|
on Islamic Finance |
| By: | Signe Abrahamsen (University of Bergen); Rita Ginja (University of Bergen); Julie Riise (University of Bergen) |
| Abstract: | This paper provides new evidence that preventive health care services delivered at schools and provided at a relatively low cost have positive and lasting impacts. We use variation from a 1999-reform in Norway that induced substantial differences in the availability of health professionals across municipalities and cohorts. In municipalities with one fewer school nurse per 1,000 school-age children before the reform there was an increase in the availability of nurses of 35% from the pre- to the post-reform period, attributed to the policy change. The reform reduced teenage pregnancies and increased college attendance for girls. It also reduced the take-up of welfare benefits by ages 26 and 30 and increased the planned use of primary and specialist health care services at ages 25-35, without impacts on emergency room admissions. The reform also improved the health of newborns of affected new mothers and reduced the likelihood of miscarriages. |
| Keywords: | school health services, teenage pregnancy, welfare dependence, utilization of health services, health status |
| JEL: | H75 I10 I12 I28 I30 I38 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-044&r= |
| By: | Patricia Crifo (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique); Yann Kervinio (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); Emile Quinet (ENPC - École des Ponts ParisTech) |
| Abstract: | The ecological emergency calls for a marked reorientation of public and private investments away from harmful activities towards more environmentally-friendly ones. Green finance can contribute to this, provided that it uses tools that adequately account for environmental impacts in the evaluation of investments. In this article, we discuss how socioeconomic calculus, currently used for the evaluation of investment projects by the State and its operators in France, can be useful for private actors willing to integrate the environmental impacts of their investments to a degree consistent with the collective ambition in this area. We highlight the interest of designing specific and measurable environmental targets, which legitimize and operationalize our collective ambition in the face of today's environmental challenges. |
| Abstract: | L'urgence écologique appelle à une réorientation marquée des investissements publics et privés des activités défavorables vers des activités plus favorables à l'environnement. La finance verte peut y contribuer, pourvu qu'elle se dote d'outils susceptibles d'intégrer dans une juste mesure les impacts environnementaux dans l'évaluation des investissements. Dans cet article, nous discutons comment le calcul socioéconomique, actuellement employé pour l'évaluation des projets d'investissement de l'État et ses opérateurs, peut constituer un outil utile aux acteurs privés désireux d'intégrer les impacts environnementaux de leurs investissements dans une mesure cohérente avec l'ambition collective en la matière. Nous y mettons en évidence l'intérêt de disposer d'objectifs environnementaux spécifiques et mesurables, qui légitiment et traduisent de manière opérationnelle notre ambition collective face aux défis écologiques actuels. |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:hal-03270118&r= |
| By: | Zhong, Jia; Khanna, Madhu |
| Keywords: | Institutional and Behavioral Economics, Resource/Energy Economics and Policy, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313352&r= |
| By: | Zilberman, David; Bansal, Sangeeta |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313379&r= |
| By: | Xu, Licheng |
| Keywords: | Risk and Uncertainty, Production Economics, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313382&r= |
| By: | Xu, Licheng |
| Keywords: | Risk and Uncertainty, Production Economics, Household and Labor Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312629&r= |
| By: | Yoon, Tae Hyun |
| Keywords: | Food Consumption/Nutrition/Food Safety, Consumer/Household Economics, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312721&r= |
| By: | Ma, Meilin; Siebert, Ralph |
| Keywords: | Agribusiness, Marketing, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312817&r= |
| By: | Ma, Meilin; Siebert, Ralph |
| Keywords: | Agribusiness, Marketing, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313385&r= |
| By: | Zhang, Yifei; Goodwin, Barry K. |
| Keywords: | Risk and Uncertainty, Agricultural Finance, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312802&r= |
| By: | Dureja, Abhishek |
| Keywords: | Health Economics and Policy, Consumer/Household Economics, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312735&r= |
| By: | Hamilton, Stephen F.; Lowrey, John; Richards, Timothy J. |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313344&r= |
| By: | Porteous, Obie C. |
| Keywords: | International Development, International Relations/Trade, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312677&r= |
| By: | Ajogbeje, Korede O. |
| Keywords: | Labor and Human Capital, Community/Rural/Urban Development, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312625&r= |
| By: | Wongpiyabovorn, Oranuch |
| Keywords: | Production Economics, Marketing, Agricultural Finance and Management |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312628&r= |
| By: | Yu, Chengzheng; Miao, Ruiqing; Khanna, Madhu |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313375&r= |
| By: | Hadziomerspahic, Amila |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312835&r= |
| By: | Rabinowitz, Adam N.; Secor, William |
| Keywords: | Agricultural Finance, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312910&r= |
| By: | Wu, Kaidi |
| Keywords: | Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312741&r= |
| By: | Gather, Johanna M. |
| Keywords: | Environmental Economics and Policy, Community/Rural/Urban Development, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312688&r= |
| By: | Badruddoza, Syed; McCluskey, Jill J. |
| Keywords: | Agribusiness, Agricultural and Food Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312761&r= |
| By: | Tonsor, Glynn T.; Bina, Justin D. |
| Keywords: | Agricultural and Food Policy, Production Economics, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312637&r= |
| By: | Ambrozek, Charlotte |
| Keywords: | Food Consumption/Nutrition/Food Safety, Marketing, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312828&r= |
| By: | Thompson, Robert S. |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312737&r= |
| By: | Salin, Victoria |
| Keywords: | Production Economics, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312640&r= |
| By: | Katovich, Erik S. |
| Keywords: | Resource/Energy Economics and Policy, International Development, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313347&r= |
| By: | Katovich, Erik S. |
| Keywords: | Resource/Energy Economics and Policy, International Development, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312928&r= |
| By: | Dinges, Kaitlyn M.; Schroeder, Ted C. |
| Keywords: | Marketing, Agribusiness, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312874&r= |
| By: | Lee, Seunghyun |
| Keywords: | Production Economics, Environmental Economics and Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312861&r= |
| By: | Pongspikul, Tayatorn |
| Keywords: | Resource/Energy Economics and Policy, Community/Rural/Urban Development, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312763&r= |
| By: | Quintana Ashwell, Nicolas E. |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312905&r= |
| By: | Tsay, Juo-Han; Paulson, Nick |
| Keywords: | Agricultural Finance, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312860&r= |
| By: | Ali, Muhammad Tahir |
| Keywords: | Production Economics, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312734&r= |
| By: | Apriesnig, Jenny L.; Thompson, Jada |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313369&r= |
| By: | Lopez, Rigoberto A.; Khanal, Binod |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313346&r= |
| By: | Lopez, Rigoberto A.; Khanal, Binod |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312700&r= |
| By: | Kovacs, Kent; Rider, Shelby |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313336&r= |
| By: | Gardner, George |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312656&r= |
| By: | Phillips, Jon C.; Xu, YaoYao |
| Keywords: | Teaching/Communication/Extension/Profession, Agribusiness, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312635&r= |
| By: | Song, Yujing |
| Keywords: | Marketing, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313386&r= |
| By: | Boyd, Chris M.; Bellemare, Marc F. |
| Keywords: | Marketing, Agricultural Finance, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312842&r= |
| By: | Wang, Yangchuan; Isengildina Massa, Olga; Stewart, Shamar |
| Keywords: | Agribusiness, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313377&r= |
| By: | Smetana, Kerri; Melstrom, Richard; Malone, Trey |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313337&r= |
| By: | Yeon, Kwanghun |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313338&r= |
| By: | Yeon, Kwanghun |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312631&r= |
| By: | Ajanaku, Bolarinwa A.; Collins, Alan R. |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313378&r= |
| By: | Okhunjanov, Botir B. |
| Keywords: | Resource/Energy Economics and Policy, International Relations/Trade, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312848&r= |
| By: | Muriuki, James M.; Hudson, Michael D. |
| Keywords: | Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313387&r= |
| By: | Delgado, Michael; Ma, Meilin; Wang, Hong Holly |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313383&r= |
| By: | Kedar, Vishnu Shankarrao |
| Keywords: | Institutional and Behavioral Economics, Marketing, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312783&r= |
| By: | Dong, Qi |
| Keywords: | Agricultural Finance, Research Methods/Statistical Methods, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313340&r= |
| By: | Ayesh, Abubakr |
| Keywords: | Labor and Human Capital, International Development, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312662&r= |
| By: | Fullard, Joshua |
| Abstract: | Using data from the Destination of Leavers from Higher Education (DLHE), we take advantage of the plausibly exogenous variation in the unemployment rate, by field of study, at time of graduation to investigate the impact of labour market condition on teacher supply, measured by enrolment onto an Initial Teacher Training Programme (TTP). We find that labour market conditions have no effect on the probability that a graduate will go into a TTP. However, heterogeneity analysis suggests that periods of high unemployment impact the composition of graduates who enrol with effects on diversity (more male graduates and more ethnic minority graduates), subject specific shortages (more Physics graduates) and quality (more graduates from Russell Group Universities). |
| Date: | 2021–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:ese:iserwp:2021-06&r= |
| By: | Luitel, Kishor P.; Adhikari, Shyam |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312926&r= |
| By: | Rocha, Adauto B. |
| Keywords: | Production Economics, Agricultural and Food Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312855&r= |
| By: | Davis, James D.; Adjemian, Michael K. |
| Keywords: | Agricultural and Food Policy, Agricultural Finance, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312877&r= |
| By: | Gundacker, Lidwina; Kosyakova, Yuliya; Schneider, Gerald |
| Abstract: | Asylum policy-making in advanced democracies frequently faces the accusation that prejudice and stereotyping lead to erroneous decisions. The model of taste-based discrimination suggests that the biases of decision-makers or their peers against certain groups of applicants influence the evaluation of an asylum claim. Conversely, the concept of statistical discrimination implies that a dearth of information forces impartial decision-makers to resort to stereotypes. We examine both forms of discrimination, evaluating whether they shape asylum-seekers' chances to receive protection in Germany, currently a key recipient country. Our empirical examination of a representative refugee survey in Germany confirms that asylum decisions are subject to tastebased discrimination: males, Muslims, and applicants assigned to regions with a conservative population or government are less likely to obtain asylum or other forms of protection. Conforming to the theory of statistical discrimination, stereotyping against male or Muslim applicants' manifests most pronouncedly if decision-makers suffer under high workload or possess little information. However, high information costs do not alter stereotyping in more conservative regions. Altogether, our study reveals that extra-legal reasons in the form of prejudice and stereotypes considerably undermine what should be the key criterion in assessing an asylum claim: the credibility of an individual's need for protection. |
| Keywords: | Asylum recognition,principal-agent models,federalism,immigration attitudes,Germany,discrimination |
| JEL: | F22 H83 J16 K37 K38 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cexwps:05&r= |
| By: | Poursina, Davood; Brorsen, Wade |
| Keywords: | Production Economics, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313351&r= |
| By: | Donatella Baiardi; Maria Gaia Soana |
| Abstract: | We empirically investigate the effectiveness of environmental and energy policies, complying with legal requirements or followed voluntarily by firms, on the proenvironmental efforts of 63 listed firms in Italy in the years 2008-2019. Our research design combines macroeconomic data referring to general policies for reducing air emissions, renewable energy interventions and energy efficiency measures with analogous policies applied at firm level on voluntary basis. The empirical analysis is performed in a panel data context by means of propensity score matching with multiple treatments, which allows us to test the effectiveness of (1) macroeconomic policies on firm environmental performance; (2) microeconomic policies on firm environmental performance, and (3) the coexistence of macroeconomic and microeconomic policies on firm environmental performance. Our results show that the effectiveness of these interventions, applied either separately or jointly, depends on the type of indicator used to proxy firm environmental performance. In particular, we find that the social costs of climate change are not internalized by listed companies, and that macroeconomic interventions are an excellent tool to implement because they are effective to fight climate change where voluntary actions fail and are also complementary to voluntary actions, since they support their effectiveness. |
| Keywords: | Firm environmental performance; General policies for reducing air emissions, Renewable energy policies; Energy efficiency policies; Propensity score matching with multiple treatments; Italian listed companies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:478&r= |
| By: | HARA Hiromi; Núria RODRÃ GUEZ-PLANAS |
| Abstract: | We explore whether a 1990 Japanese educational reform that eliminated gender-segregated and gender-stereotyped industrial arts and home economics classes in junior high schools led to behavioral changes among these students some two decades later when they were married and in their early forties. Using a Regression Discontinuity (RD) design and Japanese time-use data from 2016, we find that the reform had a direct impact on Japanese women's attachment to the labor force, which seems to have changed the distribution of gender roles within the household, as we observe both a direct effect of the reform on women spending more time in traditionally male tasks during the weekend and an indirect effect on their husbands, who spend more time in traditionally female tasks. We present suggestive evidence that women's stronger attachment to the labor force may have been driven by changes in beliefs regarding men's and women's gender roles. As for men, the reform only had a direct impact on their weekend time spent on household production if they were younger than their wives and had small children. In such relationships, the reform also had the indirect effect of reducing the time their wives spent on weekend household production without increasing the wives' labor-market attachment. Interestingly, the reform increased fertility only when it decreased wives' time spent on childcare. Otherwise, the reform delayed fertility. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21072&r= |
| By: | Dhakal, Rajan; Connor, Lawson |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312875&r= |
| By: | Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning |
| Abstract: | Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these trends requires targeting a significantly positive inflation target. Relative price trends shift the optimal in ation target up from a level of zero percent, as suggested by the standard sticky price literature, to a range of 1.1%- 2.1% in France, 1.2%-2.0% in Germany, 0.8%-1.0% in Italy, and 1.1-1.7% in the Euro Area (three country average). Differences across countries emerge due to systematic differences in the strength of relative price trends. Other considerations not taken into account in the present paper may push up the optimal inflation targets further. The welfare costs associated with targeting zero inflation turn out to be substantial and range between 2.1% and 4.5% of consumption in present-value terms. |
| Keywords: | Optimal inflation target,micro price trends,welfare |
| JEL: | E31 E52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:262021&r= |
| By: | Liang, Chyi-Lyi; Tarpeh, Grace |
| Keywords: | Marketing, Production Economics, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313350&r= |
| By: | Kim, GwanSeon; Seok, Jun Ho |
| Keywords: | Agribusiness, Marketing, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312759&r= |
| By: | Das, Abhipsita; Cuffey, Joel |
| Keywords: | Marketing, Agricultural and Food Policy, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312862&r= |
| By: | Julien Gourdon (CERDI - Centre d'Études et de Recherches sur le Développement International - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Laura Hering; Stéphanie Monjon; Sandra Poncet |
| Date: | 2021–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03274542&r= |
| By: | Kim, Donghoon; Lopez, Rigoberto A.; Steinbach, Sandro |
| Keywords: | Marketing, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313341&r= |
| By: | Albert Scott, Francisco |
| Keywords: | Research Methods/Statistical Methods, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312767&r= |
| By: | Lehmann, Paul; Reutter, Felix; Tafarte, Philip |
| Abstract: | The deployment of onshore wind power is an important means to mitigate climate change. However, wind turbines also produce local disamenities to residents living next to them, mainly due to noise emissions and visual effects. Our paper analyzes how the presence of local disamenities affects the socially optimal siting of onshore wind power. The analysis builds on a spatial optimization model using geographical information system (GIS) data for Germany. Our results indicate a major spatial trade-off between the goals of minimizing electricity generation and disamenity costs. Considering disamenity costs substantially alters - and in fact dominates - the socially optimal spatial allocation of wind power deployment. This is because in Germany a) the spatial correlation between generation costs and disamenity costs is only moderately positive, and b) disamenity costs exhibit a larger spatial heterogeneity than the generation costs. These results are robust to variations in the level and slope of the disamenity cost function that we assume for the modeling. Our findings emphasize the importance of supplementing support schemes for wind power deployment with approaches that address local disamenties, e.g., compensation payments to local residents or minimum settlement distances. |
| Keywords: | Externality,Germany,renewable energy,spatial optimization,wind power |
| JEL: | D62 Q42 Q51 Q53 R14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ufzdps:42021&r= |
| By: | Hamilton, Stephen F.; Richards, Timothy J.; Shafran, Aric; Vasilaky, Kathryn |
| Keywords: | Agricultural and Food Policy, Agribusiness, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313343&r= |
| By: | Cheng, Haotian; Lambert, Dayton M. |
| Keywords: | Research Methods/Statistical Methods, Marketing, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312775&r= |
| By: | Devkota, Satis; Subedi, Dipak; Todd, Jessica E.; Adhikari, Shyam |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313372&r= |
| By: | Olsen, Frayne; Stockton, Matthew C. |
| Keywords: | Risk and Uncertainty, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312725&r= |
| By: | González, F; Prem, M |
| Abstract: | Chile has experienced more than thirty years of democracy at the shadow of the seventeen-year dictatorship led by Augusto Pinochet (1973-1990). This chapter provides an overview of the dictatorial legacies with an emphasis on the distribution of economic and political power, as viewed from the most recent literature in economics. We also describe the waves of discontent which have attempted to suppress the most important legacies during the past twenty years. We end with a discussion of the current path of institutional change that could put Pinochet’s legacy to an end. |
| Keywords: | Post-dictatorship institutional change in Chile, Elements of continuity and change in Chile, Analysis of dictatorial political practices in post-dictatorship democracies, Political and social elites in Chile |
| JEL: | D2 G2 G3 M2 N86 |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:col:000092:019446&r= |
| By: | Chen, Qihui |
| Keywords: | Labor and Human Capital, International Development, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312664&r= |
| By: | Chen, Qihui |
| Keywords: | Labor and Human Capital, International Development, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313376&r= |
| By: | Sears, James M. |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312833&r= |
| By: | Chenarides, Lauren; Gomez, Miguel I.; Richards, Timothy J.; Yonezawa, Koichi |
| Keywords: | Marketing, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313348&r= |
| By: | Hanon, Tristan M.; Sumner, Daniel A. |
| Keywords: | Marketing, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312888&r= |
| By: | Zhang, Mengling; Chen, Zhaojiu; Wu, Feng |
| Keywords: | Consumer/Household Economics, Community/Rural/Urban Development, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313368&r= |
| By: | Gupta, Tanu; Negi, Digvijay S. |
| Keywords: | Labor and Human Capital, International Development, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313373&r= |
| By: | Hammami, AbdelMalek; Beghin, John C. |
| Keywords: | International Relations/Trade, Marketing, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312880&r= |
| By: | Klaus Adam; Erwan Gautier; Sergio Santoro; Henning Weber |
| Abstract: | Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these trends requires targeting a significantly positive in flation target. Relative price trends shift the optimal infl ation target up from a level of zero percent, as suggested by the standard sticky price literature, to a range of 1.1%- 2.1% in France, 1.2%-2.0% in Germany, 0.8%-1.0% in Italy, and 1.1-1.7% in the Euro Area (three country average). Differences across countries emerge due to systematic differences in the strength of relative price trends. Other considerations not taken into account in the present paper may push up the optimal infl ation targets further. The welfare costs associated with targeting zero infl ation turn out to be substantial and range between 2.1% and 4.5% of consumption in present-value terms. |
| Keywords: | Optimal in ation target, micro price trends, welfare |
| JEL: | E31 E52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2021_317&r= |
| By: | Winikoff, Justin |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Labor and Human Capital |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312724&r= |
| By: | Beatty, Timothy; Smith, Sarah |
| Keywords: | Agricultural and Food Policy, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312829&r= |
| By: | Yi, Fujin; Liu, Huilin; Quan, Quan |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313374&r= |
| By: | Spalding, Ashley |
| Keywords: | Marketing, Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312896&r= |
| By: | R, Sreelakshmi; Sinha, Apra; Mandal, Sabuj Kumar |
| Abstract: | Akin to the global markets, the Indian stock market also nosedived in response to the COVID-19 pandemic. However, this drastic fall was not persistent; rather a sharp recovery was witnessed as a result of sweeping investor enthusiasm and wide-ranging speculation. In this paper, we explore the relationship between investor sentiment, stock returns and important macro variables during the COVID-19 period spanning from January, 2020 to May, 2021. We have also conducted event analysis to see the significance of major events during the period. While the Great Lockdown and first fiscal package impacted the stock returns significantly, the first case reported, second fiscal package, vaccination drive and the second wave failed to create a commendable impact. The event analysis also suggests that the Indian stock market responds negatively to an increase in interest rate uncertainty. Our empirical analysis shows evidence of significant effect of investor sentiment on stock returns during all periods, except the period of extreme volatility. Moreover, the stock return is positively related to oil price and negatively related to the exchange rate. We also find mixed evidence of COVID-19 related information on stock market. |
| Keywords: | COVID-19 pandemic, uncertainty, investor sentiment, stock returns, event analysis, India |
| JEL: | G01 G02 G11 G14 |
| Date: | 2021–08–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109549&r= |
| By: | Hughes, Megan N.; Reeling, Carson; Ma, Meilin |
| Keywords: | Environmental Economics and Policy, Agricultural and Food Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313381&r= |
| By: | Da, Yabin; Xu, Yangyang; Yi, Fujin; McCarl, Bruce A. |
| Keywords: | Environmental Economics and Policy, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313371&r= |
| By: | MORIKAWA Masayuki |
| Abstract: | With the continued spread of COVID-19, vaccination represents one avenue towards a recovery in household consumption. However, there is high uncertainty regarding the effectiveness of vaccination in terms of restoring economic activity. This paper, based on an original survey for individuals in July 2021, presents some evidence on the relationship between vaccination and consumer behavior. According to the results, first, a large number of respondents intend to increase their consumption after the end of the pandemic, but not so many respondents will increase their consumption after finishing their vaccination. Second, female, high-income earners, and those who used last year's GoTo campaign tend to exhibit somewhat higher intention to increase consumption after vaccination. No clear association with health status or subjective risk of infection has been detected. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:21042&r= |
| By: | Ibendahl, Gregory A. |
| Keywords: | Teaching/Communication/Extension/Profession, Agricultural and Food Policy, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312682&r= |
| By: | Islam, Mohammed Syedul |
| Keywords: | Health Economics and Policy, Community/Rural/Urban Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313380&r= |
| By: | Islam, Mohammed Syedul |
| Keywords: | Health Economics and Policy, Community/Rural/Urban Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312702&r= |
| By: | Lee, Jiwon; Schulz, Lee |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312669&r= |
| By: | Grunert, Klaus G G.; Hesselberg, Julie |
| Keywords: | Marketing, Research Methods/Statistical Methods, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313345&r= |
| By: | Mjelde, James; Yeritsyan, Anna |
| Keywords: | Teaching/Communication/Extension/Profession, Institutional and Behavioral Economics, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313335&r= |
| By: | Majah-Leah Ravago (Economics, Ateneo de Manila, Philippines); James Roumasset (Economics, University of Hawai?i at M?noa); Arsenio Balisacan (Philippine Competition Commission, Quezon City, Philippines) |
| Abstract: | Do the needs of countries in different economic environments and at various stages of development warrant different policies? In the pursuit of economic development and consumer welfare, competition policy should curb rent-seeking and promote market efficiency without interfering with the extra-market institutions for the dynamic promotion of specialization, innovation, and investment coordination. This requires the coordination of competition policy with other economic roles of government including trade, industrial, and infrastructure policies. We investigate the impact of adoption of competition law on long-term economic growth using cross-country data from 1975-2015. Countries may choose to adopt–or not adopt–competition law depending on their circumstances, including level of economic development, institutions, and geography. Considering endogeneity and self-selection, we employ an endogenous switching regression allowing for the interdependence of economic growth and adoption of competition law. Our analysis shows that adoption increased the growth rates in adopting countries but would have decreased growth in non-adopting countries. This suggest that countries should not be pressured to prematurely adopt competition law but a limited international or regional agreement such as harmonization of policies may instead be pursued. In addition to correcting the abuses of anti-competitive behavior, competition policy should be designed to promote innovation and productivity growth and be well-coordinated with trade and domestic policies. We review these arguments focusing on Asian countries. The cases of Korea, Thailand, and the Philippines capture the characteristics of the law and authorities at various stages of maturity. |
| Keywords: | Competition policy; antitrust; economic development; economic growth; Asia |
| JEL: | L40 L51 L52 K21 O57 O53 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202103&r= |
| By: | Tejeda, Hernan A.; Kim, Man-Keun |
| Keywords: | Agribusiness, Agricultural and Food Policy, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312716&r= |
| By: | INOUE Shiori (Bank of Japan); MIKI Shota (Bank of Japan); GEMMA Yasufumi (Bank of Japan) |
| Abstract: | Interest rate swaps are a type of transactions in which different types of interest payments are exchanged between two parties. They are actively used for a wide range of purposes such as hedges against interest rate risks and alternative investment vehicles to bonds. This report uses granular data of transactions in the Japanese yen interest rate swap market collected in Japan to review the developments in the market with a focus on transactions by sector of market participants. The analysis reveals transaction relationships between different sectors of market participants as well as the size and trends of net positions of new transactions that reflect their motivation for trading. The results suggest that there were significant changes in the market structure when international financial markets were significantly destabilized due to the COVID-19 pandemic in March 2020, as seen by, for example, the net positions of some sectors reversing from the average market structure. |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:boj:bojrev:rev21e03&r= |
| By: | Cherchye, Laurens (KU Leuven); Chiappori, Pierre-André (Columbia University); De Rock, Bram (ECARES, Free University of Brussels); Ringdal, Charlotte (Chr. Michelsen Institute); Vermeulen, Frederic (KU Leuven) |
| Abstract: | To understand the household decision-making process regarding food expenditures for children in poor households in Nairobi, we conduct an experiment with 424 married couples. In the experiment, the spouses (individually and jointly) allocated money between themselves and nutritious meals for one of their children. First, we find strong empirical support for individual rationality and cooperative behavior. Second, our results suggest that women do not have stronger preferences for children's meals than men. Third, the spouses' respective bargaining positions derived from consumption patterns strongly correlate with more traditional indicators. Finally, we document significant heterogeneity both between individuals and intra-household decision processes. |
| Keywords: | collective model, intra-household allocation, experiment, Kenya, children |
| JEL: | C14 D13 C91 C92 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14687&r= |
| By: | Browning, Martin J. (University of Copenhagen); Cherchye, Laurens (KU Leuven); Demuynck, Thomas (Université Libre de Bruxelles); De Rock, Bram (ECARES, Free University of Brussels); Vermeulen, Frederic (KU Leuven) |
| Abstract: | We present a methodology for the structural empirical analysis of house- hold consumption and time use behaviour under marital stability. Our approach is of the revealed preference type and non-parametric, meaning that it does not require a prior functional specification of individual utilities. Without making use of the transferable utility assumption, but still allowing for monetary transfers, our method can identify individuals' unobserved match qualities and quantify them in money metric terms. We can include both preference factors, affecting individuals' preferences over private and public goods, and match quality factors, driving differences in unobserved match quality. We demonstrate the practical usefulness of our methodology through an application to the Belgian MEqIn data. Our results reveal intuitive patterns of unobserved match quality that allow us to rationalise both the observed matches and the within-household allocations of time and money. |
| Keywords: | household consumption, marital stability, unobserved match quality, revealed preference analysis, intrahousehold allocation |
| JEL: | C14 D11 C78 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14688&r= |
| By: | Ubilava, David |
| Keywords: | Research Methods/Statistical Methods, Agricultural and Food Policy, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312909&r= |
| By: | Ufer, Danielle; Ortega, David L.; Wolf, Christopher A.; Swanson, Janice; McKendree, Melissa G. S. |
| Keywords: | Environmental Economics and Policy, Institutional and Behavioral Economics, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313353&r= |
| By: | Martin Browning (CEBI, Department of Economics, University of Copenhagen); Laurens Cherchye (Department of Economics, University of Leuven); Thomas Demuynck (ECARES, Université Libre de Bruxelles); Bram De Rock (ECARES, Université Libre de Bruxelles and Department of Economics, University of Leuven); Frederic Vermeulen (Department of Economics, University of Leuven) |
| Abstract: | We present a methodology for the structural empirical analysis of household consumption and time use behaviour under marital stability. Our approach is of the revealed preference type and non-parametric, meaning that it does not require a prior functional specification of individual utilities. Without making use of the transferable utility assumption, but still allowing for monetary transfers, our method can identify individuals' unobserved match qualities and quantify them in money metric terms. We can include both preference factors, affecting individuals' preferences over private and public goods, and match quality factors, driving differences in unobserved match quality. We demonstrate the practical usefulness of our methodology through an application to the Belgian MEqIn data. Our results reveal intuitive patterns of unobserved match quality that allow us to rationalise both the observed matches and the within-household allocations of time and money. |
| Keywords: | household consumption, marital stability, unobserved match quality, revealed preference analysis, intrahousehold allocation |
| JEL: | C14 D11 C78 |
| Date: | 2021–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kucebi:2113&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:aaea21:313370&r= |
| By: | López, Rafael; Valarezo, Ángel; Pérez-Amaral, Teodosio |
| Abstract: | Online learning and training are gaining momentum worldwide by reducing the temporal and spatial limitations associated with the traditional form of face-to-face education. Online education improves access to education and training, especially during the present Covid-19 pandemic. This article focuses on online education adoption in Spain. A large and representative panel database from the ICT in the household's survey by the National Institute of Statistics is used. The first objective is to provide an econometric model for the adoption of online education. Next is to measure the effects of relevant observable individual socioeconomic variables on adoption. A Heckman selection model using panel data for 2008-2019 allows estimating the impact of differences in gender, age, education, digital skills, habitat and income. The drivers and impediments have the expected signs and plausible sizes. The paper concludes with policy recommendations and suggestions for further research. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238038&r= |
| By: | Zachary Parolin (Columbia University); Elizabeth Ananat (Columbia University); Sophie Collyer (Columbia University); Megan Curran (Columbia University); Christoper Wimer |
| Abstract: | The transformation of the Child Tax Credit (CTC) into a more generous and inclusive monthly payment marks a historic, albeit temporary, shift in the American welfare state’s treatment of low-income families. To investigate the initial impact of the monthly CTC payments on material hardship among families with children, this study applies a series of difference-indifferences estimates using Census Household Pulse Survey microdata collected from mid-April through early August 2021. Our findings offer three primary conclusions regarding the initial effects of the first monthly CTC payment delivered mid-July 2021. First, the July 2021 CTC payment strongly reduced food insufficiency among low-income households with children; a $100 increase in CTC benefits (adjusted for household-size) is associated with a 7-percentage point, or roughly 25 percent, decline in food insufficiency among low-income families who report receipt of the CTC. Second, the effects of the first CTC payment on food insufficiency are concentrated among households with annual incomes of less than $35,000. Third, increasing the coverage rate of the CTC is critical for further reducing material hardship. Self-reported receipt suggests the lowest-income households were less likely than higher-income families to receive the first payment. As more children receive the benefit in future months, levels of material hardship may decline further. Even with imperfect coverage, however, our findings suggest that the first CTC payment was largely effective at reducing food insufficiency among low-income families with children. |
| Keywords: | poverty, COVID-19, social policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:aji:briefs:20413&r= |
| By: | Aji, Maulana Malik Sebdo; Nasriyah, Nuri |
| Abstract: | The Sumatra region is the region with the second largest contribution after Java Island, which experienced a smaller contraction compared to the national figure. The Sumatra region has the opportunity to increase its contribution to the Indonesian economy. The purpose of this study was to analyze the leading sectors in the Sumatra region. The data analysis method used is Location Quotient analysis. The results showed that the Sumatra region in general has advantages in the agricultural and mining sectors. Almost all provinces in the Sumatra region have a competitive advantage in the agricultural sector (only Riau Islands Province which does not have a competitive advantage in the agricultural sector). Only three provinces have a competitive advantage in the manufacturing sector. The three provinces are Riau Province, Bangka Belitung Islands Province and Riau Islands Province. This shows that the processing industry in the Sumatra region has not yet developed or is still inferior to other regions. |
| Date: | 2021–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:bjgrm&r= |
| By: | Mohammadreza Mahmoudi; Hana Ghaneei |
| Abstract: | This study aims to analyze the impact of the crude oil market on the Toronto Stock Exchange Index (TSX) based on monthly data from 1979 to 2018 using a nonlinear Markov regime-switching approach. The results indicate that TSX return contains two regimes, including: positive return (regime 1), when growth rate of stock index is positive; and negative return (regime 2), when growth rate of stock index is negative. The findings also show the crude oil market has positive effect on the stock market in both regimes, however, the effect of oil price on the stock market in regime 1 is more than regime 2. Moreover, two period lag of oil price increases stock price in regime 1, while it decreases stock price in regime 2 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01046&r= |
| By: | Soon, Byung Min; Kim, Wonseong |
| Keywords: | Research Methods/Statistical Methods, Marketing, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312726&r= |
| By: | Kim, Kevin N.; Katchova, Ani |
| Keywords: | Agricultural Finance, Agribusiness, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313384&r= |
| By: | Parra-Mujica, F.; Robson, M.; Cookson, R. |
| Abstract: | Research on socioeconomic health inequalities has primarily relied on univariate markers of socioeconomic status (SES), measured at one point in time. Using data from the UKHLS dataset (2009{2020), we build an age-conditional multidimensional SES index for the adult population in the UK. By using a "within-between" model we disentangle the relationship between health outcomes and: i) between-individual differences in SES, and ii) within-individual variations of SES across time. Results show that both are positive and highly significant predictors of physical and mental health. However, we find that these relationships are not linear and that within and between effects interact. While higher levels of SES are always associated with an increase in physical health, for mental health, after some point (SES = 0.613), higher average SES is associated with a score decrease. For an individual with the lowest average SES rank we observe a large and significant effect of a within-individual increase in SES on mental health (8.91) and physical health (1.82), however, this within-effect diminishes for those individuals with higher average SES. Individuals with high expected mobility are also found to have significantly better health scores, particularly for mental health. |
| Keywords: | health inequality; socioeconomic status; social gradient; Mundlak; |
| JEL: | I14 C23 D63 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:yor:hectdg:21/15&r= |
| By: | Walter, Timo |
| Abstract: | From the early 1990s until 2005 the unemployment rate rose in Germany from 7.3% to 11.7%. While the unemployment rate reached its peak in 2005, it decreased steadily in the following years. On the one hand, the fourth stage of the German labor market reform (Hartz IV) was implemented in 2005 with the intent to cut the unemployment rate. On the other hand, the productivities in Germany and Eastern Europe grew strongly during the same period, enhancing the joint trade. The "rise of the East", in terms of rising trade, is likely to have had an ambiguous effect on the German labor market. This paper investigates the employment effects of the "Hartz IV-Reform". Further, it concentrates on the labor market effects of the German and Eastern European productivity shock. The focus lies on the national and county level (including 402 counties). As the effects on regional labor markets differ and take time, the paper builds on the dynamic and spatial trade model of Caliendo et al. (2019). I find that the "Hartz IV-Reform" and the German productivity contributes positively to the decline of unemployment, whereas the increase in Eastern European productivity is only responsible for a minor increase in unemployment. |
| Keywords: | Dynamic Trade Model,Labor Market Reform,Trade Liberalization,Productivity Shocks,Germany,Eastern Europe |
| JEL: | F14 F16 F17 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hohdps:052021&r= |
| By: | Roy, Tirthankar |
| Abstract: | Theories of economic growth based on Western Europe are inadequate when applied to India because the two areas are incommensurate in their geographies and their resources. Because its initial conditions were different from those in, say, Europe and North America, India could arrive at economic growth only by solving different problems—preeminent among them being reliable access to clean water. The actions taken by the state, scientists, and society since 1880 in India weakened the chains that linked water insecurity, low yield, mass mortality, and caste-biased mortality but at the inevitable cost of ecological stress. In a tropical-monsoon climate, where well-being and the environment were constantly in flux, asking deprived individuals to consume less or cooperate more was not necessarily the best response to water problems. Science and capitalism provided better solutions. This article explores the interaction between water, environmental change, and economic change in India since the end of the nineteenth century. A struggle to mitigate poverty and inequality in access to water, a condition that the tropical-monsoon climate made almost universal, delivered economic growth and demographic transition in colonial India (1858–1947) and postcolonial India. At the same time, ensuring the fair distribution of a vital resource like water led to its overexploitation. The “tragedy of the commons” notion that Hardin advanced is not an accurate representation of this syndrome (see below).1 |
| JEL: | N55 |
| Date: | 2021–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:109207&r= |
| By: | Lin, Jessie; Gupta, Anubhab |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313339&r= |
| By: | Jan Eeckhout; Christoph Hedtrich; Roberto Pinheiro |
| Abstract: | We show that differential IT investment across cities has been a key driver of job and wage polarization since the 1980s. Using a novel data set, we establish two stylized facts: IT investment is highest in firms in large and expensive cities, and the decline in routine cognitive occupations is most prevalent in large and expensive cities. To explain these facts, we propose a model mechanism where the substitution of routine workers by IT leads to higher IT adoption in large cities due to a higher cost of living and higher wages. We estimate the spatial equilibrium model to trace out the effects of IT on the labor market between 1990 and 2015. We find that the fall in IT prices explains 50 percent of the rising wage gap between routine and non-routine cognitive jobs. The decline in IT prices also accounts for 28 percent of the shift in employment away from routine cognitive towards non-routine cognitive jobs. Moreover, our estimates show that the impact of IT is uneven across space. Expensive locations have seen a stronger displacement of routine cognitive jobs and a larger widening of the wage gap between routine and non-routine cognitive jobs. |
| Keywords: | IT investment; Job Polarization; Spatial Sorting; Urban Wage Premium |
| JEL: | D21 J24 J31 R23 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwq:93021&r= |
| By: | Alejandro Drexler; Thomas B. King |
| Abstract: | When firms approach distress, whether they engage in asset substitution (risk shifting) or rebuild equity (risk management) may depend on their access to capital markets. The property-casualty insurance industry has two features that make it ideal for testing this hypothesis: (1) the main losses for insurers are exogenous events like hurricanes that provide a strong instrument for financial distress; and (2) many insurers are organized as mutual companies, which cannot issue stock. Consistent with the importance of capital constraints, stock companies issue new equity following a negative shock, while mutual companies increase the riskiness of their investment portfolios. |
| Keywords: | Risk shifting; insurance; reinsurance; capital structure |
| JEL: | G22 G32 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedhwp:93018&r= |
| By: | Dhoubhadel, Sunil P.; Azzam, Azzeddine M. |
| Keywords: | Agribusiness, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313342&r= |
| By: | Dhoubhadel, Sunil P.; Azzam, Azzeddine M. |
| Keywords: | Agribusiness, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312903&r= |
| By: | Jung, Benjamin; Kohler, Wilhelm |
| Abstract: | In this paper, we provide a detailed analysis of a mechanism that distorts production towards too much use of primary factors like labor and too little use of intermediate inputs. The distortion results from two ingredients that are cornerstones of modern quantitative trade theory: monopolistic competition and input-output linkages. The distortion as such is unrelated to trade, but has important consequences for trade policy, including a positive first-order welfare effect from an import subsidy. For a crystal-clear view on the distortion, we first look at it in a single-sector, closed economy where the monopolistic competition equilibrium would be efficient without the presence of input-output linkages. We compare the social-planner-solution with the decentralized market equilibrium, and we identify first-best policies to correct the distortion. To analyze the trade policy implications we then extend our analysis to a setting with trade between two symmetric countries. We identify first-best cooperative policies, featuring nondiscriminatory subsidies of intermediate input use, aswell as non-cooperative trade policies where countries use tariffs to weigh terms of trade effects against benefits from correcting the input distortion. |
| Keywords: | input-output linkages,monopolistic competition,international trade,allocational inefficiency,optimal policy |
| JEL: | F12 F13 D57 D61 H21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hohdps:062021&r= |
| By: | Simon Rabaté (CPB Netherlands Bureau for Economic Policy Analysis); Externe auteur: Sara Rellstab (Universit a della Svizzera Italiana, Lugano, Switzerland) |
| Abstract: | Having children can result in large earnings penalties for mothers. Using extensive administrative data from the Netherlands, we assess the magnitude and drivers of the effects of first childbirth on parents' earnings trajectories in the Netherlands. We show that mothers' earnings are 46% lower compared to their pre-birth earnings trajectory, whereas fathers' earnings are unaffected by child birth. We examine the role of two potential determinants of the unequal distribution of parents' labour market costs by gender: childcare policies and gender norms. We find that while child care availability is correlated with lower child penalty, the immediate short-term causal effect of increasing child care availability on the earnings penalty of becoming a mother is small. By taking advantage of variation in gender norms in different population groups, we show that gender norms are strongly correlated with child penalty for mothers. Having children can result in large earnings penalties for mothers. Using extensive administrative data from the Netherlands, we assess the magnitude and drivers of the effects of first childbirth on parents' earnings trajectories in the Netherlands. We show that mothers' earnings are 46% lower compared to their pre-birth earnings trajectory, whereas fathers' earnings are unaffected by child birth. We examine the role of two potential determinants of the unequal distribution of parents' labour market costs by gender: childcare policies and gender norms. We find that while child care availability is correlated with lower child penalty, the immediate short-term causal effect of increasing child care availability on the earnings penalty of becoming a mother is small. By taking advantage of variation in gender norms in different population groups, we show that gender norms are strongly correlated with child penalty for mothers. |
| JEL: | I26 I32 J13 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:424&r= |
| By: | OECD |
| Abstract: | The G20 Rome guidelines for the future of tourism identifies key issues and opportunities to rethink and reshape tourism policy in response to the impacts of the COVID-19 pandemic. It presents guidelines for action that are informed by the need to a) restore confidence and enable recovery, b) learn from the experience of the pandemic, and c) prioritise a sustainable development agenda in guiding future tourism. They are based around seven interrelated policy areas: i) safe mobility, ii) crisis management; iii) resilience; iv) inclusiveness; v) green transformation; vi) digital transition; and vii) investment and infrastructure. The G20 Rome guidelines were endorsed in the Rome Communiqué of the 2021 G20 Tourism Ministers’ meeting. |
| Keywords: | COVID19, crisis management, digital transition, green transformation, inclusiveness, infrastructure, investment, pandemic, resilience, sustainable tourism, tourism, travel mobility |
| JEL: | Z38 L83 |
| Date: | 2021–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaab:2021/03-en&r= |
| By: | Lachlan O'Neill (Faculty of Information Technology, Monash University); Simon D Angus (Dept. of Economics & SoDa Laboratories, Monash Business School, Monash University); Satya Borgohain (SoDa Laboratories, Monash Business School, Monash University); Nader Chmait (Faculty of Information Technology, Monash University); David Dowe (Faculty of Information Technology, Monash University) |
| Abstract: | As the discipline has evolved, research in machine learning has been focused more and more on creating more powerful neural networks, without regard for the interpretability of these networks. Such “black-box models†yield state-of-the-art results, but we cannot understand why they make a particular decision or prediction. Sometimes this is acceptable, but often it is not. We propose a novel architecture, Regression Networks, which combines the power of neural networks with the understandability of regression analysis. While some methods for combining these exist in the literature, our architecture generalizes these approaches by taking interactions into account, offering the power of a dense neural network without forsaking interpretability. We demonstrate that the models exceed the state-of-the-art performance of interpretable models on several benchmark datasets, matching the power of a dense neural network. Finally, we discuss how these techniques can be generalized to other neural architectures, such as convolutional and recurrent neural networks. |
| Keywords: | machine learning, policy evaluation, neural networks, regression, classification |
| JEL: | C45 C14 C52 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ajr:sodwps:2021-09&r= |
| By: | Schrape, Jan-Felix |
| Abstract: | The platformization of communication architectures is accompanied by a diversification of individual media use and an erosion of clear structural boundaries between different streams of public exchange. Nevertheless, it is by now evident that the digital transformation does not lead to a general loss of relevance of journalistic services or mass-received content per se and that selection thresholds remain in public communication despite increased connectivity. Against this backdrop, this paper argues that it is still instructive to describe the negotiation of public visibility as a multi-level process, which is now essentially shaped by the peculiarities of digital platforms: First, it examines the increasing platform orientation in media diffusion. Second, it discusses the associated diversification of individual media repertoires and the pluralization of public exchange. Then, the paper elaborates on three basic levels of public communication characterized by a heterogenous interplay of social and technical structuring services. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:stusoi:202102&r= |
| By: | Zachary Parolin (Columbia University); Sophie Collyer (Columbia University); Megan Curran (Columbia University); Christoper Wimer |
| Abstract: | In July 2021, the first payments of the expanded Child Tax Credit were delivered to 59.3 million children nationwide as part of ongoing economic relief efforts amidst the COVID-19 pandemic. The American Rescue Plan, passed in March, made three important changes to the Child Tax Credit for 2021: increasing benefit levels; expanding access to reach children in families with the lowest incomes; and paying the benefit out in monthly installments. Using our innovative approach to tracking monthly poverty rates, we project that ongoing COVID relief efforts continue to have a sizable effect on reducing child poverty keeping 6 million children from poverty in July 2021 alone (a reduction of more than 40 percent). This impact also resulted in a notable drop in child poverty between June and July 2021, due primarily to the rollout of the expanded Child Tax Credit. On its own, this new payment kept 3 million children from poverty in its first month. As rollout continues, the expanded Child Tax Credit has the potential to achieve even greater child poverty reduction. If all likely-eligible children are covered, it has the potential to reduce monthly child poverty by up to 40 percent on its own; in combination with all COVID-related relief, it could contribute to a 52 percent reduction in monthly child poverty. Expanding coverage to all eligible children is key to achieving the Child Tax Credit’s full anti-poverty potential, with the greatest gains to be realized for Black and Latino children. |
| Keywords: | poverty, COVID-19, social policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:aji:briefs:20412&r= |
| By: | Fullard, Joshua |
| Abstract: | While it is widely established that higher wages attract more productive individuals into teaching, it is unclear if salaries can be used to motivate existing teachers to work harder, or more productively, in any way that affects pupil outcomes. Using teachers’ predicted relative wages, calculated using a novel method of estimating teachers’ outside option, we provide evidence that teachers do respond to higher wages and this improves pupil outcomes. Consistent with the predictions of the efficiency wage model a 10% increase in teachers’ relative wages improves pupil performance in Science by 0.03sd, Math by 0.024sd as well as their enjoyment of learning by 0.05sd. The magnitude of these effects are similar to a 1 student reduction in class size or an additional hours of weekly tuition. |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:ese:iserwp:2021-07&r= |
| By: | Snehalkumar (Neil); S. Gaikwad; Shankar Iyer; Dalton Lunga; Elizabeth Bondi |
| Abstract: | Humanitarian challenges, including natural disasters, food insecurity, climate change, racial and gender violence, environmental crises, the COVID-19 coronavirus pandemic, human rights violations, and forced displacements, disproportionately impact vulnerable communities worldwide. According to UN OCHA, 235 million people will require humanitarian assistance in 20211 . Despite these growing perils, there remains a notable paucity of data science research to scientifically inform equitable public policy decisions for improving the livelihood of at-risk populations. Scattered data science efforts exist to address these challenges, but they remain isolated from practice and prone to algorithmic harms concerning lack of privacy, fairness, interpretability, accountability, transparency, and ethics. Biases in data-driven methods carry the risk of amplifying inequalities in high-stakes policy decisions that impact the livelihood of millions of people. Consequently, proclaimed benefits of data-driven innovations remain inaccessible to policymakers, practitioners, and marginalized communities at the core of humanitarian actions and global development. To help fill this gap, we propose the Data-driven Humanitarian Mapping Research Program, which focuses on developing novel data science methodologies that harness human-machine intelligence for high-stakes public policy and resilience planning. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00100&r= |
| By: | Donatella Baiardi |
| Abstract: | To answer this question, this paper reviews the huge and growing body of empirical literature on climate change awareness, and summarizes insights emerging from a critical review of about 140 papers. In particular, this survey provides (i) a historical overview of climate change awareness worldwide, (ii) a guide to the most widely used datasets, with a peculiar attention to the question wording employed to measuring climate change awareness when the analysis is performed at individual level; (iii) a detailed review of the main socio-economic and climatological determinants of climate change awareness, such as age, gender, education, political values, experience of extreme weather conditions, social and institutional trust and the stage of development of the country where people live; and (iv) a summary of the main implications of these findings in terms of public policy responses. |
| Keywords: | climate change awareness, individual perceptions, question wording, socio-economic determinants; policy implications |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:477&r= |
| By: | Toshihiro Okubo (Faculty of Economics Keio University) |
| Abstract: | Telework has spread during the pandemic of coronavirus disease (COVID-19). Using a unique individual-level survey in Japan, we investigate how telework has changed the way people live and work and what impediments hamper telework use. As a result, we find that telework allows workers to spend more time on leisure and their families. Compared to routine task workers, non-routine (abstract) task workers are more suited to telework. However, once engaged in telework, non-routine task workers have fewer opportunities to communicate with coworkers, which is a serious impediment that tends to hamper work performance and compromise mental health. |
| Keywords: | telework, COVID-19, survey, non-routine tasks, impediments, efficiency |
| JEL: | J20 J24 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2021-017&r= |
| By: | Samia Badji (Monash University); Nicole Black (Monash University); David W. Johnston (Monash University) |
| Abstract: | Greater accessibility to gambling venues may increase gambling rates, and therefore enhance welfare through the additional enjoyment from gambling and the related socialising. However, it may also lead to problematic gambling, financial hardship and psychological distress. We provide new evidence on the potential benefits and harms of greater geographic accessibility to suburban gambling venues containing electronic gaming (slot) machines. Our setting is Australia, the world leader in per capita gambling expenditure. Our approach combines geolocations of gambling venues with longitudinal survey data on gambling behaviours and economic, health and social outcomes. We find that people residing in close proximity to gambling venues are more likely to gamble, less likely to be happy, and are more likely to suffer from financial hardship and mental health problems. We find no significant impacts on socialising, general health, relationship dissatisfaction, or crime victimisation. These findings have implications for the regulation of gambling venues. |
| Keywords: | gambling, harms, mental health, financial hardship |
| JEL: | D10 H70 I10 I30 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-06&r= |
| By: | Daan Freeman (CPB Netherlands Bureau for Economic Policy Analysis); Leon Bettendorf (CPB Netherlands Bureau for Economic Policy Analysis); Harro van Heuvelen (CPB Netherlands Bureau for Economic Policy Analysis); Gerdien Meijerink (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | This paper analyses the declining firm dynamism in the Netherlands, which may explain part of the slowdown in productivity growth. We use a rich microdata set including nearly all corporations in the Netherlands during 2006-2016, which enables us to evaluate the TFP growth contributions of exiting firms, start-ups and new firms resulting from mergers & acquisitions in different industries. We use a Melitz and Polanec (2015) decomposition to assess TFP growth contributions. We find that in service industries, start-ups, new firms created by M&As and exiting firms all contribute to overall TFP growth, in line with the creative destruction hypothesis. In manufacturing industries, TFP growth is driven mostly by incumbent firms. Here, entry and exit dynamics contribute relatively little or even negatively to TFP growth. In addition, young firms in the manufacturing industries tend to have higher TFP growth than older firms, while in service industries this is not the case. Finally, in general, relatively low productivity entrants are more likely to exit in the first five years after entry, which is in line with an `up-or-out' dynamic. |
| JEL: | F16 J31 R11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:427&r= |
| By: | Tanveer, Muhammad; Kaur, Harsandaldeep; Paruthi, Mandakini; Thomas, George; Mahmood, Haider |
| Abstract: | Background: The mobile phone shopping behavior of adults has been extensively studied in the past. However, given the novelty and dynamism of this domain and the multitude of new contributing factors coming into play, such studies soon become obsolete. Consequently, this phenomenon needs to be studied frequently within the context of contemporary social, technological, and market norms. In the same league, there is a pressing need to empirically examine the mobile shopping behavior of young adults in Pakistan. In this context, the last known such study was published in 2008. This paper provides a study of factors influencing mobile phone shopping behavior within the context of young adults in Pakistan. Methods: A questionnaire-based survey consisting of a five-point Likert scale was conducted. The survey was disseminated via social media, and participation was voluntary. Over a period of two weeks, 416 respondents completed the survey to report mobile shopping behavior. We employed Confirmatory Factor Analysis (CFA) within the Structured Equation Modeling (SEM) model using AMOS 24. We chose CFA over Ordinary Least Squares (OLS) because the application of OLS is limited by compliance to simplifying assumptions. In contrast, SEM-CFA is a more robust method that also addresses the issue of multicollinearity, a common problem in survey data. Findings: The empirical results suggest that the Service Encounter and Convenience have coefficients of 0.049 [P=0.265] and 0.02 [P=0.682] only, suggesting a statistically insignificant influence of the two factors on the mobile phone buying behavior. Similarly, Avoidance of Core Service Failure and Response only has a coefficient -0.05 [P=0.401], suggesting a feeble and statistically insignificant negative effect on the mobile phone buying behavior in Pakistan. However, Price and Attractiveness have been found to have coefficients of 0.436 [P=0.00] and 0.155 [P=0.00], indicating that these two key factors are having a positive and significant influence on the mobile phone buying behavior in young adults in Pakistan. Contribution: The finding reveals mobile shopping behavior of young Pakistani adults might not be influenced by either Service Encounter or Convenience. Instead, the Price and Attractiveness of the mobile phone seem to affect the adults towards buying the mobile phone. Recommendations: The price of the mobile phones needs to follow the target market, and the product category should also be identified according to the characteristics of the target market. In addition, the attractiveness of the mobile phone needs to be maintained even if the prices are lower, as this should positively influence the buyers. Further research is suggested to include cultural and social factors in this context. |
| Keywords: | Commerce, mobile commerce, shopping behaviors, service encounter. |
| JEL: | M3 M31 |
| Date: | 2021–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109251&r= |
| By: | Aydemir, Abdurrahman (Sabanci University); Duman, Erkan (Sabanci University) |
| Abstract: | This paper estimates effects of birth place migration networks and other location attributes on destination choices of internal migrants conditional on migration. We also study heterogeneity in the role of these factors for migrant types who differ by skill group, age at migration, and reason of migration. We use data on male migrants from three rounds of Turkish censuses 1985, 1990 and 2000 who choose among 67 provinces. We find that migrants are drawn to provinces with larger networks, relatively better economic conditions, and distance is a significant deterrent for migration. There are, however, significant heterogeneities across migrant types. More educated move longer distances and rely less on networks for destination choice. Importance of labor market conditions increases and the effect of distance decreases with age. Among migrants with different reason of migration, labor market conditions play a significant role only for migrants moving for employment reasons and networks matter less for this group. |
| Keywords: | migration, networks, destination choice, education, reason of migration, heterogeneous effects |
| JEL: | J61 O15 R23 Z13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14677&r= |
| By: | Laurens Cherchye; Bram De Rock; Bart Dierynck; P.J. Kerstens; Filip Roodhooft |
| Abstract: | Firms have become increasingly customer centric, implying that customers, rather than products are treated as the most important asset of a firm. The switch to customer-centric strategies also implies that firms are collecting an enormous amount of customer-related data. The purpose of this paper is to propose a DEA-based methodology to determine the contribution of customer segments to firm value. We show the practical usefulness of our methodology through an application to Activity Based Costing (ABC) data collected from a large European telecom provider, which offers fixed telephone, mobile telephone, digital television and internet subscriptions. Our analysis reveals that the average cost reduction potential across all customer segments amounts to 1.26% of the total controllable costs, which represents approximately EUR 5 million when expressed in monetary terms. We also document substantial variation in the cost reduction potential across customer segments. |
| Keywords: | data envelopment analysis, customer value, multi-output effciency, ABC systems |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/331121&r= |
| By: | Nakakeeto, Gertrude; Malaga, Jaime E. |
| Keywords: | International Relations/Trade, International Development, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312652&r= |
| By: | Andr\'es Garc\'ia-Medina; Toan Luu Duc Huynh3 |
| Abstract: | Bitcoin has attracted attention from different market participants due to unpredictable price patterns. Sometimes, the price has exhibited big jumps. Bitcoin prices have also had extreme, unexpected crashes. We test the predictive power of a wide range of determinants on bitcoins' price direction under the continuous transfer entropy approach as a feature selection criterion. Accordingly, the statistically significant assets in the sense of permutation test on the nearest neighbour estimation of local transfer entropy are used as features or explanatory variables in a deep learning classification model to predict the price direction of bitcoin. The proposed variable selection methodology excludes the NASDAQ index and Tesla as drivers. Under different scenarios and metrics, the best results are obtained using the significant drivers during the pandemic as validation. In the test, the accuracy increased in the post-pandemic scenario of July 2020 to January 2021 without drivers. In other words, our results indicate that in times of high volatility, Bitcoin seems to autoregulate and does not need additional drivers to improve the accuracy of the price direction. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01214&r= |
| By: | Prateek Bansal; Rubal Dua; Rico Krueger; Daniel Graham (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | India has the world’s third highest carbon dioxide (CO2) emissions, after China and the United States. The transportation sector is the third largest contributor to carbon dioxide emissions in India, accounting for roughly 11% of all carbon dioxide emissions in 2016. Road transport accounts for around 94% of the total carbon dioxide emissions of the transportation sector. |
| Keywords: | Aviation consumption, Aviation oil demand, Crude oil, Diesel |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:prc:dpaper:ks--2021-dp13&r= |
| By: | Burmaa Jamiyansuren; Paloma Taltavull de La Paz |
| Abstract: | Based on the analysis of the Ger district’s housing market in Ulaanbaatar, the capital city of Mongolia, a study was conducted to determine whether it meets the purchasing power of the population and is based on market demand. The following factors were studied. The first, current housing needs for households in the Ger area, where more than 60 percent of the city's population lives, have been identified. Secondly, their affordability was assessed based on their current living conditions and opportunities. According to the survey, half of the households in the Ger area of Songinokhaikhan district have an average income of MNT 450,000, so there is an urgent need for an Affordable Housing Program to pay the rent and deduct the price from the newly built apartment. 20 percent of all the surveyed households can be connected to the infrastructure, and the remaining thirty percent are willing to take out low-interest loans to live in apartments. However, 20 percent of the surveyed households are interested in connecting to the infrastructure in their yard, and the remaining 30 percent want to live in a low-interest loan. In order to provide housing in Ger areas, there is a lack of low-cost technology to solve infrastructure problems (drinking water and restroom with water supply) and a “Complex Housing Policy” with 3-5 percent loans for low- and middle-income people. |
| Keywords: | Affordable Housing; ger areas; housing market; low and middle income households |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_184&r= |
| By: | Rowsell, Joe; Hertanto, Anthony; Mathur, Anand |
| Abstract: | The COVID-19 pandemic has demonstrated the fundamental importance of telecommunications networks. This paper utilizes data from a large North American network operator to examine the role of telecom networks in enabling public health and economic responses to the pandemic. During the pandemic, data usage grew significantly, with growth in wireline data use outstripping growth in wireless data use, 53% to 27%, between March and December 2020. Yet, even at pre-pandemic levels, data use is growing exponentially, doubling every 1.3 years between 2017 and 2020. This paper also considers three examples of public health and economic responses enabled by telecom networks: staying at home, adopting telemedicine, and teleworking. First, based on de-identified data on customer movement and location, this paper estimates that compliance with stay-at-home orders was about 20% lower in the 2nd wave than during the 1st wave, despite much cases counts, suggesting that Canadians suffered from isolation fatigue. Across Canada's six largest cities, controlling for population and GDP per capita, a 1% decrease in compliance is associated with an additional 700 COVID-19 infections. Second, based on data on two telemedicine apps, this paper highlights the potential for the rapid adoption of telemedicine. At the start of the pandemic, adoption of these apps doubled and then was sustained throughout 2020, with usage patterns reflecting digital divides in age and gender. Third, Canada's teleworking rate changed in lockstep with COVID-19 cases, even while the unemployment rate remained constant, suggesting that employers are adopting teleworking as a flexible way to adapt to evolving public health conditions and restrictions without resorting to layoffs. When viewed against this backdrop, telecommunication policy can support public health and social outcomes, in addition to economic outcomes. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238050&r= |
| By: | Rishabh, Kumar (University of Basel) |
| Abstract: | Banks all over the world show interest in acting as venture capitalists. In this paper, I argue that banks offer venture capital (VC) financing along with traditional (collateralized) loans in response to the natural constraints of the hidden information that they face. Innovative entrepreneurs pursue new technology that promises high return but runs a high risk of failure. The more innovative entrepreneurs also have higher reservation utility. This interaction between type-dependent returns and reservation utility creates a situation where collateral alone is not sufficient to screen entrepreneurs, and the uninformed bank needs an additional screening device. VC fulfils that role. |
| Keywords: | Bank, Venture Capital, Collateral, Debt, Screening |
| JEL: | G21 G24 D86 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:bsl:wpaper:2021/09&r= |
| By: | Zichen Deng (Norwegian School of Economics); Maarten Lindeboom (Vrije Universiteit Amsterdam) |
| Abstract: | This paper examines the effects of a massive salt iodization program on human capital formation of school-aged children in China. Exploiting province and time variation, we find a strong positive impact on cognition for girls and no effects for boys. For non-cognitive skills, we find the opposite. We show in a simple model of parental investment that gender preferences can explain our findings. Analyses exploiting within the province, village-level variation in gender attitudes confirm the importance of parental gender preferences. Consequently, large scale programs can have positive (and possibly) unintended effects on gender equality in societies with son preference. |
| Keywords: | Iodine, parental investments, gender attitudes, cognitive skills, non-cognitive skills |
| JEL: | I15 J16 J24 O15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-01&r= |
| By: | Wang, Yijing |
| Keywords: | Food Consumption/Nutrition/Food Safety, Research Methods/Statistical Methods, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312889&r= |
| By: | Marc Blatter (Swiss National Bank); Andreas Fuster (Ecole Polytechnique Fédérale de Lausanne; Swiss Finance Institute; Centre for Economic Policy Research (CEPR)) |
| Abstract: | This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997- 2019. We find strong evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an instrumental variables strategy for a subset of geographically restrained banks, we find that the effect of size on efficiency and profitability is likely causal. Scale economies have been more pronounced since 2010 than in the years prior to the global financial crisis. There is little evidence for scale economies for the largest (systemically important) banks; their relatively lower efficiency and lower profitability appear driven by certain aspects of their business model. Our results further indicate that good capitalization and high efficiency and profitability are compatible. |
| Keywords: | Bank efficiency, profitability, economies of scale, financial regulation |
| JEL: | G21 G28 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2161&r= |
| By: | Al-Qahtani, Maleeha Mohammed Zaaf; Alkhateeb, Tarek Tawfik Yousef; Mahmood, Haider; Abdalla, Manal Abdalla Zahed; Mawad, Ghada Shihata Ebrahim; Alkhatib, Maha Ahmed Hussein |
| Abstract: | Women empowerment may be utilized for sustainable development by using hidden un-utilized potential of the country. The present research is estimated the perception-based level of managerial, academic, economic, political and social women empowerment from a well-structured questionnaire. The Cronbach Alpha test is corroborated the reliability of each item in the hypothesized women empowerment dimension. We corroborate the satisfactory level of women empowerment in all hypothesized dimensions as per perception of the respondents. The highest average score is found for social women empowerment. It means that social women empowerment played a greatest role among others to empower the Saudi women. The second rank is achieved by academic women empowerment and the third position is for economic empowerment. Thus, economic empowerment and academic empowerment are playing their significant role in empowering the Saudi women. The lowest average mean is found for political empowerment. Hence, political domain need attention to provide women rights in political participation and processes. |
| Keywords: | Women empowerment, Managerial, Economic, Social, Political, Academic |
| JEL: | I00 |
| Date: | 2020–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109447&r= |
| By: | OKAMURO, Hiroyuki; HARA, Yasushi; IWAKI, Yunosuke |
| Abstract: | COVID-19 has a negative impact on business performance through anti-contagion regulations. It is especially serious in specific service industries such as hospitality, tourism, entertainment, and cultural industries. Contrary to several countries and regions in Europe and North America where economic and social activities were restricted, a more sophisticated regulation, “emergency status declaration,” was announced in Japan four times from April 2020 to date because of legal constraints. Empirical studies have been carried out on the effects of COVID-19 (including those of anti-contagion measures and support policies) on business performance, but most of them rely on one-shot survey data on firms; thus, they do not consider consumer awareness and do not target specific service sectors that are most directly damaged by anti-contagion regulations. Therefore, this study uses our original monthly survey data on consumers and telephone directory monthly data to investigate empirically the effects of consumer awareness and attitudes on business exits at the prefecture-level, focusing on specific service sectors including hospitality, tourism, entertainment, and cultural industries. Based on panel fixed-effect estimation, our preliminary results show that an increase in consumers’ risk aversion, sympathy for self-restraint from going out, and a decrease in going out with family members significantly increases the exit ratio in specific service industries in the same prefecture. Moreover, these effects vary depending on consumer types. |
| Keywords: | Covid-19, exit, service industry, consumer awareness |
| JEL: | D12 D22 I18 L25 L83 L88 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:tdbcdp:e-2021-05&r= |
| By: | Nico Ravanilla; Allen Hicken |
| Abstract: | Why are the poor susceptible to clientelism, and what factors shield them from the influence of vote buying? We explore the role of both formal and informal social networks in shaping the likelihood of being targeted with private inducements. We argue that when the poor lack access to formal social networks, they become increasingly reliant on vote buying channelled through informal networks. To test our theory, we build the informal, family-based network linkages between voters and local politicians spanning a city in the Philippines. |
| Keywords: | Social networks, Poor, vote-buying, Clientelism, Voting behaviour, Philippines |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-144&r= |
| By: | Zheng, Xiaoyong; Pan, Lei |
| Keywords: | Marketing, Health Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312806&r= |
| By: | Wang, Soyoung |
| Abstract: | The development of artificial intelligence (AI) technology has made it easy for users to generate hyper-realistic fake media content, and its most representative by-product is called deepfake. However, considerable attention has been paid to the adverse effects of deepfakes as they are tightly connected to the production of fake news, financial frauds, or fake pornographies. The misuse of deepfakes led to a series of deepfake prevention studies, but most were post-detection methods. This study thus investigated deepfake malfunction-inducing technology that may forestall the generation of deepfake with PGD attack. In the next part of the study, overall preferences and intention to use were measured as people's responses to this technology. An online survey especially targeting those exposed to various media like social media influencers (SMIs), was conducted. The deepfakes started to malfunction after adding 0.009 levels of an adversarial noise as a preventive mechanism. From a technical viewpoint, higher noise was a more effective way to prevent deepfake synthesis, but from the user's viewpoint, noise as high as 0.03 was found to be appropriate. Individuals' intention to use was tested with Bulgurcu's ISP compliance model. It was found that SMIs' predictive evaluations on the cost and benefit of this technology influence their attitude, and consequently, their intention to use it. This study shows the value of collaborative studies of AI-based privacy security domain and media industry domain. It also expands the scope of the framework with thorough hypothetical testing in the deepfake context. |
| Keywords: | Deepfake,Adversarial noise,Image quality,Intention to use |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238060&r= |
| By: | Jiamin Yu |
| Abstract: | Since Claude Shannon founded Information Theory, information theory has widely fostered other scientific fields, such as statistics, artificial intelligence, biology, behavioral science, neuroscience, economics, and finance. Unfortunately, actuarial science has hardly benefited from information theory. So far, only one actuarial paper on information theory can be searched by academic search engines. Undoubtedly, information and risk, both as Uncertainty, are constrained by entropy law. Today's insurance big data era means more data and more information. It is unacceptable for risk management and actuarial science to ignore information theory. Therefore, this paper aims to exploit information theory to discover the performance limits of insurance big data systems and seek guidance for risk modeling and the development of actuarial pricing systems. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03541&r= |
| By: | Giuseppe Fiori; Matteo Iacoviello |
| Abstract: | In the first five months of 2021, about two billion doses of COVID-19 vaccines were administered around the world. The pace of vaccinations varied significantly across countries and over time. In this note, we study the early effects of vaccinations on mortality, stringency of government restrictions on activity, and mobility indicators, using a large sample of advanced and emerging market economies from December 2020 through May 2021. |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-09-01&r= |
| By: | Ma, Xiao; Muendler, Marc-Andreas; Nakab, Alejandro |
| Abstract: | Export activity shapes workers’ experience-wage profiles. Using detailed Brazilian manufacturing employer-employee and customs data, we document that workers’ experience-wage profiles are steeper at exporters than at non-exporters. Aside from self-selection of more capable firms into exporting, we show that workers’ experience-wage profiles are steeper when firms export to high-income destinations. We then develop and quantify a model with export market entry, wage renegotiations, and human capital accumulation to interpret the data and perform counterfactual experiments. We find that human capital growth can explain roughly 40% of differences in wage profiles between exporters and non-exporters as well as the gains in experience returns after entry into high-income destinations. We also show that increased human capital per worker can account for one-half of the overall gains in real income from trade openness. In slowing human capital accumulation, trade liberalization can induce welfare losses if the trade partners are low-income destinations. |
| Keywords: | Export Activity; Wage Profiles; Human Capital Accumulation |
| JEL: | F10 F16 M53 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109497&r= |
| By: | Payton, Brett; Gomez Aurioles, Laura |
| Abstract: | The global transition to online classes in higher education during the COVID-19 pandemic gave researchers the opportunity to evaluate eLearning in ways never before possible. This study extends a model for Evaluating eLearning System Success (EESS) and uses an information systems approach to explore the issue of digital divides within higher education during the global push to online learning. Preliminary findings suggest that instructor quality, learner quality, socioemotional support from university staff and classmates, as well as levels of stress all significantly contribute to evaluation of eLearning systems success by students, whereas technical system quality, information quality, service quality, educational system quality, support system, and feature use do not. This suggests a very different scenario presented by the transition to online classes during COVID-19 than is found in literature regarding eLearning system evaluation. At the same time, socioeconomic status (SES) was found to be a statistically significant predictor for all factors contributing to eLearning evaluation, meaning the global push to online classes likely benefitted students of higher SES more than those of lower SES. This may have therefore contributed to digital divides within global higher education and have implication for future global inequality. |
| Keywords: | eLearning,Higher Education,digital inequality,COVID-19 Pandemic |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238045&r= |
| By: | Ajzenman, Nicolas (São Paulo School of Economics-FGV); Elacqua, Gregory (Inter-American Development Bank); Marotta, Luana (Inter-American Development Bank); Olsen, Anne Sofie (Novo Nordisk) |
| Abstract: | In this paper, we show that order effects operate in the context of high-stakes, real-world decisions: employment choices. We experimentally evaluate a nationwide program in Ecuador that changed the order of teaching vacancies on a job application platform in order to reduce teacher sorting (that is, lower-income students are more likely to attend schools with less qualified teachers). In the treatment arm, the platformshowed hard-tostaff schools (institutions typically located in more vulnerable areas that normally have greater difficulty attracting teachers) first, while in the control group teaching vacancies were displayed in alphabetical order. In both arms, hard-to-staff schools were labeled with an icon and identical information was given to teachers. We find that a teacher in the treatment arm was more likely to apply to hard-to-staff schools, to rank them as their highest priority, and to be assigned to a job vacancy in one of these schools. The effects were not driven by inattentive, altruistic, or less-qualified teachers. Instead, choice overload and fatigue seem to have played a role. The program has thus helped to reduce the unequal distribution of qualified teachers across schools of different socioeconomic backgrounds. |
| Keywords: | order effects, teacher sorting, satisficing |
| JEL: | I24 D91 I25 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14690&r= |
| By: | Michael J. Roberts (University of Hawai‘i at Manoa Department of Economics, University of Hawai‘i Economic Research Organization, University of Hawai‘i Sea Grant College Program); Sisi Zhang (University of Hawai‘i at Manoa Department of Economics); Eleanor Yuan (University of Hawai‘i at Manoa Department of Economics); James Jones (Northern Virginia Electric Cooperative); Matthias Fripp (University of Hawai‘i Economic Research Organization, Department of Electrical Engineering, University of Hawai‘i) |
| Abstract: | Growth of intermittent renewable energy and climate change make it increasingly difficult to manage electricity demand variability. Transmission and centralized storage technologies can help, but are costly. An alternative to centralized storage is to make better use of shiftable demand, but it is unclear how much shiftable demand exists. A significant share of electricity demand is used for cooling and heating, and low-cost technologies exists to shift these loads. With sufficient insulation, energy used for air conditioning and space heating can be stored in ice or hot water from hours to days. In this study, we combine regional hourly demand with fine-grained weather data across the United States to estimate temperature-sensitive demand, and how much demand variability can be reduced by shifting temperature-sensitive loads within each day, with and without improved transmission. We find that approximately three quarters of within-day demand variability can be eliminated by shifting only half of temperature-sensitive demand. The variability-reducing benefits of employing available shiftable demand complement those gained from improved interregional transmission, and greatly mitigate the challenge of serving higher peaks under climate change. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hae:wpaper:2021-3&r= |
| By: | Tong, Antonia |
| Abstract: | The 21st century sees a sharp increase in political, military, and economic competition. A country's competitive position in the world is measured by the strength of its economy. Since 2009 bitcoin was created, the decentralized economy became the trending research topic on google in 2021. Many developing countries try their best to find a way to decentralize their high-cost operations and optimize possible resources. Decentralization, as opposed to centralization, is the procedure through which a firm's operations, especially those concerning planning and management, are spread or outsourced away from the centralized, dominant place, group, and bureaucracy. It is definitive as a component of the decentralized economy since it is a set of commodities that enable the community to have sovereignty over an individual’s wealth without requiring third parties, such as a bank. Regional essential services are chosen by publicly elected officials in a decentralized economy system, whereas policy decisions are decided by a parliament comprised of elected members from each region in a centralized economic system. Two types of parliamentary conduct are explored. This thesis offers a foundation for choice, comparative, and a category of schemes for managerial decision is established, and decentralized (in the classic sense), centralized, and unconstrained economic subclasses are studied in both the United States and China. It also identified and discussed the channels through which a decentralized economic system can contribute to the economic growth. In a basic illustrative structure, parameters for rating the schemes are developed and used. It is discovered that a universal predilection for one of the subcategories cannot be justified without significantly reducing the model's possibilities in the United States and China. |
| Keywords: | Decentralized, economy, cryptocurrency, China, Chinese, U.S.A, Fintech, GDP, substantial, Den Xiaoping, Ethereum, Bitcoin, capitalism, socialism, politic, legislative behavior; economic policies; growing competition; dominant place; bureaucracy; stability |
| JEL: | A10 G0 G00 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109609&r= |
| By: | Ari Bronsoler; Joseph J. Doyle Jr.; John Van Reenen |
| Abstract: | Adoption of health information and communication technologies (“HICT”) has surged over the past two decades. We survey the medical and economic literature on HICT adoption and its impact on clinical outcomes, productivity and labor. We find that HICT improves clinical outcomes and lowers healthcare costs, but (i) the effects are modest so far, (ii) it takes time for these effects to materialize, and (iii) there is much variation in the impact. More evidence on the causal effects of HICT on productivity is needed to guide further adoption. There is little econometric work directly investigating the impact of HICT on labor, but what there is suggests no substantial negative effects on employment and earnings. Overall, while healthcare is “exceptional” in many ways, we are struck by the similarities to the wider findings on ICT and productivity stressing the importance of complementary factors (e.g. management and skills) in determining HICT impacts. |
| JEL: | I12 I18 J21 J24 O14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29218&r= |
| By: | Platt, Lucinda; Polavieja, Javier; Radl, Jonas |
| Abstract: | Can specific policies support the economic integration of immigrants? Despite the crucial importance of this question, existing evidence is inconclusive. Using data from the European Social Survey, we estimate the effects of integration and anti-discrimination policies, alongside social expenditure and labor market regulation, on the labor market performance of 6,176 non-European immigrants across 23 European countries. We make three contributions: 1) we investigate the distinct role of discrete policy areas for labor market integration outcomes, 2) we allow for heterogeneous effects of policies on immigrants with different characteristics, and 3) we examine immigrants’ occupational attainment while accounting for their selection into employment. We find that immigrants’ employment chances are negatively associated with national levels of expenditure on welfare benefits but positively associated with policies facilitating immigrant access to social security. We also find that labor market rigidity is negatively associated with immigrants’ occupational attainment, but we find little evidence that policies aimed at supporting the transferability of immigrants’ qualifications promote their occupational success. Our results strongly suggest that anti-discrimination policies are important for immigrant economic integration. Yet while these policies are associated with greater occupational success for all female immigrants, they seem to be only positively associated with the occupational attainment of higher-skilled and non-Muslim immigrant men. As this article suggests, anti-discrimination policies can foster immigrants’ labor market success, yet these policies currently fail to reach those who face the strongest anti-immigrant sentiments — that is, unskilled male immigrants and Muslim immigrant men. |
| Keywords: | immigrants; occupational attainment; employment; Europe; integration policies; social expenditure; labor market regulations; Sage deal |
| JEL: | R14 J01 |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110955&r= |
| By: | Emanuel Kohlscheen; Richhild Moessner |
| Abstract: | We provide novel systematic cross-country evidence that the link between domestic labour markets and CPI inflation has weakened considerably in advanced economies during recent decades. The central estimate is that the short-run pass-through from domestic labour cost changes to core CPI inflation decreased from 0.25 in the 1980s to just 0.02 in the 2010s, while the longrun pass-through fell from 0.36 to 0.03, with the estimates in the 2010s no longer significant. We show that the timing of the collapse in the pass-through coincides with a steep increase in import penetration from a group of major manufacturing EMEs around the turn of the millennium, which signals increased competition and market contestability. |
| Keywords: | competition, globalisation, import penetration, inflation, labour market, pass-through, wage |
| JEL: | E31 E50 F10 F60 J30 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9281&r= |
| By: | Paniagua, Victoria; Vogler, Jan P. |
| Abstract: | What explains the emergence and persistence of institutions aimed at preventing any ruling group from using the state apparatus to advance particularistic interests? To answer this recurring question, a burgeoning literature examines the establishment of power-sharing institutions in societies divided by ethnic or religious cleavages. Going beyond existing scholarly work focused on these specific settings, we argue that political power-sharing institutions can also be the result of common disputes within the economic elite. We propose that these institutions are likely to emerge and persist when competition between elite factions with dissimilar economic interests is balanced. To address the possibility of endogeneity between elite configurations and public institutions, we leverage natural resource diversity as an instrument for elite configurations. We show that, where geological resources are more diverse, competition between similarly powerful economic groups is more likely to emerge, leading ultimately to the establishment of power-sharing mechanisms that allow elite groups to protect their diverging economic interests. |
| Keywords: | economic elites; power-sharing institutions; institutional design; political economy; elite competition; Springer deal |
| JEL: | P16 P48 Q34 D02 P52 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110926&r= |
| By: | Shenghao Feng; Xiujian Peng; Philip Adams |
| Abstract: | This study investigates the energy and economic implications of China's carbon neutrality path over the period of 2020 to 2060. We use a recursive dynamic CGE model, CHIANGEM-E, to conduct the analysis. Notable advancements from the original CHINAGEM model include: 1) detailed energy sector disaggregation, 2) a new electricity generation nesting structure, and 3) carbon capture and storage (CCS) mechanisms. Our simulation shows that to achieve carbon neutrality in 2060, China needs change its energy consumption structure significantly. Coal and gas consumption will decline dramatically while the demand for renewable energy, especially demand for solar and wind energy will increase considerably. However, the negative effects of the dramatic carbon emission reduction on China's macro economy is limited. In particular, by 2060 real GDP will be 1.36 percent lower in carbon neutrality scenario (CNS) than in the base case scenario. The carbon price level will be 1614 CNY per tonne of carbon dioxide in 2060 in CNS. The substantial changes in China's energy structure imply significant changes to its fossil fuel imports. China's import demand for coal, crude oil and gas will all fall sharply. By 2060, China's imports of coal and gas will be more than 60% lower and its oil imports will be around 50% lower than their respective base-case levels. |
| Keywords: | Carbon neutrality, economic implication, energy consumption, China, CGE |
| JEL: | C68 Q4 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-318&r= |
| By: | Plamen Nikolov (State University of New York (at Binghamton)); Steve Yeh (Columbia University) |
| Abstract: | Cognitive abilities are fundamental for decision-making, and understanding the causes of human capital depreciation in old age is especially important in an aging society. Using a longitudinal labor survey that collects direct proxy measures of cognitive skills, we study the effect of educational attainment on cognitive performance in late adulthood in South Africa. We find robust evidence that an increase in a year of schooling improves memory performance and general cognition. We also find evidence of heterogeneous effects of educational attainment on cognitive performance. We explore the mechanisms through which education can affect cognitive performance. We show that a more supportive social environment, improved health habits, and reduced stress levels likely play a critical role in mediating the beneficial effects of educational attainment on cognition among the elderly. |
| Keywords: | human capital, educational attainment, cognitive performance, developing countries, sub-Saharan Africa |
| JEL: | J14 J24 I21 F63 N37 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-045&r= |
| By: | Takeshi Murooka (Osaka School of International Public Policy (OSIPP), Osaka University); Takuro Yamashita (Toulouse School of Economics, University of Toulouse) |
| Abstract: | We study an adverse selection environment, where a rational seller can trade a good of which she privately knows its value to a buyer, and there are gains from trade. The buyer's types differ in their degree of inferential abilities: A rational type correctly infers the value of the good from the seller's offer, whereas a naive type under-appreciates the correlation between the seller's private information and offer. We characterize the optimal menu mechanism that maximizes the social surplus. Notably, no matter how severe the adverse selection is (in particular, even when no trade is the unique possible outcome if all agents are rational), all types of buyers trade in the optimal mechanism. The rational buyer's trade occurs at the expense of the naive buyer's losses. We also investigate a consumer-protection policy of limiting the losses and discuss its implications. |
| Keywords: | adverse selection, inferential naivety, mechanism design, behavioral contract theory, consumer protection |
| JEL: | D82 D86 D90 D91 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:osp:wpaper:21e006&r= |
| By: | Josué Diwambuena (Free University of Bozen-Bolzano, Italy); Raquel Fonseca (ESG-University of Quebec at Montreal and CIRANO); Stefan Schubert (Free University of Bozen-Bolzano, Italy) |
| Abstract: | This paper investigates how Italian labour market institutions influence business cycle fluctuations. We apply a DSGE model that features Italian labour market rigidities and we estimate the latter on Italian data using Bayesian techniques to assess the effects of demand, supply, and labour market shocks on the macroeconomy, and to measure their significance for economic fluctuations. Our results show: First, technology, time preference and wage bargaining shocks are key drivers of economic fluctuations across horizons. Second, matching efficiency and wage bargaining shocks are significant sources of unemployment and vacancies fluctuations but their role is limited for output fluctuations. Third, labour market relaxation policies have only marginally contributed to the reduction in unemployment. Last, accounting for wage rigidities influences labour market dynamics and helps the model to fit data well. We, therefore, urge policymakers to support additional changes in labour market institutions. |
| Keywords: | DSGE; Labour market frictions; Bayesian estimation; Italy. |
| JEL: | E24 E32 C51 C52 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps88&r= |
| By: | René van den Brink (VU University Amsterdam); Dinko Dimitrov (Saarland University [Saarbrücken]); Agnieszka Rusinowska (CNRS - Centre National de la Recherche Scientifique, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, 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) |
| Abstract: | We consider plurality voting games being simple games in partition function form such that in every partition there is at least one winning coalition. Such a game is said to be weighted if it is possible to assign weights to the players in such a way that a winning coalition in a partition is always one for which the sum of the weights of its members is maximal over all coalitions in the partition. A plurality game is called decisive if in every partition there is exactly one winning coalition. We show that in general, plurality games need not be weighted, even not when they are decisive. After that, we prove that (i) decisive plurality games with at most four players, (ii) majority games with an arbitrary number of players, and (iii) decisive plurality games that exhibit some kind of symmetry, are weighted. Complete characterizations of the winning coalitions in the corresponding partitions are provided as well. |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:hal-03153465&r= |
| By: | René van den Brink (VU University Amsterdam); Dinko Dimitrov (Saarland University [Saarbrücken]); Agnieszka Rusinowska (CNRS - Centre National de la Recherche Scientifique, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, 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) |
| Abstract: | We consider plurality voting games being simple games in partition function form such that in every partition there is at least one winning coalition. Such a game is said to be weighted if it is possible to assign weights to the players in such a way that a winning coalition in a partition is always one for which the sum of the weights of its members is maximal over all coalitions in the partition. A plurality game is called decisive if in every partition there is exactly one winning coalition. We show that in general, plurality games need not be weighted, even not when they are decisive. After that, we prove that (i) decisive plurality games with at most four players, (ii) majority games with an arbitrary number of players, and (iii) decisive plurality games that exhibit some kind of symmetry, are weighted. Complete characterizations of the winning coalitions in the corresponding partitions are provided as well. |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03153465&r= |
| By: | René van den Brink (VU University Amsterdam); Dinko Dimitrov (Saarland University [Saarbrücken]); Agnieszka Rusinowska (CNRS - Centre National de la Recherche Scientifique, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, 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) |
| Abstract: | We consider plurality voting games being simple games in partition function form such that in every partition there is at least one winning coalition. Such a game is said to be weighted if it is possible to assign weights to the players in such a way that a winning coalition in a partition is always one for which the sum of the weights of its members is maximal over all coalitions in the partition. A plurality game is called decisive if in every partition there is exactly one winning coalition. We show that in general, plurality games need not be weighted, even not when they are decisive. After that, we prove that (i) decisive plurality games with at most four players, (ii) majority games with an arbitrary number of players, and (iii) decisive plurality games that exhibit some kind of symmetry, are weighted. Complete characterizations of the winning coalitions in the corresponding partitions are provided as well. |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-03153465&r= |
| By: | Francesca Crucitti (European Commission - JRC); Nicholas-Joseph Lazarou (European Commission - JRC); Philippe Monfort (European Commission - DG REGIO); Simone Salotti (European Commission - JRC) |
| Abstract: | We employ the spatial dynamic general equilibrium model RHOMOLO to estimate the economic impact of the 2021-2027 Cohesion Policy in Bulgarian NUTS-2 regions and analyse the implications for growth and development in Bulgaria. The main investment areas covered by the policy fall into the following five fields of intervention: aid to the private sector, research and development, transport infrastructure, other infrastructure, and human capital. They are characterised by a varying degree of positive demand and supply side effects on regional and aggregate development, which, together with the level of the shocks, determine the impact on GDP. We find that a projected €10.9 billion of Cohesion Policy funding would increase Bulgarian GDP by 3.4% at the end of the implementation period and by 2.4% ten years later. Our results suggest that there is no systematic equity-efficiency trade-off in Bulgaria which mainly arises as the consequence of low spillovers in the capital city region versus the strictly higher spillovers observed in the rest of the country’s regions. We conclude that a balanced Cohesion Policy portfolio would foster a high impact on national GDP, maintain a high intensity of spillovers and reduce regional disparities in Bulgaria. |
| Keywords: | RHOMOLO, Cohesion Policy, regional growth, regional development, Bulgaria |
| JEL: | C68 R13 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:termod:202106&r= |
| By: | Stephen Lee |
| Abstract: | The theoretical model of Merton (1987) predicts a positive relation between idiosyncratic risk and returns, for investors who are not fully diversified. Investors in the private real estate market hold particularly undiversified portfolios due to lack of information, transaction costs, liquidity requirements, taxes, etc.. Therefore, it is especially important to see whether private real estate returns are significantly related to idiosyncratic risk. The lack of research in the private real estate market due to the lack of high frequency data needed to construct measures of idiosyncratic risk. To overcome this problem we use the cross sectional variance (CSV) as our measure of idiosyncratic risk, as it is calculably at any frequency and is model free. Using monthly data for 35 real estate market segments over the period 1987:1 to 2019:12 the results indicate that CSV is highly correlated with idiosyncratic risk measured by the average variance of errors from the market model. Therefore, we consider CSV a good proxy for idiosyncratic risk in the private real estate market. Then using quantile regression methodology we find that there is a positive relationship in the higher quantiles but an insignificant negative effect in the low quantiles for average market returns 1, 3, 6, 9 and 12 months ahead. Lastly, we find high idiosyncratic risk portfolios produce significantly higher returns than low idiosyncratic risk portfolios. The results indicate that idiosyncratic risk significantly affects private real estate returns. The study therefore provides important implications for investors and fund managers, as well as researchers. |
| Keywords: | cross section variance; Idiosyncratic risk; monthly data; quantile regressions |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_219&r= |
| By: | Gustavo Ferro |
| Abstract: | Abstract: This essay tries to synthesize a recent discussion on circular economics, aiming to clarify the concept, its relationship with the notion of “decoupling”, and how technology, business, and economic policy influence it. In essence, circular economy means turning waste into something valuable. The concept encompasses some previous notions, such as bioeconomy. Technology of Fourth Industrial Revolution helps to decoupling growth from resource use. The reach of decoupling is disparate between growth optimistic and growth pessimistic thinkers. Business models comprehended in circular economy vary from eliminating waste, maximizing use extension of capital and durable consumption goods, until recovering materials and energy from process and products, turning goods into services by sharing, and replacing property by lease or pay-per-use models. Policies to induce or incentivize circular economy includes fiscal incentives through taxation and subsidization, command and control measures, and voluntary coordination efforts at the international level. / Resumen: Este ensayo procura sintetizar una discusión reciente sobre la economía circular, apuntando a clarificar ese concepto, su relación con la noción de “desacople” y cómo es influenciada por la tecnología, los negocios y la política pública. En esencia, la economía circular significa tornar desperdicios en algo valioso. El concepto abarca y supera algunas nociones previas como bioeconomía. La tecnología de la Cuarta Revolución Industrial aporta al desacople entre el crecimiento y los recursos. El alcance del desacople enfrenta a los optimistas con los pesimistas del crecimiento. Los modelos circulares de negocios incluyen eliminar desperdicio, maximizar la vida útil de los bienes durables, recuperar materiales y energía de procesos y productos, transformar bienes en servicios a través de su uso compartido y reemplazar su propiedad por alquiler o pago por el uso. Las políticas para inducir o incentivar la economía circular incluyen medidas fiscales, regulatorias y esfuerzos internacionales de coordinación voluntaria. |
| Keywords: | Circular economy, Fourth Industrial Revolution, Business, Public policy |
| JEL: | Q20 Q50 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:809&r= |
| By: | Perez Martinez, Jorge; Hernandez-Gil, Felix; Peña, Daniel |
| Abstract: | The relationship between the implantation of Information and Communication Technologies (ICT) and the achievement of the Sustainable Development Goals (SDG), agreed at the United Nations is studied using regression models based on indicators on the SDG achievement and on the ICT adoption. The 17 SDG and their specific indicators are analyzed paying special tension to the European countries. Results shows a high positive association between the general SDG achievement and the ICT adoption. The aspects that benefit most clearly from digitization are those related to social and economic progress, including those such as poverty reduction, health care, quality of education and industry improvement. However, the study also shows that digitalization is associated to a poor achievement in areas related to the natural environmental preservation and climate change fight, including among them those related to electronic waste and greenhouse gas emissions. This is probably mostly due to the indirect effects. |
| Keywords: | Sustainable Development Goals,Information and Communication Technologies,Inclusive Internet Index,European Union |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238047&r= |
| By: | Ugo Colombino; Nizamul Islam |
| Abstract: | As a response to a changing labour market scenario and to the concerns for increasing costs and bad incentives of traditional income support policies, the last decades have witnessed, in many countries, reforms introducing more sophisticated designs of means-testing, eligibility and tagging. In this paper, we consider an alternative direction of reform that points towards universality, unconditionality and simplicity. Our main research question is whether tax-transfer rules designed according to these alternative criteria might be superior to the current one and could therefore be proposed as a policy reform. We adopt a computational approach to the design of optimal tax-transfer rules, within a flexible class. The exercise is applied to France, Germany, Italy, Luxembourg, Spain and the United Kingdom. The results suggest some common features in all the countries. The optimal tax-transfer rules feature a universal unconditional basic income or, equivalently, a negative income tax with a guaranteed minimum income. The tax profiles are much flatter than the current ones. For most social welfare criteria, and most countries, the simulated tax-transfer rules are superior to the current ones. These results confirm that policy reforms inspired by the principle of Universal Basic Income and Flat Tax might have good chances to dominate the current tax-transfer rules. |
| Keywords: | empirical optimal taxation; microsimulation; microeconometrics; social welfare evaluation of tax-transfer rules |
| JEL: | C60 H20 H30 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2021-06&r= |
| By: | Juan Pablo Jiménez; Leonardo Letelier; Ignacio Ruelas; Jaime Bonet-Morón |
| Abstract: | Durante las últimas dos décadas, la utilización de reglas fiscales ha tenido un aumento significativo alrededor del mundo. Si bien la evidencia internacional ha destacado algunos beneficios a partir de su implementación, las experiencias de América Latina en la puesta en marcha y los resultados han sido heterogéneos. Esas reglas fiscales inicialmente cobijaban a los gobiernos nacionales, pero luego se fueron ampliando a los subnacionales, en parte porque los procesos de descentralización fiscal fueron entregando más responsabilidades en materia de ingreso y gasto público a los gobiernos subnacionales. La revisión de las experiencias internacionales en esta materia provee lecciones de política importantes para futuros cambios en las normas de responsabilidad fiscal nacional y subnacional en los países, en especial ante las condiciones que ha impuesto al sector público la pandemia del COVID-19. Este documento hace una revisión exhaustiva de la evolución de las reglas fiscales subnacionales alrededor del mundo, identificando los principales factores que contribuyen al éxito o fracaso de estas. Además, permite identificar los elementos clave en una posible agenda de reforma ante las fallas en las reglas fiscales que ha visibilizado la actual pandemia. **** ABSTRACT: During the last two decades the use of fiscal rules has increased significantly around the world. Although international evidence has highlighted some benefits from its implementation, the experiences of Latin America in the implementation and the results have been heterogeneous. These fiscal rules initially covered the national governments but were later extended to subnational governments, in part because the fiscal decentralization processes were handing more responsibilities in terms of revenue and public spending to subnational governments. The review of international experiences in this area provides important policy lessons for future reforms in national and subnational fiscal responsibility regulations, especially given the conditions imposed on the public sector by the COVID-19 pandemic. This document makes an extensive review of the evolution of subnational fiscal rules worldwide, identifying the main factors that contribute to their success or failure. In addition, it allows identifying the key elements in a possible reform agenda to face the flaws in the fiscal rules that the current pandemic has made visible. |
| Keywords: | Reglas fiscales, gobiernos subnacionales, COVID-19, Fiscal rules, subnational governments, COVID-19 |
| JEL: | H72 H77 R50 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:region:300&r= |
| By: | Schmidhammer, Christoph |
| Abstract: | For the DAX index market, this paper analyses the development of return differences between exchange traded funds (ETFs) and the DAX index from the perspective of long-term investors. The newly introduced methodology provides the opportunity to continuously identify long-term costs of passively managed products independent from the information of annual financial statements. This enables to test for product-specific return differences and to identify relevant cost drivers such as index returns and market makers. Results reveal that on average, DAX ETFs costs considerably exceed total expense ratios. Product-specific return differences are significant, however, differences tend to converge over time. For all ETFs, deviations are significantly influenced by index returns. Product characteristics deliver valuable arguments to explain these findings. Also market makers significantly contribute to return differences. |
| Keywords: | Exchange Traded Funds,Net Asset Value,market maker prices,return differences,Total Expense Ratio,ETF issuers,rolling window |
| JEL: | G12 G13 G14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:282021&r= |
| By: | Juan Pablo Jiménez; Leonardo Letelier; Ignacio Ruelas; Jaime Bonet-Morón |
| Abstract: | Durante las últimas dos décadas, la utilización de reglas fiscales ha tenido un aumento significativo alrededor del mundo. Si bien la evidencia internacional ha destacado algunos beneficios a partir de su implementación, las experiencias de América Latina en la puesta en marcha y los resultados han sido heterogéneos. Esas reglas fiscales inicialmente cobijaban a los gobiernos nacionales, pero luego se fueron ampliando a los subnacionales, en parte porque los procesos de descentralización fiscal fueron entregando más responsabilidades en materia de ingreso y gasto público a los gobiernos subnacionales. La revisión de las experiencias internacionales en esta materia provee lecciones de política importantes para futuros cambios en las normas de responsabilidad fiscal nacional y subnacional en los países, en especial ante las condiciones que ha impuesto al sector público la pandemia del COVID-19. Este documento hace una revisión exhaustiva de la evolución de las reglas fiscales subnacionales alrededor del mundo, identificando los principales factores que contribuyen al éxito o fracaso de estas. Además, permite identificar los elementos clave en una posible agenda de reforma ante las fallas en las reglas fiscales que ha visibilizado la actual pandemia. **** ABSTRACT: During the last two decades the use of fiscal rules has increased significantly around the world. Although international evidence has highlighted some benefits from its implementation, the experiences of Latin America in the implementation and the results have been heterogeneous. These fiscal rules initially covered the national governments but were later extended to subnational governments, in part because the fiscal decentralization processes were handing more responsibilities in terms of revenue and public spending to subnational governments. The review of international experiences in this area provides important policy lessons for future reforms in national and subnational fiscal responsibility regulations, especially given the conditions imposed on the public sector by the COVID-19 pandemic. This document makes an extensive review of the evolution of subnational fiscal rules worldwide, identifying the main factors that contribute to their success or failure. In addition, it allows identifying the key elements in a possible reform agenda to face the flaws in the fiscal rules that the current pandemic has made visible. |
| Keywords: | Reglas fiscales, gobiernos subnacionales, COVID-19, Fiscal rules, subnational governments, COVID-19 |
| JEL: | H72 H77 R50 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000102:019502&r= |
| By: | Czyżewski, Daniel |
| Abstract: | This paper addresses issues connected with economic growth, how the theory on it has changed and also what its potential determinants are. In order to do so, the panel data was constructed for 129 countries with the time period of 1975-2015. In addition to this, the paper also accounts for the model uncertainty as well as reverse causality issues that may arise while dealing with such data. The methodology applied in the research consists of the Moral-Benito (2016) framework combined with the bayesian model averaging method (BMA). Out of the five variables, only one turned out to be fragile. The other four appeared to be robust with three of them at the most restrictive level. What is more, the paper also presents the potential reasoning behind obtained results and upholds the hypothesis that international trade has a positive impact on the economic growth. |
| Keywords: | economic growth, bayesian model averaging, trade openesss, dynamic panels, weakly exogenous regressors |
| JEL: | F1 F19 F43 O11 O49 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108405&r= |
| By: | Berdibayev, Yergali; Kwon, Youngsun |
| Abstract: | As of the end of May 2021, more than 170 million people worldwide were infected with COVID-19, with the total death toll exceeding 3.7 million. The COVID-19 pandemic and the demand for physical distancing and social isolation have highlighted digital financial services (DFS) as a typical solution for getting the basic services we need in our daily lives. Thus, to understand the behavior of people using digital financial services during a pandemic, in particular in developing countries, we used the UTAUT model, expanding it with two constructions: fear of COVID-19 as a moderator and social isolation as a direct determinant for behaviour intention. A survey method is used, in which primary data is collected through survey platforms and social networks from people from developing countries, more than 400 participants aged 18 and over. This study uses structural equation modeling (SEM) to test our constructs and hypotheses, analyze relationships, and determine the overall fit of the model. The study used factor analysis (EFA, CFA) and covariance-based SEM. As a result, we found that all UTAUT constructs and social isolation positively influence behavioral intent and actual use of DFS during a pandemic. Testing the moderating role of COVID fear for other constructs plays a positive role, with the exception of the relationship between expected performance and behavior intensity and the relationship between behavioral intent and actual use. |
| Keywords: | Behaviour study,UTAUT model,structural equation modeling (SEM),digital financial service (DFS),social isolation,COVID-19 pandemic |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238010&r= |
| By: | Mateusz Omal |
| Abstract: | The aim of this paper is to test for overall and cluster convergence of housing rents across Polish provincial capitals and to identify drivers of convergence club formation. In order to achieve the goal of the study, several novel convergence tests were used, including the Kong et al. (2019) and Phillips and Sul (2007) approaches. Moreover, convergence club analysis was carried out in four different configurations, varying in the technique of trend component extraction from the data. In particular, three well-known methods of time series decomposition were used, i.e. the Hodrick-Prescott, Butterworth and Christiano-Fitzgerald filters, as well as the most recent boosted Hodrick-Prescott filter. The results indicated that rental prices across the studied cities do not share a common path in the long run. It is possible, however, to identify convergence clubs where rents are moving towards a club-specific steady state. Detailed analysis of the structure of estimated clusters showed that data filtering using the boosted Hodrick-Prescott method leads to the most reliable allocation of cities to convergence clubs. Moreover, the logit models estimation results revealed that the likelihood of any two cities belonging to the same convergence club depends mainly on similar levels of unemployment rate and tourist traffic. |
| Keywords: | convergence club; housing market; rental prices; stochastic convergence |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_7&r= |
| By: | MORIKAWA Masayuki |
| Abstract: | This study, using panel data of original surveys conducted in June 2020 and July 2021, analyzes the changes in adoption and productivity of working from home (WFH) during the COVID-19 pandemic. The results indicate, first, the mean WFH productivity has improved by more than 10% in the past year, although it is still about 20% lower than when working in the office. 1) "Selection effect" arising from the exit of workers with relatively low WFH productivity from the WFH practice and 2) the improvement in WFH productivity through the "learning effect" contributed almost equally to the productivity growth of WFH. Second, additional working hours extracted from reduced commuting are about 3.0% and 0.7% of the total labor input of WFH workers and all workers, respectively. Even if adjusting for the additional working hours from reduced commuting, the conclusion of relatively low productivity at home is essentially unchanged. Third, the percentage of employees who want to continue frequent WFH after the end of the COVID-19 pandemic has increased substantially, suggesting that WFH may become a popular workstyle. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:21041&r= |
| By: | Balasubramanya, Soumya; Buisson, Marie-Charlotte; Mitra, Archisman; Stifel, David |
| Keywords: | International Development, Agricultural and Food Policy, Teaching/Communication/Extension/Profession |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313349&r= |
| By: | Natasya, Putri; Marlius, Doni |
| Abstract: | This study aims to know the role of customer service in improving service to customers at PT. BPD Sumatera Barat Cabang Pasar Raya Padang. In analyzing the data, the author uses qualitative data analysis methods as a research method that explains in depth the role of customer service in improving services to customers at PT. BPD Sumatera Barat Cabang Pasar Raya Padang. The method of analysis is viewed from two different aspects, namely between theory and practice. The results of the research on the role of customer service in providing information are very good and customers are very satisfied with the services provided by customer service. |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:4y6g8&r= |
| By: | Gee Hee Hong; Matthew Klepacz; Ernesto Pasten; Raphael Schoenle |
| Abstract: | This paper evaluates the informativeness of eight micro pricing moments for monetary non-neutrality. Frequency of price changes is the only robustly informative moment. The ratio of kurtosis over frequency is significant only because of frequency, and insignificant when non-pricing moments are included. Non-pricing moments are additionally informative about monetary non-neutrality, indicating potential omitted variable bias and the inability of pricing moments to serve as sufficient statistics. In contrast to existing theoretical work, this ratio has an ambiguous relationship with monetary non-neutrality in a quantitative menu cost model. We show which modeling ingredients explain this discrepancy, providing guidance on modeling choices. |
| Keywords: | Price-setting; menu cost; micro moments; sufficient statistics |
| JEL: | E13 E31 E32 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwq:93012&r= |
| By: | Menglong Nan |
| Abstract: | In this paper we provide an extended analytic framework beyond the conventional mean-variance optimization to evaluate the diversification effects of the listed infrastructure equity as an asset class in the context of portfolio optimization. The robust optimization methodology overcomes many disadvantages in the mean-variance optimization by allowing optimization amid uncertainties in parameters. Along with the new measurements effective number of bets in diversification and risks and return, we make the case of investment in the listed infrastructure index. In the multi-period context, the asset under examination performs relatively better with robust optimization and the contributions to the portfolio are stable. The comprehensive reevaluation of the listed infrastructure as an asset class is relevant for institutional investors and the framework is instrumental to similar analysis in the broader area of real estate assets. |
| Keywords: | Infrastructure; Investment; portfolio optimization; robust optimization |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_77&r= |
| By: | OGAWA Kazuo |
| Abstract: | This study examines the technical inefficiency of Japanese small and medium manufacturing firms by using the panel data of the Basic Survey on Small and Medium Enterprises (2009-2018). We estimate the stochastic frontier production function with four production factors (regular workers, non-regular workers, capital stock, and materials) and calculate the technical inefficiency of individual firm by applying a true random effects model which can distinguish technical inefficiency from firm heterogeneity. Our evidence is summarized as follows. First, technical inefficiency is overestimated when the number of total workers is used as production input for the conventional stochastic frontier model which forces firm heterogeneity into the same term as technical inefficiency. Second, the inefficient firms are smaller, rely more on non-regular workers, exhibit poorer firm performance, have higher debt-asset ratios, pay lower interest rates and are inactive in capital investment as well as R&D investment. Third, inactive capital investment and high debt-asset ratios are mainly responsible for causing the technical inefficiency. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21068&r= |
| By: | Layton, Roslyn; Potgieter, Petrus |
| Abstract: | The paper described the challenge of provision of rural broadband provision by examining the economics of 4 fiber to the home networks in different parts of the US. It shows how streaming video entertainment is the largest and growing category of traffic and which puts unique demands on the network. The paper described the history, policy, and economics of traditional end user pricing models flat, and uniform (over service area) based on speed tiers, and their shortcomings to support continued investment. It introduced the notion of the Big Streamers, the five largest video streaming providers and their content distribution practices. The document also reviewed the components of a rural broadband network. It reviewed traffic data from the networks, calculated revenue and cost, defined amounts of overage, and projected future shortfalls. This analysis demonstrates that rural networks are heavily burdened by huge volumes of streaming content which is turned into revenue not by the broadband providers but by the Big Streamers. The policy solutions section introduced the three types of response and their implications. The current model of flat and uniform (over service area) pricing (even with subsidy) is likely to become unsustainable for rural broadband provision. The paper contributes to the ongoing policy discussion of rural broadband and closing the digital divide. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238035&r= |
| By: | Ma, Xiao |
| Abstract: | This paper examines how China’s expansion of college education since 1999 affects innovation and exports’ skill content. I develop a two-country spatial equilibrium model, featuring skill intensity differences across industries and heterogeneous firms’ innovation and exporting choices. I empirically validate my model mechanisms about how the college expansion affects innovation and exports, exploiting differential supply shocks of college-educated workers across regions due to historical college endowments. I apply the resulting reduced-form estimates in the calibration to discipline key elasticities that determine the magnitude of export expansion. Under different assumptions about firm entry, I find that China’s college expansion explained 40–70% of increases in China’s manufacturing R&D intensity between 2003–2018 and triggered export skill upgrading. I also find that trade openness amplified the impact of this education policy change on China’s innovation and production. |
| Keywords: | College Expansion, Trade, Innovation |
| JEL: | F16 I25 O32 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109469&r= |
| By: | M. Hashem Pesaran; Cynthia Fan Yang |
| Abstract: | This paper develops an individual-based stochastic network SIR model for the empirical analysis of the Covid-19 pandemic. It derives moment conditions for the number of infected and active cases for single as well as multigroup epidemic models. These moment conditions are used to investigate the identification and estimation of the transmission rates. The paper then proposes a method that jointly estimates the transmission rate and the magnitude of under-reporting of infected cases. Empirical evidence on six European countries matches the simulated outcomes once the under-reporting of infected cases is addressed. It is estimated that the number of actual cases could be between 4 to 10 times higher than the reported numbers in October 2020 and declined to 2 to 3 times in April 2021. The calibrated models are used in the counterfactual analyses of the impact of social distancing and vaccination on the epidemic evolution, and the timing of early interventions in the UK and Germany. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00321&r= |
| By: | Bento, Pedro (Texas A&M University); Ranasinghe, Ashantha (University of Alberta, Department of Economics) |
| Abstract: | We document new evidence that low equity in financially under-developed economies is associated with lower productivity investment, a smaller employment share of large firms, and smaller average firm size within sectors. We present a tractable model with heterogeneous entrepreneurs that face equity constraints that limit investment at entry. The model can be solved analytically, making clear predictions for the impact of equity constraints on outcomes of interest consistent with the evidence we document. The model can account for one-fifth to one-third of the variance in observed average firm size and TFP across countries, all substantial relative to the literature. |
| Keywords: | financial development; equity; firm size; investment; aggregate productivity |
| JEL: | O10 O14 O41 O43 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:ris:albaec:2021_007&r= |
| By: | Ivaldi, Marc; Aimene, Louise; Jeanjean, Francois; Liang, Julienne |
| Abstract: | In this paper, we formulate and estimate a structural model of demand to analyse the equilibrium effect of the RAN sharing by using cross-country panel data in 28 EU countries in years 2010-2020. Based on model estimates, our simulation analysis in Spain firstly provides a quantitative assessment of the impact of RAN sharing on mobile operators. We find that prices decrease for mobile operators involved in RAN sharing agreement due to cost reductions. In a competitive environment where operators compete, MNOs not involved in RAN sharing also lower their prices in a Nash equilibrium. We further evaluate the consumer welfare consequence of the presence of RAN sharing, and find that the RAN sharing enhanced the consumer surplus by generating lower prices for all mobile operators. |
| Keywords: | Mobile telecommunications,network sharing,competition,consumer welfare |
| JEL: | L40 L96 L11 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238031&r= |
| By: | Daniel Avdic (Monash University); Stephanie von Hinke (University of Bristol) |
| Abstract: | Excessive alcohol use is associated with a wide range of adverse outcomes that inflict large societal costs. This paper investigates the impacts of increases in regulated opening hours of Swedish alcohol retailers on alcohol purchases, health and crime outcomes by relating changes in these outcomes in municipalities that increased their retail opening hours to those in municipalities whose opening hours remained unchanged. We show that extended opening hours led to statistically and economically significant increases in alcohol purchases by around two percent per weekly opening hour, but find no corresponding increases in adverse outcomes related to the consumption of alcohol. We study potential mechanisms, such as consumption spillovers and on and off-premise substitution, and we discuss policy implications of our findings. |
| Keywords: | alcohol policy, alcohol availability, health effects , crime |
| JEL: | I12 I15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-03&r= |
| By: | Tenglong Li; Jordan Lawson |
| Abstract: | The inverse probability of treatment weighting (IPTW) approach is commonly used in propensity score analysis to infer causal effects in regression models. Due to oversized IPTW weights and errors associated with propensity score estimation, the IPTW approach can underestimate the standard error of causal effect. To remediate this, bootstrap standard errors have been recommended to replace the IPTW standard error, but the ordinary bootstrap (OB) procedure might still result in underestimation of the standard error because of its inefficient sampling algorithm and un-stabilized weights. In this paper, we develop a generalized bootstrap (GB) procedure for estimating the standard error of the IPTW approach. Compared with the OB procedure, the GB procedure has much lower risk of underestimating the standard error and is more efficient for both point and standard error estimates. The GB procedure also has smaller risk of standard error underestimation than the ordinary bootstrap procedure with trimmed weights, with comparable efficiencies. We demonstrate the effectiveness of the GB procedure via a simulation study and a dataset from the National Educational Longitudinal Study-1988 (NELS-88). |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00171&r= |
| By: | Erasmo Giambona; Anil Kumar; Gordon M. Phillips |
| Abstract: | We study how risk management through hedging impacts firms and competition among firms in the life insurance industry - an industry with over 7 Trillion in assets and over 1,000 private and public firms. We show that firms that are likely to face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also impacted. Firms that previously are more likely to face costly external finance, lower price, increase policy sales and increase their market share post reform. The results are consistent with hedging allowing firms that face potential costly financial distress to decrease risk and become more competitive. |
| JEL: | D0 D22 D43 G22 G28 G31 G32 G33 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29207&r= |
| By: | Eric Djeutcha (UMa - University of Maroua); Jules Sadefo Kamdem (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier) |
| Abstract: | We price options so as to take into account the existence of memory (short or long) characterizing the stochastic processes that generate prices, volatility and interest rates. In particular, we propose a model for Bull Spread options in a Mixed Modified Fractional Hull-White-Vasicek stochastic volatility and stochastic interest rate model. We propose a specific Bull Spread Vulnerable option pricing based on MMFHWV model. |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03327512&r= |
| By: | Laszlo Bokor (Magyar Nemzeti Bank (Central Bank of Hungary)) |
| Abstract: | I propose a simple indicator of climate-related transition risks of banks’ lending activity based on transaction-level loan data. The underlying idea is that the higher the greenhouse gas intensity of an economic activity (and so a debtor), the higher its transition risk. Recent Hungarian trends of this indicator alerts to significantly regrowing risks. |
| Keywords: | climate change, transition risk, greenhouse gas intensity, lending activity, risk indicator |
| JEL: | C43 G21 Q54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:opaper:2021/141&r= |
| By: | So Yoon Ahn (University of Illinois at Chicago) |
| Abstract: | Severe gender imbalances coupled with the stark income differences across countries are driving an increase in cross-border marriages in many Asian countries. This paper theoretically and empirically studies who marries whom, including how cross-border couples are selected, and how marital surplus is allocated within couples in the marriage markets of Taiwan (a wealthier side with male-biased sex ratios) and Vietnam (a poorer side with balanced sex ratios). Among the cross-border marriages that are predominantly made up of Taiwanese men and Vietnamese women, I nd that Taiwanese men are selected from the middle level of the socioeconomic status distribution, and Vietnamese women are positively selected for cross-border marriages. Moreover, I show that changes in costs of cross-border marriage, incurred by immigration-policy changes and proliferation of matching services, also affect the welfare of Taiwanese and Vietnamese who do not participate in cross-border marriages by altering marriage rates, matching partners, and intra-household allocations. |
| Keywords: | Taiwan, Vietnam, Asia, marriage market, sex ratios, socioeconomic status, marital matching |
| JEL: | C78 D10 D13 J11 J12 J18 F22 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-047&r= |
| By: | Cherry, Barbara A. |
| Abstract: | In the U.S., network neutrality policy has been on a trajectory of escalating political instability since the early 2000's. As explained in Cherry (2020), this trajectory can be understood as a microcosm of the more general trajectory of political dysfunction under U.S. governance that coincides with the era of deregulatory policymaking. Under U.S. governance, adversarial legalism - that is, lawyer-dominated litigation - has evolved as a means of policymaking in the U.S., the role of which has intensified with the rise of divided government and party polarization. The federal Telecommunications Act of 1996 was enacted during the waning period of bipartisan negotiation of the 1990's, and its implementation has been left to a heightened period of adversarial legalism under hyperpartisanship between the Republican and Democratic political parties. As a result, the instability of U.S. network neutrality policy is reflective of the current phase of hyperpartisanship within a process of adversarial legalism. [...] This paper expands upon my prior research regarding U.S. deregulatory telecommunications policies (Cherry, 1999, 2003, 2006, 2010, 2015, 2020) to discuss the importance of the I-VOIP litigation, in both the U.S. and the international community. Under U.S. law, its importance arises from legal flaws in the 8th Circuit Court ruling in Charter Advanced Services v. MPUC and the resultant legal confusion as to the scope of federal preemption of state law. It is also the manifestation of yet another step in the trajectory of political instability and flawed legal analyses in U.S. telecommunications policy, distorting the economic and technical evolution of U.S. telecommunications markets. The consequences, however, will not be confined to the U.S. but will likely diffuse to international markets as well. Moreover, understanding these developments in the U.S. can serve as a case study for identifying how political instability in other nations may be distorting telecommunications regulation, markets and technology. International regimes, in turn, may require further evolution in recognition of nations' political instability on global telecommunications. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238015&r= |
| By: | MÜLLER Julian M.; POTTERS Lesley (European Commission - JRC); RENTOCCHINI Francesco (European Commission - JRC); TUEBKE Alexander (European Commission - JRC) |
| Abstract: | The successful implementation of Industry 4.0 (I4.0) within the European Union (EU) should build upon existing global innovation networks (GINs) and global value chains (GVCs) and the ecosystem of EU firms, especially in the manufacturing industry where I4.0 could play an important role.For the EU, which has a large share of small and medium-sized enterprises (SMEs) that are key to competitiveness in its main sectors, it is vital to integrate SMEs into I4.0 by ensuring they benefit from their efforts in implementing it, in order to capture, create and offer value. It is important to address training, requalification and workers’ concerns about I4.0 in order to support its implementation while maintaining the EU social model.Harnessing the EU’s strength in industrial application, while bearing in mind its lag in traditional ICT industries, could make I4.0 a viable policy option ensuring future leadership of the European economy, if certain factors discussed in this policy brief are included in future industrial policies. |
| Keywords: | Global value chains, innovation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124742&r= |
| By: | Lüthi, Samuel (Swiss Co-ordination Center for Research in Education); Wolter, Stefan C. (University of Bern) |
| 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:iza:izadps:dp14675&r= |
| By: | Makariou, Despoina; Barrieu, Pauline; Chen, Yining |
| Abstract: | We introduce a random forest approach to enable spreads’ prediction in the primary catastrophe bond market. In a purely predictive framework, we assess the importance of catastrophe spread predictors using permutation and minimal depth methods. The whole population of non-life catastrophe bonds issued from December 2009 to May 2018 is used. We find that random forest has at least as good prediction performance as our benchmark-linear regression in the temporal context, and better prediction performance in the non-temporal one. Random forest also performs better than the benchmark when multiple predictors are excluded in accordance with the importance rankings or at random, which indicates that random forest extracts information from existing predictors more effectively and captures interactions better without the need to specify them. The results of random forest, in terms of prediction accuracy and the minimal depth importance are stable. There is only a small divergence between the drivers of catastrophe bond spread in the predictive versus explanatory framework. We believe that the usage of random forest can speed up investment decisions in the catastrophe bond industry both for would-be issuers and investors. |
| Keywords: | catastrophe bond pricing; interactions; machine learning in insurance; minimal depth-importance; permutation importance; primary market spread prediction; random forest; stability |
| JEL: | G22 |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111529&r= |
| By: | Islam, Asad (Monash University); Pakrashi, Debayan (Indian Institute of Technology Kanpur); Sahoo, Soubhagya (Indian Institute of Technology Kanpur); Wang, Liang Choon (Monash University); Zenou, Yves (Monash University) |
| Abstract: | Using a field experiment in India where patients are randomly assigned to rank among a set of physicians of the same gender but with different castes and years of experience, we show that the differences in patients' physician choices are consistent with gender-based statistical discrimination. Labor market experience cannot easily overcome the discrimination that female doctors suffer. Further, we find that gender discrimination is greater for lower caste doctors, who typically suffer from caste discrimination. Given the increasing share of professionals from a lower caste background, our results suggest that the 'intersectionality' between gender and caste leads to increased gender inequality among professionals in India. |
| Keywords: | gender discrimination, statistical discrimination, caste discrimination, intersectionality, affirmative action |
| JEL: | J16 J15 I15 O12 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14713&r= |
| By: | Ram Mohan, M.P.; Shah, Urmil |
| Abstract: | The life of a company depends upon the fine balance between its management led by Board of Directors and shareholder, and non-shareholder constituencies acting as the risk bearers. The Board of Directors therefore are subjected to fiduciary duties towards both these constituencies at all financial phase of the company – solvency, insolvency and borderline insolvency. The director liability framework in India is currently split with obligations enshrined under the Companies Act, 2013 during solvency and Insolvency and Bankruptcy Code, 2016 during insolvency and borderline stage. The lack of judicial interpretation and scholarly discourse on the insolvent and borderline insolvent director liability framework has resulted in several practical challenges. To understand parallels, the paper comparatively analyzes the liability framework as existing under the corporate and insolvency laws of the United States and the United Kingdom with Indian insolvency law. The paper suggests that there is a need to align the Indian corporate and insolvency law through statutory measures to increase the remedial protections available to creditors during borderline insolvency. The paper also highlights mitigation measures which can be undertaken by the management to reduce the scope for director liability, until legislative or judicial clarity is provided on the framework. |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:14659&r= |
| By: | Edwin L.-C. Lai (Professor of Economics, Hong Kong University of Science and Technology, Director of the Center for Economic Development Technology.Author-Email: elai@ust.hk) |
| Abstract: | The global financial crisis in 2007-2009 caused a shortage of the US dollar all over the world. This sounded an alarm, reminding China that the dollar-based international monetary system (IMS) could be quite unreliable. In response, China began to accelerate the pace of RMB internationalization so as to eventually escape from the "dollar trap" i.e. become independent of the US, the USD, and an international monetary system (IMS) dominated by the USD. In order for the RMB to be a significant international currency, it has to be largely convertible in the capital account and China's financial market must be sufficiently deep, broad and liquid. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hku:briefs:202158&r= |
| By: | Fabrizio Colella |
| Abstract: | This paper investigates the effect of supporters on the performance of soccer players by skin color using objective player performance data and an automated skin color recognition algorithm. Due to the COVID-19 restrictions, one third of the games of the highest Italian soccer league 2019/2020 season were played in closed stadiums. I identify a significant increase in the performance of non-white players, relative to white players, when supporters are banned from the stadium. The effect does not differ between home and away games, and players playing in top versus minor teams, while weaker players are impacted more than others. |
| Keywords: | Performance, Racial Discrimination, Support |
| JEL: | J15 J71 Z22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:lau:crdeep:21.12&r= |
| By: | Valérie Chavez-Demoulin (University of Lausanne - School of Economics and Business Administration (HEC-Lausanne)); Eric Jondeau (University of Lausanne - Faculty of Business and Economics (HEC Lausanne); Swiss Finance Institute); Linda Mhalla (HEC Montreal - Department of Decision Sciences; University of Geneva, Geneva School of Economics and Management, Research Center for Statistics) |
| Abstract: | With climate change accelerating, the frequency of climate disasters is expected to increase in the decades to come. There is ongoing debate as to how different climatic regions will be affected by such an acceleration. In this paper, we describe a model for predicting the frequency of climate disasters and the severity of the resulting number of deaths. The frequency of disasters is described as a Poisson process driven by aggregate CO2 emissions. The severity of disasters is described using a generalized Pareto distribution driven by the trend in regional real gross domestic product (GDP) per capita. We predict the death toll for different types of climate disasters based on the projections made by the Intergovernmental Panel on Climate Change for the population, the regional real GDP per capita, and aggregate CO2 emissions in the "sustainable" and "business-as-usual" baseline scenarios. |
| Keywords: | Climate change, Climate disasters, Death toll, Frequency and severity |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2163&r= |
| By: | Ha, Seungyeon; Kim, Jong Pyo; Park, Yu Jun |
| Abstract: | In recent years, there has been a vigorous discussion on digital platform due to their emerging significance in the digital ecosystem. Despite common interests in digital platform, the comprehensive literature review on the topic is still limited. In addition, no study has examined whether there is a link or gap between research on digital platform and reality in global digital platform markets. This study aims to offer a systematic and interdisciplinary review of the literature on digital platforms by collecting and analyzing a sample of 703 articles published from January 2018 to January of 2021. |
| Keywords: | Digital Platform,Online Platform,E-Commerce Platform,Social Media Platform,Platform Hegemony,Interaction |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238025&r= |
| By: | Marco Felici; Franz Fuerst |
| Abstract: | The special, dual nature of property as both a consumption and an investment good makes it salient for portfolio choice. In fact, the theoretical literature predicts a constraint imposed by property on investment and the empirical literature has brought evidence that this constraint, in some form, exists, but neglecting to investigate its heterogeneity and to differentiate between owner-occupied and investment property. With reference to the predictions from a stochastic control model, we turn to the Wealth and Assets Survey panel for the UK, which allows to break down in detail households' portfolios, to show empirically how the relationship between property and stockholdings depends on the value of property relative to the size of the entire portfolio. While on average, an increase in the share of property in the total portfolio is estimated to correspond to a slight decrease or to no change in the share of stocks in liquid assets, this nexus potentially goes from positive to negative depending on the weight of property in the portfolio. Consistent with the prediction that only consumption-relevant property places a constraint on portfolio choice, the relationship can be identified robustly for owner-occupied property only. |
| Keywords: | Household Finance; Portfolio choice; Property |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_193&r= |
| By: | Ezra Butcher; Lee L. Schulz (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | In 2020, due to COVID-19, swine and pork markets in the United States experienced the worst disruption since 1998. We seek to inform discussions about marketing outcomes and possible structural changes by establishing performance baselines and providing definitions and descriptions for transactions between producers and packers. From 2010-2020, prices were highest in 2014 and lowest in 2020. We estimate simple models to see how changes in pork packing plant capacity utilization impact market hog prices by sale type. Results indicate that negotiated prices are the most sensitive to increases in utilization, decreasing 2.34% for every 1% increase in utilization. Negotiated sales volume has become incredibly thin, comprising only 1.52% of all hogs reported in 2020, compared with 14.65% back in 2002. There is a need, on occasion, to modify how data is published which directly contributes to the effectiveness of Livestock Mandatory Reporting (LMR). For example, other purchase arrangement sales increased in volume in 2016 as hogs raised without ractopamine or antibiotics were reclassified from swine or pork market formula sales. Sales based on the CME Lean Hog Index or Pork Cutout Index have been reclassified as swine or pork market formula sales. The correlation of pork carcass cutout values and negotiated hog prices has deteriorated from 0.919 in 2013 to 0.255 in 2020. Separating swine or pork market formula sales into swine formula sales and pork formula sales could improve price correlations. Summaries of price distributions provide a snapshot of marketing outcomes and aid in bringing further transparency to the marketplace. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-pb36&r= |
| By: | Gabi Troeger-Weiss; Sebastian Winter |
| Abstract: | In the course of the pandemic triggered by the corona virus SARS-CoV-2 (hereinafter referred to as the corona pandemic), new and changed behaviors are appearing in citizen groups. These behaviors are particularly evident in the areas of consumer, mobility and travel behavior. The new behavioral patterns have a significant impact on (contact-intensive) companies, especially in the areas of retail, mobility companies (e.g. airlines, train companies, bus companies, rental car companies, etc.) as well as hotels and restaurants. In the medium and long-term view, permanent and irreversible effects on currently existing offerings and infrastructures could result from low utilization and thus have a lasting impact on and weaken the regional and local economic structure and crucial pillars of adding value at regional and local level. Relevant from a spatial and regional scientific point of view and of great research interest is the question of whether the economic and infrastructures, particularly in rural areas, may be at greater risk than in metropolitan regions and thus structural weaknesses in regions may tighten by the corona pandemic. |
| Keywords: | and travel; citizen groups; consumer spending; Corona pandemic; Mobility; spatial relevance |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_156&r= |
| By: | Tijl Hendrich (CPB Netherlands Bureau for Economic Policy Analysis); Jennifer Olsen (CPB Netherlands Bureau for Economic Policy Analysis); Steven Brakman (RUG); Charles van Marrewijk (UU) |
| Abstract: | The trade literature often treats countries as dimensionless points, which is a strong assumption. Agglomeration or lumpiness of production factors within countries can affect the national pattern of trade. In this paper we analyze comparative advantage patterns for 22 cities and 4 regions for (a selection of) 83 sectors within The Netherlands. Our findings are as follows. First, analysis of the lens condition indicates that the regional concentration of production factors (lumpiness) does not affect the Dutch national trade pattern. Second, despite the fact that the lens condition is verified, comparative advantage patterns across locations differ significantly from each other. Third, the differences across locations of comparative advantage patterns is explained by the interaction of local skill-abundance and sector skill-intensity, in line with the predictions of the factor abundance model. |
| JEL: | F11 F15 R12 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:418&r= |
| By: | Watanabe, Minoru; Yasuoka, Masaya |
| Abstract: | Effects of taxation are examined in many studies. For such studies, the model economy assumes a logarithmic utility function. Results derived from our study indicate that attention should be devoted to using logarithm utility functions. We check the redistribution policy effect financed by capital income taxation in models of two types: a Ramsey model and an overlapping generations model. If the labor supply is inelastic, then effects of the redistribution policy financed by taxation of capital income differs between the Ramsey model and the overlapping generations model. However, if the labor supply is elastic, then the policy financed by capital income taxation is the same between the Ramsey model and the overlapping generations model. Moreover, this study presents simulation results. |
| Keywords: | Overlapping generations model, Ramsey model, Redistribution, Taxation |
| JEL: | E24 H20 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109635&r= |
| By: | Violetta I. Korsunova (National Research University Higher School of Economics); Olesya V. Volchenko (National Research University Higher School of Economics) |
| Abstract: | This paper focuses on the relationship between film content and human values in Europe. Our research fills in two research gaps. For one thing, it reveals the links between people’s values and visual cultural production that can showcase the effects of changing values on culture. The other part of our research concerns the use of the Internet Movie Database (IMDb) as a data set reflecting changes in modern societies. We track the changes in film topics provided by the IMDb and European Values Study (EVS) data to see how the changes in people’s values are linked to the popularity of related topics. Our special focus lies on the link between choice values and the probability of nudity depiction in films. The sample contained all European countries across 1960-2013. Using multilevel regression analysis, we found that the probability of female nudity is associated with the level of choice values, whereas the male nudity is more likely to appear in films related to the topic of homosexuality. |
| Keywords: | cultural modernisation, emancipative values, film studies, female nudity, male nudity, nudity in films. |
| JEL: | A13 C3 Z11 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:97/soc/2021&r= |
| By: | Øivind Anti Nilsen; Håvard Skuterud; Ingeborg Munthe-Kaas Webster |
| Abstract: | This paper provides evidence on price rigidity at the product- and firm-level in Norway. A strong within-firm synchronization is found supporting the theory of economies of scope in menu costs. The industry synchronization effects are found to be small suggesting that firms either have some monopoly power, or that a firm’s costs of changing their own prices may be larger than the benefit of responding to their competitors’ price changes. These findings have potentially important implications for the micro-foundations of macroeconomic models, and thus the policy advice derived from such models. |
| Keywords: | price setting, monthly micro data, selection effects |
| JEL: | E31 D43 C35 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9274&r= |
| By: | Ahmed, Shamira |
| Abstract: | The use of artificial intelligence (AI) based systems complements the time-sensitive and data intensive nature of many activities in the financial services industry (FSI)-Specifically, in FinTech Ecosystems (FEs) that have disrupted many financial services landscapes in sub-Saharan Africa (SSA). However, FEs have distinct interrelated supply-side and demand-side dynamics that perpetuate gender disparity. As evidenced in many wealthier economies with more AI maturity, technology is not neutral, AI in particular is inherently biased and magnifies pervasive gender and racial discrimination that exist in the ecosystems where it is deployed. This raises questions regarding the manner in which AI can exacerbate or alleviate current dynamics in inequitable and unfair ecosystems. With the aforementioned in mind, this paper adopts a gender lens to examine the potential impact of using AI based systems in the FEs of four SSA countries-South Africa, Kenya, Nigeria, and Ghana. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238002&r= |
| By: | Ullah, Irfan; Ahmed, Mumtaz |
| Abstract: | Previous empirical literature supports that stock bubbles have impacts on efficient allocation of wealth. Researchers targeted various economies in the past using various methods to explore bubble phenomenon. This study uses generalized SADF test which is admitted by empirical literature as the most successful technique to explore stock bubbles in three countries included in European Free Trade Association (EFTA) not studied before. This paper takes a lead and tests for the existence of bubbles in monthly end index prices of respective countries based on latest available time series data from January 2001 to September 2019. Based on empirical results, it is concluded that all three countries stock markets experienced multiple bubbles in study period. The case of Iceland is worse where comparatively more fluctuations in stock prices are seen. To avoid occurrence of further stock price bubbles in these countries policy recommendations are provided as well. |
| Keywords: | periodically collapsing bubbles; generalized supremum ADF; explosivity |
| JEL: | C22 E44 G15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109633&r= |
| By: | Nam, Jinyoung; Jung, Yoonhyuk |
| Abstract: | The rising popularity of webtoons, a popular type of digital content, led to emergence of an interesting phenomenon known as transcreation. Transcreation indicates fans' twofold activity of translating and recreating webtoons into a new language, while maintaining originality of the content. Although transcreators are playing a significant role in facilitating the spread of webtoons in the global market, the role of such transcreators has received scant attention. By employing the means-end chain approach through laddering interviews, the study explicates fans' goal structure in transcreation of webtoons. This empirical study provides insights into fans' involvement in the digital media industry. |
| Keywords: | Webtoon industry,Transcreation,Fandom,Fan participation,Digital media,Goal hierarchy,Means-end chain |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238041&r= |
| By: | de Gendre, Alexandra (University of Sydney); Kabátek, Jan (University of Melbourne) |
| Abstract: | We analyse the effects of a national student finance reform in the Netherlands, which replaced universal subsidies for higher education students by low-interest loans. We show that this reform had a large impact on education choices of secondary school students, lowering their enrolments in college-preparing tracks and increasing the share of students specializing in STEM subjects. The reform also affected the living arrangements of new college entrants. Our findings highlight that secondary school students respond to the modes of higher education financing well ahead of their graduation, and that financial aid uncertainty alone can deter many from pursuing higher education. |
| Keywords: | Netherlands, higher education, student finance, financial aid, policy uncertainty |
| JEL: | I23 I24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14686&r= |
| By: | Akwasi Ampofo (University of Adelaide College); Terence C Cheng (School of Public Health, Harvard University); Firmin Doko Tchatoka (School of Economics & Public Policy, The University of Adelaide) |
| Abstract: | This paper investigates the effects of oil extraction on local labour market outcomes. Using household-level data from the Ghana Living Standard Survey, we employ a difference-in-differences approach to show that oil extraction has negative spillover effects on employment but no significant effect on average income. However, the effects vary by migration status, gender and employment sector. Specifically, we observe that migrants, men and agricultural workers experienced significant income spillovers from the oil boom than locals, women and workers in other sectors. In addition, the oil boom resulted in a negative welfare impact as it widened inequality for individuals close to the extraction areas. |
| Keywords: | Oil extraction; Spillover effects; Employment; Resource booms; Migration; DID estimation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:adl:wpaper:2021-03&r= |
| By: | Federico Huneeus; In Song Kim |
| Abstract: | We study the effect of firms’ lobbying activities on the misallocation of resources in the U.S. through the distortion of firm size. To quantify the macroeconomic consequences of corporate political influence, we develop a multi-sector heterogeneous firm model with endogenous lobbying. We estimate our model using a novel firm-level lobbying dataset, while leveraging the variation in the returns to lobbying expenditures through changes in the value of firms’ connections to politicians. Finally, we structurally estimate the model and show that eliminating lobbying increases aggregate productivity in the U.S. by 6 percent. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchwp:920&r= |
| By: | Matteo Sostero (European Commission – JRC); Enrique Fernández-Macías (European Commission – JRC) |
| Abstract: | Data from online job advertisements are increasingly used in the emerging area of “skills intelligence” to describe labour market dynamics and the demand for skills in different occupations. Collecting this data involves gathering unstructured information from the internet and processing it into structured datasets, which may provide a biased description of the labour market. We present a framework for these different sources of bias, in terms of representativeness of occupations and their task content. We analyse the Nova UK dataset of online job advertisements from Burning Glass Technologies, containing over 60m individual job ads for the United Kingdom from 2012–2020. We compare the occupation task profiles embedded in this data with the JRC-Eurofound Task Database, through a new Skill-Task Dictionary. The dictionary classifies the rich but unstructured information on “skills” describing individual occupations into the hierarchical Task Taxonomy developed by the JRC and Eurofound, and measured through occupation surveys. In general, we find that the task profile implied in job advertisements is relatively consistent with the EU Task Database across most occupations, especially for intellectual and social tasks, and for tools of work. However, online job advertisements in general (and Nova UK in particular) tend to focus especially on professional occupations, which are relatively better represented in their numbers and in their variety of skills and tasks, relative to less qualified occupations. We enumerate several types of bias that can occur with this data, and discuss possible future applications. |
| Keywords: | Skills, Tasks, Online Job Advertisements, Job Vacancies |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:laedte:202113&r= |
| By: | Fernanda Antunes |
| Abstract: | Flexible workspace providers have disrupted the traditional office market by offering space with different levels of curated services available to hire on a membership basis. Initially considered a solution for freelancers and start-ups, the current market of flexible workspace has grown in the number of operators, size of take-ups and clientele, which now also includes large corporations. Despite the growth, the flexible workspace business model raises concern, along with the covenant strength of its operators. The great initial expenses flexible workspace providers incur to fit out space, associated with a volatile revenue stream obtained from subletting the space in short-term and flexible memberships might trigger landlords to put a risk premium on top of the rent. On the other hand, it can be argued that housing flexible workspaces is a way to add an amenity to the building and capture end-users that would not be reached by a conventional lease. Furthermore, flexible workspace providers usually make more substantial lease commitments, both in terms of size and length, which might lead landlords to apply a discount to such tenants. This study investigates whether flexible workspace providers pay a higher, equivalent, or lower rents than other tenants within the same building by comparing their effective rent using data from the London market between 2011 and 2021. The results of the analysis suggest that there is a negative statistically and economically significant difference in the effective rents paid by flexible workspace providers in comparison to their peers. |
| Keywords: | commercial real estate; Coworking; Flexible workspace; rental prices |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_154&r= |
| By: | Firmin Doko Tchatoka (School of Economics & Public Policy, University of Adelaide); Qazi Haque (School of Economics & Public Policy, University of Adelaide) |
| Abstract: | We shed new light on the effects of monetary policy shocks in the US. Gertler and Karadi (2015) suggest that movements in credit costs may result in substantial impact of monetary policy shocks on economic activity. Using the proxy SVAR framework, we show that once the Volcker disination period is left out and one focuses on the post-1984 period, monetary policy shocks have no signfcant effects on output, despite large movements in credit costs. Our finding is robust to weak identfcation and alternative measure of economic activity. |
| Keywords: | Monetary policy shocks,Proxy-SVAR, Weak identifcation, Output dynamics. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:adl:wpaper:2021-02&r= |
| By: | Jiranyakul, Komain |
| Abstract: | Contributing to the controversial issue of the impact of government spending on economic growth, this paper shows that government spending has a long-run impact in stimulating aggregate output in Thailand during the floating exchange rate regime. The results reveal that the long-run relationship between aggregate output, government expenditures, and private consumption is stable. Based on the quarterly dataset from1997Q3 to 2019Q4, the results suggest that expansionary fiscal policy is effective under the floating exchange rate regime. Furthermore, the traditional version of Wagner’s law is supported since an expansion in aggregate output causes government expenditure to increase. Therefore, the findings in this paper support both the Keynesian hypothesis and Wagner’s law. |
| Keywords: | Government expenditures, real GDP, cointegration, causality |
| JEL: | E62 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109585&r= |
| By: | Marcos Escobar-Anel; Maximilian Gollart; Rudi Zagst |
| Abstract: | This paper develops the first closed-form optimal portfolio allocation formula for a spot asset whose variance follows a GARCH(1,1) process. We consider an investor with constant relative risk aversion (CRRA) utility who wants to maximize the expected utility from terminal wealth under a Heston and Nandi (2000) GARCH (HN-GARCH) model. We obtain closed formulas for the optimal investment strategy, the value function and the optimal terminal wealth. We find the optimal strategy is independent of the development of the risky asset, and the solution converges to that of a continuous-time Heston stochastic volatility model, albeit under additional conditions. For a daily trading scenario, the optimal solutions are quite robust to variations in the parameters, while the numerical wealth equivalent loss (WEL) analysis shows good performance of the Heston solution, with a quite inferior performance of the Merton solution. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00433&r= |
| By: | Castro-Iragorri, C; Ramírez, J |
| Abstract: | Principal components analysis (PCA) is a statistical approach to build factor models in finance. PCA is also a particular case of a type of neural network known as an autoencoder. Recently, autoencoders have been successfully applied in financial applications using factor models, Gu et al. (2020), Heaton and Polson (2017). We study the relationship between autoencoders and dynamic term structure models; furthermore we propose different approaches for forecasting. We compare the forecasting accuracy of dynamic factor models based on autoencoders, classical models in term structure modelling proposed in Diebold and Li (2006) and neural network-based approaches for time series forecasting. Empirically, we test the forecasting performance of autoencoders using the U.S. yield curve data in the last 35 years. Preliminary results indicate that a hybrid approach using autoencoders and vector autoregressions framed as a dynamic term structure model provides an accurate forecast that is consistent throughout the sample. This hybrid approach overcomes in-sample overfitting and structural changes in the data. |
| Keywords: | autoencoders, factor models, principal components, recurrentneural networks |
| JEL: | C45 C53 C58 |
| Date: | 2021–07–29 |
| URL: | http://d.repec.org/n?u=RePEc:col:000092:019431&r= |
| By: | Söhnke M. Bartram; Jürgen Branke; Mehrshad Motahari (Cambridge Judge Business School, University of Cambridge) |
| Abstract: | Artificial intelligence (AI) has a growing presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and returns forecasts and under more complex constraints. Trading algorithms utilize AI to devise novel trading signals and execute trades with lower transaction costs, and AI improves risk modelling and forecasting by generating insights from new sources of data. Finally, robo-advisors owe a large part of their success to AI techniques. At the same time, the use of AI can create new risks and challenges, for instance as a result of model opacity, complexity, and reliance on data integrity. |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:jbs:wpaper:20202001&r= |
| By: | Dhingra, Swati; Meyer, Timothy |
| Abstract: | In India–Export Related Measures, the United States challenged a range of Indian measures as prohibited export-contingent subsidies, and a WTO panel largely agreed. This article examines the factors at play in the United States’ decision to bring the challenge. At the level of policy, the United States case reflects India's graduation from the protections afforded developing nations’ export-contingent subsidies under the Agreement on Subsidies and Countervailing Measures. A closer examination, however, shows that India ramped up its export-contingent subsidies just as the SCM Agreement required it to wind those subsidies down. Moreover, the expanded Indian subsidies led to increased import competition with the politically influential metals and pharmaceutical sectors in the United States, which pushed the US challenge. We reflect on the larger implications of the challenge for the future of trade rules on industrial policy. In particular, we note that the United States pursued a trade enforcement policy that would have the effect of increasing pharmaceutical prices in the United States, by reducing subsidies for imported generic drugs, at a time when the Trump administration allegedly was trying to reduce the price of prescription drugs. This disconnect suggests the need for both greater transparency in trade policy and greater governmental coordination on the connection between trade policy and other policy priorities. |
| Keywords: | CUP deal |
| JEL: | R14 J01 |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110522&r= |
| By: | Szabó, Dávid Zoltán |
| Abstract: | The COVID-19 pandemic provides a natural experiment to comprehensively test the effect of crowds on both referees and players. Our aim is to examine this from a North-American perspective using data from three major leagues: National Basketball Association (NBA), National Football League (NFL) and National Hockey League (NHL). In all three leagues in the 2020-2021 season, matches were played either under empty or partially loaded stadiums. We find that the audience size for NBA substantially affects referee decisions by increasingly favouring the home team as crowd size grows. No such effect is observed for NHL or NFL. Nonetheless, with increasing crowd size not only for NBA but also for NHL the home team’s performance gets significantly better. Regarding NFL, we have not found evidence that crowd size influences either referee decisions or home team’s performance. We verify that these findings also hold for the pre-COVID-19 pandemic period, when games were normally organized and crowd size only innately varied without any imposed restrictions. These results suggest that the effect of social pressure on the agents’ behaviour is activity specific, no general rules apply. Besides, we claim that out of these three leagues NBA is the most biased in terms of referee decisions. |
| Keywords: | Home Advantage, Social pressure, North American sport leagues, Attendance, Referee bias |
| JEL: | Z20 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:cvh:coecwp:2021/04&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Samba Diop (Alioune Diop University, Bambey, Senegal); Amsalu K. Addis (Fuzhou University, Fuzhou, China) |
| Abstract: | The study provides thresholds of income inequality that if exceeded will nullify the positive effect of governance dynamics on gender-inclusive education in 42 countries in sub-Saharan Africa for the period 2004–2014. The Generalised Method of Moments is used as an estimation strategy. The following findings are established. First, the unconditional effects of governance dynamics on inclusive education are consistently positive whereas the corresponding conditional effects from the interaction between inequality and governance dynamics are consistently negative. Second, the levels of inequality that completely crowd-out the positive incidence of governance on inclusive ‘primary and secondary education’ are: 0.587 for the rule of law and 0.565 for corruption-control. Third, the levels of inequality that completely dampen the positive incidence of governance on inclusive ‘secondary education’ are: 0.601 for ‘voice & accountability’ and 0.700 for regulation quality. Fourth, for tertiary education, inequality thresholds are respectively 0.568 for political stability and 0.562 for corruption-control. The main policy implication is that for governance dynamics to promote inclusive education in the sampled countries, income inequality levels should be kept within the established thresholds. Other implications are discussed in the light of Sustainable Development Goals. |
| Keywords: | Africa; Inequality; Gender; Inclusive development |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/006&r= |
| By: | Theresa M. Greaney (Department of Economics, University of Hawai`i); Ayumu Tanaka (College of Economics, Aoyama Gakuin University, and Research Associate, The Research Institute of Economy, Trade and Industry (RIETI)) |
| Abstract: | We explore potential relationships between international economic activities and gender wage gaps (GWGs) using linked employer-employee data for Japan. We find evidence that exporting and multinational activities are associated with reduced GWGs. Domestic-owned firms that neither export nor invest abroad (i.e., domestic-only firms) report the largest GWG, followed by Japanese-owned multinational enterprises(JMNE), then by locally-owned exporters that do not invest abroad and finally by foreign-owned multinational enterprises (FMNE). We separate FMNE by mode of entry and confirm that FMNE established by greenfield investment deviate more than FMNE established by merger and acquisition from domestic-only firms in terms of wages. Greenfield- born FMNE are associated with the smallest GWG and largest gender- neutral wage premium among the firm types. The estimated GWG among Greenfield-born FMNE is almost 12 percentage-points lower than the 26.8 percent prevailing at domestic-only firms. |
| Keywords: | gender wage gap; wage premium; exporters; multinational enterprises |
| JEL: | F14 F16 J31 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202102&r= |
| By: | Sotiriou, Alexandra; Rodríguez-Pose, Andrés |
| Abstract: | This paper explores the effects of import competition on the manufacturing sector in Chile following the implementation of the country’s two largest Free Trade Agreements (FTA) (with the USA and China). Exploiting cross-industry variation in import exposure, we analyse the effects on manufacturing sales, employment and labour productivity at the finest level of industrial classification (4 digit ISIC level). We detect an overall negative effect of increased Chinese import penetration, owing to substitution effects from low and medium tech imports and a less pronounced effect from USA imports. By introducing interaction effects, we find that the levels of foreign ownership and the export intensity of the domestic industries reverse the negative effect due to the opportunities offered via participation in global value chains. An IV strategy is applied to address standard endogeneity concerns and confirm the robustness of our estimates. |
| Keywords: | import penetration; free trade; manufacturing; Chile; China; USA; Taylor & Francis deal |
| JEL: | L81 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111033&r= |
| By: | Steven C. Bourassa (Florida Atlantic University); Martijn Dröes (University of Amsterdam); Martin Hoesli (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School) |
| Abstract: | This paper explores the pricing of heterogeneous goods in the presence of market segmentation. We use housing as an example. We extend the theoretical hedonic model of Rosen (1974) and show that, in the presence of market segmentation, the hedonic price line is no longer continuous or unique. Using American Housing Survey data for the Miami and Louisville metropolitan areas and a finite mixture estimation approach, we find distinct market segments based on ethnicity, race, and income. |
| Keywords: | market segmentation, product differentiation, hedonic model, finite mixture model. |
| JEL: | E02 R31 O18 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2162&r= |
| By: | Tuna Tasan-Kok; Sara Özogul; Andre Legarza |
| Abstract: | Property markets are social constructs. However, understanding the complex behavioral patterns of property market actors is equally complex. Moreover, the analytical frameworks and fine-grained empirical applications that center around the characteristics and diversities of property market actors are rare. To fill this gap, in this presentation we put forward a multidimensional framework we developed to read the changing landscape of property investors. Our framework combines investor’s scale of operation, the utilized type of capital, the ownership composition of the investment body or company through their locational and strategic behavior. Establishing a methodology and a frame of analysis to understand what we call 'actor landscapes', we aim to provide an alternative and actor-centered framework to systematically unpack the effects of property investment market shifts on urban built environments. We argue that changing actor landscapes have tangible effects for cities as they channel investments into the urban built environment. Quantitative data analysis of investment transactions and investor profiles, and qualitative analysis of in-depth interviews with a wide range of property investors are utilized to examine property markets between three distinct periods defined by market shifts in Amsterdam before and after the 2008 financial crisis. |
| Keywords: | actor landscapes; Amsterdam; multidimensional analysis; Property Market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_58&r= |
| By: | Robert Bernhardt; Stefania D'Amico; Santiago I. Sordo Palacios |
| Abstract: | Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal measures that included direct aid to cities and states. To understand whether and how these policies worked, we employ a state-level regression model to estimate the relative efficacy of monetary and fiscal policy interventions for the term structure of muni-Treasury yield spreads. We find that fiscal and monetary policy together reduced those spreads by as much as 245 basis points. Fiscal policy contributed twice as much as monetary policy to the notable decline in shorter-term muni-Treasury spreads. At longer maturities, the contribution of fiscal policy was at least three times as large as that of monetary policy, suggesting that it addressed fundamental credit concerns. |
| Keywords: | Monetary Policy; Policy Effects; Stabilization; Bond Market; Security Markets; Government Bonds; Local Government Bonds |
| JEL: | E50 G51 H74 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedhwp:93028&r= |
| By: | Louis Johner; Martin Hoesli |
| Abstract: | We assess the benefits of diversifying a portfolio of commercial real estate assets across gateway and non-gateway markets, a topic of significant relevance to institutional investors. Using simulation analysis and property-level data for the U.S., we compare various performance metrics for portfolios containing buildings in gateway markets only, both in gateway and non-gateway markets, and in non-gateway markets only, respectively. Our results suggest that the risk-adjusted performance is similar across types of markets. Gateway markets have higher appreciation and total returns, while non-gateway markets exhibit higher income returns even after accounting for capital expenditures. Downside risk appears to be slightly greater for gateway markets than for non-gateway markets; however, full drawdown and recovery lengths tend to be shorter for gateway markets. Our results further show evidence of momentum in appreciation returns, although no differences exist across types of markets. Income returns also appear to affect real estate pricing significantly, this effect being stronger for non-gateway than for gateway markets. By considering a large spectrum of performance metrics in a realistic investment setting, the results of the paper should provide investors with valuable information when allocating funds across gateway and non-gateway markets. The paper also provides important insights regarding how best to define gateway markets. |
| Keywords: | commercial real estate; Downside risk; Gateway Markets; Risk-Adjusted Performance |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_214&r= |
| By: | Glyn Wittwer (Centre of Policy Studies, Victoria University, Australia) |
| Abstract: | The Global Bev Model is a partial equilibrium model of various wine types plus beer and spirits. This paper summarises four enhancements to the model. First, each still wine type is split into red and white. This is relevant in response to the prohibitive tariff imposed by China on Australian wine imports. Second, an on-premise sector is added to improve the depiction of wine consumption in the model. During COVID, lockdowns and social restrictions have resulted in marked reductions in hotel and restaurant activity, with a corresponding reduction in on-premise wine consumption. Now, the impacts on on-premise and off-premise can be analysed separately. Third, given the importance of interstate exports of wine from California to the rest of the nation, California is split from the rest of USA in the global model. Finally, a top-down module has been added to the model to capture sub-national impacts in Australia and sub-state impacts in California. |
| Keywords: | global wine modelling, tariff impacts, on-premise consumption |
| JEL: | C68 F17 Q17 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:adl:winewp:2021-05&r= |
| By: | Larisa Kargina; Mattia Masolletti |
| Abstract: | The authors of the article analyze the content of the Eurasian integration, from the initial initiative to the modern Eurasian Economic Union, paying attention to the factors that led to the transition from the Customs Union and the Single Economic Space to a stronger integration association. The main method of research is historical and legal analysis. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03644&r= |
| By: | Zhenyu Su; Paloma Taltavull de La Paz; Raúl Pérez; Francisco Juárez Tárraga |
| Abstract: | The paper builds the cycles of transactions and prices in the short-term rental market since almost the beginning of that this rental activity becomes relevant for cities during the second decade of the XXI century. The paper shows the data elaborated building a micro database with Airbnb information for 46 cities around the world. The analysis reaches the cycles by extracting millions of observations and shows the periods where the rental was more relevant for the cities. A model relating short rental visits with macroaggregates allows for learning the main drivers to explain the explosion of short-term visits using housing rental sharing as the means for hospitality. |
| Keywords: | Airbnb; Comovements; rental prices; Short-term rental market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_216&r= |
| By: | Tyagi, Kalpana |
| Abstract: | The General Court recently annulled the Commission's 2016 H3G UK/Telefónica UK prohibition decision. Commission's failure to meet the Court's newly-found higher threshold demonstrating that the merger would lead to 'significant impediment to effective competition' (SIEC), and that H3G UK was an 'important competitive force' were central to the decision. Considering that on the one hand, the Court's decision is welcome as it reflects that even telecom mergers - that are heavily grounded in economics and econometric simulations - are subject to legal review; then on the other, it also reflects a 'gap'- an evident need to appreciate that economics and econometric simulations, need clear and demonstrable definitions for application by Commission and the courts, as the case may be. This article, using an inter-disciplinary methodology with insights from competition law and economics & business strategy, tries to address this gap, and in the process respectfully highlights how the absence of such a 'vocabulary' and 'structure' led to a decision by the General Court that is good in spirit, but deplorably mistaken in reasoning. Potential remedies that could have alleviated competition concerns, while preserving merger specific efficiencies are also discussed. |
| Keywords: | H3G UK/Telefónica UK,significant impediment to effective competition,important competitive force,Efficiencies,Merger Remedies,4-to-3 Mobile telecom mergers |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238057&r= |
| By: | Fumio Ohtake (Center for Infectious Disease Education and Research (CiDER) and Graduate School of Economics, Osaka University.); Hiroki Kato (Graduate School of Economics, Osaka University) |
| Abstract: | The Japanese government has promoted the introduction of working from home, having implemented elementary, junior high, and high school closure and the declaration of a state of emergency to prevent the epidemic of COVID-19. This research examines who has worked from home since the first declaration of a state of emergency, and how the productivity of such people has been changed, using the JILPT survey. The main results are as follows. First, after the first declaration was lifted, workers with clear work evaluation criteria have been more likely to work from home. Second, workers with many meetings and with jobs centered on desk work, who have increased opportunities to use ICT-based video conferencing due to the state of emergency, have tended to work from home even after the first state of emergency was lifted. Third, we cannot observe that the membership-based system, which is the traditional employment system in Japan, hindered working from home. Fourth, workers with a bad surrounding environment for working from home (existence of family members living together and equipment of working from home such as the Internet) are less likely to work from home. Fifth, subtracting biases caused by unobservables, we expect that working from home does not affect monthly income, but has a negative effect on working hours over time. |
| Keywords: | Working from home, ICT, Membership-based system, COVID-19, Declaration state of emergency |
| JEL: | J01 J24 M12 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:osk:wpaper:2112&r= |
| By: | Gehrke, Esther; Kubitza, Christoph (International Rice Research Institute) |
| Abstract: | We analyze the link between agricultural productivity growth and fertility, using the oil palm boom in Indonesia as empirical setting. During the time period 1996 to 2016, we find consistently negative effects of the oil palm expansion on fertility. We explain this finding with rising farm profits, that led to consumption growth, the expansion of the non-agricultural sector, increasing returns to education and to higher school nrollment. Together these findings suggest that agricultural productivity growth can play an important role in accelerating the fertility transition, as long as the economic benefits are large enough to translate into local economic development. |
| Date: | 2021–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:y8wa6&r= |
| By: | Beam, Emily A. (University of Vermont); Quimbo, Stella (University of the Philippines, Quezon City) |
| Abstract: | We use a randomized field experiment to test the causal impact of short-term work experience on employment and school enrollment among disadvantaged, in-school youth in the Philippines. This experience leads to a 4.4 percentage point (79-percent) increase in employment 8 to 12 months later. While we find no aggregate increase in enrollment, we also do not find that the employment gains push youth out of school. Our results are most consistent with work experience serving as a signal of unobservable applicant quality, and these findings highlight the role of temporary work as a stepping- stone to employment for low-income youth. |
| Keywords: | short-term employment, work experience, ALMP, experiment |
| JEL: | J24 J08 O15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14661&r= |
| By: | Nicola Cetorelli; Michael G. Jacobides; Samuel Stern |
| Abstract: | Does the performance of banks improve or worsen when banks enter into new business activities? And does it matter which activities a bank expands into, or retreats from, and when that decision is made? These important questions have remained unaddressed due to a lack of data. In a recent publication, we used a unique data set detailing the organizational structure of the entire population of U.S. bank holding companies (BHCs). In this post, we draw on that research to show that while scope expansion on average hurts performance, entering into activities that are highly synergistic with core banking at a given point in time yields net performance benefits. |
| Keywords: | diversification; industry evolution; business scope |
| JEL: | G2 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93026&r= |
| By: | Asyari, Anisa; Marlius, Doni |
| Abstract: | The purpose of this study was to determine the process of non-performing loans at PT. BPD Sumatera Barat Cabang Pasar Raya Padang. The research method used is descriptive research method. The result of the research is where the Non-Performing Loans Settlement Process of PT. BPD Sumatra Barat Cabang Pasar Raya Padang, namely by rescheduling, reconditioning, restructuring and processes such as conducting early warnings, collections, credit restructuring, granting relief from payment of interest arrears and fines, handing over non-performing loans to third parties, organizing non-performing loans settlement through collateral auctions or confiscate the guarantee |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:3hfcr&r= |
| By: | Noam, Eli |
| Abstract: | Cryptocurrencies provide an important dimension of innovation to the evolution of the exchange medium we call money. There are now over 4,000 such currencies, and their potential and volume is growing. The impact of such currencies for money laundering, law enforcement, and banking supervision have been extensively discussed on the transaction level. But this is the "micro" level of analysis. What has been rare is a "macro" level discussion of the impact on the monetary system of a country. Central banks, which are institutions tasked with providing monetary stability, will see their problems rise while the power of their traditional tools to control money supply and interest rates - such as reserve requirements and the discount rates - is declining. But the new digital technologies - such as distributed ledgers - and new approaches provide regulatory bodies also with new and potentially powerful tools. The task for central banks and policy makers is to create new approaches to use, regulate, and incent them in shaping the macro-economic path of their economy. The paper will propose several of these approaches. This is of particular importance in an economic recovery post coronavirus. In the process, central banks will also, predictably, issue their own digital currencies, and a tiny number of those will become global super-currencies. This will create a new type of issues. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238043&r= |
| By: | Volker Benndorf; Thomas Große Brinkhaus; Ferdinand von Siemens |
| Abstract: | We study strategic interaction in an experimental social-preferences vacuum chamber. We mute social preferences by letting participants knowingly interact with computers. Our new design allows for indirect strategic interaction: there are several waves in which computer players inherit the behavior of human players from the previous wave. We apply our method to investigate trembling-hand perfection in a normal-form version of the ultimatum game. We find that behavior remains far off from a trembling-hand perfect equilibrium under selfish preferences even towards the end of our experiment. The likely reasons for our findings are strategic uncertainty and incomplete learning. |
| Keywords: | social preferences, induced-value theory, learning, ultimatum game, strategic interaction |
| JEL: | C92 C72 D91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9280&r= |
| By: | Chengcheng Jia; Jing Cynthia Wu |
| Abstract: | We study the implications of the Fed's new policy framework of average inflation targeting (AIT) and its ambiguous communication. We show that AIT improves the trade-off between inflation and real activity by tilting the Phillips curve in a favorable way. To fully utilize this feature and maximize social welfare, the central bank has the incentive to deviate from AIT and implement inflation targeting ex post. Next, we rationalize the central bank's ambiguous communication about the horizon over which it averages inflation. Ambiguous communication, together with uncertainty about economic fundamentals, helps the central bank to gain credibility and improve welfare in the long run, in spite of the time-inconsistent nature of AIT. |
| Keywords: | average inflation targeting; time inconsistency; ambiguous communication |
| JEL: | E31 E52 E58 |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwq:93039&r= |
| By: | BAGDE, RAKSHIT MADAN (Late. Mansaramji Padole Arts College, Ganeshpur, Bhandara) |
| Abstract: | While the Indian economy is in its infancy, the festival has been steadily declining since 2014 Covid 19 at the beginning of 2020 while the current growth rate is adjusting. Today we see the picture that Chi Zad has reached the stage of Athavadayavastha. From this country of China Coronavirus is a contagious disease that has spread all over the world and all over India Is. The disease has killed over 41,94,728 people worldwide to date. And so on You can see the growth. Of developing as well as developing countries Not escaped the influence. The result of this Covid 19 is a question mark over human incompetence Is becoming a builder. The question is how to survive and live Tooling. To date, growth has been hampered by Covid 19. Done The river will be the solution to how to stop the development, but until then It will be difficult and laborious to fill in the gaps. Locks accepted by India The downfall has had a devastating effect on the economy. This includes many areas on the world stage Institutions have shown that India's growth rate is expected to remain at 0%. Some of them have not been studied due to the impact on the Indian economy The emphasis will be on suggesting solutions. |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:3af46&r= |
| By: | Seungjin Han; Alex Sam; Youngki Shin |
| Abstract: | A decision maker (DM) determines a set of reactions that receivers can choose before senders and receivers move in a generalized competitive signaling model with two-sided matching. The DM’s optimal design of the unique stronger monotone signaling equilibrium (unique D1 equilibrium) is equivalent to the choice problem of two threshold sender types, one for market entry and the other for pooling on the top. Our analysis sheds light on the impacts of a trade-off between matching efficiency and signaling costs, the relative heterogeneity of receiver types to sender types, and the productivity of the sender’s action on optimal equilibrium designing. |
| Keywords: | optimal equilibrium design; monotone signaling equilibrium; stronger monotone belief; Criterion D1 |
| JEL: | D82 D86 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:deptwp:2021-08&r= |
| By: | Ambrosius, Christian; Campos Vázquez, Raymundo M.; Esquivel, Gerardo |
| Abstract: | During a global shock two forces act upon international remittances in opposite directions: income losses among migrants may reduce their ability to send remittances and, at the same time, migrants' concern for their family's wellbeing may prompt them to send more remittances back home. Which of these drivers prevail is an empirical matter. We assemble quarterly data at the subnational level in Mexico to study the behavior of remittances during the Covid-19 pandemic. We estimate elasticities of remittances with respect to employment conditions at both origin and destination places of Mexican migrants. Our results show that destination country conditions have been the main driver of remittances to Mexico, whereas origin country conditions had no discernible effect on remittances during the pandemic. We also show that contractions in consumption in Mexico are associated with reductions in remittances. We conclude that risk-coping via remittances provides limited protection during global crises. |
| Keywords: | Migration,COVID-19,Remittances,Consumption,Mexico |
| JEL: | F22 F24 J23 O54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fubsbe:202113&r= |
| By: | Weill, Joakim A. (University of California, Davis); Stigler, Matthieu (Stanford University); Deschenes, Olivier (University of California, Santa Barbara); Springborn, Michael R. (University of California, Davis) |
| Abstract: | The COVID-19 pandemic brought unprecedented policy responses and a large literature evaluating their impacts. This paper re-examines and add to the evidence on the impact of COVID-19 mobility-restricting policies on mobility indicators. We first find that two-way fixed effects estimates are not robust to minor specification changes, where the same policy can be found to significantly increase or decrease mobility, depending on the specification. Therefore, due to the large number of researcher's degrees-of-exibility, researchers can focus on a set of results that appears stable, while ignoring problematic ones. Further, recently developed heterogeneity-robust difference-in-differences methods only partially mitigate these issues. |
| Keywords: | COVID-19, social distancing, mobility, difference-in-differences, researcher degrees-of-flexibility, mobility-restricting policies |
| JEL: | I12 I18 C18 C23 H75 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14682&r= |
| By: | Andre Legarza |
| Abstract: | Property investors generally rely on rent payments to meet their property-level debt service requirements. However, due to the Covid-19 pandemic, a majority of European countries have adopted rent moratoriums or passed legislation to protect non-paying property occupants from eviction. Following, this paper investigates the relationship between public policy on rent payments and real property asset pricing in three major European housing markets (Amsterdam, London, and Paris). Through a mixed-methods methodology, the paper aims to determine if there is a clear relationship between contemporary policies surrounding rent collection and investors interest in properties within Amsterdam, London, and Paris, as reflected by asset pricing. The paper will rely on quantitative data from the Real Capital Analytics property transaction database to determine changes to housing property prices following the Covid-19 pandemic and identify investors active within each city to interview for the qualitative portion of the project. The qualitative portion of the project will showcase in-depth interviews with investors active within each property market, focused on their perceptions of rent and tolerances for non-payment of rent when it comes to purchasing real property assets. Ultimately, the paper aims to contribute to real estate and urban scholars understanding the role of rent payments within investment decision-making – and more specifically, how investors see rent payments (or non-payment of rent) within their property-level investment decisions. |
| Keywords: | COVID19; housing; Rent; Tenants |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_41&r= |
| By: | Krammer, Sorin |
| Abstract: | The COVID-19 pandemic has significantly impacted businesses worldwide by lowering demand, impeding operations, stressing supply chains, and limiting access to finance. Yet we still lack an understanding of how firms can successfully adapt to this disruption. We examine this issue theoretically by combining arguments around dynamic capabilities and managerial cognition and developing several hypotheses concerning firm innovation, knowledge sources, management practices, and gender issues in relation to firms’ adaptation to this crisis. We test these assertions using data from two rounds of surveys involving more than 11,000 firms from 28 countries both before and after COVID-19 was officially declared a global crisis. Our results provide prima facie evidence that innovators, in particular those who are younger (i.e. start-ups) and those who rely on internal sources of knowledge, are more likely to adapt to COVID-19 than non-innovators. Our results suggest that firms with better management practices have also greater ability to adapt. We did not find systematic gender differences upon examining firms managed by women versus men. Following these findings, we set out several implications for research and policy. |
| Keywords: | COVID-19; Crisis; Innovation; Adaptation; Knowledge Sources; Management practices; Start-ups; Gender inequality |
| JEL: | F61 F62 M21 O3 |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109485&r= |
| By: | Andersen, Signe Hald; Özcan, Berkay |
| Abstract: | We analyse the effects of unemployment on the likelihood of having a first and second birth in Denmark. The existing studies on this topic have generated contradictory results, and have made a weak case for the exogeneity of unemployment to fertility. We suggest that firm closures constitute an exogenous source of unemployment, and adopt firm closures as an instrument for estimating individuals’ fertility responses. Using a life-course approach, we exploit unique administrative data from Denmark that include all Danish residents born in 1966 and followed between 1982 and 2006. The data contain monthly information about each individual’s employment status, type of employer, relationship status and partner’s characteristics; as well as very detailed fertility information, including on stillbirths and registered miscarriages. We find that unemployment has a positive effect on motherhood transitions and a negative effect on fatherhood transitions, although the latter is not robust to the inclusion of controls. We find no significant effect of unemployment on second births. |
| Keywords: | unemployment; firm closures; first and second births; causality |
| JEL: | R14 J01 N0 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:109007&r= |
| By: | Theresa M. Greaney (University of Hawai‘i); Ayumu Tanaka (Chuo University) |
| Abstract: | We explore potential relationships between international economic activities and gender wage gaps (GWGs) using linked employer-employee data for Japan. We find evidence that exporting and multinational activities are associated with reduced GWGs. Domestic-owned firms that neither export nor invest abroad (i.e., domestic-only firms) report the largest GWG, followed by Japanese-owned multinational enterprises(JMNE), then by locally-owned exporters that do not invest abroad and finally by foreign-owned multinational enterprises (FMNE). We separate FMNE by mode of entry and confirm that FMNE established by greenfield investment deviate more than FMNE established by merger and acquisition from domestic-only firms in terms of wages. Greenfield- born FMNE are associated with the smallest GWG and largest gender- neutral wage premium among the firm types. The estimated GWG among Greenfield-born FMNE is almost 12 percentage-points lower than the 26.8 percent prevailing at domestic-only firms. |
| Keywords: | gender wage gap; wage premium; exporters; multinational enterprises |
| JEL: | F14 F16 J31 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202025&r= |
| By: | Siddarth Srinivasan; Jamie Morgenstern |
| Abstract: | Peer reviewed publications are considered the gold standard in certifying and disseminating ideas that a research community considers valuable. However, we identify two major drawbacks of the current system: (1) the overwhelming demand for reviewers due to a large volume of submissions, and (2) the lack of incentives for reviewers to participate and expend the necessary effort to provide high-quality reviews. In this work, we adopt a mechanism-design approach to propose improvements to the peer review process. We present a two-stage mechanism which ties together the paper submission and review process, simultaneously incentivizing high-quality reviews and high-quality submissions. In the first stage, authors participate in a VCG auction for review slots by submitting their papers along with a bid that represents their expected value for having their paper reviewed. For the second stage, we propose a novel prediction market-style mechanism (H-DIPP) building on recent work in the information elicitation literature, which incentivizes participating reviewers to provide honest and effortful reviews. The revenue raised by the Stage I auction is used in Stage II to pay reviewers based on the quality of their reviews. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00923&r= |
| By: | Ravi Kashyap |
| Abstract: | We consider in detail an investment strategy, titled "The Bounce Basket", designed for someone to express a bullish view on the market by allowing them to take long positions on securities that would benefit the most from a rally in the markets. We demonstrate the use of quantitative metrics and large amounts of historical data towards decision making goals. This investment concept combines macroeconomic views with characteristics of individual securities to beat the market returns. The central idea of this theme is to identity securities from a regional perspective that are heavily shorted and yet are fundamentally sound with at least a minimum buy rating from a consensus of stock analysts covering the securities. We discuss the components of creating such a strategy including the mechanics of constructing the portfolio. Using simulations, in which securities lending data is modeled as geometric brownian motions, we provide a few flavors of creating a ranking of securities to identity the ones that are heavily shorted. An investment strategy of this kind will be ideal in market scenarios when a downturn happens due to unexpected extreme events and the markets are anticipated to bounce back thereafter. This situation is especially applicable to incidents being observed, and relevant proceedings, during the Coronavirus pandemic in 2020-2021. This strategy is one particular way to overcome a potential behavioral bias related to investing, which we term the "rebound effect". |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03740&r= |
| By: | Sangyup Choi (Yonsei University); Junhyeok Shin (Yonsei University) |
| Abstract: | During the recent COVID-19 pandemic, many commonalities shared by Bitcoin and gold raise the question of whether Bitcoin can hedge inflation or provide a safe haven as gold often does. By estimating a Vector Autoregression (VAR) model, we provide systematic evidence on the relationship among inflation, uncertainty, and Bitcoin and gold prices. Bitcoin appreciates against inflation (or inflation expectation) shocks, confirming its inflation-hedging property claimed by investors. However, unlike gold, Bitcoin prices decline in response to financial uncertainty shocks, rejecting the safe-haven quality. Interestingly, Bitcoin prices do not decrease after policy uncertainty shocks, partly consistent with the notion of Bitcoin’s independence from government authorities. We also find an interesting asymmetry in the drivers of Bitcoin price dynamics between the bullish and bearish markets. The main findings hold with or without the COVID-19 pandemic episode. |
| Keywords: | Cryptocurrencies; Bitcoin; inflation-hedging; safe-haven; gold; COVID-19 |
| JEL: | E41 E44 F31 G10 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:cth:wpaper:gru_2021_030&r= |
| By: | Chow, Hwee Kwan (School of Economics, Singapore Management University); Han, Daniel (School of Economics, Singapore Management University) |
| Abstract: | This study compares two distinct approaches, pooling forecasts from single indicator MIDAS models versus pooling information from indicators into factor MIDAS models, for short-term Singapore GDP growth forecasting with a large ragged-edge mixed frequency dataset. We investigate their relative predictive performance in a pseudo-out-of-sample forecasting exercise from 2007Q4 to 2020Q3. In the stable growth non-crisis period, no substantial difference in predictive performance is found across forecast models. We find factor MIDAS models dominate both the quarterly benchmark model and the forecast pooling strategy by wide margins in the Global Financial Crisis and the Covid-19 crisis. Reflecting the small open nature of the economy, pooling single indicator forecasts from a small subgroup of foreign-related indicators beats the benchmark, offering a quick method to incorporate timely information for practitioners who have difficulty updating a large dataset. Nonetheless, the information pooling approach retains its superior ability at tracking rapid output changes during crises. |
| Keywords: | Forecast evaluation; Factor MIDAS; pooling GDP forecasts; global financial crisis; Covid-19 pandemic crisis |
| JEL: | C22 C53 C55 |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2021_006&r= |
| By: | J. Sebastián Becerra; José Carreño; Juan Francisco Martínez |
| Abstract: | In this paper, we estimate a semi-structural New-Keynesian model for the Chilean economy. Our contribution consists of including a financial block, with an explicit description of the lending interest rate, credit volume, credit risk, and interest rate spreads. Firstly, we find the presence of a financial accelerator, that amplifies shocks. We find a significant relevance of financial sector feedback to the real economy. The incorporation of financial elements in a simple and flexible way allows the developed macro-financial model to be useful for various purposes. In this work, we carry out exercises in which extreme scenarios are simulated and are suitable for stress testing purposes. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchwp:922&r= |
| By: | Waris, Idrees; Hameed, Irfan |
| Abstract: | Government and private sectors of Pakistan have witnessed a huge gap in the demand and supply of energy, encouraging companies to introduce energy efficient products into the market. This led to boost in the demand of energy efficient home appliances. Energy efficient home appliances are the important sources of energy saving and help to reduce carbon emissions into the environment. The purpose of this study is to develop a theoretical framework of consumers’ purchase intention of energy efficient home appliances. Four important constructs of purchase intention have been added into the theory of planned behavior such as consumers’ knowledge of eco-labels, green trust, environmental concern and functional values. Purposive sampling technique has been used to assess data collected by a questionnaire survey. The Partial Least Square (SEM) was employed to analyze hypothesized model. The findings of the study reveal that consumers’ knowledge of eco-labels, environmental concern and perceived consumer effectiveness are the important predictor of purchase intention. However, the positive relationship between green trust and products’ functional value is insignificant. It is believed that consumers’ are skeptical about products’ functional benefits. Therefore, marketers should focus on developing green trust related to products’ attributes. Moreover, the results of the study would be helpful in understanding consumers’ behavior towards the purchase of green products in developing markets. |
| Keywords: | Eco-labels, green trust, Environmental concern, perceived consumer effectiveness and purchase intention |
| JEL: | M31 |
| Date: | 2019–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109612&r= |
| By: | Éamonn D'Arcy |
| Abstract: | The advent of COVID-19 has brought significant challenges to the delivery of real estate modules which attempt to integrate a number real world elements as part of the learning process. Such elements are essential to enhancing the commercial awareness and employability of real estate graduates and at a wider level act as a means of embedding opportunities for personal and professional development. This paper presents a case study of taking an industry facing MSc level capstone module online while still retaining it core learning outcomes. The module requires students to work as part of team over a six week period addressing three assignments related to an international field trip, an industry challenge and a real estate strategy game. In a normal year the module involves inputs from over 100 real estate professionals. The case study outlines the approach taken to replicating this module online, including the creation of appropriate supports to facilitate students working effectively as part of a remote team. It examines a range of challenges from putting in places the learning resources necessary to support the creation of a virtual field trip experience to the hiring of industry coaches to critically appraise students outputs from a real world perspective. The paper concludes with a critical assessment of the experience and from this attempts to identify any pedagogic innovations which would be retained going forward. |
| Keywords: | Capstone; COVID-19; Education |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_227&r= |
| By: | Maureen Cowhey; Jane E. Ihrig; Cindy M. Vojtech; Gretchen C. Weinbach |
| Abstract: | Banks need sufficient liquidity—cash and other assets that may be easily and immediately converted into cash—to meet their financial obligations, such as when households withdraw deposits or businesses tap credit lines. One key takeaway from the Global Financial Crisis of 2007–09 was that continuity of bank intermediation is particularly important in times of stress to limit pressure on the financial system, and that banks need to consistently maintain sufficient liquidity to achieve that outcome. |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-30-1&r= |
| By: | Ken Onishi |
| Abstract: | This note analyzes competition and concentration in the small business lending market using data obtained from Community Reinvestment Act (CRA) disclosures and data on local branches from the Federal Deposit Insurance Corporation's (FDIC) Summary of Deposits (SOD). In 1963, the Supreme Court defined the product market for commercial banking. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-24&r= |
| By: | Fukai, Taiyo (University of Tokyo); Ikeda, Masato (University of Tokyo); Kawaguchi, Daiji (University of Tokyo); Yamaguchi, Shintaro (University of Tokyo) |
| Abstract: | This paper examines how the COVID-19 pandemic affected female employment in Japan. Our estimates indicate that the employment rate of married women with children decreased by 4 percentage points, while that of those without children decreased by only 1 percentage point, implying that increased childcare responsibilities caused a sharp decline in mothers' employment. Further, mothers who left or lost their jobs appear to have dropped out of the labor force even several months after school reopening. In contrast to women, the employment rate of married men with children was not affected, which hindered progress in narrowing the employment gender gap. |
| Keywords: | labor force participation, employment, gender gap, COVID-19, childcare |
| JEL: | D13 J13 J16 J21 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14711&r= |
| By: | Alexandra Pripadcheva (National Research University Higher School of Economics); Dmitriy Veselov (National Research University Higher School of Economics) |
| Abstract: | This study investigates a dynamic political economy model that provides a link between the intensity of social mobility in society and the barriers to entry on markets in modern democracies. We use overlapping generation model in which all agents are divided by three groups: unskilled workers, skilled workers and capitalists. Social mobility is determined by the parental endogenous education decision and by the level of barriers to entry on markets, which is a political outcome. We show that a majority of voters may support high barriers to entry if perspectives of upward mobility for high-skilled workers is sufficiently low for every institutional set-up and there are direct payments from incumbent capitalists to a group of unskilled workers. This outcome also leads to persistently lower social mobility for every social group and to a lower level of education in the society. The model provides a theoretical justification of the empirical evidence, suggesting that a higher level of economic inequality is associated with a lower quality of economic institutions in democracies. |
| Keywords: | social mobility, economic barriers, economic institutions, democracy |
| JEL: | J62 O15 O43 P16 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:250/ec/2021&r= |
| By: | Kessel, Dany; Mollerstrom, Johanna; van Veldhuizen, Roel |
| Abstract: | As a recent literature has demonstrated, men and women differ in their willingness to sort into competitive environments. In particular, men are more willing than women to compete. We investigate whether it is possible to reduce the gender gap in willingness to compete through an information intervention that informs participants of the gap and advises them about the potential earnings implications. We find that this simple information intervention reduced the gender gap, both in a laboratory study at a German university and in a field study with Swedish high school students. Whereas some participants (primarily high performing women) benefited from the intervention, others lost out. We discuss the implications for efficiency and policy. |
| Keywords: | Gender Differences,Competitiveness,Advice,Experiment |
| JEL: | C91 D91 J16 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbmbh:spii2021202&r= |
| By: | Malik, Arsalan Haneef; Rehman, Awais Ur; Khan, Mubashir Ali |
| Abstract: | Purpose: Covid-19 has impacted all the spheres of human lives and so on the stakeholders’ demands. This paper is aimed to discuss various strategies the banking industry may be asked to perform for coping against the Covid-19. This paper also analyzed the volume of real in-time disclosures created by the banking industry. These disclosures were also differentiated between public and private banks and between lowly and highly disclosing banks as well. Design/methodology/approach: Different strategies were used theoretically under the triple bottom line of sustainability. For empirical analysis, the data was taken from Malaysian listed and non-listed banks. Group differences and correlation analyses were performed. Findings: Banks with bigger size, more profitability, and previous engagements in CSR were more active in disclosing their strategies for Covid-19. Banks were doing least for their disclosures on environmental strategies on Covid-19. Overall, the disclosures about Covid-19 can be taken as a nexus of CSR disclosures of the banks since they have similar correlating variables and have significant correlations. Moreover, the findings were robust against alternative measures of CSR. Originality: This research is the first in time to discuss disclosures about Covid-19 generated by the banking industry. Research limitations/implications: The study was limited from the banking industry of Malaysia and had not been able to run regression analysis due to a limited number of observations. Practical implications: Various aspects of strategies under economic, social and environmental concerns had been discussed. Pertinent examples from different countries around the globe had also been given. These strategies can help practitioners in formulating their Covid-19 strategies to satisfy the stakeholders’ demands. |
| Keywords: | Bank size, Covid-19 disclosures, CSR, economic disclosures, environmental disclosures, social disclosures |
| JEL: | Q50 |
| Date: | 2020–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109224&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria); Paul N. Acha-Anyi (Walter Sisulu University, South Africa) |
| Abstract: | This research complements the extant literature by establishing inequality critical masses that should not be exceeded in order for financial access to promote gender parity inclusive education in Sub-Saharan Africa. The focus is on 42 countries in the sub-region and the data is for the period 2004-2014. The estimation approach is the Generalized Method of Moments. When remittances are involved in the conditioning information set, the Palma ratio should not exceed 6.000 in order for financial access to promote gender parity inclusive “primary and secondary education†and the Atkinson index should not exceed 0.695 in order for financial access to promote inclusive tertiary education. However, when the internet is involved in the conditioning information set, it is established that in order for financial access to promote inclusive primary and secondary education, the: (i) Gini coefficient should not exceed 0.571; (ii) Atkinson index should not be above 0.750 and (iii) Palma ratio should be maintained below 8.000. Irrespective of variable in the conditioning information set, what is apparent is that inequality decreases the incidence of financial access on inclusive education. Hence, a common policy measure is to reduce inequality in order to promote inclusive education using the financial access mechanism. Policy implications are discussed in the light of Sustainable Development Goals. |
| Keywords: | Africa; Finance; Gender; Inclusive development |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/001&r= |
| By: | Hannes Schwandt; Janet Currie; Marlies Bär; James Banks; Paola Bertoli; Aline Bütikofer; Sarah Cattan; Beatrice Zong-Ying Chao; Claudia Costa; Libertad Gonzalez; Veronica Grembi; Kristiina Huttunen; René Karadakic; Lucy Kraftman; Sonya Krutikova; Stefano Lombardi; Peter Redler; Carlos Riumallo-Herl; Ana Rodríguez-González; Kjell Salvanes; Paula Santana; Josselin Thuilliez; Eddy van Doorslaer; Tom Van Ourti; Joachim Winter; Bram Wouterse; Amelie Wuppermann |
| Abstract: | Although there is a large gap between Black and White American life expectancies, the gap fell 48.9% between 1990-2018, mainly due to mortality declines among Black Americans. We examine age-specific mortality trends and racial gaps in life expectancy in rich and poor U.S. areas and with reference to six European countries. Inequalities in life expectancy are starker in the U.S. than in Europe. In 1990 White Americans and Europeans in rich areas had similar overall life expectancy, while life expectancy for White Americans in poor areas was lower. But since then even rich White Americans have lost ground relative to Europeans. Meanwhile, the gap in life expectancy between Black Americans and Europeans decreased by 8.3%. Black life expectancy increased more than White life expectancy in all U.S. areas, but improvements in poorer areas had the greatest impact on the racial life expectancy gap. The causes that contributed the most to Black mortality reductions included: Cancer, homicide, HIV, and causes originating in the fetal or infant period. Life expectancy for both Black and White Americans plateaued or slightly declined after 2012, but this stalling was most evident among Black Americans even prior to the COVID-19 pandemic. If improvements had continued at the 1990-2012 rate, the racial gap in life expectancy would have closed by 2036. European life expectancy also stalled after 2014. Still, the comparison with Europe suggests that mortality rates of both Black and White Americans could fall much further across all ages and in both rich and poor areas. |
| JEL: | E21 I1 J1 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29203&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Rexon T. Nting (University of Wales, London, UK) |
| Abstract: | The study has investigated the comparative importance of financial access in promoting gender inclusion in African countries. Gender inclusion is proxied by the female labour participation rate while financial channels include: financial system deposits and private domestic credit. The empirical evidence is based on non-contemporary Fixed Effects regressions. In order to provide more implications on comparative relevance, the dataset is categorised into income levels (middle income versus (vs.) low income); legal origins (French civil law vs. English common law); religious domination (Islam vs. Christianity); openness to sea (coastal vs. landlocked); resource-wealth (oil-poor vs. oil-rich) and political stability (stable vs. unstable). Six main hypotheses are tested, notably, that middle income, English common law, Christianity, coastal, oil-rich and stable countries enjoy better levels of “financial access†-induced gender inclusion compared to respectively, low income, French civil law, Islam, landlocked, oil-poor and unstable countries. All six tested hypothesis are validated. This is the first study on the comparative importance of financial access in gender economic participation. |
| Keywords: | Inequality; Gender Inclusion; Financial development; Africa |
| JEL: | I30 L96 O16 O55 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/005&r= |
| By: | Johannes Geyer; Peter Haan; Alexander Ludwig |
| Abstract: | Die demografische Entwicklung in Deutschland wird im nächsten Jahrzehnt eine grundlegende Reform der Rente erforderlich machen. Bisher halten sich aber gerade die Regierungsparteien mit Vorschlägen zurück und sehen den Handlungsbedarf als nicht so dringlich. Einige Oppositionsparteien liefern hingegen richtungsweisendere Ideen für Menschen mit niedrigeren Alterseinkommen. Ein Blick in die Nachbarländer Österreich und die Niederlande zeigt aber noch einen anderen Weg auf: die Mindestrente. Sie könnte zumindest die finanzielle Absicherung sicherstellen und zum sozialen Ausgleich beitragen. Zudem wäre sie auch eine wichtige Voraussetzung, um andere Rentenreformen in Deutschland in der nächsten Legislaturperiode umzusetzen, wie eine Erhöhung des Rentenzugangsalters oder stärkere (kapitalgedeckte) private Vorsorge. Alternativ müsste die Grundsicherung deutlich überarbeitet werden, damit die Inanspruchnahme steigt. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwakt:72de&r= |
| By: | Herz, Benedikt; Mejer, Malwina |
| Abstract: | The design right is a widely used but poorly understood intellectual property right that allows the protection of products’ aesthetics and outer appearances. We study the influence of design right protection on price by exploiting cross-country differences in the scope of protection in the European automotive spare parts market: In some countries, repair parts are exempted from design protection, while in others they are not. Based on detailed price data, our difference-in-differences estimates imply that design protection increases prices by about 5–8%, with large differences between carmakers. We then link our findings to the literature on deviations from the law of one price. We document large cross-country price deviations for identical spare parts and provide evidence that a part of these price deviations can be explained by the lack of harmonization of design right protection in combination with carmakers’ pricing-to-market strategies. |
| Keywords: | design right, design patent, repair clause, law of one price, price dispersion, European car market, automotive aftermarket, spare parts |
| JEL: | F15 K21 L11 L62 O34 |
| Date: | 2020–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109645&r= |
| By: | Stefan Müller-Mielitz (Institut für Effizienz Kommunikation Forschung IEKF GmbH, Ibbenbüren); Thomas Lux (Hochschule Niederrhein, Prozessmanagement im Gesundheitswesen, Krefeld); Juliane Köberlein-Neu (Bergische Universität Wuppertal, Bergisches Kompetenzzentrum für Gesundheitsökonomik und Versorgungsforschung, Wuppertal); Uwe Fachinger (Universität Vechta, Institut für Gerontologie, Fachgebiet Ökonomie und Demographischer Wandel, Vechta) |
| Abstract: | E-health interventions are considered an important success factor in the continuous improvement of health care both nationally and internationally. Particularly in integrated care arrangements, they are an important infrastructural element. Of course, when developing new interventions and introducing them into the healthcare system, health economic evaluations (HEEs) are mandatory. From a healthcare organizational as well as governmental view, it is especially important that interventions are cost-effective and affordable. Consequently, there is a growing interest in studying digital intervention’s implications on healthcare costs. In order to enable a standardized procedure, the working group "E-Health" of the German Society for Health Economics has begun to develop a roadmap for the health economic evaluation of e-health interventions, which complements current recommendations that exist for Germany. |
| Keywords: | e-Health; health economic evaluation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bwu:schdps:sdp21001&r= |
| By: | Nikou, Shahrokh; Kim, Seongcheol; Lim, Chulmin; Maslov, Ilia |
| Abstract: | Higher education institutions have increasingly been challenged in providing their core services of teaching and learning during the COVID-19 pandemic crisis. As such, many higher education institutions, if not all, have shifted towards distance learning and e-learning using learning management systems. In this paper, based on a comparative study among Finnish and South Korean university students, we aim to investigate students' level of satisfaction with e-learning during the COVID-19 pandemic. Building on a data set of 256 students from Finland and South Korea, the results of structural equation modelling (SEM) showed that all three of the COVID-19-related factors explored had a significant effect on students' level of satisfaction with e-learning. In addition, the SEM results showed that students' level of satisfaction with e-learning systems is affected by the level of students' information literacy skills as well as the information technology (quality and accessibility) used to access the e-learning systems. We also found interesting differences between Finnish and South Korean students, from the perspective of path model analysis. Theoretical and practical implications are discussed. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238042&r= |
| By: | Cullen S. Hendrix (Peterson Institute for International Economics) |
| Abstract: | The success of countries in the Organization for Economic Cooperation and Development (OECD) in controlling the COVID-19 pandemic has varied greatly. Explanations for the differences fall into four broad categories: political/economic, cultural/social, demographic/geographic, and policy-oriented. This paper uses Bayesian model averaging to assess the explanatory power of 21 potential covariates. It shows that standard political economy variables that predict greater investment in public health, such as GDP per capita and level of democracy; both general and pandemic-specific measures of government effectiveness; and demographic factors that predict increased vulnerability, such as the share of population that is elderly or obese, do not explain the differences in outcomes. The key factors appear to have been interdictability (the ability to tightly control borders and effectively restrict or monitor entrants at a limited number of entry ports), the early adoption of stronger international travel restrictions, and a female head of government. |
| Keywords: | COVID-19, public health, OECD |
| JEL: | I18 I14 J18 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-10&r= |
| By: | Kovalenko, Tim |
| Abstract: | Uncertainty shocks are found to adversely affect labor market outcomes. Most studies attribute labor adjustments costs for the propagation of macroeconomic uncertainty to the labor market. Given that large establishments in Germany face higher labor adjustments cost, they should be affected more strongly by these shocks. Therefore, this paper studies the effects of uncertainty shocks on employment adjustments in large and small establishments employing four structural vector auto-regressive models with quarterly data for Germany in the period 1991-2014. These four models estimate effects of uncertainty shocks on employment, worker flows, job flows as well as worker churn, both for establishments with less than 100 and with at least 100 employees. The results suggest that uncertainty shocks induce considerable employment fluctuations in large establishments, while they have barely an effect on small establishments. Furthermore, large establishments adjust their labor input in response to an uncertainty shock by delaying the replacement of workers who leave these establishments. |
| Keywords: | Uncertainty Shocks,Employment,Worker Flows,Job Flows,Worker Churn,Establishment Size,Structural Vector Auto-Regression,Germany |
| JEL: | E24 E32 J63 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:faulre:119&r= |
| By: | OECD |
| Abstract: | The OECD Global Action “Promoting Social and Solidarity Economy Ecosystems”, funded by the European Union, through its work stream on social impact measurement, endeavours to: 1) explore current social impact measurement practices among social and solidarity economy organisations; 2) identify the methodologies best suited to capture the social benefits of the social and solidarity economy; and 3) understand what policy initiatives can be used to foster a social impact measurement culture and practice in the social and solidarity economy.After discussing the origins and drivers of social impact measurement, this paper examines existing methodologies developed at the local, national and international level and finally reviews how these are being implemented in the social and solidarity economy. It takes stock of the policy mapping exercise conducted by the OECD, which draws on responses to an online survey and on the stakeholder consultations conducted in Brazil, Canada, India, Korea, Mexico and the United States. |
| Keywords: | local development, policy ecosystem, social economy, social enterprises, social entrepreneurship, social impact, social innovation |
| JEL: | L31 L33 |
| Date: | 2021–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2021/05-en&r= |
| By: | Can Sever; Emekcan Yucel |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:bou:wpaper:2021/02&r= |
| By: | Steudner, Tobias |
| Abstract: | The goal of this study is to contribute to the underexplored interplay of unrelated positive feelings and arousal and their effects on users' willingness to provide personal data. To this end, we conduct an online survey (n=368) based on a hypothetical social network sweepstake scenario in which personal data, such as a photo, must be disclosed for participation. We perform structural equation modeling based on an extended privacy calculus model. Drawing on the feelings-as-information theory, more positively valenced feelings, even when evoked by an unrelated stimulus, should lead to a higher willingness to disclose personal data and participate in the sweepstake. We examine how arousal influences this effect as well as users' willingness to disclose. We find three significant crossover interactions for unrelated positive feelings and arousal, i.e., for more positively valenced feelings under higher arousal levels users are more willing to disclose data which is in line with the feelings-as-information theory. Surprisingly, less positively valenced feelings under low arousal levels also lead to a higher willingness to disclose personal data. We explain these results by additionally drawing on the affect regulation theory, which assumes that individuals try to protect their feelings in positive affective states, and take actions in order to improve their feelings in less positive affective states. We interpret the arousal level as a "switch" that helps to determine which theory is suited best to predict the direction of the effect of unrelated positive feelings and thus, explain the observed crossover interactions: for high arousal levels, the feelings-as-information theory and for low arousal levels, the affect regulation theory fits best. |
| Keywords: | Arousal,Emotions,Feelings,Personal Data Disclosure,Privacy Calculus |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238055&r= |
| By: | Pollitt, M .G. |
| Abstract: | The UK left the European single market in energy on 31 December 2020, having been a leading light in its promotion. It entered into a new energy relationship with the EU-27 as outlined in the EU-UK Trade and Cooperation Agreement (TCA) on 1 January 2021. This paper discusses what has happened to the UK energy sector since the Brexit referendum of June 2016. Since our previous paper on this topic in 2017, there has been a significant clarification in the impact of Brexit on the energy sector in the UK. We outline what the TCA says about energy. We then discuss the current and potential future effects of Brexit on the UK electricity and gas systems in turn. We observe that the likely economic welfare impacts on electricity are larger than the impacts on gas, but the overall microeconomic impact appears likely to be modest (but negative). We offer a number of concluding observations. |
| Keywords: | Brexit, Trade and Cooperation Agreement, market coupling |
| JEL: | L94 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2161&r= |
| By: | Borbely, Daniel (University of Dundee); Gehrsitz, Markus (University of Strathclyde); McIntyre, Stuart (University of Strathclyde); Rossi, Gennaro (University of Strathclyde); Roy, Graeme (University of Glasgow) |
| Abstract: | We study the effect of exposure to older, more experienced classroom peers resulting from the widespread use of multi-grade classes in Scottish primary schools. For identification, we exploit that a class-planning algorithm quasi-randomly assigns groups of pupils to multi-grade classes. We find that school-starters benefit from exposure to second-graders in measures of numeracy and literacy. We find no evidence that these gains are driven by smaller class sizes or more parental input. While short-lived, these benefits accrue independent of socioeconomic background, to boys and girls alike, and do not come at the expense of older peers from the preceding cohort. |
| Keywords: | multi-grade classes, peer effects, class-size, cognitive skills |
| JEL: | C36 H52 I21 I26 I28 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14678&r= |
| By: | Beckmann, Joscha; Comunale, Mariarosaria |
| Abstract: | This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global liquidity measure as the credit in foreign currencies, and how global liquidity affects GDP growth. We make use of local projections in order to look at the shocks’ transmission covering 11 emerging market countries for the period 2000Q1–2016Q3. We find that foreign denominated credit plays an important macroeconomic role, operating through various transmission channels. The direction of effects depends on country characteristics and is also related to the policy stance among countries. We find that domestic appreciations increase demand regarding foreign credit, implying positive effects on investment and GDP growth. However, this is valid only in the short-run; in the medium-long run, an increase of credit denominated in foreign currency (for instance, due to apeiation) decreases GDP. The financial channel works mostly in the short run except for Brazil, Malaysia, and Mexico, where the trade channel always dominates. Possibly there is a substitution effect between domestic and foreign credit in the case of shocks in exchange rate. |
| JEL: | F31 F41 F43 G15 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2021_011&r= |
| By: | Hofmarcher, Thomas (Lund University); Plug, Erik (University of Amsterdam) |
| Abstract: | We examine time allocation decisions in same-sex and different-sex couples from a Beckerian comparative advantage perspective. In particular, we estimate the comparative advantage relationship between time spent on either market or household activities and a dummy for being the highest earner in a couple on samples of same-sex and different-sex couples. Using the American Time Use Survey (ATUS), we find that same-sex couples specialize not as much as different-sex couples. We argue that these specialization differences are driven by the most traditional different-sex couples. Without married couples with wives at home taking care of children and husbands working outside the home, which represent at most 20 percent of all different-sex couples, we find that the highest earner in a couple spends 80 minutes more per day on market work and 40 minutes less per day on household work, regardless their sexual orientation. We therefore conclude that, from a comparative advantage perspective, most same-sex and different-sex couples specialize equally. |
| Keywords: | time allocation, household work, market work, same-sex couples, different-sex couples, comparative advantage |
| JEL: | D13 J15 J22 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14709&r= |
| By: | Hakan Yilmazkuday (Department of Economics, Florida International University) |
| Abstract: | This paper investigates the effects of the coronavirus disease 2019 (COVID-19) cases in the U.S. on the S&P 500 Index using daily data covering the period between January 21st, 2020 and August 10th, 2021. The investigation is achieved by using a structural vector autoregression model, where a measure of the global economic activity and the spread between 10-year treasury constant maturity and the federal funds rate are also included. The empirical results suggest that having 1% of an increase in cumulative daily COVID-19 cases in the U.S. results in about 0.01% of a cumulative reduction in the S&P 500 Index after one day and about 0.03% of a reduction after one week. Historical decomposition of the S&P 500 Index further suggests that the negative effects of COVID-19 cases in the U.S. on the S&P 500 Index have been mostly observed during March 2020. |
| Keywords: | Coronavirus, COVID-19, S&P 500 Index, Baltic Dry Index |
| JEL: | F44 G15 I10 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fiu:wpaper:2117&r= |
| By: | Jeffrey J. Schott (Peterson Institute for International Economics) |
| Abstract: | The benefits of the Regional Comprehensive Economic Partnership (RCEP) for South Korea are limited and need to be supplemented by more comprehensive agreements that deepen Korea’s ties to strategic allies in the Asia-Pacific region. RCEP's most important achievement is its new regional content rule that will encourage deeper integration of supply chains across the 15 markets, a key benefit for Korean industries invested in the region. But Schott notes that the pact also has significant limitations. To complement RCEP, he recommends that South Korea move forward with two other trade negotiating priorities, membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and upgrading the Korea-US Free Trade Agreement (KORUS), the latter aimed at encouraging US reengagement in the Asia-Pacific integration pact. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb21-17&r= |
| By: | Ruslan Rakhmatullin (European Commission - JRC); Fatime Barbara Hegyi (European Commission - JRC) |
| Abstract: | The European Union recognises the role of various forms of transnational and cross-organisational collaborative efforts in speeding up the transition towards a green, climate neutral and digital Europe, as well as making European industry more resilient and competitive. Various forms of collaboration and cooperation are increasingly considered and promoted as the answer to a range of challenges.The focus of this paper is on thematic smart specialisation (S3) partnerships included in The Partnerships for SDGs online platform, which is the United Nations' global registry of voluntary commitments and multi-stakeholder partnerships, facilitating global engagement of all stakeholders in support of the implementation of the Sustainable Development Goals.By exploring thematic S3 partnerships as an example of such interregional collaborative arrangements, this paper explores the extent to which these activities are able to contribute to the attainment of the Global Goals. This research supports the view that in order to track regions' contribution to SDGs and assess its impact, European policymakers should continue building in ways to collect consistently information about the extent to which various policy local/regional/national initiatives contribute to specific goals. |
| Keywords: | smart specialisation, s3, sustainable development goals, sdg-s, united nations, interregional collaboration, research and innovation, policy assessment, policy design |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125210&r= |
| By: | Chad P. Bown (Peterson Institute for International Economics) |
| Abstract: | Early in the COVID-19 pandemic, a global shortage of hospital gowns, gloves, surgical masks, and respirators caused policymakers around the world to panic. This paper examines international trade in this personal protective equipment (PPE) during the crisis, with a focus on China, the European Union, and the United States. As the pandemic first hit, China increased imports and decreased exports of PPE, removing considerable quantities of supplies from global markets. For the European Union and United States, the decrease in their imports from China was not immediately replaced by increased trade from other foreign suppliers. Early shortages led to EU and US export controls on their own, domestically produced PPE and other extraordinary policy actions, including a US effort to reserve for itself supplies manufactured in China by a US-headquartered multinational. By April 2020 China’s exports had mostly resumed, and over the rest of the year its export volumes of some products surged, more than doubling compared to pre-pandemic levels. But China’s export prices also skyrocketed and remained elevated through 2020, reflecting severe and continued shortages. This paper documents these facts. It also explores these and other government actions, such as US trade war tariffs and the emergence of US industrial policy in the form of over $1 billion of subsidies to build out its domestic PPE supply chain, as well as potential lessons for future pandemic preparedness and international policy cooperation. |
| Keywords: | personal protective equipment, COVID-19, tariffs, export restrictions, supply chains, industrial policy |
| JEL: | F13 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-11&r= |
| By: | Hebatallah Ghoneim (Faculty of Management Technology, German University in Cairo); Rana Abdulmonem (Faculty of Management Technology, German University in Cairo); Noha Ghazy (Faculty of Managemennt Technology, German University in Cairo) |
| Abstract: | In 2010, Egypt signed a preferential Free Trade Agreement (FTA) with the Common Market of the South (Mercosur).Correspondingly, this paper evaluates the success of this FTA by measuring the degree of complementarity between the two economies |
| Keywords: | Complementarity Index; Egypt; Mercosur; Preferential Free Trade Agree-ment, Tariffs, Trade |
| JEL: | F14 F53 O54 O55 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:guc:wpaper:54&r= |
| By: | Wels, Jacques |
| Abstract: | Following the spread of COVID-19 in early 2020, Japan has implemented border enforcement measures to ban most foreigners, including tourists, workers and students from entering Japan for the time being, except for special humanitarian circumstances. For about a year, many migrants have been unable to enter Japan and had to postpone their plans. Using an online questionnaire (N=478), this study aimed to assess the impact of border enforcement measures on migrants’ health and wellbeing. Results indicate that border enforcement measures have generated insecurities, both from a financial and personal point of view. These have had strong negative effects on physical health and, to a greater extent, on sleep quality, level of stress and quality of life. The article demonstrates that insecurity is key for understanding Japanese border policies and, consequently, migrants’ health as it shapes a spectrum between the insiders and the outsiders that is determined by factors that take little account of individuals’ situation and that the state of exception reveals a gradient that is independent from the epidemic situation. It concludes with five points to be discussed further to protect migrants’ heath in case of travel ban: allow a fair treatment of migrants, developing international remote work possibilities, discussing the portability of the costs related to border enforcement measures, allow non-married couples to reunite and give a greater visibility to international migrants. |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:egq9p&r= |
| By: | Gyódi, Kristóf |
| Abstract: | Purpose: The purpose of this paper is to examine the impact of the COVID-19 pandemic on the traditional hotel industry and Airbnb in nine major European cities. The author examines differences between the two business models and analyses various strategies of Airbnb hosts to cope with the crisis. Design/methodology/approach: A detailed empirical analysis is presented based on data from STR and Inside Airbnb for the period January 2018–September 2020. To assess the impact of the pandemic on the hotel industry, year-to-year changes in various performance metrics are presented. The author also investigates the impact of the pandemic on Airbnb prices with panel data regression analysis. Using text-mining methods, signs for new use-cases are explored, including renting flats for home-office or quarantine. Findings: The results support that Airbnb supply is more flexible. While hotel supply quickly returned to a level close to 2019, the average number of Airbnb listings was lower by more than 15%. Furthermore, the price analysis showed that Airbnb rates decreased more moderately than hotel prices. These findings suggest that a significant share of hosts pivoted from short-term accommodation provision and used their property differently, e.g. rented on a long-term basis. The analysis of listing characteristics revealed that the role of longer stays increased; however, the results do not support a shift towards advertising listings for home-office or quarantine purposes. Originality/value: This paper presents the impact of the pandemic on the hospitality sector in a wide sample of European cities, explores the adjustment of hotels and Airbnb and provides new evidence on the differences between the business models. |
| Keywords: | Tourism, Airbnb, Text-mining, COVID |
| JEL: | L8 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109333&r= |
| By: | Annamari Kiviaho; Saija Toivonen |
| Abstract: | Urban shrinkage is a significant challenge in many countries across the globe. However, it is a serious challenge, especially in European countries. For instance, it has been estimated that one-fifth of European cities have experienced population loss between 1990 and 2010. Urban shrinkage will cause significant problems for the local real estate market, such as decreasing real estate prices and values, the decay of buildings, segregation, increasing vacant and abandoned properties. Uncertain value development of the local estates can drive the total economic base of the city at risk. In addition, the current unsustainable real estate market development causes many negative consequences that can have far-reaching implications for the future development of the real estate market. Our research focuses on future real estate market development in shrinking cities, aiming to identify and explain the future consequences of the forces of change affecting the local real estate market. First, the forces of change such as megatrends, trends, wild cards, driving forces, and weak signals were identified by utilizing the Environmental scanning method. Second, the future consequences of the forces for change were analysed by utilizing the future wheel method. This method is mainly used in future research to reveal primary, secondary, and tertiary consequences of trends, events, or emerging issues. The results of our research are useful for several parties operating in the real estate market, such as urban planners, real estate investors and owners. |
| Keywords: | Futures research; Real Estate Market; Urban Shrinkage; Value development |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_192&r= |
| By: | B. De Bruyne; J. Randon-Furling; S. Redner |
| Abstract: | We introduce a minimalist dynamical model of wealth evolution and wealth sharing among $N$ agents as a platform to compare the relative merits of altruism and individualism. In our model, the wealth of each agent independently evolves by diffusion. For a population of altruists, whenever any agent reaches zero wealth (that is, the agent goes bankrupt), the remaining wealth of the other $N-1$ agents is equally shared among all. The population is collectively defined to be bankrupt when its total wealth falls below a specified small threshold value. For individualists, each time an agent goes bankrupt (s)he is considered to be "dead" and no wealth redistribution occurs. We determine the evolution of wealth in these two societies. Altruism leads to more global median wealth at early times; eventually, however, the longest-lived individualists accumulate most of the wealth and are richer and more long lived than the altruists. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04324&r= |
| By: | Seungjin Han; Alex Sam; Youngki Shin |
| Abstract: | A decision maker (DM) determines a set of reactions that receivers can choose before senders and receivers move in a generalized competitive signaling model with two-sided matching. The DM's optimal design of the unique stronger monotone signaling equilibrium (unique D1 equilibrium) is equivalent to the choice problem of two threshold sender types, one for market entry and the other for pooling on the top. Our analysis sheds light on the impacts of a trade-off between matching efficiency and signaling costs, the relative heterogeneity of receiver types to sender types, and the productivity of the sender's action on optimal equilibrium designing. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03370&r= |
| By: | Frank Yang |
| Abstract: | A screening instrument is costly if it is socially wasteful and productive otherwise. A principal screens an agent with multidimensional private information and quasilinear preferences that are additively separable across two components: a one-dimensional productive component and a multidimensional costly component. Can the principal improve upon simple one-dimensional mechanisms by also using the costly instruments? We show that if the agent has preferences between the two components that are positively correlated in a suitably defined sense, then simply screening the productive component is optimal. The result holds for general type and allocation spaces, and allows for nonlinear and interdependent valuations. We discuss applications to optimal regulation, labor market screening, and monopoly pricing. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00487&r= |
| By: | Laitsou, Eleni; Katsianis, Dimitris |
| Abstract: | Mobile communication technology is moving into the fifth-generation (5G) which is expected to overcome the new challenges that have emerged with the Internet of Things (IoT) and the exponential growth in demand for mobile traffic. Therefore, the Mobile Networks Operators (MNOs) are planning to improve their networks in order to achieve the required standards for capacity, coverage and quality of service. In this paper, a techno-economic study is performed to assess the feasibility of the deployment of a 5G mobile network in different types of urban areas depending on population density. In each of these different cases, the conditions are studied under which such an investment can be economically viable through increased revenues and reduced costs. The findings of this study could become an important tool for decision and policymakers in investment strategies for 5G mobile networks. |
| Keywords: | 5G mobile network,techno-economic evaluation,TONIC model,urban |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238034&r= |
| By: | Sharat Ganapati; Rebecca McKibbin |
| Abstract: | There is wide dispersion in pharmaceutical prices across countries with comparable quality standards. Under monopoly, off-patent and generic drug prices are at least four times higher in the United States than in comparable English-speaking high income countries. With five or more competitors, off-patent drug prices are similar or lower. Our analysis shows that differential US markups are largely driven by the market power of drug suppliers and not due to wholesale intermediaries or pharmacies. Furthermore, we show that the traditional mechanism of reducing market power – free entry – is limited because implied entry costs are substantially higher in the US. |
| JEL: | F14 I11 L44 L65 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29206&r= |
| By: | INOSE Junya |
| Abstract: | The heterogeneous model in macroeconomics has produced great developments in recent decades. One major development which includes heterogeneity relates to consumer behavior, especially in describing income and wealth inequality. More powerful and sophisticated computing technologies and the increasing availability of microdata have fueled these developments. Among these developments is the invention of the Heterogeneous agent New Keynesian (HANK) models. We advanced the Huggett model of income and wealth distribution to include human capital accumulation. The inclusion of human capital accumulation into a heterogeneous agent model enables us to capture not only wealth, but skill inequality and its dynamics. This paper provides two main contributions. We (i) construct a mathematical tool to analyze models with non-linearity, and (ii) provide implications for the policy of wealth redistribution, especially basic income. The conclusions of this analysis can be again summarized by the following three points: (i) the introduction of basic income may increase the share of liquidity constrained households, (ii) the introduction of basic income results in a decrease of the aggregate share of time spent investing in human capital, and (iii) the introduction of basic income may increase consumption and this may result in an increase in the interest rate. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21070&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Omang O. Messono (University of Dschang , Cameroon); Keyanfe T. J. Guttemberg (Yaoundé, Cameroon) |
| Abstract: | The objective of this article is to analyze the effect of the political empowerment of women on vulnerability to climate change in 169 countries for the period 1995-2017. The empirical evidence which is based on panel fixed effects regressions shows that: i) the political empowerment of women as well as its components (i.e. civil liberties of women, participation of women in civil society and participation of women in political debates) reduce vulnerability to climate change. ii) The underlying effect is most pronounced in upper middle income, Latin American, small and fragile countries. iii) Public spending on education, the effectiveness of governance and education are the real transmission channels through which vulnerability to climate change is affected by women’s political empowerment. The findings are robust to alternative estimation methods such as the Tobit, the dynamic fixed effects, and the generalized method of moments regressions. Policy implications are discussed, inter alia, the need for sampled countries to encourage women's political empowerment in order to reduce risks linked to climate change. |
| Keywords: | climate change; vulnerability; political empowerment |
| JEL: | Q50 Q54 Q58 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:21/001&r= |
| By: | Mense, Andreas |
| Abstract: | I estimate the impact of new housing supply on the local rent distribution, exploiting weather shocks during the construction phase as an instrument. New supply decreases rents at all quality levels. Building on a quantitative dynamic model of housing quality and tenure choice, I explain this pattern by secondary housing supply: New supply to the owner-occupier market triggers a cascade of moves in the rental market, freeing up units across the housing quality spectrum. This mechanism has implications for housing policy, the integration of the housing market, and the integration of new- and used-product markets in general. |
| Keywords: | secondary markets,market integration,housing markets,rent distribution,dynamic housing choice |
| JEL: | D15 D40 R21 R31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwqwdp:052021&r= |
| By: | Nong, Huifu (Guangdong University of Finance); Zhang, Qing (Hunan University); Zhu, Hongjia (Jinan University); Zhu, Rong (Flinders University) |
| Abstract: | This paper estimates the causal impact of China's targeted poverty alleviation program on the academic achievement of students from poor households. We use the longitudinal academic records of a cohort of students from all middle schools in a nationally designated poor county in China. Using the difference-in-differences approach, we show that targeted poverty alleviation improves the scholastic performance of girls and their achievement rank among peer students. However, we find no such empirical evidence for boys. Our findings suggest that the new anti-poverty program in China has the potential to ameliorate the intergenerational transmission of low socioeconomic status to girls by promoting their human capital accumulation. |
| Keywords: | targeted poverty alleviation, academic outcomes, middle school, China |
| JEL: | I21 I32 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14674&r= |
| By: | Shelton Weeks; Vivek Bharagava |
| Abstract: | The Corona virus pandemic and the subsequent economic slowdown provide an opportunity to examine the relative performance of US REITs during a period of extreme market disruption. In this study, we investigate the short-term response of US REITs to this global event employing four market models and three distinct pandemic related event dates. In order to examine the performance across market sectors the returns on REIT indexes are considered instead of individual REITs. The empirical results provide additional evidence with respect to the performance of REITs relative to the overall market and the benefits derived from including REITs in a portfolio during adverse market conditions. |
| Keywords: | Black Swan; Event Study; Pandemic; REIT |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_19&r= |
| By: | Daniel Auer (University of Mannheim); Johannes S. Kunz (Monash University) |
| Abstract: | This paper investigates the intergenerational effect of communication barriers on child health at birth using a natural experiment in Switzerland. We leverage the fact that refugees arriving in Switzerland originate from places that have large shares of French (or Italian) speakers for historical reasons and upon arrival are by law randomly allocated across states that are dominated by different languages but subject to the same jurisdiction. Our findings based on administrative records of all refugee arrivals and birth events between 2010 and 2017 show that children born to mothers who were exogenously allocated to an environment that matched their linguistic heritage are on average 72 gram heavier (or 2.2%) than those that were allocated to an unfamiliar language environment. The differences are driven by growth rather than gestation and manifest in a 2.9 percentage point difference in low birth weight incidence. We find substantial dose-response relationships in terms of language exposure in both, the origin country and the destination region. Moreover, French (Italian) exposed refugees only benefit from French-(Italian-) speaking destinations, but not vice versa. Contrasting the language match with co-ethnic networks, we find that high quality networks are acting as a substitute rather than a complement. |
| Keywords: | Infant health, language proficiency, refugee allocation , networks |
| JEL: | F22 I12 J13 J24 J61 J62 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-05&r= |
| By: | Hakan Yilmazkuday (Department of Economics, Florida International University) |
| Abstract: | Using U.S. data from Monday of each week, this paper estimates oil price pass-through into consumer prices (PC) and oil price pass-through into gasoline retail prices (PG) in a continuous way. The results show that PC (PG) is about 0.5% (13%) after a week, 1.5% (37%) after three months, and 4.2% (50%) in the long run. The estimated PC is further decomposed into direct PC (representing oil price effects on consumer prices through gasoline retail prices) versus indirect PC (representing oil price effects on consumer prices through ex-gasoline prices), suggesting that long-run oil price effects on consumer prices are mostly through ex-gasoline consumer prices. Despite having distinct pass-through estimates, about three-fourths of weekly volatility in both gasoline retail and consumer prices are explained by oil price shocks in the long run. |
| Keywords: | Pass-Through, Oil Prices, Gasoline Prices, Consumer Prices, Weekly Data |
| JEL: | E31 Q43 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fiu:wpaper:2118&r= |
| By: | Dodin, Majed; Findeisen, Sebastian; Henkel, Lukas; Sachs, Dominik; Schüle, Paul |
| Abstract: | We characterize intergenerational social mobility in Germany using census data on the educational attainment of 526,000 children and their parents' earnings. Our measure of educational attainment is the A-Level degree, a requirement for access to university and the most important qualification in the German education system. On average, a 10 percentile increase in the parental income rank is associated with a 5.2 percentage point increase in the probability to obtain an A-Level. This parental income gradient has not changed for the birth cohorts from 1980 to 1996, despite a large-scale policy of expanding upper secondary education in Germany. At the regional level, there exists substantial variation in mobility estimates. Place effects, rather than sorting of households into different regions, seem to account for most of these geographical differences. Mobile regions are, among other aspects, characterized by high school quality and enhanced possibilities to obtain an A-Level degree in vocational schools. |
| Keywords: | Intergenerational Mobility,Educational Attainment,Local Labor Markets |
| JEL: | I24 J62 R23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cexwps:04&r= |
| By: | Delzeit, Ruth; Heimann, Tobias; Schünemann, Franziska; Söder, Mareike |
| Abstract: | The goal of this technical paper is to present in a transparent way a detailed description of the DART-BIO model - the bioeconomy and land use version of the DART model. Key feature of the DART-BIO model is the explicit representation of the vegetable oil industry and the biofuel sector. The paper describes the construction and aggregation of the database used for the DART-BIO model. Further the theoretical structure of the model is elaborated. Thereby, crucial assumptions, elasticities and parameters embedded in the model are presented. |
| Keywords: | CGE model,bioeconomy,climate policy,land use |
| JEL: | C68 Q16 Q24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2195&r= |
| By: | Ali, Umair (Arizona State University); Herbst, Chris M. (Arizona State University); Makridis, Christos A. (Arizona State University) |
| Abstract: | Minimum quality regulations are often justified in the child care market because of the presence of information frictions between parents and providers. However, regulations can also have unintended consequences for the quantity and quality of services provided. In this paper, we merge new data on states' child care regulations for maximum classroom group sizes and child-to-staff ratios with the universe of online job postings to study the impact of regulations on the demand for and characteristics of child care labor. Our identification strategy exploits the unprecedented variation in regulatory reform during the COVID-19 pandemic, relying on changes both within states over time and across children's age groups. We find robust evidence that these regulations reduce the number of child care job postings and encourage providers to substitute away from higher-skilled postings, thereby increasing the number of positions that are out-of-compliance with state law. Furthermore, we show that regulations adversely affect mothers' labor force participation. In sum, the results imply that child care regulations may reduce the demand for child care labor, while simultaneously altering the composition of the workforce. |
| Keywords: | child care, COVID-19, employment, state regulation, women |
| JEL: | H75 J21 I28 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14684&r= |
| By: | Shi, Peilin; Winter, Jenifer Sunrise; Zhang, Bin |
| Abstract: | In accordance with UNCTAD data, out of 194 countries in the world, 132 countries have enacted laws to protect data and privacy. Among them, most of the laws were issued at the beginning of the 21st century. With the continuous development of digital technology, especially the widespread application of big data technology, existing legislation has been unable to deal with the privacy protection risks brought by new technologies. In recent years, Japan, South Korea, and other countries have begun to revise or expand the definition of personal information protection boundaries and content in laws and regulations to protect the personal information of their citizens in response to the development of new technologies. In early 2020, the COVID-19 epidemic suddenly broke out and quickly swept the world, posing unprecedented challenges to healthcare systems, lifestyles, economic development and social stability in countries around the world. Digital technologies and data applications have played an important role in COVID-19 detection and control, but their characteristics have also raised concerns about the security of personal data and privacy. How the law will be adjusted (or has been adjusted) to deal with new technology will be a challenge.This paper selects the countries (EU, the United States, Japan, South Korea, China) that have modified laws and regulations related to data security and privacy protection in recent years as research objects, analyzes their existing privacy protection laws and regulations governance framework, and then analyzes the privacy risks faced to the new technology. In particular, privacy regulations and compliance guidelines for the application of facial recognition, location tracking and distance learning technology during the COVID-19 epidemic. Then, the governance experience in dealing with the relationship between digital technology progress, personal information protection and public health in the special period was summarized. Finally, it summarizes the future development direction of privacy protection governance from the legal level. |
| Keywords: | Privacy Protection,New Technologies,Governance,COVID-19 epidemic |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238053&r= |
| By: | Orazio Attanasio; Lina Cardona-Sosa; Carlos Medina; Costas Meghir; Christian Posso |
| Abstract: | Conditional Cash transfer (CCT) programs have been shown to have positive effects on a variety of outcomes including education, consumption and health visits, amongst others. We estimate the long-run impacts of the urban version of Familias en Acción, the Colombian CCT program on crime, teenage pregnancy, high school dropout and college enrollment using a Regression Discontinuity design on administrative data. ITT estimates show a reduction on arrest rates of 2.7pp for men and a reduction on teenage pregnancy of 2.3pp for women. High school dropout rates were reduced by 5.8pp and college enrollment was increased by 1.7pp for men. **** RESUMEN: Los programas de transferencias condicionadas de dinero (CCT) han mostrado tener efectos positivos de corto plazo en educación, consumo, y asistencia a citas médicas, entre otros. Nosotros estimamos los impactos de largo plazo del CCT urbano Colombiano Familias en Acción sobre crimen, fecundidad adolescente, deserción escolar en secundaria, y matrícula en postsecundaria, utilizando un diseño de regresión discontinua con datos administrativos. Estimadores ITT muestran una reducción de 2.7 pp en las tasas de arresto de hombres y una reducción en la fecundidad adolescente de mujeres de 2.3 pp. Las tasas de deserción de secundaria se reducen en 5.8 pp, y para los hombres la matrícula postsecundaria se incrementa en 1.7 pp. |
| Keywords: | CCT programs, human capital accumulation, crime, adolescent pregnancy, RDD, Programas de transferencias condicionadas, acumulación de capital humano, crimen, fecundidad adolescente, RDD. |
| JEL: | D04 K42 I23 I28 I38 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1170&r= |
| By: | Olayiwola Oladiran; Ajayi Saheed; Sunmoni Adesola |
| Abstract: | This paper analyses the relationship between the potential demand for purpose-built student accommodation (PBSA) properties and their online displayed attributes. Using data from 12 major UK cities, we analyse the effect of the online displayed property information on the popularity score of a PBSA. The results suggest that PBSAs’ tangible and non-tangible attributes are important to students in their online accommodation search, although, these attributes vary in impact. The study also reveals that failure to display key information of a PBSA may make the property less attractive. These insights are valuable in developing student accommodation investment, development and management strategies. |
| Keywords: | online search; Operational real estate; proptech; student accommodation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_196&r= |
| By: | Chatterjee, Sidharta; Samanta, Mousumi |
| Abstract: | In this research, we attempt to conceptualize the classification system by which information and knowledge are classified in libraries. This paper also examines the role of subject ontogeny in classification and delineates how subjects are classified following certain schemas and systems. It stresses on the role of ontology and ontogeny in classification schemes and how these tools of knowledge organization help libraries organize information more efficiently for their fast retrieval. |
| Keywords: | Classification schemes, Subject ontogeny, DDC, Knowledge Organization |
| JEL: | A3 Z0 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109489&r= |
| By: | Eoin McLaughlin (University College Cork); Rowena Pecchenino (Maynooth University) |
| Abstract: | Pawnbroking, one of the oldest and most accessible forms of credit, was a common feature of life in pre-famine and famine Ireland. This paper studies the role of pawnbroking in the Irish financial system during this important period, applying insights from modern studies on fringe banking to analyse pawnbroking in Ireland. In the period under study, a formal tiered financial system existed; regulated joint stock banks offered services to industry and the better off, while fringe banks provided financial services largely, but not exclusively, to unbanked groups. The main findings are that pawnbrokers provided a steady source of credit throughout the island of Ireland and that this credit stream was more durable than that provided by alternative financial service providers in the fringe banking market, especially during the famine. Our findings suggest a nuanced interpretation is needed as we find strong interrelationships between the various financial service providers. |
| Keywords: | Fringe banking, financialisation, pawnbroking, Ireland |
| JEL: | G21 G51 N23 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hes:wpaper:0215&r= |
| By: | Jung Sakong |
| Abstract: | A capital influx into local housing markets would be expected to increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate both price impacts in U.S. residential housing markets using data from a boom in real estate purchases by buyers from China, which amounted to $200 billion of purchases made between 2010 and 2019. Using a novel method to measure these purchases and an instrumental variable for where purchases are made, I find a large positive house price impact. Consistent with investment q-theory, rents fall as constructions rise, especially in areas with elastic housing supply. |
| Keywords: | Chinese investors; investment q-theory; house prices and rents |
| JEL: | R21 R31 F21 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedhwp:93017&r= |
| By: | Minke Remmerswaal (CPB Netherlands Bureau for Economic Policy Analysis); Jan Boone (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | Demand-side cost-sharing schemes reduce moral hazard in healthcare at the expense of out-of-pocket risk and equity. With a structural microsimulation model, we show that shifting the starting point of the deductible away from zero to 400 euros for all insured individuals, leads to an average 4 percent reduction in healthcare expenditure and 47 percent lower out-of-pocket payments. We use administrative healthcare expenditure data and focus on the price elastic part of the Dutch population to analyze the differences between the cost-sharing schemes. The model is estimated with a Bayesian mixture model to capture distributions of healthcare expenditure with which we predict the effects of cost-sharing schemes that are not present in our data. |
| JEL: | I11 I13 I14 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:415&r= |
| By: | Degrande, Thibault; Vannieuwenborg, Frederic; Colle, Didier; Verbrugge, Sofie |
| Abstract: | To date, traffic remains a major source of societal costs in terms of safety and environment. In Flanders, as in other regions and Member States in the European Union, the government counts on current developments in cooperative, connected and autonomous mobility (CCAM) to achieve European societal objectives. However, the first set of Cooperative Intelligent Transport Systems (C-ITS) services has overlapping objectives with the functionalities of present ITS infrastructure. Therefore, this paper provides a methodology for road authorities to determine, bottom-up, the incremental benefits C-ITS can bring for the highway segments they operate, given the presence of ITS gantries on those segments. This allows to prioritize segments for C-ITS roadside unit (RSU) deployments, taking into account legacy ITS infrastructure. Results show that segments with dense ITS deployments, though having high traffic volumes, should not be prioritized in RSU deployment selection. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238016&r= |
| By: | Prado, Tiago S. |
| Abstract: | This paper investigates short-term effects of big tech start-up acquisitions on innovation empirically. Innovation research has found a strong positive, causal relationship between VC investment and innovation. Using this insight, we can explore the repercussions of big tech start-up acquisitions on innovation by examining their effects on venture capital (VC) activity. We analyze a very large set of observations of more than 32,000 venture capital deals in more than 170 different segments of the tech industry and almost 400 tech start-up acquisitions made worldwide between 2010 and 2020 by Google, Facebook, Amazon, Apple, and Microsoft. Our results suggest a positive, causal impact of big tech start-up acquisitions on venture capital activity, challenging claims about the creation of "kill zones" for start-ups after acquisitions are made by the big techs. For example, after controlling for other factors that may impact VC activity, like initial public offerings (IPOs) and other mergers and acquisitions (M&As), we found an average increase of 30.7% in the total amount of VC funding towards U.S. based start-ups of the same industry segment in the four quarters following a big tech start-up acquisition. For deals targeting European start-ups, we found an increase of 32.1% in the VC funding in in the first quarter after a big tech start-up acquisition. Finally, our findings show that such positive effects, when existent, persist for a few months only, and so do not seem to have lasting impacts on the innovation incentives in the the start-up ecossystem. Our empirical findings should inform current competition policy discussions on imposing restrictions to acquistions of start-ups by the big techs. |
| Keywords: | kill zone,platform,big tech,venture capital,innovation |
| JEL: | G11 G24 G32 G34 L41 L44 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238049&r= |
| By: | Kar, Armita; Carrel, Andre L.; Miller, Harvey J.; Le, Huyen T. K. (The Ohio State University) |
| Abstract: | The COVID-19 pandemic has severely impacted public transit services through a combination of plummeting ridership during the lockdown and subsequent budget cuts. This study investigates the equity impacts of reductions in accessibility due to public transit service cuts during COVID-19 and their association with urban sprawl. We evaluated accessibility to essential services such as grocery stores and both urgent and non-urgent health care across 22 cities across the United States in three phases during 2020: pre-lockdown, lockdown, and post-lockdown. We estimated the spatio-temporal coverage of transit service during the peak and off-peak periods in each phase. We found stark disparities in food and health care access for various socio-economic groups. Economically disadvantaged and suburban neighborhoods were more likely to lose food and health care access by public transit during COVID-19. In particular, transit service cuts worsened accessibility for population groups with multiple social vulnerabilities, such as low-income workers with zero vehicle ownership, poor households living in urban neighborhoods, and non-white populations residing in suburban neighborhoods. Moreover, our study suggests that sprawled cities experienced greater losses in access to food and health care during COVID-19 than compact cities, highlighting the influence of urban form on the functionality of transit services during crises. |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:5xerm&r= |
| By: | Elinder, Mikael (Department of Economics, Uppsala University); Hu, Xiao (Department of Forest Economics and Center for Environmental and Resource Economics (CERE)); Liang, Che-Yuan (Institute for Housing and Urban Research (IBF) and Department of Economics) |
| Abstract: | Water is an increasingly scarce resource. It is often distributed such that consumers do not face any marginal cost of consumption, creating a common pool problem. For instance, tenants in multi-family buildings can often consume both hot and cold water at zero marginal cost. Using high-frequency data over many years, we analyze how the introduction of apartment-level metering and billing (IMB) affects hot water consumption. We find that introducing a marginal cost, reflecting the market price, decreases consumption drastically by 26%. Hence, price interventions can curb free-riding behavior and help the conservation of cheap but precious resources. Our results also show that heavy water users in the top consumption quartile account for 72% of the reduction. Moreover, cost-benefit calculations indicate that IMB for hot water is a cost-effective policy tool for reducing water and energy consumption. |
| Keywords: | esidential water consumption; Water conservation; Common pool problem; Free-riding; Individual metering and billing |
| JEL: | D12 Q21 Q25 Q28 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1402&r= |
| By: | TAMURA Suguru |
| Abstract: | This study considers the standardization activities of business entities and other institutions in Japan for 2019. Through a survey, it examines their standardization activities while focusing on organizational characteristics and factors influencing knowledge creation. The survey covers (1) whether or not the institutions conduct standardization activities, as well as their (2) interest in standardization in advanced technology fields, (3) knowledge sources for standardization activities, (4) organizational design for standardization activities, and (5) management system of technical information in standardization activities. Moreover, in the field of advanced technology (artificial intelligence and quantum computing), the survey examines essential items (performance evaluation methods, data formats, ethical aspects, and others) that may need to be standardized. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:polidp:21015&r= |
| By: | Guido Neidhöfer (ZEW Mannheim); Matías Ciaschi (CEDLAS-IIE-FCE-UNLP & CONICET); Leonardo Gasparini (CEDLAS-IIE-FCE-UNLP & CONICET); Joaquín Serrano (UCLA & CEDLAS-IIE-FCE-UNLP) |
| Abstract: | We explore the role of social mobility as a driver of economic development by constructing a panel data set that includes measures of intergenerational mobility of education at the sub-national level in Latin America. First, we map the geography of educational mobility for 52 Latin American regions, as well as its evolution over time. Then, through a novel weighting procedure that considers the participation of cohorts to the economy in each year, we estimate the effect of changes in mobility on economic indicators, such as income per capita, poverty, child mortality, and luminosity. Hereby, we control for several covariates, including migration, educational expansions, initial conditions, and unobserved cross-regional heterogeneity. Our findings show that increasing social mobility had a significant and robust impact on the development of Latin American regions. |
| JEL: | D63 I24 J62 O15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:dls:wpaper:0286&r= |
| By: | Fujisawa, Chieko; Kasuga, Norihiro |
| Abstract: | We develop an advertising strategy for durable goods firms applying a dual time-period model while considering three-stage game in a Cournot competition. We assume that firms employ two advertising approaches; one is online advertising, which escalates consumers' willingness to purchase goods and the other is conventional mass media advertising, including television and radio, which presents a limited 'evoked set' of goods. The term evoked set implies that consumers only consider a small group of brands prior to making a purchase. As firms understand the character of each advertisement, sales strategy is devised to target a heterogeneous consumer through advertising. Should firms only choose one type of advertisement or a combination of the two kinds of ads available? In this model we assume that firms directly consider both types of advertising. Our analysis demonstrates that online advertisement raises the total number of consumer-product matches in the competitive equilibrium. We also show that firms combine the two types of advertisement to apply the differing effects of each format. Moreover, firms increase revenue through an appropriate mix of advertising strategy, although the cost of advertising might increase. Regarding the future direction of advertising, we anticipate that the combination of both online and conventional strategies will persist, maintaining the growth of a diverse product market. |
| Keywords: | Durable goods,Online media advertising,mass media advertising,targeting,media strategy |
| JEL: | D15 D43 L13 D82 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238023&r= |
| By: | Rob Luginbuhl (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | We propose a model-based method to estimate a unique financial cycle based on a rank-restricted multivariate state-space model. This permits us to use mixed-frequency data, allowing for longer sample periods. In our model the financial cycle dynamics are captured by an unobserved trigonometric cycle component. We identify a single financial cycle from the multiple time series by imposing rank reduction on this cycle component. The rank reduction can be justified based on a principal components argument. The model also includes unobserved components to capture the business cycle, time-varying seasonality, trends, and growth rates in the data. In this way we can control for these effects when estimating the financial cycle. We apply our model to US and Dutch data and conclude that a bivariate model of credit and house prices is sufficient to estimate the financial cycle. |
| JEL: | E5 F3 G15 G01 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:409&r= |
| By: | Natalia A. Van Heerden; Juan B. Cabral; Nadia Luczywo |
| Abstract: | In recent years, cryptocurrencies have gone from an obscure niche to a prominent place, with investment in these assets becoming increasingly popular. However, cryptocurrencies carry a high risk due to their high volatility. In this paper, criteria based on historical cryptocurrency data are defined in order to characterize returns and risks in different ways, in short time windows (7 and 15 days); then, the importance of criteria is analyzed by various methods and their impact is evaluated. Finally, the future plan is projected to use the knowledge obtained for the selection of investment portfolios by applying multi-criteria methods. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00130&r= |
| By: | Harro van Heuvelen (CPB Netherlands Bureau for Economic Policy Analysis); Leon Bettendorf (CPB Netherlands Bureau for Economic Policy Analysis); Gerdien Meijerink (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | We follow the production function approach to assess markups, which requires the estimation of the output elasticity of a free input. In the basic setup we estimate a structural value added production function, using temporary contract hours as free input. We find rather stable markups in the Netherlands in the period 2006-2016. We show that extending the free variable incorrectly with fixed contract hours results in an increasing markup. Findings are robust to an alternative setup, in which a gross output function is specified and materials are used as free input. Implications for applied work and policy are discussed. |
| JEL: | J30 J31 J41 J62 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:410&r= |
| By: | Sascha Mierzwa (Philipps-Universitaet Marburg) |
| Abstract: | I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1–2018Q4 employing Local Projections (Jordà , 2005). In general, I find spillovers from US tax legislation to have the smallest effects on Eurozone countries’ real GDP and UK tax changes to exert the largest effect. There is substantial heterogeneity in both the sign and size of spillovers after US and German aggregated tax cuts, whereas UK tax cuts generally have beneficial effects. When I focus the analysis on the state dependent case, I do not find clear evidence of larger spillovers when the recipient country is in a recession. The sign and size of the spillovers instead depend on the origin and sign of the tax change, as well as the recipient country, rather than on the overall state of the business cycle. Moreover, German tax cuts can be contractionary when recipient countries are in a recession, as the short-term interest rate rises. US tax cuts, on the other hand, stimulate the exports of most countries regardless of the state of the business cycle. |
| Keywords: | Fiscal policy, tax policy, legislated tax changes, state dependence, Eurozone, fiscal spillovers, asymmetric effects, United States, Germany, United Kingdom, local projections, narrative approach |
| JEL: | E62 E63 F45 H20 H30 K34 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202133&r= |
| By: | Bruno Arpino (Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti", Università di Firenze); Jordi Gumà (Department of Political and Social Sciences, Pompeu Fabra University); Albert Julià (Department of Sociology, University of Barcelona) |
| Abstract: | Life course research emphasizes that health and wellbeing at older ages are influenced by experiences occurred in the previous stages of life. Several studies have focused on fertility and partnership histories and health at older ages, but fewer have examined subjective wellbeing (SWB), especially using a holistic approach. Another strand of the literature demonstrated that non-standard family behaviors negatively influence SWB. We contribute to these strands of the literature by examining the association between non-standardness of family histories and SWB at older ages. We argue that individuals who experienced non-standard trajectories have been exposed to social sanctions throughout their life course which could exert negative long-term influence on their SWB. We apply sequence analysis and optimal matching on retrospective data from the seventh wave of the Survey of Health Ageing and Retirement in Europe (SHARE) to calculate the degree of non-standardness of family histories between age 15 and 49. Subseuently, we estimate linear regression models to assess the association between non-standardness of family histories and older people's SWB. Our results show a negative association between non-standardness of family histories and SWB, which is stronger for lower educated individuals and in Southern European countries. |
| Keywords: | Fertility histories; Partnership histories; subjective wellbeing; older people; SHARE. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fir:econom:wp2021_16&r= |
| By: | Amoah, Philip (International Water Management Institute (IWMI)); Gebrezgabher, Solomie (International Water Management Institute (IWMI)); Drechsel, Pay (International Water Management Institute (IWMI)) |
| Abstract: | Wastewater-fed aquaculture has a long history, especially in Asia. This report examines three empirical cases of integrated wastewater treatment and aquaculture production. From an aquaculture entrepreneur’s perspective, the combination of fish farming and wastewater treatment in common waste stabilization ponds allows significant savings on capital (pond infrastructure) and running costs (wastewater supporting fish feed). On the other hand, the treatment plant owner will have the benefit of a partner taking over plant maintenance. Given the importance of food safety and related perceptions, the report is focusing on innovative business models where the marketed fish is not in direct contact with the treated wastewater, but only the brood stock or fish feed. The financial analysis of the presented systems shows profitable options for the fish farmer, operational and in part capital cost recovery for the treatment plant, and as the treatment plant operators can stop charging households a sanitation fee, eventually a triple-win situation for both partners and the served community. |
| Keywords: | Resource recovery; Resource management; Water reuse; Wastewater aquaculture; Business models; Sustainability; Developing countries; Wastewater treatment; Fishery production; Integrated systems; Infrastructure; Treatment plants; Stabilization ponds; Public-private partnerships; Nongovernmental organizations; Markets; Fisheries value chains; Financial analysis; Circular economy; Cost recovery; Fish feeding; Nutrients; Food safety; Water quality; Public health; Risk assessment; Socioeconomic impact; Environmental impact; Case studies |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:rerere:h050557&r= |
| By: | Didier Laussel; Ngo Van Long; Joana Resende |
| Abstract: | We consider a non-durable good monopoly that collects data on its customers in order to profile them and subsequently practice price discrimination on returning customers. The monopolist’s price discrimination scheme is leaky, in the sense that an endogenous fraction of consumers choose to incur a privacy cost to become "active", i.e., to be able to conceal their identity when they return in the following periods. We characterize the Markov Perfect Equilibrium of the game. We find that, regardless of the accuracy of firm’s data on their customers, managers adjust their pricing and market expansion strategies to the presence of active customers in the following way: (i) reduce the pace at which introductory price falls over time, and (ii) strategically guarantee that market expansion is incomplete. The equilibrium number of passive customers in the market is found to be increasing in the level of the privacy cost. Investigating the impact of customers’ identity management on profits, we find that the monopolist’s aggregate profit is a U-shaped function of the privacy cost whatever the degree of the monopolist’s information accuracy. Still, the profit effects of consumers’ identity management choices are shown to depend on the monopolist’s profiling capabilities. Two customer profiling structures are compared. In the case of full information acquisition (FIA), the firm can practice personalized pricing on returning passive customers, while in the case of purchase history information (PHI), it has only enough information for group pricing. We show that in the FIA case, the monopoly equilibrium profit is globally an increasing function of the privacy cost while in the PHI case, it is almost always a globally decreasing function of it (especially for low discount factors). |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9279&r= |
| By: | Sugata Marjit; Rashmi Ahuja; Abhilasha Pandey |
| Abstract: | In many developing economies rate of unemployment is increasing with skill accumulation and thereby leading to underemployment. Our paper offers to look at skill formation as a demand side problem not as a traditional supply side problem and also how skill formation or education affects unemployment among the remaining uneducated. We have developed a general equilibrium model of a small open developing economy incorporating skill formation, unemployment of unskilled labour in the formal sector and an informal sector which absorbs unemployed workers at a flexible wage rate. In this set up greater education for a group may generate educated unemployment within the group and increase unemployment of the uneducated outside the group leading to underemployment through the expansion of the informal sector. Both effects are due to shortage of complementary investment in production activities. Our theoretical findings are motivated by existing empirical evidence and a fresh empirical exercise undertaken using panel data of 32 countries. |
| Keywords: | skill formation, informal employment, skilled-unskilled wage inequality, underemployment |
| JEL: | J24 J31 E26 E24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9278&r= |
| By: | Hübler, Olaf (Leibniz University of Hannover) |
| Abstract: | This paper investigates the regional differences in the spread of COVID-19 infections in Germany. A machine learning selection procedure is used to reduce variables from a pool of potential influencing variables. The empirical analysis shows that both regional structural variables and regionally aggregated personality traits are significant for the different corona spread. The latter characteristics express differences in mentality between the federal states. The north-east of the country shows a lower degree of affectedness. Regions with a high proportion of migrants show a higher incidence than others. If personality traits are neglected, the migrants' influence is overestimated. With school education and the risk of poverty, two further important regional characteristics are identified. Federal states that have a disproportionately high share of the population with low school education tend to have fewer COVID-19 cases. With regard to poverty, no clear statement can be made. The more the population tends to be responsible towards fellow human beings, the higher is the risk of a more pronounced spread. Where there is a tendency towards altruism, which consists of helping other people, a higher level of COVID-19 infections is revealed. A significant positive correlation between infections and testing is shown by the estimates. The link between vaccinations and the number of infections is less clear. Across the three corona waves,significant changes emerge. This relates in particular to the proportion of migrants and the proportion of families at risk of poverty. The effects decrease over the course of the pandemic. |
| Keywords: | COVID-19, states, regional characteristics, personality traits, vaccinations, testing, machine learning, cluster-robust estimation, unobserved characteristics, heterogeneity, corona waves, structural break |
| JEL: | C21 C23 I12 R12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14669&r= |
| By: | Benjamin Caswell |
| Abstract: | Shocks to the marginal efficiency of investment (MEI) play a significant role in business cycle fluctuations. However, in standard quantitative models, positive (negative) MEI shocks tend to cause consumption to fall (rise) on impact while investment rises (falls). This conflicts with the well-established observation that consumption and investment are both procyclical and move together over the business cycle. This paper demonstrates that MEI shocks can generate positive comovement between consumption and investment in a standard RBC framework through the inclusion of a time-varying labour wedge. This allows for tractable analytical expressions, and straightforward graphical interpretations, which describe the subset of the parameter space where positive comovement is achieved. |
| Keywords: | comovement problem, investment shocks, labour wedge, business cycles |
| JEL: | E27 E32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:lan:wpaper:335109180&r= |
| By: | Saf Ahim; Alan Saucier |
| Abstract: | This treatise is a by product of long research inteding to study the urban form in the United States in the broad context of sustainability. Articulating its urban and suburban communities, history and type, the outcome of the anaylsis lead to reaching a model that cohesively conciles both in a harmoniose overall. The analysis takes a genealogical approach establishing the past and present context of urban and suburban communities. As syentsis, it reaches a group of principals that lead to a new paradigm, one that can serve as foundation for a cohesive and sustainable regional and national strategy. The design and planning of the proposed new paradigm, a semi-urban model tightly connected to a major population center, take into consideration data and elements such as densities, architectural types, urban types, transportation models, sustainability thresholds and state of art components such as electronic applications (apps), and explores their potential use in an urban and semi-urban context. While we are perfectly aware of the recently observed health risks associated with urban living, we envision nonetheless that such risks to be dissoluble through the proposed strategy, by reincrating existing urban building types through new health conscious building regulations and the insertion of highly desirable open space urbansitically and architecturally. |
| Keywords: | Electronic Urban Applications (apps); Modern Transportation in a Sustainable Metropolis.; Rebirth of Cities and Suburban Communities; Sustainable Urbanism in the United States |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_5&r= |
| By: | Csenkey, Kristen; Bindel, Nina |
| Abstract: | Threats against security in the Internet often have a wide-range and can have serious impacts within society. Large quantum computers will be able to break the cryptographic algorithms used to ensure security today, which is known as the quantum threat. Quantum threats are multi-faceted and very complex cybersecurity issues. We use assemblage theory to explore the complexities associated with these threats, including how they are understood within policy and strategy. It is in this way that we explore how the governance of the quantum threat is made visible. Generally, the private and academic sector have been a primary driver in this field, but other actors(especially states) have begun to grapple with the threat and have begun to understand the relation to defence challenges, and pathways to cooperation in order to prepare against the threat. This may pose challenges for traditional avenues of defence cooperation as states attempt to understand and manage the associated technologies and perceived threats. We examine how traditionally cooperating allies attempt to govern the quantum threat by focusing on Australia, Canada, the European Union (EU), New Zealand, the United Kingdom (UK), and the United States (US). We explore the linkages within post-quantum cryptographic assemblages and identify several governmental interventions as attempts to understand and manage the threat and associated technologies. In examining over 40 policy and strategy-related documents between traditionally defence cooperating allies, we identify six main linkages: Infrastructure, Standardization, Education, Partnerships, Economy, and Defence. These linkages highlight the governmental interventions to govern through standardization and regulation as a way to define to contours of the quantum threat. |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:3ws6p&r= |
| By: | Christoph Gortz (University of Birmingham); Danny McGowan (University of Birmingham); Mallory Yeromonahos (University of Westminster) |
| Abstract: | We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress by reducing expenditure during furlough by deferring mortgage payments though the Mortgage Holiday Scheme. Furloughed individuals significantly reduce expenditure and spend their savings to offset furloughinduced income reductions. This creates wealth inequality but lowers the probability a furloughed worker experiences financial distress after returning to work. Estimates show an 80% government contribution to furloughed workers’ wages minimizes the incidence of financial distress at the lowest cost to taxpayers. |
| Keywords: | Furlough, Short-Time Work, Coronavirus Job Retention Scheme, Covid-19 Pandemic, Financial Distress, Automatic Stabilizers, Inequality |
| JEL: | D14 D31 E24 G51 H24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bir:birmec:21-13&r= |
| By: | Radoslaw Trojanek; Micha Guszak; Michal Hebdzynski; Justyna Tanas |
| Abstract: | In this study, we analyzed the impact of COVID-19 on house rents and prices in Warsaw, the capital of Poland. Hedonic indexes indicated a slight increase in prices (ca. 1.2%) and a substantial drop in long-term rents (ca. -7.7%) between March 2020 and December 2020. The largest decline in rents occurred in centrally located neighborhoods, influenced mainly by the inflow of new housing supply from the short-term rental market (the Airbnb Warsaw market shrunk by almost 30% in December 2020 y/y). Using hedonic methods, we highlighted the influence of the shrinking Airbnb market on the drop in long-term rents. The study indicates the elasticity of rents with respect to Airbnb supply, with a 1% change in Airbnb listings leading to a 0.031% change in rents. |
| Keywords: | Airbnb; COVID-19; housing market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_187&r= |
| By: | Halberstadt, Arne |
| Abstract: | The decomposition of bond yields into term premiums and average expected future short rates is impaired by the limited availability of information about the dynamics of the expectations component. Therefore, many studies require the model-implied average expected future short rates to be close to short rate expectations from surveys. In this paper, I restrict the variance of changes in model-implied average expected future short rates to match the variance of changes in short rate expectations from surveys. The variance of changes in survey expectations is relatively similar across markets and thus provides a reliable source of additional information about the expectation formation of investors. Technically, I impose a nonlinear restriction to the term structure model of Adrian, Crump, and Moench (2013). I show that typical small sample problems of term structure estimations can be mitigated if the restriction on the variance of changes is imposed. However, the analysis also makes a case for unrestricted estimations if they are based on a dataset with a typical sample length in macro finance, though. |
| Keywords: | Affine Term Structure Models,Empirical Finance |
| JEL: | E43 E44 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:272021&r= |
| By: | Pierre Azoulay (MIT Sloan School of Management, and NBER); Benjamin Jones (Northwestern University, and NBER); J. Daniel Kim (University of Pennsylvania); Javier Miranda (Friedrich-Schiller University Jena and Halle Institute for Economic Research (IWH)) |
| Abstract: | Immigrants can expand labor supply and compete for jobs with native-born workers. But immigrants may also start new firms, expanding labor demand. This paper uses U.S. administrative data and other data sources to study the role of immigrants in entrepreneurship. We ask how often immigrants start companies, how many jobs these firms create, and how firms founded by native-born individuals compare. A simple model provides a measurement framework for addressing the dual roles of immigrants as founders and workers. The findings suggest that immigrants act more as "job creators" than "job takers" and play outsized roles in U.S. high-growth entrepreneurship. |
| Keywords: | Entrepreneurship, immigration, innovation, administrative data, Survey of Business Owners, Fortune 500, job creation, earnings, growth |
| JEL: | J15 L26 M13 O3 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2021-014&r= |
| By: | Lu Zhang; Lennart Stangenberg (RUG); Sjors van Wickeren (EUR) |
| Abstract: | Do energy labels contain extra information that buyers cannot observe themselves? Which labeling scheme is more effective: a voluntary or a mandatory one? In this paper we examine the information value of voluntary and mandatory energy labels using administrative data on all transactions in the Dutch residential housing market. Employing a combination of hedonic price models, matching and a sharp Regression Discontinuity Design (RDD), we show that voluntary labels introduced in the period 2008-2014 contain limited information value. The information value of mandatory labels that are adopted since 2015 is less clear-cut. We observe that better-labeled dwellings were transacted with significant price premiums before obtaining labels. This implies that at least part of the premiums cannot be attributed to mandatory labels. |
| JEL: | R38 R58 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:413&r= |
| By: | Carlos Gradín |
| Abstract: | I discuss the applicability of the recentered influence function (RIF) to the analysis of poverty differentials between distributions (regression-based decomposition into composition and income structure effects). I show that the predominant approach in the empirical literature estimates the relationship between individual poverty functions of additive measures, particularly the head-count ratio, and household attributes. |
| Keywords: | Poverty, Recentered influence function, Decomposition, Regression analysis, Poverty decomposition |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-142&r= |
| By: | Martinez Flores, Fernanda; Milusheva, Sveta; Reichert, Arndt R. |
| Abstract: | Migration is one of the channels West African populations can use to adjust to the negative impacts of climate change. Using novel geo-referenced and high-frequency data, this study investigates the extent to which soil moisture anomalies drive international migration decisions within the region and toward Europe. The findings show that drier soil conditions decrease (rather than increase) the probability to migrate. A standard deviation decrease in soil moisture leads to a 2 percentage point drop in the probability to migrate, equivalent to a 25 percent decrease in the number of migrants. This effect is concentrated during the crop-growing season, and likely driven by financial constraints. The effect is only seen for areas that are in the middle of the income distribution, with no impact on the poorest or richest areas of a country, suggesting that the former were constrained to start and the latter can address those financial constraints. |
| Keywords: | West Africa,climate change,migration,agriculture |
| JEL: | F22 O13 O15 Q54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:910&r= |
| By: | Prado, Tiago S. |
| Abstract: | In this conceptual paper, I propose a framework for measuring the market power of digital platforms. The rise of big technology companies that act both as intermediary platforms and providers of services and goods in several markets has heightened concerns about potential economic harms brought by the concentrated structure of the digital economy. However, the operationalization of market power in the platform economy and the procedures to define which digital platforms and markets should be targeted by pro-competitive remedies, either under a competition policy framework or under a regulatory regime, remain highly contested. I demonstrate that large technology platforms can leverage their market power across markets in the digital economy to make their end users unlikely to switch to smaller competitors, even when they offer better services. Based on this analysis, I argue that market-specific approaches, such as the commonly used Significant Market Power (SMP) framework, would have limited impact in promoting competition in digital markets. I then propose a new set of tools aimed to identify the market power of digital platforms in two-sided markets and suggest some policy alternatives to harness the potential of pro-competitive remedies in the digital economy. |
| Keywords: | digital platform,digital economy,market power,competition policy,regulation |
| JEL: | L12 L13 L41 L44 L51 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238048&r= |
| By: | Marie Hyland (World Bank); Simeon Djankov (Peterson Institute for International Economics); Pinelopi Koujianou Goldberg (Peterson Institute for International Economics) |
| Abstract: | Greater legal equality between men and women is associated with a narrower gender gap in opportunities and outcomes, fewer female workers in positions of vulnerable employment, and greater political representation for women. While legal equality is on average associated with better outcomes for women, the experience of individual countries may differ significantly from this average trend, depending on the countries’ stage of development (as proxied by per capita GDP). Case studies from the Democratic Republic of the Congo, India, and Spain demonstrate this deviation. Especially in developing countries, legislative measures may not necessarily translate into actual empowerment, due mainly to deeply entrenched social norms, which render legal reforms ineffective. Women are more likely than men to be in vulnerable employment in low- and lower-middle-income economies but less likely than men to be in vulnerable employment in upper-middle- and high-income economies. Analysis of a 50-year panel of gendered laws in 190 countries reveals that country attributes that do not vary or change only slowly over time—such as a country’s legal origin, form of government, geographic characteristics, and dominant religion—explain a very large portion of the variation across countries. This finding suggests that the path to legal equality between men and women may be a long and arduous one. Nevertheless, the data also show that the past five decades have seen considerable progress toward legal gender equality. Gendered laws do evolve, suggesting a role for legal reforms in women’s economic empowerment. |
| Keywords: | Law, gender equality, discrimination, empowerment |
| JEL: | J16 K31 K38 N40 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-5&r= |
| By: | Lin, Trisha T. C. |
| Abstract: | This big data research uses CORPRO, sentiment analysis and inter-media agenda setting approach to investigate cross-platform representation of socialbots and disinformation during 2020 Taiwanese presidential election. The results show key terms associated with socialbots emphasize Internet armies, election candidates, Facebook and China/Taiwan relations. Sentiment analysis of socialbot-related cross-platform contents tend to be negative, regardless of media types. Forums contents encompassed more diverse topics and negativity than news media and Facebook. Polarized sentiments and political slants were found in three media types. The time-series analysis of the salient socialbot event regarding Facebook's deleting illegal account showed inter-media agenda-setting from news to Facebook and forms. Even though news media set the initial agenda, journalists and social media users alter story angels and extend narratives to fit political inclinations and reflect polarized views. |
| Keywords: | Socialbots,disinformation,Taiwanese Presidential Election,big data,sentiment analysis,inter media agenda setting |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238037&r= |
| By: | Dimitrios Karoukis |
| Abstract: | We present a collective decision-making model where one or more individuals propose a status quo change that is iteratively updated by a dynamic committee of experts until a point when a referendum is held to decide its finality. Suppose that everyone in the society has some initial voting power. In each iteration there are three stages. In the first stage, each individual decides what percentage of their voting power they want to keep for themselves and how to distribute the rest of it to other individuals in the society. With every change in distribution there is a voting power penalty. In the second stage, the deliberative committee consists of the most powerful individuals, whose role is to bring forward corrections to the proposal. In the third stage, if an individual outside of the committee has kept some voting power for herself and disagrees with a correction, she can vote against it. If more than half of the voting power outside the committee is against a correction then it is discarded. If the committee or the proposal remain unchanged for two consecutive time periods, the deliberation stops and a referendum is held. The sum of the voting power penalties from past redistributions is added to the final negative vote, while the voting power of those who abstain is counted as positive. We show that this process will stop in finite time. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01436&r= |
| By: | Goel, Rajeev K.; Nelson, Michael A. |
| Abstract: | This paper studies the impact of research and development (R&D) and innovation on employment growth, focusing on small and medium-sized firms. Employment effects of R&D and innovation are unclear a priori as process innovation may be labor-saving or labor might have complementarities with other inputs. Employing firm-level data from 125 nations, results show that both R&D and innovation increased employment growth, suggesting that innovation was either capital-saving or labor had strong complementarities with other inputs. Upon splitting the sample into growing and contracting firms showed that contracting firms benefit from innovation but not from R&D. In other findings, sole proprietorships, larger firms, firms with relatively more experienced managers, firms with females as top managers, and firms facing the threat of informal competition had lower employment growth, while foreign-owned and government-owned enterprises have positive influences on employment growth. Finally, employment growth in shrinking firms was boosted in nations with greater economic freedom, but this growth is undermined by informal sector competition. |
| Keywords: | R&D,innovation,employment growth,managerial experience,foreign ownership,government ownership,economic freedom,emerging markets |
| JEL: | L2 O3 O5 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2196&r= |
| By: | Grace Nsomba; Thando Vilakazi |
| Abstract: | Effective competition in the Southern and East African regions requires independent rivals competing across borders and within domestic markets through innovation and effort, investment, product quality, and prices. To understand the constraints to more dynamic rivalry between firms within the region, this paper considers the obstacles to integration from the perspective of fostering the development of domestic firms with strong capabilities. |
| Keywords: | African multinational corporations, Competition, Regional integration, Barriers to entry |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-143&r= |
| By: | Jean Pisani-Ferry |
| Abstract: | Join the launch event of this publication at 16- 00, 2 September. Asymmetries in the global economy arising from economic concentration, global value chains, financial centres, digital networks and the enduring supremacy of the dominant currency are becoming harder to ignore. This essay provides a cross-cutting economic perspective on the analysis of global asymmetries at a time of growing emphasis on polarisation and power relations. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bre:esslec:44335&r= |
| By: | Bergh, Andreas (Lund University); Kärnä, Anders (Örebro University) |
| Abstract: | The large increase in economic inequality and the dismantling of the welfare state in Western democracies has been connected to the rise of populist parties. If populist voting is explained by fear and labor market insecurity and if people care more about procedural fairness than inequality of economic outcomes, national income inequality should be less important than other factors in explaining vote shares of populist parties. Using election results from 33 European countries over the 1980-2018 period, two different classifications of populist parties and three different measures of government/welfare state size, we find no relationship between country-level economic inequality, as measured by the disposable income Gini, and either right-wing or left-wing populism. An alternative hypothesis that right-wing populism is dampened by labor market flexibility and social spending is developed and shown to have empirical support. |
| Keywords: | Inequality; Populism; The welfare state; Social spending; Employment protection |
| JEL: | D31 D63 P16 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1401&r= |
| By: | OKAMURO, Hiroyuki; SAKUMA, Yohei |
| Abstract: | Tax incentives have been implemented in several countries, including Japan, to promote research and development (R&D). Several previous studies evaluate the effects of R&D tax incentives on R&D expenditures, but few address the changes in its conditions. This study fills this gap by focusing on the tax incentive reform in Japan in 2009 and using a comprehensive panel data set of Japanese corporations (TDB COSMOS1). Using DID and fixed-effect panel analyses, we found a positive and significant effect of enhancing the deduction ratio ceiling but not extending the carryover period on R&D expenditures. |
| Keywords: | R&D, tax incentive reform, policy evaluation, Japan |
| JEL: | H25 L25 O32 O38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:tdbcdp:e-2021-04&r= |
| By: | Gregory Howard; Wendong Zhang (Center for Agricultural and Rural Development (CARD)); Adriana Valcu-Lisman; Philip W. Gassman (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | Using a survey of 430 farmer respondents in the Boone and North Raccoon River watersheds in Iowa, we examine the impacts of three program innovations-reverse auctions, spatially targeted payments, and higher offered payments-on agricultural water conservation program efficiency and participation by farmers. We combine farmer responses to a discrete choice experiment offering voluntary conservation contracts with township-level estimates of per-acre nitrogen reductions from each practice derived from the process-based ecohydrological Soil and Water Assessment Tool (SWAT) model. Using a random-parameters logit model, we show that both cost-reducing and benefit-boosting interventions reduce costs per projected pound of nitrogen removed from the watershed for each practice and thus are more cost-effective than the prevailing current cost-share programs. However, we find that these interventions can reduce participation by 20%-60%. Furthermore, we find cover crop contracts are far more cost-effective than no-till/strip-till and split N application contracts. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-wp622&r= |
| By: | Elmar Lang |
| Abstract: | Given the well-developed state of European office property markets, these markets remain still highly under-researched in literature. This paper bridges this gap in literature by presenting the first holistic view on European office price formation with regard to the macroeconomy, monetary policy and real estate idiosyncratic factors. For this purpose, we employ a panel data analysis of 29 European cities covering a time period from 1995q1 to 2020q1 and measure the effects on office capital values. By means of dummy variables we are able to split the time frame into before, during and after the financial crisis and examine whether and how the effects on capital values change. The results reveal that real estate fundamentals such as rental growth or vacancy are found to be most important price drivers. The findings of our regional cluster regression indicate that Germany and Switzerland perform most stable amongst other European markets during and after the GFC. Thus, the perception of Germany being a safe haven market holds true. Finally, we find evidence that office markets react very heterogeneous to different market conditions such as the GFC. Our results are robust to some changes in parameters. This study could help investors in improving their risk assessment as well as their portfolio diversification in European office markets. |
| Keywords: | Capital Values; macroeconomic drivers; Office Properties; Panel Data Analysis |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_30&r= |
| By: | Ng’ombe, John N.; Kabwela, Benny; Kiwanuka-Lubinda, Rebecca N. |
| Abstract: | Contract farming (CF) is a pre-output agreement between agricultural producers and buyers. CF helps to integrate farmers in developing countries to global agricultural value chains (Barrett et al. 2012). But research also shows that value chain intermediary agents acquire superior earnings than farmers. This study employs a Bayesian zero-one-inflated beta regression model to analyzes determinants of farmer’s decision to sell zero or some output in CF. |
| Keywords: | Agribusiness, Farm Management |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:313416&r= |
| By: | Emanuel Stocker; David Koch |
| Abstract: | Most studies for the economic evaluation of refurbishment measures lean on energy efficiency or energy savings. From the owner's point of view, the question arises whether and in what form improvement measures that increase the quality or the value of the property are economically profitable. This means in this case already used units, which have a potential of rent increases due to improvements. In practice, such investigations are carried out in a detailed level. The owner incurs expenses as a result before he can make the decision to carry out in-depth investigations into possible renovations. The aim of this paper is an investigation of possible refurbishment measurements on a general level. Based on three quality levels and four defined conditions, 24 possible maintenance scenarios can arise for an existing building or component. The developed approach needs only a few input parameters, especially the quality as well as the condition and statistical key values to calculate the economic efficiency. The methodology of this technical-economic approach has been carried out on 30 vacant building units. They are all located in city centres. The empirical study determines the typical cost drivers for the refurbishment measurements and their economic viability. |
| Keywords: | Cost efficiency; Refurbishment; vacant building units |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_181&r= |
| By: | NISHIMURA Kazuo; MIYAMOTO Dai; YAGI Tadashi |
| Abstract: | Since the beginning of the 2000s, the White Paper on Science and Technology by the Ministry of Education, Culture, Sports, Science and Technology (MEXT) and other sources have pointed out that Japan's R&D capabilities have been declining. The number of publications and patent indexes in the natural sciences have been falling behind the world leaders since the 2010s, and the decline in Japan's R&D capabilities is not a temporary phenomenon. The causes of this decline may vary, but there is no disputing that the impact of science and mathematics education on the quality of science researchers has been one of the most important factors. In this study, by utilizing data from two surveys conducted in 2016 and 2020, we examined whether or not the changes in the number of hours of science and mathematics classes over the past 50 years have had an impact on R&D activities of those researchers. Specifically, we analyzed the relationship between the number of class hours for science and mathematics of students in junior high school, which changed every 10 years, and the R&D output of those students after becoming R&D engineers, such as the number of patent applications, the number of patent renewals, the number of presentations at academic conferences, and the number of papers published in academic journals. Comparing the results of the previous survey with those of the current survey, we found that there was a change in the number of patents between generations that could not be explained by differences in age, and that this change was correlated with the number of hours spent in science and mathematics classes in junior high school. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:21039&r= |
| By: | Drydakis, Nick (Anglia Ruskin University) |
| Abstract: | The study replicates the first European field experiment on gay men's labor market prospects in Greece. Utilizing the same protocol as the original study in 2006-2007, two follow-up field experiments took place in 2013-2014 and 2018-2019. The study estimated that gay men experienced occupational access constraints and wage sorting in vacancies offering lower remuneration. It was found that in 2013-2014 and 2018-2019, gay men experienced increasingly biased treatment compared to 2006-2007. Moreover, the results suggested that unemployment bore an association with occupational access constraints and wage sorting in vacancies offering lower remuneration for gay men. In each of the three experiments, this study captured recruiters' attitudes toward gay men. A one standard deviation increase in taste-discrimination attitudes against gay men decreased their access to occupations by 9.6%. Furthermore, a one standard deviation increase in statistical-discrimination attitudes against gay men decreased their access to occupations by 8.1%. According to the findings, in 2013-2014 and 2018-2019, firms excluding gay applicants expressed a higher level of taste- and statistical-discrimination attitudes compared to 2006-2007. A gay rights backlash due to the LGBTIQ+ group's attempt to advance its agenda, rising far-right rhetoric, and prejudice associated with economic downturns experienced in Greece might correspond with increasing biases against gay men. |
| Keywords: | field experiment, sexual orientation, hiring discrimination, wage sorting, replication, backlash, unemployment, economic recession |
| JEL: | C93 J7 J16 J31 J42 J64 J71 J83 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14671&r= |
| By: | José Carlos Coelho; José Alves |
| Abstract: | This paper assesses the relationship between inequality and growth for 34 advanced OECD countries between 1990 and 2019 using recent Gini coefficients from Solt (2020) database and through a dynamic panel technique of two-step system GMM (Generalized Method of Moments). We find that the Gini coefficient of disposable income has a positive and significant impact, at a 10% level of significance, on subsequent economic growth over the five-year period. This result is explained based on the fiscal policy and saving channels, and also through the role of investment. More specifically, inequality translates into lower shares of public consumption and direct taxation on GDP, which boosts economic growth. Furthermore, inequality encourages saving and stimulates investment, which results in greater growth of the income per capita level. |
| Keywords: | inequality; economic growth; transmission channels; fiscal policy; saving; investment; system GMM |
| JEL: | D63 E21 E22 E62 O47 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01942021&r= |
| By: | Hiroaki Ino (School of Economics, Kwansei Gakuin University); Toshihiro Matsumura (Institute of Social Science, The University of Tokyo) |
| Abstract: | This study considers a peer-to-peer market with capacity-constrained suppliers. We examine a free-entry market of individual suppliers and discuss the welfare consequences of free entry. We show that the number of entries is socially optimal. |
| Keywords: | sharing economy, Cournot competition, excess entry theorem, private lodging businesses, capacity constraint |
| JEL: | D43 L13 K25 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:kgu:wpaper:229&r= |
| By: | Hajdu, Gábor |
| Abstract: | This paper analyzes how perceived income inequality is associated with subjective well-being. Using four waves of the "Social Inequality" module of the International Social Survey Programme, I show that the higher the level of perceived income inequality is, the lower the individual's perception of her social standing, even if objective income inequality and preferences for the legitimate level of income inequality are controlled for. The results are robust to the measure of perceived inequality and the choice of the outcome variable. The analysis also provides evidence that the estimated association is weaker for individuals with higher income, higher education, and countries without postcommunist history. Overall, the results suggest that not only do objective inequality and perception of fairness have consequences regarding subjective well-being but also the perceived level of income inequality itself. |
| Keywords: | inequality perception,income inequality,subjective social status,subjective well-being |
| JEL: | D31 D63 I31 J31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:926&r= |
| By: | Alhassan A. Karakara (University of Cape Coast, Cape Coast, Ghana); Evans S. Osabuohien (CEPDeR, Covenant University, Ota, Nigeria) |
| Abstract: | Information and communication technology (ICT) has a crucial role in the individual, businesses and cooperative lives of citizens. Many studies on ICT access tend to concentrate on the supply side of improving access to ICTs; however, limited efforts have been made to examine the households’ demand side. Thus, this study contributes to the extant literature by investigating the demand side of ICT access by households. It also examines the socioeconomic characteristics that affect the households’ access and usage of ICTs, which create a somewhat digital divide between 'ICT have' and 'have not' in Burkina Faso and Ghana. It employs Demographic and Health Survey (DHS) data for both Burkina Faso and Ghana 2014 in achieving its objectives. The results, among others, underscore different threshold effects in access to ICTs Burkinabe and Ghanaian households. Thus, to enhance the households' ICT access, and consequently, usage the features of the households should be taken into consideration when developing ICT access policies. |
| Keywords: | Burkina Faso, Ghana, Households, ICT access and Usage, Threshold effect |
| JEL: | O14 R22 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:21/055&r= |
| By: | Stilianos Fountas (Department of Economics, University of Macedonia); Paraskevi Tzika (Department of Economics, University of Macedonia) |
| Abstract: | This paper focuses on economic policy uncertainty spillovers across Europe, before and after the outburst of the Eurozone crisis, using data for 7 Eurozone countries for the period 2003-2019. At first, we analyse the spillovers of uncertainty in Europe via the estimation of the Diebold-Yilmaz spillover index. The results indicate that uncertainty connectedness was 50.5% before the crisis, while it dropped to 30.6% afterwards indicating a sharp drop in uncertainty spillovers across the seven Eurozone countries. We also find that the importance of domestic causes in national uncertainty has increased during the crisis at the expense of imported factors. Dynamic net spillovers reveal that core Eurozone countries are uncertainty exporters before the crisis, while periphery countries transmit uncertainty to other countries during the crisis. An examination of the country which suffered the most during the crisis, using impulse response analysis, reveals that the Greek macroeconomic indicators (stock market, GDP, unemployment, and the ESI) were affected more by domestic, rather than European uncertainty. The highest responses are indicated during the crisis. Overall, there is positive interdependence between Greek and European uncertainty, which diminishes during the crisis. |
| Keywords: | economic policy uncertainty, rolling impulse responses, uncertainty spillovers, spillover index, Greek economy. |
| JEL: | C32 D80 E20 E66 F42 G18 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:mcd:mcddps:2021_09&r= |
| By: | Kim, Chi Hyun |
| Abstract: | Do memories of highly emotional stock market crashes permanently affect the investment decisions of households? The Initial Public Offerings of Deutsche Telekom during 1996- 2000 provide an optimal base to address this question, as it is known for its emotional character and is reputedly "the last time Germans invested in stocks." Using Socio-Economic Panel (SOEP) household survey data, I show that having experienced this event leads to persistently lower stock market participation in the future. In addition, this effect is greater for households that had directly invested in Telekom shares, those being more likely to have high emotional experiences. Finally, I also show that such traumatic experiences on investment decisions have intergenerational consequences, significantly affecting how the next generation invests in the financial market. |
| Keywords: | Household finance,stock market participation,financial crises |
| JEL: | D14 G01 G11 E21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:pp1859:32&r= |
| By: | Robert E. Hall; Marianna Kudlyak |
| Abstract: | Unemployment recoveries in the US have been inexorable. Between 1949 and 2019, the annual reduction in the unemployment rate during cyclical recoveries was tightly distributed around 0.1 log points per year. The economy seems to have an irresistible force toward restoring full employment. Unless another crisis intervenes, unemployment continues to glide down to a level of approximately 3.5 percentage points. Occasionally unemployment rises rapidly during an economic crisis, while most the time, unemployment declines slowly and smoothly at a near-constant proportional rate. We show that similar properties hold for other measures of the US unemployment rate and for the unemployment rates of six other advanced countries. |
| Keywords: | Business cycle; Recovery; Unemployment; Recession |
| JEL: | E32 J63 J64 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:93023&r= |
| By: | Lamprea-Barragan, T. C; García- Suaza, A. F. |
| Abstract: | This paper aims to quantify at which extent industry and occupation characteristics explain the gender pay gap in Colombia. To quantify the role of these factors we perform counterfactual decomposition methods that allow to split the total gap into the contribution of the gender share of employment at the industry level, the demographic composition and the characteristics pay premia. This is possible by adapting the classical Oaxaca-Blinder decomposition to a two-step procedure, which is illustrated through Monte Carlo simulations. Using Colombian data for 2019 and exploiting the heterogeneity at the industry and the occupation level, findings suggest that the three components shape the gender pay gap. While differences in returns are the main force driver of the existing gap, the gender employment share, and the composition of workers across industries and occupations provide mixed results. |
| Keywords: | Gender pay gap; decomposition methods, sorting. |
| JEL: | J16 J31 J24 |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:col:000092:019437&r= |
| By: | Beckamp, Marius |
| Abstract: | Das Modell der Kreislaufwirtschaft bildet einen Ansatz für ein ressourcenschonenderes, nachhaltiges Wirtschaften. Neben der Schaffung von Regulationen und Anreizen auf internationaler und nationaler Ebene gilt es, bei der Transformation auch Lösungen auf regionaler Ebene nicht aus den Augen zu verlieren. Die Industrielle Symbiose als Konzept der lokalen Wiederverwertung von Nebenprodukten bietet hier einen erprobten und praxisnahen Ansatz. Als Konzept mit regionalem Blickwinkel zeigen sich Anknüpfungspunkte für die regionale Strukturpolitik. So bietet das Konzept Lösungsansätze für eine nachhaltige Transformation von Kraftwerks-, Industrie- und Gewerbestandorten. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iatfor:082021&r= |
| By: | Elena Pirani (Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti", Università di Firenze); Daniele Vignoli (Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti", Università di Firenze) |
| Abstract: | Studies of childbearing across partnerships, or the experience of having children with more than one partner, have generally focused on countries with relatively high parental separation rates. We complement analyses of this sort for Italy; a country well-known for its familistic features. Using nationally-representative retrospective data and event-history techniques, our study offers three key findings. First, we detected a non-negligible share of childbearing across partnerships, although at substantially low levels relative to other wealthy countries (4%). Second, multivariable analyses revealed an impressive similarity about the demographic correlates of the phenomenon found elsewhere. Finally, we showed that childbearing across partnerships was initiated by the ‘social vanguard’ of new family behaviours (highly educated individuals, living in the North, from upper-class families), but then diffused among the least well-off. Overall, this study adds to the growing literature on childbearing across partnerships by showing the phenomenon to be also demographically and sociologically relevant in more familistic countries, with potential implications for children, parents, and service providers. |
| Keywords: | Family Complexity; Multipartner fertility; Fertility; Italy; Repartnering; Union dissolution. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:fir:econom:wp2021_15&r= |
| By: | Zichen Deng (Norwegian School of Economics); Maarten Lindeboom (Vrije Universiteit Amsterdam) |
| Abstract: | We use newly collected individual-level hunger recall information from the China Family Panel Survey to estimate the causal effect of undernourishment on later-life health. We develop a Two-Sample Instrumental Variable (TSIV) estimator that can deal with heterogeneous samples. We find a non-linear relationship between mortality rates, a commonly used famine indicator, and the individual hunger experience. The nonlinearity in famine exposure may explain the variation in the famine’s effect on later life health found in previous studies. We also find that exposure to famine-induced hunger early in life leads to worse health among females fifty years later. This effect is much larger than the reduced-form effect found in previous studies. For males, we find no impact. |
| Keywords: | famine, hunger, developmental origins, two-sample instrumental varia |
| JEL: | I12 J11 C21 C26 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-04&r= |
| By: | Jason Furman (Peterson Institute for International Economics); Melissa S. Kearney (University of Maryland; Aspen Economic Strategy Group); Wilson Powell III (Harvard Kennedy School) |
| Keywords: | Labor markets, Employment, COVID-19, Parents, United States |
| JEL: | J01 J18 J21 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-8&r= |
| By: | Raoul van Maarseveen |
| Abstract: | Despite the existence of a large urban-rural education gap in many countries, little attention has been paid whether cities enjoy a comparative advantage in the production of human capital. Using Dutch administrative data, this paper finds that conditional on family characteristics and cognitive ability, children who grow up in urban regions consistently attain higher levels of human capital compared to children in rural regions. The elasticity of university attendance with respect to population density is 0.07, which is robust across a wide variety of specifications. Hence, the paper highlights an alternative channel to explain the rise of the city. . |
| JEL: | I20 J24 R10 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:412&r= |
| By: | Fernández-Bonilla, Fernando; Navío-Marco, Julio; Gijón, Covadonga |
| Abstract: | This research analyses determining factors of business innovation in Spain during a long period of study. A panel is carried out with data from 2003 to 2016 obtained from the Spanish Technological Innovation Panel (PITEC) survey to determine their influence, and in particular variables related to human factors are included to observe their impact on innovation. Along with other general factors such as firm size, ownership of the company, turnover and financing of the company, it is found that training in R & D & I has a relevant influence on business innovation. The article put special emphasis on human factors and is an invitation to continue their study. |
| Keywords: | business innovation,panel data,RDI |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238021&r= |
| By: | Masafumi Kozuka (Faculty of Economics, Setsunan University/Graduate School of Economics, Kobe University) |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:2123&r= |
| By: | Aranea, Mona; Demougin, Philippe; Gooberman, Leon; Hauptmeier, Marco |
| Abstract: | This Handbook presents profiles of European Employers` Organisations (EEOs). The profiles provide general information on each organisation and detail how EEOs represent their member interests in the areas of employment relations, work, labour, and social policy in the European Union. This representation includes lobbying activities, joint work and relationships with labour unions and participation in EU institutions. This Handbook is aimed at practitioners and academics with an interest in the activities and impacts of EEOs, including unionists, employer representatives, policy makers and researchers of European employment relations and European Union integration. |
| Keywords: | Employers' Organisations,EEO,Lobbying,Employer representatives,Employment relations |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hbsfof:225&r= |
| By: | Mary E. Lovely (Peterson Institute for International Economics); David Xu (Peterson Institute for International Economics); Yinhan Zhang (Syracuse University) |
| Abstract: | This Policy Brief assesses the extent to which the United States increased its imports from South Korea after the US imposition of tariffs on Chinese exports. Korea benefited from this shift in US imports, although the increase was relatively small in most sectors. The authors use highly disaggregated US import and tariff data to examine adjustments in US purchases of manufactured goods from its trade partners. Their analysis indicates that Korea made a small gain in the US market following the levying of US tariffs on Chinese exports, with Korea’s share of overall US manufacturing imports rising 0.9 percent and its share of US manufacturing imports subject to trade war tariffs rising 1.0 percent. Gains were spread across a variety of manufacturing sectors—such as wood products, textiles and apparel, and machinery—reflecting both the choices made by US officials regarding which Chinese exports to tax and the nature of preexisting trade relationships between South Korea and the United States. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb21-18&r= |
| By: | Andrew F. Haughwout; Belicia Rodriguez |
| Abstract: | In our previous post, we illustrated the recent extraordinarily strong growth in home prices and explored some of its key spatial patterns. Such price increases remind many of the first decade of the 2000s when home prices reversed, contributing to a broad housing market collapse that led to a wave of foreclosures, a financial crisis, and a prolonged recession. This post explores the risk that such an event could recur if home prices go into reverse now. We find that although the situation looks superficially similar to the brink of the last crisis, there are important differences that are likely to mitigate the risks emanating from the housing sector. |
| Keywords: | mortgages; foreclosures; prices |
| JEL: | D14 R31 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93032&r= |
| By: | Ashani Amarasinghe (SoDa Laboratories, Monash University) |
| Abstract: | Do citizens hold their government accountable for the delivery of public goods? The literature has traditionally answered this question using temporally aggregated voting data. This paper proposes an alternative, fine-grained approach to explore the short term dynamics underlying public sentiments towards governments. Focusing on terror attacks as a government accountability shock, and using high-frequency, text-based event data to quantify public sentiments, I find that the average level of Public Discontent increases by approximately 14% in the 11 months following a successful terror attack. This effect is not merely driven by fear, and is influenced by information on government competence and attack-specific features. Citizens are less reproachful if the government made a reasonable effort to keep the public safe, and for events that may be beyond the government’s control. Interestingly, young leaders and new leaders demonstrate an ability to mobilize the masses to rally ’round the flag in the aftermath of terror attacks. |
| Keywords: | Terrorism, public discontent, government, leader. |
| JEL: | H11 H41 H56 D72 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ajr:sodwps:2021-08&r= |
| By: | Arjan Lejour (CPB Netherlands Bureau for Economic Policy Analysis); Simon Rabaté (CPB Netherlands Bureau for Economic Policy Analysis); Maarten van 't Riet (CPB Netherlands Bureau for Economic Policy Analysis); Wouter Leenders (University of California, Berkeley) |
| Abstract: | As long as there have been taxes, people have tried to avoid and evade them. Interest in these phenomena has been fueled by the effects on public revenues, as well as on the distribution of wealth and income. One prominent example of tax evasion is the hiding of wealth and income in tax havens. According to estimates by Zucman (2013), 8% of global financial wealth, or $5.9 trillion, is held in tax havens. During the global financial crisis of the late 2000s, the G20 countries vowed to tackle offshore tax evasion and proclaimed the end of the “era of banking secrecy”. In recent years, leaks containing confidential information from financial institutions as well as academic research investigating leaks and tax amnesties have confirmed the popular narrative that tax evasion is concentrated among the wealthiest in society (Alstadsæter, Johannesen and Zucman, 2018, 2019). This does not only affect public revenues, but also the measurement of wealth and income inequality. We use unique microdata to study tax evasion in the Netherlands. We have received data on over 27,000 participants to the Dutch tax amnesty between the years 2002 and 2018. In addition, we have data on households who appeared in recent information requests to 4 different Swiss banks. We link these data to administrative data on income, wealth, and demographics covering the entire Dutch population. |
| JEL: | H26 H87 E21 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:417&r= |
| By: | Julius O. Campeci\~no |
| Abstract: | This manuscript presents a mathematical relationship between the coefficient of variation (CV) and security investment risk, defined herein as the probability of occurrence of negative returns. The equation suggests that there exists a range of CV where risk is zero and that risk never crosses 50% for securities with positive returns. It was found that at least for stocks, there is a strong correlation between CV and stock performance when the CV is derived from annual returns calculated for each month (as opposed to using, for example, only annual returns based on end-of-the-year closing prices). It was found that a low nonnegative CV of up to ~ 1.0 (~ 15% risk) correlates well with strong and consistent stock performance. Beyond this CV, share price growth gradually shows plateaus and/or large peaks and valleys. The efficient frontier was also re-examined based on CV analysis, and it was found that the direct relationship between risk and return (e.g., high risk, high return) is only robust when the correlation of returns among the portfolio securities is sufficiently negative. At low negative to positive correlation, the efficient frontier hypothesis breaks down, and risk analysis based on CV becomes an important consideration. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03977&r= |
| By: | Keijzer, Niels; Burni, Aline; Erforth, Benedikt; Friesen, Ina |
| Abstract: | This paper analyses the European Union's (EU) evolving motivations, priorities and current approaches to development cooperation under the label of 'Team Europe', following its introduction in April 2020 as the European Union's global response to the COVID-19 pandemic. It assesses what Team Europe is, to what extent and how the Team Europe approach has changed the EU's development cooperation, which effects it has on EU initiatives to support partner countries, and discusses the implications of Team Europe on the EU's development policy in the medium and long term. The paper analyses the Team Europe approach along four dimensions, which are traditionally emphasised in the EU's development policy: (i) visibility, (ii) effectiveness, (iii) ownership and (iv) integration. It concludes that Team Europe primarily seeks to increase the visibility of EU's actions in support of partner countries and prioritises European ownership of cooperation priorities over developing country ownership. Although 'effectiveness' efforts focus on improving efficacy of the intra-EU-MS coordinated processes, it remains unclear whether Team Europe promotes more programmatic collective action among member states. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:diedps:222021&r= |
| By: | Koen van Ruijven (CPB Netherlands Bureau for Economic Policy Analysis); Joep Tijm (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | The railroad tunnelling in Delft (the Netherlands) has led to substantial, additional, increases in residential property prices. Our results show that the price elasticity with respect to the distance to the (tunnelled) railroad would have been about 5 percentage points lower in case Delft would not have tunneled its railroad. In a Dutch document ‘De leefbaarheidseffecten van Spoorzone Delft’ we explain that the increased liveability can be valued at 400 million euros. Read the Dutch document ‘De leefbaarheidseffecten van Spoorzone Delft’. Inhabitants of Delft have experienced significant nuisance from railroad traffic. Since 1965, trains entered the city via an elevated track that ran right through the city. In our analyses we show that noise and other forms of nuisance made living close to the train tracks less attractive, which was reflected in residential property prices. For this research we have used a dataset provided by the NVM (the largest association of real estate agents and appraisers in the Netherlands) containing residential property characteristics and transaction prices starting in 1995. Besides the effect on residential property prices, we show that the railroad tunneling has led to sorting effects. Our results indicate that the socioeconomic status of inhabitants of neighbourhoods around the tunnel has changed substantially due to the railroad tunnelling. |
| JEL: | R38 R58 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:423&r= |
| By: | Abreha, Fasika Molla; Salmasi, Luca; Ianuale, Nicola; Pegoraro, Enrico |
| Abstract: | Introduction: The world population is aging and it is only expected to grow in the next 30 years reaching 16% of the total world population (1). Globally, fall among older adults is a major public health problem.The burden of mortality and morbidity as a result of fall incidents is high in the elderly. There is a multitude of fall prevention programs designed based on the different risk factors associated with fall risk. Among these exercise programs have been shown to reduce the incidence of falls by 13% (6) to 40% (7).The Otago Exercise Program is an eight-week exercise that involves 17 different exercises that vary based on intensity with different repetitions and weight. It has been used as the cornerstone of most fall prevention exercise programs and has been shown to reduce fall risk in the elderly population by 35% (2,3). More recently, the use of virtual technologies has been an emerging phenomenon in the practice of elderly rehabilitation and exercise program. The Holobalance program, a novel methodology developed under the EU Horizon 2020 innovation project (8), was initiated to develop and validate a new personalized hologram coach platform for virtual coaching, motivation, and empowerment of the aging population with balance disorders. Methods: Bayesian cost-effectiveness analysis of two alternatives namely Otago Exercise Program and Holobalance technology is performed by considering the relevant probabilities of the outcomes, the associated cost, and utility loss for each relevant outcome for three countries i.e. Italy, Germany, and Greece. Relevant data was obtained using literature review of the enumerated parameters and the associated cost as well as utility. Additional data regarding Holobalance technology was obtained from the first data of an ongoing clinical pilot. Results: The ICER associated with the highest WTP under consideration, 30000€, is - 103879 for Italy, -86560 for Greece, and -107666 for Germany. The average expected utility loss for the WTP of 30,000 Euros in the case of the Otago exercise program is -819.51, -624.77, -774.41 for Italy, Greece, and Germany respectively. In the case of Holobalance, it is -478.31, -352.57, and -383.53 respectively for Italy, Greece, and Germany. All the values of the EIB are positive in all of the willingness to pay values that were considered (10,000, 25,000, 30,000) for all of the three countries. The mean cost to implement the Otago exercise program is higher compared to the average cost for Holobalance for the three countries. Conclusion: In all the three countries considered in this analysis, Holobalance is found to be more cost-effective than the Otago exercise program. In this Bayesian Cost-Effectiveness Analysis, the Holobalnce technology is the dominant alternative with a lower cost and a higher level of effectiveness compared to the current standard therapy i.e Otago Exercise program. |
| Keywords: | Bayesian Cost Effectiveness Analysis, Holobalance, Fall, Elderly, Virtual Reality, Economic Evaluation |
| JEL: | C11 I00 I10 I11 I18 |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109301&r= |
| By: | Federico Corredor |
| Abstract: | This paper studies the effects that the COVID-19 lockdown measures and the different emergency taxbenefit policies introduced by the authorities had on the household income distribution in Colombia. We measure the employment effects of the lockdown decree and use the tax-benefit microsimulation model for Colombia -COLMOD- to study the emergency policies for the first complete month of lockdown: April 2020. We found that 6.2 million of jobs are destroyed implying an average reduction of 16.5% of household income, with dramatic losses at the bottom of the distribution. The new policies introduced increased income by 0.8 billion pesos and offset the income loss of those in poverty but not of those slightly above the poverty line, this group could get on average only 84% of their previous income. |
| Keywords: | COVID-19, pandemic, poverty, income distribution, subsidies, microsimulation, Colombia |
| Date: | 2021–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:col:000139:019548&r= |
| By: | Julien GUYOT; Sébastien ROUILLON |
| Abstract: | This paper extends the analysis initiated by Rouillon (2020) of the externality caused by the accumulation of space debris. In addition to the rate of launches, satellite operators make design choices concerning the durability of their satellites. Focusing on the long-term equilibrium of the orbital environment, we com-pare two typical management regimes. The physico-economic equilibrium occurs under open-access to the orbit. The optimal policy maximizes the present value profit of the space sector. We then investigate which set of economic instruments can be used to regulate space activity in order to implement a socially optimal outcome. We show that the combination of a launch tax and a residence time charge can provide the right incentives. Finally, we give two extensions, dealing with de-orbit maneuvers and large debris removal. All results are illustrated based on a numerical application using a realistic calibration. |
| Keywords: | Space economics; Orbital debris; Sustainability |
| JEL: | L1 L9 Q2 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:grt:bdxewp:2021-16&r= |
| By: | Roy Cerqueti; Giulia Rotundo; Marcel Ausloos |
| Abstract: | In this work, we develop the Tsallis entropy approach for examining the cross-shareholding network of companies traded on the Italian stock market. In such a network, the nodes represent the companies, and the links represent the ownership. Within this context, we introduce the out-degree of the nodes -- which represents the diversification -- and the in-degree of them -- capturing the integration. Diversification and integration allow a clear description of the industrial structure formed by the considered companies. The stochastic dependence of diversification and integration is modelled through copulas. We argue that copulas are well suited for modelling the joint distribution. The analysis of the stochastic dependence between integration and diversification by means of the Tsallis entropy gives a crucial information on the reaction of the market structure to the external shocks, - on the basis of some relevant cases of dependence between the considered variables. In this respect, the considered entropy framework provides insights on the relationship between in-degree and out-degree dependence structure and market polarisation or fairness. Moreover, the interpretation of the results in the light of the Tsallis entropy parameter gives relevant suggestions for policymakers who aim at shaping the industrial context for having high polarisation or fair joint distribution of diversification and integration. Furthermore, a discussion of possible parametrisations of the in-degree and out-degree marginal distribution, -- by means of power laws or exponential functions, -- is also carried out. An empirical experiment on a large dataset of Italian companies validates the theoretical framework. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04214&r= |
| By: | OECD |
| Abstract: | Social innovations have proven to be valuable in identifying, designing and implementing new solutions to social and environmental problems. The recent COVID-19 outbreak has put a spotlight on the potential of social innovation as a resilience mechanism, including for local development. This paper presents a preliminary framework for analysing social innovation ecosystems at the local level. It can help policy makers to better understand the different concepts around social innovation, and to develop policies to support social innovation and its implementation. The first section considers the features of social innovation and the benefits it can bring. The second section provides an analytical framework for social innovation at the local level. The final section sets a number of guidelines that support the implementation of social innovation ecosystems at local level, including examples of specific policy instruments. |
| Keywords: | local ecosystem, measurement of social innovation, social economy, social entrepreneurship, social innovation |
| JEL: | O35 L30 L31 D04 I3 |
| Date: | 2021–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2021/06-en&r= |
| By: | Denissa Sari Darmawi Purba; Eleftheria Kontou; Chrysafis Vogiatzis |
| Abstract: | As the number of adopted alternative fuel vehicles increases, communities that are susceptible to hazardous events, such as hurricanes and wildfires, need to create new evacuation plans that account for their refueling needs. During emergencies that require preemptive evacuation, drivers using alternative fuel vehicles are left vulnerable under conventional evacuation routes which do not provide access to refueling stations on their way to shelters. In this paper, we formulate a novel evacuation routing problem which considers multiple types of fuel vehicles. Specifically, we introduce a $k$-spanning evacuation tree problem with hop constraints that capture the refueling needs of each vehicle fuel type $k \in K$ as they are routed to a shelter. We provide a mixed integer mathematical formulation for the problem along with a path-based reformulation which allows us to create a column-generation based matheuristic to efficiently solve the problem. Next, we apply the proposed framework to the Sioux Falls transportation network considering that refueling stations for alternative fuel vehicles are placed to serve habitual demands. We present a series of numerical experiments where we discuss optimal travel and refueling times under different driving ranges for each vehicle type. Our findings show that the characteristics of each vehicle fuel type (driving range and infrastructure siting) play a pivotal role in determining the optimal evacuation trees. Evacuation routes that are optimal for one type of vehicles are often infeasible for the remaining vehicles; furthermore, driving range constraints and the need to refuel could force evacuees to detour prior to reaching safety. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01578&r= |
| By: | Hameed, Irfan; Brohi, Sanam; Shahab, Atif |
| Abstract: | Career decision-making is the biggest priority in an individual’s life and needs to be adapted more rigorously than anything else. Therefore, it is imperative to look for those factors that can have an influence on career adaptability. Guided by career construction theory, this research study explores the impact of proactive personality on career adaptability. This study examines the mediating effect of resilience between proactive personality and career adaptability, and the mediating effect of cultural intelligence between intentions on expatriate career and career adaptability, and the moderating role of gender between intentions for an expatriate career and career adaptability. The study revealed interesting insights in relation to career adaptability and intention for an expatriate career. |
| Keywords: | Proactive Personality; Career Adaptability; Expatriate Career |
| JEL: | M12 |
| Date: | 2020–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109611&r= |
| By: | Carlos Madeira |
| Abstract: | Families’ human capital investments depend on beliefs about their children’s performance. I build a dynamic model of expectation formation to show how agents use both observable and unobservable information to predict their school scores. The model shows parents and students have substantial knowledge of unobservable factors affecting their performance, especially in middle and high school. Families are overconfident towards expecting higher grades and expectation formation differs by race. Families’ ability to predict future scores improved substantially during middle school due to several factors: lower bias and variance of the prediction errors, and a better use of past scores as predictors. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchwp:919&r= |
| By: | Maher Said; Emma R. Zajdela; Amanda Stathopoulos |
| Abstract: | One of the most notable global transportation trends is the accelerated pace of development in vehicle automation technologies. Uncertainty surrounds the future of automated mobility as there is no clear consensus on potential adoption patterns, ownership versus shared use status and travel impacts. Adding to this uncertainty is the impact of the COVID-19 pandemic that has triggered profound changes in mobility behaviors as well as accelerated the adoption of new technologies at an unprecedented rate. This study examines the impact of the COVID-19 pandemic on willingness to adopt the emerging new technology of self-driving vehicles. Using data from a survey disseminated in June 2020 to 700 respondents in contiguous United States, we perform a difference-in-difference regression to analyze the shift in willingness to use autonomous vehicles as part of a shared fleet before and during the pandemic. The results reveal that the COVID-19 pandemic has a positive and highly significant impact on consideration of autonomous vehicles. This shift is present regardless of techsavviness, gender or political views. Individuals who are younger, left-leaning and frequent users of shared modes of travel are expected to become more likely to use autonomous vehicles once offered. Understanding the effects of these attributes on the increase in consideration of AVs is important for policy making, as these effects provide a guide to predicting adoption of autonomous vehicles - once available - and to identify segments of the population likely to be more resistant to adopting AVs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.01615&r= |
| By: | Castro-Iragorri, C; Ramírez, J; Vélez, S |
| Abstract: | We provide an overview of decentralized protocols like Compound and Aave that offer collateralized loans for cryptoasset investors. Compound and Aave are two of the most important application in the decentralized finance (DeFi) ecosystem. Using publicly available information on rates, supply and borrow activity, and accounts we analyze different elements of the protocols. In particular, we estimate ex-post margins that give a comprehensive account of the cost of financial intermediation. We find that ex-post margins considering all markets are 1% and lower for stablecoin markets. In addition, we estimate quarterly indicators regarding solvency, asset quality, earnings and market risk similar to the ones used in traditional banking. This provides a first look at the use of these metrics and a comparison between the similarities and challenges to our understanding of financial intermediation in these protocols based on tools used for traditional banking. |
| Keywords: | Decentralized finance, Compound, Aave, collateralize loans, intermediation margins, camels |
| JEL: | C63 C80 E51 G21 G23 G51 O16 O33 |
| Date: | 2021–07–27 |
| URL: | http://d.repec.org/n?u=RePEc:col:000092:019420&r= |
| By: | Borchert, Lea; de Haas, Ralph; Kirschenmann, Karolin; Schultz, Alison |
| Abstract: | Correspondent banks allow local banks in emerging markets to access the international payments system. This helps local banks to make cross-border payments, clear currencies, and provide trade finance. The recent retrenchment of global correspondent banks following the increased costs of financial crime compliance may therefore disrupt international trade. This policy brief shows that the withdrawal of correspondent banks from Emerging Europe has negatively and substantially affected the exports of this region. Exploiting an unexpected change in the U.S. regulator's enforcement of financial crime legislation we compare industry-level bilateral trade flows of countries experiencing a high withdrawal with those that maintain their correspondent bank relationships. We find that the decreased availability of international payment and trade finance services has considerable negative effects on exports. This negative effect is stronger for trading partners that are geographically more distant. A survey of 93 local banks confirms that banks face growing difficulties in performing cross-border payments and in clearing currencies. In particular, access to the U.S. financial system is severely inhibited and local banks can only imperfectly substitute lost correspondent bank relationships with new partners from Russia and Austria. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewpbs:62021&r= |
| By: | MELIS, Lissa; QUEIROZ, Michell; SÖRENSEN, kenneth |
| Abstract: | In this work we analyse the performance of integrating a large-scale on-demand bus system with a fixed line public transport network in an urban context. Given are a high-speed metro network, a set of real-time requests, a set of bus station locations and a fleet of fixed capacity minibuses. Requests have a set of possible departure/arrival1 bus stations within walking distance of the actual departure/arrival location and have to be served within a certain time window. The aim is to simultaneously (1) decide on the trip type for each passenger (only bus, metro or mixed), (2) route the on-demand buses, (3) assign each passenger to a departure and arrival bus station (bus station assignment), and (4) in the case of a metro-leg in the trip, decide the assigned transfer station(s) and used metro lines (transfer station assignment). We call this problem the integrated on-demand bus routing problem. After presenting a mathematical model, we propose a quick and scalable insertion-based heuristic to solve the problem. The results found by the heuristic are further used to compare the performance of an integrated system, to a system that only uses on-demand buses. It is concluded that the integrated system always performs better regarding the service rate or number of served requests. Depending on the speed and layout of the metro network, also the average user ride time per passenger improves by the integration. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ant:wpaper:2021004&r= |
| By: | Bastien Lextrait |
| Abstract: | Small and Medium Size Enterprises (SMEs) are critical actors in the fabric of the economy. Their growth is often limited by the difficulty in obtaining fi nancing. Basel II accords enforced the obligation for banks to estimate the probability of default of their obligors. Currently used models are limited by the simplicity of their architecture and the available data. State of the art machine learning models are not widely used because they are often considered as black boxes that cannot be easily explained or interpreted. We propose a methodology to combine high predictive power and powerful explainability using various Gradient Boosting Decision Trees (GBDT) implementations such as the LightGBM algorithm and SHapley Additive exPlanation (SHAP) values as post-prediction explanation model. SHAP values are among the most recent methods quantifying with consistency the impact of each input feature over the credit score. This model is developed and tested using a nation-wide sample of French companies, with a highly unbalanced positive event ratio. The performances of GBDT models are compared with traditional credit scoring algorithms such as Support Vector Machine (SVM) and Logistic Regression. LightGBM provides the best performances over the test sample, while being fast to train and economically sound. Results obtained from SHAP values analysis are consistent with previous socio-economic studies, in that they can pinpoint known influent economical factors among hundreds of other features. Providing such a level of explainability to complex models may convince regulators to accept their use in automated credit scoring, which could ultimately benefi t both borrowers and lenders. |
| Keywords: | Credit scoring, SMEs, Machine Learning, Gradient Boosting, Interpretability |
| JEL: | C53 C63 M21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2021-25&r= |
| By: | Aleksandra Martinovska Stojcheska (Cyril and Methodius University in Skopje); Ana Kotevska (Cyril and Methodius University in Skopje); Ivana Janeska Stamenkovska (Cyril and Methodius University in Skopje); Dragi Dimitrievski (Ss. Cyril and Methodius University of Skopje); Edvin Zhllima (Agriculture University of Tirana); Željko Vaško (University of Banja Luka); Sabahudin Bajramović (University of Sarajevo); Mihone Kerolli-Mustafa (International Business College Mitrovica); Mirsad Spahić (Ministry of Agriculture and Rural Development, Montenegro); Vlado Kovačević (Institute of Agricultural Economics); Ahmet Ali Koç (Akdeniz University); Ahmet Bayaner (Akdeniz University); Pavel Ciaian (European Commission - JRC) |
| Abstract: | The aim of this report is to analyse recent agricultural policy developments in the countries/territories of the Western Balkans (WBs) and Turkey and their state of harmonisation with the Common Agricultural Policy (CAP) of the EU. The report provides both comparative cross-country analyses and a more detailed assessment in the form of country case studies. The report builds on the series of previous work undertaken on a similar issue by providing an update on the recent agricultural policy developments in the region. That is, the report covers the period from 2017 to 2019 in detail, with reference made to changes that took place in the previous decade. The comparative cross-country analyses carried out in this report follow the conceptual framework that defines the key harmonisation principles required to align the agricultural policies of the WBs and Turkey with the EU’s CAP. A quantitative analysis of agricultural policy developments was performed using data on budgetary support for agriculture, systematised according to the unified statistical databases and the Agricultural Policy Measures Classification (APMC) tool, a uniform classification scheme of agricultural budgetary support enabling a comparison of the scope and structure of budgetary support for agriculture between the WBs and Turkey and the EU. |
| Keywords: | Agricultural policy, Western Balkans, Turkey, Rural development, EU integration, CAP, Agricultural Policy Measures Classification, EU accession, EU approximation process |
| JEL: | Q17 Q18 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124502&r= |
| By: | Wiljan van den Berge; Emiel van Bezooijen (Utrecht University); Anna Salomons (Utrecht University & IZA) |
| Abstract: | The 2017 increase in the Dutch youth minimum wage has improved labor market outcomes for low-paid young workers. In particular, these workers’ average wage has risen with 4% without adverse effects on employment or hours worked. These are the key findings of new research on the impact of the minimum wage on labor market outcomes. Minimum wage increases were proposed by several political parties during the Dutch parliamentary elections of 2021, with the aim of increasing job quality in low-paid work. Minimum wages are also a topic of discussion internationally: the United States is witnessing an active campaign for raising minimum wages, and in other countries, such as Germany, minimum wages have recently been introduced or increased. Although many young workers are employed in low-paid jobs, only a relatively small group earns exactly the minimum wage: around 10% in the Netherlands. However, the Dutch minimum wage increase has also boosted incomes of low-paid young workers earning more than the minimum: these so-called spillovers account for 75% of the total wage increase. Further, labor market outcomes have improved most strongly for low-paid young full-time workers who are not enrolled in education: this is important as these workers are less likely to be transient occupants of low-paid jobs. |
| JEL: | J23 J38 J88 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:422&r= |
| By: | Janssen, Patrick; Sadowski, Bert M. |
| Abstract: | Within the discussion on bias in algorithmic selection, fairness interventions are increasingly becoming a popular means to generate more socially responsible outcomes. The paper uses a modified framework based on Rambachan et. al. (2020) to empirically investigate the extent to which bias mitigation techniques can provide a more socially responsible outcome and prevent bias in algorithms. In using the algorithmic auditing tool AI Fairness 360 on a synthetically biased dataset, the paper applies different bias mitigation techniques at the preprocessing, inprocessing and postprocessing stage of algorithmic selection to account for fairness. The data analysis has been aimed at detecting violations of group fairness definitions in trained classifiers. In contrast to previous research, the empirical analysis focusses on the outcomes produced by decisions and the incentives problems behind fairness. The paper showed that binary classifiers trained on synthetically generated biased data while treating algorithms with bias mitigation techniques leads to a decrease in both social welfare and predictive accuracy in 43% of the cases tested. The results of our empirical study demonstrated that fairness interventions, which are designed to correct for bias often lead to worse societal outcomes. Based on these results, we propose that algorithmic selection involves a trade-between accuracy of prediction and fairness of outcomes. Furthermore, we suggest that bias mitigation techniques surely have to be included in algorithm selection but they have to be evaluated in the context of welfare economics. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238032&r= |
| By: | Binkert, Eva; Flaig, Merlin; Frucht, Lukas; Grävingholt, Jörn; König, Jannis; Kuhnt, Jana; Lendle, Philipp; Muhumad, Abdirahman A.; Potinius, Katharina |
| Abstract: | Ethiopia is the second largest refugee-hosting country in Africa; it accommodates around 700,000 refugees, mostly from neighbouring countries. Humanitarian and development actors are increasingly highlighting the local integration of refugees as a durable solution to protracted refugee situations. Hosting states are called upon to include refugees in their national public services, rather than to sustain a parallel (humanitarian) system, and to empower refugees to secure their own livelihoods as part of the local community. The international community has endorsed this idea by adopting the Comprehensive Refugee Response Framework (CRRF) and vowing financial support. Ethiopia is one of the pilot countries implementing this framework. However, the execution of the ambitious approach faces many challenges. This paper focusses on the role of local governments within the CRRF implementation process; they have not yet been the focus of attention even though sustainable solutions largely depend on them. Results show that the CRRF implementation process has slowed down considerably in the past years, mostly remaining on a project base. Shifting political priorities, a lack of leadership and coordination at the national level as well as the unclear role and low capacities of local governments are major barriers to the local integration of refugees. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:diedps:212021&r= |
| By: | Herpfer, Christoph; Maturana, Gonzalo |
| Abstract: | Credit rating agencies (CRAs) are less likely and slower to downgrade firms with performance sensitive debt (PSD) if these downgrades increase borrowing costs. This effect is not driven by selection into PSD contracts, borrowers hiding information from CRAs, or by firms about to lose their investment grade classification. Moreover, originating banks seem aware of the CRAs' conflicts of interest, and sell loans with more embedded conflicts more frequently. In contrast, secondary market participants do not price conflicts of interest to the same extent. The recent settlements between the major CRAs and the U.S. government do not appear to prevent credit inflation. |
| Keywords: | Credit ratings, performance-sensitive debt, rating catering |
| JEL: | G0 G01 G1 G10 G18 G20 G21 G24 G28 G3 |
| Date: | 2020–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109461&r= |
| By: | Duarte-Anselmi, Giuliano (Universidad de Santiago de Chile); Ortiz-Muñoz, Luis E.; Figueroa, Oriana; Laroze, Denise (Universidad de Santiago de Chile) |
| Abstract: | This project offers a series of subprojects aimed at improving and strengthening public health through the design, implementation and evaluation of new and innovative evidence-based interventions in relation to: decision-making in health, sustainable development, planetary health, change of the behavior and digital interventions. It also includes experimental studies on decision architecture, behavior design, technological persuasion, theories of behavior change and "nudge" associated with prevention and promotion of global health. |
| Date: | 2021–08–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:m7sp8&r= |
| By: | Kerstin Mitterbacher (Institute of Banking and Finance, University of Graz); Stefan Palan (Institute of Banking and Finance, University of Graz); Jürgen Fleiß (Business Analytics and Data Science-Center (BANDAS-Center), University of Graz) |
| Abstract: | We experimentally study economic migrants' willingness to take up work and integrate into society, and, in turn, destination country citizens' willingness to allow economic migrants to pursue formal work and integrate into society and its social security and welfare system. We find clear evidence for a reciprocal relationship between the individuals in these roles. The labor market participation of economic migrants co-moves with destination countries' openness to welcoming them. We conclude that supporting economic migrants in early labor market attachment is crucial to support a mutually beneficial co-existence in a society. |
| Date: | 2021–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:grz:wpsses:2021-02&r= |
| By: | Ahmed, Mumtaz; Bashir, Uzma; Ullah, Irfan |
| Abstract: | Global Financial Crises (GFC) of 2007-08 has disclosed the fact that economists and policymakers were unable to foresee bubble in housing prices in the US and other countries that consequently triggered the economic downturn. However, serious attempts have been made afterwards by researchers towards early identification of asset price bubbles, so that necessary policy measures could be taken to avoid any future mishap. Current study is conducted in similar vein to identify bubbles in nominal Dollar to Pakistani Rs exchange rate, from January 1982 to May 2020. Whether any identified bubble in nominal exchange rate is a rational bubble or otherwise generated by fundamentals, nominal exchange rate is adjusted for traded goods price differential and non-traded goods price differential in two countries as there is growing trend to take underlying fundamentals into account while studying asset prices to get accurate results on bubble detection (Bettendorf and Chen, 2013; Jiang et al., 2015 and Hu & Oxley, 2017). Further to explore whether nature of bubble changes with regime switching from managed floating to flexible floating in Pakistan is an addition of the study. Results of Generalized sup Augmented Dicky-Fuller (GSADF) test show that traded goods fundamental fully explain the movements in exchange rates even when non-traded goods are taken into account. Exchange rates were volatile both in managed floating and flexible floating regimes. However, volatility in only managed floating regime can be attributed to traded goods price difference. Various explosive episodes have been observed during flexible floating regime, which are either collapse or collapse and recovery phases. |
| Keywords: | Multiple Bubbles; Explosive Behavior; GSADF test |
| JEL: | C2 C22 E3 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109607&r= |
| By: | Shi, Shuping (Department of Economics, Macquarie University); Yu, Jun (School of Economics and Lee Kong Chian School of Business, SingaporeManagementUniversity) |
| Abstract: | The log realized volatility of financial assets is often modeled as an autoregressive fractionally integrated moving average model (ARFIMA) process, denoted by ARFIMA(p, d, q), with p = 1 and q = 0. Two conflicting results have been found in the literature regarding the dynamics. One stream shows that the data series has a long memory (i.e., the fractional parameter d > 0) with strong mean reversion (i.e., the autoregressive coefficient |α1| ≈ 0). The other stream suggests that the volatil-ity is rough (i.e., d |
| Keywords: | Long memory; fractional integration; roughness; short-run dynamics; realized volatility |
| JEL: | C15 C22 C32 |
| Date: | 2021–08–03 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2021_007&r= |
| By: | Graeme Newell; Jufri Marzuki; Alastair Adair; Elaine Worzala |
| Abstract: | University endowment funds have a key role in providing opportunities for universities beyond their normal budgets (eg: student scholarships etc). In many cases, these university endowment funds are significant pools of assets; eg: Harvard ($39B), Yale ($30B), Stanford ($28B) and Princeton ($26B) in the US and Oxford (£7B) and Cambridge (£6B) in the UK; often seeing separate investment management organizations established to manage these assets. The significance of these university endowment funds to university operations highlights the importance of the portfolio asset mix of these endowment fund portfolios. This sees real estate as a key asset in many university endowment fund portfolios. This paper examines the role of real estate in the portfolios of university endowment funds in the US, UK and Asia. A range of critical issues are assessed for these university endowment fund portfolios, including the level of real estate, real estate strategies used, real estate vehicles used, dynamics and risk management procedures used to achieve this real estate exposure. The ongoing strategic issues for real estate in university endowment fund portfolios are also highlighted. |
| Keywords: | Alternate assets; Portfolios; real estate; University endowment funds |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_128&r= |
| By: | Sai Ding; Minjoo Kim; Xiao Zhang |
| Abstract: | The investment-cash flow sensitivity (ICFS) of Chinese listed firms declined during the global financial crisis, which contradicts the conventional financial constraint interpretation of ICFS. We analyze this interesting phenomenon by examining how cash flow uncertainty affects the ways to finance investment in China. We find that ICFS reveals not only the information between investment and cash flow but also the relationship between internal funds and external financing. When internal funds and external financing are complements, cash flow uncertainty decreases ICFS much more than when internal funds and external financing are substitutes. Our results remain robust when we consider the problem of endogeneity and use alternative measures of key variables. Our story is also supported by the sample of US firms, indicating that our new interpretation of ICFS based on cash flow uncertainty and the relationship between internal funds and external financing can apply to the general literature of corporate finance. |
| Keywords: | cash flow uncertainty, financial constraint, debt, cash flow, investment, China |
| JEL: | E22 G31 O16 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:gla:glaewp:2021_16&r= |
| By: | Carret, Vincent |
| Abstract: | Ragnar Frisch's famous "rocking horse" model has been the object of much praise and even controversy since its publication in 1933. This paper offers a new simulation of the model to show that there exists cyclical trajectories in the propagation mechanism. By building an analytical solution taking the same form as Frisch's original solution, we can provide new insights into the ideas encapsulated in his model, in particular the fact that the author constructed a model combining cycles and growth. The exploration of Frisch's formal construction of the model leads us to link his statistical work on the decomposition of time series with his economic insights on investment cycles, which both led to the 1933 model. We contrast Frisch’s approach to that of other econometricians who used similar equations, showing that their different mathematical solutions were the product of what they wanted to show with their models. |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:69nsg&r= |
| By: | Momi Dahan |
| Abstract: | This paper reveals a noticeable difference between a high degree of progressivity of incomerelated local property tax relief versus the proportional or regressive incidence of recognition tax relief. Recognition tax relief is tax relief given to specified social sectors which recognizes either their contributions to society or their identity-related suffering. Social groups that are characterized by political power and positive image following social construction process are expected to receive more favorable tax treatment regardless of their material needs. This study advances our understanding by showing that the degree of progressiveness of a tax system is shaped by social construction which implies a more complex trade-off between equality, efficiency and social construction in designing the tax system. |
| Keywords: | tax relief, property tax, tax progressivity, social construction |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9277&r= |
| By: | Christian Richter (Faculty of Managemennt Technology, German University in Cairo); Sara El Asy (Faculty of Management Technology, German University in Cairo) |
| Abstract: | The relationship between public debt and economic growth has been crucial in economics and economic development not least since the financial crisis in 2007. The problem arises when debt reduces economic growth. Thus, the focus of this paper is to investigate the relationship between public debt and economic growth. In particular, we determine the debt threshold that affects this relationship. We find that there is no single debt threshold valid for all countries and in turn that each country possesses its own country specifics, which affect its economic growth. We also find that debt is not always harmful to economic growth. Last but not least, we compare recent debt levels with the threshold and average debt levels. We also find that exceeding a threshold does not necessarily result in immediate default. This holds in particular for Western European countries where debt levels exceed threshold levels by more than for developing economies. |
| Keywords: | Public debt, Economic growth, Debt Threshold, Threshold model, Time series. |
| JEL: | C13 C32 H63 H68 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:guc:wpaper:52&r= |
| By: | Woo, Seokjin (Myongji University); Aum, Sangmin (Myongji University); Kim, Dohyung (Myongji University); Moon, Heyjin (Seoul Welfare Foundation); Lee, Soohyung (Seoul National University) |
| Abstract: | This study measures the extent to which Seoul's COVID-19 shopping coupon program affects individuals' consumption. Unlike other COVID-19-related transfer programs, the Seoul Metropolitan government provides consumption coupons depending on income. We quantify the causal effect of Seoul's program by comparing eligible and ineligible groups using a difference-in-differences method. We find that the program increased consumption by 18% while it was ongoing and by 6% afterward. We find substantial heterogeneity in the treatment effects concerning recipients' income and consumption categories. |
| Keywords: | COVID-19, stimulus payment, consumption |
| JEL: | H2 H6 D3 D6 L1 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14662&r= |
| By: | Alleman, James |
| Abstract: | Robert Bork's Antitrust Paradox (1978) has been justification for lack of antitrust behavior for over four decades. His test essentially asks if consumers are harmed by the pricing practices of the firm in the market in which they purchase the good or service. Even if these firms are monopoly or oligopolies in their fields with huge economic rents, if they pass this test, no action is taken against them. "Bigness is not bad." This narrow view, inter alia, ignores two- and multisided markets (MSM) where the appearance of "no harm" is addressed to only one side of the market. The correct view is to examine all the markets impacting potential harm to consumers. It illustrates the harm which is "free" to the users, but advertisers pay dearly for the ability to micro-focus on potential consumers of their products. Facebook and Google are used as examples. This advertising cost is added into the sales price of the product, resulting in consumers being harmed by the embedded advertising costs in the products or services purchased. We argue here, using Bork's own criterion - except to expand it to the other side of the market and eliminating producer's surplus - that much needed antitrust action has been ignored by this narrow criterion. This analysis indicates that antitrust action is long overdue after considering two-sided markets. In addition, we argue that his "consumer welfare" criterion is misleading and liable to deceive, thus the hoax. The Bork critique is a hoax in two ways: Bork's analysis does not include the other side of the market. The cost of advertising has to be included in the price of the products being sold in order for the firm to remain in business. So, clearly, the price of goods and services is increased by the cost of advertising, thus reducing consumers' surplus. The second flaw is Bork's definition of "consumer welfare" - it includes the economic rents of the firm - all at a cost to consumers. Enhancing the wealth (profits) of corporations in the name of efficiency was not the purpose of the antitrust laws. We address the Bork Paradox on its own terms by examining the second side of the market which harms consumers indirectly by increasing the price of the products and services they purchase. Using the corrected Bork metric - both sides of the market and no producer's surplus - the estimated loss of consumers' welfare in $60.4 and $43.7 billion respectively from Google and Facebook, respectively. |
| Keywords: | Advertising,Antitrust,Bork,competition,consumers' surplus,digital markets,Information and Communications Technology (ICT),internet,platform economics,monopoly,regulation,two-sided/multisided markets |
| JEL: | D42 D43 K21 L12 L13 L22 L51 L96 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238003&r= |
| By: | David Reifschneider (former Federal Reserve); David Wilcox (Peterson Institute for International Economics) |
| Abstract: | In 2012, the Federal Reserve formally adopted an inflation target and set it at 2 percent, in line with the level chosen by many other central banks. In hindsight, this setting left policymakers with too little room to cut interest rates when they want to fight recessions. Many researchers have noted that if central banks raised their inflation targets—either individually or in concert—they could do a better job in the long run of keeping inflation near its target and the workforce fully employed. Reifschneider and Wilcox highlight an additional and less-noted consequence of raising the inflation target modestly: The economy could enjoy a temporary but substantial boom in employment and output as it adjusted to the increase in the target. Critical to generating this favorable outcome would be decisive action by monetary policymakers to ensure that the higher inflation target is achieved in a reasonably timely manner. In light of substantial transition benefits, as well as the long-run improvement in economic performance, the authors recommend that the Federal Reserve raise its inflation target to 3 percent as part of its next framework review. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb21-19&r= |
| By: | Anne-Fleur Roos (CPB Netherlands Bureau for Economic Policy Analysis); Maaike Diepstraten (CPB Netherlands Bureau for Economic Policy Analysis); Rudy Douven (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | It is often suggested that problematic debts antecede health problems. In this paper, we investigate whether individuals obtaining problematic debts are more likely to use mental healthcare or social guidance and/or financial help, and whether they have higher mental healthcare costs. We use nationwide individual-level panel data from the Netherlands for the years 2011-2015. We employ a difference-in-differences approach with individual fixed effects and find that obtaining problematic debt is strongly associated with ill (mental) health. We find that average mental healthcare expenditures increased with approximately 200 euro in 2014 and 2015 for individuals who experienced problematic debts in 2013. The effect corresponds to an increase of 30% of individual mental healthcare expenditures because of problematic debts. Furthermore, the use of mental healthcare increased with 7% and the use of social guidance and/or financial assistance increased with 40% after getting into problematic debt. We therefore conclude that policies that prevent people from getting into debt may generate positive external effects by saving on expenditures on healthcare or social guidance and/or financial assistance. It is often suggested that problematic debts antecede health problems. In this paper, we investigate whether individuals obtaining problematic debts are more likely to use mental healthcare or social guidance and/or financial help, and whether they have higher mental healthcare costs. We use nationwide individual-level panel data from the Netherlands for the years 2011-2015. We employ a difference-in-differences approach with individual fixed effects and find that obtaining problematic debt is strongly associated with ill (mental) health. We find that average mental healthcare expenditures increased with approximately 200 euro in 2014 and 2015 for individuals who experienced problematic debts in 2013. The effect corresponds to an increase of 30% of individual mental healthcare expenditures because of problematic debts. Furthermore, the use of mental healthcare increased with 7% and the use of social guidance and/or financial assistance increased with 40% after getting into problematic debt. We therefore conclude that policies that prevent people from getting into debt may generate positive external effects by saving on expenditures on healthcare or social guidance and/or financial assistance. |
| JEL: | I14 D14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:428&r= |
| By: | Unfried, Kerstin (University of Göttingen); Kis-Katos, Krisztina (University of Goettingen); Poser, Tilman (University of Göttingen) |
| Abstract: | Climate change and the increasing demand of water intensify the global water cycle, altering the distribution of water in space and time. This is expected to result in wet areas getting wetter and dry areas getting drier (Pan et al., 2015). As water is key to life, water scarcity is likely to provoke conflict. Using grid-cell data for Africa and central America over the years of 2002 to 2017, we establish a causal empirical link between the likelihood of local conflict and water mass declines. We measure water mass anomalies based on changes in Earth's gravity field recorded by GRACE and link them to social conflict events recorded in the SCAD data. To account for potential endogeneity in the demand for water, we instrument water mass change by the interaction of the number of drought months per year with yearly global average temperature changes. Our results show that a one standard deviation decrease in local water mass that follows from droughts and an intensifying water cycle more than triple the local likelihood of social conflict. Access to groundwater and surface water helps to mitigate these effects substantially. Water demand factors contribute to a quicker depletion of water mass in case of drought shocks, but do not intensify the link between water decline and conflict itself. |
| Keywords: | social conflict, water scarcity, climate change |
| JEL: | D74 Q25 Q54 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14707&r= |
| By: | Bharati, Tushar (University of Western Australia Business School); Chang, Simon (University of Western Australia); Li, Qing (Shanghai University) |
| Abstract: | We draw attention to two identification issues with previous studies that utilized tertiary education expansion to estimate the causal effect of education on fertility: (i) the mis-categorization of women past the usual college-entry age as "unexposed" to the expansion, and (ii) a possible violation of the exclusion restriction when using the expansion as an instrument for female education. We exploit the tertiary education expansion in Taiwan starting in 1996, with a novel focus on women past college-entry age, to document significant negative effects on the fertility of women as old as 30 at the onset of the expansion. We also show that the expansion lowered the fertility of women both with and without tertiary education, suggesting that the effect did not operate through education alone. |
| Keywords: | college expansion, marriage market, fertility, Taiwan |
| JEL: | I23 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14672&r= |
| By: | Carney, Michael; Estrin, Saul; Liang, Zhixiang; Shapiro, Daniel |
| Abstract: | We advance an international political economy (IPE) perspective that geo-political events can have long-lasting imprint effects on countries and their firms. We explore the idea that shared political history and geography combine to create specific structural conditions that shape the international competitiveness of all firms in the region. In particular, we consider whether the Monroe Doctrine of 1823, which asserted American influence in the Western Hemisphere, contributed to the creation of institutional structures across Latin America (LA) affecting the strategies of all firms to this day. We illustrate the IPE perspective using the example of the contemporary international competitiveness of LA business groups. |
| Keywords: | International political economy; business groups; international competitiveness; Latin America; imprint |
| JEL: | R14 J01 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111821&r= |
| By: | Herbst, Chris M. (Arizona State University); Kose, Esra (Bucknell University) |
| Abstract: | Our paper provides some of the first evidence on the effect of the Head Start funding expansions on program inputs. We take advantage of the county-year variation in funding increases that were implemented due to a number of legislated policy changes in the late 1980s and throughout the 1990s. By focusing on the period between 1988 and 2007, we show that the funding increases were directed at increasing program enrollment and full-time enrollment. We also show that the funding expansions were used to make a number of quality-related in- vestments, including increasing the number of teachers and staff, and upgrading the skill-level of teachers. |
| Keywords: | national government expenditures and education, head start, early childhood education |
| JEL: | H52 I28 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14670&r= |
| By: | Sebastian Will |
| Abstract: | For more than a decade, we have seen a rise in real estate prices simultaneously with a decrease in interest rates. In this article, we demonstrate how and to what extent interest rate changes influence prices in real estate markets. We apply a vector autoregressive model with cointegrating variables to examine this relationship during the years between 2007 and 2020. Using times series of different segments of the real estate market, we find significant negative responses of investment property prices and rents to a positive interest rate shock while apartment and house prices positively react. Considering mortgage interest rate shocks, we again find a divided picture, which fosters the perception of different behaviour of real estate segments responding to interest rate shocks. The results suggest that these differences can be explained by the different composition of investors and planned utilisation in the considered segments. |
| Keywords: | Cointegration; House Prices; Interest Rate; Var |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_223&r= |
| By: | Kwame Addae-Dapaah |
| Abstract: | The world’s housing affordability “epidemic” has vindicated Charles Abrams that as far as housing is concerned, “the whole world is underdeveloped”. Notwithstanding all the advances in knowledge and technology, a solution has thus far proved elusive. The paper takes a holistic view to discuss the multifaceted nature of the housing affordability problem to conclude that the insuperability of the problem is buttressed by the vested interests of the advantaged power brokers. The root-cause of the problem is poverty. The problem can be solved if we have the will to make economics serve mankind (humanomics) instead of mankind serving economics. |
| Keywords: | Housing Affordability; Market economy; Political will; Vested interest |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_208&r= |
| By: | Shabnam, Nourin; Guven, Cahit; Ulubasoglu, Mehmet |
| Abstract: | We study the education outcomes of the 1974–1975 Bangladesh famine on early-life survivors using the 1991 Bangladesh microcensus data. We find that famine adversely affected the survivor children in areas that experienced higher rice prices relative to labour wage. In addition, children living in wealthy households in famine-stricken areas had better education outcomes than children with no famine exposure at all. We also find that, surprisingly, exposure to double catastrophe (i.e., concurrent famine and flood) in early life had weaker effects than exposure to single catastrophe. We show that disaster-alleviation mechanisms worked better in districts affected by double disasters. |
| Keywords: | The 1974–1975 Bangladesh Famine; Food Access; Early Life Malnutrition; Education Outcomes; Double Catastrophe |
| JEL: | I15 I25 J13 J24 |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109653&r= |
| By: | MELIS, Lissa; SÖRENSEN, Kenneth |
| Abstract: | The real-time on-demand bus routing problem (ODBRP) supports the online routing of buses in a large-scale ride-sharing system. Given are a set of buses with fixed capacity, a set of bus stations and a set of transportation requests, only part of which are known before the planning horizon. A request consists of a set of possible departure and arrival stations, as well as an earliest departure and latest arrival time. The aim is to (1) assign each passenger to a departure and arrival bus station and (2) develop a set of bus routes to fulfill each request within its time window while minimizing the total user ride time. Including the possibility for requests to be issued after the start of the planning horizon, i.e., when buses have already started servicing other requests, requires a dynamic re-optimization of a partially executed solution. Compared to the case in which all requests are known beforehand, the solution quality, expressed as the total user ride time, is expected to decline. This decline in objective function value can be seen as the ”cost” of the dynamic requests. In this paper, we introduce the real-time ODBRP as a new optimization problem and present a heuristic to deal with dynamic requests. In addition, an extensive set of experiments allows us to conclude that dynamic requests indeed lead to higher user ride times, especially for passengers who submit their request at the last minute. Passengers are therefore encouraged to send their request well in advance, as this results in lower and more stable user ride times, higher customer satisfaction, and higher revenues for the operating on-demand bus company. |
| Keywords: | Public transport, Transportation, Metaheuristic, Mobility on demand |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ant:wpaper:2021003&r= |
| By: | Cristelli, Gabriele; Lissoni, Francesco |
| Abstract: | We study the innovation effects of the Agreement on the Free Movement of Persons (AFMP), signed by Switzerland and the EU in 1999. Using geocoded patent data, complemented by matched inventor-immigrant-census records, we identify a large number of cross-border inventors (CBIs), commuters from neighbouring countries working in Swiss R&D labs. We show that, during the AFMP implementation phase, the influx of CBIs increased differentially across regions at different driving distances from the border, causing a 24% increase in patents, mostly due to large and medium patent holders (as opposed to very large ones) and to inventor teams mixing CBIs and natives. We do not detect any adverse effect on native inventors and show that Swiss incumbent inventors collaborating with CBIs increased their productivity. Our evidence suggests complementarity between CBIs’ and Swiss incumbents’ knowledge assets. |
| Keywords: | Immigration, Innovation, Patents, Inventors, Free Movement of Persons |
| JEL: | F22 J61 O31 O33 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:107433&r= |
| By: | Hayerikhiyavi, Mohammadali; Dimitrovski, Aleksandar |
| Abstract: | Gyrator-Capacitor (G-C) models of electro¬magnetic devices provide a robust and convenient approach for simulation of a combined power device that consists of magnetic and electric/electronic circuits. The G-C model seamlessly links magnetic and electric/electronic sides of the device in a power invariant fashion which is very useful for integrated system analysis. This paper proposes an improved G-C model that includes hysteresis besides the core saturation for a ferromagnetic circuit. The approach has been applied to model a Continuously Variable Series Reactor (CVSR) with electromagnetic coupling between two circuits, a control dc and a controlled ac circuit. Taking into account the ferromagnetic core nonlinearities, the CVSR behaviour is investigated in terms of induced voltages across the windings and corresponding magnetic flux densities. |
| Keywords: | Continuously Variable Series Reactor (CVSR), Gyrator-Capacitor (G-C) model, hysteresis, magnetic amplifier. |
| JEL: | O14 O32 Q32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109495&r= |
| By: | Howell, Bronwyn E.; Potgieter, Petrus H. |
| Abstract: | Radio spectrum is a key input for mobile operators and the structure of the industry is strongly related to and influenced by the ownership of spectrum licenses. Spectrum is usually allocated for a limited duration and may or may not be tradable which further complicates the interaction between spectrum ownership and the retail market for mobile services. The adoption of a new constitutional system in 1996 in South Africa created the opportunity for importing a fresh set of recommendeded institutions and policies for telecommunications. This eventually included an independent telecommunications regulator (ICASA), the budget for which nevertheless comes form the responsible Minister. ICASA announced an auction of spectrum in the 2.6 GHz and 3.5 GHz bands in May 2010 and issued a tender for the design of the auction, but this was postponed several times and finally abandoned (Song, 2011). The same thing happened again in 2016 (Paelo & Robb, 2020). Late in 2020, the regulator again announced an auction, due to take place during 2021 but by the beginning of the year, two of the four national operators had already announced that they would go to court to stop the auction. A shortage of spectrum (or, inefficient assignment of it) is blamed for South Africa's relatively slow LTE speeds, among other things. The response of operators has been to innovate using roaming and network sharing agreements. By historical accidents, the country has two wireless networks in addition to the four licences mobile operators. The paper looks at how the de facto industry structure has been determined by spectrum holdings and sharing arrangements and asks how spectrum management could be improved. We observe that although the number of mobile operators has effectively aeen reduced to 3 (a number which would raise concern in some circles) there exist a variety of arrangements between the 3 and also other spectrum and network operator. The smallest of the 3 mobile operators is still not able to offer a nationwide mobile service without a roaming agreement but at the same time the two larger operators depend critically on spectrum and roaming agreements themselves, mainly with the two physical data network operators that function as wholesale providers. |
| Keywords: | Spectrum auction,network sharing,South Africa,ICASA |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238027&r= |
| By: | Fakhri Hasanov; Fred Joutz; Muhammad Javid (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | This study aims to investigate the determinants of short- and long-run investment behavior in Saudi Arabia for eight non-oil sectors. Saudi Arabia is currently proceeding with its historic Vision 2030 reform plan, which aims to significantly increase the private sector’s contribution to the country’s gross domestic product. Thus, analyzing investments at the sectoral level is important for Saudi Arabia. Such an analysis can provide policymakers with a deeper understanding of potential opportunities for boosting private sector growth. |
| Keywords: | General equillibrium models, Hybrid model |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:prc:dpaper:ks--2021-dp011&r= |
| By: | Benjamin Avanzi; Gregory Clive Taylor; Melantha Wang |
| Abstract: | In this paper, we first introduce a simulator of cases estimates of incurred losses, called `SPLICE` (Synthetic Paid Loss and Incurred Cost Experience). In three modules, case estimates are simulated in continuous time, and a record is output for each individual claim. Revisions for the case estimates are also simulated as a sequence over the lifetime of the claim, in a number of different situations. Furthermore, some dependencies in relation to case estimates of incurred losses are incorporated, particularly recognizing certain properties of case estimates that are found in practice. For example, the magnitude of revisions depends on ultimate claim size, as does the distribution of the revisions over time. Some of these revisions occur in response to occurrence of claim payments, and so `SPLICE` requires input of simulated per-claim payment histories. The claim data can be summarized by accident and payment "periods" whose duration is an arbitrary choice (e.g. month, quarter, etc.) available to the user. `SPLICE` is built on an existing simulator of individual claim experience called `SynthETIC` available on CRAN (Avanzi et al., 2021a,b), which offers flexible modelling of occurrence, notification, as well as the timing and magnitude of individual partial payments. This is in contrast with the incurred losses, which constitute the additional contribution of `SPLICE`. The inclusion of incurred loss estimates provides a facility that almost no other simulators do. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04058&r= |
| By: | Antonella Biscione (Department of Bioeconomic Strategies in the European Union and in the Balkans CESPIC, Catholic University Our Lady of Good Counsel); Dorothee Boccanfuso (Faculte de Gouvernance, Sciences Economiques et Sociales, AIRESS, Universite Mohammed VI Polytechnique); Annunziata de Felice; Francesco Porcelli (Department of Law, University of Bari Aldo Moro; Department of Law, University of Bari Aldo Moro) |
| Abstract: | This study seeks to explore the firm barriers of energy efficiency in a set of 28 Transition economies exploiting the enterprise survey data collected by the European Bank for Reconstruction and Development (EBRD) jointly with the European Investment Bank (EIB) and the World Bank Group (WBG). Based on the Ordinary Least Square (OLS) regression model and on the construction of three different indicators to evaluate the energy efficiency, we find that the barriers to the adoption of energy efficiency measures mainly lack financial resources and profitability. Findings obtained from the interactions are also worthy of note. In particular, we find that the absence of profitability starts being stronger for non-EU countries. Instead, there is no evidence of heterogenous effects for industry sectors. |
| Keywords: | Firms energy efficiency, Barriers, Transition economies |
| JEL: | D22 K32 L29 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:pea:wpaper:1014&r= |
| By: | Johnston, David; Onder, Yasin Kursat; Rahman, Habibur; Ulubasoglu, Mehmet |
| Abstract: | This paper estimates and quantifies the wellbeing effects of the 2009 Black Saturday Bushfires, the deadliest wildfire event in Australia's known history. Using subjective wellbeing data from a nationally representative longitudinal study and adopting an individual fixed-effects approach, our results identify a significant reduction in life satisfaction for individuals residing in close proximity of the wildfires. The negative wellbeing effect is valued at A$52,300 per annum; corresponding to 80% of the average annual income of a full-time employed adult. The satisfaction domain most negatively affected is how safe the person feels, and the group most affected are people with low social support. A delayed adverse mental health effect is also identified. |
| Keywords: | Wildfires, georeferencing, life satisfaction |
| JEL: | I18 I31 Q54 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109652&r= |
| By: | Carbonnier, Clément (Sciences Po, Paris); Malgouyres, Clément (Paris School of Economics); Py, Loriane (Banque de France); Urvoy, Camille (Sciences Po, Paris) |
| Abstract: | Do workers gain from lower business taxes, and why? We estimate how a large corporate income tax credit in France is passed on to wages and explore the firm- and employee-level underlying mechanisms. The amount of tax credit firms get depends on their payroll share of workers paid less than a wage threshold. Exposure to the policy thus varies both across workers depending on their wage and across firms depending on their wage structure. Using exhaustive employer-employee data, we find that half of the surplus generated by the reform falls onto workers. Wage gains load on incumbents in high-skill occupations. The wage earnings of low-skill workers—nearly all individually eligible—do not change. This heterogeneous wage incidence is unlikely to be driven by scale effects or skill complementarities. We find that the groups of workers benefiting from wage gains are also more likely to continue working for the same firm. Further, we show that firms do not change their wage-setting behavior in response to the individual eligibility status of workers. Overall, our results suggest that the wage incidence of the tax credit operated collectively through rent-sharing and benefited workers most costly to replace. |
| Keywords: | business taxation, tax incentives, wage incidence, rent sharing |
| JEL: | D22 H25 H32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14683&r= |
| By: | Guo, Lu; Yan, Chong |
| Abstract: | Differing from taxes of the new dynamic public finance theory without growth, our paper setups an endogenous growth model with the public finance sector which levies heterogeneous non-linear income taxes and linear flat-rate tax on gross outputs to guarantee the optimal investment in the public goods accumulation. Each taxation has individual effect: heterogeneous non-linear income taxes are used to keep standard Euler equation hold; flat-rate tax is used to compensate for the fiscal gap. The paper firstly makes the growth rate endogenous, and show there is a unique steady state growth rate for every aggregate variable by keeping assumptions of the dynamic general equilibrium theory unchangeable. We further prove the growth must exist when externalities are provided by public finance sector. The steady state growth rate can be expressed by coefficients, and the steady state intertemporal relationships of aggregate variables help us simplify simulation equations and calculations on endogenous heterogeneous non-linear income taxes in infinite periods. |
| Keywords: | endogenous tax; public finance; growth; uniqueness |
| JEL: | E6 H21 O41 |
| Date: | 2021–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109548&r= |
| By: | Ohnishi, Kazuhiro |
| Abstract: | This paper examines a mixed Cournot duopoly model comprising a private firm and a partially privatized public firm to reassess the effect of an increase in ambient charges, and demonstrates that the result of this study is about the same as that obtained from private Cournot duopoly competition. |
| Keywords: | ambient charge; Cournot duopoly; environmental regulation; partial privatization; pollution |
| JEL: | C72 D21 L33 Q58 |
| Date: | 2021–02–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109592&r= |
| By: | Zolbin, Maedeh Ghorbanian; Nikou, Shahrokh |
| Abstract: | The low level of health literacy skills often found in elderly people has been associated with a significant risk of poor access to health services and poor health status and makes it more likely that they will be prevented from obtaining and understanding the basic health information and services needed to make appropriate health decisions. Therefore, empowering the older population with health literacy skills could enable them to benefit from the use of various digital health sources, such as telemedicine, webpages, or other digital platforms, to improve their health quality and enable them to live independently for longer. The purpose of this paper is to perform a systematic review to analyse and evaluate studies that explored the relationship between health literacy skills and the use of digital health platforms in the context of elderly people. To do so, four main databases - Medline, Scopus, Web of Science, and PubMed -were searched based on the following inclusion criteria: (i) no geographical limitation, (ii) written in English, (iii) participants were aged ≥ 65 years, and (iv) studies were published between 2000 and 2020. By applying the inclusion and exclusion criteria for further analysis, the final dataset comprised 32 articles, which were analysed using the Preferred Reporting Items for Systematic Reviews (PRISMA) model. The results show that four different intervention methods could be used to increase elderlies' health literacy skills in the case of using digital health services. Besides, before implementing any training sessions, barriers of learning shall be identified and tackled. |
| Keywords: | Aging,Digital health service,E-health literacy,Elderly people,Health literacy,Intervention,Senior population,Systematic literature review |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238062&r= |
| By: | Remco van Eijkel (CPB Netherlands Bureau for Economic Policy Analysis); Sander Gerritsen (Ministry of Economic Affairs and Climate Policy); Klarita Sadiraj (SCP, The Netherlands Institute for Social Research); Maroesjka Versantvoort (SCP, The Netherlands Institute for Social Research) |
| Abstract: | In this paper, we study to what extent employment generates spillover effects on other life domains for persons with a work disability. We find that that paid work reduces the probability of using mental health care by 7 percentage points, engaging in criminal activity by 3 percentage points and using non-medical home care by 8 percentage points. Relative to the baseline prevalence in our sample of disabled persons, these effects range between 30 and 60 percent. Increasing labor participation of disabled workers thus generates beneficial effects on other important life domains like health and social behavior. This not only benefits disabled workers in the form of a higher quality of life and lower out-of-pocket payments on health care, but also society as a whole in the form of lower public expenditures on health care and crime. Our paper therefore contributes to a better understanding of the full benefits of activation policies targeted at disabled people. |
| JEL: | J68 H75 I18 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:425&r= |
| By: | Jun Chen; Michael Ewens |
| Abstract: | Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly addressed in the venture capital (VC) literature. Our empirical setting is the VC fundraising and startup financing environment around the passage of the Volcker Rule, which restricted banks’ ability to invest in venture capital funds as limited partners (LPs). The rule change disproportionately impacted regions of the U.S. historically lacking in VC financing. We find that a one standard deviation increase in VCs’ exposure to the loss of banks as LPs led to an 18% decline in fund size and about a 10% decrease in the likelihood of raising a follow-on fund. Startups were not completely cushioned from the additional constraints on their VCs: capital raised fell and pre-money valuations declined. Overall, VC financing constraints manifest as fewer, smaller funds that change investment strategy and experience increases in bargaining power. Last, we show that the rule change increased the likelihood startups move out of impacted states, thus exacerbating the geographic disparity in high-growth entrepreneurship. |
| JEL: | G21 G23 G24 K22 L26 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29211&r= |
| By: | Berthonnaud, Pierre; Cesati, Enrico; Drudi, Maria Ludovica; Jager, Kirsten; Kick, Heinrich; Lanciani, Marcello; Schneider, Ludwig; Schwarz, Claudia; Siakoulis, Vasileios; Vroege, Robert |
| Abstract: | Asset encumbrance is a central concept in the context of banks’ liquidity crises, as it is associated with their capacity to obtain secured funding. This occasional paper summarises the work carried out by the task force on asset encumbrance, bringing together analyses by the ECB and those national competent authorities working on the topic. First, we describe how asset encumbrance has evolved in euro area banks, focusing on country and business model aggregates. Second, we conduct an econometric analysis of the driving factors of banks’ asset encumbrance, highlighting the relevance of credit risk, the availability of high quality collateral suitable for encumbrance, capital and sovereign funding conditions. Third, we turn our focus to the asset encumbrance dynamics of banks that have experienced a crisis. The outcome of this event study analysis indicates that asset encumbrance increases in the lead-up to a crisis, partly to offset early deposit outflows. Building on these findings, we show that asset encumbrance indicators carry predictive information for bank-specific crises as part of a multivariate early warning model. JEL Classification: G21, G01, G28, C23, C49 |
| Keywords: | asset encumbrance, bank crisis, bank funding, collateral, early warning model, liquidity, panel econometrics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021261&r= |
| By: | Jain, Neha; Goli, Srinivas |
| Abstract: | This paper projects potential demographic dividend for India for the period from 2001 to 2061 by using simulation modelling software, Spectrum 5.753 which integrates demographic and socio-economic changes. Two key findings, after checking their robustness, from the simulation modelling are: First, the effective demographic windows of opportunity for India is available for the period between 2011 and 2041, giving India roughly 30 years of demographic bonus. It is the period where the maximum of the first demographic dividend can be reaped before the ageing burden starts. Second, favourable demographic changes alone provide a demographic dividend of over 165,000 rupees (almost an additional 43 percentage) in terms of GDP per capita by 2061 when integrated with supporting socio-economic policy environment in terms of investment in human capital, family planning, decent employment opportunities, the rapid pace of urbanization, and agricultural growth. |
| Keywords: | Demographic Dividend, Working-Age Population, Health, Education, Employment |
| JEL: | J10 J11 |
| Date: | 2021–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109562&r= |
| By: | Basak, Debasmita |
| Abstract: | We consider a vertically related market where one quantity setting and another price setting downstream firm negotiate the terms of a two-part tariff contract with an upstream input supplier. In contrast to the traditional belief, we show that when bargaining is decentralised, the price setting firm produces a higher output and earns a higher profit than the quantity setting firm. And, when bargaining is centralised, both firms produce the same output whereas the profit is higher under the price setting firm than the quantity setting firm. |
| Keywords: | Bargaining; Bertrand; Cournot; Two-part tariffs; Vertical pricing; Welfare |
| JEL: | L13 L2 L22 |
| Date: | 2021–09–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109588&r= |
| By: | Jain, Neha; Goli, Srinivas |
| Abstract: | In this paper, we assess the economic benefits of demographic changes in India by employing econometric models and robustness checks based on panel data gathered over a period of more than three decades. Our analysis highlights four key points. First, the contribution of India’s demographic dividend is estimated to be around 1.9 percentage points out of 12% average annual growth rate in per capita income during 1981–2015. Second, India’s demographic window of opportunity began in 2005, significantly improved after 2011, and will continue till 2061. Third, our empirical analysis supports the argument that the realisation of the demographic dividend is conditional on a conducive policy environment with enabling aspects such as quality education, good healthcare, decent employment opportunities, good infrastructure, and gender empowerment. Fourth, the working-age population in India contributes around one-fourth of the inequality in per capita income across states. Thus, to reap the maximum dividends from the available demographic window of opportunity, India needs to work towards enhancing the quality of education and healthcare in addition to providing good infrastructure, gender empowerment, and decent employment opportunities for the growing working-age population. |
| Keywords: | Demographic Dividend, Economic Growth, Population Growth, Working-Age Population, Health, Education, Employment |
| JEL: | J10 J11 O1 O15 |
| Date: | 2021–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109560&r= |
| By: | Song, Chuling; Liu, Yu-li |
| Abstract: | Recent empirical research has indicated that the perceived risk in e-commerce affects the consumer's purchase intention. Based on the Stimulus-Organism-Response (SOR) model, this study explores the effects of environmental stimuli on the consumer's perceived risk and purchase intention within a live-streaming shopping context. Through a sample of 341 valid users, we found that 1) perceived risk has a negative effect on the consumer's purchase intention; 2) the streamer's credibility partially mediates the relationship between perceived risk and purchase intention; and 3) the interactivity is positively associated with purchase intention. These results provide possible insights into how environmental stimuli in the context of live-streaming shopping affect the consumer's perceived risk and purchase intention. |
| Keywords: | live streaming,perceived risk,purchase intention,credibility,media richness |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238054&r= |
| By: | Lara Ezquerra Guerra (Departamento de Economía de la Empresa, Universidad de las Islas Baleares); Joaquín Gómez Miñambres (Lafayette College & Economic Science Institute, Chapman University); Natalia Jimenez (Department of Economics, Universidad Pablo de Olavide & Middlesex University); Praveen Kujal (Department of Economics, University of Middlesex) |
| Abstract: | The implications of (public or private) pre-play communication and information revelation in a labour relationship is not well understood. We address these implications theoretically and experimentally. In our baseline experiments, the employer offers a wage to the worker who may then accept or reject it. In the public and private treatment, workers, moving first, make a non-binding private or public wage proposal. Our theoretical model assumes that wage proposals convey information about a worker’s minimum acceptable wage and are misreported with a certain probability. It predicts that, on average, wage proposals lead to higher wage offers and acceptance rates, with the highest wages under private proposals. While both, public and private, proposals increase efficiency over the baseline, private proposals generate higher worker incomes. Broad support for the theoretical predictions is found in the laboratory experiments. Our work has important implications for recent policies promoting public information on wage negotiations. We find that while wage proposals promote higher wages, efficiency, and income equality, public information on wage negotiations is likely to benefit firms more than workers. |
| Keywords: | wage negotiations, cheap talk, laboratory experiments, ultimatum game, wage proposals. |
| JEL: | C90 C72 J31 M52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:21.12&r= |
| By: | Gnecco Giorgio; Nutarelli Federico; Riccaboni Massimo |
| Abstract: | This work applies Matrix Completion (MC) -- a class of machine-learning methods commonly used in the context of recommendation systems -- to analyse economic complexity. MC is applied to reconstruct the Revealed Comparative Advantage (RCA) matrix, whose elements express the relative advantage of countries in given classes of products, as evidenced by yearly trade flows. A high-accuracy binary classifier is derived from the application of MC, with the aim of discriminating between elements of the RCA matrix that are, respectively, higher or lower than one. We introduce a novel Matrix cOmpletion iNdex of Economic complexitY (MONEY) based on MC, which is related to the predictability of countries' RCA (the lower the predictability, the higher the complexity). Differently from previously-developed indices of economic complexity, the MONEY index takes into account the various singular vectors of the matrix reconstructed by MC, whereas other indices are based only on one/two eigenvectors of a suitable symmetric matrix, derived from the RCA matrix. Finally, MC is compared with a state-of-the-art economic complexity index (GENEPY). We show that the false positive rate per country of a binary classifier constructed starting from the average entry-wise output of MC can be used as a proxy of GENEPY. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03930&r= |
| By: | Jens L. Hougaard (Department of Food and Resource Economics, University of Copenhagen); Juan D. Moreno-Ternero (Department of Economics, Universidad Pablo de Olavide); Lars P. Osterdal (Department of Economics, Copenhagen Business School) |
| Abstract: | We study the optimal management of evolving hierarchies of revenue-generating agents. The initiator invests into expanding the hierarchy by adding another agent, who will bring revenues to the joint venture and who will invest herself into expanding the hierarchy further, and so on. The higher the investments (which are private information), the higher the probability of expanding the hierarchy. An allocation scheme specifies how revenues are distributed, as the hierarchy evolves. We obtain schemes that are socially optimal and initiator-optimal respectively. Our results have potential applications for blockchain, cryptocurrencies, social mobilization and multi-level marketing. |
| Keywords: | Optimal allocation schemes; Hierarchies; Management; Nash equilibrium; Blockchain. |
| JEL: | C70 L24 M52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:21.15&r= |
| By: | Glyn Wittwer |
| Abstract: | The Global Bev Model is a partial equilibrium model of various wine types plus beer and spirits. This paper summarises four enhancements to the model. First, each still wine type is split into red and white. This is relevant in response to the prohibitive tariff imposed by China on Australian wine imports. Second, an on-premise sector is added to improve the depiction of wine consumption in the model. During COVID, lockdowns and social restrictions have resulted in marked reductions in hotel and restaurant activity, with a corresponding reduction in on-premise wine consumption. Now, the impacts on on-premise and off-premise can be analysed separately. Third, given the importance of interstate exports of wine from California to the rest of the nation, California is split from the rest of USA in the global model. Finally, a top-down module has been added to the model to capture sub-national impacts in Australia and sub-state impacts in California. |
| Keywords: | global wine modelling, tariff impacts, on-premise consumption |
| JEL: | C68 F17 Q17 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-319&r= |
| By: | Caucutt, E. M.; Guner, N.; Rauh, C. |
| Abstract: | The difference in marriage rates between black and white Americans is striking. Wilson (1987) suggests that a skewed sex ratio and higher rates of incarceration and unemployment are responsible for lower marriage rates among the black population. In this paper, we take a dynamic look at the Wilson Hypothesis. Incarceration rates and labor market prospects of black men make them riskier spouses than white men. We develop an equilibrium search model of marriage, divorce, and labor supply in which transitions between employment, unemployment, and prison differ by race, education, and gender. The model also allows for racial differences in how individuals value marriage and divorce. We estimate the model and investigate how much of the racial divide in marriage is due to the Wilson Hypothesis and how much is due to differences in preferences for marriage. We find that the Wilson Hypothesis accounts for more than three quarters of the model's racial-marriage gap. This suggests policies that improve employment opportunities and/or reduce incarceration for black men could shrink the racial-marriage gap. |
| Keywords: | Marriage, Race, Incarceration, Inequality, Unemployment |
| JEL: | J12 J J64 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2160&r= |
| By: | Sheridan Titman; Chishen Wei. Wei; Bin Zhao |
| Abstract: | We identify a group of “suspicious” firms that use stock splits—perhaps, along with other activities—to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their pre-split levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the post-split period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious splits. |
| JEL: | G12 G14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29212&r= |
| By: | Baranes, Edmond; Vuong, Cuong Hung |
| Abstract: | This paper investigates the impacts of the current roaming rules on domestic competition and welfare. We consider a model for two countries in which each country has two operators that compete in the retail market for access services and also in the wholesale market for roaming. We first derive equilibrium prices in the two markets when operators are not subjected to regulatory restrictions. We then introduce Roaming Like At Home (RLAH) obligation and show how retail tariffs and wholesale roaming charges can be sensitive to this regulatory regime. Since introducing a fair use clause in roaming regulation can be a tool to avoid permanent roaming, we study different cases depending on whether RLAH is acompagnied by a fair use safeguard or not. We emphazise the most interesting results, considering the role played by cost and demand asymmetries between operators and countries. |
| Keywords: | International roaming,mobile telecommunications,roaming like at home,fair use policy,interconnection |
| JEL: | L13 L51 L96 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238008&r= |
| By: | FUJITANI Ryosuke; HATTORI Masazumi; YASUDA Yukihiro |
| Abstract: | We empirically examine the effects of economic policy uncertainty (EPU) on the investment and cash holding behaviors of Japanese firms. We use the Japanese EPU index developed by Arbatli, Davis, Ito & Miyake (2019). They calculate the index based on the approach of Baker, Bloom & Davis (2016) as well as subcategories of EPU indices. We find that Japanese firms invest less and accumulate more cash when EPU becomes higher. We find that the uncertainty of fiscal and exchange rate policy are the key drivers of the negative impacts on corporate investment. However, we also find that exchange rate policy uncertainty only has short-term predictive power for investment. Additionally, we find that economic policy uncertainty in the US has negative spillover (contagion) effects on corporate investment in Japan. Our findings suggest that Japanese managers become more cautious in making investment decisions as a response to both higher US economic policy uncertainty and economic policy uncertainty in Japan. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21069&r= |
| By: | Agahari, Wirawan; Petronia, Masud; de Reuver, Mark |
| Abstract: | Many firms hesitate to share data via a Trusted Third Party (TTP) due to the risk of exposing sensitive information to competitors. Multi-party computation (MPC) is a cryptographic technology that removes the need for TTPs in data sharing, as it allows conducting computations without having to disclose the underlying datasets. While MPC could resolve certain data-sharing barriers, it is uncertain under what conditions business actors prefer MPC over TTP-based data sharing. This paper explores how MPC affects organizational willingness to share sensitive data for collective purposes, focusing on Internet-of-Things (IoT) data within supply chains. We conduct an online experiment on 106 participants representing decision-makers in logistics organizations. We find that participants are more willing to share sensitive data via MPC-based applications than conventional TTP applications. Also, MPC significantly increases participants' perception of trustworthiness and security while sharing sensitive data. However, we find no difference in relative advantage between the two applications. Our study implies that technologies like MPC could allow companies to directly share data without trusted third parties, thus leveling the playing field of the data economy. Hence, regulators and policymakers may consider MPC and related privacy-preserving technologies as a way to break the dominance of big tech corporations in the data economy. |
| Keywords: | multi-party computation,data sharing,willingness to share sensitive data,data economy |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238001&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Alex Adegboye (Covenant University, Ota, Ogun State, Nigeria); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria) |
| Abstract: | This study explores whether female economic inclusion enhances tax performance in a sample of 48 countries in Sub-Saharan Africa from 2000 to 2018. The study’s empirical evidence is based on the generalized method of moments in order to account for endogeneity concerns. Three tax performance measurements are used, notably, total taxes revenue excluding social contributions, reported tax revenue derived from natural resources sources, and total non-resource tax revenue. Three female inclusion indicators are used, namely, female employment in industry, female labour force participation, and female employment. The following empirical evidences are documented; (i) There is a negative net effect from the enhancement of female employment in the industry on the total tax revenue. (ii) There is a positive net effect of female employment in the industry on the non-resource taxes. An extended threshold analysis is performed to establish the critical masses that could further influence tax performance positively. The following thresholds are established. (i) a minimum of 15.35 “employment in industry, female (% of female employment)†for the total tax revenue and (ii) a maximum of 23.75 “employment in industry, female (% of female employment)†for the non-resource tax revenue. These critical masses are crucial for sustainable development because, below or beyond these thresholds, policymakers should complement the female economic inclusion with other economic measures designed to improve tax performance in Sub-Saharan Africa. |
| Keywords: | Gender, economic inclusion, tax performance, sustainable development, Africa |
| JEL: | H20 H71 I28 J08 J21 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/002&r= |
| By: | Cobb-Clark, Deborah A. (University of Sydney); Ho, Tiffany (ARC Centre of Excellence in Population Ageing Research (CEPAR)); Salamanca, Nicolás (Melbourne Institute of Applied Economic and Social Research) |
| Abstract: | We use quasi-experimental variation in the timing of national standardized test-score reports to estimate the causal impact of giving parents objective information about children's academic achievement. Releasing test scores leads to more modest perceptions of academic achievement and reduced school satisfaction. The use of private tutoring is increased, while extracurricular activities are reduced. Examining the underlying mechanisms, we show that is it public-school parents and parents of children receiving unexpectedly "bad" test scores who alter their perceptions. Learning that a child scores above the national average raises perceived academic achievement and time devoted to education, while reducing leisure time. |
| Keywords: | parental investments, test-score information, parental perceptions, overconfidence |
| JEL: | I21 J13 D10 D90 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14663&r= |
| By: | , JurnalBukitPengharapan |
| Abstract: | The purpose of this study was to determine and analyze the effect of the role of price, testimonials and word of mouth (WOM) on consumer interest in MS GLOW products. This type of research uses descriptive quantitative. The data used are primary data using a questionnaire. The research sample was respondents, amounting to 152 people. The dependent variable is consumer interest with 5 indicators. And the independent variables in this study are price, testimonials, and word of mouth (WOM). The data analysis used was multiple linear regression analysis. The results showed that the variable price and word of mouth (WOM) had a significant effect on consumer interest, while testimonials had no effect on consumer interest in MS GLOW products. |
| Date: | 2021–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:5q7t3&r= |
| By: | Polito, Fiorenzo |
| Abstract: | The set of Italian organisations and associations engaged in international development cooperation and humanitarian aid activities in Italy is characterised by an extreme complexity and variety. This work aims to trace a historical reconstruction of the Italian panorama of non-governmental organizations, otherwise known by the acronym of NGOs, from the 1960s up to 2020. In approaching the study of development cooperation in Italy, one cannot in fact ignore NGOs: they represent one of the most peculiar aspects of Italian international cooperation, that is, a "solidarity from below" that has its roots in Catholic and secular cultural dimensions. Only later did the government open spaces of operation by recognising on a legal level the personal commitment of citizens and their organisational forms - to then assume the direct management of interventions and of the same cooperation. This analysis, which is part of a broader doctoral research work that analyses the evolution of the organisational models adopted by NGOs in Italy, aims at responding to a double need: on the one hand, the need to reconstruct the evolutionary history of the archipelago international cooperation and solidarity organisations to understand their working methods, functioning mechanisms, as well as internal dynamics of change; on the other hand, the need to transmit the historical memory of women and men whose personal life is deeply intertwined with their professional one and who have devolved their work commitment to the many themes of international solidarity. These people have in fact seen the birth and growth of international solidarity initiatives of Italian civil society, accompanying the processes of development and transformation and thus accumulating a knowledge capital of considerable importance and scope, which however often does not find channels to be transmitted. What emerges from this narrative is a story of political, financial and organisational changes involving institutions and civil society. Sharing the spirit and the need to know, understand and know in order to orient oneself, this contribution represents a necessary prelude to a longer reflection that will help to systematise and articulate the evolution of international cooperation and solidarity organisations in Italy. |
| Keywords: | NGOs; international cooperation; aid; civil society; Italy |
| JEL: | F35 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109647&r= |
| By: | Roos, Michael W. M.; Reale, Jessica; Banning, Frederik |
| Abstract: | This agent-based model contributes to a theory of corporate culture in which company performance and employees' behaviour result from the interaction between financial incentives, motivational factors and endogenous social norms. Employees' personal values are the main drivers of behaviour. They shape agents' decisions about how much of their working time to devote to individual tasks, cooperative, and shirking activities. The model incorporates two aspects of the management style, analysed both in isolation and combination: (i) monitoring efforts affecting intrinsic motivation, i.e. the firm is either trusting or controlling, and (ii) remuneration schemes affecting extrinsic motivation, i.e. individual or group rewards. The simulations show that financial incentives can (i) lead to inefficient levels of cooperation, and (ii) reinforce value-driven behaviours, amplified by emergent social norms. The company achieves the highest output with a flat wage and a trusting management. Employees that value self-direction highly are pivotal, since they are strongly (de-)motivated by the management style. |
| Keywords: | Values,social norms,remuneration systems,intrinsic motivation,monitoring,agent-based modelling |
| JEL: | D24 D91 J22 M52 M54 Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:917&r= |
| By: | Axenbeck, Janna; Niebel, Thomas |
| Abstract: | Although information and communication technologies (ICT) consume energy themselves, they are considered to have the potential to improve overall energy efficiency within economic sectors. While previous empirical evidence is based on aggregated data, this is the first large-scale empirical study on the relationship between ICT and energy efficiency at the firm level. For this purpose, we employ administrative panel data on 28,734 manufacturing firms from German Statistical Offices of the Federation and the Federal States collected between 2009 and 2017. Using software capital intensity as an indicator for the firm-level degree of digitalization, we analyze whether an increase thereof relates to energy efficiency improvements. Results confirm the statistically significant negative link between software capital and energy use. However, the relationship is highly inelastic and does not suggest economic relevance. Therefore, we conclude that effects of ICT on energy use are not large enough to substantially improve energy efficiency. |
| Keywords: | Digitalization,ICT,Firm Level,Energy Efficiency |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238007&r= |
| By: | Jain, Neha; Goli, Srinivas |
| Abstract: | India is on the edge of a demographic revolution with a rapidly rising working-age population. For the first time in this study, we investigate the role of the rising working-age population on per capita small savings in post offices and banks net of socio-economic characteristics using state-level panel data compiled from multiple sources for the period 2001-2018. Our comprehensive econometric assessment with multiple robustness checks provide three key findings: (1) Per capita private savings is increasing because of India’s growing working-age population, thus the ‘economic life cycle hypothesis’ is supported. (2) The demographic factors contribute around one-fourth of the per capita private savings inequality across Indian states. (3) The demographic window of economic opportunity for India can yield maximum benefits in terms of private savings when accompanied by favourable socio-economic policies on education, health, gender equity, and economic growth. |
| Keywords: | Demographic change, Working age population, Private savings, Life cycle hypothesis, State-level analysis |
| JEL: | J1 J11 O1 O15 O16 |
| Date: | 2021–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109561&r= |
| By: | Orrensalo, Thao; Nikou, Shahrokh |
| Abstract: | Digitalisation and its impact on businesses - including access to information through digital sources - have been rapidly recognised from different research disciplines. Digitalisation helps entrepreneurs to gather and manage information, to create intensive resources, to reduce transaction costs, and to gain rapid access to the flow of information. A growing demand and use of digital information sources, especially in the midst of the COVID-19 pandemic. indicate a need for further investigation of the effect of digitalisation on changing and transforming entrepreneurs' information-seeking behaviours (ISBs), opportunities, and challenges. Furthermore, the concept of critical -21st-century skills has been found to be crucial to the effectiveness of digital transformation in the entrepreneurship field. From this perspective, this paper carries out a systematic literature review on the research conducted on digitalisation and entrepreneurs' information-seeking behaviours. Through this systematic literature review, this paper seeks answers to two objectives: (i) to review previous studies on digitalisation and ISBs within the entrepreneurship literature and on understanding the relation between these two concepts, and (ii) to assess the role of critical -21st-century skills on entrepreneurs' decision regarding information source selection. The review was conducted in three main phases: planning the review, conducting the review, and reporting the review. In the first step, we defined the inclusion and exclusion criteria. With the specific search terms, the selection included academic English publications for the period 1990-2020. Based on the criteria, three main databases - Web of Science, Scopus, and Ebsco - were searched, and in total 745 publications were retrieved. After removing duplicate and irrelevant articles, the final dataset included 39 articles. We then reviewed the articles and classified them into five main themes for further analysis. The themes were (i) entrepreneurs' information sources/services, (ii) entrepreneurs' -21st-century skills, (iii) entrepreneurs' access to information, (iv) entrepreneurs' environmental scanning, and (v) the ICT adoption behaviours of entrepreneurs. A future research agenda is also provided. |
| Keywords: | 21st-century skills,digitalisation,Entrepreneurship,Information source selection,Information-seeking behaviour,Systematic literature review |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238044&r= |
| By: | Tenbrock, Sebastian; Wernick, Christian |
| Abstract: | In Europe, alternative network operators have rolled out own FTTH networks in numerous regions. They often realise first mover advantages and thus dispose (at least for some time) of superior infrastructures. In comparison to copper infrastructures of incumbent operators, most alternative networks are not subject to access regulation (as long as they are not subsidised by state-aid programs or the network operator is deemed as SMP operator). Against this backdrop, the decision to offer wholesale products to third parties represents a business decision depending on various factors. The objective of this paper is to investigate the state of development of the market for alternative FTTH wholesale services in five European countries (Austria, Denmark, Germany, Sweden, and Switzerland). It aims to identify drivers and barriers and to identify common patterns in the countries under observation. Furthermore, we give some recommendations on policy measures which might help to remove existing barriers and further wholesale on alternative networks. We apply a case study approach, which builds on primary and secondary research including interviews with market experts from business and policy. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238056&r= |
| By: | Theresa Hager (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Ines Heck (University of Greenwich, Great Britain); Johanna Rath (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria) |
| Abstract: | We examine parallels and differences in the analyses of societal transition by Karl Polanyi and Joseph A. Schumpeter. We argue that although their understanding of historical processes differs – transformational-political vs. evolutionary-natural – the central mechanism of change they describe is the same. We identify three spheres essential to both authors’ works: the economic, the political and the socio-cultural sphere. Polanyi and Schumpeter describe an expansion of the economic sphere culminating in a subordination of the other parts of society. In capitalism this dominance stems from capitalism’s emergence as well as the concept of competition. The consequence is a profound change in societal relations. Changes in the socio-cultural sphere in turn produce changes in the political sphere that bring about detrimental consequences for democracy. In our paper we carve out the similarities as well as the differences in the respective theories, clarify the role competition plays therein and discuss the consequences for the political process. We adopt an analytical framework that puts the nearly analogous mechanism of change in the centre. This in turn enables us to make use of the complementarity and to gain valuable insights on the interdependence of capitalism and democracy that can inform trends and phenomena that are currently observed. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:128&r= |
| By: | Knowles, Stephen; Servátka, Maroš; Sullivan, Trudy; Genç, Murat |
| Abstract: | We conduct a field experiment to test the non-monotonic effect of deadline length on task completion. Participants are invited to complete an online survey in which a donation goes to charity. They are given either one week, one month or no deadline to respond. Responses are lowest for the one-month deadline and highest when no deadline is specified. No deadline and the one-week deadline feature a large number of early responses, while providing a one-month deadline appears to give people permission to procrastinate. If they are inattentive, they might forget to complete the task. |
| Keywords: | deadlines; task completion; charitable tasks; charitable giving; inattention; procrastination; forgetting; field experiment |
| JEL: | C9 C93 D03 D64 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109501&r= |
| By: | Paloma Taltavull de La Paz; Magdalena Teska; Francisco Juárez Tárraga; Raúl Pérez |
| Abstract: | This paper analyses the differences on housing poverty across EU countries. By using EU-Silc data base, the metrics of housing poverty are estimated by country during 2005-2019. The paper analyses different aspects of housing poverty as the incidence, the relationship with poverty, the tenure effect on this type of poverty and the relationship with the household type. By using panel data methodology, the paper explores the housing-related reasons to explain the poverty likelihood in the 27 EU countries. |
| Keywords: | Housing Poverty; Panel Method |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_71&r= |
| By: | Do Manh Thai; Duong, Dang; Falch, Morten; Chung Bui Xuan; Tran Thi Anh Thu |
| Abstract: | Due to rapid technological changes, governments in developing countries have paid special attention to sustainability. However, understanding insights into the sustainability of telecentres remains an open question. This paper aims to fill this gap. We conducted a case study in Vietnam by using both qualitative and quantitative data. We used the Kumar and Best's (2006) model as our theoretical lens to analyse the sustainability of telecentres in Vietnam. The paper finds that telecentres have shifted their concept to provide a wide range of services, both online and offline. The paper indicates that technological, political, and social sustainability are important for the sustainability of telecentres. The paper recommends that we should take the role of state-owned enterprises and the digital transformation at telecentres into consideration to sustain telecentres. Furthermore, the paper indicates the mutual relation between political and technical sustainability with social sustainability that has not been yet unveiled in the prior literature. |
| Keywords: | telecentres,cultural-post offices (CPOs),sustainability,digital transformation,Vietnam |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238017&r= |
| By: | Belgin Akcay; Mert Akyuz; Çan Karul |
| Abstract: | Since housing is one of the most expensive commodities in Turkey as in many countries, credit and housing markets are closely linked. However, based on the literature review in this study there is no research on the relationship of credit with house price for Turkey. Thus, the study aims at examining whether there is a causal relationship between mortgage credit and house price in Turkey. For achieving this aim, we apply four causality tests for the period between 2010 and 2020 at monthly frequency: Granger causality tests, Toda-Yamamoto causality tests, Granger causality tests with Fourier approach, and Toda-Yamamoto causality tests with Fourier approach. The findings of the empirical analysis show that there is a strong one-way causality between house prices and mortgage credit and that the direction of the causality is from credit to house prices. The results of all the different causality tests reach to the identical results. |
| Keywords: | Covid-19 pandemic; House Prices; Mortgage Loan |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_28&r= |
| By: | Ueda, Masashi |
| Abstract: | In recent years, mergers between communications companies have been progressing especially in mobile carriers' market. Regulatory authorities are worried about increasing consolidations and less competition, and have decided to impose conditions on the mergers or even disapprove them. In many cases, just before the generation change, the competitively inferior operators sell their business and exit the market because of the cost of acquiring spectrum. The concern of the regulators is cases such as Ireland and Austria, where ARPU rose because the competitive environment became milder due to mergers between MNOs. On the other hand, in Germany, where measures to promote competition after the merger (reallocating part of the new company's spectrum to other companies, leasing out 20% to 30% of its capacity, etc.) were effective, ARPU did not increase. On the other hand, when a window for new spectrum acquisition opens, new entrants may join the market. In the fifth generation (5G), Dish in the US, 1&1 Drillisch in Germany, and Rakuten in Japan took advantage of the opportunity to enter the market. In the case of Drillisch and Rakuten, they acquired spectrum and/or licenses in 2019 with the expectation of migrating existing customers from MVNOs to MNOs. (...) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238058&r= |
| By: | Li, Xun (Wuhan University); Lai, Weizheng (University of Maryland); Wan, Qianqian (Wuhan University); Chen, Xi (Yale University) |
| Abstract: | In response to the outbreak of coronavirus disease 2019 (COVID-19), there have been substantial variations in policy response and performance for disease control and prevention within and across nations. It remains unclear to what extent these variations may be explained by bureaucrats' professionalism, as measured by their educational background or work experience in public health or medicine. To investigate the effects of officials' professionalism on their response to and performance in fighting the COVID-19 pandemic, we collect information from the résumés of government and Party officials in 294 Chinese cities, and integrate this information with other data sources, including weather conditions, city characteristics, COVID-19-related policy measures, and health outcomes. We show that, on average, cities whose top officials had public health or medical backgrounds (PHMBG) had significantly lower infection rates than cities whose top officials lacked such backgrounds. We test the mechanisms of these effects and find that cities whose officials had PHMBG implemented community closure more rapidly than those lacked such backgrounds. Our findings highlight the importance of professionalism in combating the pandemic. |
| Keywords: | COVID-19, professionalism, public health background, medical background, policy response |
| JEL: | I18 H12 H75 P41 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14710&r= |
| By: | Marielle Non (CPB Netherlands Bureau for Economic Policy Analysis); Milena Dinkova; Ben Dahmen |
| Abstract: | People with low digital skills relatively often do not have a paid job, and if they do, they earn a relatively low hourly wage. Those are the most important findings of CPB research based on a newly constructed dataset combining digital skills with labor market outcomes. About a quarter of Dutch people aged between 16 and 65 does not reach a basic digital skills level. This implies that people find it hard to use email or internet and to process digital information. Based on our analysis, people who do not reach this basic digital skills level have a significantly lower hourly wage than people with good digital skills, even if we correct for background characteristics such as age, gender, educational level, literacy and numeracy. We also find that people with low digital skills relatively often do not have a paid job making them financially dependent on state benefits or a partner with a paid job. In general, people with low digital skills are older, more often female and have a low education level. Relatively often, those people are not born in the Netherlands, and they have low literacy and numeracy skills. Want to know more about people with low digital skills? Then read this ESB article (in Dutch) in which we further discuss the findings of this research. |
| JEL: | J24 J31 C21 C83 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:419&r= |
| By: | Johannes M. Bos (American Institutes for Research, USA); Akib Khan (Uppsala University, Sweden); Saravana Ravindran (Lee Kuan Yew School of Public Policy, National University of Singapore); Abu S. Shonchoy (Department of Economics, Florida International University) |
| Abstract: | Can governments leverage existing service-delivery platforms to scale early childhood development (ECD) programs? We experimentally study a large-scale home-visiting intervention providing materials and counseling -integrated into Bangladesh's national nutrition program without extra financial incentives for the service providers (SPs). We find SPs partially substituted away from nutritional to ECD counseling. Intent-to-treat estimates show the program improved child's cognitive (0.17 SD), language (0.23 SD), and socio-emotional developments (0.12-0.14 SD). Wasting and underweight rates also declined. Improved maternal agency, complementary parental investments, and higher take-up of the pre-existing nutrition program were important mechanisms. We estimate a sizeable internal rate-of-return of 19.6%. |
| Keywords: | Early childhood development, Human capital formation, Bangladesh |
| JEL: | J13 J24 I25 H11 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fiu:wpaper:2115&r= |
| By: | Fabio Canova; Filippo Ferroni |
| Abstract: | This paper describes a package which uses MATLAB functions and routines to estimate VARs, local projections and other models with classical or Bayesian methods. The toolbox allows a researcher to conduct inference under various prior assumptions on the parameters, to produce point and density forecasts, to measure spillovers and to trace out the causal effect of shocks using a number of identification schemes. The toolbox is equipped to handle missing observations, mixed frequencies and time series with large cross-section information (e.g. panels of VAR and FAVAR). It also contains a number of routines to extract cyclical information and to date business cycles. We describe the methodology employed and implementation of the functions with a number of practical examples. |
| Keywords: | VARs; Local Projections; Bayesian Inference; Identification; Forecasts; Missing Values; Filters and Cycles; MATLAB |
| JEL: | E52 E32 C10 |
| Date: | 2021–09–04 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedhwp:93029&r= |
| By: | Speer, Jamin D. (University of Memphis) |
| Abstract: | More than two-thirds of STEM jobs are held by men. This paper provides a detailed analysis of the STEM pipeline from high school to mid-career in the United States, decomposing the gender gap in STEM into six stages. By far the most important stages are the initial college major choice and the college-to-career transition. Men are far more likely than women to start in a STEM major, especially among those who are the most prepared for STEM upon entry. This alone accounts for 57% of the total gender gap in STEM careers. After college, male STEM graduates are far more likely to be found in a STEM job, accounting for 44% of the overall gap. Women who start in STEM majors are also less likely to graduate in STEM (accounting for 16%), while the gap in pre-college STEM-readiness is a small factor (8%). Women attend college at much higher rates than men, which works to reduce the final gender gap in STEM (-14%). The pipeline to STEM jobs is complex, and focusing only on the college experience or only on the labor market misses a large part of the overall story of women in STEM. |
| Keywords: | STEM, gender gaps, college major |
| JEL: | J01 J15 J16 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14676&r= |
| By: | Pietro Ortoleva; Evgenii Safonov; Leeat Yariv |
| Abstract: | Goods and services---public housing, medical appointments, schools---are often allocated to individuals who rank them similarly but differ in their preference intensities. We characterize optimal allocation rules when individual preferences are known and when they are not. Several insights emerge. First-best allocations may involve assigning some agents "lotteries" between high- and low-ranked goods. When preference intensities are private information, second-best allocations always involve such lotteries and, crucially, may coincide with first-best allocations. Furthermore, second-best allocations may entail disposal of services. We discuss a market-based alternative and show how it differs. |
| JEL: | C78 D02 D47 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29208&r= |
| By: | Knowles, Stephen; Servátka, Maroš; Sullivan, Trudy; Genç, Murat |
| Abstract: | We conduct a field experiment to test the non-monotonic effect of deadline length on task completion. Participants are invited to complete an online survey in which a donation goes to charity. They are given either one week, one month or no deadline to respond. Responses are lowest for the one-month deadline and highest when no deadline is specified. No deadline and the one-week deadline feature a large number of early responses, while providing a one-month deadline appears to give people permission to procrastinate. If they are inattentive, they might forget to complete the task. |
| Keywords: | deadlines; task completion; charitable tasks; charitable giving; inattention; procrastination; forgetting; field experiment |
| JEL: | C93 D03 D64 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109484&r= |
| By: | Jushan Bai; Serena Ng |
| Abstract: | Pervasive cross-section dependence is increasingly recognized as an appropriate characteristic of economic data and the approximate factor model provides a useful framework for analysis. Assuming a strong factor structure, early work established convergence of the principal component estimates of the factors and loadings to a rotation matrix. This paper shows that the estimates are still consistent and asymptotically normal for a broad range of weaker factor loadings, albeit at slower rates and under additional assumptions on the sample size. Standard inference procedures can be used except in the case of extremely weak loadings which has encouraging implications for empirical work. The simplified proofs are of independent interest. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03773&r= |
| By: | FUKAI Taiyo; ICHIMURA Hidehiko; KITAO Sagiri; MIKOSHIBA Minamo |
| Abstract: | This paper analyzes individuals' medical expenditure risks over the life-cycle and roles of the national health insurance system using nationwide administrative data of health insurance claims (NDB) in Japan. Health shocks are highly persistent and estimated distribution of lifetime medical expenditures varies greatly with the assumed order of persistence. We build a structural life-cycle model for males and females, and single and married households with different labor productivity and assets, and quantify economic and welfare effects of medical expenditure risks and the insurance system. The national health insurance characterized by age-dependent copay rates and progressive out-of-pocket ceilings protects households from expenditure risks well, and has significant effects on their life-cycle savings. Responses to health insurance reform are highly heterogeneous. In response to lower benefits, high-income households turn to self-insurance and increase savings, while low-income households reduce savings and consumption and many of them become recipients of welfare transfers. Welfare effects of such a reform also vary across households and low-income and unhealthy households fare worse than the average. We also show that effects of health insurance reform depend on the generosity of other welfare programs and differ across households. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21073&r= |
| By: | Tolulope T. Osinubi (Obafemi Awolowo University, Ile-Ife, Nigeria); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | This study examines the effect of globalization on female economic participation (FEP) in MINT (Mexico, Indonesia, Nigeria & Turkey) and BRICS (Brazil, Russia, India, China & South Africa) countries between 2004 and 2018. Four measures of globalization are employed and sourced from KOF globalization index, 2018, while the female labour force participation rate is a proxy for FEP. The empirical evidence is based on Pooled Mean Group (PMG) estimators. The findings of the PMG estimator from the Panel ARDL method reveal that political and overall globalization in MINT and BRICS countries have a positive impact on FEP, whereas social globalization exerts a negative impact on FEP in the long-run. It is observed that economic globalization has no long-run effect on FEP. Contrarily, all the measures of globalization posit no short-run effect on FEP in the short-run. This supports the argument that globalization has no immediate effect on FEP. Thus, it is recommended that both MINT and BRICS countries should find a way of improving the process of globalization generally to empower women to be involved in economic activities. This study complements the extant literature by focusing on how globalization dynamics influence FEP in the MINT and BRICS countries. |
| Keywords: | Globalization; female; gender; labour force participation; MINT and BRICS countries |
| JEL: | E60 F40 F59 D60 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/004&r= |
| By: | Denis Kojevnikov; Kyungchul Song |
| Abstract: | There have appeared in the literature various approaches of inference for models with cluster dependence with few clusters, where the dependence structure within each cluster is unknown. These approaches are all different from the "standard" approach of asymptotic inference based on an asymptotically pivotal test. One may wonder whether it is possible to develop a standard asymptotic inference in this situation. To answer this question, we focus on a Gaussian experiment, and present a necessary and sufficient condition for the cluster structure that the long run variance is consistently estimable. Our result implies that when there is at least one large cluster, the long run variance is not consistently estimable, and hence, the standard approach of inference based on an asymptotically pivotal test is not possible. This impossibility result extends to other models that contain a Gaussian experiment as a special case. As a second focus, we investigate the consistent discrimination of the common mean from a sample with cluster dependence. We show that when the observations consist of large clusters, it is necessary for the consistent discrimination of the mean that the sample has at least two large clusters. This means that if one does not know the dependence structure at all, it is not possible to consistently discriminate the mean. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03971&r= |
| By: | Berger, Axel; Dadkhah, Ali; Olekseyuk, Zoryana |
| Abstract: | This article introduces a new and unique dataset for measuring the adoption of investment facilitation measures at country level. The Investment Facilitation Index (IFI) covers 117 individual investment facilitation measures, clustered in six policy areas, and maps their adoption for 86 countries. This article presents the conceptual and methodological background of the IFI and provides a first analysis of the level of adoption of investment facilitation measures across countries participating in the investment facilitation for development negotiations in the World Trade Organization (WTO). Our dataset reveals novel insights. Countries which have lower levels of adoption belong to the low-income and lower-middle-income country group and are often located in Africa, the Middle East and to some extent Latin America and the Caribbean. The strong correlation between FDI and the IFI score shows that countries with the lowest levels of FDI, and thus in need of policy tools to attract FDI, have the lowest levels of adoption when it comes to investment facilitation measures. Our dataset has direct relevance for current policy discussions on investment facilitation for development in the WTO but also for domestic-level policy-making. Furthermore, the IFI provides the basis for a future research agenda to assess the design and impact of a future WTO agreement. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:diedps:232021&r= |
| By: | Salisu, Afees; Ogbonna, Ahamuefula; Oloko, Tirimisiyu |
| Abstract: | This study examines the effect of a pandemic-induced uncertainty on cryptocurrencies (specifically, Bitcoin, Ethereum and Ripple). It employs a predictive model by Westerlund and Narayan (2012, 2015) to examine the predictability of a pandemic-induced uncertainty as a predictor, as well as the forecast performance of our predictive model for cryptocurrency returns. We examine the role of asymmetry in uncertainty and the sensitivity of our results to alternative measures of uncertainty due to pandemics, using the recently developed Global Fear Index (GFI) by Salisu and Akanni (2020). Our results indicate that cryptocurrencies could act as hedge against uncertainty due to pandemics, albeit with reduced hedging effectiveness in the COVID-19 period. Accounting for asymmetry is found to improve the predictability and forecast performance of the model, which indicates that failure to account for asymmetry in modeling the effect of a pandemic-induced uncertainty on cryptocurrency may lead to incorrect conclusion. The results seem to be sensitive to the choice of measure of pandemic-induced uncertainty. |
| Keywords: | COVID-19; Cryptocurrency; Distributed Lag Model; Pandemic; Uncertainty |
| JEL: | C5 G1 |
| Date: | 2020–07–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109597&r= |
| By: | Peter Parlasca; Vincent Tronet |
| Abstract: | Among the housing statistics published by Eurostat, housing price statistics are available for more than a decade. However, house sales statistics in number and value of transactions are publicly available only since summer 2020 capturing quarterly information for many European countries at least since 2015. Housing statistics are key for policy makers but also for households due to their economic and social importance. In the surveillance of the COVID 19 impact on economic activities, housing prices did not yet show a huge impact of the economic downturn in many countries. In contrast, house sales indicated a slowdown of housing market activities. Consequently, these indicators are essential for analyzing crisis developments. During the ERES conference begin June 2021 the data for all the quarters in 2020 will be available in the Eurostat database encompassing house sales indicators for 24 European countries. Every quarter, Eurostat publishes the following indicators: house prices with a breakdown for new and existing dwellings, owner occupiers housing price indices, numbers and volumes of house sales. These indicators support not only medium and long-term analyses of this key sector of the economy but in addition allow monitoring crisis effects. The presentation provides a preliminary analysis for European countries and will guide to find the requested information on the Eurostat website which is free of charge and can be consulted on https://ec.europa.eu/eurostat/. |
| Keywords: | crisis monitoring; Housing Markets; housing statistics; new housing data |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_38&r= |
| By: | Tjaden, Jasper Dag; Heidland, Tobias |
| Abstract: | In 2015, German Chancellor Angela Merkel decided to allow over a million asylum seekers to cross the border into Germany. One key concern at the time was that her decision would signal an open-door policy to aspiring migrants worldwide - thus, increasing migration to Germany in the long-term. With the continued global rise in forced displacement, Merkel's decision in 2015 provides a unique case study for the fundamental question of whether welcoming migration policies have sustained effects on migration towards destination countries. We analyze an extensive range of data on migration inflows, intentions, and interest between 2000 and 2020. The results reject the 'pull effect' hypothesis while reaffirming states' capacity to adapt to changing contexts and regulate migration. |
| Keywords: | migration,migration policy,asylum and refugee policy,policy signaling,pull effects |
| JEL: | F22 F68 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2194&r= |
| By: | Hasbi, Maude; Bohlin, Erik |
| Abstract: | Based on a unique and exhaustive database, including micro-level cross-sectional data on 23 million observations over nine years, from 2009 to 2017, we assess whether broadband quality has an impact on income and unemployment reduction. Overall, the results do not show any significant effect of download speed on either income or the unemployment rate. However, after distinguishing between educational attainment and the city size, we obtained heterogeneous results. While we highlight a substitution effect between low-skilled workers and broadband in smaller cities, we also show that broadband quality has a positive impact on unemployment reduction for low-skilled workers in bigger cities. However, the model predicts a negative effect of broadband quality on both the median income and the unemployment rate in areas having a higher proportion of college graduates. This result tends to support the analyses showing that, with the progress made in machine learning, artificial intelligence and the increasing availability of big data, job computerization is expanding to the sphere of high-income cognitive jobs. |
| Keywords: | Broadband Quality,Fibre,Income,Unemployment,Artificial Intelligence |
| JEL: | L13 L50 L96 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238026&r= |
| By: | Jason Bram; Joelle Scally |
| Abstract: | As we mourn the tragic losses of the 9/11 attacks twenty years on, we thought it would be appropriate to re-examine the remarkable resilience New York City’s economy has shown over the years—a resilience that is once again being tested by the ongoing COVID-19 pandemic. In this Liberty Street Economics post, we look at how Lower Manhattan, in particular, has changed since that tragedy on a number of dimensions, and use that as a framework to think about how the city might change as a result of the COVID pandemic. |
| Keywords: | New York City |
| JEL: | R10 |
| Date: | 2021–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93045&r= |
| By: | Jakub Grossmann |
| Abstract: | This paper analyzes employment effects of four minimum wage increases implemented in the Czech Republic during 2012–2017, which cumulatively increased the national minimum wage by 37 percent. We analyze outcomes at the level of firm-occupation-county-specific job cells and apply an intensity-treatment estimator similar to that of Machin et al. (2003). Our preferred specifications suggest that minimum wage increases led to higher wages for low-paid workers and did not have significant impacts on their employment. |
| Keywords: | Czech Republic, job cells, minimum wage, treatment intensity |
| JEL: | J31 J38 J68 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2021/2&r= |
| By: | J. Scott Davis; Eric van Wincoop |
| Abstract: | We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC). The multi-country model features global risk-aversion shocks and heterogeneity of investors both within and across countries. Within-country heterogeneity is needed to account for the drop in gross capital flows during a negative GFC shock (higher global risk-aversion). Cross-country heterogeneity is needed to account for the differential vulnerability of countries to a negative GFC shock. The key vulnerability is associated with leverage. In both the data and the theory, leveraged countries (net borrowers of safe assets) deleverage through negative net outflows of risky assets and positive net outflows of safe assets, experience a rise in the current account and a greater than average drop in risky asset prices. The opposite is the case for non-leveraged countries (net lenders of safe assets). |
| JEL: | F30 F40 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29217&r= |
| By: | Massimo Mariani; Alessandra Caragnano; Francesco d'Ercole; Marianna Zito; Paola Amoruso |
| Abstract: | Across the years, environmental consequences deriving from climate change and disruptive natural catastrophes are taking the lead in the governments’ agenda in order to mitigate the effect of environmental degradation. In this framework, the so called “climate risk” and its implication on financial markets are, basically, the object of a huge analysis and increasing interest of financial market players and in particular academics and practitioners has paid deep attention to the climate change implication on real estate market, conceived as one of the most affected from climate risk. In this scenario, this work aims at exploring the relationship between the volatility in weather-related patterns across the time and its implication in real estate returns, taking into account the existing gap between national real estate markets. The ambitious goals of this research are to provide a contribution to the existing literature on the hot debate towards the aforementioned relation and its implication on an investor perspective and to evaluate practices which allow to consider differences in that impact across different time horizons. |
| Keywords: | Climate Change; Climate Risk; natural disaster; real estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_100&r= |
| By: | Mark Whitmeyer |
| Abstract: | This paper investigates stochastic continuous time contests with a twist: the designer requires that contest participants incur some cost to submit their entries. When the designer wishes to maximize the (expected) performance of the top performer, a strictly positive submission fee is optimal. When the designer wishes to maximize total (expected) performance, either the highest submission fee or the lowest submission fee is optimal. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13506&r= |
| By: | Mitomo, Hitoshi; Otsuka, Tokio; Kamplean, Artima |
| Abstract: | This paper aims to analyze how and why Japan's new coronavirus contact tracking and tracing application has not been supported by people and in effect been ineffective in preventing the spread of infection of COVID-19. Ministry of Health, Labor and Welfare of Japan released COCOA on June 17, 2020. It has been expected to work as a platform for capturing people's close contact with infected persons. However, it is pointed out that COCOA is not working well enough despite its high expectations. In December 2019, a pneumonia case was reported in Wuhan, China. Within a few months a new infectious disease spread across the world. World Health Organization (WHO, 2020) reported in March 2020 that the disease was caused by a new virus called COVID-19. Since it takes a few days for the symptoms to appear, the virus spreads to close contacts. It is crucial to break the chain of transmission in order to cut off the route of infection. WHO suggested that contact tracing is one of the key strategies to break the chain of infection. In response to WHO advice, many countries have utilized a digital tool for tracing close contact and introduced a mobile application. The concept is to have each people install the application for monitoring its own activity. The application can trace the close contact either with the Global Positioning System (GPS) using satellites, or Bluetooth for wireless data exchange between devices. The application notifies a close contact with a person who develops symptoms once it is detected. It aims to reduce the transmission within a community, for instance, household contact, workplace, school, or public transportation. Since the application runs on the platform, network externality may work and then bring the best performance to society. That is, the more people download and the more patients register, the more effective the application will be. |
| Keywords: | COVID-19,contact confirmation,tracking and tracing,COCOA,network externality,privacy |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238040&r= |
| By: | Artur Dolgopolov (Department of Economics, European University Institute); Cesar Martinelli (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University) |
| Abstract: | We show that strategic market games, the non-cooperative implementation of a matching with transfers or an assignment game, are weakly acyclic. This property ensures that many common learning algorithms will converge to Nash equilibria in these games, and that the allocation mechanism can therefore be de- centralized. Convergence hinges on the appropriate price clearing rule and has di erent properties for better- and best-response dynamics. We tightly characterize the robustness of this convergence in terms of so-called schedulers for both types of dynamics. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:gms:wpaper:1084&r= |
| By: | Henning Hermes; Philipp Lergetporer; Frauke Peter; Simon Wiederhold |
| Abstract: | Children with lower socioeconomic status (SES) tend to benefit more from early child care, but are substantially less likely to be enrolled. We study whether reducing behavioral barriers in the application process increases enrollment in child care for lower-SES children. In our RCT in Germany with highly subsidized child care (n > 600), treated families receive application information and personal assistance for applications. For lower-SES families, the treatment increases child care application rates by 21 pp and enrollment rates by 16 pp. Higher-SES families are not affected by the treatment. Thus, alleviating behavioral barriers closes half of the SES gap in early child care enrollment. |
| Keywords: | child care, early childhood, behavioral barriers, information, educational inequality, randomized controlled trial |
| JEL: | I21 J13 J18 J24 C93 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9282&r= |
| By: | Sanjay Dominik Jena; Andrea Lodi; Claudio Sole |
| Abstract: | The Random Utility Maximization model is by far the most adopted framework to estimate consumer choice behavior. However, behavioral economics has provided strong empirical evidence of irrational choice behavior, such as halo effects, that are incompatible with this framework. Models belonging to the Random Utility Maximization family may therefore not accurately capture such irrational behavior. Hence, more general choice models, overcoming such limitations, have been proposed. However, the flexibility of such models comes at the price of increased risk of overfitting. As such, estimating such models remains a challenge. In this work, we propose an estimation method for the recently proposed Generalized Stochastic Preference choice model, which subsumes the family of Random Utility Maximization models and is capable of capturing halo effects. Specifically, we show how to use partially-ranked preferences to efficiently model rational and irrational customer types from transaction data. Our estimation procedure is based on column generation, where relevant customer types are efficiently extracted by expanding a tree-like data structure containing the customer behaviors. Further, we propose a new dominance rule among customer types whose effect is to prioritize low orders of interactions among products. An extensive set of experiments assesses the predictive accuracy of the proposed approach. Our results show that accounting for irrational preferences can boost predictive accuracy by 12.5% on average, when tested on a real-world dataset from a large chain of grocery and drug stores. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03882&r= |
| By: | Ricarda Haffki |
| Abstract: | This research empirically examines cross-sectional property- and credit-risk determinants of credit spreads for commercial real estate senior loans. In contrast to previous studies, we exploit a new large data set of commercial real estate mortgages of German real estate banks concentrating on senior lending activities from 2015 to 2019. These mortgages have not been securitized into CMBS loans and thus, belong to the on-balance activities of the lenders. Our results are largely consistent with theoretical predictions. In particular, credit spreads are positively related to the cap rate, reflecting the property risk, and the loan-to-value ratio, reflecting the credit risk. In focusing on senior loans, we are able to place the results in a precise context of property- and mortgage-related impacts. |
| Keywords: | Commercial Real Estate Loans; Credit Spreads; Determinants of Loan Pricing; Relationship Lending |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_31&r= |
| By: | Qiuqi Wang; Ruodu Wang; Ricardas Zitikis |
| Abstract: | The Expected Shortfall (ES) is one of the most important regulatory risk measures in finance, insurance, and statistics, which has recently been characterized via sets of axioms from perspectives of portfolio risk management and statistics. Meanwhile, there is large literature on insurance design with ES as an objective or a constraint. A visible gap is to justify the special role of ES in insurance and actuarial science. To fill this gap, we study characterization of risk measures induced by efficient insurance contracts, i.e., those that are Pareto optimal for the insured and the insurer. One of our major results is that we characterize a mixture of the mean and ES as the risk measure of the insured and the insurer, when contracts with deductibles are efficient. Characterization results of other risk measures, including the mean and distortion risk measures, are also presented by linking them to different sets of contracts. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00314&r= |
| By: | Navarrete-hernandez, Pablo; Mace, Alan; Karlsson, Jacob; Holman, Nancy; Zorloni, Davide Alberto |
| Abstract: | The urgent need for housing in London will be met almost exclusively through building on brownfield sites. While Inner and suburban Outer London are both home to a range of brownfield sites, the politics of delivering new housing varies between the two. First, Outer London is built at significantly lower density and therefore densification has a more noticeable impact. Second, many residents in Outer London value living at lower density and will see densification as undermining that which they value. Third, homeownership is more common in Outer London and as housing is the most significant asset for most homeowners any threat to its value is likely to be strongly resisted. Our research tests whether design can positively impact both the perception and acceptability of densification. For this, we run a randomised control trial presenting 939 Outer London residents with simulated images representing different design features. We find that the effects of building design are limited and relate almost exclusively to low and medium density options. Our research shows that vernacular design can make some increase in density acceptable but for significantly higher density the influence of design declines. As density increases, the perception and acceptability of density are more influenced by people’s views on, for example, the extent of London’s housing crisis. This indicates that planners and politicians must reach beyond design and seek to better inform and persuade residents about housing need if the impasse on densification is to be overcome. |
| Keywords: | density; housing crisis; housing design; London; suburbs |
| JEL: | R14 J01 |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111820&r= |
| By: | Gijón, Covadonga; Albarrán Lozano, Irene; Molina, José Manuel |
| Abstract: | The present paper analyses the perception of innovation of individuals in Spain and the factors associated with it. Data from 2015 and 2018 about individuals from the Spanish surveys are used. The data include several measures of innovation perception, gender, age, educational level, and other socioeconomic and technical variables. The aim of this paper is to determine the perception of innovation, in its different aspects, of Spanish people. To this end, several ordered logit models have been developed to determine how much the socio-demographic characteristics and other aspects of innovation affect the perception of innovation. Results indicate that people have a better perception of innovation if they are training in innovation or have good Information and Communication Technology skills. Among the main results, there is evidence of a gender gap in the perception of innovation, as well as differences according to digital skills. |
| Keywords: | perception,innovation,survey data,ordered logit |
| JEL: | C21 C25 D12 D83 J24 L63 L86 L96 M15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238024&r= |
| By: | Apanasevic, Tatjana; Rudmark, Daniel |
| Abstract: | In the last decade, private companies have successfully used crowdsourcing to revolutionise mobility, while public transport companies are still mostly failing to utilise the benefits of crowdsourcing. The application of crowdsourcing in public transport is a new area of academic research, and research on crowdsourcing en route in real-time is missing. This research aims to address this gap, explore opportunities and challenges of this type of crowdsourcing, and conceptualise this phenomenon. The research is based on empirical data collected in five Northern European countries. Our research findings help identify areas where crowdsourcing en route can add value to public transport: new forms of communication, opportunities to communicate with third parties, and improved transit planning and optimisation. Identified challenges are related to behavioural change for users, a need to develop infrastructure to enable crowdsourcing en route, and financial rationalities. |
| Keywords: | Future of transportation,public transportation,emerging technologies,automated vehicles,crowdsourcing |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238005&r= |
| By: | Pinchbeck, Edward W.; Roth, Sefi; Szumilo, Nikodem; Vanino, Enrico |
| Abstract: | This paper uses the housing market to examine the costs of indoor air pollution. We focus on radon, a common indoor air pollutant which is the leading cause of lung cancer after smoking. For identification, we exploit a natural experiment whereby a risk map update in England induces exogenous variation in published pollution risk levels. We find a significant negative relationship between changes in published pollution risk levels and residential property prices. Interestingly, we do not find a symmetric effect for decreasing risk. We also show that the update of the risk map led higher socio-economic groups (SEGs) to move away from affected areas, attracting lower SEG residents via lower prices. Finally, we develop a new theoretical framework to account for preference based sorting, which allows us to calculate that the average willingness to pay to avoid the risk of indoor air pollution is 1.6% of a property price. |
| Keywords: | indoor air pollution; neighbourhood sorting; house prices; risk information; radon |
| JEL: | R21 Q53 H23 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111853&r= |
| By: | Alexander Groh; Cay Oertel |
| Abstract: | Securitized Real Estate is known for extreme return movements in secondary capital markets. Accordingly, the Gaussian assumption of normality has been empirically falsified for public equity positions including REITs. Thus, literature has intensified the research on Extreme Value Theory and Generalized Pareto Distributions for exceedances above a certain threshold. These observations in the tail of the return distribution can be empirically characterized by scale and shape parameters. Nonetheless, descriptive statistics are regularly enriched by inductive models to provide explanatory power of independent covariates. The central aim of the present study is the establishment of statistical significance between explanatory covariates to model scale and shape parameters statistically across time. Time-variant parameterization appears to be highly important, since empirical literature has shown volatility clustering, implying differently volatile market phases. |
| Keywords: | Extreme Value Theory; Generalized Additive Models; Risk Management; Tail Risk |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_37&r= |
| By: | Marcin P\k{e}ski |
| Abstract: | We study binary coordination games with random utility played in networks. A typical equilibrium is fuzzy -- it has positive fractions of agents playing each action. The set of average behaviors that may arise in an equilibrium typically depends on the network. The largest set (in the set inclusion sense) is achieved by a network that consists of a large number of copies of a large complete graph. The smallest set (in the set inclusion sense) is achieved on a lattice-type network. It consists of a single outcome that corresponds to a novel version of risk dominance that is appropriate for games with random utility. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13474&r= |
| By: | Saeed Marzban; Erick Delage; Jonathan Yumeng Li |
| Abstract: | Recently equal risk pricing, a framework for fair derivative pricing, was extended to consider dynamic risk measures. However, all current implementations either employ a static risk measure that violates time consistency, or are based on traditional dynamic programming solution schemes that are impracticable in problems with a large number of underlying assets (due to the curse of dimensionality) or with incomplete asset dynamics information. In this paper, we extend for the first time a famous off-policy deterministic actor-critic deep reinforcement learning (ACRL) algorithm to the problem of solving a risk averse Markov decision process that models risk using a time consistent recursive expectile risk measure. This new ACRL algorithm allows us to identify high quality time consistent hedging policies (and equal risk prices) for options, such as basket options, that cannot be handled using traditional methods, or in context where only historical trajectories of the underlying assets are available. Our numerical experiments, which involve both a simple vanilla option and a more exotic basket option, confirm that the new ACRL algorithm can produce 1) in simple environments, nearly optimal hedging policies, and highly accurate prices, simultaneously for a range of maturities 2) in complex environments, good quality policies and prices using reasonable amount of computing resources; and 3) overall, hedging strategies that actually outperform the strategies produced using static risk measures when the risk is evaluated at later points of time. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04001&r= |
| By: | Agarwala, M.; Burke, M.; Klusak, P.; Mohaddes, K.; Volz, U.; Zenghelis, D. |
| Abstract: | Both the physical and transition-related impacts of climate change pose substantial macroeconomic risks. Yet, markets still lack credible estimates of how climate change will affect debt sustainability, sovereign creditworthiness, and the public finances of major economies. We present a taxonomy for tracing the physical and transition impacts of climate change through to impacts on sovereign risk. We then apply the taxonomy to the UK's potential transition to net zero. Meeting internationally agreed climate targets will require an unprecedented structural transformation of the global economy over the next two or three decades. The changing landscape of risks warrants new risk management and hedging strategies to contain climate risk and minimise the impact of asset stranding and asset devaluation. Yet, conditional on action being taken early, the opportunities from managing a net zero transition would substantially outweigh the costs. |
| Keywords: | Sovereign debt, climate change, net zero, transition risk, productivity |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2163&r= |
| By: | Vasily Astrov (The Vienna Institute for International Economic Studies, wiiw); Serkan Çiçek (The Vienna Institute for International Economic Studies, wiiw); Mahdi Ghodsi (The Vienna Institute for International Economic Studies, wiiw); Branimir Jovanovic (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | Chart of the month Global trade expansion stalled even before the COVID-19 pandemic by Vasily Astrov Opinion Corner How to explain the deteriorating trend in Turkey’s economic performance? by Serkan Çiçek After an economic boom throughout the 2000s, Turkish growth has slowed markedly over the past decade, in tandem with a sharp currency depreciation. We argue that the main reasons for this are an overly high dependence on imports, the high level of foreign exchange indebtedness in the non-financial sector and increased authoritarianism. An improvement in economic performance would require a more active industrial policy, measures to be taken against currency mismatches and the creation of a safe investment environment. Is higher COVID-19 mortality hurting economic growth? by Branimir Jovanovic Countries that have had a higher death toll during the COVID-19 pandemic have experienced a steeper decline in GDP, even after accounting for other factors, such as the stringency of the restrictions imposed. This implies that a no-lockdown policy is also costly for the economy, because of the higher mortality it causes, and that until the pandemic is brought under control, economic activity is likely to remain anaemic. What do we know about the pharmaceutical companies producing vaccine for COVID-19? by Mahdi Ghodsi The COVID-19 pandemic has claimed many lives and has upset people’s existence, social norms and international economic patterns. However, coordinated efforts by governments, international organisations such as the World Health Organization (WHO) and pharmaceutical companies are starting to yield results. This article describes some features of the major producers of COVID-19 vaccines and of the pharmaceutical sector generally. Some of the firms own swathes of patents, possess large quantities of fixed intangible assets and have very high labour productivity, suggesting that they are very innovative. Monthly and quarterly statistics for Central, East and Southeast Europe |
| Keywords: | international trade, industrial production, globalisation, protectionism, economic growth, import requirement ratio, foreign loans, authoritarianism, economic growth, COVID-19 mortality, stringency index, COVID-19 vaccine, pharmaceutical sector, labour productivity, stock valuation |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:wii:mpaper:mr:2021-03&r= |
| By: | Harry ter Rele (CPB Netherlands Bureau for Economic Policy Analysis); Carolijn de Kok; Nicoleta Ciurila (CPB Netherlands Bureau for Economic Policy Analysis); Peter Zwaneveld (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | Pension premium rates and pension benefits are independent of age or family situation in the second pillar of the Dutch pension system. In a life cycle model calibrated on Dutch data we investigate the optimal arrangement of pension premiums and benefits taking into consideration two factors: the fact that incomes generally rise with age and the presence of children in the early years of the household. Our analysis points out that due to these factors lifetime welfare can be raised by a delay of pension premium payments towards later working ages. A lower pension ambition further enhances lifetime welfare. Taking these factors into consideration when designing the pension system increases lifetime welfare by an amount that equals a 3.4 percent increase in lifetime consumption if no borrowing constraints are imposed and 2.8 percent if, more realistically, we impose these constraints. Family size (i.e. number of children) has a large impact on optimal pension premiums and optimal pension ambition. Policy conclusions from our results should carefully weigh the calculated welfare gain against possible negative and positive effects of non-modelled aspects. |
| JEL: | D91 G11 G23 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:421&r= |
| By: | Carlos Alós-Ferrer; Johannes Buckenmaier |
| Abstract: | Democratic societies have been increasingly confronted with extreme, knife-edge election outcomes that affect everybody’s lives and contribute to social instability. Even if political compromises based on social conventions as equity or economic arguments as efficiency are available, polarized societies might fail to select them. We demonstrate that part of the problem might be purely technical and, hence, potentially solvable. We study different voting methods in three experiments (total N = 5, 820), including small, medium-sized, and large electorates, and find that currently-used methods (Plurality Voting and Rank-Order systems) can lead voters to overwhelmingly support egoistic options. In contrast, alternative, more nuanced methods (Approval Voting and Borda Count) reduce the support for egoistic options and favor equity and efficiency, avoiding extreme outcomes. Those methods differ in whether they favor equity or efficiency when the latter benefits a majority. Our evidence suggests that targeted changes in the electoral system could favor socially-desirable compromises and increase social stability. |
| Keywords: | Polarization, social compromises, equity, efficiency, voting methods |
| JEL: | C91 C92 D63 D70 D71 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:zur:econwp:394&r= |
| By: | Hu, Bo; Liu, Yu-li; Yan, Wenjia |
| Abstract: | Drawing on the perspectives of perceived value and trust, this study examines the factors affecting Chinese users' intention to use facial recognition payment (FRP) service. Data collected from 1200 Chinese mobile payment users is analyzed by using structural equation modelling. Results show that convenience positively influences perceived value; privacy risk and financial risk negatively influence perceived value. Only privacy risk and financial risk can significantly affect trust in FRP. Novelty has no significant effect on perceived value and trust. It is also found that perceived value positively influences trust, and both perceived value and trust are factors positively affecting intention to use FRP. Information sensitivity moderates the relationship between perceived value and intention to use FRP. Theoretical implications and practical implications are discussed. |
| Keywords: | facial recognition payment,perceived value,trust,intention to use |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238028&r= |
| By: | Loukas Balafoutas (University of Innsbruck, Department of Public Finance); Marco Faravelli (University of Queensland, School of Economics); Roman Sheremeta (Case Western University, Weatherhead School of Management, Department of Economics) |
| Abstract: | We conduct a field experiment on conflict in swimming pools. When all lanes are occupied, an actor joins the least crowded lane and asks one of the swimmers to move to another lane. The lane represents a contested scarce resource. We vary the actor’s valuation (high and low) for the good through the message they deliver. Also, we take advantage of the natural variation in the number of swimmers to proxy for their valuation. Consistent with theoretical predictions, a swimmer’s propensity to engage in conflict increases in scarcity (incentive effect) and decreases in the actor’s valuation (discouragement effect). We complement the results with survey evidence. |
| Keywords: | conflict; conflict resolution; field experiment |
| JEL: | C72 C93 D74 D91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:chu:wpaper:21-16&r= |
| By: | Löwe, Monique (University of Hagen); Rinne, Ulf (IZA); Sonnabend, Hendrik (Fern Universität Hagen) |
| Abstract: | This paper analyzes the link between the subject choices of German students in upper secondary school and teacher gender when these choices are taken. Our results corroborate the hypothesis that teacher gender matters in this regard, and they indicate that girls respond more strongly than boys to same-sex role models. While the probability to choose German as an advanced course in upper secondary school increases to a rather similar (i.e., symmetric) extent for both girls and boys when having a same-sex teacher in this subject in grade 10, teacher gender matters only for girls with respect to choosing math on the advanced level. |
| Keywords: | gender, education, STEM, subject choices |
| JEL: | I21 J16 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14666&r= |
| By: | Maria Rosa Battaggion; Vittoria Cerasi; Gulen Karakoc |
| Abstract: | This study analyzes the choice to interlock between two competing companies when their privately known marginal costs are correlated. The two rivals are organized into different business models: one delegates its production to a subcontractor, while the other is vertically integrated and carries its production in-house. By accepting the interlock, the hosting company discloses its marginal cost to the rival. The two companies decide ex-ante whether to commit to interlock. In a Perfect Bayesian Equilibrium, the vertically separated company gains more from interlocking than the rival because it saves on internal agency costs and gains market power, otherwise unbalanced toward the competitor. Interestingly, we show the following: for high cost correlation allowing a unilateral interlock benefits consumers. Hence, our results provide reasons for approving horizontal interlocking in markets where companies have asymmetric business models, and the interlocking company outsources its production. |
| Keywords: | Interlocking directorates; Agency costs; Vertical hierarchy. |
| JEL: | D43 D82 D83 L2 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:480&r= |
| By: | Santiago Tobón Zapata; Daniel Mejía; Ervyn Norza; Martín Vanegas-Arias |
| JEL: | K42 O17 E26 J48 C93 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:019514&r= |
| By: | Bolin, Kristian (Department of Economics, School of Business, Economics and Law, Göteborg University); Lood, Qarin (Institute of Neuroscience and Physiology, Department of Health and Rehabilitation, Sahlgrenska Academy, Centre for Ageing and Health – AgeCap, University of Gothenburg, Gothenburg, Sweden) |
| Abstract: | The time of retirement is analyzed in a theoretical framework taking capability and health into account. Capability if formalized as a stock characteristic which determines the attained amounts of a composite good which yields utility. The model is purposely simple and comprises one choice variable – the time of retirement. The core assumption is that inherited capability influences the rate of evolvement of health, and vice versa, and that the rates of change of the stocks differ between the pre- and post-retirement periods. The optimal retirement timing decision is characterized and the effects of the model’s exogenous variables on this decision are examined. We derive refutable comparative statistics results with respect to the model’s exogenous variables, and, for example, show – for a specified version of the model – how the timing of retirement depends on the inherited amounts of capability and health. |
| Keywords: | Capability; Health; Retirement |
| JEL: | I10 I30 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:gunwpe:0810&r= |
| By: | Verfaillie, Bryan; Van der Wee, Marlies; Verbrugge, Sofie |
| Abstract: | Digital platforms are omnipresent in our society. For example, streaming movies via Netflix, interacting with friends through social media, or using Deliveroo to order your meal. Digital platforms and digital marketplaces caused a big impact on the value creation process within different application domains. Actual digital ecosystems have appeared and the value propositions of traditional players within different domains got challenged by new and more integrated offers. Within this setting, also smaller-scale initiatives try to find their position. Local initiatives such as energy management platforms to link residents with (renewable) energy suppliers, or community platforms to link neighbours and city or village initiatives, especially in "online-only" times are appearing fast. Although the number of both successful and failed cases is constantly growing, systematic understanding of the reasons behind this, is still lacking. This paper wants to add to this understanding by analysing digital platform initiatives from different points of view. The overall research question tackled in this paper is to determine critical characteristics that can impact the success of the digital, multi-sided platform business model. To achieve this, a conceptual framework that allows to analyse and compare platforms is presented. The framework is then applied on different existing platform solutions, in a broad range of application domains, to identify specific design choices and compare the different platforms. Overall, more general insights in the role of network effects, pricing strategy, and other key features that impact the risk of failure, are obtained. The analyses indicate that positive network effects are predominantly present which is important for the growth of the user base. Pricing schemes indicate that general customers do not want to spend a lot of money to use a platform. Therefore, they usually can use it for free. Advertisers play a crucial role in the revenue stream for a platform but too much ads can irritate the end user. Platforms also tend to use third parties for services which reduces the time to market and lowers the investment risk. Platforms immediately benefit from other technological advantages like scalability. Due to the low homing-costs for users, there is room for competition in each domain but of course platforms try to differentiate their offer from their competitors. |
| Keywords: | Digital Platforms,Multi-Sided Platforms,Network Effects,Pricing,Multi-Homing Cost |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238059&r= |
| By: | Gao, Can; Martin, Ian |
| Abstract: | We define a sentiment indicator based on option prices, valuation ratios and interest rates. The indicator can be interpreted as a lower bound on the expected growth in fundamentals that a rational investor would have to perceive in order to be happy to hold the market. The lower bound was unusually high in the late 1990s, reflecting dividend growth expectations that in our view were unreasonably optimistic. We show that our measure is a leading indicator of detrended volume and of analysts’ long-term earnings growth expectations. Our approach depends on two key ingredients. First, we derive a new valuation-ratio decomposition that is related to the Campbell and Shiller (1988) loglinearization, but which resembles the Gordon growth model more closely and has certain other advantages. Second, we introduce a volatility index that provides a lower bound on the market’s expected log return. |
| Keywords: | 639744 |
| JEL: | F3 G3 |
| Date: | 2021–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108598&r= |
| By: | Asgeir Danielsson |
| Abstract: | In this paper we discuss the relationships between the CPI in Iceland, the unit labour cost, and the price of foreign goods, and their role in equations for forecasting inflation. We find that the logs of these variables are cointegrated, the cointegrating vectors are stable over many different data periods, and the coefficients satisfy the homogeneity condition. On the other hand, the coefficients in regressions of log difference of the CPI on log differences of the other variables, and a constant, are unstable, and for data for the last two decades, the homogeneity condition is always rejected. The coefficient for changes in unit labour cost, the price of the most important cost item, is often insignificant, while the constant, which shouldn‘t be in the equation, is frequently highly significant. It is shown that the estimates of coefficients in the equation in log differences of the variables depend on the coefficients of correlations between the variables, and their standard deviations, which have diverged very much since the turn of the century. Large standard deviations of changes in unit labour cost, and especially of changes in the price of foreign goods, compared to standard deviations of changes in the CPI, contribute to lower coefficient estimates, and to the significance of the constant. In the paper we discuss how the long-run, cointegrated, relationship between the logs of the variables can be used to obtain valuable information for forecasting the rate of inflation. We also present estimation of an equation for the log difference in CPI where the error-correction term is the estimated error of an AR-equation for the errors from the equation in logs. |
| JEL: | C13 E31 E44 E52 E65 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ice:wpaper:wp87&r= |
| By: | Stuart Campbell; Lindsey Macmillan; Richard Murphy; Gillian Wyness |
| Abstract: | This paper examines inequalities in the match between student and degree quality using linked administrative data from schools, universities and tax authorities. We analyse two measures of match at the university-subject level: undergraduate enrollment qualifications, and graduate earnings. We find for both that disadvantaged students match to lower quality degrees across the entire distribution of achievement, in a setting with uniform fees and a generous financial aid system. While there are negligible gender gaps in academic match, high-attaining women systematically undermatch in terms of expected earnings, driven by subject choice. These inequalities in match are largest among the most undermatched. |
| JEL: | I23 I24 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29215&r= |
| By: | Rob Euwals (CPB Netherlands Bureau for Economic Policy Analysis); Harro van Heuvelen (CPB Netherlands Bureau for Economic Policy Analysis); Gerdien Meijerink (CPB Netherlands Bureau for Economic Policy Analysis); Jan Möhlmann (CPB Netherlands Bureau for Economic Policy Analysis); Simon Rabaté (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | Contrary to other studies, we find no robust effect of an increase in trade with China and Central European (CEE) countries on local employment, wages and inequality in the Netherlands. If there is an effect, it is small, with positive effects of increased exports counteracting the negative effects of increased imports. One of the reasons why we find different results for the Netherlands is the fact that the Dutch manufacturing industry was already undergoing changes well before the emergence of China and the CEE countries and became less sensitive to import competition from China or the CEE countries. In addition, the Netherlands has collective wage negotiations, which may help to explain that we do not find any effects on wages. While the effect of increased trade with China and the CEE countries on manufacturing jobs is limited, it can create uncertainty for workers. The negative effect of import competition and the positive impact of export opportunities on manufacturing jobs also point to adjustments across industries and regions. Transitioning workers to new types of work can be difficult for these workers, as they are (temporarily) unemployed and may need to move to other regions. |
| JEL: | F16 J31 R11 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:426&r= |
| By: | Milena Dinkova; Ramy El-Dardiry (CPB Netherlands Bureau for Economic Policy Analysis); Bastiaan Overvest (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | This CPB discussion paper investigates the cybersecurity of Dutch small and medium-sized enterprises, the security measures they take and the relationship thereof with financial results. Often, small and medium-sized enterprises are identified as a particularly vulnerable group for cyber incidents. However, there is not much academic research focusing on the cyber security costs for those firms. In this paper, we employ representative survey data on ICT use and administrative tax record data on Dutch firms to understand how cybersecurity investments relate to the probability of cyber incidents and firm profitability. This dataset allows us to control for firm size, industry, and IT organization. |
| JEL: | D22 D83 G14 M15 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:411&r= |
| By: | Roc Armenter; Michèle Müller-Itten; Zachary Strangebye |
| Abstract: | We introduce the concept of the ignorance equivalent to effectively summarize the payoff possibilities in a finite Rational Inattention problem. The ignorance equivalent is a unique fictitious action that is weakly preferable to all existing learning strategies and yet generates no new profitable learning opportunities when added to the menu of choices. We fully characterize the relationship between the ignorance equivalent and the optimal learning strategies. Agents with heterogeneous priors self-select their own ignorance equivalent, which gives rise to an expected-utility analogue of the Rational Inattention problem. The approach provides new insights for menu expansion, the formation of consideration sets, the value of information, and belief elicitation. In a strategic game of contract choice, the ignorance equivalent emerges naturally in equilibrium. |
| Keywords: | Rational inattention; information acquisition; learning. |
| JEL: | D81 D83 C63 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:93041&r= |
| By: | Batinti, Alberto; Andriani, Luca; Filippetti, Andrea |
| Abstract: | Citizens’ attitudes and reactions to policymakers’ decisions depend on several factors, including informal institutions. The novelty of this paper is to use social capital as a moderator factor to shed light on the relationship between fiscal policies and electoral outcomes. We investigate this relationship using a sample of 6,000 Italian municipalities over the period 2003-2012 and use a Conditional Logit Matching model comparing incumbents to challengers’ characteristics within each election. We find that social capital increases the odds of the re-election of incumbent mayors who adopted a local fiscal policy more oriented towards capital investment (versus current expenditure) and towards property tax (versus income surcharge). This suggests that social capital encourages governmental functions and public policies improving long-term economic commitments, institutional transparency, and accountability. It also shows that decentralization works relatively better with social capital. |
| Keywords: | social capital; municipal elections; local government fiscal policies |
| JEL: | E6 |
| Date: | 2019–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:100438&r= |
| By: | Massiel Miranda Yanes; Shanny Valdes Salas |
| Keywords: | Narco-cultura, estereotipos de género, violencia, conflicto |
| Date: | 2019–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:col:000571:019497&r= |
| By: | Andrés Camacho |
| Abstract: | Este documento estudia algunas de las variables y características asociadas con la innovación de las empresas de acomodación en Colombia, la cual incluye empresas de acomodación de corto plazo (hoteles, hostales, fincas de descanso), centros vacacionales, campamentos, casas de turismo, y otros no especificados. Se otorga especial atención al análisis del capital humano dedicado a actividades de Ciencia Tecnología e Innovación (CTI). El estudio encuentra que un aumento en la proporción de trabajadores dedicada a CTI está efectivamente asociado con mayores probabilidades de innovar en sentido amplio; esto es, la introducción de nuevas técnicas de comercialización, nuevos métodos organizacionales, y/o nuevos servicios o mejora en servicios para la compañía. No obstante, el estudio alerta sobre los bajos niveles de innovación de esta industria (comparados con otras industrias de servicios), y la falta de innovación en sentido estricto, la cual se basa en la creación de nuevos servicios para el mercado internacional (turistas extranjeros). El estudio también encuentra que cuando los establecimientos de acomodación aumentan el número absoluto de trabajadores dedicados a CTI, también se incrementa la cantidad de innovaciones registradas por parte de ellas, aunque en un número pequeño. Al final se proveen algunas iniciativas para impulsar la innovación en esta industria tan importante para el sector del turismo del país. |
| Keywords: | Role of science |
| Date: | 2020–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:col:000139:019547&r= |
| By: | Santos, Susana |
| Abstract: | The values of economic flows measured by the national accounts, associated to transactions of goods, services, and assets, as well as transfers, represent interactions between institutional units, to whom legal responsibility for their actions and the fulfilment of specific economic functions is recognized. These flows are defined by the underlying system - System of National Accounts (SNA) as transactions. When represented in the matrix form, depending on the classification and organization of the institutional units, in the origin and the destination of the corresponding flows, the “from-whom-to-whom” transactions can be measured and modelled, benefiting from the underlying network of linkages. By adopting the nomenclatures and rules of the current version of the above-mentioned system (SNA 2008), this study uses a top-down methodology to introduce two matrix representations of the national accounts’ transaction values. In these representations, the transactions are the same and the difference is in the form of classification and organization of the institutional units, in the origin and the destination of the corresponding flows, that is in the way how the rows and the columns of the matrices are represented. In one of these forms, the so-called National Accounting Matrix (NAM), the mentioned institutional units are only organized by institutional sectors, following the sequence of accounts defined by the SNA. In the other form, the so-called Social Accounting Matrix (SAM), only a part is organized in the same way as the previous, being given a different emphasis to the process of production in which these units are involved, namely, to the factors of production, activities (or industries) and products (or goods and services). The correspondence and the differences between both are identified and a SAM-based approach is developed. Thus, inspired in the Transaction Value (TV) Approach presented in Drud et al. 1986, empirical and theoretical descriptions of the economic activity of a country, allowed by numerical and algebraic versions of the SAM, are adopted to approach the multiplier effects and the corresponding economic adjustments of fiscal policy measures associated to the production of real estate activities. An application to Portugal follows the various aspects of the description. |
| Keywords: | National Accounts; Social Accounting Matrix; Economic Adjustments |
| JEL: | E01 E16 E65 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109488&r= |
| By: | Hermes, Henning (Dept. of Economics, Norwegian School of Economics and Business Administration); Lergetporer, Philipp (Technical University of Munich, TUM School of Management & ifo Institute Munich); Peter, Frauke (German Centre for Higher Education Research and Science Studies (DZHW) & DIW Berlin); Wiederhold, Simon (KU Eichstätt-Ingolstadt, Ingolstadt School of Management & ifo Institute Munich) |
| Abstract: | Children with lower socioeconomic status (SES) tend to benefit more from early child care, but are substantially less likely to be enrolled. We study whether reducing behavioral barriers in the application process increases enrollment in child care for lower-SES children. In our RCT in Germany with highly subsidized child care (n > 600), treated families receive application information and personal assistance for applications. For lower-SES families, the treatment increases child care application rates by 21 pp and enrollment rates by 16 pp. Higher-SES families are not affected by the treatment. Thus, alleviating behavioral barriers closes half of the SES gap in early child care enrollment. |
| Keywords: | child care; early childhood; behavioral barriers; information; educational inequality; randomized controlled trial |
| JEL: | C93 I21 J13 J18 J24 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2021_016&r= |
| By: | Simon Thaler; David Koch |
| Abstract: | Visual representations play a paramount role in real estate sales, and thus valuation, therefore we show pictures of two different apartment conditions to experimental subjects. We investigate in a 2 x 2 experimental design if a furnished apartment (where the furniture is explicitly not included in the purchase price) is valued differently compared to the same apartment without furniture. The test treatment contains pictures of a flat with average furniture (no style elements or costly products). The control treatment depicts the same apartment without furniture (toilet and kitchen line are included). We show the two sets of pictures in different sequences to university student subjects and let them post a value estimate for both groups of apartment pictures. In preliminary research we find evidence that disorder, which should not have an impact on property valuation, has a significant influence on value estimates lowering the mean price estimate by around 13%. Due to the evidence on the influence of disorder, we hypothesise that the presence of furniture increases the attractiveness of the presented flat and therefore has a positive impact on price evaluations. |
| Keywords: | Behavioural Real Estate; Furniture Effect; Image Assessment; Visual Influence |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_158&r= |
| By: | Daniel Herbst; Nathaniel Hendren |
| Abstract: | Investing in college carries high returns, but comes with considerable risk. Financial products like equity contracts can mitigate this risk, yet college is typically financed through non-dischargeable, government-backed student loans. This paper argues that adverse selection has unraveled private markets for college-financing contracts that mitigate risk. We use survey data on students' expected post-college outcomes to estimate their knowledge about future outcomes, and we translate these estimates into their implication for adverse selection of equity contracts and several state-contingent debt contracts. We find students hold significant private knowledge of their future earnings, academic persistence, employment, and loan repayment likelihood, beyond what is captured by observable characteristics. For example, our empirical results imply that a typical college-goer must expect to pay back $1.64 in present value for every $1 of equity financing to cover the financier's costs of covering those who would adversely select their contract. We estimate that college-goers are not willing to accept these terms so that private markets unravel. Nonetheless, our framework quantifies significant welfare gains from government subsidies that would open up these missing markets and partially insure college-going risks. |
| JEL: | H0 I22 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29214&r= |
| By: | , JurnalBukitPengharapan |
| Abstract: | Produk adalah apa saja yang diproduksi untuk memenuhi kebutuhan orang, bisa dalam bentuk jasa, barang, atau produk virtual. Tujuan dari penelitian ini adalah untuk menjelaskan proses terjadinya marketing mix yang ada di PT. PANIN DAI-ICHI LIFE INDONESIA secara detail. Metode yang digunakan dalam penelitian ini adalah penelitian kualitatif. Hasil penelitian adalah Strategi penerapan Marketing Mix di PT. PANIN DAI-ICHI LIFE INDONESIA Sudah sesuai dengan metode strategi hal itu bisa kita lihat dari Produk utama yang dipasarkan oleh PANIN DAI-ICHI LIFE adalah produk Asuransi yang bertujuan untuk memberikan perlindungan kepada seluruh masyarakat Indonesia. Media promosi yang digunakan oleh Panin Dai-Ichi Life Indonesia saat ini adalah menggunakan media serta platform digital. Dan begitu juga dari sisi harga, proses |
| Date: | 2021–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:47z2q&r= |
| By: | Wolfgang Keller (University of Colorado); Teresa Molina (University of Hawaii); William W. Olney (University of Hawaii) |
| Abstract: | This paper examines gender differences among top business executives using a large executive-employer matched data set spanning the last quarter century. Female executives make up 6.2% of the sample and we find they exhibit more labor market churning – both higher entry and higher exit rates. Unconditionally, women earn 26% less than men, which decreases to 7.9% once executive characteristics, firm characteristics, and in particular job title are accounted for. The paper explores the extent to which firm-level temporal flexibility and corporate culture can explain these gender differences. Although we find that women tend to select into firms with temporal flexibility and a female-friendly corporate culture, there is no evidence that this sorting drives the gender pay gap. However, we do find evidence that corporate culture affects pay gaps within firms: the within-firm gender pay gap disappears entirely at female-friendly firms. Overall, while both corporate culture and flexibility affect the female share of employment, only corporate culture influences the gender pay gap. |
| Keywords: | Women; Executive Compensation; Gender Pay Gap; Corporate Culture |
| JEL: | J16 J24 J33 J82 F16 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202024&r= |
| By: | Chao Gu; Guido Menzio; Randall Wright; Yu Zhu |
| Abstract: | During the financial crisis apparently centralized markets continued to function while trade in OTC markets froze. We use search-and-bargaining theory to ascertain conditions that allow trade to temporarily freeze in decentralized markets, focusing on the roles of liquidity and self-fulfilling prophecies. We show standard models can have recurrent, belief-driven hot and cold spells, but not freezes and thaws. A simple specification that has freezes assumes negative returns. A more realistic one incorporates information frictions (costly asset-quality verification). Another uses different frictions to get credit freezes. We also discuss policy implications, and go into detail on the nature of OTC markets. |
| JEL: | D53 D83 E30 E44 E52 G14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29210&r= |
| By: | Kevin Lai (Federal Reserve Bank of New York); Tao Wang (Swarthmore College); David Xu (Peterson Institute for International Economics) |
| Abstract: | Capital control policies have consequences for economic growth and international trade. Using data on 99 countries from 1995 to 2014, we find evidence that the effect of capital controls on trade vary across industries that have differing levels of external financing and asset tangibility. For exporting countries that tighten capital controls, industries that rely more heavily on external financing experience a larger decline in exports, while industries that possess more tangible assets experience a smaller decline in exports. For importing countries, tighter capital controls imply a decrease in trade, and this effect is uniform across all industries. The pattern with respect to external financing persists after accounting for availability of domestic credit and differences in industry shares and is predominantly found in countries with low levels of financial development. On the other hand, the varying effect related to asset tangibility is mostly absorbed by the domestic credit market. |
| Keywords: | Capital controls, Financial vulnerability, International trade |
| JEL: | F14 F38 F68 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp19-20&r= |
| By: | Dato, Prudence (University of Basel); Krysiak, Frank C. |
| Abstract: | Green innovation is a key element in fighting climate change. But there are several challenges that need to be addressed in managing a green technology transition, both in terms of interacting market failures (environmental externality, public good nature of innovation, strategic behaviour of incumbents protecting an emission-intensive technology) and as the structure of the technology market (whether the new technology is offered by a monopolistic incumbent or whether there is some competition induced by market entrants) will evolve throughout the transition. In this paper, we investigate the question what constitutes the optimal policy at different stages of the technology transition and for different market structures. We first analyse a policy mix that can implement a first-best outcome. We show that this mix will differ between different market settings and for different stages of the technology transition. Second, we investigate the choice between a push policy (subsidy for the new technology) and a pull strategy (tax on the old technology) and show that throughout the transition, the policy should be switched, often even more than once. Overall, our results indicate that managing a green technology transition requires a sequence of different policies attuned to the state of the transition and that this sequence differs substantially for different cases, for example, different levels of environmental damage or different cost advantages of the incumbent over entrants. |
| Keywords: | Policy, Tax, Subsidy, Green Technology, Imperfect Competition, Technology Transition, Innovation, Endogenous Market Structure, Emissions, Climate Change, Environmental Economics. |
| JEL: | C60 L10 O31 Q54 Q55 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:bsl:wpaper:2021/08&r= |
| By: | Brea-Martinez, Gabriel |
| Abstract: | This paper examines the influence of mothers’ employment on children’s economic mobility in a period when women’s labor market participation was still increasing, and it was still was far from common for a mother to be in paid work. It focuses on a period of transition for women’s labor market participation in Sweden, when mothers faced higher barriers to employment. The findings show that intergenerational income associations indicate that the mother’s income did not influence her children directly, in line with the results of most studies on this topic. Nevertheless, I also found that these traditional measures of income mobility failed to capture the important effects of maternal paid labor on children’s income mobility. By using extremely rich longitudinal data from Southern Sweden, I studied the trends in children’s absolute upward mobility (i.e., earning more than their fathers). I found that whether a mother was in paid work, was economically independent, and had an income similar to that of the father – which is a proxy for economic autonomy – during the late childhood and adolescence of her children had substantial effects on her children’s upward economic mobility, and especially on that of her daughters. |
| Date: | 2021–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:c27s8&r= |
| By: | Timo Boppart; Huiyu Li |
| Abstract: | Growth accounting suggests that the bulk of the post-2004 slowdown in output growth in the U.S. is attributed to a residual called TFP. In this paper we provide a tractable accounting framework with firm heterogeneity to link this residual to innovations, markup dispersion, and potential measurement errors. Theories of creative destruction offer rich testable predictions of how the quality upgrading of products, the process efficiency of different firms, and markup dispersion in the market interact and therefore constitute a key approach to shed light on the slowdown in TFP growth. Surveying the literature on measurement, we conclude that measurement errors is unlikely to explain the recent deceleration in TFP growth. |
| Keywords: | growth accounting; development accounting; growth slowdown; measurement; innovation |
| JEL: | O31 O47 O51 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:93024&r= |
| By: | Katherine de Bienassis (OECD); Luke Slawomirski (OECD); Nicolaas S. Klazinga (OECD) |
| Abstract: | Health care settings are inherently hazardous places, with very unpredictable and complex working environments. These hazards and risks not only result in a range of injuries and ill-health among workers but also jeopardise the safety of patients. The COVID-19 crisis has amplified the importance of ensuring that the health care that is provided is safe—for patients and health workers alike. A sufficient, and capable, workforce, is the foundation of resilient systems. Policy makers need to focus now on how to build and support an appropriate workforce to respond to future shocks. This includes health workers beyond the hospital—including those in community, long-term, and primary care. The safety of both patients and health workers should be protected through appropriate mechanisms to ensure the safety of protective equipment and sufficient supplies, appropriate staffing levels, training and support at the workplace. These governance mechanisms are even more relevant when policy makers face trade-offs between health, safety and economic concerns. |
| JEL: | I12 I18 |
| Date: | 2021–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:elsaad:130-en&r= |
| By: | Charles Cadestin (OECD); Alexander Jaax (OECD); Sébastien Miroudot (OECD); Carmen Zürcher (OECD) |
| Abstract: | This paper provides new evidence on the role of intangible capital in global value chains (GVCs) by focusing on the role of multinational enterprises (MNEs) and their foreign affiliates in value capture through intangible assets. Industry-level data suggest that foreign affiliates of MNEs generate more income through intangible capital than domestic-owned firms. Intangible returns from foreign affiliates are found both in the host economy and in foreign-owned firms in other countries participating in the GVC. Some heterogeneity is observed across GVCs with returns to intangible capital of foreign-owned firms concentrated in key manufacturing (chemicals including pharmaceuticals, food products, ICT and electronics, and motor vehicles) and services GVCs (finance and insurance, other business services, wholesale and retail, and telecoms). Five case studies (Adidas, AstraZeneca, Rocket Internet, Starbucks and Tata Consultancy Services) complement the analysis by looking at the role of intangible capital in the GVC of specific MNEs. |
| Keywords: | factor income, foreign affiliates, global value chains, intangible capital, multinational enterprises |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaac:118-en&r= |
| By: | Felix Brandt; Carsten Lausberg |
| Abstract: | This paper explores the stock returns of German real estate companies from 1991 to 2019. In contrast to previous studies we use a forward-looking approach and alternative risk measures to better reflect investor behavior. At first the paper constructs a traditional five-factor Arbitrage Pricing Theory model to measure the sensitivity of real estate stock returns to the stock, bond and real estate markets as well as to inflation and the overall economic development. The analysis shows that German real estate stocks are more impacted by changes in the economy and the stock market than by changes in the real estate market. We then apply a pseudo ge-ometric Brownian motion concept combined with a Monte Carlo simulation to model future asset prices. Value at risk and conditional value at risk are used to quantify the downside risk for an investor in listed real estate. The paper finds that listed real estate is less risky than the general stock market, which is in line with our expectations. |
| Keywords: | Asset Pricing; Germany; Monte Carlo Simulation; real estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_86&r= |
| By: | Helton Saulo; Narayanaswamy Balakrishnan; Roberto Vila |
| Abstract: | Autoregressive conditional duration (ACD) models are primarily used to deal with data arising from times between two successive events. These models are usually specified in terms of a time-varying conditional mean or median duration. In this paper, we relax this assumption and consider a conditional quantile approach to facilitate the modeling of different percentiles. The proposed ACD quantile model is based on a skewed version of Birnbaum-Saunders distribution, which provides better fitting of the tails than the traditional Birnbaum-Saunders distribution, in addition to advancing the implementation of an expectation conditional maximization (ECM) algorithm. A Monte Carlo simulation study is performed to assess the behavior of the model as well as the parameter estimation method and to evaluate a form of residual. A real financial transaction data set is finally analyzed to illustrate the proposed approach. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03844&r= |
| By: | Vincenzo Atella (University of Rome Tor Vergata); Edoardo Di Porto (Federico II University of Napoli); Joanna Kopinska (Sapienza University of Rome); Maarten Lindeboom (Vrije Universiteit Amsterdam) |
| Abstract: | This paper examines the effects of in-utero exposure to stress on lifelong labor market outcomes. We exploit a unique natural experiment that involved randomly placed Nazi raids on municipalities in Italy during WWII. We use administrative data on the universe of private sector workers in Italy and link this data to unique historical data with detailed information about war casualties and Nazi raids across space (Municipality) and time. We find that prenatal stress exposure leads to lower wage earnings when workers start their career, and that this effect persists until retirement. The earnings penalty is in large part due to the type of job that people hold and interruptions in their working career due to unemployment. We further show that workers exposed to in-utero stress face larger earnings reductions after job loss due to mass layoffs. This earnings loss deepens their relative disadvantage over time. |
| Keywords: | Early-life, stress, life-long earnings, mass layoff, dynamic complementarities |
| JEL: | I10 O10 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2021-02&r= |
| By: | Suryawanshi, Deodatt Madhav; Rajseharan, Divya; Venugopal, Raghuram; R, Rishi; Balan, Sheeba |
| Abstract: | Worldwide women spend 4.5 hours daily on unpaid work while men spend about half of that time. The study aimed to estimate the time spent by both men and women on the various types of unpaid care labour find the economic estimates of unpaid labour. A descriptive cross-sectional study was conducted for a period of 3 months in 2020 in the rural area of South India. 360 study participants of 15 -60 years were recruited using simple random sampling and enquired for the time spent on care activities using time use survey . Cumulative hours spent per year and its economic estimate was calculated using Oxfam global care calculator. Female participants did significantly higher hours of unpaid care (3596.5 hrs) as compared to male participants (2938.3 hours) (p <0.05). Economic estimates of unpaid care per year were significantly higher (INR 103641.8) for females as compared to males (INR 84610) (p< 0.005). The policy makers and administrators should develop policies which recognise, reduce, redistribute and represent unpaid labour work. |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ume8k&r= |
| By: | Cho, Thummim |
| Abstract: | Using data on asset pricing anomalies, I test the idea that the act of arbitrage turns “alphas” into “betas”: Assets with high initial abnormal returns attract more arbitrage and covary endogenously more with systematic factors that arbitrage capital is exposed to. This channel explains the exposures of 40 anomaly portfolios to aggregate funding liquidity shocks and arbitrageur wealth portfolio shocks. My results highlight that financial intermediaries that act as asset market arbitrageurs not only price assets given risks, but also actively shape these risks through their trades. |
| Keywords: | endogenous risk; factor beta; financial intermediaries; arbitrage; asset pricing anomalies; Paul Woolley Centre at the LSE |
| JEL: | G11 G12 G23 |
| Date: | 2020–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:102085&r= |
| By: | Michalis Nikiforos; Marcio Santetti; Rudiger von Arnim |
| Abstract: | This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM) predicts that the rate of utilization leads the investment share in a dampened cycle or, equivalently, that a convergent cyclical motion in the utilization-investment share plane would be counterclockwise. Second, impulse response functions from standard recursive vector autoregressions (VAR) for postwar US samples strongly indicate that the investment share leads the rate of utilization, or that these cycles are clockwise. These results raise questions about the key mechanism underlying supermultiplier theory. |
| Keywords: | Sraffian Supermultiplier; Cyclical Growth; (Induced) Investment; Desired Rate of Capacity Utilization |
| JEL: | E12 E24 E25 E32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_993&r= |
| By: | Silvia Marchesi; Pietro Bomprezzi |
| Abstract: | This paper evaluates the effects of IMF programs at the firm level, using a panel of about 130,000 firms, over the period 2003-2018. We consider the different dimensions of a Fund program, namely participation, loan size and number and scope of conditions, and we look at their effects on growth of firm sales, as well as on income redistribution within the firm. Our identiÂ…cation strategy exploits the differential effect of changes in IMF liquidity on program participation (Lang 2016). We find a positive impact of IMF programs on firms' Â’sales growth, and the effect is persistent through time. What is more, we find that performance is improved through the alleviation of the firm financing constraint. More severe conditionality seems to worsen firm performance in the short run, but then turns beneficial over the years. Finally, we find that participating to an IMF program reduces the labor income share in the short term, but employment increases in the long run, suggesting that the increased income is reinvested into the firm. |
| Keywords: | IMF conditionality, IMF, Firm growth, Labor Income Share. |
| JEL: | F33 O19 E24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:476&r= |
| By: | Niels Kuiper; Mark Van Duijn; Arno Van der Vlist |
| Abstract: | Shopping malls have revolutionized the retail landscape by their ability to efficiently internalize retail externalities. Based on anecdotal evidence and studies on consumer behavior, we expect that the location of a tenant within a mall can be an important determinant for the extent to which this tenant benefits from the presence of retail externalities in the mall. In this paper we examine this empirically. We make use of a unique dataset that contains 1,170 shopping mall tenants and their monthly sales numbers. These tenants were present in 9 Turkish shopping malls over a 4-year period. We specifically focus on the retail externalities generated by the presence of anchor tenants and the presence of competitors. Preliminary results suggest that anchor presence is an important determinant of non-anchor sales. The size of this externality seems to be dependent on the type of products the non-anchor tenant sells. We also find that the positive externality generated by anchors quickly decreases when distance to the anchor store increases. This seems to confirm our hypotheses that retail externalities have a spatial pattern within malls. Our results for the externalities generated by competitors show large heterogeneity dependent on the product category of the tenant for both the sign and size of the externality and its spatial pattern. |
| Keywords: | Retail Externalities; Sales; Shopping malls; Spatial Variation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_205&r= |
| By: | Anwar, Ahsan; Sinha, Avik; Sharif, Arshian; Siddique, Muhammad; Irshad, Shoaib; Anwar, Waseem; Malik, Summaira |
| Abstract: | In terms of attaining the objectives of Sustainable Development Goals (SDGs), the Asian economies are considered as laggards, and one of the major problems faced by these economies is the issue of environmental degradation. For addressing this pertaining issue, a policy-level reorientation might be necessary. In this view, this study aims to explore the impact of urbanization, renewable energy consumption, financial development, agriculture, and economic growth on CO2 emissions in 15 Asian economies over 1990-2014. The empirical evidence demonstrates that urbanization, financial development, and economic growth increase CO2 emissions, renewable energy consumption reduces CO2 emissions, and the impact of agriculture is insignificant. Impulse response function and variance decomposition techniques are used to test the causality among the variables. Based on the study outcomes, a comprehensive SDG-oriented policy framework has been recommended, so that these economies can make progression towards attaining the objectives of SDG 13 and SDG 7. This study contributed to the literature by recommending this SDG-oriented policy framework, which encapsulates economic growth and its drivers. |
| Keywords: | Urbanization; Renewable Energy Consumption; Financial Development; CO2 emission; SDG |
| JEL: | Q2 Q4 Q5 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109613&r= |
| By: | Rahi Abouk; Charles J. Courtemanche; Dhaval M. Dave; Bo Feng; Abigail S. Friedman; Johanna Catherine Maclean; Michael F. Pesko; Joseph J. Sabia; Samuel Safford |
| Abstract: | Over the past decade, rising youth use of e-cigarettes and other electronic nicotine delivery systems (ENDS) has prompted aggressive regulation by state and local governments. Between 2010 and 2019, ten states and two large counties adopted ENDS taxes. Applying a continuous treatment difference-in-differences approach to data from two large national datasets (Monitoring the Future and the Youth Risk Behavior Surveillance System), this study explores the impact of ENDS taxes on youth tobacco use. We find that ENDS taxes reduce youth e-cigarette consumption, with estimated e-cigarette tax elasticities of -0.06 to -0.21. However, we estimate sizable positive cigarette cross-tax elasticities, suggesting economic substitution between cigarettes and e-cigarettes for youth. These substitution effects are particularly large for frequent cigarette smoking. We conclude that the unintended effects of ENDS taxation may more than fully offset any public health gains. |
| JEL: | H2 I1 I18 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29216&r= |
| By: | Stefan Gerlach; Rebecca Stuart |
| Abstract: | This paper uses annual data to study the interaction of consumer and commodity prices in 15 economies over the period 1850-1913. We find that consumer price inflation in all 15 countries co-moves with a broad measure of changes in commodity prices. Consumer prices comove most strongly with changes in metal prices, in particular pig iron prices. Furthermore, changes in pig iron prices and production, which have attracted much attention in the literature on 19th century US business cycles, co-move with the international business cycle, suggesting that pig iron prices offer a transmission channel through which international business cycle movements affect inflation. |
| Keywords: | commodity prices, Gold standard, global inflation, pig iron |
| JEL: | E31 F40 N10 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:21-07&r= |
| By: | Sjöholm, Fredrik (Research Institute of Industrial Economics (IFN)) |
| Abstract: | Foreign Direct Investment (FDI) can benefit host countries by facilitating access to sophisticated technologies, good management and global value chains. However, multinational firms have many alternative locations from which to choose. As a consequence, countries trying to attract inflows of FDI need to consider what types of industrial policies will increase the country´s attractiveness to foreign firms. Moreover, different types of FDI are of different value for the host country and might require different sets of policies. This paper starts by examining and discussing the global evolution of FDI. It continues by examining determinants to FDI and the types of industrial policies that are effective in attracting FDI. It ends with a discussion on quality FDI and how host country governments can maximize the benefits of FDI. |
| Keywords: | FDI; MNE; Industrial policy; Host country effects |
| JEL: | F21 F23 F60 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1400&r= |
| By: | Fast, Victoria; Sachs, Nikolai; Schnurr, Daniel |
| Abstract: | Consumers often lack information about how online services collect, use and protect their data. Therefore, transparency is frequently touted as an essential instrument to support consumers in assessing privacy risks and making more informed decisions. In this context, empirical studies have investigated the effectiveness of transparency in different privacy contexts. However, whether individuals actually prefer transparency when given a chance to avoid information about privacy risks is less clear. Thus, we investigate how individuals choose between options with more and less transparency about an uncertain data loss. In this paper, we present the design of an online experiment where student subjects choose between a situation of risk, where a loss of personal data will occur with a known probability, and a situation of ambiguity, where a data loss will occur with an unknown probability. Previous experiments on uncertain money losses show that individuals may not universally prefer the more transparent option where information about risks is made explicit. Therefore, our study sheds light on individuals' transparency preferences when facing privacy risks and provides insights into privacy decision-making under uncertainty. Thus, we contribute to a better understanding of digital service providers' incentives to offer consumers more transparency about their data use, which has direct implications for transparency regulation in data-driven digital markets. |
| Keywords: | Privacy,Transparency,Privacy uncertainty,Privacy risks,Ambiguity attitudes,Data losses,Online experiment,GDPR,Digital policy |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238020&r= |
| By: | So Yoon Ahn (University of Illinois at Chicago); Youjin Hahn (Yonsei University); Semee Yoon (Yonsei University) |
| Abstract: | We study how educational opportunities change adolescents' gender attitudes in Tanzania, using an experiential education program focused on STEM subjects. After the intervention, girls' gender attitudes became more progressive by 0.29 standard deviations, but boys' gender attitudes did not change. Perceived improvement in the labor market opportunities appears to be an important channel to explain the result. The intervention also increased girls' weekly study hours and boosted their interests in STEM-related subjects and occupations. Our results show that providing STEM-related educational opportunities to girls in developing countries can be an effective way of improving their gender attitudes. |
| Keywords: | STEM, labor market outcomes, developing countries |
| JEL: | I25 J13 J16 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-046&r= |
| By: | Panka Bencsik (University of Chicago); Timothy J. Halliday (University of Hawai‘i); Bhashkar Mazumder (Federal Reserve Bank of Chicago) |
| Abstract: | We estimate intergenerational health persistence in the United Kingdom using Quality Adjusted Life Years (QALY), a broad measure of health derived from the SF-12 Survey. We estimate that both the rank-rank slope and the intergenerational health association (IHA) are 0.21. We use components of the SF-12 to create mental and physical health indices and find that mental health is at least as persistent across generations as physical health. Importantly, parents’ mental health is much more strongly associated with children's health than parents’ physical health indicating that mental health might be a more important transmission channel. Finally, we construct an overall measure of welfare that combines income and health, and estimate a rank-rank association of 0.31. This is considerably lower than a comparable estimate of 0.43 for the US, suggesting greater mobility of overall welfare in the UK than the US. |
| Keywords: | intergenerational health mobility; mental health; physical health; United Kingdom |
| JEL: | F14 F16 J31 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202101&r= |
| By: | Bertram Steininger |
| Abstract: | After solving the double-spending problem of digital tokens with blockchain technology, the market for digital tokens has increased enormously over the last few years. Mostly real assets, which are not easy to divide, costly, and involve regulation effort, are identified as the most suitable assets for digital tokenization – properties and land are obviously among them. Even if the key element of solving the double-spending of digital tokens – the blockchain – is widely known, the specific regulations and procedures of this young and its infancy being technology are still not been researched and analyzed exactly. This paper analyzes the theoretical benefits and challenges of real estate securitization via blockchain and how different these “new” assets are from traditional securitizations based on empirical data (return, risk, holding ratios, fee, pricing) of the first token transactions. |
| Keywords: | blockchain; emprical; real estate tokenization; securitization |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_109&r= |
| By: | Halkos, George; Tsilika, Kyriaki |
| Abstract: | The main purpose of the present study is to feature the computational practice of green policy performance measurement. Computing the progress of the green economy includes topics as indicators and measures to characterize environmental sustainability, methodological issues to indicate and present spatiotemporal patterns of resource use and pollution, computational frameworks for comparisons of environmental management among economies / economic sectors / socio-economic systems, computational techniques to define the structure, dynamics, and change in ecosystems. Results are discussed in support of green policies. |
| Keywords: | Computational Economics; Sustainability. |
| JEL: | C60 C61 C63 C80 C81 C88 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109632&r= |
| By: | Douglas A. Irwin (Peterson Institute for International Economics) |
| Abstract: | Taiwan was the first developing country to adopt an export-oriented trade strategy after World War II. The factors usually associated with big shifts in policy—a macroeconomic crisis, a change in political power or institutions, lobbying by export interests, pressure from international financial institutions—were not present; it was ideas that were key. In 1954, economist S. C. Tsiang proposed that Taiwan boost export earnings rather than squeeze import spending to deal with its chronic shortage of foreign exchange. He recommended a currency devaluation to establish a realistic exchange rate and a market-based system of foreign exchange allocation to end the inefficient rationing by the government. Four years later, a policymaker, K. Y. Yin, fought for the adoption of Tsiang’s proposal, helping clear the way for Taiwan’s phenomenal growth in trade. |
| Keywords: | trade reform, foreign exchange, flexible exchange rates |
| JEL: | F13 F31 N75 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-13&r= |
| By: | Jufri Marzuki; Graeme Newell |
| Abstract: | The COVID-19 crisis in 2020 has had a major global impact on business and society; this includes commercial real estate. This has seen the global real estate markets significantly impacted at every level in 2020; this includes capital flows to real estate in the global markets. This has resulted in only $759 B invested in income-producing real estate in 2020. Using the Real Capital Analytics database, this paper examines the real estate capital flows to 32 global markets in 2020, compared against previous years (2019 and 2015-2019). Analyses are also presented at a regional level, major city level and by property type, with specific real estate capital flow pathways, investor levels and major deals examined. The ongoing strategic real estate investor implications are also highlighted. |
| Keywords: | Capital flows; COVID-19; Global markets; real estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_130&r= |
| By: | Cadman, Richard; Curram, Stephan; Exelby, David |
| Abstract: | European regulators of electronic communications markets are under an obligation to pursue widespread access to, and take up of, very high capacity networks, defined as being gigabit capable. Whilst there is an existing body of literature about the relationship between individual regulations and their effect on investment, less research has been conducted that places investment decisions within the market-wide broadband system. This paper seeks to address that gap by developing a generic System Dynamics model and understanding the path specific countries have taken through that model. The paper highlights a number of drivers of investment, organised around the three elements of the net present value equation: capital, net cash flow and cost of capital. It then develops a high level model before identifying the path to investment found in Ireland and Spain. The paper concludes that determinants of investment in VHCNs are path dependent and thus there is no universal strategy that will work for all countries. Competition is always an important determinant but how firms respond to competition is a function of local circumstances and legacies. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238013&r= |
| By: | John C. Williams |
| Abstract: | Remarks at Racism and the Economy: Focus on Health (delivered via prerecorded video). |
| Keywords: | health; economy; income; healthcare; communities; COVID-19; diversity; communities of color |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsp:93042&r= |
| By: | Krammer, Sorin |
| Abstract: | This paper examines the effects of human resource (HR) policies on firm innovation. Specifically, we argue that firms who implement policies to stimulate job autonomy and performance-based pay will be more likely to innovate, as proxied by investments in R&D. In addition, we contend that the institutional (i.e., labour regulations) and competitive (i.e., pressure from imports) contexts in which a firm operates will affect the relationship between HR policies and innovation, albeit in different ways. We test these hypotheses using a dataset of more than 900 firms across a heterogenous set of 12 countries, majority of which are emerging markets. We find strong empirical backing for the role of both job autonomy and performance-based pay policies in stimulating firm innovation, and partial support for the moderating effects of institutional and competitive contexts of this relationship. |
| Keywords: | Human Resource Management; Job autonomy; Performance-based pay; Firm innovation; Labour regulations; Import competition |
| JEL: | D4 J33 J8 O17 O3 O32 |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109486&r= |
| By: | Manxi Wu; Saurabh Amin; Asuman Ozdaglar |
| Abstract: | We study learning dynamics induced by strategic agents who repeatedly play a game with an unknown payoff-relevant parameter. In this dynamics, a belief estimate of the parameter is repeatedly updated given players' strategies and realized payoffs using Bayes's rule. Players adjust their strategies by accounting for best response strategies given the belief. We show that, with probability 1, beliefs and strategies converge to a fixed point, where the belief consistently estimates the payoff distribution for the strategy, and the strategy is an equilibrium corresponding to the belief. However, learning may not always identify the unknown parameter because the belief estimate relies on the game outcomes that are endogenously generated by players' strategies. We obtain sufficient and necessary conditions, under which learning leads to a globally stable fixed point that is a complete information Nash equilibrium. We also provide sufficient conditions that guarantee local stability of fixed point beliefs and strategies. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00719&r= |
| By: | Cynthia (Huiying) Hou; Hao Wu Hilde Remoy |
| Abstract: | This paper aims to investigate theoretical and practical links between applications of digital twin (DT) and heritage facilities management (HFM) in order to identify future applications of DT in HFM through a systematic review of the rapidly expanding DT literature. A systematic literature review strategy was developed based on three research questions: what are (1) the current relationship between ID and HFM, (2) existing gaps between DT and HFM and (3) future trend of applying DT on BHM? The results of the literature review show that first, the studies on adopting DT in the disciplines architecture, engineering, construction and operation (AECO) have been growing in the past few years, especially from 2018 to 2020; second, among the identified papers, a major portion of the literature focuses on investigating DT’s application in maintenance, operation, facilities management and asset management from both the building level and smart city level; third, heritage conservation calls for digital solutions for problems related to performance monitoring and predictive maintenance. The implication of this study is that DT application in HFM is that DT shall be integrated with heritage building information modelling (HBIM) to facilitate efficient data management and HBIM-based mechanism for DT development is needed for future HFM. |
| Keywords: | Digital twin; HBIM; Heritage facilities management; Systematic literature review |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_21&r= |
| By: | Rafael Wildauer (Department of International Business and Economics, University of Greenwich); Stuart Leitch (University of Greenwich); Jakob Kapeller (Institute for Socio-Economics, University of Duisburg-Essen, Germany; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria) |
| Abstract: | This paper investigates the potential of a European net wealth tax to raise substantial revenues while supporting the economy and the consensus on climate action. To achieve this, household survey data from the European Central Bank (covering 22 EU countries) are analysed. To address the problem of under-reporting of wealth at the top of the distribution in survey data, a Pareto distribution is fitted to the right tail of the data and used to create an amended data set which also represents these missing rich, whose wealth goes unreported. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:129&r= |
| By: | Mendolia, Silvia (University of Wollongong); Suziedelyte, Agne (University of London); Zhu, Anna (RMIT University) |
| Abstract: | Using data from the UK, we show that girls have been affected more than boys by the COVID-19 pandemic in terms of their mental wellbeing. These gender differences are more pronounced in lower-income families. Our results are consistent with previous findings of larger pandemic effects on mental health of women. |
| Keywords: | COVID-19, pandemic, mental health, children |
| JEL: | I10 I31 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14665&r= |
| By: | Pilar Beneito (University of Valencia and ERI-CES); María E. Rochina Barrachina (University of Valencia and ERI-CES); Amparo Sanchis (University of Valencia and ERI-CES) |
| Abstract: | Innovative firms use patents to signal the quality of their R&D teams in evaluation processes affected by asymmetric information. Examples of these processes occur when applying for finance from external sources or when searching for collaboration partners for innovation projects. In this paper we provide evidence that, in these cases, firms' external agents undervalue patents of female R&D teams as compared to patents of male R&D teams. We investigate this issue using data of Spanish innovating firms from PITEC, spanning 2005-2014, a panel database that follows the structure of the European Community Innovation Surveys (CIS). We interpret our results as consistent with an evaluation bias against female researchers, making them to be subject to a greater scrutiny as compared to their male counterparts, and thereby suggesting the existence of gender discrimination in R&D. |
| Keywords: | female R&D teams, patents, asymmetric information, quality signals |
| JEL: | O30 O34 C20 J16 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:eec:wpaper:2110&r= |
| By: | Okumura, Tsunao; Usui, Emiko |
| Abstract: | Using the Japanese Study of Aging and Retirement (JSTAR), we examine the determinants of household portfolio choice by the elderly in Japan. Only one-fifth of Japanese elderly hold stocks among their financial assets. Japanese elderly who are more educated, have better mental functions, have higher income, and subjectively expect a greater probability of living until at least age 80 are more likely to hold stocks. Among those who plan to receive public pension benefits in the future, those who expect a greater decline in future public pension benefits have a smaller share of stocks and a larger share of bonds in their portfolio of financial assets, but both are in small quantities. The most important factors affecting the relatively low investment in stocks by Japanese elderly are educational and income differences, rather than their low expectations about their future pension benefits. |
| Keywords: | Household portfolio choice, subjective expectations, pension benefits |
| JEL: | I10 H55 D84 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hit:cisdps:694&r= |
| By: | Philipp Maximilian Mueller; Björn-Martin Kurzrock |
| Abstract: | In real estate transactions, the parties generally have limited time to provide and process information. Using building documentation and digital building data may help to obtain an unbiased view of the asset. In practice, it is still particularly difficult to assess the physical structure of a building due to shortcomings in data structure and quality. Machine learning may improve speed and accuracy of information processing and results. This requires structured documents and applying a taxonomy of unambiguous document classes. In this paper, prioritized document classes from previous research (Müller, Päuser, Kurzrock 2020) are supplemented with key information for technical due diligence reports. The key information is derived from the analysis of n=35 due diligence reports. Based on the analyzed reports and identified key information, a checklist for technical due diligence is derived. The checklist will serve as a basis for a standardized reporting structure. The paper provides fundamentals for generating a (semi-)automated standardized due diligence report with a focus on the technical assessment of the asset. The paper includes recommendations for improving the machine readability of documents and indicates the potential for (partially) automated due diligence processes. The paper concludes with challenges towards an automated information extraction in due diligence processes and the potential for digital real estate management. |
| Keywords: | digital building documentation; Document Classification; Due diligence; Machine Learning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_64&r= |
| By: | Bloemen, Hans (Vrije Universiteit Amsterdam) |
| Abstract: | An empirical analysis of labor market transitions for spouses in couples is implemented. Object of study are transitions between the states of nonparticipation, unemployed search, and employment. Motivated by a model of household search, the emphasis is on spousal variables and interactions. Additionally, a proxy for the business cycle is included in the analysis, and household specific unobserved heterogeneity is accounted for. Results show that female transitions into nonparticipation (both out of unemployed search and employment) are positively affected by the husband's income (while no effect is found for transitions out of nonparticipation). Men seem to move from employment into unemployed search easier the higher is the wife's income. Since the wife having an income is in turn strongly accociated with female participation, this suggests that households with a participating wife are better able to deal with unemployment of the husband. A supplementary analysis with reservation wages and numbers of applications points in the same direction. Husbands' reservation wages are only sensitive to his own unemployment income if the wife is nonparticipating. This implies that unemployment benefits have a different role in households with the husband as a sole earner compared to dual earner households. |
| Keywords: | household behavior and family economics, job search, labor market transitions, panel data |
| JEL: | D10 J64 C33 J20 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14673&r= |
| By: | Florian Schoner; Lukas Mergele; Larissa Zierow |
| Abstract: | Numerous countries require teachers to assign comportment grades rating students’ social and work behavior in the classroom. However, the impact of such policies on student outcomes remains unknown. We exploit the staggered introduction of comportment grading across German federal states to estimate its causal effect on students’ school-to-work transitions as well as cognitive and non-cognitive abilities. Analyzing census data, household surveys, and nationwide student assessments, we show that comportment grading does not meaningfully affect these outcomes and rule out large effect sizes. Our results are consistent with these grades being insufficiently salient for students to alter actual student behaviors. |
| Keywords: | school reforms, report cards, labor market transition, student achievement |
| JEL: | D91 I21 I28 J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9275&r= |
| By: | Tanaka, Shinsuke (Tufts University); Teshima, Kensuke (ITAM, Mexico); Verhoogen, Eric (Columbia University) |
| Abstract: | This study examines the effect of a tightening of the U.S. air-quality standard for lead in 2009 on the relocation of battery recycling to Mexico and on infant health in Mexico. In the U.S., airborne lead dropped sharply near affected plants, most of which were battery-recycling plants. Exports of used batteries to Mexico rose markedly. In Mexico, production increased at battery-recycling plants, relative to comparable industries, and birth outcomes deteriorated within two miles of those plants, relative to areas slightly farther away. The case provides a salient example of a pollution-haven effect between a developed and a developing country. |
| Keywords: | pollution-haven hypothesis, environmental regulation, infant health |
| JEL: | F18 Q56 O15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14664&r= |
| By: | Evensen, Charlotte B. (Dept. of Economics, Norwegian School of Economics and Business Administration); Steen, Frode (Dept. of Economics, Norwegian School of Economics and Business Administration); Ulsaker, Simen A. (Telenor research) |
| Abstract: | We analyze 69 entries and relocations by the Norwegian discount variety chain Europris during the period 2016 to 2019. We measure how its location choices affect local grocery stores’ performance, using a diff-in-diff strategy and data from a large Norwegian grocery chain. We combine detailed data on local grocery stores’ sales, traffic and travelling distance to new or relocated Europris stores. We find that entries and relocations have significant effects, suggesting an S-shaped relationship; sufficiently close entries increase local demand since more customers are attracted to the market, but, as the distance increases, the competitive effect of a new discount variety store dominates, and local grocery sales and traffic are reduced. As we move further away, the entry effect is gradually reduced to zero. We show that this empirical finding can be squared with a simple theoretical model. Our results confirm theoretical conjectures on agglomeration forces and competitive effects from local competition. |
| Keywords: | Retail economics; local competition effects; positive agglomeration forces; grocery markets |
| JEL: | L00 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2021_017&r= |
| By: | Maalsen, Sophia; Wolifson, Peta; Rogers, Dallas; Nelson, Jacqueline; Buckle, Caitlin |
| Abstract: | This research examines discrimination and existing policy, law and practice in Australia’s private rental sector including the impact of informal tenancies and the increasing role of digital technologies. |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:jdycg&r= |
| By: | Kunimoto, Takashi (School of Economics, Singapore Management University); Zhang, Cuiling (The Institute for Advanced Economic Research, Dongbei University of Finance and Eco- nomics) |
| Abstract: | This paper considers a bilateral-trade model with one-sided asymmetric information in which one agent (seller) initially owns an indivisible object and is fully informed of its value, while the other agent (buyer) intends to obtain the object whose value is unknown to himself. As Jehiel and Pauzner (2006) show that no mechanisms can generally result in efficient, voluntary bilateral trades, we aim to overturn this impossibility result by employing two-stage mechanisms (Mezzetti (2004)) in which first, the outcome (e.g., allocation of the goods) is determined, then the agents observe their own outcome-decision payoffs, and finally, transfers are made. We show that the generalized two-stage Groves mechanism induces efficient, voluntary bilateral trades. On the contrary, we also show by means of an example that the generalized two-stage Groves mechanism fails to achieve efficient, voluntary trades in a two-sided asymmetric information setup in which both parties have private information and each party’s valuation depends on the other’s information in the same way. |
| Keywords: | bilateral trades; one-sided asymmetric information; two-stage mechanisms |
| JEL: | C72 D78 D82 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2021_008&r= |
| By: | Chao Ma; Hongbiao Zhao; Hao Zhang |
| Abstract: | We study a new type of securitization, mortgage-receivable-backed securities (MRBSs) issued by real estate developers. Unlike traditional mortgage-backed securities (MBSs), the major risk of underlying assets of MRBSs is payment delay instead of default and prepayment. Using unique loan-level data, we estimate proportional hazard models and detect factors that affect the risk of underlying assets of MRBSs, including bank characteristics, property-loan-household characteristics, local market conditions, and macroeconomic conditions. Especially, we find that the effects of house prices and LTVs on MRBS risk are the opposite of those on traditional MBS risk. Based on the estimates, we simulate cash flows of an underlying-asset pool and analyze the shortfall risk of the corresponding security tranches. We find that the securitization process imposes a natural adverse selection on the underlying assets. Our analyses provide a benchmark for conducting appropriate security designs based on the composition of the underlying asset pool, increase the transparency for investors on the risk pattern of MRBSs, and provide implications for pricing and regulation. |
| Keywords: | Adverse selection; Financial innovation; Mortgage receivable; securitization |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_131&r= |
| By: | Acemoglu, Daron (MIT); Ajzenman, Nicolas (São Paulo School of Economics-FGV); Aksoy, Cevat Giray (European Bank for Reconstruction and Development); Fiszbein, Martin (Boston University); Molina, Carlos (Massachusetts Institute of Technology) |
| Abstract: | Using large-scale survey data covering more than 110 countries and exploiting within-country variation across cohorts and surveys, we show that individuals with longer exposure to democracy display stronger support for democratic institutions. We bolster these baseline findings using an instrumental-variables strategy exploiting regional democratization waves and focusing on immigrants' exposure to democracy before migration. In all cases, the timing and nature of the effects are consistent with a causal interpretation. We also establish that democracies breed their own support only when they are successful: all of the effects we estimate work through exposure to democracies that are successful in providing economic growth, peace and political stability, and public goods. |
| Keywords: | democracy, economic growth, institutions, support for democracy, values |
| JEL: | P16 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14691&r= |
| By: | Janak Parmar; Gulnazbanu Saiyed; Sanjaykumar Dave |
| Abstract: | The concept of transportation demand management (TDM) upholds the development of sustainable mobility through the triumph of optimally balanced transport modal share in cities. The modal split management directly reflects on TDM of each transport subsystem, including parking. In developing countries, the policy-makers have largely focused on supply-side measures, yet demand-side measures have remained unaddressed in policy implications. Ample literature is available presenting responses of TDM strategies, but most studies account mode choice and parking choice behaviour separately rather than considering trade-offs between them. Failing to do so may lead to biased model estimates and impropriety in policy implications. This paper seeks to fill this gap by admitting parking choice as an endogenous decision within the model of mode choice behaviour. This study integrates attitudinal factors and built-environment variables in addition to parking and travel attributes for developing comprehensive estimation results. A mixed logit model with random coefficients is estimated using hierarchical Bayes approach based on the Markov Chain Monte Carlo simulation method. The results reveal significant influence of mode/parking specific attitudes on commuters choice behaviour in addition to the built-environment factors and mode/parking related attributes. It is identified that considerable shift is occurring between parking-types in preference to switching travel mode with hypothetical changes in parking attributes. Besides, study investigates the heterogeneity in the willingness-to-pay through a follow-up regression model, which provides important insights for identifying possible sources of this heterogeneity among respondents. The study provides remarkable results which may be beneficial to planning authorities for improving TDM strategies especially in developing countries. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01045&r= |
| By: | Warrick, Carolyn Marie (Home Instead Senior Care); , University of Nebraska-Lincoln |
| Abstract: | ABSTRACT: This Manuscript is a compilation of collected research analysis applied to Theory that sequesters on the who, what, where, when, why, and how that is determinate of the outcomes with the factoring of Development perusary with Childhood and Adolescense. This query of Relativity poses for contemplation as to what direction taken will qualify the identification of the Self for children and adolescents with the decisions they make that will circumnavigate the course to the Route objective for establishing a symbiotic pattern of communication that will channel the personification of the Conscience with the youth mind. This is made possible whether the CrossRoads toward achieving Self-Actualization be guided by constructive or destructive forms of methodological assimilation into a community of attachment and security that equates with a psyche-somatic sense of belonging and assimbio-spheric communitization. This is made adherent in order for the systemic processing of Self-Actualization is to be plausibly transversive by methods of a transpositing binary symbiocodum formalization of a socio-linguistic communication; that is circum-navigational and the route course to achieving Self-Egosive relativity intunement with childrens and adolescents assimbiocodum relations to their associate community environments. From which many other children and adolescents have successfully transcended through; having pinnacled the Pre:Pubescent stages of Absolutionary Development in Childhood and Adolescence. |
| Date: | 2021–03–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:725ve&r= |
| By: | ASAI Yukiko; Dmitri K. KOUSTAS |
| Abstract: | How does initial placement in a temporary work contract affect workers' subsequent labor market outcomes? To provide insight on this question, we study a unique set of natural experiments: In the mid-1990s, the major firms in the Japanese airline industry changed personnel policy so that all newly-hired flight attendants were employed on temporary employment contracts, while incumbent workers remained on permanent employment contracts. Workers who were hired on temporary contracts and remained at the firms were transitioned to permanent contracts after three years; however, their salaries were approximately half of those permanent workers in their first three years, and the policy change made it difficult for workers to take parental leave for the first four years. The reverse policy change occurred in the mid-2010s: the major firms transitioned back to hiring their flight attendants on permanent contracts. The firms also transitioned all incumbent flight attendants on temporary contracts to permanent contracts. These industry-level hiring practices provide natural experiments that can be used to study whether starting on temporary contracts matters for long-run career and family outcomes for young workers. Our research design uses the universe of employment records from one of Japan's major airlines as well as government surveys to compare outcomes for cohorts of flight attendants hired just before to those hired just after these changes in industry policy. The first key outcome we study is job separation: we find that workers starting on temporary contracts were less likely to remain with the firm over time. These separations appear to have been initiated by workers, not by firms. We are also able to study the effects these policies had on family formation. We find that workers starting on temporary contracts are significantly less likely to have children within 10 years after starting the job. These findings do not appear to be the result of selection on observables. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:21071&r= |
| By: | Bachev, Hrabrin; Ivanov, Bojidar |
| Abstract: | The issue of utilization of sludge from wastewater treatment in agriculture is an important socio-economic and environmental problem in Bulgaria. Despite their relevance, in-depth studies of the diverse effects and critical factors of sludge utilization in agriculture are at an early stage. The purpose of this article is to identify and assess the significance of the various factors influencing the effective utilization of sludge from wastewater treatment in Bulgarian agriculture. Based on a qualitative analysis of regulations and institutional structure, and surveys with managers and experts of urban wastewater treatment plants, and farmers using and not-using sludge, the institutional, political, organizational, personal, educational, informational, social, economic, and environmental factors influencing the utilization of sludge in agriculture in two regions of the country (Sofia and Burgas) are identified. Impact factors are generally divided into two types: factors influencing the behavior of agents, and factors determining the type and extent of the effects of sludge use in agriculture. Research of this type is to continue and deepen to establish the economic, sectoral and regional specificities on the basis of more representative information from all participants and interested parties in the effective utilization of sludge in the country. |
| Keywords: | sludge, agricultural use, factors, institutions, Bulgaria |
| JEL: | Q10 Q11 Q12 Q13 Q15 Q16 Q18 Q5 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109606&r= |
| By: | Diego Ferraro; Daniela Blanco; Sebasti\'an Pessah; Rodrigo Castro |
| Abstract: | Agricultural systems experience land-use changes that are driven by population growth and intensification of technological inputs. This results in land-use and cover change (LUCC) dynamics representing a complex landscape transformation process. In order to study the LUCC process we developed a spatially explicit agent-based model in the form of a Cellular Automata implemented with the Cell-DEVS formalism. The resulting model called AgroDEVS is used for predicting LUCC dynamics along with their associated economic and environmental changes. AgroDEVS is structured using behavioral rules and functions representing a) crop yields, b) weather conditions, c) economic profit, d) farmer preferences, e) technology level adoption and f) natural resources consumption based on embodied energy accounting. Using data from a typical location of the Pampa region (Argentina) for the 1988-2015 period, simulation exercises showed that the economic goals were achieved, on average, each 6 out of 10 years, but the environmental thresholds were only achieved in 1.9 out of 10 years. In a set of 50-years simulations, LUCC patterns quickly converge towards the most profitable crop sequences, with no noticeable tradeoff between the economic and environmental conditions. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01031&r= |
| By: | Olivier L'Haridon; Craig S. Webb; Horst Zank |
| Abstract: | In prospect theory (PT) the loss aversion index, lambda, measures the size of the concave kink of the gain-loss utility function at the reference point. A truth-telling mechanism for assessing personal beliefs, the quadratic scoring rule, is extended to measure loss aversion. We control for the bias captured by decision weights in PT and quantify lambda efficiently with only three quadratic scores. In an experiment, we demonstrate these features for risk and extend the tool to ambiguity. We find median values of lambda = 1 at the aggregate level for both sources of uncertainty. Probability and event weighting are less pronounced but accord with earlier findings from the literature. These weights depend on the sign of the corresponding outcomes, which is implication of reference-dependent preferences. Event weighting is also observed at the individual level. After controlling for these weights, we find very few subjects who are loss averse or gain seeking. |
| JEL: | C78 C91 D81 D90 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:2107&r= |
| By: | Khalfallah, Fatma; Necib, Adel |
| Abstract: | The main objective of this research is to study the impact of bank credit risk on performance. The empirical tests were carried out on panel data of firms belonging to the Tunisian banking sector institutions. To answer this research problem, we have analyzed in a first chapter the link between risk and financial performance. Then, based on financial theories, we formulated a set of hypotheses related to the influence of Investment, bank size, presence of women and board independence on performance. The results of the empirical tests indicate that risk has a positive effect on performance. Conversely, the empirical tests show that bank size and dual function had negative effects on performance. Finally, the results of the tests on bank risk are mixed depending on the characteristics of the board of directors. |
| Keywords: | ROA, ROE, Performance, Tunisian Bank, Risk, Corporate Governance |
| JEL: | M10 |
| Date: | 2020–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109506&r= |
| By: | Ortmann, Regina; Simons, Dirk; Voeller, Dennis |
| Abstract: | With multinational enterprises (MNEs) centralizing production facilities, market countries claim not to receive their fair share of taxes. A reform of international business taxation that includes new profit allocation rules as well as the introduction of minimum taxation is being considered as a problem mitigating mechanism. We analyze theoretically the real effects of the aforementioned tax reform, i.e., MNEs' adjustments of production and sales decisions. Our findings show that the effects of an international tax reform on sales quantities depend on the properties of the underlying product markets. If national demand resembles characteristics of traditional industries, sales quantities remain unchanged. However, sales quantities are affected if specific demand characteristics of modern business models are assumed. For traditional industries a reformed tax regime increases tax revenues in high-tax market countries and even attracts production. In contrast, for modern business models tax revenues of high-tax countries can even decrease. |
| Keywords: | BEPS,corporate taxation,minimum taxation,profit shifting,tax avoidance |
| JEL: | C70 H26 H32 M48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:arqudp:265&r= |
| By: | Andrew F. Haughwout; Belicia Rodriguez |
| Abstract: | House prices have risen rapidly during the pandemic, increasing even faster than the pace set before the 2007 financial crisis and subsequent recession. Is there a risk that another dangerous housing bubble is developing? This is a complicated question, and the answer has many components. This post, the first of two, provides a more detailed look at the recent rise in home prices by breaking it down geographically, with a comparison to the pre-2007 bubble. The second post looks at the potential risks to financial stability by comparing the currently outstanding stock of mortgage debt to the period before the financial crisis and projecting defaults should prices decline. |
| Keywords: | housing; cities; prices |
| JEL: | R31 R10 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93031&r= |
| By: | Regine Oexl; Anita Gantner |
| Abstract: | In division problems with entitlements, we investigate whether fairness concerns overrule strategic behavior and inhibit full use of the decision-making power. In a lab experiment where entitlements are derived from costly contributions, we vary bargaining power by using either the majority rule or the dictator rule to find a division allocation. We apply very coarse measures for assessing whether entitlements are respected under both rules. For inexperienced subjects, we find a large number of proposals in which all partners receive positive amounts. With experience, however, over one third of proposers leave at most the crumbs for both partners (dictator) or one of them (majority bargaining). Past individual observations of such 'extreme' outcomes increase the likelihood of own 'extreme' proposals not only under the majority rule, but also under the dictator rule, where no learning of strategic behavior is expected. In heterogeneous groups, where partners bring in different contributions, about 50% of proposals do not reflect an ordinal comparison of the partners' entitlements. Overall, this shows significant limits in people's preferences for fairness. |
| Keywords: | majority bargaining, dictator game, entitlements |
| JEL: | C91 D01 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:inn:wpaper:2021-25&r= |
| By: | Gustavo Ferro |
| Abstract: | En este documento se discute las reformas previsionales de 1994 y 2008 tratando de poner distancia de circunstancias políticas y de discusiones ideológicas que contaminan el debate, centrando la discusión en el problema diagnosticado en cada ocasión y las medidas que se tomaron para resolverlo. El objeto es contribuir al debate con la perspectiva del tiempo transcurrido y mirando hacia adelante, discutir soluciones para los problemas presentes y futuros (razonablemente predecibles) del sistema. Asimismo, brindar alguna alternativa a la discusión que trate de conciliar las metas del sistema con las posibilidades financieras y el desarrollo institucional del país. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:810&r= |
| By: | Haoyang Liu; David O. Lucca; Dean Parker; Gabriela Rays-Wahba |
| Abstract: | During the pandemic, national home values and housing activity soared as mortgage rates declined to historic lows. Under the canonical “user cost” house price model, home values are held to be very sensitive to interest rates, especially at low interest rate levels. A calibration of this model can account for the house price boom with the observed decline in interest rates. But empirically, we find that home values are nowhere near as sensitive to interest rates as the user cost model predicts. This lower sensitivity is also found in prior economic research. Thus, the historical experience suggests that lower interest rates can only account for a tiny fraction of the pandemic house price boom. Instead, we find more scope for lower interest rates to explain the rise in housing activity, both sales and construction. |
| Keywords: | home price; housing activity; interest rate |
| JEL: | D14 E52 R31 |
| Date: | 2021–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93027&r= |
| By: | Céline Baud; Cédric Durand (UNIGE - Université de Genève, Faculté des sciences de la société, Département d'histoire, économie et société, CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This contribution documents the contrasting fate of three key actors of the retail industry since the mid-nineties: Carrefour, Wal-Mart and Amazon. Stylized facts about their respective financial trajectories and a description of their engagement with digitalization allow to identify their distinct dynamics. Through a combination of accounting, business and economic analyses, this paper clarifies the underlying logics of profit making in the context of retail digitalization and provides new insights concerning the role of fixed costs leveraging in the digital age. |
| Keywords: | Retailing,digitalization,financialization,profits,accounting JEL codes: L81,L22,M41,D22,G32 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cepnwp:hal-03332318&r= |
| By: | Matteo Barigozzi; Marc Hallin; Matteo Luciani; Paolo Zaffaroni |
| Abstract: | We provide the asymptotic distributional theory for the so-called General or Generalized Dynamic Factor Model (GDFM), laying the foundations for an inferential approach in the GDFM analysis of high-dimensional time series. Our results are exploiting the duality between common shocksand dynamic loadings under a random cross-section approach to derive the asymptotic distribution of a class of estimators for common shocks, dynamic loadings, common components, and impulse response functions. An empirical application aimed at the construction of a “core” inflation indicator for the U.S. economy is presented, empirically demonstrating the superiority of the GDFM-based indicator over the most commonly adopted approaches, outperforming, in particular, the one based on Principal Components. |
| Keywords: | High-dimensional time series, Generalized Dynamic Factor Models, One-sided representations of dynamic factor models, Asymptotic distribution, Confidence intervals |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/331192&r= |
| By: | Jhorland Ayala-García; Sandy Dall?Erba |
| Abstract: | Extreme rainfall events are expected to become more frequent and more intense in the future. Because their mitigation is a challenge and their cost to human life is large, this paper studies the impact of preemptive investment against natural disasters on the future occurrence of landslides and the losses associated with it. Based on a panel of 746 Colombian municipalities with medium and high risk of landslides and an instrumental variable approach, we find that preemptive public investment can reduce the number of landslides, the number of people who die, are injured, or disappear after a landslide, as well as the number of people affected. However, we do not find any effect on the number of houses destroyed. The results reveal that local governments focus their preventive measures on saving the lives and the physical integrity of their citizens, but they pay less attention to the direct market losses of natural disasters. These results are relevant in the presence of imperfect private insurance markets and increased informal settlements. **** RESUMEN: Se espera que los eventos de lluvias extremas sean más frecuentes e intensos en el futuro. Debido a que su mitigación es un desafío y su costo para la vida humana es alto, este documento estudia el impacto de la inversión en prevención contra desastres naturales en la ocurrencia futura de deslizamientos de tierra y las pérdidas asociadas a los mismos. Con base en un panel de 746 municipios colombianos con riesgo medio y alto de deslizamientos de tierra y un enfoque de variable instrumental, encontramos que la inversión pública en prevención puede reducir la frecuencia de los deslizamientos de tierra, la cantidad de personas que mueren, resultan heridas o desaparecen después de un deslizamiento de tierra, así como el número de personas afectadas. Sin embargo, no encontramos ningún efecto sobre el número de viviendas destruidas. Los resultados revelan que los gobiernos locales enfocan sus medidas preventivas en salvar la vida y la integridad física de sus ciudadanos, pero prestan menos atención a las pérdidas de activos como consecuencia de los desastres naturales. Estos resultados son relevantes en presencia de mercados de seguros privados imperfectos y un aumento de asentamientos informales. |
| Keywords: | Landslides, preemptive investment, disaster risk reduction, natural disasters, deslizamientos de tierra, inversión en prevención, reducción del riesgo de desastres naturales, desastres naturales |
| JEL: | H1 H4 H5 C26 D6 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:col:000102:019551&r= |
| By: | Karina Pallagst; Jakob Schackmar; René Fleschurz |
| Abstract: | In the past decades many cities and regions underwent structural transformations – e.g. in old industrialized ‘rust belts’ or in peripheral rural areas. Many of these shrinking cities have to face the challenges of long-term demographic and economic changes. While in the USA, shrinkage is often related to postindustrial transformations in other countries like Germany for example, the causes are related to changing demographics with declining birth rates and the effects of the German reunification. Many cities have tried to combat shrinkage and have thus developed a variety of policies and strategies like establishing substitute industries. To assess the sustainability of this approach this presentation shows the results of investigations regarding the cities Cleveland/USA and Bochum/Germany in a comparative analysis following the most similar/most different research design. The research shows new development paths for shrinking cities. |
| Keywords: | comparative urban development; Land Use Change; Shrinking Cities; Sustainable Urban Development |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_161&r= |
| By: | Benedikt Vogt (CPB Netherlands Bureau for Economic Policy Analysis); Wolter Hassink (UU); Matteo Millone (DNB); Remco Mocking (Ministry of Finance) |
| Abstract: | Banks often demand collateral for business loans. Apart from business assets, for many small entrepreneurs their own home is the most important security they can offer. The interaction between the housing market and entrepreneurial credit can therefore amplify the consequences of an economic crisis. Because of declining collateral values, the probability of obtaining credit could be lower, making it more difficult to finance entrepreneurial activities. Between 2008 and 2013, real house prices declined by nearly 25 percent in the Netherlands. Such a decline in house prices can amplify the effect of an economic crisis via the credit channel for small entrepreneurs. In the economic literature this effect is known as collateral lending channel. In this study we answer three questions: to what extent did the decrease in house prices impact the incidence of bank credit of small companies? what is the relationship between the housing market status of an entrepreneur and the costs of credit? Is there, as a consequence, an association between the housing market status and entrepreneurial exits? |
| JEL: | G23 L26 R2 R31 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:420&r= |
| By: | Nikiema, Josiane (International Water Management Institute (IWMI)); Tanoh-Nguessan, R.; Abiola, F.; Cofie, Olufunke O. (International Water Management Institute (IWMI)) |
| Abstract: | Based on primary data from fecal sludge (FS) treatment plants in three West African urban regions (Ouagadougou in Burkina Faso, Greater Accra in Ghana, and Grand Nokoué in Benin), FS collection and treatment patterns were analyzed to identify possible scenarios for resource recovery (RR) through FS co-composting. FS collection was analyzed for up to 7 years, in part per day, month and season, as well as FS characteristics to understand peak flows, FS qualities and related variations to plan for appropriate RR technology and capacities. Overall, the FS volumes collected by vacuum trucks were not significantly affected by the calendar days, months or seasons. Commonly assumed increases during rainy months were, for example, only recorded in Ouagadougou. FS composition appeared highly variable with a pronounced difference in total solids between FS collected from households versus institutional sources, likely indicating that institutions are served more frequently. The analyzed treatment plants appear to be exploited beyond their capacity. RR for reuse can turn sludge disposal from a cost into a source of revenue with co-benefits for farmers and the environment, thereby reducing the pressure on tipping fees. The probability of the added co-compost production being financially viable on its own was estimated for all the study sites, indicating an earliest breakeven point after 5 to 8 years. |
| Keywords: | Resource recovery; Resource management; Reuse; Faecal sludge; Waste treatment; Solid wastes; Treatment plants; Composting; Logistics; Economic analysis; Waste management; Waste collection; Sewerage; Recycling; Waste disposal; Sludge dewatering; Anaerobic treatment; Septic tanks; Sanitation; Technology; Maintenance; Public-private partnerships; Investment; Business models; Cost recovery; Production costs; Operating costs; Marketing; Cost benefit analysis; Land use; Urban areas; Households |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:rerere:h049802&r= |
| By: | David Rojo Arjona; Stefania Sitzia; Jiwei Zheng |
| Abstract: | Focal points (Schelling, 1960) have shown limitations as coordination devices in games with conflict, such as the battle of the sexes games. We experimentally test whether an increase in their salience can counteract the negative impact of conflict on coordination. The intuition is that, in the presence of conflict, the solution to the coordination dilemma offered by the focal point loses importance. Increasing its salience increases its relevance and therefore coordination success. Our results provide strong support for this conjecture. Furthermore, when games feature outcomes with different degrees of payoffs’ inequality (i.e. the difference of players’ payoffs) and efficiency (i.e. the sum of players’ payoffs), increasing salience does not lead to an obvious increase in coordination, unless the salience of the focal point is maximal. |
| Keywords: | coordination games, focal points, salience, conflict of interests, battle-of-the-sexes, intermixed-blocked effect |
| JEL: | C72 C78 C91 D91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:lan:wpaper:335109305&r= |
| By: | Carsten Lausberg; Tobias Schultheiß |
| Abstract: | GIF, the Society of Property Researchers in Germany, recently published a catalog of key measures for managing real estate risk. It contains a comprehensive list with standardized descriptions along with sample applications. While some of the figures are well-known to everybody working in this field, several others are uncommon either for academic researchers or for practitioners. The prime goal of the catalog is to contribute to the professionalization of real estate risk management. The goal of our paper is different: We want to present the catalog to the scientific community and to suggest paths for further research on risk measures. One direction could be the systematic investigation of heuristic risk measures such as the Herfindahl-Hirschmann-Index (for concentration risk) or the weighted average remaining lease term (for vacancy risk). Another course could be the standardization of risk measures in such a way that benchmarking becomes possible for real estate investors. |
| Keywords: | benchmarking; real estate; risk measure |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_113&r= |
| By: | Chao Huang |
| Abstract: | In discrete matching markets, substitutes and complements can be unidirectional between two groups of workers when members of one group are more important or competent than those of the other group for firms. We show that a stable matching exists and can be found by a two-stage Deferred Acceptance mechanism when firms' preferences satisfy a unidirectional substitutes and complements condition. This result applies to both firm-worker matching and controlled school choice. Under the framework of matching with continuous monetary transfers and quasi-linear utilities, we show that substitutes and complements are bidirectional for a pair of workers. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12572&r= |
| By: | Yulia A. Seliverstova (National Research University Higher School of Economics) |
| Abstract: | Within the framework of human capital and rational choice theory the effective formation of cognitive and non-cognitive skills in early childhood attracts both parents and researchers. Besides traditional home-based activities and kindergarten programs, many families in Russia choose extra classes for their children. The increasing inequality in early childhood education (ECE) has become a new problem, since not all parents can afford to pay for such extra activities (EA). This study investigates the interrelation between family income and the educational strategies chosen by parents. Data for the study were drawn from an online survey, conducted among 260 parents of children aged 3–7 years old. This dataset made it possible to estimate how much families with different income pay for EA in ECE and identify the motives of their educational investment practices. The results showed that the gap in spending on education in poor, low- and middle-income families is significant. However, financial constraints lead to increased parental involvement. The results show that parents from poor and low-income families value extra classes for preschoolers. This study emphasizes the need for further research into home-based teaching practices within poor and low-income families. A deeper understanding of this issue could improve the efficiency of ECE for children from disadvantaged families. |
| Keywords: | Russia, preschool education, parental involvement, skill formation, educational expenditure, educational economics |
| JEL: | E32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:61edu2021&r= |
| By: | Julia Anderson (Bruegel); Francesco Papadia (Bruegel); Nicolas Veron (Peterson Institute for International Economics) |
| Abstract: | In 2020, European governments mitigated the economic impact of COVID-19 lockdowns and other pandemic-fighting programs through a host of initiatives, including efforts to support credit, such as guarantees for bank loans, particularly to small and medium-sized enterprises. This paper presents detailed information about these national credit support programs in the largest national economies of the European Union (France, Germany, Italy, and Spain) and the United Kingdom. The information was collected through thorough examination of published material and extended exchanges with national authorities and financial sector participants. The analysis focuses on (1) how countries positioned themselves on the many tradeoffs that emerged in designing and implementing the programs; and (2) what explains differences in usage across countries and its leveling off everywhere in the second half of 2020. |
| Keywords: | Loan guarantees, Credit support, COVID-19, European Union |
| JEL: | H81 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-6&r= |
| By: | Valery Dolgov; Mattia Masolletti |
| Abstract: | The authors of the article analyze the policy of the Russian government in the field of family support, paying attention to legal programs at the federal and regional levels. The maternity capital program is considered separately, as well as measures aimed at supporting large families. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04370&r= |
| By: | David Lowing (Univ Lyon, UJM Saint-Etienne, GATE UMR 5824, F-42023 Saint- Etienne, France; Gaz Réseau Distribution France, Direction Economie et Régulation.); Kevin Techer (Univ Lyon, UJM Saint-Etienne, GATE UMR 5824, F-42023 Saint- Etienne, France) |
| Abstract: | The search for a compromise between marginalism and egalitarianism has given rise to many discussions. In the context of cooperative games, this compromise can be understood as a trade-off between the Shapley value and the Equal division value. We investigate this compromise in the context of multi-choice games in which players have several activity levels. To do so, we propose new extensions of the Shapley value and of the Weighted Division values to multi-choice games. Contrary to the existing solution concepts for multi-choice games, each one of these values satisfies a core condition introduced by Grabisch and Xie (2007), namely Multi-Efficiency. We compromise between marginalism and egalitarianism by introducing the multi-choice Egalitarian Shapley values, computed as the convex combination of our extensions. To conduct this study, we introduce new axioms for multi-choice games. This allows us to provide an axiomatic foundation for each of these values. |
| Keywords: | Multi-choice games, Multi-choice Shapley value, Multi-choice Equal division value, Multi-choice Egalitarian Shapley values |
| JEL: | C71 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:2115&r= |
| By: | Braesemann, Fabian; Stephany, Fabian; Teutloff, Ole; Kässi, Otto; Graham, Mark; Lehdonvirta, Vili |
| Abstract: | The Covid-19 pandemic has led to the rise of remote work with consequences for the global division of work. Remote work could connect labour markets, but it could also increase spatial polarisation. However, our understanding of the geographies of remote work is limited. Specifically, does remote work bring jobs to rural areas or is it concentrating in large cities, and how do skill requirements affect competition for jobs and wages? We use data from a fully remote labour market - an online labour platform - to show that remote work is polarised along three dimensions. First, countries are globally divided: North American, European, and South Asian remote workers attract most jobs, while many Global South countries participate only marginally. Secondly, remote jobs are pulled to urban regions; rural areas fall behind. Thirdly, remote work is polarised along the skill axis: workers with in-demand skills attract profitable jobs, while others face intense competition and obtain low wages. The findings suggest that remote work is shaped by agglomerative forces, which are deepening the gap between urban and rural areas. To make remote work an effective tool for rural development, it needs to be embedded in local skill-building and labour market programmes. |
| Date: | 2021–08–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:q8a96&r= |
| By: | , JurnalBukitPengharapan |
| Abstract: | Tujuan penelitian adalah menghasilkan suatu Implementasi Marketing Mix Pada Situs Online Rumah123.Com Untuk Menghadapi Persaingan Usaha. Analisis kualitatif mengamati secara langsung keadaan sistem pemasaran dan analisis kuantitatif digunakan untuk melihat sebaran margin pemasaran. Implimentasi strategi 7 PS (komunikasi, marketing, akuntabilitas) dalam mengembangkan jejaring kemitraan menuju lembaga yang mandiri secara bertahap atau serentak namun berkelanjutan, sehingga strategi marketing (komponen product, price, promotion, place, people, process, physical evidence) dapat mengembangkan jejaring kemitraan menuju perusahaan yang berkualitas. Di Rumah123.com dalam setiap pelaksanaan proses dari menjalankan bisnisnya memiliki PIC disetiap part dari proses tersebut sehingga dlam setiap prosesnya dapat dimonitor mengutamakan kepuasan dan kesuksesan dari agent/customer |
| Date: | 2021–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:m7tge&r= |
| By: | Klaus Zahn |
| Abstract: | "Modern Architecture" and "Modern Urbanism" are increasingly proving to be old, outdated and obsolete. The European city of short distances, which is still popular, beautiful and attractive today, has all too often been transformed with brutal radicalism into a functionally divided, car-oriented city of long distances, which not only harms our environment, but also our health. The mere "re-framing" of this non-sustainable planning ideology cannot solve the very damage and problems it has caused, certainly not in a sustainable and human way. The most important question is: Why and for what purpose do we develop and build cities? What is the goal and purpose of our projects? What is the meaning of urban planning and real estate development? This paper identifies the need for change in the school and practice of urban planning and real estate development. It is intended to promote discussion and lead to a “new” paradigm that considers timeless and ubiquitous principles of beautiful cities that sustain life on earth. |
| Keywords: | Meaning; Modern Architecture and City Planning; Sense; Sustainable Urban Development |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_207&r= |
| By: | Chad P. Bown (Peterson Institute for International Economics); Thomas J. Bollyky (Council on Foreign Relations) |
| Abstract: | Many months after COVID-19 vaccines were first authorized for public use, still limited supplies could only partially reduce the devastating loss of life and economic costs caused by the pandemic. Could additional vaccine doses have been manufactured more quickly some other way? Would alternative policy choices have made a difference? This paper provides a simple analytical framework through which to view the contours of the vaccine value chain. It then creates a new database that maps the COVID-19 vaccines of Pfizer/BioNTech, Moderna, AstraZeneca/Oxford, Johnson & Johnson, Novavax, and CureVac to the product- and location-specific manufacturing supply chains that emerged in 2020 and 2021. It describes the choppy process through which dozens of other companies at nearly 100 geographically distributed facilities came together to scale up global manufacturing. The paper catalogues major pandemic policy initiatives—such as the United States' Operation Warp Speed—that are likely to have affected the timing and formation of those vaccine supply chains. Given the data, a final section identifies further questions for researchers and policymakers. |
| Keywords: | Vaccines, COVID-19, subsidies, export restrictions, supply chains |
| JEL: | F13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-12&r= |
| By: | Boragan Aruoba; Andrés Fernández; Daniel Guzmán; Ernesto Pastén; Felipe Saffie |
| Abstract: | This paper accomplishes two goals: First, it proposes a way to compute monetary policy surprises in Chile based on a survey of financial market participants regularly conducted by Bloomberg. We argue this is the most suitable one among alternatives. Second, we use these monetary policy surprises as input in a Bayesian Vector Auto Regression analysis to estimate the effect of contractionary monetary policy. Output and inflation tend to fall while funding costs tend to increase. Expected inflation a has hump-shaped response and nominal exchange rates tend to depreciate instead of appreciating. We argue the latter two effects are consistent with an "information channel" embedded in monetary policy decisions. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchwp:921&r= |
| By: | Hastenteufel, Jessica; Günther, Maik; Rehfeld, Katharina |
| Keywords: | Big Data,Smart Data,Banken,Vertriebsmanagement,Vertriebssteuerung |
| JEL: | C89 G21 L29 M19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iubhbm:82021&r= |
| By: | Aslan, Fatma; Haouel, Chourouk; Nemeslaki, Andras; Somogyi, Robert |
| Abstract: | We investigate the effect of direct network externalities on the long- run dynamics of two-sided platforms. Two-sided platforms have been widespread in the economy, acting as intermediaries connecting two dis- tinct groups of agents. A defining characteristic of the two-sidedness is the existence of indirect network externalities between the two sides. How- ever, direct externalities can also be important in one or both sides of the market. For instance, direct externalities include review systems where buyers on the platform benefit from other buyers' ratings and comments. We find that considering direct externalities changes the dynamics quali- tatively. For example, instead of saddle path dynamics, they can lead to unstable node dynamics and the collapse of a platform. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238006&r= |
| By: | Ceyhun Elgin (Columbia University and Bogazici University); M. Ayhan Kose (World Bank, Prospects Group; Brookings Institution; CEPR; and CAMA); Franziska Ohnsorge (World Bank, Prospects Group; CEPR; and CAMA); Shu Yu (World Bank) |
| Abstract: | This paper introduces a comprehensive database of informal economic activity. The database focuses on measures that have strong cross-country and over time coverage: it includes both model-based and survey-based measures of informality and covers more than 160 economies for the period 1990-2018. The paper illustrates two applications of the database. First, it distills stylized facts of informal activity, including its declining trend and pervasiveness in emerging market and developing economies (EMDEs). Second, it documents the cyclical features of the informal economy. Overall, informal economy recessions (recoveries) do not differ significantly from those of formal economy. Like formal-economy business cycles, informal-economy business cycles tend to be shallower in advanced economies than in EMDEs. Informal employment in both advanced economies and EMDEs appears to be largely acyclical. |
| Keywords: | Informal economy, self-employment, employment, output, business cycles. |
| JEL: | E26 E32 J46 O17 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:2114&r= |
| By: | Dispan, Jürgen |
| Abstract: | Digitalisierung, Elektromobilität, Fachkräftesicherung, Konzentrationsprozesse - das Kraftfahrzeuggewerbe mit seinen 440.000 Beschäftigten befindet sich in einem umfassenden und grundlegenden Wandel, der durch die Corona-Pandemie einen weiteren Schub bekommen hat. Wie wirken sich die Transformation und der Strukturwandel auf die Autohäuser und Kfz-Werkstätten aus? Welche Herausforderungen ergeben sich für die Sicherung der Arbeitsplätze, die Gestaltung der Arbeitsbedingungen und die Qualifizierung der Beschäftigten? Die differenzierte Analyse des Kfz-Gewerbes geht diesen Fragen nach und arbeitet Handlungsfelder für die Branche und die Mitbestimmungsakteure heraus. |
| Keywords: | Kfz-Gewerbe,Autohäuser,Werkstätten,Digitalisierung |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hbsfof:223&r= |
| By: | Kateryna Kurylchyk |
| Abstract: | Amid increased uncertainty investors tend to adopt cautious attitudes and revise their strategies, which results in disinvestment in emerging markets and concentration on more mature regions. Similarly, the downturn of 2008 led to the increased perception of country risk and shrinking investment volumes. This resulted in the situation when, after the years of promising growth and soaring returns, some CEE markets had to face the severe reality of being excluded from investors’ portfolios and strategic plans. At the same time, in the view of the vague concept of country risk it is unclear what exactly forced investors to radically change their plans. Due to the limited research on CEE caused in the first instance by the immaturity of some markets in the region and the resulting lack of transparency and market data, it is unclear what factors influence investment decisions in this region. By means of qualitative method, the presented study reflects on investors’ risk perception and attitudes towards investing in CEE and seeks to answer the question of “What are the determinants of real estate investment decision-making in CEE?” Input for the analysis comes from conducting expert interviews with the market players active in CEE and primarily based in Austria. |
| Keywords: | CEE counties and region; Diversification; international investment decision-making; risk perception and investor attitude |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_101&r= |
| By: | Püttmann, Vitus (Leibniz University of Hannover); Ruhose, Jens ((CEE) Centre D'Ètudes de L'Emploi); Thomsen, Stephan L. (Leibniz University of Hannover) |
| Abstract: | Academics are increasingly expected to engage in public discussions. We study how engagement conditions affect academics' engagement attitudes via a survey experiment among 4,091 tenured professors in Germany. Consistent with the crowding-out of intrinsic motivation, we find less-positive attitudes when emphasizing public authorities' demands and public expectations regarding science's societal relevance. Effects are particularly strong among professors endorsing science–society relations. Moreover, effects are similar when highlighting risks associated with engagement, but more pronounced for females, and absent when emphasizing public support for academics' engagement. We conclude that considering individual incentive structures and safeguarding against repercussions may promote academics' engagement. |
| Keywords: | science communication, public engagement, professor, survey experiment, intrinsic motivation |
| JEL: | I23 O33 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14668&r= |
| By: | Martin, Chris; Reeve, Rebecca; McCausland, Ruth; Baldry, Eileen; Burton, Pat; White, Rob; Thomas, Stuart |
| Abstract: | This research examined policies and programs relevant to the housing pathways of ex-prisoners with complex support needs in NSW, Victoria and Tasmania, including what criminal justice costs and benefits result from current housing assistance settings. |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rnk2c&r= |
| By: | Zhang, Bo (Beijing University of Chemical Technology); Zhou, Peng (Cardiff Business School) |
| Abstract: | The global financial crisis since 2008 revived the debate on whether or not and to what extent financial development contributes to economic growth. This paper reviews different theoretical schools of thought and empirical findings on this nexus, building on which we aim to develop a unified, microfounded model in a small open economy setting to accommodate various theoretical possibilities and empirical observations. The model is then calibrated to match some well-documented stylized facts. Numerical simulations show that, in the long run, the welfaremaximizing level of financial development is lower than the growth-maximizing level. In the short run, the price channel (through world interest rate) dominates the quantity-channel (through financial productivity), suggesting a vital role of international cooperation in tackling systemic risk of the global financial system. |
| Keywords: | economic growth; financial development; open economy; DSGE |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdf:wpaper:2021/21&r= |
| By: | Juselius, Mikael; Tarashev, Nikola A. |
| Abstract: | While corporate credit losses have been low since the start of the Covid-19 pandemic, their future evolution is quite uncertain. Using a forecasting model with a solid track record, we find that the baseline scenario ("expected losses") is benign up to 2024. This is due to policy support measures that have kept debt service costs low. However, high indebtedness, built up when the pandemic impaired real activity, suggests increased tail risks: plausible deviations from the baseline scenario ("unexpected losses") feature ballooning corporate insolvencies. Taken at face value, the low expected loss forecasts are consistent with low bank provisions, whereas the high unexpected loss forecasts call for substantial capital. |
| Keywords: | COVID-19 |
| JEL: | E44 E47 E65 G17 G21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bofecr:32021&r= |
| By: | Mönch, Emanuel; Stein, Tobias |
| Abstract: | The equity premium follows a pronounced v-shape pattern around the beginning of recessions. It sharply drops into negative territory just before business cycle peaks and then strongly recovers as the recession unfolds. Recessions are preceded by an inverted yield curve. Thus probit models using the term spread as predictor time the beginning of recessions well. We show that such model-implied recession probabilities strongly improve equity premium prediction out-of-sample. We document a structural break in the mean of the term spread in 1982. When correcting for this break, the forecast performance further strengthens, outperforming other recently proposed benchmark predictors. |
| Keywords: | Recession predictability,return predictability,business cycle,probit model,term spread |
| JEL: | E32 E37 C53 G11 G17 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:252021&r= |
| By: | Gero Junike; Konstantin Pankrashkin |
| Abstract: | The Fourier cosine expansion (COS) method is used for pricing European options numerically very fast. To apply the COS method, a truncation interval for the density of the log-returns need to be provided. Using Markov's inequality, we derive a new formula to obtain the truncation interval and prove that the interval is large enough to ensure convergence of the COS method within a predefined error tolerance. We also show by several examples that the classical approach to determine the truncation interval by cumulants may lead to serious mispricing. Usually, the computational time of the COS method is of similar magnitude in both cases. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01030&r= |
| By: | Kulenkampff, Gabriele; Ockenfels, Martin; Plückebaum, Thomas; Zoz, Konrad; Zuloaga, Gonzalo |
| Abstract: | According to the EU policy, a future-proof broadband supply for all European households is to be achieved by 2025. There is already a wide range of fibre deployment in Europe. However, the expansion of fibre-based access networks in Europe to date has taken place mainly in large cities. In other areas, the expansion is sluggish or non-existent. As a result, a digital divide between urban and rural areas in Europe is arising. The spatial disparity in fibre roll-out is often justified by market stake holders with significant regional cost differences. In the absence of private-sector investment, government subsidy programmes are often used to improve broadband coverage. Thus, politicians have to deal with the question about the level of investment required and the spatial distribution of subsidy needs. In this paper, we will therefore investigate the question of how significant the heterogeneity in the costs of Very High Capacity (VHC) networks in Germany actually is and whether and how the costs for Very High Capacity (VHC) networks differ between urban and rural regions. In the first part of the paper, we will analyse the regional cost differences of access network areas on the basis of bottom-up calculated investment figures. In the second part of the paper, we establish statistical estimation models that explain these regional cost differences. For this purpose, we use publicly available data. As a reference value for regionally differentiated costs of Very High Capacity (VHC) access networks, we use the results of a detailed bottom-up modelling of an FTTH network carried out for the whole of Germany. The model uses georeferenced household and business location data and optimizes the access network routes along the street network in a bottom-up manner. This model allows us to determine regionally differentiated FTTH investment at the level of access areas. By matching this data with the EU-wide standardized EUROSTAT urban/rural typology classification (predominantly urban, intermediate and predominantly rural), we determine whether and to which extent significant regional cost differences can be found in Germany applying these classifications. One focus is on determining the spread of investment requirements, especially among rural areas. Based on our experience, these areas exhibit the lowest economic viability of a network roll-out and, thus, the highest need for funding. By using statistical indicators, we analyse the suitability of the EUROSTAT classification as a differentiation criterion for regional cost differences. Here, we are particularly interested in whether the areas defined as rural form a sufficiently homogeneous group, and whether they show comparable levels of required investment. Our findings confirm that the differentiation criterion used, namely EUROSTAT urban/rural typology classification, is not satisfactory in measuring regional cost differences. It cannot sufficiently account for a large share of observable differences in fibre-based access network costs. Since it is desirable to answer questions regarding the required funding for selected regions based on publicly available data, we apply regression models to identify alternative influencing factors on the basis of publicly available data, in order to better explain observable regional cost differences. Here, we find that a handful of geographical factors are capable of explaining 95% of the geographical differences in fibre investment requirements, the most relevant being the number of connection lines, the number of households per kilometre of road in built-up areas, the main road length per built-up area and the share of built-up area in relation to overall area. In the last part of the analysis, we examine whether the derived results are also meaningful in a political and regulatory context. Discussions about the necessity of promoting high-speed networks usually take place at the level of local authorities. Therefore, in a final step, we address the question whether the statistical relationships derived from the regression model at the level of access areas also apply at a higher aggregated, i.e. NUTS3, level. In summary, we show that for Germany, classifications based on subscriber density exhibit a significant spread in the investment costs of Very High Capacity (VHC) access networks, which is most pronounced in rural clusters. Statistical analyses using regression models can improve the result if geographical elements of the settlement structure are considered in the analysis. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238033&r= |
| By: | Bhalotra, Sonia R. (University of Warwick); Fernandez Sierra, Manuel (Universidad de los Andes) |
| Abstract: | We estimate the health costs of supply-side barriers to accessing medical care. The setting is Colombia, where citizens have a constitutional right to health care, but insurance companies that manage delivery impose restrictions on access. We use administrative data on judicial claims for health as a proxy for unmet demand. We validate this using the register recording all health service utilization, estimating that a one standard deviation increase in judicial claims is associated with pervasive decreases in utilization rates of between 0.25 and 0.71 standard deviations, including in medical consultations, procedures, hospitalizations and emergency care. These restrictions on access manifest in population health outcomes. We estimate that a one standard deviation increase in judicial claims increases the all-cause mortality rate by between 0.10 and 0.23 standard deviations. Increases in mortality are pervasive across causes, with the largest increase in deaths from certain cancers. They are also pervasive across the age and sex distribution but larger among individuals over the age of fifty and (weakly) among women and the low-income population. |
| Keywords: | health care, health insurance, mortality, right-to-health, litigation, universal-health-coverage, Colombia |
| JEL: | I11 I13 I18 K4 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14685&r= |
| By: | Audi, Marc; Ali, Amjad; Roussel, Yannick |
| Abstract: | Taxes are the backbone of an economy, therefore, an effective tax system is very necessary for the survival of an economy. All the modern and developed economies have a higher rate of taxes as a percentage of GDP e.g. UK 33%, the USA 24.5%, Germany 38.8%, and France 45.4% (OECD, 2019). So, it is always important to measure the tax buoyancy among and within countries. This article has examined the buoyancy of taxes among the selected South Asian Association for Regional Cooperation (SAARC) countries from 1990 to 2019. Pooled regression has been applied for measuring the tax buoyancy coefficients for sales tax, income tax, customs duty, excise duty, and total tax revenue. The findings show that sales tax, income tax, and total tax revenue are significant with the buoyancy coefficient of 1.30, 1.12, and 1.01, respectively. Whereas the excise and customs, duties show a positive but insignificant buoyancy coefficient of 0.81 and 0.62, respectively. Among all revenue generation taxes, income tax and sales tax are leading; this indicates that South Asian countries prefer a progressive tax system. But the overall tax system in South Asia is inclined towards proportional response and needs strict checks for the improvement of the tax system. Finally, the revenue collection through taxation can be further enhanced with the help of an improved domestic tax system, as customs duties and excise duties are discouraged by the World Bank, IMF, and WTO. |
| Keywords: | tax buoyancy; income tax; customs duty; excise duty |
| JEL: | H2 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109567&r= |
| By: | Pablo Ottonello; Diego J. Perez; Paolo Varraso |
| Abstract: | We study the design of macroprudential policies based on quantitative collateral-constraint models. We show that the desirability of macroprudential policies critically depends on the specific form of collateral used in debt contracts: While inefficiencies arise when current prices affect collateral---a frequent benchmark used to guide policies---they do not when only future prices affect collateral. Since the microfoundations and quantitative predictions of models with future-price collateral constraints do not appear less plausible than those using current prices, we conclude that additional empirical work is essential for the use of these models in macroprudential policy design. |
| JEL: | E32 E44 F32 F36 F38 G01 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29204&r= |
| By: | Michael Scholz |
| Abstract: | The price-rent ratio is one of the most important measures for monitoring the housing market. This paper outlines and adopts a hedonic Spatio-temporal methodology for estimating quality-adjusted price-rent ratios for apartments in 21 major cities in Germany. With the user-cost equilibrium condition, it is subsequently possible to derive estimates of the cross-section of expected real capital gains. In addition, quality-adjusted property price and rental indices are computed at the city-level. Using this new hedonic method applied to prices and rents over the period 2014Q2 – 2018Q1, we nd a large degree of heterogeneity across cities and time. These ndings deliver deep insights into the dynamics of the German housing market and have important implications for housing investment and urban planning. |
| Keywords: | housing market; Price-rent ratios; Spatio-temporal hedonic model; User cost |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_159&r= |
| By: | Patrick T. Harker |
| Abstract: | In welcome remarks at the virtual New Perspectives on Consumer Behavior in Credit and Payments Markets Conference, Philadelphia Fed President Patrick Harker highlighted groundbreaking research from the Consumer Finance Institute. The 11th biennial conference allowed researchers to share new research on homeownership, consumer bankruptcy, pandemic housing relief, and consumer protection and regulation, with a special focus on racial inequities. |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpsp:93033&r= |
| By: | Marente Vlekke (CPB Netherlands Bureau for Economic Policy Analysis); Martin Mellens (CPB Netherlands Bureau for Economic Policy Analysis); Siem Jan Koopmans (VU) |
| Abstract: | We assess the stability of the coefficient on the unemployment gap in various linear dynamic Phillips curve models. We allow the coefficient on the unemployment gap and the other variables in our model to be time-varying, so that we can monitor the importance of the Phillips curve over time. We compare the effects of different measures for inflation and inflation expectations on our estimation results. In our analysis, we use state space methods and adopt a practical approach to Bayesian estimation with feasible testing and diagnostic checking procedures. Empirical results are presented for the United States and the five largest euro area economies. Our main conclusion is that in the United States the Phillips curve for headline inflation has remained empirically relevant over the years while there are periods when its impact has been low. For measures of core inflation we find a declining Phillips curve. In the euro area the strength of the relationship differs per country and over time, but has overall been weak and volatile in the past three decades. For both the United States and the euro area countries, we find little evidence of the “anchored expectations"-hypothesis. |
| JEL: | C18 C32 C52 E24 E31 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:416&r= |
| By: | Grazyna Wiejak-Roy |
| Abstract: | In the light of ever growing complexity of real estate transactions, the need for vendors and buyers to better understand the role of vendor due diligence (VDD) is imperative. The purpose of this paper is twofold: firstly, it provides a detailed literature review regarding the role of the conventional buyer’s due diligence (CBDD) and VDD from both the sellers’ and buyers’ perspectives. Secondly, it analyses the value of VDD over and above CBDD in real estate transactions by proposing a theoretical model involving two-stage auctions. The model suggested is able to accommodate the feature that even though the VDD is broadly increasing informational efficiency in the market, its value is limited when the vendors already have sound understanding of their assets and the buyers’ pre-transaction information about the asset is already high. Though the real estate market is considered here, the theoretical model we propose is applicable to any other complex asset transaction decision that support endogenous information disclosure considerations using VDD. |
| Keywords: | Complex assets; Due diligence; Private information; Two-stage auctions |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_20&r= |
| By: | Vancluysen, Sarah |
| Abstract: | This paper explores the nature of the relationship between South Sudanese refugees and their Ugandan hosts. Situated in northern Uganda, a context characterized by chronic underdevelopment and poverty, it examines if and how peaceful coexistence between nationals and refugees is maintained. Overall, their relationship can be described as ‘cordial’. However, based on extensive fieldwork, including interviews with refugees, local leaders and settlement authorities, three critical challenges are identified. Most importantly, the management of land currently is and will remain a critical challenge. While unstable conditions in South Sudan do not yet allow a safe and voluntary repatriation, other barriers are impeding the South Sudanese to fully integrate with their Ugandan hosts. More specifically, the rural settlement approach discourages refugees to settle independently; and legal ambiguities refrain refugees from obtaining citizenship. Nonetheless, there is a relatively high degree of de facto integration, as the refugees, supported by Ugandan nationals, come up with their own coping strategies. |
| Keywords: | Uganda; South-Sudan; refugees |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iob:dpaper:202105&r= |
| By: | Van Haren, Ian |
| Abstract: | Refugee Status Determination (RSD) processes are currently a requirement for some types of refugee sponsorship to Canada, which limits access to these programs. This paper discusses the 2012 decision to impose the RSD requirement for certain types of refugee sponsorship applications and the implications of this requirement on sponsors hoping to assist refugees who are unable to obtain the RSD documentation. |
| Date: | 2021–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:67x9k&r= |
| By: | Balazs Vonnak (Magyar Nemzeti Bank (Central Bank of Hungary)) |
| Abstract: | In this paper a new instrument for monetary policy shocks is presented. Exogenous variation of the policy rate may come from frictions of collective decision-making. Dissenting votes indicate how far the final decision of the decision making body is from the mean of the members’ individually preferred interest rates and thus correlate with the policy shocks caused by the decision-making frictions. Measures of dissent are used as external instrument in a structural VAR. Results for the U.S. show significant effect of the Fed’s interest rate policy on real variables with the expected sign. On the other hand, the estimated effect on nominal variables is reminiscent of the price puzzle. Usual remedies, such as inclusion of commodity prices, inflation expectations or starting the sample in the middle of the eighties do not change the qualitative results casting doubt on the usual interpretation that the price puzzle is a statistical artifact. |
| Keywords: | monetary policy, structural vector autoregression, instrumental variable, price puzzle. |
| JEL: | C32 C36 E52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:wpaper:2021/4&r= |
| By: | Lim, Chulmin |
| Abstract: | In November 2018, LG Uplus had a partnership with Netflix for the first time in South Korea and started to offer the integrated service which is available to subscribe and use Netflix through its IPTV. Despite of huge influence of integrated service to local media industry, there are few studies to examine the strategic meaning of this contentious phenomenon and consumers’ responses. Therefore, this study tried to find meaningful factors affecting local IPTV users’ intention to subscribe to global OTT service through this integrated service by using structured equation model (SEM). From the result of this study, users’ dissatisfaction with IPTV could not impact on intention to subscribe to global OTT service. However, users’ perceived value of global OTT service, perceived benefit of integrated service and binge watching have positive impact on it. This study has some academic and practical implications for practitioners in pay-TV and OTT industry. |
| Keywords: | Internet Protocol TV (IPTV),Over-the-Top (OTT),U+tv,Disney Plus and South Korea |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238036&r= |
| By: | Sundari, Endah; Marlius, Doni |
| Abstract: | This research was conducted to find out how the level of profitability by using the ratio of ROA (Return on Asset), ROE (Return on Equity), BOPO (Operating Expenses to Operating Income), and NPM (Net Profit Margin) to PT. BPR Batang Kapas. The type of data used is secondary data obtained by the documentation method taken from the PT.BPR Batang Kapas publication report during the period 2017-2019. This research was conducted using the 2017-2019 financial statements, namely the balance sheet and income statement. The results of this study indicate that the bank ROA level is in a very good position with the ROA criteria >1.5%. The ROE level also shows that the bank position is in a fairly good condition with the criteria of 13% |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:szh52&r= |
| By: | Chang, Pao-Li (School of Economics, Singapore Management University); Yi, Xin (School of Economics, Singapore Management University); Yoon, Haeyeon (School of Economics, University of Bristol) |
| Abstract: | The IO literature has typically studied the supply-side factors that determine the price structure of products/services competing in a market. This paper pro-poses that the demand-side demographics could play an important role in shaping the product price structure. In particular, we document a “missing middle” phe-nomenon in both the income and the product price distributions in the U.S., based on the IPUMS ACS dataset (2005–2017) and the Nielsen Retail Scanner Data (2006–2017), for a large set of goods sold in the U.S. at the national, state, or commuting-zone level. We show that the lagged population share of the middle-income class has a positive impact on the market share (in quantity) of middle-priced varieties (and respectively so for the low/high income and price group), after controlling for product category and state (or commuting zone) fixed effects. The impacts are further stronger in commuting zones of higher population density. We then evaluate the cost-of-living implications of the observed missing-middle phe-nomenon, taking into account product entry, exit, and pro-competitive price effects of continuing products, in a framework that allows for non-homothetic preferences across income groups with respective to the price groups. We find that ignoring the non-homothetic demand structure and the missing-middle phenomenon under-states the rise in the cost of living for the period 2006–2017. The downward bias is sizable (as large as 2 percentage points out of 11–13% increase in the cost of living for the period), and particularly noticeable for the middle-income households. |
| Keywords: | missing middle; price and income distribution; demand demographics; cost of living; entry/exit |
| JEL: | D12 D31 D61 J11 L11 |
| Date: | 2021–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2021_005&r= |
| By: | Pierre Poinsignon (i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Thomas Paris |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03097441&r= |
| By: | Douglas A. Irwin (Peterson Institute for International Economics) |
| Abstract: | In 1960, South Korea’s exports were about 1 percent of GDP, and the country’s ability to import depended almost entirely on US aid. After changing its foreign exchange and trade policies in the mid-1960s, Korea saw a surge in exports to more than 10 percent of GDP by the end of the decade. What factors account for the shift in policy that enabled this dramatic export growth to occur? The United States helped initiate the process by withholding financial assistance, pressuring Korea to devalue its currency and reform its foreign exchange regime. Initially, the Korean government resisted taking these steps, but in 1964 it became firmly committed to an export promotion strategy to boost foreign exchange earnings and end its dependence on American aid. |
| Keywords: | export promotion, export orientation, devaluation, foreign exchange reform |
| JEL: | F13 F31 N75 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-14&r= |
| By: | Jaller, Miguel |
| Abstract: | California has set goals for transitioning the freight sector to near-zero-emission and zero-emission vehicles (ZEVs). California offers several incentive programs to encourage adoption of ZEVs, but purchase decisions are driven by complex factors beyond simple purchase price. Understanding the behaviors and attitudes of freight stakeholders toward ZEVs can inform the design of more effective incentive programs to meet California’s goals. Researchers at the University of California, Davis deployed a stated-preference survey of fleet and carrier companies to collect information about vehicle purchase preferences and how they might be influenced by various incentive programs. This policy brief summarizes the findings from that research and provides policy implications. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Behavior, Forecasting, Freight transportation, Incentives, Market penetration, Surveys, Travel demand, Trucks, Zero emission vehicles |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt0p14c77j&r= |
| By: | Anurag Gupta; Vikram Krishnamurthy |
| Abstract: | Electronic countermeasures (ECM) against a radar are actions taken by an adversarial jammer to mitigate effective utilization of the electromagnetic spectrum by the radar. On the other hand, electronic counter-countermeasures (ECCM) are actions taken by the radar to mitigate the impact of electronic countermeasures (ECM) so that the radar can continue to operate effectively. The main idea of this paper is to show that ECCM involving a radar and a jammer can be formulated as a principal-agent problem (PAP) - a problem widely studied in microeconomics. With the radar as the principal and the jammer as the agent, we design a PAP to optimize the radar's ECCM strategy in the presence of a jammer. The radar seeks to optimally trade-off signal-to-noise ratio (SNR) of the target measurement with the measurement cost: cost for generating radiation power for the pulse to probe the target. We show that for a suitable choice of utility functions, PAP is a convex optimization problem. Further, we analyze the structure of the PAP and provide sufficient conditions under which the optimal solution is an increasing function of the jamming power observed by the radar; this enables computation of the radar's optimal ECCM within the class of increasing affine functions at a low computation cost. Finally, we illustrate the PAP formulation of the radar's ECCM problem via numerical simulations. We also use simulations to study a radar's ECCM problem wherein the radar and the jammer have mismatched information. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03546&r= |
| By: | Elgin, Ceyhun; Kose, M. Ayhan; Ohnsorge, Franziska; Yu, Shu |
| Abstract: | This paper introduces a comprehensive database of informal economic activity. The database focuses on measures that have strong cross-country and over time coverage: it includes both model-based and survey-based measures of informality and covers more than 160 economies for the period 1990-2018. The paper illustrates two applications of the database. First, it distills stylized facts of informal activity, including its declining trend and pervasiveness in emerging market and developing economies (EMDEs). Second, it documents the cyclical features of the informal economy. Overall, informal economy recessions (recoveries) do not differ significantly from those of formal economy. Like formal-economy business cycles, informal-economy business cycles tend to be shallower in advanced economies than in EMDEs. Informal employment in both advanced economies and EMDEs appears to be largely acyclical. |
| Keywords: | Informal economy, self-employment, employment, output, business cycles. |
| JEL: | E26 E32 J46 O17 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109490&r= |
| By: | Sebastian Will; Timon Renz |
| Abstract: | The present study analyses the relationship between home tenure status and life satisfaction applying fixed-effects regressions. Using data from the German Socio-Economic Panel from 1984 to 2018, we first find that compared to renting a home, owning one has an overall significant positive effect on life satisfaction. Hereby, we confirm results of already existing studies. Secondly, by examining homeowners and their different financing conditions more closely, we show that having a real estate loan impacts homeowners’ life satisfaction negatively by 0,048 points on a 10-point Likert scale. Taken together, these two antagonistic effects sum up to a null effect, which opposes most of the conclusions of related literature. By choosing to compare indebted homeowner, and not homeowners in general, to renters, we intend to contribute to a more thorough understanding of the effects of tenure status on life satisfaction. Additionally, we examine the temporal effects five years before and after the change in tenure status. As we obtain mixed results, the effects of anticipation and adaptation of life satisfaction remain to be further investigated. |
| Keywords: | financing conditions; Homeownership; Life Satisfaction |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_89&r= |
| By: | Otrachshenko, Vladimir (Justus Liebig University, Giessen); Nikolova, Milena (University of Groningen); Popova, Olga (Leibniz Institute for East and Southeast European Studies (IOS)) |
| Abstract: | Communism was a two-edged sword for the trustees of the former regime. Communist party members and their relatives enjoyed status and privileges, while secret police informants were often coerced to work clandestinely and gather compromising materials about friends, colleagues, and neighbors. We examine the long-term consequences of such connections to the communist regime for life satisfaction in Central and Eastern Europe and the former Soviet Union. We also calculate a monetary equivalent of those effects and empirically test mechanisms. The findings underscore that past communist regime connections have a persistent but differential effect on life satisfaction. |
| Keywords: | Communist regime, historical legacy, Eastern Europe, former Soviet Union, life satisfaction, elite networks, Communist party, informants |
| JEL: | D60 I31 N00 P26 P36 P52 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14712&r= |
| By: | Apanasevic, Tatjana |
| Abstract: | amounts of data which could provide many potential benefits for society and national economies. One example of an important dataset is accounts payable providing information about purchases and expenditures of the governmental sector. Academic research in the area of open data is rather new and fragmented. There is a gap in understanding socio-economic impact of open government data ex post at organisational level. This research aims to understand what kind of socio-economic impact a municipality gains by publishing accounts payable as open data, and how municipalities perceive the major benefits, challenges and risks related to open publishing of this dataset. For analysis, we use the example of Swedish municipalities that are already publishing or preparing to publish accounts payable dataset as open data. We discuss costs related to open data initiative, and benefits related to open publishing of analysed dataset. We also provide more insights into benefits and challenges perceived by municipalities in relation to open publishing of accounts payable. |
| Keywords: | open data,open government data,municipality,socio-economic analysis,accounts payable |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238004&r= |
| By: | Jehiel, Philippe (Paris School of Economics); Mohlin, Erik (Department of Economics, Lund University) |
| Abstract: | We study learning in a decentralized pairwise adverse selection economy, where buyers have access to the quality of traded goods but not to the quality of non- traded goods. Buyers categorize ask prices in order to predict quality as a function of ask price. The categorization is endogenously determined so that outcomes that are observed more often are categorized more finely, and within each category beliefs reflect the empirical average. This leads buyers to have a very fine understanding of the relationship between qualities and ask prices for prices below the current market price, but only a coarse understanding above that price. We find that this induces a price cycle involving the Nash equilibrium price, and one or more higher prices. |
| Keywords: | Adverse selection; Bounded rationality; Categorization; Learning; Model misspecification; OTC markets |
| JEL: | C70 C73 D82 D83 D91 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lunewp:2021_011&r= |
| By: | Syawia, Annisa Aziza; Marlius, Doni |
| Abstract: | The purpose of this study was to determine how the profitability ratio at PT. BPR Lengayang Cabang Surantih. The research method used is quantitative data analysis method, where this quantitative method analyzes the calculation of the Bank's profitability level. The type of data used is secondary data obtained from reports from the Financial Services Authority and BPR Publication Reports for the 2017-2019 period. The results of this study indicate that the level of ROA (1.5%) according to BI standards is still in the very good category, so that banks can operate properly in using and utilizing their assets to generate profits. The level of ROE (23%) indicates that the bank's ability to generate net income is unhealthy. While the NPM level (51%) is in the very poor category, banks are below the average rating of BI, so they have not operated well in generating net profit. |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:c9k3r&r= |
| By: | , Lendriani; Marlius, Doni |
| Abstract: | The purpose of this study was conducted to determine how the Liquidity ratio at PT. Bank Pembangunan Daerah Sumatera Barat. This study uses a quantitative data analysis method, namely by analyzing the development of financial reports published by the Bank Pembangunan Daerah Sumatera Barat for the 2015 – 2019 period. The results of this study indicate that the bank’s Cash Ratio in good health, the Quick Ratio rate shows that the bank is still in good condition because the bank is able to pay its short-term obligations, by using current assets owned by the bank, the Loan to Deposit Ratio position of the bank can be said to be in good health because the bank is able to pay back the withdrawal of funds from customer using the credit provided. |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:ep2wn&r= |
| By: | Shotaro Watanabe; Gianluca Marcato; Bing Zhu |
| Abstract: | This paper investigates the relationship between strategic default in the US residential mortgage market and household portfolio composition after the Great Recession in 2007. Following the definition of strategic default proposed by Gerardi et al. (2018), we find that in addition to the well-known ‘Double Triggers’ – negative equity and payment ability – households’ portfolio composition can also affect their strategic default decision. Holding a larger amount of non-housing durable assets increases the probability of strategic default, while owning more liquid assets can reduce it through two channels: portfolio rebalancing and relative cost of default. |
| Keywords: | Household Finance; Mortgage; Negative Equity; Strategic Default |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_203&r= |
| By: | Anna Gelpern (Peterson Institute for International Economics); Sebastian Horn (Kiel Institute for the World Economy); Scott Morris (Center for Global Development); Brad Parks (AidData; Center for Global Development); Christoph Trebesch (University of Kiel; Kiel Institute for the World Economy) |
| Abstract: | China is the world’s largest official creditor, but basic facts are lacking about the terms and conditions of its lending. Very few contracts between Chinese lenders and their government borrowers have ever been published or studied. This paper is the first systematic analysis of the legal terms of China’s foreign lending. The authors collect and analyze 100 contracts between Chinese state-owned entities and government borrowers in 24 developing countries in Africa, Asia, Eastern Europe, Latin America, and Oceania, and compare them with those of other bilateral, multilateral, and commercial creditors. Three main insights emerge. First, the Chinese contracts contain unusual confidentiality clauses that bar borrowers from revealing the terms or even the existence of the debt. Second, Chinese lenders seek advantage over other creditors, using collateral arrangements such as lender-controlled revenue accounts and promises to keep the debt out of collective restructuring (“no Paris Club†clauses). Third, cancellation, acceleration, and stabilization clauses in Chinese contracts potentially allow the lenders to influence debtors’ domestic and foreign policies. Even if these terms were unenforceable in court, the mix of confidentiality, seniority, and policy influence could limit the sovereign debtor’s crisis management options and complicate debt renegotiation. Overall, the contracts use creative design to manage credit risks and overcome enforcement hurdles, presenting China as a muscular and commercially savvy lender to the developing world. |
| Keywords: | China, International Lending, Foreign Aid, Debt Management, Sovereign Debt, Contract Law, Debt Restructuring, Debt Transparency |
| JEL: | F35 F34 H63 K12 K22 K33 P33 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-7&r= |
| By: | Ceyhun Elgin; M. ayhan Köse; Franziska Ohnsorge; Shu Yu |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:bou:wpaper:2021/03&r= |
| By: | Egor Malkov (University of Minnesota, Federal Reserve Bank of Minneapolis) |
| Abstract: | This paper develops a framework for assessing the welfare effects of labor income tax changes on married couples. I build a static model of couples' labor supply that features both intensive and extensive margins and derive a tractable expression that delivers a transparent understanding of how labor supply responses, policy parameters, and income distribution affect the reform-induced welfare gains. Using this formula, I conduct a comparative welfare analysis of four tax reforms implemented in the United States over the last four decades, namely the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act of 1993, the Economic Growth and Tax Relief Reconciliation Act of 2001, and the Tax Cuts and Jobs Act of 2017. I find that these reforms created welfare gains ranging from -0.16 to 0.62 percent of aggregate labor income. A sizable part of the gains is generated by the labor force participation responses of women. Despite three reforms resulted in aggregate welfare gains, I show that each reform created both winners and losers. Furthermore, I uncover two patterns in the relationship between welfare gains and couples' labor income. In particular, the reforms of 1986 and 2017 display a monotonically increasing relationship, while the other two reforms demonstrate a U-shaped pattern. Finally, I characterize the bias in welfare gains resulting from the assumption about a linear tax function. I consider a reform that changes tax progressivity and show that the linearization bias is given by the ratio between the tax progressivity parameter and the inverse elasticity of taxable income. Quantitatively, it means that linearization overestimates the welfare effects of the U.S. tax reforms by 3.6-18.1%. |
| Keywords: | Taxation of Couples, Tax Reforms, Welfare Analysis, Labor Supply, Sufficient Statistics, Linearization Bias |
| JEL: | D60 E62 E65 H31 J22 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2021-590&r= |
| By: | Rudy Douven (CPB Netherlands Bureau for Economic Policy Analysis); Chiara Brouns (Menzis); Ron Kemp (ACM, EUR) |
| Abstract: | In the Dutch health care system of managed competition, insurers and mental health providers negotiate on prices for mental health services. Contract prices are capped by a regulator who sets a maximum price for each mental health service. In 2013, the majority of the contract prices equaled these maximum prices. We study price setting after a major policy change in 2014. In 2014, mental health care providers had to negotiate prices with each individual health insurer separately, instead of with all insurers collectively as in 2013. Moreover, after a cost-price revision, the regulator increased in 2014 maximum prices by about 10%. Insurers and mental health providers reacted to this policy change by setting most contract prices below the new maximum prices. We find that in 2014 mental health providers with more market power, i.e. a higher willingness to pay measure, contracted significantly higher prices. Some insurers negotiated significantly lower prices than other insurers but these differences are unrelated to an insurers’ market share. |
| JEL: | I11 I18 L11 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:414&r= |
| By: | Schnorr, Geoffrey; Lee, Eunju |
| Abstract: | We use data on sibling pairs near the minimum legal drinking age to provide causal estimates of peer effects in alcohol consumption. Following prior work on other outcomes, we exploit the discontinuous increase in alcohol consumption of the older sibling at the legal drinking age in a regression discontinuity design. Our preferred point estimates imply that the number of binge drinking days reported by the younger sibling decreases by 27% of the mean at the cutoff. While our estimates are somewhat imprecise, we are consistently able to rule out positive estimates from the existing literature. Our research design provides estimates which are interpretable as the causal effect of the peer's alcohol consumption. This is in contrast to most prior work which instead identifies the causal effect of exposure to the peer. We explain how this distinction matters for policy. |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:qntxh&r= |
| By: | Ernest Miguelez; Andrea Morrison; |
| Abstract: | How do regions enter new and distant technological fields? Who is triggering this process? This work addresses these compelling research questions by investigating the role of migrant inventors in the process of technological diversification. Immigrant inventors can indeed act as carriers of knowledge across borders and influence the direction of technological change. We test these latter propositions by using an original dataset of immigrant inventors in the context of European regions during the period 2003-2011. Our findings show that: immigrant inventors generate positive local knowledge spillovers; they help their host regions to develop new technological specialisations; they trigger a process of unrelated diversification. Their contribution comes via two main mechanisms: immigrant inventors use their own personal knowledge (knowledge creation); they import knowledge from their home country to the host region (knowledge transfer). Their impact is maximised when their knowledge is not recombined with the local one (in mixed teams of inventors), but it is reused (in teams made by only migrant inventors). Our work contributes to the existing literature of regional diversification by providing fresh evidence of unrelated diversification for European regions and by identifying important agents of structural change. It also contributes to the literature of migration and innovation by adding fresh evidence on European regions and by unveiling some of the mechanisms of immigrants’ knowledge transmission. |
| Keywords: | patents, migration, technological diversification, relatedness, Europe |
| JEL: | O30 F20 F60 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2125&r= |
| By: | Johnny Flentø (University of Copenhagen) |
| Abstract: | As the world approaches the halfway point to the target year of 2030 for achieving the Sustainable Development Goals (SDGs) approved in 2015, it is clear that poverty will be far from eradicated by then. Absolute poverty is concentrated in Sub-Saharan Africa (SSA) and overwhelmingly in 12-15 countries where progress in poverty alleviation is largely insufficient to get even close to achieving SDG1. The absolute number of extremely poor people in SSA is increasing and by 2030 it will be larger than the entire population of the European Union. While inequality matters for poverty reduction, it is the inequality between rich and poor nations that stands out. It is crucial to analyse poverty and inequality in absolute numbers. Relative and scale-neutral concepts distort our understanding and shield those who do not want to share just a tiny fraction of their rich countries’ wealth with the world’s poorest people. SDG1 would be within reach if rich countries shared a tiny fraction of their income. However, OECD countries are increasingly using their official development assistance as finance to support their more pressing foreign and security policy objectives, especially limiting migration, which also promotes redistribution from rich to poor. Europe needs to realize that investing more in Africa is good economics and good for security. Building strong relations with African governments and collaborating in building and strengthening key national institutions are critical both for poverty reduction and promoting peace and security. |
| Keywords: | poverty, inequality, sustainable development goals, development assistance |
| JEL: | I32 D63 F35 |
| Date: | 2021–02–09 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kuderg:2113&r= |
| By: | Marcelo Cajias; Joseph-Alexander Zeitler |
| Abstract: | In the light of the rise of the World Wide Web, there is an intense debate about the potential impact of online user-generated data on classical economics. This paper is one of the first to analyze housing demand on that account by employing a large internet search dataset from a housing market platform. Focusing on the German rental housing market, we employ the variable ‘contacts per listing’ as a measure of demand intensity. Apart from traditional economic methods, we apply state-of-the-art artificial intelligence, the XGBoost, to quantify the factors that lead an apartment to be demanded. As using machine learning algorithms cannot solve the causal relationship between the independent and dependent variable, we make use of eXplainable AI (XAI) techniques to further show economic meanings and inferences of our results. Those suggest that both hedonic, socioeconomic and spatial aspects influence search intensity. We further find differences in temporal dynamics and geographical variations. Additionally, we compare our results to alternative parametric models and find evidence of the superiority of our nonparametric model. Overall, our findings entail some potentially very important implications for both researchers and practitioners. |
| Keywords: | eXtreme Gradient Boosting; Machine Learning; online usergenerated search data; Residential Real Estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_70&r= |
| By: | Federico Revelli; Tsung-Sheng Tsai; Roberto Zotti |
| Abstract: | This paper exploits the multi-tiered structure of personal income taxation in Italy to investigate within-tier (horizontal) and between-tiers (vertical and diagonal) fiscal externalities. Estimation of an unrestricted income tax reaction function on municipalities located at internal regional borders using o¤-border Wald-type grouping variables as well as the staggered schedule of mayoral elections as instruments for endogenous spatial lags reveals strong positive spatial dependence in municipal tax rates. On the other hand, there is no evidence of a response of municipal tax rates to regional tax policies, suggesting that border discontinuity estimators that rely on consolidated spatial specifications (lower-plus-upper-tier tax rates) impose restrictions on the parameters of the reaction function that are unwarranted in these circumstances. |
| Keywords: | fiscal externalities; income taxation; grouping instrumental variable; border discontinuity estimator |
| JEL: | H24 H71 H73 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9276&r= |
| By: | Hakan Yilmazkuday (Department of Economics, Florida International University) |
| Abstract: | Using daily census block group level data from the U.S., this paper investigates the welfare costs of staying at home due to COVID-19 across socioeconomic and demographic groups. The investigation is based on an economic model of which implications suggest that the welfare costs of staying at home increase with the stay-at-home probabilities of individuals. The empirical results provide evidence for significant heterogeneity across census block groups regarding the welfare effects of staying at home. This heterogeneity is further used to obtain measures of welfare changes for different socioeconomic and demographic groups at the national level. |
| Keywords: | COVID-19, Coronavirus, Staying at Home, Welfare, Demographics |
| JEL: | I14 I31 R11 R13 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fiu:wpaper:2116&r= |
| By: | Yiduo Huang; Zuojun Max Shen |
| Abstract: | The recovery of the public transportation system is critical for both social re-engagement and economic rebooting after the shutdown during pandemic like COVID-19. In this study, we focus on the integrated optimization of service line reopening plan and timetable design. We model the transit system as a space-time network. In this network, the number of passengers on each vehicle at the same time can be represented by arc flow. We then apply a simplified spatial compartmental model of epidemic (SCME) to each vehicle and platform to model the spread of pandemic in the system as our objective, and calculate the optimal open plan and timetable. We demonstrate that this optimization problem can be decomposed into a simple integer programming and a linear multi-commodity network flow problem using Lagrangian relaxation techniques. Finally, we test the proposed model using real-world data from the Bay Area Rapid Transit (BART) and give some useful suggestions to system managers. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.03940&r= |
| By: | Rodríguez-Pose, Andrés; Lee, Neil |
| Abstract: | Innovation in cities is increasingly regarded as an outcome of two potential inputs: scientific activity and creativity. Recent firm level research has suggested that what really matters for innovation is the combination of these two inputs, rather than the mere presence of workers representing each group. Yet there is little evidence on whether this relationship holds at the city level. This paper investigates this gap in our knowledge by examining how the simultaneous presence of STEM (geeks) and creative workers (hipsters) in 290 US Metropolitan Statistical Areas during the period between 2005 and 2015 has contributed to determine city level innovation. The results indicate that, although at first sight the presence of STEM workers is a more important driver of innovation than that of creative ones, it is the combination of both factors that maximizes innovation in US cities. The most innovative cities are precisely those that are more successful at combining the two. Hence, current policies which tend to focus mainly on either STEM or creativity may be better targeted at ensuring both are present. |
| Keywords: | cities; creative class; creativity; innovation; STEM; United States; AH/S001298/1 |
| JEL: | R14 J01 |
| Date: | 2020–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:103974&r= |
| By: | Molina, Teresa (University of Hawaii at Manoa); Vidiella-Martin, Joaquim (University of Oxford) |
| Abstract: | Do local labor markets influence the effectiveness of educational policies? To answer this question, we focus on Mexico's conditional cash transfer program, PROGRESA, documented to have increased educational attainment. We show that PROGRESA's impact on schooling was smaller in areas with more export-oriented manufacturing jobs and argue this is because these jobs generate more convex opportunity costs of schooling. Consistent with this, the heterogeneity we document is strongest among those old enough to be working in factory jobs. In addition, this heterogeneity is primarily driven by jobs that directly influence schooling opportunity costs: low-wage jobs and jobs for school-aged workers. |
| Keywords: | conditional cash transfers, export manufacturing, Mexico, opportunity costs |
| JEL: | I28 F16 I38 O14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14667&r= |
| By: | Kindop, Igor |
| Abstract: | According to the literature, the bimodality of estimates in mixed causal–non-causal autoregressive processes is due to unlucky starting values and happens only ocassionally. This paper shows that a unique and convergent solution is not always the case for models of this class. Instead, the likelihood function is not convex leading to the multimodality of estimated parameters. It can be attributed to the magnitude and sign of the autoregressive coefficients. Simultaneously, the number of local modes grows with the number of autoregressive parameters in the model. This multimodality depends on the parameters of the process and the chosen error distribution. We have to apply grid search methods to extract candidate solutions. The independence of residuals is a necessary hypothesis for the proper identification of the processes. A simple AIC criterion helps to select an independent model. Finally, I sketch a roadmap on estimating mixed causal-noncausal autoregressive models and illustrate the approach with Brent spot oil price returns. |
| Keywords: | non-causal model, non-convex likelihood, non-Gaussian, nonfundamentalness, multimodality. |
| JEL: | C13 C22 C51 C52 C53 E37 |
| Date: | 2021–07–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109594&r= |
| By: | Carina Kaiser; Julia Freybote |
| Abstract: | The emergence of e-commerce over the last two decades has substantially disrupted the business of retailers operating physical stores. As a result, the question arises as to how e commerce in turn affects pricing of retail real estate assets and thus investors should be concerned with e-commerce. Using return series data of shopping centers from the NCREIF property index for the period of 2000 Q1 to 2018 Q4, we find that e commerce sales can predict changes in retail real estate market returns. In particular, an increase in the share of e commerce sales to total sales results in lower capital and total returns for retail real estate. In contrast, no impact on income returns was found. Alongside revealing that e commerce has informative value for investors, this study contributes to the broader literature on asset pricing in commercial real estate markets while bridges this gap in the retail real estate literature. |
| Keywords: | Asset Pricing; E-commerce; Institutional Investors; Retail real estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_150&r= |
| By: | Qiulin Ke; Shijun Jia |
| Abstract: | We investigate whether and the extent to which buyer’s characteristics affect housing transaction prices. Using the transaction data of existing apartments from 2014 to 2017 in Guangzhou, China, our results show that buyer’s locality, motivation and financial ability affect the transaction prices. Non-local buyers pay a premium. First-time buyers gain a discount. Experienced repeat buyers for upgrading pay a premium. We also find that buyer’s financial ability affects purchasing power and transaction prices. The buyers paying the acquisition through mortgage gain a higher discount or pay a lower premium than their counterparts paying in cash. Internet using itself won’t affect transaction price. When it is combined with buyer’s other characteristics, the buyers using internet to obtain the property information have information advantage over the ones using tradition method and gain a higher discount or pay a lower premium than their counterparts using traditional method. This finding is important for market participates and regulators to improve information efficiency and transparency through technology. |
| Keywords: | Buyer's characteristics; China; Housing transaction price; Information Asymmetry |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_198&r= |
| By: | Juan G. Zapata; Carlos Castañeda; Daniel Wiesner; Laura Garzón |
| Abstract: | Finanzas territoriales y contrabando de cigarrillos en Colombia: una relación compleja tiene como base un estudio realizado por Fedesarrollo para British American Tobacco (BAT),sede Colombia, y se centra en discutir, validar y refutar argumentos y afirmaciones que suelen estar en el radar cuando se habla de los impuestos saludables y específicamente de los aplicados a los cigarrillos y similares. Para el caso colombiano se analiza con particular énfasis la relación de la tributación con el contrabando. El primero analiza el comportamiento de las finanzas departamentales, especialmente después de la entrada en vigor de la Ley 1819 del 2016, que contempló un fuerte incremento de los impuestos a los cigarrillos y derivados del tabaco. Este primer acápite repasa los cambios en materia tributaria de los cigarrillos en las últimas décadas y presenta la dinámica del recaudo por impuestos a los cigarrillos y tabaco en el país. Incluye, además, una estimación de la presión tributaria de estos productos y un análisis del comportamiento de las incautaciones de cigarrillos ilegales a lo largo del territorio nacional. Debe mencionarse que buena parte de lo encontrado se basa también en un trabajo cualitativo que se hizo con entrevistas semiestructuradas con funcionarios departamentales de las secretarías de Hacienda y de sus oficinas de rentas y de programas anticontrabando. El segundo pilar centra su análisis en validar o invalidar la posible incidencia del incremento en la carga tributaria a los cigarrillos en el crecimiento del contrabando en el comercio de tabaco en el país. Hay información puntual fuerte y confiable que muestra que el aumento de las incautaciones de cigarrillos puede estar relacionado con el incremento de los impuestos. Se realizaron ejercicios econométricos que evaluaron el impacto que tuvo la Ley 1819 en el comportamiento del consumo de cigarrillos ilegales en el país. Para esto último se contó con la información de Invamer de la encuesta anual que se hace para estimar el contrabando en el país. En el tercer pilar se valora un amplio grupo de trabajos que analizan la incidencia del aumento de la carga tributaria al cigarrillo en la salud. Como veremos, hay una gran dificultad para estimar esta relación, pues las metodologías que se utilizan son de muy compleja aplicación. Esto se complementó con un análisis de la información pública disponible en las Encuestas de Hogares y Calidad de Vida y de los Registros Individuales de Prestación de Servicios de Salud –RIPS– sobre el consumo de tabaco de los colombianos. Aunque limitados, los resultados son interesantes y dejan como enseñanza que si se ajustan un poco las fuentes de información disponibles en el país, será posible adelantar análisis más precisos. |
| Keywords: | Finanzas Territoriales, Contrabando, Cigarrillos, Finanzas Públicas, Estructura Tributaria, Consumo de Tabaco, Finanzas Públicas, Departamentales, Impuestos al Consumo, Enfermedades Asociadas al Consumo, Tabaco, Colombia |
| JEL: | E60 L66 H20 H30 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:col:000439:019503&r= |
| By: | Kruse, Herman; Myhre, Andreas |
| Abstract: | This paper studies the economic effects on re-employment and program substitution behavior among elderly displaced workers who exogenously lose eligibility for their early retirement option. We use detailed Norwegian matched employer-employee data containing information on bankruptcy dates and individual-level wealth, income, pensions and social security benefits. Our empirical strategy employs a regression discontinuity design, as job displacement before a certain age cut-off results in losing eligibility for early retirement benefits between ages 62–67 years in Norway. We find that reemployment rates are indistinguishable between workers who just retain eligibility for early retirement benefits and those who just do not. Meanwhile, those who lose eligibility offset 69% of their lost benefits through take-up of other social security benefits, where 51% comes from disability insurance and 13% from unemployment insurance. Our findings are particularly policy relevant as tightening of age-limits for old-age pensions is on the agenda in several OECD countries, while current economic hardship throughout the region may lead to increased job displacement for elderly workers. |
| Keywords: | early retirement, job displacement, labor supply, benefit substitution, social security |
| JEL: | H55 I38 J14 J26 J65 |
| Date: | 2021–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109431&r= |
| By: | Riëtte Carstens; Julia Freybote |
| Abstract: | Risk awareness generally increases during times of uncertainty. REITs’ riskiness has been known to be affected by its debt and capital structure decisions. We investigate if the text in REIT financial statements can improve the risk-related information environment by predicting credit behavior. Using a REIT-specific dictionary we extract the net positive tone from REIT financial statements from the first quarter of 1997 to the fourth quarter of 2017. We then use a panel VAR to assess whether the net positive REIT tone can predict credit variables such as leverage, cash and short term investments, unsecured debt and secured debt. In addition, we investigate the predictive value of tone for high and low growth firms based on its book-to-market value. Overall, our findings suggest that 1) REIT-specific tone predicts firm credit behavior and 2) firms differ in their reporting behavior based on their book-to-market value. Firms with profitable growth opportunities, characterized by a low book-to-market value, increase (decrease) leverage and decrease (increase) cash and short term investments following an increase (decrease) in the net positive tone. On the other hand, REITs with limited growth opportunities (high book-to-market value) display an inverse relationship between tone and leverage. Our study contributes to the literature on REIT text analysis specifically within the context of extracting risk related information. Furthermore, our study may have value for REIT practitioners including investors, analysts, financiers, and credit rating agencies who are sensitive to firm risk. |
| Keywords: | Information Environment; REITs; Risk; Textual Tone |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_85&r= |
| By: | Aji, Maulana Malik Sebdo; Nasriyah, Nuri |
| Abstract: | This study aims to analyze the general picture of food consumption and food demand response to changes in income, prices, demographic variable, and the impact of rising food prices on household welfare in household food insecure areas ofSumatera. This study uses raw data obtained from 2018 The National Socio-Economic Survey (Susenas) BPS-Statistics. The sample comprises 12,606 households in Sumatera’s food-insecure areas. A Quadratic Almost Ideal Demand System (QUAIDS) is employed to estimate price and income elasticities, as well as the impact of demographic and geographical factors on food demand patterns. Compensating Variation (CV) is used to estimate changes in household welfare due to an increase in food prices. Ten aggregate commodity groups were chosen for this analysis: rice; non-rice grains and tubers, fish, shrimp, squid, shellfish; meat; eggs and milk; vegetables, fruit and nuts; oil and coconut; prepared food; other consumption; and cigarettes and tobacco. The results show that the higher the increase in food prices, the more reduction in household welfare. The proportion of household expenditure in Sumatera's food-insecure areas is dominated by food consumption. The proportion of household food expenditure in Sumatera's food-insecure areas is still dominated by food expenditure. The income elasticity of all food groups is positive. Meanwhile, the value of the price elasticity of the entire food group is negative and to interpret it is absolute so it is positive. The value of cross-price elasticity varies between food groups. Income, price, and demographic variables except head of household sex and poverty status have an effect on the pattern of food consumption. An increase in food prices reduces household welfare. Policy advice for the government is to increase the income of the household in Sumatera food-insecurity area, maintain price stability or reduce food prices. |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:b7ecy&r= |
| By: | Sgroi, Daniel (University of Warwick); Yeo, Jonathan (Nanyang Technological University, Singapore); Zhuo, Shi (University of Warwick) |
| Abstract: | Group identity is known to exert a powerful socio-psychological influence on behaviour but to date has been largely explored as a uni-dimensional phenomenon. We consider the role of multiple dimensions of identity, asking what might happen to ingroup and outgroup perceptions and the resulting implications for cooperation. Carefully selecting two politically charged identity dimensions documented to have similar strength and to be largely orthogonal (religious belief and views about government size), we find that priming individuals to consider both dimensions rather than one has a noticeable effect on behaviour. Moving from one to two dimensions can produce a significant increase in ingroup allocations at the expense of fairness to outgroup individuals, although the effect varies as we switch from primarily considering religion to government size. Evidence suggests that the heterogeneity of such effects is related to the degree of "harmony" between groups in the dimensions concerned. |
| Keywords: | group identity, multiple identities, religion, government size, experiment, behavioural economics |
| JEL: | D91 C91 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14714&r= |
| By: | Andrew L. Allan; Chong Liu; David J. Pr\"omel |
| Abstract: | Using rough path theory, we provide a pathwise foundation for stochastic It\^o integration, which covers most commonly applied trading strategies and mathematical models of financial markets, including those under Knightian uncertainty. To this end, we introduce the so-called Property (RIE) for c\`adl\`ag paths, which is shown to imply the existence of a c\`adl\`ag rough path and of quadratic variation in the sense of F\"ollmer. We prove that the corresponding rough integrals exist as limits of left-point Riemann sums along a suitable sequence of partitions. This allows one to treat integrands of non-gradient type, and gives access to the powerful stability estimates of rough path theory. Additionally, we verify that (path-dependent) functionally generated trading strategies and Cover's universal portfolio are admissible integrands, and that Property (RIE) is satisfied by both (Young) semimartingales and typical price paths. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04225&r= |
| By: | Itzhak Ben-David; Mark J. Johnson; René M. Stulz |
| Abstract: | With the onset of the COVID-19 crisis in March 2020, small business lending through fintech lenders collapsed. We explore the reasons for the market shutdown using detailed data about loan applications, offers, and take-up from a major small business fintech credit platform. We document that while the number of loan applications increased sharply early in March 2020, the supply of credit collapsed as online lenders dropped from the platform and the likelihood of applicants receiving loan offers fell precipitously. Our analysis shows that the drying up of the loan supply is most consistent with fintech lenders becoming financially constrained and losing their ability to fund new loans. |
| JEL: | G11 G21 G33 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29205&r= |
| By: | Mahmood, Haider |
| Abstract: | Purpose: A level of education may change the energy consumption habits of people. Further, economic growth may also demand cleaner energy consumption for better environmental quality. This research explores the impacts of education and economic growth on the renewable energy consumption of Saudi Arabia. Methodology: This research utilizes the unit root test of Dickey & Fuller (1981), cointegration test of Pesaran et al. (2001), and bound testing values of Kripfganz & Schneider (2020). Main Findings: Income and secondary education increase Renewable Energy Consumption (REC) in the long and short run. Primary education reduces REC in the long run, and the lag of primary education has a positive effect on REC. Implication: This research recommends to increase the level of education to promote renewable energy consumption for a cleaner environment. Novelty: Educational level and renewable energy consumption nexus have not been investigated in Saudi Arabia. Therefore, we claim an empirical contribution. |
| Keywords: | Level of Education, Economic Growth, Renewable Energy Consumption, Cointegration |
| JEL: | Q29 |
| Date: | 2020–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109141&r= |
| By: | Faria, João Ricardo; Goel, Rajeev K.; Göktepe-Hultén, Devrim |
| Abstract: | Considering the sequential nature of nascent entrepreneurship and business ownership, this paper examines the propensities of academic entrepreneurs to be business owners. A theoretical model sets up the empirical analysis based on survey data from a large German public research institute. Traditionally, scientists and entrepreneurs have been seen to occupy opposite ends of a spectrum in terms of their role in innovation. In academic entrepreneurship the two combine on a number of activities. In order to understand the ways in which academic inventors move from pure patenting to nascent entrepreneurship to business ownership and connect seemingly divergent activities. We model their behavior by looking at various factors among German scientists. Academic inventors present a critical case since science and entrepreneurship are often seen as radically different, not the least in terms of knowledge production. By bringing the analysis from the level of social behavior and roles to the level of knowledge production, we can better address questions such as: How is knowledge in the interfaces of epistemic communities produced? How can such knowledge be organized and sustained? and How can relations between individuals on 'opposing sides' be constructively managed? The empirical results show that scientists' positive attitudes towards commercialization of results consistently contribute to tendencies towards academic entrepreneurship; however, the academic discipline and risk aversion did not have a statistically significant impact. Having a doctoral degree lowered the propensities toward nascent entrepreneurship, but had the opposite effect on business ownership. Finally, age and experience made business ownership more likely. The results of this study would contribute to a more general theory of how scientists can combine their commercial and scientific activities in spite of an alleged divergence. |
| Keywords: | academic entrepreneurship,invention,spinoffs,business entrepreneurs,nascent entrepreneurs,commercialization costs,Germany |
| JEL: | O33 O52 L26 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2197&r= |
| By: | Alexander von Kulessa |
| Abstract: | The public and academic discourses have prominently pointed to local oppositions, often qualified as “Not in My Back Yard-attitudes” (NIMBYism), to explain why housing is increasingly difficult to build and unaffordable to many, especially dense urban areas. This claim relies on the assumption that “Not in My Back Yard” does translate to “Not in My Constituency” on the political level. Yet research on the politics of planning policies and decisions is rather scant. The paper replaces residents’ preferences in the political and institutional context, relying on the example of Greater London. Using detailed data from the London Development Database (2007-2017), the paper finds solid evidence that the number of housing approvals per ward as well as the share of affordable units are strongly linked to median voter preferences in the constituency, which are estimated using micro-data from the British Social Attitudes Survey (2010, 2014, 2016). While these results support the “NIMBY-Hypothesis”, they are only one part of the story. Regression analysis indicates that party politics and regional planning targets matter as well and may counterbalance local oppositions to new housing constructions. |
| Keywords: | housing; Housing Affordability; New Residential Construction; Urban Planning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_165&r= |
| By: | Maria Rosa Battaggion; Vittoria Cerasi |
| Abstract: | We study the relation between the acquisition of a partial equity ownership and interlocking directorates among rival companies. Partial equity ownership between rivals in the product market is convenient, even in the case of passive participation, since, by internalizing competition, it raises the profits of both companies. The price of the acquisition, however, is affected by the marginal cost of the target company. When this cost is private information, the bidder has to elicit the true value of the equity stake from the target through a proper design of the offer in the context of asymmetric information. One possible alternative is for the bidder to propose an interlocking directorate to observe the private cost: to achieve this goal, the bidder has to convince the target to host one of his executives on the board. We build a novel framework to analyze the choice to interlock together with the acquisition of a minority equity stake and study when the two events are observed at the equilibrium. We suggest that interlocking directorates may be ancillary to a minority acquisition when the value of the target is private information. |
| Keywords: | Interlocking Directorates; Partial Equity Ownership; Information; Oligopoly. |
| JEL: | D4 G3 L2 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:475&r= |
| By: | Congressional Budget Office |
| Abstract: | This report examines the availability of six Air Force aircraft fleets after large-scale maintenance that has occurred since the mid-1990s. CBO focused on modifications that changed the aircrafts’ Mission Design Series designation. Those types of changes usually focus on improving an aircraft’s performance and reliability so as to keep it in the force for an extended time. In most of the cases that CBO examined, aircraft were more available after the maintenance action than would be expected without it. |
| JEL: | C24 H41 H56 H57 L64 N42 N62 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:cbo:report:57258&r= |
| By: | Adams-Prassl, A.; Boneva, T.; Golin, M.; Rauh, C. |
| Abstract: | Not all countries provide universal access to publicly funded paid sick pay. Amongst countries that do, compensation rates can be low and coverage incomplete. This leaves a significant role for employer-provided paid sick pay in many countries. In this paper, we study who has access to employer-provided sick pay, how access to sick pay relates to labor supply when sick, and how much it is valued by workers for themselves and others. We find that workers in jobs with high contact to others are particularly unlikely to have employer provided sick pay, as are economically insecure workers who are least able to afford unpaid time off work. We find that workers without sick pay are more likely to work when experiencing cold-like symptoms and are less willing to expose themselves to health risks at work during the pandemic. Using vignettes, we reveal that large shares of workers have a very high, but even more have a very low willingness to sacrifice earnings for access to sick pay. Together our findings highlight the unequal distribution of access to sick pay and the potentially strong negative externalities of not providing it publicly. The pandemic may have made these issues more salient as perceived probabilities of having to self-isolate are positively related to support for publicly provided sick pay. Finally, we find that providing information on the health externality of paid sick leave increases support for the public provision of sick pay, suggesting that there might be a public under-provision because individuals do not factor in the externalities. |
| Keywords: | Inequality, sick pay, sick leave, externalities, public finance, Covid-19, pandemic, coronavirus, market failure, vignette, information treatment |
| JEL: | J22 J32 J81 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2162&r= |
| By: | Yang Yang; Michael Rehm |
| Abstract: | The purpose of this research is to examine housing price volatility and its determinants in Auckland, a housing market that has experienced an upward trend in real estate prices with fluctuations. This study is different from existing literature by differentiating two types of transactions: leveraged investment and leveraged owner-occupancy. The housing price volatility of these two groups is estimated using GARCH-M models. This study then builds two VAR models as frameworks to conduct Granger causality tests, impulse response analyses and variance decomposition analyses. It is found that the volatility of those two types of sales responds differently to shocks in variables. In addition, a shock in the growth rate of housing prices, especially a negative shock, is the most significant determinant of the housing price volatility for both leveraged investment and leveraged owner-occupancy. The findings of this research bear implications for policy-makers. |
| Keywords: | GARCH-M model; Granger causality test; housing price volatility; VAR model |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_163&r= |
| By: | Lucien Boulet |
| Abstract: | Several academics have studied the ability of hybrid models mixing univariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models and neural networks to deliver better volatility predictions than purely econometric models. Despite presenting very promising results, the generalization of such models to the multivariate case has yet to be studied. Moreover, very few papers have examined the ability of neural networks to predict the covariance matrix of asset returns, and all use a rather small number of assets, thus not addressing what is known as the curse of dimensionality. The goal of this paper is to investigate the ability of hybrid models, mixing GARCH processes and neural networks, to forecast covariance matrices of asset returns. To do so, we propose a new model, based on multivariate GARCHs that decompose volatility and correlation predictions. The volatilities are here forecast using hybrid neural networks while correlations follow a traditional econometric process. After implementing the models in a minimum variance portfolio framework, our results are as follows. First, the addition of GARCH parameters as inputs is beneficial to the model proposed. Second, the use of one-hot-encoding to help the neural network differentiate between each stock improves the performance. Third, the new model proposed is very promising as it not only outperforms the equally weighted portfolio, but also by a significant margin its econometric counterpart that uses univariate GARCHs to predict the volatilities. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.01044&r= |
| By: | Jean Pisani-Ferry (Peterson Institute for International Economics) |
| Abstract: | For all the long-term benefits of urgently addressing climate change, economic policymakers must plan for a challenging transition to carbon neutrality. Pretending that the costs will be trivial is dangerous. Estimates by the Intergovernmental Panel on Climate Change of the United Nations indicate that emergency action is indispensable to limit catastrophic climate disruption. Because of the magnitude of the efforts involved and the pace of the transformation implied, the accelerated transition to a carbon-neutral economy is bound to have serious, immediate economic implications, warns Pisani-Ferry. Some equipment will lose economic value. Some plants will have to close. Employees will have to be reallocated to other occupations. Investment will have to increase, to repair or rebuild infrastructure and the capital stock. He argues that so far policymakers have not addressed these implications in a systematic manner. It is high time policymakers realize that climate policy is also macroeconomic policy and design transition strategies now. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb21-20&r= |
| By: | Joseph E. Gagnon (Peterson Institute for International Economics); Madi Sarsenbayev (Peterson Institute for International Economics) |
| Abstract: | A 2017 PIIE analysis found that fiscal balances and foreign exchange intervention—more broadly, government purchases of foreign assets to influence exchange rates—are the most important factors behind differences in current account balances across countries and over time. The current account is the broadest measure of a country's balance of trade. It records all income received from foreigners and payments made to foreigners. It is dominated by trade in goods and services but also includes income receipts on domestically owned factors of production (capital and labor) that are employed abroad and payments to foreign-owned factors of production at home. A country’s fiscal surplus and official purchases of foreign assets tend to increase its current account balance. Net official purchases by other countries tend to reduce current account balances in the home country, especially when it issues a reserve currency. This paper updates the earlier analysis with three more years (2016–18) and roughly 40 percent more observations. New analysis of net international investment positions (which largely reflect cumulated current account balances) finds even stronger evidence for the dominant role of official reserve positions in explaining differences in current account balances across countries. An increase in a country’s official reserve position causes essentially a dollar-for-dollar increase in its net international investment position. |
| Keywords: | current account balance; fiscal balance; foreign exchange intervention |
| JEL: | F32 F41 F42 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-4&r= |
| By: | Anna Stansbury |
| Abstract: | To what extent do US firms have an incentive to comply with the Fair Labor Standards Act (FLSA) and the National Labor Relations Act (NLRA)? Stansbury examines this question through a simple comparison of the expected costs of noncompliance (in terms of legal sanctions) to the profits firms can earn through noncompliance. In the case of the FLSA minimum wage and overtime provisions, typical willful violators are required to pay back wages owed and in some cases additional penalties, if detected by the Department of Labor (DOL). Based on available data on the penalties levied, a typical firm would need to expect a chance of at least 78-88 percent that its violation would be detected in order to have an incentive to comply with the FLSA. In practice, the probability of detection many firms can expect to face is likely much lower than this. In the case of the NLRA, a firm that fires a worker illegally is required to reinstate the worker with back pay if the violation is detected. Based on empirical estimates of the effect of unionization on firm profits, a typical firm may have an incentive to fire a worker illegally for union activities if this illegal firing would reduce the likelihood of unionization at the firm by as little as 0.15-2 percent. These analyses illustrate that neither the FLSA nor the NLRA penalty and enforcement regimes create sufficient incentive to comply for many firms. In this context, the substantial evidence of minimum wage and overtime violations, and of illegal employer behavior toward unions, is not surprising. |
| Keywords: | US-China trade policy, tariffs, trade war timeline, phase one agreement, antidumping, countervailing duties, product exclusions, export controls |
| JEL: | F13 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp21-9&r= |
| By: | Paul Bilokon; David Finkelstein |
| Abstract: | The principal component analysis (PCA) is a staple statistical and unsupervised machine learning technique in finance. The application of PCA in a financial setting is associated with several technical difficulties, such as numerical instability and nonstationarity. We attempt to resolve them by proposing two new variants of PCA: an iterated principal component analysis (IPCA) and an exponentially weighted moving principal component analysis (EWMPCA). Both variants rely on the Ogita-Aishima iteration as a crucial step. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13072&r= |
| By: | Amro ElShurafa; Hatem Alatawi; Salaheddine Soummane; Frank Felder (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | Renewable energy (RE) technologies are viewed as a critical means of reducing power sector-related emissions. Using mixed-integer optimization, we evaluate the extent to which renewable energy reduces carbon emissions in the Saudi power sector. |
| Keywords: | Energy Mix |
| Date: | 2021–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:prc:dpaper:ks--2021-dp08&r= |
| By: | Eusepi, Stefano; Gibbs, Chris; Preston, Bruce |
| Abstract: | We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, the optimal forward guidance policy makes large front-loaded promises to stabilize expectations. Policy is too stimulatory in the event of transitory shocks, but provides insurance against persistent shocks. The optimal policy is well-approximated by a constant calendar-based forward guidance, independent of the shock’s realised persistence. The insurance property distinguishes our paper from other bounded rationality papers that solve the forward guidance puzzle and generates important quantitative differences. |
| JEL: | E32 D83 D84 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofrdp:2021_011&r= |
| By: | Silvia Angerer (UMIT ? Private University for Health Sciences, Medical Informatics and Technology); E. Glenn Dutcher (Ohio University); Daniela Glätzle-Rützler (University of Innsbruck); Philipp Lergetporer (Technical University of Munich & ifo Institute at the University of Munich and CESifo); Matthias Sutter (Max Planck Institute for Research on Collective Goods Bonn, University of Cologne and IZA Bonn & University of Innsbruck) |
| Abstract: | Large, macroeconomic shocks in the past have been shown to influence economic decisions in the present. We study in an experiment with 743 subjects whether small-scale, seemingly negligible, events also affect the formation of risk preferences. In line with a reinforcement learning model, we find that subjects who won a random lottery took significantly more risk in a second lottery almost a year later. The same pattern emerges in another experiment with 136 subjects where the second lottery was played more than three years after the first lottery. So, small-scale, random, events affect the formation of risk preferences significantly |
| Keywords: | Reinforcement learning, risk preferences, preference formation, experiment |
| JEL: | C91 D01 D83 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:aiw:wpaper:14&r= |
| By: | Michelle W. Bowman |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgsq:93038&r= |
| By: | Sara Eldeeb (Faculty of Management Technology, German University in Cairo); Maria do Rosario Correia (Faculty of Management Technology, German University in Cairo); Christian Richter (Faculty of Managemennt Technology, German University in Cairo) |
| Abstract: | Climate Change experienced recently wider public attention through the actions of activist groups such as extinction rebellion and the Fridays for Future movement. It seems an increasing number of people around the world is aware of climate change and its associated problems. Apart from participating in above activities, a question arises regarding what drives people to show a willingness to mitigate the effects of climate change. In this paper we investigate potential determinants for the intention to adapt to climate change and to adopt a pro-environmental behaviour. We use a Fuzzy Set qualitative comparative analysis to identify the key drivers. We find that the key drivers are awareness combined with a willingness to pay to mitigate climate change, personal responsibility and confidence in the ability to mitigate climate change. Furthermore, the key drivers for exhibiting pro-environmental behaviour are societal engagement and willingness to take action. Overall, this paper contributes to increase the understanding of key cognitive, social-psychological and behavioural factors which lead to environmental actions and provides policy-makers with a framework to support a more sustainable society. |
| Keywords: | Theory of Planned Behaviour, Fuzzy Set Qualitative Comparative Analysis, Climate Change, Pro-environmental intention and behaviour. |
| JEL: | C31 C38 C83 Q54 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:guc:wpaper:53&r= |
| By: | Adejimi Adebayo |
| Abstract: | The commercial property market has been hit by e-commerce and COVID-19. These have led to increasing void periods, vacancies and business closures among other market occurrences. These occurrences require market actors to make strategic decisions on the future use of these spaces. One response to understanding the future of commercial property spaces is through analysing the rental value performance and the links (streets) connecting the properties within a defined city boundary. This study analyse street network to compute accessibility index via spatial configuration technique. The computed street data (accessibility integration) and observed changes in rental values for 14,570 commercial property units of a medium-sized UK city were analysed, digitalised and visualised using GIS choropleth maps. The variables (that is, accessibility and changes in rental value) were adopted in ranking property locations into future suitability for commercial purposes. Results show that almost 40% of the investigated properties require change of use for optimum utilisation the property spaces. The study contributes to the application of spatial configuration technique in analysing real property markets for efficient planning and management of urban spaces. |
| Keywords: | Accessibility; Changes in rental value; Commercial property market; GIS |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_114&r= |
| By: | Eduardo Fe; David Gill; Victoria Prowse |
| Abstract: | We investigate how childhood cognitive skills affect strategic sophistication and adult outcomes. In particular, we emphasize the importance of childhood theory-of-mind as a cognitive skill. We collected experimental data from more than seven hundred children in a variety of strategic interactions. First, we find that theory-of-mind ability and cognitive ability both predict level-k behavior. Second, older children respond to information about the cognitive ability of their opponent, which provides support for the emergence of a sophisticated strategic theory-of-mind. Third, theory-of-mind and age strongly predict whether children respond to intentions in a gift-exchange game, while cognitive ability has no influence, suggesting that different measures of cognitive skill correspond to different cognitive processes in strategic situations that involve understanding intentions. Using the ALSPAC birth-cohort study, we find that childhood theory-of-mind and cognitive ability are both associated with enhanced adult social skills, higher educational participation, better educational attainment, and lower fertility in young adulthood. Finally, we provide evidence that school spending improves theory-of-mind in childhood. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:feb:artefa:00737&r= |
| By: | Kim, Mee Jung (Sejong University); Lee, Kyung Min (George Mason University); Earle, John S. (George Mason University) |
| Abstract: | We estimate the impact of the Community Reinvestment Act (CRA) on small business lending in lower-income neighborhoods. Using 2004-2016 panel data on census tracts, we apply a combined regression discontinuity and fixed effect method. We find that the number of small business loans increases by about 3 to 4 percent and the total dollar amount of small business loans by about 6 to 10 percent in tracts becoming treated by the CRA. The results are robust along many dimensions and suggest that the CRA has a positive impact on access to finance for small businesses in lower income areas. |
| Keywords: | financial constraints, small business lending, community reinvestment act, lower income neighborhood |
| JEL: | G28 G21 R58 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14681&r= |
| By: | Malanowski, Norbert; Beesch, Simon; Henn, Sebastian; Roitzsch, Christopher |
| Abstract: | Im Fokus dieses Working Papers steht die Analyse von in Deutschland ansässigen, international agierenden Großunternehmen aus der Medizintechnikbranche und ihrer globalen Reorganisation im Bereich Forschung und Entwicklung (FuE). Zudem wird diskutiert, wie sich Interessenvertretung für Arbeitnehmer*innen in Deutschland im Zuge der globalen Reorganisation von Forschung und Entwicklung in der Branche unter Berücksichtigung der industriellen Spezifika organisieren und gezielt vorantreiben lässt. |
| Keywords: | Verlagerung,Mitbestimmung,Wertschöpfung,Globalisierung |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hbsfof:227&r= |
| By: | Cynthia (Huiying) Hou; Donglin Han; Wu Hao; Joseph Lai |
| Abstract: | Whereas the use of specific smart technologies in various sectors of the tourism industry has been under greater scrutiny in recent years, research that investigates tourists’ acceptance of smart technologies applied as a whole to hotels is underexplored. To address this shortfall, a study with a focus on tourists’ acceptance of experience-enhancement smart technologies has been conducted. A technology acceptance model based conceptual framework was developed, followed by a series of interviews with the managerial staff of ten hotels in Hong Kong that adopt experi-ence-enhancement smart technologies. Based on the interview findings, a questionnaire was de-signed for use in a survey in which data were collected face-to-face from 312 tourists. Structural equation modelling was utilised to reveal the interrelationships between nine technology ac-ceptance parameters. This study contributes knowledge to both real-world practice and research in tourism management. |
| Keywords: | Experience-enhancement smart technology; Hotel; Structural equation modelling; technology acceptance model |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_213&r= |
| By: | Otrachshenko, Vladimir; Nikolova, Milena; Popova, Olga |
| Abstract: | Communism was a two-edged sword for the trustees of the former regime. Communist party members and their relatives enjoyed status and privileges, while secret police informants were often coerced to work clandestinely and gather compromising materials about friends, colleagues, and neighbors. We examine the long-term consequences of such connections to the communist regime for life satisfaction in Central and Eastern Europe and the former Soviet Union. We also calculate a monetary equivalent of those effects and empirically test mechanisms. The findings underscore that past communist regime connections have a persistent but differential effect on life satisfaction. |
| Keywords: | Communist regime,historical legacy,Eastern Europe,former Soviet Union,life satisfaction,elite networks,Communist party,informants |
| JEL: | D60 I31 N00 P26 P36 P52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:927&r= |
| By: | Gustavo Ferro |
| Abstract: | Este trabajo discute las opciones regulatorias existentes, en lo conceptual y según la experiencia internacional, para cumplir con los objetivos de una prestación eficiente, equitativa, sostenible y de calidad. Dichos mecanismos, en estado puro ofrecen ventajas y resuelven algunos problemas, pero tienen dificultades. A los mecanismos puros se suman variantes híbridas o mixtas. Un problema importante es el ajuste indexatorio de las tarifas, que en Argentina se complica por la legislación. En general, predominan en las ciudades argentinas mecanismos de costo de servicio con ajuste periódico y no automático de tarifas por polinómicas de costos. El mecanismo existente tiene pros y contras. Es conocido y simple, probado y fácil de administrar. Pero no alienta la innovación y el cambio tecnológico. Dados los problemas de caída secular de la demanda (sumada en el último año y medio a la prohibición de viajar a no esenciales por la pandemia), se proponen algunas soluciones regulatorias. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:808&r= |
| By: | Hubeyb Gurdogan; Alec Kercheval |
| Abstract: | Portfolio managers faced with limited sample sizes must use factor models to estimate the covariance matrix of a high-dimensional returns vector. For the simplest one-factor market model, success rests on the quality of the estimated leading eigenvector "beta". When only the returns themselves are observed, the practitioner has available the "PCA" estimate equal to the leading eigenvector of the sample covariance matrix. This estimator performs poorly in various ways. To address this problem in the high-dimension, limited sample size asymptotic regime and in the context of estimating the minimum variance portfolio, Goldberg, Papanicolau, and Shkolnik developed a shrinkage method (the "GPS estimator") that improves the PCA estimator of beta by shrinking it toward a constant target unit vector. In this paper we continue their work to develop a more general framework of shrinkage targets that allows the practitioner to make use of further information to improve the estimator. Examples include sector separation of stock betas, and recent information from prior estimates. We prove some precise statements and illustrate the resulting improvements over the GPS estimator with some numerical experiments. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00148&r= |
| By: | Kerem Yavuz Arslanli |
| Abstract: | In the first section, we investigate the outlook of the Turkish real estate market in the Pre-COVID era. The fundamentals were found to be not changing dramatically from previous studies. Cyclical credit growth patterns are detected as a matter of Government intervention to the markets. n the second part, we focus on credit expansion that led to the residential market boom. 1-year non-payment option made the mortgage market appealing. Other non-residential markets are in trouble which has ties to foreign consumption, especially the EU. In the third part of the paper, we tried to forecast how the market will perform under covid. The fast learning curve was expected to be on the side of tackle covid, but the 3rd wave becomes more severe and hits the casualties to a new high level. Office and retail are most affected and may not recover sooner than residential. Industry and logistics look very promising, but the consumption declines, and the new normal set the expenditures even low. |
| Keywords: | COVID19; Credit Driven Growth; Real Estate Markets; Residential |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_226&r= |
| By: | Yao Pan (George Washington University); Jessica Leight (International Food Policy Research Institute) |
| Abstract: | This paper analyzes the effects of positive shocks to export-oriented industries following China's accession to the World Trade Organization on human capital investment in urban and rural areas. Exploiting cross-county variations in the reduction in export tariff uncertainty both locally and at plausible migration destinations, we find that youth reaching matriculation age post-accession in counties experiencing a larger export shock show a lower probability of enrolling in high school. In urban areas, this effect is driven by local shocks, while in rural areas, it is primarily driven by shocks at migration destinations. Urban youth show evidence of a deterioration in labor market outcomes linked to declining matriculation rates, while there is no evidence of significant labor market effects for rural youth. |
| Keywords: | Export Shock, Human Capital Attainment, Urban-rural Inequality, China |
| JEL: | F14 F16 J24 O15 O18 O19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gwi:wpaper:2021-14&r= |
| By: | Hufe, Paul (LMU Munich); Peichl, Andreas (Ludwig-Maximilians-Universität München); Weishaar, Daniel (LMU Munich) |
| Abstract: | Equality of opportunity is an important normative ideal of distributive justice. In spite of its wide acceptance and economic relevance, standard estimation approaches suffer from data limitations that can lead to both downward and upward biased estimates of inequality of opportunity. These shortcomings may be particularly pronounced for emerging economies in which comprehensive household survey data of sufficient sample size is often unavailable. In this paper, we assess the extent of upward and downward bias in inequality of opportunity estimates for a set of twelve emerging economies. Our findings suggest strongly downward biased estimates of inequality of opportunity in these countries. To the contrary, there is little scope for upward bias. By bounding inequality of opportunity from above, we address recent critiques that worry about the prevalence of downward biased estimates and the ensuing possibility to downplay the normative significance of inequality. |
| Keywords: | equality of opportunity, inequality, emerging economies |
| JEL: | D31 D63 I32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14680&r= |
| By: | Matinmikko-Blue, Marja; Yrjölä, Seppo; Ahokangas, Petri; Hämmäinen, Heikki |
| Abstract: | Local 5G networks have gained increasing attention in the recent years, allowing different stakeholders to establish local and often private networks within a specific facility, such as a factory. These local networks can serve a variety of user groups with versatile needs. The deployment of the local 5G networks is fully dependent on spectrum availability in the given location, which in turn depends on the underlaying regulations and varies for the different stakeholders involved and between countries. The link between emerging new business opportunities and the spectrum availability considering different stakeholders is of great interest from strategic management viewpoint. This paper presents an analysis of recent 5G spectrum awarding decisions considering how they connect with emerging local 5G networks from different stakeholder viewpoints. The analysis reveals how different countries have prepared for the new business opportunity arising from local 5G networks in their spectrum awarding decisions. The analysis also quantifies the spectrum availability for establishing local 5G networks considering different stakeholder perspectives. The findings indicate that the variety of approaches taken by the regulators in their spectrum decisions keeps increasing and new local spectrum licenses are emerging especially in the latest spectrum awards. The identified diverging approaches in different countries impact the business opportunities within the country as well as for export of solutions, which in turn can influence the competitiveness of countries differently. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238039&r= |
| By: | Ceyhun Elgin (Columbia University and Bogazici University); M. Ayhan Kose (World Bank, Prospects Group; Brookings Institution; CEPR; and CAMA); Franziska Ohnsorge (World Bank, Prospects Group; CEPR; and CAMA); Shu Yu (World Bank) |
| Abstract: | We study the degree of synchronization between formal- and informal-economy business cycles. Using a comprehensive database of informal activity that covers a wide range of informality measures from almost 160 countries over the 1990-2018 period, we report two major results. First, fluctuations in informal-sector output are strongly positively correlated with those in formal-sector output. In contrast, fluctuations in informal employment are largely uncorrelated with those in formal-sector output. Second, movements in the formal economy tend to spillover to the informal economy. Using a novel set of instrumental variables, we show that fluctuations in formal-sector output “cause” movements in informal-sector output. |
| Keywords: | Informal economy, self-employment, business cycle. |
| JEL: | E26 E32 J46 O17 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:2115&r= |
| By: | Gustavo Bergantiños (ECOSOT, Universidade de Vigo); Juan D. Moreno-Ternero (Department of Economics, Universidad Pablo de Olavide;) |
| Abstract: | We take the axiomatic approach to uncover the structure of the revenue-sharing problem from broadcasting sports leagues. We formalize two notions of impartiality, depending on the stance one takes with respect to the revenue generated in the games involving each pair of teams. We show that the resulting two axioms lead towards two broad categories of rules, when combined with additivity and some other basic axioms. We complement those results strengthening the impartiality notions to consider axioms of order preservation. |
| Keywords: | resource allocation, broadcasting, sport leagues, axioms, impartiality |
| JEL: | D63 C71 Z20 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:21.14&r= |
| By: | Angerer, Silvia (IHS Carinthia); Dutcher, E. Glenn (University of Central Missouri); Glätzle-Rützler, Daniela (University of Innsbruck); Lergetporer, Philipp (Ifo Institute for Economic Research); Sutter, Matthias (Max Planck Institute for Research on Collective Goods) |
| Abstract: | Large, macroeconomic shocks in the past have been shown to influence economic decisions in the present. We study in an experiment with 743 subjects whether small-scale, seemingly negligible, events also affect the formation of risk preferences. In line with a reinforcement learning model, we find that subjects who won a random lottery took significantly more risk in a second lottery almost a year later. The same pattern emerges in another experiment with 136 subjects where the second lottery was played more than three years after the first lottery. So, small-scale, random, events affect the formation of risk preferences significantly. |
| Keywords: | reinforcement learning, risk preferences, preference formation, experiment |
| JEL: | C91 D01 D83 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14679&r= |
| By: | Brunori, Paolo (London School of Economics); Hufe, Paul (LMU Munich); Mahler, Daniel Gerszon (World Bank) |
| Abstract: | In this paper we propose the use of machine learning methods to estimate inequality of opportunity. We illustrate how our proposed methods—conditional inference regression trees and forests—represent a substantial improvement over existing estimation approaches. First, they reduce the risk of ad-hoc model selection. Second, they establish estimation models by trading off upward and downward bias in inequality of opportunity estimates. The advantages of regression trees and forests are illustrated by an empirical application for a cross-section of 31 European countries. We show that arbitrary model selection may lead to significant biases in inequality of opportunity estimates relative to our preferred method. These biases are reflected in both point estimates and country rankings. Our results illustrate the practical importance of leveraging machine learning algorithms to avoid giving misleading information about the level of inequality of opportunity in different societies to policymakers and the general public. |
| Keywords: | equality of opportunity, machine learning, random forests |
| JEL: | D31 D63 C38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14689&r= |
| By: | Ceyhun Elgin; M. ayhan Köse; Franziska Ohnsorge; Shu Yu |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:bou:wpaper:2021/04&r= |
| By: | Soo Jin Kim; Pallavi Pal |
| Abstract: | This paper analyzes the generalized quality differentiation model in multi-sided markets with positive externalities, which leads to new insights into the optimal pricing structure of the firm. We find that quality differentiation for users on one side affects not only the side involving differentiation but also the other side due to cross-side network externalities, thereby affecting the pricing structure of multi-sided firms. In addition, quality differentiation affects the strategic relationships among all the choice variables for the platform, enabling the platform to strategically use quality differentiation to raise its profits. |
| Keywords: | multi-sided market, quality differentiation, platform business strategies |
| JEL: | D43 L11 L42 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9267&r= |
| By: | Kyeongkuk Kim (Ministry of Finance, South Korea); Sang-Hyop Lee (University of Hawaii at Manoa); Timothy J. Halliday (University of Hawai‘i) |
| Abstract: | We consider the effects of a paid childcare leave subsidy on maternal behavior in South Korea. We employ both difference-in-difference and regression kink techniques. The subsidies had very large behavioral effects. Regression kink estimates indicate that an extra dollar of the monthly subsidy (on annual basis) increased conceptions by 0.06-0.08 percentage points. Difference-in-difference estimates indicate that paid leave subsidies also increased permanent working arrangements by ten percentage points for lower earning women and four percentage points for higher earning women. In a country with the lowest total fertility rate in the world and that often performs middling in rankings of gender inequality, we conclude that paid childcare leave for working women confers positive benefits. |
| Keywords: | intergenerational health mobility; mental health; physical health; United Kingdom |
| JEL: | J18 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202104&r= |
| By: | Silvia Marchesi; Tania Masi; Saumik Paul |
| Abstract: | This paper evaluates the effect of development project aid from the World Bank and China on firms' Â’sales growth, using a large dataset of 110864 firms, spanning 121 countries between 2001 and 2016. We find that, contrary to the World Bank, Chinese ODA projects increase, on average, firm sales and, compared to sector-specific, Chinese region-speciÂ…c aid positively affect firm performance. Finally, we show that the positive effect of Chinese aid is stronger for firms lacking transport infrastructure (and with better electricity provision), suggesting that aid may improve firm performance by releasing their infrastructure constraints. |
| Keywords: | Aid effectiveness, World Bank projects, Chinese projects, Geo-coding, Firm growth. |
| JEL: | F35 O19 E24 E25 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mib:wpaper:479&r= |
| By: | Daniel Jacob |
| Abstract: | Estimating a causal effect from observational data can be biased if we do not control for self-selection. This selection is based on confounding variables that affect the treatment assignment and the outcome. Propensity score methods aim to correct for confounding. However, not all covariates are confounders. We propose the outcome-adaptive random forest (OARF) that only includes desirable variables for estimating the propensity score to decrease bias and variance. Our approach works in high-dimensional datasets and if the outcome and propensity score model are non-linear and potentially complicated. The OARF excludes covariates that are not associated with the outcome, even in the presence of a large number of spurious variables. Simulation results suggest that the OARF produces unbiased estimates, has a smaller variance and is superior in variable selection compared to other approaches. The results from two empirical examples, the effect of right heart catheterization on mortality and the effect of maternal smoking during pregnancy on birth weight, show comparable treatment effects to previous findings but tighter confidence intervals and more plausible selected variables. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.04154&r= |
| By: | Vandeginste, Stef |
| Abstract: | Unlike the 2015 elections, Burundi’s 2020 general elections did not plunge the country into chaos. They rather illustrate how elections can be used for authoritarian consolidation. As expected, they enhanced the ruling party’s control on the state, thus consolidating a decade of gradual return towards a de facto single-party regime. A closer look at the elections sheds light on some important political governance developments and challenges. Despite the sudden death of outgoing president Nkurunziza, the elections allowed for an orderly succession at the level of the presidency. The ruling party leadership, a group of generals with a shared maquis experience, left the shadows and is now at the front scene of the state institutions. Both the electoral commission and the constitutional court, the main institutions in charge of organizing the elections and of electoral dispute settlement, were perceived as serving the interests of the ruling party. Opposition party CNL has been able to mobilize large crowds of supporters from diverse backgrounds. It contested the electoral results through the institutional channels and now faces the challenge of taking up its role as parliamentary opposition. |
| Keywords: | Burundi; elections; governance; political parties; CNDD-FDD; CNL |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iob:dpaper:202104&r= |
| By: | Elgin, Ceyhun; Kose, M. Ayhan; Ohnsorge, Franziska; Yu, Shu |
| Abstract: | We study the degree of synchronization between formal- and informal-economy business cycles. Using a comprehensive database of informal activity that covers a wide range of informality measures from almost 160 countries over the 1990-2018 period, we report two major results. First, fluctuations in informal-sector output are strongly positively correlated with those in formal-sector output. In contrast, fluctuations in informal employment are largely uncorrelated with those in formal-sector output. Second, movements in the formal economy tend to spillover to the informal economy. Using a novel set of instrumental variables, we show that fluctuations in formal-sector output “cause” movements in informal-sector output. |
| Keywords: | Informal economy, self-employment, business cycle. |
| JEL: | E26 E32 J46 O17 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109492&r= |
| By: | Martin Schnauss; Emanuelle Giannotta |
| Abstract: | The real estate market is undergoing a “major evolution and transformation” (Karamitsos et al. 2018, p.177). In only a few studies, however, the application of a complexity theoretical perspective has been investigated. Here we view the real estate market as a complex adaptive system. Complexity theory provides a framework that has the potential to bridge the gap between traditional “pure” science, which makes clear assumptions that are not necessarily based on reality, and the “applied” sciences, which focus on practical value (Thurner at al 2018). The blockchain reflects the core attributes of complex adaptive systems and thus appears to be a “natural fit” for complex adaptive systems applications (Zavolokina et al. 2018). Furthermore, given its size, the real estate market is relevant to everyday human life. These are all indicators that the interconnections among of complexity theory, blockchain, and the real estate market is worth investigating. Blockchain technology is expected, for example, to create opportunities to outsource services currently provided by incumbent middlemen in the market thereby increasing market efficiency. |
| Keywords: | blockchain; Complex adaptive systems; New Technology; Real Estate Market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_121&r= |
| By: | Maëlle VAILLE |
| Abstract: | Central banks’ balance sheet policies, while intended to address ?nancial market dislocations and stimulate the economy, may have unintended persistent e?ects on systemic risk. Using a structural bayesian vector autoregressive model, this paper estimates the impacts of exogenous innovations to the central banks’ balance sheet on the aggregate systemic risk in the euro area, the United States and Japan. Our results suggest that these policies have positive e?ects on ?nancial stability in the short and medium term and seems to have no e?ects in the long term. Moreover, we study the e?ects of central balance sheet policies shocks on ?nancial institutions’ systemic risk through a panel VAR and highlight the role of leverage in the transmission of unconventional monetary policy to ?nancial ?rms’ systemic risk. |
| Keywords: | balance sheet policies, srisk, structural BVAR, zero and sign restrictions, leverage |
| JEL: | C32 C33 E44 E52 E58 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:grt:bdxewp:2021-15&r= |
| By: | Andreas Kassner; Marcelo Cajias; Bing Zhu |
| Abstract: | The real estate industry is being known as a late adopter when it comes to change and innovation and whilst it is slowly evolving, parts of the business are increasingly being conquered by property related startups, i.e “PropTechs“. These young and agile companies offer new solutions and use new technologies to increase efficiencies, cut costs and solve omnipresent, industry-wide problems. The focus of this research is the analysis of the key factors that influence the survival of PropTechs. Whilst many research papers are focusing on data based on surveys, which often leads to a high information density but small samples, this research makes use of a large quantitative data base from one of the most important platforms for private and capital markets globally, incl. Private Equity and Venture Capital. Our results confirm that the success of PropTech is non-linear and is explainable based on size, the number of employees and most importantly the number of investors. Furthermore, a simulation approach identifies the optimal parameters that maximize the survival probability. Our results are important to diversify capital across young and agile real estate related companies. |
| Keywords: | proptech; Semiparametric probability estimation; Startup Lifecycle; survival analysis |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_61&r= |
| By: | Radoslaw Trojanek; Micha Guszak; Pawel Kufel; Justyna Tanas; Maria Trojanek |
| Abstract: | This study investigates the convergence of 18 regional housing markets in Poland using quarterly data from 2000 to 2019. The objective of the paper is twofold. First, we test whether the house prices in Poland are converging over time and identify convergence clubs. Second, we compare the housing market convergence before and after the 2008 financial crisis. The test results suggest that there is little evidence of overall convergence. We identified two major convergence clubs in Poland formed during the study period (2000–2019). The results differed when we considered subperiods (2000–2007 and 2007–2019). In both subperiods, we identified four clubs and some divergent housing markets. The paper fills the gap in knowledge on the convergence of regional housing markets within an emerging economy setting. Little is known about this phenomenon in Eastern European Countries with their unique institutional framework. Additionally, we address differences in house price convergence before, and after the financial crisis, a topic often overlooked in other empirical studies. |
| Keywords: | club convergence; housing market; Housing Prices |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_186&r= |
| By: | Eduardo Gutiérrez (Banco de España); Enrique Moral-Benito (Banco de España); Daniel Oto-Peralías (Department of Economics, Universidad Pablo de Olavide); Roberto Ramos (Banco de España) |
| Abstract: | We exploit the GEOSTAT 2011 population grid with a very high 1-km2 resolution to document that Spain presents the lowest density of settlements among European countries. Only a small fraction of the Spanish territory is inhabited, particularly in its southern half, which goes hand in hand with a high degree of population concentration. We uncover through standard regression analysis and spatial regression discontinuity that this anomaly cannot be accounted for by adverse geographic and climatic conditions. The second part of the paper takes a historical perspective on Spain’s settlement patterns by showing that the spatial distribution of the population has been very persistent in the last two centuries, and that the abnormally low density of settlements with respect to European neighbors was already visible in the 19th century, which indicates that this phenomenon has not emerged recently as a consequence of the transformations associated with industrialization and tertiarization. Using data on ancient sites, we find that Spain did not feature scarcity of settlements in comparison to other countries in pre-medieval times, suggesting that its current anomalous settlement pattern has not always existed and is therefore not intrinsic to its geography. |
| Keywords: | Economic Geography, Spain |
| JEL: | R10 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:21.13&r= |
| By: | John C. Williams |
| Abstract: | Remarks at St. Lawrence University (delivered via videoconference). |
| Keywords: | inflation; pandemic; COVID-19; economy; employment; prices; monetary policy; North Country |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsp:93034&r= |
| By: | Sara Bender; Christian Stoy |
| Abstract: | The corresponding and determining success factors of construction projects are essentially quality, deadlines and costs. Cost planning is therefore already a component of the planning service in early phases and has a significant influence on the pros and cons of project implementation. Digital tools and new process flows have been established in the construction industry as part of the digitalization process. Model-based construction cost estimation is used in BIM-based construction projects and obtains element sets and information from digital building models, which consist of objects with alphanumeric and graphic properties. The model-based cost planning processes are not sufficiently scientifically proven and are not subject to a standardized procedure. An ideal-typical model-based target cost estimation process is determined via literature sources. This cost estimation process is reviewed by expert interviews and their analysis by a qualitative content analysis. The result is an actual cost estimation process from current practice, which describes approach and shows process gaps in the area of integration of specialist planner models as well as cost control and cost management. |
| Keywords: | BIM; Cost Estimation; Process; project planning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_191&r= |
| By: | Gianluca Mattarocci; Gibilaro Lucia |
| Abstract: | Local railway service is a key instrument to support the survival and the growth of small towns increasing the demand by individuals that are not interested to live in the main cities and that could accept the cost of commuting day-by-day for working. The existence of a local railway station connected with the main surrounding cities reduces the transportation cost for people leaving in small towns that cannot work in the town and reduces the risk of migration of citizens to the main cities. The paper analyses a representative sample of Italian towns in the Lazio area for the time period 1996-2017 in order to measure the contribution of the local railway service on the land value for housing investment. Results show that the existence of local railway service matters for both the rental and ownership market but the effect may be different on the basis of the type of service provided by the railway company. The main features that affect the house value are the number of train lines servicing the station, the distance from the main cities and the number of towns served by each train line. |
| Keywords: | housing; Local railway; Ownership; Rent |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_129&r= |
| By: | Andi Djemma, FE. Universitas |
| Abstract: | Penelitian ini bertujuan untuk mengetahui variabel pengaruh Disiplin kerja dan Pelatihan Terhadap Kinerja Karyawan Pada PT. Kumala Motor Sejahtera Kota Palopo. Hasil analisis data dengan menggunakan bantuan program statistik SPSS diperoleh persamaan regresi linear berganda sebagai berikut: Y= 6.246 + 0.756X1 + 0.066X2 + e, artinya apabila nilai variabel Disiplin Kerja dan Pelatihan nilainya sama dengan nol atau dalam keadaan Konstan, maka nilai varaiabel Kinerja Karyawan pada PT. Kumala Motor Sejahtera Kota Palopo sebesar 6.246. Jika nilai koefisien regresi untuk variabel Disiplin kerja sebesar 0.756, artinya bahwa apabila Disiplin Kerja ditingkatkan sebesar satu satuan maka akan mempengaruhi Kinerja Karyawan pada PT. Kumala Motor Sejahtera Kota Palopo dan jika nilai koefisien regresi untuk variabel pelatihan finansial sebesar 0.066, artinya bahwa apabila variabel pelatihan menurun sebesar satu satuan maka akan mempengaruhi Kinerja Karyawan pada PT. Kumala Motor Sejahtera Kota Palopo sebesar 0.066 satuan. Dari hasil analisis koefisien determinasi, diketahui bahwa nilai koefisien determinasi (R Square) sebesar 0.522. Hal ini berarti variabel Disiplin Kerja dan Pelatihan berpengaruh sebesar 52,2% terdapat peningkatan variabel Kinerja Karyawan pada PT.Kumala Motor Sejahtera Kota Palopo sedangkan sisanya sebanyak 47,8% dipengaruhi oleh faktor lain yang tidak diteliti dalam penelitin ini. Hasil pengujian parsial untuk variabel Disiplin Kerja, nilai Thitung (4.266) > Ttabel (2.086) dan tingkat signifikansi sebesar 0.000 < 0.005, maka dapat disimpulkan bahwa Disiplin Kerja secara parsial berpengaruh signifikan terhadap Kinerja Karyawan pada PT. Kumala Motor Sejahtera Kota Palopo dan untuk variabel Pelatihan menunjukkan nilai Thitung (0.526) < Ttabel (2.086) Dan signikansi sebesar 0.675 > 0.005, maka dapat disimpulkan bahwa Pelatihan secara parsial tidak berpengaruh signifikan terhadap Kinerja Karyawan pada PT. Kumala Motor Sejahtera Kota Palopo. Nilai Fhitung (10.916) > (3.49) dan signifikansi sebesar 0.001 < 0.05, maka dapat disimpulkan bahwa Disiplin Kerja dan Pelatihan secara simultan berpengaruh signifikan terhadap Kinerja Karyawa pada PT. Kumala Motor Sejahtera Kota Palopo. |
| Date: | 2021–08–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:thesis:d4msx&r= |
| By: | Briglauer, Wolfgang; Cambini, Carlo; Gugler, Klaus; Stocker, Volker |
| Abstract: | Network neutrality regulations are intended to preserve the Internet as a non-discriminatory, public network and an open platform for innovation. Whereas the U.S. recently reversed its regulations, thus returning to a less strict regime, the EU has maintained its course and recently revised implementation guidelines for its strict and rather interventionist net neutrality regulations. To this day, there exist only a few U.S.-focused empirical investigations on the impact of network neutrality regulations, based on rather broad measures of investment activities. Our paper provides the first estimation results on the causal impact of net neutrality regulations on new high-speed (fiber-optic cable-based) infrastructure investment by Internet service providers (ISPs) and on related consumer subscription to fiber-based broadband connection services. We use a comprehensive OECD panel data set for 32 countries for the period from 2003 to 2019 and various panel estimation techniques, including instrumental variables estimation. Our empirical analysis is based on theoretical underpinnings derived from a simplified model in a two-sided market framework. Based on our theoretical analysis, we derive testable propositions for monopolistic and duopolistic ISPs. We find empirical evidence that net neutrality regulations exert a direct negative impact on fiber investments and an indirect negative impact on fiber subscriptions. Our results, which are in line with our theoretical propositions, strongly suggest that policymakers should refrain from imposing strict net neutrality regulations. |
| Keywords: | Net neutrality,high-speed broadband,investment,consumer subscriptions,OECD panel data |
| JEL: | L52 L96 L98 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238012&r= |
| By: | Emily J. Blanchard (Dartmouth College); Chad P. Bown (Peterson Institute for International Economics); Davin Chor (Dartmouth College) |
| Abstract: | We find that Republican candidates lost support in the 2018 congressional election in counties more exposed to trade retaliation, but saw no commensurate electoral gains from US tariff protection. The electoral losses were driven by retaliatory tariffs on agricultural products, and were only partially mitigated by the US agricultural subsidies announced in summer 2018. Republicans also fared worse in counties that had seen recent gains in health insurance coverage, affirming the importance of health care as an election issue. A counterfactual calculation suggests that the trade war (respectively, health care) can account for five (eight) of Republicans' lost House seats. |
| Keywords: | Trade War, Trade Policy, Retaliatory Tariffs, Agricultural Subsidies, Health Insurance Coverage, Voting |
| JEL: | F13 F14 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp19-21&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria); Paul N. Acha-Anyi (Walter Sisulu University, South Africa) |
| Abstract: | Purpose – The study assesses how inclusive education affects inclusive economic participation through the financial access channel. Design/methodology/approach – The focus is on 42 sub-Saharan African countries with data for the period 2004-2014. The empirical evidence is based on the Generalised Method of Moments. Findings – The following findings are established. First, inclusive secondary education moderates financial access to exert a positive net effect on female labour force participation. Second, inclusive “primary and secondary school education†and inclusive tertiary education modulate financial access for a negative net effect on female unemployment. Third, inclusive secondary education and inclusive tertiary education both moderate financial access for an overall positive net effect on female employment. In order to provide more gender macroeconomic management policy options, inclusive education thresholds for complementary policies are provided and discussed. Originality/value – Policy implications are discussed in the light of challenges of economic development in the sub-region and Sustainable Development Goals. |
| Keywords: | Africa; Gender; Inclusive development |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/003&r= |
| By: | Alexander M. G. Cox; Sigrid K\"allblad; Martin Larsson; Sara Svaluto-Ferro |
| Abstract: | We consider a class of stochastic control problems where the state process is a probability measure-valued process satisfying an additional martingale condition on its dynamics, called measure-valued martingales (MVMs). We establish the `classical' results of stochastic control for these problems: specifically, we prove that the value function for the problem can be characterised as the unique solution to the Hamilton-Jacobi-Bellman equation in the sense of viscosity solutions. In order to prove this result, we exploit structural properties of the MVM processes. Our results also include an appropriate version of It\^o's lemma for controlled MVMs. We also show how problems of this type arise in a number of applications, including model-independent derivatives pricing, the optimal Skorokhod embedding problem, and two player games with asymmetric information. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00064&r= |
| By: | Antonella Biscione (CESPIC, Catholic University Our Lady of Good Counsel); Raul Caruso (Department of Economic Policy and CSEA, Catholic University of Sacred Heart CESPIC, Catholic University Our Lady of Good Counsel); Annunziata de Felice (Department of Law, University of Bari Aldo Moro) |
| Abstract: | This paper empirically investigates the impact of the level of militarization on income inequality. The empirical analysis is performed on a panel of 45 European countries over the period 2000-2017. Our empirical strategy relies on a panel data model. Additionally, we apply the Lewbel (2012) IV–GMM approach to address potentially endogeneity bias. The main findings show that militarization and inequality are positively correlated within sampled countries. The negative influence on inequality persists when using bounded and unbounded Gini indexes and also when different sub-sets of countries are analyzed. Finally, results are also robust to endogeneity. |
| Keywords: | Militarization, Income Inequality, Lewbels approach, Gini index |
| JEL: | O15 H5 H56 C23 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:pea:wpaper:1015&r= |