-year increase in relative age decreases the likelihood of having a school delay at sixteen and attending vocational high-school, while it increases the likelihood of having a student job. Furthermore, we find that a one-year increase in relative age increases the likelihood of (i) being employed by 3.5 percentage points, (ii) having a permanent contract by 5.1 percentage points, and (iii) having full-time employment by 6.5 percentage points. We find no effect on the likelihood of obtaining a job that matches one’s educational level. Finally, we find that only 8 percent to 14 percent of relative age effects on the likelihood of being employed and on full-time employment pass through educational attainments. Moreover, the mediator role of having a student job is as important as that of standard educational outcomes. The impact of relative age on student’s job and, in turn, its impact on the labour market was previously neglected. |
| Keywords: | relative age, school starting age, labour market transition |
| JEL: | I21 J23 J24 J6 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2112&r= |
| By: | Kai Fischer (Dusseldorf Institute for Competition Economics (DICE), Heinrich Heine University, Germany); J. James Reade (Department of Economics, University of Reading); W. Benedikt Schmal (Dusseldorf Institute for Competition Economics (DICE), Heinrich Heine University, Germany) |
| Abstract: | The COVID-19 pandemic has caused economic shock waves across the globe. Much research addresses direct health implications of an infection, but to date little is known about how this shapes lasting economic effects. This paper estimates the workplace productivity effects of COVID-19 by studying performance of soccer players after an infection. We construct a dataset that encompasses all traceable infections in the elite leagues of Germany and Italy. Relying on a staggered difference-in-differences design, we identify negative short- and longer-run performance effects. Relative to their pre-infection outcomes, infected players’ performance temporarily drops by more than 6%. Over half a year later, it is still around 5% lower. The negative effects appear to have notable spillovers on team performance. We argue that our results could have important implications for labor markets and public health in general. Countries and firms with more infections might face economic disadvantages that exceed the temporary pandemic shock due to potentially long-lasting reductions in productivity. |
| Keywords: | Labor Performance, Economic Costs of COVID-19, Public Health |
| JEL: | I18 J24 J44 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:rdg:emxxdp:em-dp2021-17&r= |
| By: | Anatoliy Kostruba (Vasyl Stefanyk Precarpathian National University); Elena Yu |
| Abstract: | The mechanism of legal regulation of relations is considered as a system of legal means, methods and forms with the help of which social relations are regulated. The author argues about the variability of the normative element of the mechanism under consideration, since it is not always possible to include the multiplicity of parameters that form its content and essence exclusively into the content of a legal norm. It is argued that the rule of law is not the main element of the mechanism of legal regulation through which relations between members of the society are being regulated. The corresponding regulatory influence is ensured with the help of individual regulators that have a different legal nature due to their limited, personalized obligatoriness. The author proves that, along with a legal norm, an individual normative prescription acts as a legal means of ensuring the operation of the mechanism of legal regulation of social relations, and its form is represented by alter-normative regulators (contract, custom). In addition, along with normative and alter-normative regulators, super-normative (principles of law) and quasi-normative (judicial acts) are highlighted. |
| Abstract: | Механизм правового регулирования отношений рассматривается как система правовых средств, способов и форм, с помощью которых упорядочиваются общественные отношения. Автор утверждает о вариативности нормативного элемента такого механизма, поскольку множественность параметров, которые формируют его содержание и сущность, не всегда возможно вписать исключительно в содержание правовой нормы. Аргументируется, что норма права не является основным элементом механизма правового регулирования, посредством которого происходит упорядочение отношений между членами социума. Соответствующее регламентационное влияние обеспечивается с помощью индивидуальных регуляторов, которые имеют отличную от нормы права правовую природу в силу их ограниченной, персонифицированной обязательности. Автор доказывает, что наравне с правовой нормой правовым средством обеспечения действия механизма правового регулирования общественных отношений является индивидуальное нормативное предписание, формой которого выступают alter-нормативные регуляторы (договор, обычай). Кроме того, наряду с нормативными и alter-нормативными регуляторами выделены сверхнормативные (принципы права) и quasi-нормативные (судебные акты). |
| Keywords: | Contract Law,analogy of law,Social regulation,Legal impact,Public law,private right,rule of law,Legal regulation,judgment,Rule of law,principles of law,Custom law,Contract,normative construct,mechanism of legal regulation of social relations,Правовое регулирование,Аналогия права,Коструба,норма права |
| Date: | 2021–07–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03298799&r= |
| By: | Rocha, Adauto B.; Fulginiti, Lilyan E.; Perrin, Richard K.; Walters, Cory G. |
| Keywords: | Production Economics, Agricultural Finance, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312854&r= |
| By: | SANCHEZ FERNANDEZ Berta (European Commission - JRC); DI BARTOLO Fabiola; RODRIGUEZ CEREZO Emilio (European Commission - JRC); BARREIRO HURLE Jesus (European Commission - JRC) |
| Abstract: | As part of the surveillance measures under the Single Market Program (SMP) the EC co-finances sampling, testing and other activities related to plant health. While there is a methodology to reimburse these activities in the field of animal health, there is no standard cost calculation methodology for their plant health equivalents. A need for simplification of the plant health surveillance costs has been raised throughout the years with the need to move towards a more attractive and simplified scheme based on unit costs. This technical report describes the methodology developed by JRC to simplify the co-funding of the Plant Health Survey programmes based on unit costs for the sampling activities.JRC has compared existing data from EUROPHYT and Eurostat with those obtained from MS questionnaires to determine the best formula for the future plant health surveillance reimbursement submissions. A composite unit cost was calculated as the weighted sum of the three sampling activities unit costs (visual examination, sample taking and trapping). It is called the Field Inspection “FI” unit cost. It is a representative activity to reflect field visits with a standard duration irrespectively of the type of pest under examination.The Field Inspection unit costs have been set for the official personnel and for the cost of service contracts including a salary profit mark-up.The Field Inspection unit costs meet the requirements to simplify the procedure for EU co-funding of plant health sampling activities as they: i) are built on reliable and up to date statistical and economic data including three different sources (MS questionnaires, EUROPHYT and Eurostat); ii) are a representative measurement to harmonize/facilitate the reimbursement given the large variability of time spent by pest, host distribution and geographical locations; and iii) cover the most frequent consumable costs, but also allow trapping consumable costs which exceed a specific cost ceiling to be determined separately on a case by case basis. |
| Keywords: | Single Market Program, plant health |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124246&r= |
| By: | Giancarlo Corsetti; Anna Lipinska; Giovanni Lombardo |
| Abstract: | Crises and tail events have asymmetric effects across borders, raising the value of arrangements improving insurance of macroeconomic risk. Using a two-country DSGE model, we provide an analytical and quantitative analysis of the channels through which countries gain from sharing (tail) risk. Riskier countries gain in smoother consumption but lose in relative wealth and average consumption. Safer countries benefit from higher wealth and better average terms of trade. Calibrated using the empirical distribution of moments of GDP-growth across countries, the model suggests non-negligible quantitative effects. We offer an algorithm for the correct solution of the equilibrium using DSGE models under complete markets, at higher order of approximation. |
| Keywords: | International risk sharing; Asymmetry; Fat tails; Welfare |
| JEL: | F15 F41 G15 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1324&r= |
| By: | Kohnert, Dirk |
| Abstract: | The global revival of economic nationalism and protectionism poses a serious threat to the international foreign trade policy orientation towards principles of a market economy. Popular economic nationalism such as Trumpism, Brexit or the isolation of the Eastern European Visegrád states from immigrants violates fundamental principles of the WTO. Economists agree that Brexit will hurt the UK economy significantly in the medium and long term. In addition, its political and economic effects will damage the US and transatlantic relations. British Prime Minister Boris Johnson, on the other hand, continues to claim that leaving the EU will enable Britain to "take back control". In addition, the socioeconomic effects of the Corona crisis on the US, UK, EU and transatlantic relations are devastating. It has far-reaching political, social and economic consequences that go well beyond public health. All partners need each other more than ever to cope with the Covid crisis. Increased transatlantic cooperation to strengthen resilience would also be necessary in closely related areas of international relations and security issues. |
| Keywords: | Brexit, COVID-19-pandemic, Corona crisis, economic growth, USA, United Kingdom, transatlantic relations, international trade, free trade area, customs union, Anglosphere |
| JEL: | F13 F15 F22 F52 F62 I14 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109344&r= |
| By: | Miine, Licarion |
| Abstract: | Ghana has undertaken many resettlement schemes as a result of development projects; for example Weija, Asuofuah, TemaManhean, Akosombo and Kpong resettlement schemes. The Akosombo resettlement was built in 1962 by the VRA as a result of the Akosombo dam construction which displaced about 80,000 people living along the river. The same VRA had the opportunity to build the Kpong Dam and to resettle the displaced people around the Dam catchment area. These past resettlement experiences of the country were characterized by repeated failures and it is expected that the Bui Dam resettlement will be successful and sustainable. The study therefore seeks to find the role infrastructure provision play in the lives of project affected people to resettlement sustainability |
| Keywords: | Resettlement, sustainability |
| JEL: | O21 O22 O29 R0 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108940&r= |
| By: | Wei Zhou (Department of Engineering, University of Cambridge); Alice Moncaster (Department of Engineering, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Peter Guthrie (Department of Engineering, University of Cambridge) |
| Keywords: | building stock, System Dynamics, disaggregation, aging chain, energy retrofit |
| JEL: | C6 O18 Q4 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2018&r= |
| By: | Huang, Kuan-Ming; Etienne, Xiaoli L.; Sant'Anna, Ana Claudia |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312841&r= |
| By: | Kartik B. Athreya; Grey Gordon; John Bailey Jones; Urvi Neelakantan |
| Keywords: | earnings dynamics; incarceration; racial inequality |
| JEL: | C23 D31 J15 |
| Date: | 2021–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92994&r= |
| By: | Zhang, Yuquan W.; McCarl, Bruce A.; Li, Qiang; Mu, Jianhong E.; Chang, Jinfeng |
| Keywords: | Environmental Economics and Policy, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312644&r= |
| By: | Bhalotra, Sonia (University of Warwick, CEPR, IZA, IEA); Britto, Diogo G. C. (Bocconi University, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, GAPPE/UFPE, IZA); Pinotti, Paolo (Bocconi University, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, CEPR); Sampaio, Breno (Universidade Federal de Pernambuco, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, GAPPE/UFPE, IZA) |
| Abstract: | We estimate impacts of male job loss, female job loss, and male unemployment benefits on domestic violence in Brazil. We merge employer-employee and social welfare registers with administrative data on domestic violence cases brought to criminal courts, use of public shelters by victims and mandatory notifications of domestic violence by health providers. Leveraging mass layoffs for identification, we find that both male and female job loss, independently, lead to large and pervasive increases in domestic violence. Exploiting a discontinuity in unemployment insurance eligibility, we find that eligible men are not less likely to commit domestic violence while benefits are being paid, and more likely to commit it once benefits expire. Our findings are consistent with job loss increasing domestic violence on account of a negative income shock and an increase in exposure of victims to perpetrators, with unemployment benefits partially offsetting the income shock while reinforcing the exposure shock. |
| Keywords: | domestic violence, unemployment, mass layoffs, unemployment insurance, income shock, exposure, Brazil JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:573&r= |
| By: | Parkhi, Charuta M.; Liverpool-Tasie, Saweda; Caputo, Vincenzina |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agribusiness, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312849&r= |
| By: | Roberta Montebello; Jude Darmanin (Central Bank of Malta) |
| Abstract: | This paper computes sectoral contributions to real labour productivity growth in Malta during the two decades since 2000. The aim is to give an account of the sectoral developments affecting Malta’s productivity growth in the twenty years since 2000, in the context of significant structural change. To this end, this study employs the exactly additive GEAD technique developed by Tang and Wang (2004), which allows for the decomposition of sectoral productivity growth into efficiency gains and resource reallocation. Real labour productivity growth in Malta averaged 1.2% between 2000 and 2019, double that registered in the euro area. This divergence in growth rates was driven by a consistently positive reallocation level effect in each of the sample subperiods, as a result of the large structural shifts and reforms that have occurred since 2000. On the other hand, the contribution of within-sector efficiency gains in Malta was below that observed in the euro area on average and was the main driver of cyclical fluctuations in Malta’s productivity growth since 2000. Distortions such as government assistance and labour hoarding during recessions magnified these fluctuations. Across sectors, the results suggest that productivity developments were quite heterogenous, with services industries generally recording positive contributions to productivity growth. On the other hand, the manufacturing sector mainly registered negative contributions, as efficiency gains were offset by an outflow of resources towards other sectors. |
| JEL: | E24 J24 J21 O52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mlt:wpaper:0421&r= |
| By: | Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Balanced scorecard, corporate climate action, corporate strategy, ESG, executive compensation, management incentives |
| JEL: | L21 M12 Q54 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2029&r= |
| By: | Laura Magazzini (Institute of Economics, Sant'Anna School of Advanced Studies) |
| Abstract: | I present the new Stata command xttestms for computation of the LM test for verifying the assumptions underlying the system GMM estimation in the context of dynamic panel-data models. The test has been proposed by Magazzini and Calzolari (2020), who show its better performance with respect to testing procedures customarily employed in empirical research (that is, the Sargan/Hansen test checking the whole set of moment conditions of the system GMM approach and the difference-in-Sargan/Hansen, which compares the value of the minimized criterion function of the system and difference GMM approaches). The command can be run after system GMM estimation by using either the Stata command xtdppsys or the command xtabond2 by Roodman (2009) to verify that the additional moment conditions that characterize the system GMM estimator are satisfied; that is, it verifies the validity of the mean stationarity assumption for the initial conditions. A set of Monte Carlo experiments will be performed to further assess the properties of the testing procedure, and two examples will be considered to show how the proposed command can be applied in empirical research. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:8&r= |
| By: | Renu Gupta (Sardar Patel Vidyalaya) |
| Abstract: | In response to recent concerns expressed by Indian industry about the ‘employability’ of school and university graduates, this paper examines the role of pedagogy in developing life skills (or 21st century skills) and how these can be incorporated in the school/university curriculum. In recent curricular frameworks, life skills have been incorporated within the school curriculum by stressing the importance of inquiry and collaborative work through all subjects taught in school. The paper finds a similar emphasis in the National Curriculum Framework (NCF) in India. Using classroom observations and textbook analyses, it shows that learning objectives in schools are frequently incorrect or misaligned with the NCF vision. The paper briefly touches on how the beliefs of teachers affect their classroom practices and recommends that attention should be paid to the professionalisation of teachers, as only then can students acquire skills that are relevant for the 21st century, which is what employers want. |
| Keywords: | Education, Non-cognitive Skills, Employability, Skill, Socio-emotional, Pedagogy, India |
| JEL: | I29 J24 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:124&r= |
| By: | Vines, David |
| Abstract: | A new health-sector institution is necessary at the national level. The UK needs a Health Resilience Commission whose purpose would be to monitor the UK health system and provide policy advice about its ongoing reform. This would be a statutory body holding public enquiries, making use of research skills and quantitative modelling abilities, and delivering reports to Parliament. The Australian Productivity Commission provides an indication of how to build such a body and how it might operate. New health-sector institutions are necessary at the global level. The world needs a reformed WHO, a body with delivery capabilities including crisis management skills, money to spend where necessary, and the ability to train and support national officials. It also needs a Global Health Board which can monitor the global health system and make recommendations about its ongoing reform. This body would have a similar role, at the global level, to the role of the Health Resilience Commission within the UK. The IMF provides a guide as to how a reformed WHO might operate and how it might be governed. The OECD provides a model for a Global Health Board, as does the Financial Stability Board, a body set up to help reform the global financial system after the Global Financial Crisis. All heath systems – both national and global – require greater cooperation between three "poles of delivery": namely markets, government, and civil society. The private sector is flexible, and is where innovation in production happens. Government can respond to crises, spend big money, manage society-wide systems, and enforce system change. Mechanisms involving civil society will come to the fore when markets and government alone cannot solve pressing problems. Civil Society can activate generosity and mobilise group support, and some things are best achieved with the kind of knowledge, skills and capabilities possessed by people who do not work for either the corporate sector or the government sector. Cooperation between these three poles of delivery is essential for health-system reform. Greater international cooperation on health policy is necessary between nation states, and between health-policy makers and the national treasuries and central banks who deliver economic policy. |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-15&r= |
| By: | Jan Bena; Isil Erel; Daisy Wang; Michael S. Weisbach |
| Abstract: | Inducing firms to make specialized investments through bilateral contracts can be challenging because of potential hold- up problems. Such contracting difficulties have long been argued to be an important reason for acquisitions. To evaluate the extent to which this motivation leads to mergers, we perform a textual analysis of the patents filed by the same lead inventors of the target firms before and after the mergers. We find that patents of inventors from target firms become 28.9% to 46.8% more specific to those of acquirers’ inventors following completed mergers, benchmarked against patents filed by targets and a group of counterfactual acquirers. This pattern is stronger for vertical mergers that are likely to require specialized investments. There is no change in the specificity of patents for mergers that are announced but not consummated. Overall, we provide empirical evidence that contracting issues in motivating specialized investment can be a motive for acquisitions. |
| JEL: | G34 L14 L22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29174&r= |
| By: | Davis, Will; Gregory, Christian A.; Tchernis, Rusty |
| Keywords: | Research Methods/Statistical Methods, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312666&r= |
| By: | Morad Zekhnini (Michigan State University) |
| Abstract: | Network analysis has become critical to the study of social sciences. While several Stata programs are available for analyzing network structures, programs that execute regression analysis with a network structure are currently lacking. We fill this gap by introducing the nwxtregress command. Building on spatial econometric methods (LeSage and Pace 2009), nwxtregress uses MCMC estimation to produce estimates of endogenous peer effects, as well as own-node (direct) and cross-node (indirect) partial effects, where nodes correspond to cross-sectional units of observation, such as firms, and edges correspond to the relations between nodes. Unlike existing spatial regression commands (for example, spxtregress), nwxtregress is designed to handle unbalanced panels of economic and social networks as in Grieser et al. (2021). Networks can be directed or undirected with weighted or unweighted edges, and they can be imported in a list format that does not require a shapefile or a Stata spatial weight matrix set by spmatrix. Finally, the command allows for the inclusion or exclusion of contextual effects. To improve speed, the command transforms the spatial weighting matrix into a sparse matrix. Future work will be targeted toward improving sparse matrix routines, as well as introducing a framework that allows for multiple networks. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:17&r= |
| By: | Albuquerque, Bruno (Bank of England) |
| Abstract: | Does corporate debt overhang affect investment over the medium term? To uncover this association, I measure debt overhang with a concept of debt accumulation or debt boom, and combine leverage with liquid assets to capture financial constraints. Using a large US firm-level panel over 1985 Q1–2019 Q1, I find that debt overhang leads financially vulnerable firms to cut permanently back on investment: a 10 percentage point increase in the three-year change in the leverage ratio is associated with lower investment growth of 5 percentage points after five years compared to the most resilient firms. I also find that vulnerable firms experience weaker intangible capital growth in the aftermath of debt booms. Finally, I find that general equilibrium effects dominate, stressing the risk that firm-specific debt booms in a subset of firms may spill over to the rest of the economy. |
| Keywords: | Corporate debt booms; firm investment; financial constraints; local projections |
| JEL: | D22 E22 E32 G32 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0935&r= |
| By: | Andreas Thiemann (European Commission - JRC) |
| Abstract: | This paper sheds light on the scarce empirical evidence on cryptocurrency users and use types. Based on the only available empirical estimate (shared by Chainalysis), this paper simulates the revenue potential from taxing Bitcoin capital gains in the EU. Total estimated Bitcoin capital gains in the EU amount to 12.7 billion EUR in 2020, including 3.6 billion EUR of realized gains. Applying national tax rules on capital gains from shares to those from Bitcoin yields a simulated tax revenue of about 850 million EUR in 2020. This paper is the first to empirically assess the tax revenue potential of capital gains from Bitcoin in the EU. While most of the empirical cryptocurrency literature is based on time-series data, this paper relies on dis-aggregated country-level data. The findings show that revenue from taxing cryptocurrencies is non-negligible and will be if the market of cryptocurrencies continues to grow. |
| Keywords: | Capital gains taxation, cryptocurrencies, Bitcoin. |
| JEL: | G19 G23 H24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:taxref:202112&r= |
| By: | Liang, Qiao; Bai, Rongrong; Dong, Han |
| Keywords: | Marketing, Production Economics, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312729&r= |
| By: | Lambert, Thomas |
| Abstract: | This paper attempts to estimate trends in the levels of economic surplus, public and private investment, and national government surpluses and deficits from accumulated capital income, taxation, and rents estimated by different economic historians for England and the UK. The data support historical accounts that income per capita growth begins to increase around the 1600s in Britain perhaps due to the level of capital, tax, and land income achieving an adequate threshold amount. According to some historians, this would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment and deficits reach even higher levels. The data developed in this research note are offered as additional macroeconomic data supplements to works created by other authors and researchers. |
| Keywords: | Economic Surplus, Deficits, Investments, Private Investment, Public Investment, Tax Revenues, |
| JEL: | B50 C82 N13 O11 O52 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109080&r= |
| By: | Eugenio Levi (Masaryk University); Isabelle Sin (Motu Economic and Public Policy Research); Steven Stillman (Free University of Bozen-Bolzano) |
| Abstract: | We use electoral survey data to examine the impact that two large external shocks had on the development of New Zealand First (NZF), one of the oldest populist parties in the OECD. We find that structural reforms, which led to large negative impacts on particular locations, and immigration reforms, which led to large spatially concentrated increases in skilled migration, both increased voting for NZF in its first years of existence. These shocks led to changes in political attitudes and policy preferences and had persistent effects on voting for NZF even twenty years later. Overall, they play an important role in explaining the rise of populism in NZ. Understanding how these shocks led to the development of NZF is particularly relevant for thinking about how populism has been extending its reach in the 2010s. |
| Keywords: | Populism; political parties; trade; immigration; shocks |
| JEL: | D72 P16 H40 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_09&r= |
| By: | Funke, Franziska; Mattauch, Linus; Klenert, David; O'Callaghan, Brian |
| Abstract: | The nexus of COVID-19 and climate change has so far brought attention to short-term greenhouse gas (GHG) emissions reductions, public health responses and clean recovery stimulus packages. We take a more holistic approach, making five broad comparisons between the crises with five associated lessons for climate change mitigation policy. First, delay is costly. Second, policy design must overcome biases to human judgment. Third, inequality can be exacerbated without timely action. Fourth, global problems require multiple forms of international cooperation. Fifth, transparency of normative positions is needed to navigate value judgments at the science-policy interface. Learning from policy actions during the COVID-19 crisis could enhance efforts to reduce GHG emissions and prepare humanity for future crises. |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-16&r= |
| By: | Rub, Abdur; Tack, Jesse B.; Barkley, Andrew P. |
| Keywords: | International Development, Environmental Economics and Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312781&r= |
| By: | Jan Willem Nijenhuis (University of Amsterdam) |
| Abstract: | Ordinal responses can be generated, in the time-series context, by different latent regimes or, in the cross-sectional context, by different unobserved groups of population. These latent classes or states can distort the inference in a traditional single-equation model. Finite mixture or regime switching models surmount the problem of unobserved heterogeneity or clustering through their flexible form. The available Stata command for finite mixture of ordered probit models, fmm: oprobit, does not allow for endogenous switching, when the unobservables in the switching equation are correlated with the unobservables in the outcome equations. We introduce two new commands, swopit and swopitc, that fit a switching ordered probit model for ordered choices with exogenous and endogenous switching between two unobserved regimes or groups. We provide a battery of postestimation commands, access the small-sample performance of the maximum likelihood estimator of the parameters and the bootstrap estimator of standard errors by Monte Carlo experiments, and apply the new commands to model the policy interest rates and health status responses. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:22&r= |
| By: | Martin Besfamille; Diego Jorrat; Osmel Manzano; Pablo Sanguinetti |
| Abstract: | Based on the fiscal regime that prevailed in Argentina from 1988 to 2003, we estimate the effects that changes in intergovernmental transfers and hydrocarbon royalties had on provincial public consumption and debt. From a one-peso increase in intergovernmental transfers, all provinces spent 76 centavos on public consumption and decreased their debt by 22 centavos. However, when hydrocarbon-producing provinces faced a one-peso increase in royalties, they saved 95 centavos. We provide evidence that the exhaustible nature of royalties may explain this saving reaction in hydrocarbon-producing provinces. |
| Keywords: | tax sharing regime, intergovernmental transfers, non-renewable resources, hydrocarbon royalties, provincial public consumption and debt, Argentina |
| JEL: | C30 H72 H77 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9251&r= |
| By: | Wang, Feicheng (University of Göttingen); Liang, Zhe (University of Nottingham); Lehmann, Hartmut (Leibniz Institute for East and Southeast European Studies (IOS)) |
| Abstract: | This paper investigates the effects of trade liberalisation induced labour demand shocks on informal employment in China. We employ a local labour market approach to construct a regional measure of exposure to import tariffs by exploiting initial differences in industrial composition across prefectural cities and then link it with the employment status of individuals. Using three waves of household survey data between 1995 and 2007, our results show that workers from regions that experienced a larger tariff cut were more likely to be employed informally. Further results based on firm-level data reveal a consistent pattern; tariff reductions increased the share of informal workers within firms. Such effects are more salient among smaller and less productive firms. Our findings suggest an important margin of labour market adjustment in response to trade shocks in developing countries, i.e. employment adjustment along the formal-informal dimension. |
| Keywords: | trade liberalisation, import competition, informal employment, firms, China |
| JEL: | F14 F16 F66 J46 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14650&r= |
| By: | Heinrich, Torsten; Wiese, Samuel |
| Abstract: | Generating payoff matrices of normal-form games at random, we calculate the frequency of games with a unique pure strategy Nash equilibrium in the ensemble of n-player, m-strategy games. These are perfectly predictable as they must converge to the Nash equilibrium. We then consider a wider class of games that converge under a best-response dynamic, in which each player chooses their optimal pure strategy successively. We show that the frequency of convergent games goes to zero as the number of players or the number of strategies goes to infinity. In the 2-player case, we show that for large games with at least 10 strategies, convergent games with multiple pure strategy Nash equilibria are more likely than games with a unique Nash equilibrium. Our novel approach uses an n-partite graph to describe games. |
| Keywords: | Pure Nash equilibrium, best-response dynamics, random games |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-24&r= |
| By: | Mahmood, Haider; Alkhateeb, Tarek Tawfik Yousef; Al-Qahtani, Maleeha Mohammed Zaaf; Allam, Zafrul Allam; Ahmad, Nawaz; Furqan, Maham |
| Abstract: | Economic growth is very basic need of any economy but its environmental effects should not be ignored. We investigate the environmental effects of economic growth and energy consumption of Saudi Arabia. The study uses data of a period 1968-2014 and cointegration test and corroborates a long- and short-run relationships. The results indicate that economic growth and energy consumption contributes in CO2 emissions in both long- and short-run. It means that increasing economic growth of the Kingdom has social cost on the economy in terms of pollution emissions. Based on findings, we recommend to use the alternative renewable sources of energy consumption to avoid the pollution effects of growth in Saudi Arabia. |
| Keywords: | Energy Consumption, Economic Growth, Pollution |
| JEL: | Q53 |
| Date: | 2019–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109143&r= |
| By: | Kristine Tidgren; Wendong Zhang (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | President Biden proposed the American Families Plan (AFP) on April 28, 2021, to provide new social programs to millions of Americans. To pay for this $1.8 trillion benefits package, the AFP proposes significantly changing the way capital gain is taxed. The Administration has explained that "reforms to the taxation of capital gains and qualified dividends will reduce economic disparities among Americans and raise needed revenue." Specifically, the AFP proposes increasing the top marginal tax rate, taxing some capital gain at ordinary income tax rates, and subjecting more gain to the 3.8% Medicare tax. The AFP would thus boost the top federal rate at which some capital gain is taxed to 43.4% in 2022 and beyond. In addition to increasing tax rates, the AFP proposes taxing previously unrealized capital gain upon the transfer of appreciated property at death or by gift. This new tax-never before implemented in the United States-would generally apply to gain exceeding $1 million per person. It would supplement, not replace, the current estate and gift tax, which-because of a current exclusion of $11.7 million per person-impacts very few estates. As proposed, the AFP would generally eliminate the tax-free step up in basis for capital gain exceeding $1 million. This would apply to gain arising from investment assets such as stocks or commercial real estate, as well as gain arising from farmland or other business property. The AFP proposes applying the current $250,000 per person exclusion for capital gain on a principal residence. To determine the potential impact of these proposals on the owners of Iowa farmland, we analyze statistically representative data of farmland and landowners in Iowa, collected through the 2017 Iowa Farmland Ownership and Tenure Survey (IFOTS). We determine the basis of the farmland based upon its location and how and when it was acquired. We then calculate potential gain based upon estimated county-level fair market value (FMV) in 2021, which is assumed to be 5% higher than the average county farmland value estimates reported in the ISU Land Value Survey as of November 1, 2020. Because the AFP would treat entities differently from individuals, we exclude entity-owned farmland from our analysis and only consider acres owned by sole owners, joint tenants, tenants in common, or revocable living trusts. As such, our study examines the potential impact of the AFP on 22 million acres of Iowa farmland, which is 72% of the 31 million-acre total. Our study also considers the AFP's potential impact on 217,548 owners or 80% of the 272,906 farmland owners in Iowa (please see PDF for full summary). |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-pb35&r= |
| By: | Van Deynze, Braeden; Fonner, Robert C.; Feist, Blake; Jardine, Sunny L.; Holland, Daniel S. |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312843&r= |
| By: | VERKERK P. J.; CARDELLINI Giuseppe; VAN MEIJL Hans; PYKA Andreas |
| Abstract: | This report analyses the existing capacity and needs for bioeconomy modelling to integrate all three dimensions of sustainability (economic, social, environmental) and provides recommendations for developing new and improved models that are better suited to assist foresight activities and policy making related to the targeted transformation.There are already several models and recent extensions to support the analysis of key policy issues. Part of the recommendations therefore focus on extensions of the existing modelling capacity, to close identified gaps within currently existing economic structures and their adaptation to policy interventions. Another set of recommendations focuses on the application of so-called emerging modelling approaches, which can close gaps that cannot be addressed by extending existing models. These gaps concern changing economic structures on the supply side and behavioural patterns on the consumption side, which are required to be captured to understand the long-term dimensions of the targeted transformation. The capacity of emerging modelling approaches to analyse the effects of agents’ heterogeneity in decision making, fundamental pattern changes like the overcoming of lock-ins, as well as socio-economic and environment system interactions, makes them interesting for bioeconomy modelling. |
| Keywords: | Bioeconomy, modelling, models, agriculture, forestry, SDGs |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124579&r= |
| By: | Marc Diederichs (Johannes Gutenberg University Mainz); René Glawion (University of Hamburg); Peter G. Kremsner (University of Tübingen); Timo Mitze (University of Southern Denmark); Gernot Müller (University of Tübingen); Dominik Papies (University of Tübingen); Felix Schulz (Johannes Gutenberg University Mainz); Klaus Wälde (Johannes Gutenberg University Mainz) |
| Abstract: | Various forms of contact restrictions have been adopted in response to the Covid-19 pandemic. Around February 2021, rapid testing appeared as a new policy instrument. Some claim it may serve as a substitute for contact restrictions. We evaluate the effects of a unique policy experiment: In March and April 2021, the city of T¨ubingen set up a testing scheme while relaxing contact restrictions. We compare case rates in Tübingen county to an appropriately identified control unit. The experiment led to an increase in the reported case rate. This increase is robust across alternative statistical specifications. An epidemiological model that corrects for ’more cases due to more testing’ and ’reduced testing and reporting during the Easter holiday’ also confirms the finding. |
| Date: | 2021–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:2112&r= |
| By: | Yuval Salant; Jörg L. Spenkuch |
| Abstract: | We study two dimensions of complexity that may interfere with individual choice. The first one is object complexity, which corresponds to the difficulty in evaluating any given alternative in a choice set. The second dimension is composition complexity, which increases when suboptimal alternatives become more similar to optimal ones. We develop a satisficing-with-evaluation-errors theory that incorporates both dimensions and delivers sharp empirical predictions about their effect on choice behavior. We confirm these predictions in a novel data set with information on hundreds of millions of decisions in chess endgames. First, as the object complexity of an optimal (suboptimal) alternative increases, it becomes less (more) likely to be chosen. Second, even highly experienced decision-makers are more likely to make mistakes when choosing from sets with higher composition complexity. These findings help to shed some of the first light on the effect of complexity on choice behavior outside of the laboratory. |
| Keywords: | complexity, choice, satisficing, bounded rationality |
| JEL: | D91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9239&r= |
| By: | Emanuel Ornelas; Patricia Tovar |
| Abstract: | We study, theoretically and empirically, how countries choose intra-bloc tariffs and preferential margins when they form Preferential Trade Agreements (PTAs). Our model indicates that countries should set systematically lower preferential margins when the bloc takes the form of a free trade area (where members set external trade policies independently), relative to a customs union (where members coordinate external tariffs). Moreover, in customs unions (but not necessarily in free trade areas) preferential margins should increase with the supply of partner countries and decrease with the level of preferential imports. These relationships reflect, respec-tively, the internalization of political-economy goals within the bloc and the desire to curb trade diversion. Using a sample that covers most PTAs formed by Latin American countries in the 1990s, when their popularity in the region shot up, we find empirical support for each of those predictions. These findings make clear that the type of PTA matters significantly for the bloc’s tariff structure. Our results carry out important implications for the welfare consequences and the social desirability of different types of PTAs. |
| Keywords: | regionalism, free trade agreements, customs unions, tariff complementarity, Latin America |
| JEL: | F15 F13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9245&r= |
| By: | Tino Berger; Julia Richter; Benjamin Wong |
| Abstract: | We jointly estimate the U.S. business and financial cycle through a unified empirical approach while simultaneously accounting for the role of financial factors. Our approach uses the Beveridge-Nelson decomposition within a medium-scale Bayesian Vector Autoregression. First, we show, both in reduced form and when we identify a structural financial shock, that variation in financial factors had a larger role post-2000 and a more modest role pre-2000. Our results suggest that the financial sector did play a role in overheating the business cycle pre-Great Recession. Second, while we document a positive unconditional correlation between the credit cycle and the output gap, the correlation of the lagged credit cycle and the contemporaneous output gap turns negative when we condition on a financial shock. The sign-switch suggests that the nature of the underlying shocks may be important for understanding the relationship between the business and financial cycles. |
| Keywords: | business cycle, financial cycle, financial shocks |
| JEL: | C18 E51 E32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-4&r= |
| By: | Dietmar Fehr; Yannick Reichlin |
| Abstract: | We show that perceptions of relative rank in the wealth distribution shape individuals’ willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level. Respondents who are induced to perceive their relative position as low display more tolerance towards risk in a subsequent incentivized lottery task. This effect is mainly driven by individuals who more firmly believe that life outcomes are beyond their control. This interaction between risk preferences and underlying beliefs spotlights the benefits of incorporating personality traits into economic analysis. |
| Keywords: | relative wealth, risk taking, survey, experiment, locus of control |
| JEL: | D31 D63 D81 D91 E21 I31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9253&r= |
| By: | Goodenberger, James; Munk, Robert; Senney, Garrett |
| Keywords: | Environmental Economics and Policy, Production Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312728&r= |
| By: | Farmer, J. Doyne; Way, Rupert; Mealy, Penny |
| Abstract: | We evaluate the cost of four different scenarios for the global energy system from 2020 to 2070 using an empirically validated technology forecasting method based on an expansive historical dataset. A no-transition scenario that maintains the current energy mix provides a benchmark. Under a rapid transition scenario, solar photovoltaics and wind are quickly deployed using batteries for short-term storage. Hydrogen-based fuels are used for long-term storage and non-electrifiable applications. Energy prices become lower than historical averages after 2030 and considerably lower after 2050. This yields an expected net present saving at any sensible discount rate; at 4% for example, we predict savings of $5.6 trillion. In contrast, a slower transition is more expensive, while a nuclear scenario is substantially more expensive. |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-01&r= |
| By: | Amina Saoussany (École Nationale de Commerce et de Gestion -Agadir); Nabila Kidaye (École Nationale de Commerce et de Gestion -Agadir) |
| Abstract: | This article proposes a literature review summarizing the evolution of the concept of Corporate Social Responsibility, starting from the 50s to the early 21st century. It traces the development of CSR, from a concept evoked as a "good practice" expressing good intentions and ethics of the company, to a practice that is no longer voluntary, that must be included in the company's strategy and based on creating a shared value. This article provides a review of the main events that contributed to the understanding, explanation, and enrichment of the concept studied, based on articles, international events, and books. We also present a table summarizing the evolution of CSR, including the most recent events that contributed to the conception of CSR in its currents form. The concept of CSR has undergone various fluctuations and upgrades that have contributed to standardizing its understanding, meeting stakeholder expectations, and questioning the shared value generated if integrated into the company's strategy. The association of CSR with context, time, and cultural specificities, makes its modeling difficult, if not impossible. On the other hand, the permanent change of stakeholders' expectations has forced this concept to change as well in order to face the new expectations created by the company's environment. In sum, our work contributes to the literature by exploring first the evolution of CSR over time, then the impact of stakeholders on corporate behavior, and finally, the models of CSR developed in the scientific field. |
| Abstract: | Le présent article propose une revue de littérature qui résume l'évolution du concept de la Responsabilité Sociétale de l'Entreprise dans le temps, depuis les années 50 du siècle passé jusqu'au début du XXIème siècle. Il trace le développement de la RSE, d'un concept évoqué comme « bonne pratique » exprimant les bonnes intentions et l'éthique de l'entreprise, à une pratique qui n'est plus volontaire, qui doit être incluse dans la stratégie de l'entreprise et est basée surtout sur la création de la valeur partagée. Dans cet article, nous allons passer en revue les événements phares qui ont participé à la compréhension, l'explication et l'enrichissement du concept étudié en nous basant sur des articles, des événements internationaux et des ouvrages de spécialité. Notre approche de l'évolution de la RSE est présentée dans un tableau synthétique qui rend compte des principaux événements qui ont contribué à la conception de la RSE sous sa forme actuelle. Le concept de la RSE a connu des fluctuations et des mises à niveau qui ont contribué à standardiser sa compréhension, à répondre aux attentes des parties prenantes et à s'interroger sur la valeur partagée qu'il génère s'il est intégré dans la stratégie de l'entreprise. La dépendance de la RSE du contexte, des temps et des spécificités culturelles rend sa modélisation difficile, voire impossible. De son côté, le changement permanent des attentes des parties prenantes ont contraint ce concept à changer à son tour pour faire face aux nouvelles exigences créées par l'environnement de l'entreprise. En somme, notre travail contribue à la littérature en explorant tout d'abord l'évolution de la RSE dans le temps, ensuite l'impact des parties prenantes sur le comportement des entreprises et enfin, les modèles de la RSE qui ont été développés dans le champ scientifique. |
| Keywords: | Literature Review, CSR Models, Historical Evolution of CSR, Shared Value,Responsabilité Sociétale de l’Entreprise,Évolution Historique de la RSE,Valeur Partagée |
| Date: | 2021–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03269218&r= |
| By: | BARREIRO HURLE Jesus (European Commission - JRC); BOGONOS Mariia (European Commission - JRC); HIMICS Mihaly (European Commission - JRC); HRISTOV Jordan (European Commission - JRC); PEREZ DOMINGUEZ Ignacio (European Commission - JRC); SAHOO Amarendra (European Commission - JRC); SALPUTRA Guna (European Commission - JRC); WEISS Franz (European Commission - JRC); BALDONI Edoardo (European Commission - JRC); ELLEBY Christian (European Commission - JRC) |
| Abstract: | During the last 30 years, the Common Agricultural Policy has increased the importance given to improving the environmental and climate performance of the European agriculture, as confirmed by the Future CAP proposal. Furthermore, the Green Deal strategy outlined a comprehensive approach to facilitate the transition towards sustainable food systems that links in a holistic approach all actors in the system, a path sketched out in the Farm to Fork (F2F) and Biodiversity (BDS) Strategies. Reflecting this ambition, this report was a contribution to the 2030 Climate Target Plan impact assessment, based on one of the main models used by the European Commission for agricultural policy analysis (the CAPRI model), which can incorporate some of the policies put forward for accelerating the transition towards sustainable food systems. The report presents a modelled scenario of an ambitious implementation of the CAP reform proposals to measure the effects on EU agriculture including four quantitative targets put forward in the F2F and BDS strategies already reflected in the recommendations of the Commission to the Member States on their CAP Strategic Plans. These targets were selected as the ones with the greatest potential to affect agricultural environment and production. Moreover, those are the targets to which the CAP can provide specific contribution.The analysis includes a reduction of the risk and use of pesticides, a reduction of nutrient surplus, an increase of area under organic farming, and an increase of area for high-diversity landscape features. The impacts are modelled under three scenarios. One is a status quo scenario assuming no change in the CAP compared to its implementation during 2014-2020. The other two scenarios include a potential implementation of the CAP post 2020 legal proposal targeting these objectives, both with and without the targeted use of Next Generation EU funding.However, the report does not constitute an impact assessment of the strategies as such; the modelling scope does not include all of the strategies’ measures (e.g. food waste reduction targets, dietary shifts, organic action plan) which would alter the impacts reported. Not all policies that affect the transition are captured by this model. Other analytical approaches and tools are necessary to arrive at a more complete picture of the potential impacts of this transition. As these two strategies propose a comprehensive approach to move towards sustainable food systems, their inclusion requires additional assumptions to capture positive synergies between the different initiatives and additional tools to cover the limitations of the modelling approach used. Therefore, impacts should be considered representing an upper bound of the full impact of the strategies as they are partial in scope (mainly covering the supply side) and incomplete (as the required future changes in consumer behaviour are not captured in the model). Based on the assumptions made and taking into account the limitations of the analysis, modelling results indicate that reaching these four targets under the current CAP implementation achieves significant environmental benefits in the form of reductions in greenhouse gases and ammonia emissions as well as in gross nutrient surplus, though the extent in terms of positive environmental and economic benefits is not fully quantified. Results also show a decline in EU production and variations in prices and income for selected agricultural products, albeit in different degrees. This impact can be lowered by approximately one-fifth when a CAP implementation in line with the 2018 Legal Proposal and targeted to accelerate the transition to a more sustainable agriculture is assumed. The new CAP implementation also increases the positive performance of the agricultural sector in environmental terms. In both scenarios, the impacts on international markets are limited. In both scenarios, the potential to further reduce these impacts is underestimated by the fact that not all initiatives, measures and resulting synergies covered by the strategies are considered. For example, reductions in production associated with shift to organic agriculture could be mitigated with the implementation of the organic action plan. Lower livestock production could have less impact on prices and trade when accompanied by a shift towards more plant based diets and the reduction of food waste. The positive impact could also be enhanced via accelerated technological development and efficiency improvements likely to occur by 2030. Moreover, the exercise assumes that the EU acts alone. Because of this assumption, a significant part of the gains in terms of emissions in the EU is leaked to other world regions. However, as part of international climate agreements also non-EU countries have commitments to reduce GHG emissions, incorporating this to the analysis would reduce the leakage and negative impacts for the EU. Last, the report does not provide information on all the benefits derived from those targets for both the agricultural sector and the wider society, as these are not captured in the model. As such, the analysis presented is not intended to be used as the sole basis for decision-making and it would not be in any case appropriate for this purpose.The lessons learned from this report are important from a policy perspective. The agricultural sector will have to go through a challenging transition and this study – with all its limitations – shows the magnitude of the challenge. The report shows that, when it comes to the supply side, the Future CAP legal proposals provide opportunities for implementing the production-related targets of the Green Deal. By comparing the impact of four F2F and BDS strategies’ targets under an unchanged CAP and a CAP reflecting the ambitious implementation of its reform proposals the report identifies the potential impacts of the Future CAP proposal with respect to selected environmental indicators, production, income, prices and trade. However, the report also points towards areas where such a transition faces bigger challenges, for which we need effective instruments to support the sector during the transition. Some of these instruments are alreadt the focus of other complementary policy initiatives. Furthermore, it allows the identification of gaps where additional steps would be needed so that Green Deal targets are met and the transition towards sustainable food systems accelerated. Finally, the results confirm the need for global solutions to the global challenge of climate change.The report also highlights that the current modelling tools need improvements to help us prepare future impact assessments. Significant gaps exist in capturing in agro-economic models how the demand side of the food chain would respond to the required changes in demand and the supply side. Even when the analysis reported focuses on the supply side and captures most of its nuances in a satisfactory manner, some improvements are needed. For example, additional developments are needed to capture the positive feedback in yields resulting from the enhanced ecosystem services provided by improved biodiversity. In addition, while some technologies are captured in the model there are additional measures that could be introduced to further reduce the environmental impact of production; thus minimizing the trade-off between meeting targets and production impacts.In addition, the assumptions about the impacts on farm management and yields of the reduction in pesticide use and the increase in organic farming do not capture potential beneficial side effects beyond the agricultural sector (e.g. health benefits). These limitations are partly driven by the lack of comprehensive farm-level data, which results in the assessment of the relationship between farming activity and the environment in an aggregated regional level. The Commission’s proposal to move from a farm accountancy data network (FADN) to a farm sustainability data network (FSDN) will be instrumental in addressing these limitations as it would allow the better understanding of which practices work best, and within which regional and sector environment.As far as the demand side is concerned, this analysis does not incorporate the ambition related to food waste reduction, the move towards different diets or the demand side promotion of organic and sustainably produced food. Such changes would require the development of other modelling approaches incorporating assumptions on future consumer behavioural changes that cannot be captured with analyses of past consumer behaviour. In this area, data availability is an issue whose resolution would require the cooperation of the retail and processing industry. In addition, one also has to consider the magnitude of the scenario shocks (i.e. distance from baseline values to aspirational targets). Models are calibrated to a common vision of the future and their predictive performance may be decreased in extreme cases. When dealing with systemic changes, other research tools such as foresight and propective can be used in a complementary manner to inform some of the parameters that could reflect novel practices and busness models that could be developed by farmers to adapt to the new sustainable food systems paradigmAs part of its commitment to provide better scientific evidence for policy making, the JRC is working to improve knowledge on the effects (including potential co-benefits) of the measures implemented, develop the model to improve the representation of pesticides and organic farming, and explore avenues to incorporate the impact of food waste reductions and changes in diets. As for the latter, improvements on environmental and human health expected from the accelerated shift towards sustainable food systems need to be quantified using other tools. In addition, a comprehensive assessment should also incorporate a full food systems approach incorporating other phases of the food value chain and changes in consumer preferences and behaviour. The upcoming proposal for a legislative framework for sustainable food systems will require a comprehensive impact assessment. This impact assessment will have to be able to evaluate the ambition laid down for an enhanced environmental, climate and health performance of the EU’s agricultural sector as part of the broader food system. While agro-economic models will be an integral part of the tools for such an evaluation, the present exercise has identified areas where additional efforts are needed, especially in the need to capture the environment not only as a restriction for agricultural production but also as an input. The current modelling approach focuses on the trade-offs between environmental protection and agricultural production based on past experience, failing to capture the positive synergies that a better environment brings associated. These limitations are not specific to the CAPRI model. Other analyses that have looked into the impacts of some of the initiatives put forward in the strategies using other models (Beckman et al. 2020; Guyomard et al. 2020) also faced them. Ongoing research and analysis can shed light on more positive synergies associated with a better environmental footprint, thus improving the capacity of the model to capture the targets and using additional methods to estimate the benefits. |
| Keywords: | CAPRI Model, agricultural policy, environmental and climate ambition |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc121368&r= |
| By: | Xu, Wenli |
| Abstract: | This note documents a DSGE model of Climate Change. I extend the NK model with geophisical variables, such as greenhouse gas emissions, the carbon cycle, radiative forcing, and climate change. In this model, I specify five different climate policy regimes: no policy, cap, intensive, tax, and mandate. |
| Keywords: | DSGE, climate change, climate policy |
| JEL: | E6 Q5 |
| Date: | 2020–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109234&r= |
| By: | Omar Lamrani (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University); Rachid Zammar (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University) |
| Abstract: | In terms of management and during the last ten years, the implementation of a management control system in large organizations has become an essential fact insofar as the latter facilitates decision-making techniques and removes the company's compartmentalization and allows managers to have a precise vision of the flow of information in order to make the right decisions at the right time. However, management control affects even SMEs; but on the other hand, small or medium-sized growing companies require distinct management approaches compared to large companies. They must adapt to a set of contingent variables such as strategy, technology, structure, culture as well as the environment in which they evolve, especially since SMEs are characterized by the vision, ambitions and motivations of the manager, and the latter relies on his intuition and judgment to make decisions and definitively refuses to delegate or to resort to an integrated management control system. This investigation is combined with deductive reasoning that leads to the confrontation of the theoretical framework and the formulated hypotheses. This article is based on a sample of 40 small and medium-sized companies with staff ranging from 10 to 150. The purpose of this article is to provide readers with recent and relevant information on the subject relating to the interest and the place occupied by the management control within the Moroccan SMEs and more particularly on the Casablanca Settat region. The information collected was analyzed using SPSS software. However, the objective of this article is to show to what extent the implementation of a management control department can have an impact on the increase of the performance of Moroccan SMEs. Our results reveal that SME managers are in need of implementing a management control system in order to improve performance which is associated with the good management of management control tools. |
| Abstract: | En matière de management et durant les dix dernières années l'implémentation d'un système de contrôle de gestion dans les grandes organisations est devenue un fait primordial dans la mesure où ce dernier facilite les techniques décisionnelles et écarte les cloisonnements de l'entreprise et permet aux dirigeants d'avoir une vision précise des flux d'informations afin de prendre les bonnes décisions au moment opportun. Or , le contrôle de gestion affecte même les PME, mais en revanche les petites ou moyennes entreprises en croissance nécessitent des approches de gestion distinctes par rapport aux grandes entreprises, ils doivent s'approprier à un ensemble de variables contingentes telles que la stratégie, la technologie, la structure , la culture ainsi que l'environnement dans lequel elles évoluent surtout que les PME sont particularisées par la vision, les ambitions et les motivations du dirigeant, et ce dernier se fie à son intuition et jugement pour prendre des décisions et refuse définitivement de déléguer ou de recourir à un système de contrôle de gestion intégré. Cette enquête est combinée à un raisonnement déductif qui conduit à la confrontation du cadre théorique et des hypothèses formulées. Cet article est basé sur un échantillon de 40 petites et moyennes entreprises avec des effectifs allant de 10 à 150. Le but de cet article est de fournir aux lecteurs des informations récentes et pertinentes sur le sujet relatif à l'intérêt et la place qu'occupe le contrôle de gestion au sein des PME marocaines et plus particulièrement sur la région Casablanca Settat. Les informations recueillies ont été analysées par le logiciel SPSS. Toutefois l'objectif de cet article est de montrer à quelle ampleur la mise en place d'un département contrôle de gestion peut avoir un impact sur l'accroissement de la performance des PME marocaines. Nos résultats révèlent que les dirigeants des PME sont dans la nécessité d'implanter un système de contrôle de gestion afin d'améliorer la performance qui est associée à la bonne gestion des outils du contrôle de gestion. |
| Date: | 2021–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312972&r= |
| By: | Ramit Debnath (EPRG, CJBS, University of Cambridge); Vibhor Mittal (NTPC School of Business, India); Abhinav Jindal (Indian Institute of Management Indore, India) |
| Keywords: | Power System, Flexibility, Coal economy, Social disruption, Energy Transition, Electricity Bill 2020 |
| JEL: | Q4 Q42 Q48 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2031&r= |
| By: | Hensen, Reid; Mooney, Daniel F.; Hill, Alexandra E.; Fernandez-Gimenez, Maria |
| Keywords: | Production Economics, Agricultural and Food Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312794&r= |
| By: | Christine Mulhern; Isaac M. Opper |
| Abstract: | There is an emerging consensus that teachers impact multiple student outcomes, but it remains unclear how to summarize these multiple dimensions of teacher effectiveness into simple metrics that can be used for research or personnel decisions. Here, we discuss the implications of estimating teacher effects in a multidimensional empirical Bayes framework and illustrate how to appropriately use these noisy estimates to assess the dimensionality and predictive power of the true teacher effects. Empirically, our principal components analysis indicates that the multiple dimensions can be efficiently summarized by a small number of measures; for example, one dimension explains over half the variation in the teacher effects on all the dimensions we observe. Summary measures based on the first principal component lead to similar rankings of teachers as summary measures weighting short-term effects by their prediction of long-term outcomes. We conclude by discussing the practical implications of using summary measures of effectiveness and, specifically, how to ensure that the policy implementation is fair when different sets of measures are observed for different teachers. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9263&r= |
| By: | Anselm Hager (Humboldt-Universität zuBerlin); Lukas Hensel (Peking University); Johannes Hermle (University of California,Berkeley); Christopher Roth (University of Cologne, ECONtribute, briq, CESifo, CAGE Warwick, CEPR) |
| Abstract: | Many social movements face fierce resistance in the form of a countermovement. When deciding to become politically active, a movement supporter, therefore, has to consider both her own movement’s activity, but also that of the opponent. This paper studies the decision of a movement supporter to attend a protest when faced with a counterprotest. We implement two field experiments among supporters of a right- and left-leaning movement ahead of two protest-counterprotest interactions in Germany. Supporters were exposed to low or high official estimates about their own and the opposing group’s turnout. We find that the size of the opposing group has no effect on supporters’ protest intentions. However, as the own protest gets larger, supporters of the right-leaning movement become less, while supporters of the left-leaning movement become more willing to protest. We argue that the difference is best explained by stronger social motives on the political left. |
| Keywords: | social movements; right-wing populism; political activism; field experiment |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:114&r= |
| By: | Mario D. Tello (Departamento de Economía de la Pontificia Universidad Católica del Perú) |
| Abstract: | El trabajo estima diversos indicadores estándar de las Cadenas Globales de Valor (CGV) para los 4 países miembros de la Comunidad Andina (CAN) para los años 2000, 2005, 2010 y 2015 con el propósito de identificar la posibilidad de incrementar y diversificar la capacidad exportable de los países de la CAN a través de las CGV. La evidencia señala que la mayoría de las CGV son del tipo simple en la medida que la gran parte del producto exportable se usa como insumos intermedios de los países-socios del comercio de la CAN. Por consiguiente, existe poca inserción de la CAN en las CGV de tipo complejo. Este tipo de cadenas implica que los productos de exportación de la CAN cruzan por lo menos dos veces las fronteras, como producto directo de exportación al primer país de destino y como bien final de exportación de dicho país a terceros países. Adicionalmente, las CGV complejas aumentan las etapas del proceso productivo y, por consiguiente, generan mayores puestos de trabajo directo formal. JEL Classification-JE: F14 F15 |
| Keywords: | Cadenas Globales de Valor, Exportaciones y Comunidad Andina |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pcp:pucwps:wp00499&r= |
| By: | Pichler, Anton; Pangallo, Marco; del Rio-Chanona, R. Maria; Lafond, François; Farmer, J. Doyne |
| Abstract: | Economic shocks due to Covid-19 were exceptional in their severity, suddenness and heterogeneity across industries. To study the upstream and downstream propagation of these industry-specific demand and supply shocks, we build a dynamic input-output model inspired by previous work on the economic response to natural disasters. We argue that standard production functions, at least in their most parsimonious parametrizations, are not adequate to model input substitutability in the context of Covid-19 shocks. We use a survey of industry analysts to evaluate, for each industry, which inputs were absolutely necessary for production over a short time period. We calibrate our model on the UK economy and study the economic effects of the lockdown that was imposed at the end of March and gradually released in May. Looking back at predictions that we released in May, we show that the model predicted aggregate dynamics very well, and sectoral dynamics to a large extent. We discuss the relative extent to which the model's dynamics and performance was due to the choice of the production function or the choice of an exogenous shock scenario. To further explore the behavior of the model, we use simpler scenarios with only demand or supply shocks, and find that popular metrics used to predict a priori the impact of shocks, such as output multipliers, are only mildly useful. |
| Keywords: | Covid-19, production networks, epidemic spreading |
| JEL: | C61 C67 D57 E00 E23 I19 O49 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-18&r= |
| By: | Granato, Silvia (European Commission, Joint Research Centre); Havari, Enkelejda (European Commission, Joint Research Centre); Mazzarella, Gianluca (European Commission, Joint Research Centre); Schnepf, Sylke V. (European Commission, DG Joint Research Centre) |
| Abstract: | Erasmus+ is one of the most popular programmes financed by the European Union. It provides international mobility grants to university students while staying enrolled at their home university. This paper brings novel evidence on the effect of participating in the programme on students' academic outcomes, using rich administrative data from one of the largest public universities in Italy. We rely on a fuzzy Regression Discontinuity Design, since the selection of applicants to Erasmus mobility programmes depends on a continuous score assigned during the application process. Our results show that Erasmus mobility does not delay graduation at the home university and, in addition, it has a positive and significant impact on undergraduates' final degree mark. Investigating possible heterogeneous effects, we find that Erasmus mobility improves graduation results for undergraduate students in scientific and technical fields (STEM) and for those who apply for the Erasmus grant in the first year of their studies. Finally, the positive impact on performance at graduation appears to be stronger for students who visit foreign universities of relatively lower quality compared with their home university and for those who stay abroad for more than six months. |
| Keywords: | Erasmus+ programme, international student mobility, university, administrative data, Regression Discontinuity Design |
| JEL: | I23 D04 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14651&r= |
| By: | Rutledge, Zachariah; Richards, Timothy J.; Martin, Phillip; Castillo, Marcelo J. |
| Keywords: | Agricultural and Food Policy, Community/Rural/Urban Development, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312698&r= |
| By: | Yoichi Matsubayashi (Graduate School of Economics, Kobe University); Taiji Hagiwara (Graduate School of Economics, Kobe University) |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:2121&r= |
| By: | Fenton, Marieke; Goodrich, Brittney K.; Penn, Jerrod |
| Keywords: | Agribusiness, Environmental Economics and Policy, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312856&r= |
| By: | Olivia Muza (University of Rwanda); Ramit Debnath (EPRG, CJBS, University of Cambridge) |
| Keywords: | Energy transition, Off-grid system, Sub-Saharan Africa, Social Shaping of Technology, Gender, Disruptive innovation |
| JEL: | D1 N37 P28 P46 Q4 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2017&r= |
| By: | Aron, Janine; Muellbauer, John |
| Abstract: | Excess mortality data avoid miscounting deaths from under-reporting of Covid-19-related deaths and other health conditions left untreated. According to EuroMOMO, which tracks excess mortality for 24 European states, England had the highest peak weekly excess mortality in total, for the over-65s, and, most strikingly, for the 15-64 age group. This column argues that research is needed into such divergent patterns. It suggests that national statistical offices should publish P-scores (excess deaths divided by 'normal' deaths) for states and sub-regions, and permit EuroMOMO to publish P-scores as well as their less transparent Z-scores. This would aid comparability, better inform pandemic policy, and allow lessons to be drawn across heterogeneous regions and countries. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-11&r= |
| By: | Possner, Annkathrin; Mußhoff, Oliver; Sarfo, Yaw; Danne, Michael |
| Keywords: | Agricultural Finance, Community/Rural/Urban Development, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312686&r= |
| By: | Ceriani, Lidia; Hlasny, Vladimir; Verme, Paolo |
| Abstract: | The paper discusses the main issues related to negative and zero incomes that are relevant for the measurement of poverty. It shows the prevalence of non-positive incomes in high- and middle-income countries, provides an analysis of the sources and structure of these incomes, outlines the various approaches proposed by scholars and statistical agencies to treat non-positive incomes, and explains how non-positive incomes and alternative correction methods impact the measurement of standard poverty indexes. It is argued that negative and zero incomes cannot be treated equally in terms of household well-being and that standard methods used by practitioners fail to recognize this fact likely resulting in overestimations of poverty. |
| Keywords: | Welfare measurement,Well-being,Poverty targeting,High- and middle-income countries,Survey non-response,Negative incomes,Zero incomes,Extreme income corrections |
| JEL: | D31 D63 I32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:914&r= |
| By: | Druzhinin, Pavel; Molchanova, Ekaterina; Podlevskih, Yulia |
| Abstract: | For many years the Department MFRD of IE KarRC RAS, together with scientists of PetrSU, UWF and medical institutions, have been conducting comprehensive research at the intersection of economics, demography, medicine and ecology. Studies were supported by 10 RFBR and RGNF grants. This article examines the impact of the COVID-19 pandemic on mortality in Russian regions. The purpose of the study is to identify the factors that during the pandemic have contributed to a significant mortality increase in Russian regions. The work assessed the impact of socio-economic, demographic, medical and geographical indicators at different stages of the pandemic on the level of morbidity and mortality, taking into account the characteristics of regions. It is shown that in general, the increase in mortality has been facilitated by a higher shares of retirees and urban population, the location of the region in the center of the country and a drop in citizens' incomes in 2020 (compared to 2019). The first (spring) wave of the pandemic in Russia was relatively low, largely due to the imposed strict restrictions. Therefore, only in some months did the lower availability of hospital beds of the population of the region contribute to the increase in mortality. The highest increase in the mortality rate was in the regions of the Central Federal District. During the summer period, the incidence decreased and restrictions were relaxed, but increased mobility of citizens led to an increase in mortality in the Volga Federal District regions, through which the main roads and railways pass. By the end of summer, the availability of doctors and beds in the region became significant factors influencing the increase in mortality, in addition to the three main indicators. In the fall, the second wave began, during this period the increase in mortality depended on the location of the region, the proportion of the urban population and the availability of doctors in the region. In some months, the level of income of the population and its change in 2020 had a significant impact. In December, the situation in the Volga Federal District and the Siberian Federal District stabilized, while mortality in the Southern regions of the country began to grow. The research was carried out by scientists of the IE KarRC RAS and RIH and can be used in the field of regional medical and demographic policy to increase the effectiveness of management decisions and preserve the public health of the nation. |
| Keywords: | demography; mortality; public health; socio-economic factors; modelling; region; pandemic; COVID-19 |
| JEL: | I15 |
| Date: | 2021–03–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109034&r= |
| By: | Ferdinand Vieider (-) |
| Abstract: | I derive a noisy neural coding model (NCM ) and pit its performance against prospect theory plus additive noise (PT) using some prominent recent datasets collected to measure PT parameters. The NCM is based on the premise that choice patterns observed under uncertainty may originate from noisy perceptions of choice stimuli, which are optimally combined with mental priors to obtain actionable decision parameters. This contrast with PT, which models preferences as deterministic, but adds a noise term for empirical implementations. I show how the parameters emerging from the NCM naturally map into PT parameters. The NCM can thus be seen as a generative model for PT. At the same time, the NCM departs from PT in that it is inherently stochastic. This results in novel predictions about systematic correlations between PT parameters, as well as pointing to instances under which PT will be violated. Using Bayesian hierarchical models to fit the data, I find substantial support for these predictions. The NCM further consistently outperforms PT in terms of predictive ability. These results contribute to the nascent literature documenting the role played by imprecise cognition in economic decisions. |
| Keywords: | risk taking, prospect theory, noisy cognition, efficient coding |
| JEL: | C93 D03 D80 O12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:21/1022&r= |
| By: | Carl Heese (University of Vienna, Department of Economics); Stephan Lauermann (University of Bonn, Department of Economics) |
| Abstract: | This paper studies a large majority election with voters who have heterogeneous, private preferences and exogenous private signals. We show that a Bayesian persuader can implement any state-contingent outcome in some equilibrium by providing additional information. In this setting, without the persuader's information, a version of the Condorcet Jury Theorem holds. Persuasion does not require detailed knowledge of the voters' private information and preferences: the same additional information is effective across environments. The results require almost no commitment power by the persuader. Finally, the persuasion mechanism is effective also in small committees with as few as 15 members. |
| Keywords: | Information Aggregation, Bayes Correlated Equilibria, Persuasion, Condorcet Jury Theorem |
| JEL: | C72 D72 D82 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:112&r= |
| By: | Soto-Caro, Ariel; Wu, Feng; Vallad, Gary; Guan, Zhengfei |
| Keywords: | Production Economics, Agribusiness, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312639&r= |
| By: | Ouail Kharraz (UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"-); Yassine Boussenna (GRMSI - UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"- - UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"-) |
| Abstract: | The huge amount of information in our daily life and the continuous work to organize and use it in the best possible way has led to the emergence of knowledge management. This work has two main objectives, first we test the existence of a correlation relationship between the application of knowledge management and organizational performance of Abdelmalek Essaadi University, and secondly, we verify the moderating role of organizational culture on the intensity of this relationship, by collecting the views of the Abdelmalek Essaadi University teacher-researchers, through a hypothetico-deductive reasoning approach and a quantitative working method. Our questionnaire was administered to a representative sample of 88 teacher-researchers from the different institutions of the university under study. The results obtained show a strong correlation between knowledge management and organizational performance. Also, the results confirm the moderating and positive role of organizational culture, on the intensity of the relationship between the application of the K.M and (Training, research, publication, and governance) as indicators of organizational performance retained in this work for the university in question. |
| Keywords: | organizational culture,knowledge management,organizational performance |
| Date: | 2021–07–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312376&r= |
| By: | Jakob Albers; Mihai Cucuringu; Sam Howison; Alexander Y. Shestopaloff |
| Abstract: | In light of micro-scale inefficiencies induced by the high degree of fragmentation of the Bitcoin trading landscape, we utilize a granular data set comprised of orderbook and trades data from the most liquid Bitcoin markets, in order to understand the price formation process at sub-1 second time scales. To achieve this goal, we construct a set of features that encapsulate relevant microstructural information over short lookback windows. These features are subsequently leveraged first to generate a leader-lagger network that quantifies how markets impact one another, and then to train linear models capable of explaining between 10% and 37% of total variation in $500$ms future returns (depending on which market is the prediction target). The results are then compared with those of various PnL calculations that take trading realities, such as transaction costs, into account. The PnL calculations are based on natural $\textit{taker}$ strategies (meaning they employ market orders) that we associate to each model. Our findings emphasize the role of a market's fee regime in determining its propensity to being a leader or a lagger, as well as the profitability of our taker strategy. Taking our analysis further, we also derive a natural $\textit{maker}$ strategy (i.e., one that uses only passive limit orders), which, due to the difficulties associated with backtesting maker strategies, we test in a real-world live trading experiment, in which we turned over 1.5 million USD in notional volume. Lending additional confidence to our models, and by extension to the features they are based on, the results indicate a significant improvement over a naive benchmark strategy, which we also deploy in a live trading environment with real capital, for the sake of comparison. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09750&r= |
| By: | Giangregorio Luca (University Pompeu Fabra); Fana Marta (European Commission – JRC) |
| Abstract: | This paper aims at identifying how and to what extent the Italian labour market structure in terms of job composition and institutional changes shape the dynamics of wages and wage inequality in the decade 2007-2017. We investigate the main determinants behind the rise in wage inequality in Italy using Recentered Influence Function (RIF) regressions. This econometric approach allows – on one side – to directly assess the effects over the unconditional distribution and on statistics beyond the mean, like the Gini coefficient. On the other, it decomposes the inequality difference into the endowment and wage effects, following the standard Oaxaca-Blinder technique. We observe that the occupational structure and institutional changes - contractual arrangements (permanent vs temporary contract) and working time (full-time vs part-time) - are the main factors in explaining the wage downgrade at the bottom of the income distribution and the consequent increase in wage inequality. |
| Keywords: | inequality, labour market, wages, RIF |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:laedte:202111&r= |
| By: | Friedson, Andrew I. (University of Colorado Denver); Li, Moyan (Indiana University); Meckel, Katherine (University of California, San Diego); Rees, Daniel I. (University of Colorado Denver); Sacks, Daniel W. (Universidad Carlos III de Madrid) |
| Abstract: | Medical experts have argued forcefully that using cigarettes harms health, prompting the adoption of myriad anti-smoking policies. The association between smoking and mortality may, however, be driven by unobserved factors, making it difficult to discern the underlying long-term causal relationship. In this study, we explore the effects of cigarette taxes experienced as a teenager, which are arguably exogenous, on adult smoking participation and mortality. A one-dollar increase in teenage cigarette taxes is associated with an 8 percent reduction in adult smoking participation and a 6 percent reduction in mortality. Mortality effects are most pronounced for heart disease and lung cancer. |
| Keywords: | smoking, cigarette taxes, mortality |
| JEL: | H2 I10 I12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14644&r= |
| By: | Benetton, Matteo (Haas School of Business, University of California); Gavazza, Alessandro (London School of Economics); Surico, Paolo (London Business School) |
| Abstract: | This paper provides novel evidence on lenders’ mortgage pricing and on how central bank operations affected it. Using the universe of mortgages originated in the UK, we show that lenders seek to segment the market by offering two-part tariffs composed of interest rates and origination fees, and that during recent periods of unconventional monetary policy, such as UK’s Funding for Lending Scheme, lenders decreased interest rates and increased origination fees. To understand lenders’ pricing strategies and their effects on market equilibrium, we develop and estimate a structural discrete-continuous model of mortgage demand and lender competition in which borrowers may have different sensitivities to rates and fees. We use the estimated model to decompose the effects of central bank unconventional monetary policy on mortgage pricing and lending, finding that central bank operations increased borrower surplus and lender profits. Moreover, although origination fees allow lender to price discriminate and capture surplus, banning fees would lower borrower surplus and aggregate welfare. |
| Keywords: | origination fees; mortgage demand; heterogeneity; structural estimation; unconventional monetary policy |
| JEL: | E52 G21 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0936&r= |
| By: | David McLennan; Michael Noble; Gemma Wright; Helen Barnes; Faith Masekesa |
| Abstract: | The quality of data on employment income is explored using Tanzanian and Zambian household survey datasets. The extent of missing and implausible income data is assessed and four different methods are applied to impute missing or implausible values. The four imputation methods are also applied to artificial missing data for Tanzania and Zambia, and—using one approach—for a South Africa dataset. Post-imputation results are assessed. |
| Keywords: | Income, Imputation, Microsimulation, Data, Tanzania, Zambia, Tax-benefit microsimulation |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-134&r= |
| By: | Willert, Bianca |
| Abstract: | Contemporarily, modern slavery represents one of the most serious human rights violations. Although most countries officially abolished slavery and ratified the 1926 Slavery Convention of the League of Nations, slavery and slave like practices still exist in various forms throughout the world. This paper addresses why coercive relationships persist today and investigates how political decision-making, institutional environment and coercive labor practices are interlinked. Moreover, we investigate the interplay between domestic anti-slavery laws and the extent of modern slavery. This paper identifies social and economic determinants of modern slavery using a novel dataset. The panel data contain information on 189 countries and territories from 2002 – 2016 for various types of exploitation of adults and children. We study determinants of modern slavery using cluster analysis and fit a fixed-effects model to explain which factors drive exploitation. We find that different types of exploitation are driven by different factors. In addition, we show that slave-sending and slave-receiving countries differ significantly. We study transnational human trafficking and identify which social and economic factors determine this specialization. Moreover, we fit a model using Poisson regression to study why some countries detect victims, originating form more countries, than others do. |
| Keywords: | modern slavery,human trafficking,exploitation,human rights |
| JEL: | J47 K42 O15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:roswps:167&r= |
| By: | Mello, Marco (University of Surrey); Moscelli, Giuseppe (University of Surrey) |
| Abstract: | We exploit a quasi-experimental setting provided by an election day with multiple polls to estimate the effect of voters' turnout on the spread of new COVID-19 infections and to quantify the policy trade-off implied by postponing elections during high infection periods. We show that post-poll new COVID cases increased by 1.1% for each additional percentage point of turnout. The cost-benefits analysis based on our estimates and real political events shows that averting an early general election has saved Italy up to about e362 million in additional hospital care costs and e7.5 billion in values of life saved from COVID. |
| Keywords: | control function, endogeneity, event-study, public health, civic capital, voting, COVID-19 |
| JEL: | C23 D72 H51 I18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14658&r= |
| By: | PARISI Claudia (European Commission - JRC); RODRIGUEZ CEREZO Emilio (European Commission - JRC) |
| Abstract: | This report presents a review of market applications of new genomic techniques (NGTs). For the purposes of this study, NGTs are defined as ‘techniques that are able to alter the genetic material of an organism, developed after the publication of EU Directive 2001/18/EC’.The study covers NGT applications in agri-food, industrial and medicinal sectors that have resulted in applications that are already being marketed (commercial stage), are at a confirmed pre-market development stage (pre-commercial stage) or are at a research and development (R & D) stage but showing market potential (advanced and early R & D stage). The scope includes the use of NGTs in any kind of plant, mushroom, animal or microorganism or in human cells.Data on NGT applications were collected from multiple sources, including information available online, consultation of experts and an ad hoc survey of public and private technology developers. The NGT applications identified were classified, using the information available, as being at the following development stages.NGTs, especially those based on clustered regularly interspaced short palindromic repeats (CRISPR), are being actively and increasingly used in all the sectors analysed. Currently, few NGT applications are marketed worldwide: one plant product, one microorganism for release into the environment and several microorganisms used for contained production of commercial molecules. There are, however, about 30 identified applications (in plants, animals and microorganisms) at a pre-commercial stage in the pipeline that could reach the market in the short term (within 5 years). In addition, the medicinal sector is actively using NGTs to tackle several human diseases, and in many cases applications have already reached patients, in phase I and phase I/II clinical trials. |
| Keywords: | New Genomic Techniques, Gene editing, CRISPR, Commercialization, Pipeline |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc123830&r= |
| By: | Bornali Bhandari; Saurabh Bandyopadhyay; Ajaya K Sahu; Praveen Rawat (National Council of Applied Economic Research) |
| Abstract: | Indian states are divergent in terms of pursuing their own economic policies linked to education, employability and employment. States significantly differ in terms of resource endowments, especially on endowments related to skill. This is reflected in the unequal distribution of educational capabilities, employability and skill intensity in workforce, employment and other key indicators. In effect, skills go much beyond formal certifications, especially in a culturally and geographically diverse nation like India. It is in this context, the 3E (Education, Employability and Employment) Index is planned and reconnoitred. The dimensions of the 3-E index are education, employability and employment in a comprehensive framework as an indication to Indian policymakers to highlight gaps between the three dimensions across states and within states. The focus of 3E index is from the labour market perspective and linking up supply and demand of labour. While traditionally one just links up education, we have included the added dimension of employability to gain insight on the supply side strength of each of the states in the labour market. The present attempt is an indicative assessment with the available data from NSS (61st and 68th Round) to have a holistic viewpoint on skills from a 3E perspective. |
| Keywords: | Education, Employability, Employment, Skilling, Spatial, Gender, India |
| JEL: | I29 J21 J24 J46 O53 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:126&r= |
| By: | Luca Benati |
| Abstract: | Since the XIX century, technological progress has allowed commercial banks to create ever greater amounts of broad money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts of the two aggregates created out of a unit of base money have remained unchanged over time in each of the 42 countries I analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and suggests that, except for their greater productivity at creating broad money and credit out of base money, today’s commercial banks are not fundamentally different from their XIX century’s counterparts. The implication is that only the ascent of shadow banks has introduced a disconnect between broad money and credit. |
| Keywords: | Money; credit; Lucas critique; financial crises. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ube:dpvwib:dp2112&r= |
| By: | Thomas D. Jeitschko; Pallavi Pal |
| Abstract: | In recent years, a significant problem with the carbon credit market has been the higher than initially predicted price volatility. It is essential to study the market in a repeated-period dynamic setting to identify the factors enabling high fluctuations in prices. In this paper, we examine the dynamic auction design and propose a method to curb price volatility through a flexible supply cap. The equilibrium analysis shows that modifying the cap on per period supply can decrease price fluctuations. Currently, the government or the auctioneer sets a per-period limit on the supply, which reduces at a fixed rate over time. However, this paper suggests that a flexible cap on the per-period supply would be a better alternative. Specifically, we show that correlating the supply rate with expected future demand results in a more stable price. |
| Keywords: | dynamic mechanism design, auctions, emissions permits, environmental regulation, climate change |
| JEL: | D43 L11 L42 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9266&r= |
| By: | Cynthia L. Doniger |
| Abstract: | I document six facts about wage changes. First, most pay revisions occur at yearly frequency, but a small proportion occur at idiosyncratic times. Second, idiosyncratic pay changes are larger and more dispersed than year-end pay changes and resemble more pay changes occurring at job-to-job transitions. Third, idiosyncratic pay changes are more common for workers with less experience and, forth, in firms higher on the job-ladder. Fifth, industries in which the incidence of idiosyncratic raises have risen have experienced greater declines in labor share. Sixth, industries in which more firms report willingness to negotiate wages have greater concentrations of idiosyncratic revisions. An on-the-job search model with heterogeneous wage contracts can rationalize these facts. |
| Keywords: | Labor contracts; Idiosyncratic wage changes; Labor share; Job ladder |
| JEL: | E24 E25 J31 J33 M55 M52 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-55&r= |
| By: | Won, Sunjae; Goodwin, Barry K.; Boys, Kathryn A. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Risk and Uncertainty, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312798&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III)); Bangham, George (Resolution Foundation); Leslie, Jack (Resolution Foundation) |
| Abstract: | We show that wealth inequality in the UK is high and has increased slightly over the past decade as financial asset prices increased in the wake of the financial crisis. But data deficiencies are a major barrier in understanding the true distribution, composition and size of household wealth. The most comprehensive survey of household wealth in the UK does a good job of capturing the vast majority of the wealth distribution, but that nearly £800 billion of wealth held by the very wealthiest UK households is missing. We also find tentative evidence that survey measures of high-wealth families undervalue their assets – our central estimate of the true value of wealth held by households in the UK is 5% higher than the survey data suggests |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:576&r= |
| By: | Sandro Steinbach |
| Abstract: | This paper analyzes the impact of exchange rate risk on global food supply chains. Although the theoretical literature suggests ambivalence regarding the sign and magnitude of this effect, most empirical studies indicate a negative association between exchange rate volatility and international trade flows. I contribute to the ongoing debate by investigating the relationship at the product-level using a sectoral gravity model and relying on detailed retrospective trade and exchange rate data for a balanced panel of 159 countries for 2001 to 2017. I study the relationship for 781 agricultural and food products and estimate the trade effects of short-run and long-run exchange rate volatility. My findings indicate significant heterogeneity in the trade effects of exchange rate risk. While the mean trade effects are positive for short-run and long-run volatility, these effects vary substantially according to product and industry characteristics. I find a positive association between exchange rate volatility and the trade effects for upstreamness and a negative association for downstreamness of the traded products. I show that the significant and adverse trade effects in earlier studies result from model misspecification and measurement errors. This research enhances the understanding of the implications of exchange rate volatility which is a primary source of international risk exposure for global food supply chains. |
| JEL: | F14 Q17 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29164&r= |
| By: | Lee, Sunyoung; Zhang, Yu Yvette; Nayga, Rodolfo M. |
| Keywords: | Institutional and Behavioral Economics, Research Methods/Statistical Methods, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312733&r= |
| By: | Yaya, OlaOluwa S; Vo, Xuan Vinh; Adekoya, Oluwasegun B. |
| Abstract: | This paper investigates the possibility of middle-income convergence among seven members of Southeast Asian nations (Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, and Vietnam), with Malaysia being in upper-middle-income rank and other six countries in lower-middle-income rank. We apply unit root testing framework that allows for smooth nonlinearity, abrupt break, and cross-dependence in the income differences. Results show that these lower-middle-income countries are likely to converge among themselves, and also converge to the income level of Malaysia in the long run. Economic policies capable of stimulating long-run economic growth of these lower-middle-income countries is therefore recommended, and the countries should be ready to take up the challenge of upper-income country, like Malaysia. |
| Keywords: | Southeast Asia region; Cross-sectional dependency; Fourier function; Income convergence; Seemingly unrelated regression |
| JEL: | C19 C22 N17 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109372&r= |
| By: | Sellars, Sarah C.; Schnitkey, Gary D.; Gentry, Laura F.; Paulson, Nick |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312780&r= |
| By: | Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Carbon leakage, carbon pricing, imperfect competition, international trade, second best |
| JEL: | H23 L11 Q54 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2116&r= |
| By: | Maria Esther Oswald-Egg; Michael Siegenthaler |
| Abstract: | Does better access to skilled workers reduce firms' willingness to provide general skills training to unskilled workers? We analyze how the gradual opening of the Swiss labor market to workers from the European Union affected the number of apprenticeship positions that firms provide. We exploit that the availability of skilled workers increased more in firms close to the border because they gained unrestricted access to cross-border workers from neighboring countries. Our Difference-in-Differences estimates suggest that firm-provided training and access to skilled workers are not necessarily substitutes: opening the borders did not have a statistically significant effect on apprenticeship provision. We show theoretically and empirically that the small impact was the consequence of two opposing effects: the greater availability of skilled workers reduced firms' incentive to train because the cost of hiring external labor fell. Positive impacts on firm growth worked in the opposite direction. |
| Keywords: | labor demand, skilled immigration, firm-provided training, apprenticeships, vocational education and training, free movement of workers, cross-border workers, recruitment, immigration policy, labor mobility, hiring costs |
| JEL: | J24 J63 M53 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0186&r= |
| By: | Khoa Vu; Paul Glewwe |
| Abstract: | Despite a sizeable literature on the labour market effects of maternity leave regulations on women in developed countries, how these policies affect women's work in developing countries with a large informal sector remains poorly understood. This study examines how extending the maternity leave requirement affects women's decisions to work in the informal or formal sector in Viet Nam. We use a difference-in-differences approach to evaluate the 2012 Amendment to the Viet Nam Labour Law, which imposes a longer maternity leave requirement than before. |
| Keywords: | Maternity, Women's work, Informal sector, Labour market |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-133&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | Variable renewable electricity, curtailment, interconnection, storage |
| JEL: | C63 Q42 Q54 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2020&r= |
| By: | Janet Hua Jiang; Peter Norman; Daniela Puzzello; Bruno Sultanum; Randall Wright |
| Keywords: | Money; mechanism design; experimental economics |
| JEL: | E4 E5 |
| Date: | 2021–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92995&r= |
| By: | Yu, Chengzheng; Miao, Ruiqing; Khanna, Madhu |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Food Safety, Nutrition, and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312624&r= |
| By: | Bersch, Ann-Kathrin; Osswald, Lena |
| Abstract: | Frauenbelange in der Mobilität zu berücksichtigen, ist scheinbar das Thema der Stunde. Dabei wird dazu schon seit 40 Jahren geforscht und gearbeitet. In der Planungspraxis werden die Ergebnisse dieser Forschung hingegen bislang nur in wenigen Fällen umgesetzt. Dieses Papier stellt die Frage, wie wir den neuen Schwung in der Debatte nutzen können und was geschehen muss, damit nicht nur diskutiert wird, sondern auch in der Umsetzung Veränderungen bewirkt werden. Dazu wird in einem ersten Teil der Verlauf der Debatte um Frauen, Gender und Mobilität über die letzten Jahrzehnte nachgezeichnet und die oft verschwimmenden Begrifflichkeiten definiert. Darauf aufbauend wird die Frage diskutiert, ob wir es mit einer Wissens- oder einer Umsetzungslücke zu tun haben. Im dritten Teil werden Thesen vorgestellt, wie die identifizierten Wissens- und Umsetzungslücken behoben werden können. Die Arbeit versteht sich als Anstoß für eine Debatte zur Frage, wie das Thema gendersensibler und Nutzer:innen-zentrierter Verkehrsplanung dauerhaft und qualitativ hochwertig in der Umsetzung verankert werden kann. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ivpdps:20213&r= |
| By: | Fourie, Johan (Department of Economics, Stellenbosch University, South Africa); Norling, Johannes (Department of Economics, Mount Holyoke College, United States) |
| Abstract: | How did the 1918 influenza outbreak, the deadliest pandemic of the twentieth century, affect household income and spending in the United States? Using the 1917–1919 BLS cost of living survey, we compare households in 99 cities observed at different stages of the pandemic. We find a six percent decrease in real income, driven by cities with higher mortality. Men’s wages fell, but more women worked. People spent less on nondurable goods and services, about the same on durables, and more on medicine. Spending varied by region, age, and affluence. Governmentimposed non-pharmaceutical interventions had little correlation with consumer behavior. |
| Keywords: | Spanish flu, Pandemic, Income, Spending JEL Classification: N32, I18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:571&r= |
| By: | Yoann Demoli (PRINTEMPS - Professions, institutions, temporalités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - CNRS - Centre National de la Recherche Scientifique, MSH Paris-Saclay - Maison des Sciences de l'Homme - Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay) |
| Abstract: | La manière dont le changement des pratiques et des modes de vie contribue à la transition écologique, économique et sociale est un enjeu majeur pour les pouvoirs publics, à tous les échelons de gouvernement. Pour parvenir à amorcer cette transition, les politiques publiques visent à faire prendre conscience aux citoyen·ne·s de l'impact de leurs pratiques sur l'environnement, tout en veillant à ce que leur mise en œuvre ne paraisse pas décorrélée du quotidien, ni ne soit perçue comme entraînant contraintes ou exclusion sociale. S'inscrivant dans le cadre du projet Construire des mobilités durables, inclusives et responsables (CONDUIRE), financé par l'Agence de l'Environnement et de la Maîtrise de l'Énergie (ADEME), les actes du colloque « Peut-on se passer de la voiture hors des centres urbains ? » cherchent à analyser le problème de la dépendance automobile en zones peu denses – il s'agit notamment des espaces ruraux ou situés en périphérie des grandes villes –, ainsi que les différentes solutions à y apporter. Portant attention à l'objectif de préserver, lors de la conversion écologique des mobilités, leur capacité à inclure – on parle d'« inclusivité sociale » –, cet ouvrage s'attache également à interroger les pratiques de déplacements de ménages populaires résidant dans ces territoires. Il a ainsi pour ambition d'identifier les ressorts de la transition vers des mobilités plus durables, et aussi plus inclusives, au sein des espaces où l'automobile reste prégnante. Son fil rouge est le paradoxe selon lequel les solutions de substitution à la voiture sont proposées et mises en place quasi exclusivement dans les zones denses – il s'agit notamment des grandes villes –, pourtant les moins dépendants à l'automobile. Les espaces périphériques, pour autant caractérisés par un usage intensif et croissant de la voiture, lui connaissent en effet peu d'alternatives écologiques et inclusives. Aussi, le développement de la transition économique, écologique et sociale ne peut faire l'économie d'une étude approfondie des usages de la voiture dans de tels espaces qui, d'une part, contribuent certes d'une façon importante à la pollution atmosphérique mais qui, d'autre part, concentrent les populations pour lesquelles la voiture est à la fois indispensable, contraignante et coûteuse, comme le mouvement social des Gilets jaunes en 2018-2019 l'a laissé entrevoir. L'objectif de l'ouvrage est donc d'interroger la dépendance automobile à plusieurs échelles temporelles et spatiales, tout en proposant une analyse des alternatives à la voiture, y compris au sein des zones de peuplement les moins denses. À partir de divers exemples situés en France, mais aussi au Canada, la première partie de l'ouvrage offre un panorama historique et spatial de la dépendance à l'automobile, amenant des réflexions sur le futur de la voiture dans ces espaces. Dans un deuxième temps, l'ouvrage questionne les représentations et les usages contemporains de l'automobile hors des villes, au travers d'enquêtes auprès des populations belge, camerounaise et française. La troisième et dernière partie s'attache enfin à comprendre les conditions de possibilité (et d'impossibilité) des formes de mobilité alternative à la voiture au sein des divers territoires : covoiturages, motorisation électrique (notamment d'occasion) et tiers-lieux (espaces de coworking). |
| Keywords: | mobilité,covoiturage,ménages populaires,espace rural,espace périphérique |
| Date: | 2021–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03256926&r= |
| By: | Ryan Rafaty (University of Oxford); Geoffroy Dolphin (EPRG, CJBS, University of Cambridge); Felix Pretis (University of Oxford and University of Victoria) |
| Keywords: | Carbon Pricing, CO2 Emissions, Decarbonization, Carbon Tax, Climate Change, Climate Policy |
| JEL: | Q43 Q48 Q54 Q58 H23 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2035&r= |
| By: | Nizam, Ahmed Mehedi |
| Abstract: | Although government transfer is a well-known fiscal variable, it can significantly influence the overall supply of money in the economy. Beneficiaries of government transfer program will consume a portion of it while the rest is saved and these initial savings will then be amplified inside the economy through the multiplier effect. Apart from consumption and savings a portion of government transfer will return to government in the form of taxes. Here, in the first place, we intuitively calculate the contribution of government transfer on private consumption, households' savings, government tax revenue and money supply. In the next step we provide a micro-foundation for our intuitive reasoning using a simple endowment economy with finitely lived households. Finally, we empirically calculate our proposed multipliers using impulse response analysis under structural panel VAR framework. Response of money supply to changes in government transfer uncovers a channel through which monetary and fiscal policy may interact. Moreover, variance decomposition of money supply indicates that a significant portion of variance in money supply can be explained in terms of government transfer under structural panel VAR framework. |
| Keywords: | Government transfer; money supply; fiscal policy; monetary policy; interaction between monetary and fiscal policy |
| JEL: | E52 E62 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109394&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III).); Ooms, Tahnee (London School of Economics); Summers, Andy (London School of Economics, III, and CAGE.) |
| Abstract: | Policymakers tend to ‘treasure what is measured’ and overlook phenomena that are not. In an era of increased reliance on administrative data, existing policies also often determine what is measured in the first place. We analyse this two-way interaction between measurement and policy in the context of the investment incomes and capital gains that are missing from the UK’s official income statistics. We show that these ‘missing incomes’ change the picture of economic inequality over the past decade, revealing rising top income shares during the period of austerity. The underestimation of these forms of income in official statistics has diverted attention from tax policies that disproportionately benefit the wealthiest. We urge a renewed focus on how policy affects and is affected by measurement. |
| Keywords: | Inequality statistics; welfare measurement; savinga and investment income; capital gains; top incomes; tax policy JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:543&r= |
| By: | Mustafa Coban (Institute for Employment Research (IAB)) |
| Abstract: | This article describes a new Stata command, rbprobit, for fitting recursive bivariate probit models, which differ from bivariate probit models in allowing the first dependent variable to appear on the right-hand side of the second dependent variable. Although the estimation of model parameters does not differ from the bivariate case, the existing commands biprobit and cmp do not consider the structural model’s recursive nature for postestimation commands. rbprobit estimates the model parameters, computes treatment effects of the first dependent variable, and gives the marginal effects of independent variables. In addition, marginal effects can be decomposed into direct and indirect effects if covariates appear in both equations. Moreover, the postestimation commands incorporate the two community-contributed goodness-of-fit tests scoregof and bphltest. Dependent variables of the recursive probit model may be binary, ordinal, or a mixture of both. I present and explain the rbprobit command and the available postestimation commands using data from the European Social Survey. Finally, I show an application of the difference-in-differences methodology if there is an interaction term between the first dependent variable and a group variable. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:21&r= |
| By: | Paulin Ibanda Kabaka (LAM - Les Afriques dans le monde - IRD - Institut de Recherche pour le Développement - Université Bordeaux Montaigne - Institut d'Études Politiques [IEP] - Bordeaux - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Dans ce chapitre, il est question de voir la place que ses cultures à destination de l'industrie dites cultures pérennes dans la province du Kwango. L'état des lieux sommaire ayant abouti à un constat de régression de cette agriculture industrielle, il sera fait allusion d'abord au recul de cette agriculture, ensuite une stratégie de relance agricole sera proposée. |
| Keywords: | Culture pérenne,culture industrielle,culture de rente,agriculture,café,cacao,palmier à huile,monoculture,polyculture,politique agricole,Kwango,Congo |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03298942&r= |
| By: | Alfred Galichon; Octavia Ghelfi; Marc Henry |
| Abstract: | We highlight the tension between stability and equality in non transferable utility matching. We consider many to one matchings and refer to the two sides of the market as students and schools. The latter have aligned preferences, which in this context means that a school's utility is the sum of its students' utilities. We show that the unique stable allocation displays extreme inequality between matched pairs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06587&r= |
| By: | Yau-Huo Shr; Wendong Zhang (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | Discrete choice experiments have been extensively used to value environmental quality; however, some important attributes may often be omitted due to desig |