|
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= |