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on Islamic Finance |
| By: | Aysan, Ahmet Faruk; Unal, Ibrahim Musa |
| Abstract: | This paper conducts a bibliometric research in the literature on Fintech and Islamic finance. The data of this study consists of relevant articles obtained from the Scopus database as of February 2021. A keywords bundle related to Islamic finance and keyword has been used for the search, resulting in 89 publishments included in this research. Results show the stunning increase in the Islamic Fintech publishments after 2017, mainly in the fields of cryptocurrencies, micro-finance, impact investing, and SRI investing, and so on. The two main centers of Islamic Fintech research are Malaysia-Indonesia Region and the GCC area. The increasing number of Islamic Fintech publishments show the potential of the field for the industry's future. |
| Keywords: | Fintech, Islamic, bibliometric, blockchain, cryptocurrency |
| JEL: | G20 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109712&r= |
| By: | Abubakar, Jamila; Aysan, Ahmet Faruk |
| Abstract: | This paper is a bibliometric study of the literature in Islamic social finance. The study analyses 595 articles, conference papers, and book chapters in Islamic social finance from 1991 to 2020 published in 262 Scopus indexed journals. The authors sourced the bibliographic data using the keywords “Islam and social finance,” “waqf,” “zakat,” “microfinance,” and variations thereof. This study is essential, especially in the wake of COVID-19 pandemic and the pandemic-induced economic disruption leading to increased global income and social inequalities, putting even more pressure on the SDGs funding gap. Novel solutions to plug the funding Gap are being sought, and recent literature has shown Islamic social finance’s potential as a solution to the SDG’s funding gap. The study finds that researchers in the field closely link Islamic social finance with sustainability and sustainable development concepts, as evidenced in keywords used by authors. We also find that Malaysia and Indonesia are leading the research in ISF. The study aims to map the field of Islamic social finance and provide a reference point for future researchers to identify the gaps in the literature and their role in enriching academic discourse in ISF to position Islamic finance appropriately in the sphere of development economics. |
| Keywords: | Islamic social finance, Zakat, Waqf, Islamic microfinance, bibliometric, trends, sustainable |
| JEL: | G00 G19 P00 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109637&r= |
| By: | Ahmet Faruk Aysan (Department of Economics - Boğaziçi University [Istanbul]); Jamila Abubakar; Ahmet Aysan |
| Abstract: | This paper is a bibliometric study of the literature in Islamic social finance. The study analyses 595 articles, conference papers, and book chapters in Islamic social finance from 1991 to 2020 published in 262 Scopus indexed journals. The authors sourced the bibliographic data using the keywords "Islam and social finance," "waqf," "zakat," "microfinance," and variations thereof. This study is essential, especially in the wake of COVID-19 pandemic and the pandemic-induced economic disruption leading to increased global income and social inequalities, putting even more pressure on the SDGs funding gap. Novel solutions to plug the funding Gap are being sought, and recent literature has shown Islamic social finance's potential as a solution to the SDG's funding gap. The study finds that researchers in the field closely link Islamic social finance with sustainability and sustainable development concepts, as evidenced in keywords used by authors. We also find that Malaysia and Indonesia are leading the research in ISF. The study aims to map the field of Islamic social finance and provide a reference point for future researchers to identify the gaps in the literature and their role in enriching academic discourse in ISF to position Islamic finance appropriately in the sphere of development economics. |
| Keywords: | Islamic social finance,Zakat,Waqf,Islamic microfinance,bibliometric,trends,sustainable |
| Date: | 2021–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03341729&r= |
| By: | Isaac K. Ofori (University of Insubria, Varese, Italy); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | Motivated by the projected rebound of foreign direct investment (FDI) inflow to sub-Saharan Africa (SSA) following the implementation of the AfCFTA and the finalization of the Africa Investment Protocol, we examine how FDI modulates the effects of various governance dynamics on inclusive growth in SSA. We do this by testing two hypotheses first, whether unconditionally FDI and various governance indicators (rule of law, control of corruption, regulatory quality, governance effectiveness, political stability, and voice and accountability) foster inclusive growth in SSA; and second, whether these governance dynamics engender positive synergy with FDI on inclusive growth in SSA. Using data from the World Bank’s World Governance Indicators and the World Development Indicators for the period 1990–2020, we employ several fixed effects, random effects, and the system GMM estimators for the analysis. First, we find that FDI and all our governance dynamics are significant inclusive growth enhancers in SSA. Second, though FDI amplifies the effects of all our governance dynamics on inclusive growth in SSA, governance effectiveness, voice and accountability, and political stability are keys. Policy recommendations are provided. |
| Keywords: | AfCFTA; Economic Integration; FDI; Governance; Inclusive Growth; Africa |
| JEL: | F6 F15 O43 O55 R58 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/038&r= |
| By: | Marymagdaline E. Tarkang (Istanbul Gelisim University, Istanbul, Turkey); Ruth N. Yunji (Eastern Mediterranean University, Turkey); Simplice A. Asongu (Yaoundé, Cameroon); Uju V. Alola (Istanbul Gelisim University, Istanbul, Turkey) |
| Abstract: | The mobile telecommunication (telecom) sector has become the basic source of information now-a-days especially in Cameroon. It is used to transfer and deliver information through voice, video, data, graphics, and more at perpetually increasing speeds. The quality of mobile services does not only impact the attraction of new customers but also to maintain the existing ones. The study uses relationship marketing theory and a quantitative and cross-sectional method with 200 respondents. Information was obtained from users of MTN and Orange mobile telecommunication networks. The analyses were done using SPSS version 20. Tangibility, reliability, and assurance dimensions of staff service quality showed a positive relationship with customer loyalty in mobile telecom companies in Cameroon. The findings also highlight the influence of service quality dimensions on customer loyalty in the mobile telecom companies of the country. This study complements to extant literature by examining the influence of the five service quality dimensions; tangibility, reliability, assurance, responsiveness, and empathy on consumer loyalty or retention in the mobile telecommunication companies in Cameroon. |
| Keywords: | Tangibility, Reliability, ICT, Empathy, Responsiveness, Assurance, customer loyalty |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/036&r= |
| By: | Filer, Randall Keith; Kovač, Dejan; Shapiro, Jacob N.; Srhoj, Stjepan |
| Abstract: | Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a 'pre-bankruptcy settlement' (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms' future prospects. |
| Keywords: | bankruptcy,insolvency,liquidation,restructuring |
| JEL: | D02 G33 G34 L38 P37 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwhdps:102021&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 inflation target. Relative price trends shift the optimal inflation 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:bfr:banfra:825&r= |
| By: | Marie-Laure Allain (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique); Claire Chambolle (ALISS - Alimentation et sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Patrick Rey (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sabrina Teyssier (GAEL - Laboratoire d'Economie Appliquée de Grenoble - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes) |
| Abstract: | In a vertical chain in which two rivals invest before contracting with one of two competing suppliers, vertical integration can create hold-up problems for the rival. We develop an experiment to test this theoretical prediction in a setup in which suppliers can either pre commit ex ante to being greedy or degrade ex post the input they provide to their customer. Our experimental results confirm that vertical integration creates hold-up problems. However, vertical integration also generates more departures from theory, which can be explained by bounded rationality and social preferences. |
| Keywords: | Vertical integration,Hold-up,Experimental economics,Bounded rationality,Social preferences |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341440&r= |
| By: | Ibrahim D. Raheem (EXCAS, Liège, Belgium); Kazeem B. Ajide (University of Lagos, Nigeria); Xuan V. Vo (University of Economics Ho Chi Minh City, Vietnam) |
| Abstract: | The trilogy among economic growth, social capital (SC), and financial development is examined based on three hypotheses: first, SC is important in the finance-growth nexus. Second, there is a threshold effect of SC in the finance-growth nexus. Third, the SC-finance-growth trilogy depends on the countries' income level. Building dataset for 70 countries,someinteresting results were obtained: (i) the marginal effects of both SC and finance promotes economic growth at higher levels; (ii)there is evidence of a threshold effect of SC, as finance enhances more growth when SC is below the threshold level; (iii) higher-income countries tend not to benefit from the SC-finance-growth trilogy. These results suggest that the influence of SC on growth trajectory is exaggerated in the literature. The study recommends that policymakers should pursue other sources of economic growth aside SC, while ensuring that the level of SC does not deteriorate. |
| Keywords: | Economic growth, Financial development, Social capital, and Threshold effect |
| JEL: | O43 G20 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/050&r= |
| By: | Henning Hermes (NHH Bergen, FAIR & Department of Economics); Philipp Lergetporer (Technical University of Munich & ifo Institute at the University of Munich and CESifo); Frauke Peter (German Centre for Higher Education Research and Science Studies (DZHW) & DIW Berlin); Daniela Simon Wiederhold (KU EichstŠtt-Ingolstadt, Ingolstadt School of Management & ifo Institute Munich) |
| Abstract: | Children with lower socioeconomic status (SES) tend to benefit more from early child care, but are substantially less likely to be enrolled. We study whether reducing behavioral barriers in the application process increases enrollment in child care for lower-SES children. In our RCT in Germany with highly subsidized child care (n > 600), treated families receive application information and personal assistance for applications. For lower-SES families, the treatment increases child care application rates by 21 pp and enrollment rates by 16 pp. Higher-SES families are not affected by the treatment. Thus, alleviating behavioral barriers closes half of the SES gap in early child care enrollment. |
| Keywords: | Child care, early childhood, behavioral barriers, information, educational inequality, randomized controlled trial |
| JEL: | I21 J13 J18 J24 C93 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:aiw:wpaper:15&r= |
| By: | Olatunji A. Shobande (University of Aberdeen, UK); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | Africa is currently experiencing both financial and human development challenges. While several continents have advocated for financial development in order to acquire environmentally friendly machinery that produces less emissions and ensures long-term sustainability, Africa is still lagging behind the rest of the world. Similarly, Africa's human development has remained stagnant, posing a serious threat to climate change if not addressed. Building on the underpinnings of the Environmental Kuznets Curve (EKC) hypothesis on the nexus between economic growth and environmental pollution, this study contributes to empirical research seeking to promote environmental sustainability as follows. First, it investigates the link between financial development, human capital development and climate change in East and Southern Africa. Second, six advanced panel techniquesare used, and they include: (1) cross-sectional dependency (CD) tests; (2) combined panel unit root tests; (3) combined panel cointegration tests; (4) panel VAR/VEC Granger causality tests and (5) combined variance decomposition analysis based on Cholesky and Generalised weights. Our finding shows that financial and human capital developments are important in reducing CO2 emissions and promoting environmental sustainability in East and Southern Africa. |
| Keywords: | Financial Development; Human Capital; East and Southern Africa; Climate Change |
| JEL: | G21 I21 I25 O55 Q54 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/042&r= |
| By: | Marie-Laure Allain (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique); Rémi Avignon (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique); Claire Chambolle (ALISS - Alimentation et sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We analyze the impact of purchasing alliances on product variety and profit sharing in a setting, in which capacity constrained retailers operate in separated markets and select their assortment in a set of differentiated products offered by heterogeneous suppliers (multinationals vs. local SMEs). Retailers may either have independent listing strategies or build a buying group, thereby committing to a joint listing strategy. This alliance may cover the whole product line (full buying group) or only the products of large suppliers (partial buying group). We show that a buying group may enhance the retailers' buyer power and reduce the overall product variety to the detriment of consumers. Our most striking result is that partial buying groups do not protect the small suppliers from being excluded or from bearing profit losses; they may even be more profitable for retailers than full buying groups. |
| Keywords: | Vertical relations,Purchasing alliance,Buying group,Buyer power,Vertical foreclosure |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341448&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Rexon T. Nting (London, UK) |
| Abstract: | In this study, we assess how the mobile phone can be leveraged upon to improve the role of governance in environmental sustainability in 44 Sub-Saharan African countries. The Generalised Method of Moments is used to establish policy thresholds. A threshold is a critical mass or level of mobile phone penetration at which the net effect of governance on Carbon dioxide (CO2) emissions changes from positive to negative. Mobile phone penetration thresholds associated with negative conditional effects are: 36 (per 100 people) for political stability/no violence; 130 (per 100 people) for regulation quality; 146.66 (per 100 people) for government effectiveness; 65 (per 100 people) for corruption-control and 130 (per 100 people) for the rule of law. Practical and theoretical implications are discussed. The study provides thresholds of mobile phone penetration that are critical in complementing governance dynamics to reduce CO2 emissions. |
| Keywords: | CO2 emissions; ICT; Economic development; Africa |
| JEL: | C52 O38 O40 O55 P37 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/035&r= |
| By: | Nathan Lane (University of Oxford) |
| Abstract: | I study the impact of industrial policy on industrial development by considering a canonical intervention. Following a political crisis, South Korea dramatically altered its development strategy with a sector-specific industrial policy: the Heavy and Chemical Industry (HCI) drive, 1973-1979. With newly assembled data, I use the sharp introduction and withdrawal of industrial policies to study the impacts of industrial policy — during and after the intervention period. I show (1) HCI promoted the expansion and dynamic comparative advantage of directly targeted industries. (2) Using variation in exposure to policies through the input-output network, I show HCI indirectly benefited downstream users of targeted intermediates. (3) I find direct and indirect benefits of HCI persisted even after the end of HCI, following the 1979 assassination of the president. These effects include the eventual development of directly targeted exporters and their downstream counterparts. Together, my findings suggest that the temporary drive shifted Korean manufacturing into more advanced markets and created durable industrial change. These findings clarify lessons drawn from South Korea and the East Asian growth miracle. |
| Keywords: | industrial policy, East Asian miracle, economic history, industrial development, Heavy-Chemical Industry Drive |
| JEL: | L5 O14 O25 N6 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ajr:sodwps:2021-10&r= |
| By: | Chimere O. Iheonu (Abuja, Nigeria); Shedrach A. Agbutun (University of Nigeria, Nsukka, Nigeria); Chinedum J. Chiemela (University of Nigeria, Nsukka, Nigeria) |
| Abstract: | This study provides empirical evidence on the impact of militarization, governance, and democracy on human rights in sub-Saharan Africa (SSA) for the period 2002 to 2018. The study employed the instrumental variable Fixed Effects model to account for simultaneity/reverse causality, and unobservable heterogeneity as well as the instrumental variable quantile regression with Fixed Effects to account for existing levels of human rights in SSA. Based on the Fixed Effects results, it is revealed that militarization significantly increases human rights violation in the region, while governance and democracy significantly improve human rights. Results from the quantile regression show that (1) the negative impact of militarization on human rights is observable across all quantiles, (2) the positive impact of the control of corruption on human rights is more pronounced in countries where the existing level of human rights is high, while political stability and rule of law exerts stronger impact on human rights in countries where the existing level of human rights is low, (3) the positive impact of democracy on human rights is stronger in countries where the existing level of human rights is high. Policy recommendations based on these findings are discussed. |
| Keywords: | Human Rights; Militarization; Governance; Democracy; Sub-Saharan Africa |
| JEL: | C21 C23 K38 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/041&r= |
| By: | Samba Diop (Alioune Diop University, Bambey, Senegal); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | Using data for the period 2000 to 2019, the aim of this paper is to: (i) profile and compare research publications in regions and continents worldwide namely Africa, Western Europe, Eastern Europe, Northern America, Latin America, the Asiatic region, the Pacific region and the Middle East; (ii) assess factors associated with research productivity and (iii) verify if African countries are closing the deep gap of research production and by extension, detect factors on which to improve and boost the catch-up process. The empirical evidence is based on the Poisson regression model, quantile regression for counts data and panel negative binomial regression. The findings can be summarised as follows: (i) continuous and linear increasing trends in the production of knowledge are noted in developing regions specifically in Africa even if the contribution of the continent to global research is marginal; (ii) in countries with least production, ‘internet users’ is not significant but schooling modulates its effect on research production contrarily to countries in the upper part of the distribution and (iii) in Africa, if the number of schooling years increases by one, the number of documents or published works produced is expected to increase by a factor of 1.147. |
| Keywords: | Research productivity; economic development; count data |
| JEL: | F42 O10 O30 O38 O57 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/037&r= |
| By: | Ali Enami; Ugo Gentilini; Patricio Larroulet; Nora Lustig; Emma Monsalve; Siyu Quan; Jamele Rigolini |
| Abstract: | Using microsimulations this paper analyzes the poverty and tax implications of replacing current transfers and subsidies by a budget-neutral (no change in the fiscal deficit) universal basic income program (UBI) in Brazil, Chile, India, Russia, and South Africa. We consider three UBI transfers with increasing levels of generosity and identify scenarios in which the poor are no worse off than in the baseline scenario of existing social transfers. We find that for poverty levels not to increase under a UBI reform, the level of spending must increase substantially with respect to the baseline. Accordingly, the required increase in tax burdens is high throughout. In our five countries and scenarios, the least increase in taxes required to avoid poverty to be higher than in the baseline is around 25% (Brazil and Chile). Even at this lower rate, political resistance and efficiency costs could limit the feasibility of a UBI reform. |
| Keywords: | Universal basic income, microsimulation, inequality, poverty, tax incidence |
| JEL: | H22 H31 H55 I32 D63 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:tul:ceqwps:112&r= |
| By: | Jon D. Wisman |
| Abstract: | Understanding the role of ideology is of fundamental importance for understanding social dynamics since the rise of the state 5,500 years ago. Yet this importance has not received adequate attention from social scientists and historians. Even when addressed, it most often has suffered from imprecise meaning and a failure to clearly specify why it is effective. Following the usage by Marx, this article defines ideology as an instrument of exploitation which enables the stronger to persuade the weaker to support behavior and institutions that are counter to their interests. Exploitation exists because humans are biologically driven to compete for status which provides them with reproductive advantage. What ultimately drives competition among all species is the struggle to send one’s unique set of genes into posterity. The biological ancestors of all currently living beings did so successfully. This article surveys how this biologically driven struggle eventually led to weapons and social organization that enabled the stronger to subjugate and exploit the weaker. Ideology evolved as religion was transformed to justify this exploitation by depicting it as in accord with cosmic forces. Ideology provided a more efficient means of maintaining exploitation than violence. With the rise of capitalism, secular doctrines, and especially political economy and then economics, joined and eventually mostly replaced religion in serving as ideology justifying exploitation. |
| Keywords: | Ideology, exploitation, inequality, legitimation, religion |
| JEL: | B15 N40 Z12 Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:2021-03&r= |
| By: | Isaac K. Ofori (University of Insubria, Varese, Italy); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | This study examines the joint effects of ICT diffusion (composed of access, usage and skills), and foreign direct investment (FDI) on inclusive growth in sub-Saharan Africa (SSA). The study draws on data from the World Bank’s World Development Indicators, and the Global Consumption and Income Project for the period 1980–2019 for the analysis. The study provides evidence robust to several specifications from ordinary least squares and dynamic system GMM estimation techniques to show that: (1) FDI and ICT diffusion and corresponding components (ICT access, usage, skills) induce inclusive growth in SSA; (2) compared to its direct effect, FDI is remarkable in fostering shared growth in SSA in the presence of greater ICT diffusion, and (3) compared to ICT access and usage, ICT skills are more effective in driving inclusive growth in SSA. Overall FDI modulates ICT dynamics to engender positive synergy effects on inclusive growth. Policy recommendations are provided in line with the implementation of the African Continental Free Trade Area (AfCFTA) Agreement and the projected rise in FDI in SSA from 2022. |
| Keywords: | FDI; ICT Access; ICT Diffusion; ICT Skills; ICT Usage; Inclusive Growth; sub- Saharan Africa |
| JEL: | E23 F21 F30 L96 O55 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/029&r= |
| By: | Dirk Bergemann (Cowles Foundation, Yale University); Tibor Heumann (Pontificia Universidad Católica de Chile); Stephen Morris (Dept. of Economics, MIT); Constantine Sorokin (Glasgow University and Higher School of Economics); Eyal Winter (The Hebrew University of Jerusalem) |
| Abstract: | In digital advertising, a publisher selling impressions faces a trade-off in deciding how precisely to match advertisers with viewers. A more precise match generates efficiency gains that the publisher can hope to exploit. A coarser match will generate a thicker market and thus more competition. The publisher can control the precision of the match by controlling the amount of information that advertisers have about viewers. We characterize the optimal trade-off when impressions are sold by auction. The publisher pools premium matches for advertisers (when there will be less competition on average) but gives advertisers full information about lower quality matches. |
| Keywords: | Second Price Auction, Conflation, Targeted Advertising, Impressions, Two-Sided Private Information, Bayesian Persuasion, Information Design |
| JEL: | D44 D47 D83 D84 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:2300&r= |
| By: | Fisayo Fagbemi (Obafemi Awolowo University, Nigeria) |
| Abstract: | The paper appraised the emanating effect of COVID-19 on sustainable development goals (SDGs) in Nigeria through the systematic illustration of the prevailing incidents. It was affirmed that the preoccupation with the COVID-19 cases caused many other critical socioeconomic issues (like education, infrastructure development, and employment) to suffer a state of negligence or be overlooked. Like other developing countries, Nigeria could become poorer, given the increased unemployment rate and the anticipated difficulty in servicing debt resulting from the COVID-19 outbreak. Hence, festering challenges including poverty, limited access to health care, low education quality, poor road networks among others, could be further entrenched. These incidents could be detrimental to sustainable development goals (SDGs) 2030 agenda. The current crisis, therefore, poses a threat to Nigeria’s development prospects, as it may take more time to recover, especially in the post-COVID-19 era. Thus, it is critical to recognize the significance of securing strong institutional regulatory setup and resources (including financial and material resources) needed to facilitate sustainable change in the economy. |
| Keywords: | COVID-19, economic crisis, sustainable development goals (SDGs), Nigeria |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/026&r= |
| By: | Zhengqing Gui (Wuhan University); Yangguang Huang (Hong Kong University of Science and Technology); Xiaojian Zhao (Monash University) |
| Abstract: | We study a retail financial market with naive investors who are unaware of possible financial fraud. In our model, firms strategically choose whether to offer normal or fraudulent products to possibly unaware investors. Having new firms in the market makes offering normal products less profitable and thus discourages firms from behaving honestly. In a leader-follower environment, an honest firm may sell a normal product to sophisticated investors, while a dishonest firm targets only naive investors. By disclosing information about financial fraud, the honest firm can steal market share from the dishonest firm, but doing so may induce the dishonest firm to deviate and compete for the normal-product market, which limits the honest firm’s incentive to disclose information. Policy instruments, such as increasing legal punishment, implementing public education programs, and lowering the interest rate ceiling, may also trigger the honest firm to strategically shroud information. As a consequence, these policies cannot ensure an improvement in investor welfare. |
| Keywords: | financial fraud, investor naivety, unawareness, shrouding |
| JEL: | D14 D83 G11 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mos:moswps:2021-06&r= |
| By: | Matias Nunez (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique); M. Remzi Sanver (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2020–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03092402&r= |
| By: | Penelope Buckley (GAEL - Laboratoire d'Economie Appliquée de Grenoble - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes) |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03335199&r= |
| By: | Ofori, Pamela Efua; Grechyna, Daryna |
| Abstract: | Despite the established link between oil rent fluctuations and remittances received, its plausible joint effect on economic growth in Sub-Saharan Africa (SSA) remains unexplored. To fill this gap, first we determine whether natural resource rent (composed of oil rent, forest rent and natural gas rent) reduces economic growth in SSA. Second, we examine whether positive macroeconomic signals such as remittances mitigate the negative effect of oil rents on economic growth in a sample of 43 SSA countries spanning 1990-2017. We employ the pooled ordinary least squares, fixed-effects and random-effects, and generalized method of moments. The resulting empirical evidence established are; (1) There is a positive impact of forest rent on economic growth whilst oil rent and natural gas rent have a negative impact on economic growth. (2) There is a positive marginal and net effect on economic growth from the interaction between remittances and oil rent. Also, the unconditional effect of remittances on growth is positive. We further perform a threshold analysis to establish a critical ground that could also influence economic growth positively. This threshold is crucial because above these critical mass remittance inflows mitigate the negative incidence of oil rent on economic growth and below the threshold negative oil rent on growth is completely nullified. This is relevant for policy implications because policy makers are provided with actionable levels of remittances which are easily attainable in sampled countries. |
| Keywords: | Remittances, Natural resource rent, oil rent, Economic growth, Sub-Saharan Africa. |
| JEL: | F4 F43 O4 |
| Date: | 2021–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109696&r= |
| By: | Christine L. Dobridge; Rebecca Lester; Andrew Whitten |
| Abstract: | How does going public affect firms’ tax obligations and tax planning? Using a panel of U.S. corporate tax return data from 1994 to 2018, we compare tax payments for firms that completed an IPO with those that filed for an IPO but later withdrew and remained private. We find that in the years immediately following IPO completion, firms have a higher probability of paying taxes and pay more U.S. tax. The effects occur regardless of tax status in the pre-IPO period and are not explained by statutory limitations imposed on the use of pre-IPO losses. Higher income reported for financial reporting purposes, as well as lower interest deductions attributable to debt repayment, contribute to the increased tax payments. These increases are partially offset by higher tax deductions for post-IPO investment and employment spending. Furthermore, the IPO is associated with increased tax planning through foreign tax haven use. The evidence adds to the nascent literature examining corporate tax implications of the IPO decision. |
| Keywords: | Corporate tax; IPO; Investment; Tax haven |
| JEL: | G31 G32 H25 |
| Date: | 2021–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-58&r= |
| By: | Théophile Azomahou (AERC - African Economic Research Consortium); Njuguna Ndung'U (AERC - African Economic Research Consortium); Mahamady Ouedraogo (CERDI - Centre d'Études et de Recherches sur le Développement International - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Oil-dependent countries face a twin-shock: in addition to the COVID-19 outbreak, they are facing an oil price collapse. In this paper, we study the impact of this dual shock on the forecasted GDP growth in Africa using the COVID-19 outbreak as a natural experiment. We use the IMF World Economic Outlook's GDP growth forecasts before and after the outbreak. We find that COVID-19 related deaths result in -2.75 percentage points forecasted GDP growth loss in the all sample while oil-dependence induces -7.6 percentage points loss. We document that the joint shock entails higher forecasted growth loss in oil-dependent economies (-10.75 percentage points). Based on oil price forecasts and our empirical findings, we identify five recovery policies with high potential: social safety net policy, economic diversification, innovation and technological transformation, fiscal discipline, and climate-friendly recovery policy. |
| Keywords: | Africa,growth forecast,oil-dependence,COVID-19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03344118&r= |
| By: | Datta, Soumya (South Asian University, New Delhi); C. Saratchand (Satyawati College, University of Delhi) |
| Abstract: | We set up a macroeconomic epidemiological (SIR) model to evaluate the role of vaccination in the interactive dynamics of COVID-19 and the economy. We analytically examine the existence and local stability properties of the four steady states and find strong support for a locally stable interior equilibrium where the economy grows in the continued presence of the pandemic. We also find that it might be possible to attain a pandemic-free economic revival only if the rate of recovery from infection is faster than a threshold level. We examine, both analytically and numerically, the impact of various types of policy interventions, including non-pharmaceutical interventions involving restrictions on economic activities (like lockdowns and travel restrictions) as well as speeding up the rate of vaccination. We find that under reasonable parameter configurations, a combination of large-scale vaccination as well as non-pharmaceutical interventions are required to meet the twin objectives of controlling the pandemic and reviving the economy. |
| Keywords: | COVID-19 ; health ; stability ; vaccination ; non pharmaceutical intervention |
| JEL: | E10 E61 I10 I18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/352&r= |
| By: | Backhaus, Teresa; Breitmoser, Yves |
| Abstract: | Reanalyzing 12 experiments on the repeated prisoner's dilemma (PD), we robustly observe three distinct subject types: defectors, cautious cooperators and strong cooperators. The strategies used by these types are surprisingly stable across experiments and uncorrelated with treatment parameters, but their population shares are highly correlated with treatment parameters. As the discount factor increases, the shares of defectors decrease and the relative shares of strong cooperators increase. Structurally analyzing behavior, we next find that subjects have limited foresight and assign values to all states of the supergame, which relate to the original stage-game payoffs in a manner compatible with inequity aversion. This induces the structure of coordination games and approximately explains the strategies played using Schelling's focal points: after (c,c) subjects play according to the coordination game's cooperative equilibrium, after (d,d) they play according to its defective equilibrium, and after (c,d) or (d, c) they play according to its mixed equilibrium. |
| Keywords: | Repeated game,Behavior,Tit-for-tat,Mixed strategy,Memory,Belief-freeequilibrium,Laboratory experiment |
| JEL: | C72 C73 C92 D12 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbeoc:spii2021303&r= |
| By: | Chien, Fengsheng; Ngo, Quang-Thanh; Hsu, Ching-Chi; Chau, Ka Yin; Iram, Robina |
| Abstract: | Due to their different abilities to improve financial growth and improve social development, small and medium enterprises (SMEs) have been referred to as the economy’s backbone. Small- and medium-sized enterprises are crucial for both high- and low-income nations’ financial development. Customers grow more conscious of their purchase choices, preferences, and environmental consequences. The financial opportunities for SMEs in the United Arab Emirates to use green innovation methods to address potential obstacles for increasing green goods, processes, and management are examined in this paper; as a result, it is critical to reduce clean technology adoption constraints in small- and medium-sized businesses. To identify significant hurdles, sub-barriers, and ways to overcome impediments to green innovation in the United Arab Emirates, we apply an integrated decision process. Following a detailed literature analysis and the assistance of twelve experts, six primary obstacles, twenty-five sub-obstacles, and strategies to reduce the barriers were identified. Primary and sub-barriers were assessed using the FAHP. The (FTOPSIS) approach was used to rank the strategies. Five SMEs in the United Arab Emirates are putting the suggested integrated decision model to the test. “Financial investment levels 0.646 to 11 percent growth level,” according to the FAHP, are the most significant hurdles to SMEs adopting green practices. This research demonstrated a considerable beneficial association between SMEs and financial development and funding in the United Arab Emirates. According to this study, using research methodologies to provide green innovation in SMEs is the best strategy to overcome green innovation and adoption hurdles in small and medium firms and increasing their economics. |
| Keywords: | SMEs; Barriers; Green innovation; Financial; FAHP; Financial development; United Arab Emirates |
| JEL: | E0 |
| Date: | 2021–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109668&r= |
| By: | Philippe Batifoulier (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Louise Braddock; Victor Duchesne (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Ariane Ghirardello (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); John Latsis |
| Abstract: | Patients suffering from "lifestyle" conditions are most often viewed as responsible for their illness, and so not considered to be a priority for healthcare resources. Instead, their treatment is financed on instrumental grounds: it is better to treat the condition now than to incur higher costs later of not doing so. An alternative register of justification at work in public healthcare policies is not motivated by instrumental considerations. Instead, it seeks to articulate an ethical case for prioritizing lifestyle conditions. Within this framework, we draw on the notion of vital need within the tradition of humanistic philosophy to argue that solidarity justifies the treatment of such conditions, exemplified here by obesity. We use the theoretical framework of economics of convention to present these two registers of justification at work in public healthcare policies. The importance of humanistic criticism prevents instrumental logic from being completely dominant. |
| Keywords: | health behavior,health care,health policy,legitimation,public health,self-responsibility |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03345323&r= |
| By: | Hugo d'Assenza-David (Sciences Po - Sciences Po) |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03340458&r= |
| By: | Zammar Rachid (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University); Omar Lamrani (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University) |
| Abstract: | ENTERPRISE RESOURCE PLANNING has become a very important tool in the modernization process of small and medium-sized Moroccan companies, especially because of the MOUSSANADA program, which supports them in their modernization process through the implementation of an ENTERPRISE RESOURCE PLANNING tool in order to plan resources, reduce production costs and increase productivity. Indeed, ENTERPRISE RESOURCE PLANNING encompasses several applications and modules in order to be a complete and versatile tool. It is for this reason that we have tried to analyze the place of integrated management software packages in small and medium-sized Moroccan companies through a field study. This study is combined with a deductive reasoning which is translated by the confrontation of the theoretical framework and the formulated hypotheses. After the analysis of the questionnaire, we obtained a sample of 33 small or medium-sized companies meeting the above-mentioned criteria, with a workforce ranging from 10 to 150. The objective of this article is to show the impact of the benefits, risks, applications and modules provided by ERP systems on the willingness of managers to invest in them. |
| Abstract: | L'Enterprise Resource Planning est devenu un outil très important dans la démarche de la modernisation des petites et moyennes entreprises Marocaines surtout grâce au programme MOUSSANADA qui leur accompagne dans leur processus de modernisation via la mise en place de cet instrument afin de planifier les ressources, réduire les coûts de production et augmenter la productivité. En effet ce dernier englobe plusieurs applications et modules afin d'être un outil complet et polyvalent. C'est pour cette raison que nous avons essayé d'analyser la place qu'occupent les progiciels de gestion intégrés au sein des petites et moyennes entreprises Marocaines à travers une enquête terrain. Cette étude est combinée à un raisonnement déductif qui se traduit par la confrontation du cadre théorique et des hypothèses formulées. Après le dépouillement du questionnaire nous avons obtenu un échantillon de 33 petites et moyennes entreprises avec des effectifs allant de 10 à 150. Le présent article a pour objectif de montrer l'impact des avantages, des risques ainsi que des applications et modules fournis par les progiciels de gestion intégrés sur l'envie des dirigeants d'investir dans ces derniers. |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03340759&r= |
| By: | Virginie André (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UN - Université de Nantes - ECN - École Centrale de Nantes - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes); Nathalie Bostel (LS2N - Laboratoire des Sciences du Numérique de Nantes - CNRS - Centre National de la Recherche Scientifique - ECN - École Centrale de Nantes - Université de Nantes - Faculté des Sciences et des Techniques - UN - Université de Nantes - IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire - IMT - Institut Mines-Télécom [Paris]) |
| Date: | 2021–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341567&r= |
| By: | Christoph Görtz; Danny McGowan; Mallory Yeromonahos |
| 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 furlough-induced 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 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9285&r= |
| By: | Denis Cogneau (DIAL - Développement, institutions et analyses de long terme, PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, IRD - Institut de Recherche pour le Développement, 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); Yannick Dupraz (PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique); Sandrine Mesplé-Somps (DIAL - Développement, institutions et analyses de long terme, Institut de Recherche pour le Développement (IRD), LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | What was the capacity of European colonial states? How fiscally extractive were they? What was their capacity to provide public goods and services? And did this change in the "developmentalist" era of colonialism? To answer these questions, we use archival sources to build a new dataset on colonial states of the second French colonial empire (1830-1962). French colonial states extracted a substantial amount of revenue, but they were under-administered because public expenditure entailed high wage costs. These costs remained a strong constraint in the "developmentalist" era of colonialism, despite a dramatic increase in fiscal capacity and large overseas subsidies. |
| Keywords: | Histoire economique,fiscalite,periode coloniale,analyse economique |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:hal-03105552&r= |
| By: | Kossi Messanh Agbekponou (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Angela Cheptea (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Karine Latouche (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | The present paper investigates the link between the participation of French agri-food firms to retailer-driven value chains and their integration in global value chains (GVCs). We propose an empirical methodology based on the econometric estimation of firms' extensive trade margins with multivariate models. We combine firm-level data from the AMADEUS database, French customs and the exhaustive list of firms certified with the private International Featured Standard (IFS) over the period 2006-2011. Our results show that firms that participate to retailer-driven value chains (IFS-certified firms) are by 8.35% more likely to integrate GVCs, i.e. jointly import and export, than other firms in the sector. This premium is primarily driven by the higher probability to export of these firms. |
| Keywords: | Global value chains,Retailers,Private standards,Multivariate econometric models |
| Date: | 2021–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03346839&r= |
| By: | Amit Gandhi; Aviv Nevo |
| Abstract: | This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We present empirical models of demand and supply in differentiated products industries with an emphasis on the key ideas arising from the recent applied literature. We start with a discussion of the challenges in modeling and estimation of demand for differentiated products, and focus on discrete choice characteristics-based demand models that address these challenges while allowing enough flexibility to capture realistic substitution patterns. Our discussion emphasizes how empirical strategies can leverage different features of data depending on the sources of variation that are commonly found in applied work. Moving to the supply-side, we show how demand estimates combined with a pricing model, can be used to recover markups and marginal costs. We also show how the model of pricing can be tested. We discuss a baseline Bertrand-Nash model of competitive pricing, and expand it to cover a) coordinated pricing, b) wholesale relationships, and c) bargaining. We end the chapter with extensions of the demand model, including dynamic and continuous demand. |
| JEL: | C01 D12 D22 D43 L13 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29257&r= |
| By: | Eric Reinhart (Harvard University [Cambridge]); Daniel L. Chen (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Mass incarceration is known to foster infectious disease outbreaks, amplification of infectious diseases in surrounding communities, and exacerbation of health disparities in disproportionately policed communities. To date, however, policy interventions intended to achieve epidemic mitigation in US communities have neglected to account for decarceration as a possible means of protecting public health and safety. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03344620&r= |
| By: | Morvarid Bagherzadeh; Makiko Shigemitsu |
| Abstract: | Turkey is exposed to multiple natural hazard-induced disasters (NHID) and has considerable experience in managing the associated risks. Drought, in particular, has had significant impacts on the country’s agricultural sector, and the frequency of droughts is expected to increase due to climate change. Existing governance and policy frameworks seek to ensure that the agricultural sector is prepared for, and able to respond to, adverse events as they occur. While these mechanisms contribute to improved resilience, further opportunities exist to strengthen policy processes, in particular by increasing farmer and private sector participation. |
| Keywords: | Agricultural risk management, Climate change, Insurance, Irrigation |
| JEL: | Q15 Q16 Q18 Q25 Q28 Q54 |
| Date: | 2021–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:oec:agraaa:167-en&r= |
| By: | Schelkle, Waltraud |
| Keywords: | Covid-19; coronavirus; 810356 |
| JEL: | F3 G3 |
| Date: | 2021–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111448&r= |
| By: | Chien, Fengsheng; Ananzeh, Mohammed; Mirza, Farhan; Bakar, Abou; Vu, Hieu Minh; Ngo, Thanh Quang |
| Abstract: | This study aims to examine the nexus between green growth and carbon neutrality targets in the context of the USA while observing the role of ecological innovation, environmental taxes, and green energy. For this purpose, data were collected from 1970 to 2015 for all the variables of interest. This research utilized the quantile autoregressive distributed lag (QARDL) method due to its various benefits, such as depicting the causality patterns based on different quantiles for different variables like green growth, ecological innovation, environmental taxes, and renewable energy. The findings through the QARDL method showed that the error correction coefficient was significant and negative with the expected negative sign for the different quantiles. The findings showed a significant and negative impact of green growth, square of green growth, ecological innovation, and environmental taxes in determining the carbon dioxide (CO2) emissions for the USA’s economy under the long-run estimation. Meanwhile, the outcome for the short-term estimation confirmed that the past and lagged values of CO2 emission were significantly and negatively linked with the current and lagged values of CO2 emission. On the other hand, it was found that green growth and square of green growth, ecological innovation, environmental taxes, and renewable energy played their vital role in reducing haze pollution like PM2.5. Besides, this research also covers the limitations and policy implications. |
| Keywords: | CO2 emission; Ecological innovation; Environmental pollution; Green growth; USA |
| JEL: | E0 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109664&r= |
| By: | OECD |
| Abstract: | Without connectivity, there can be no digital transformation of economies and societies. With this in mind, the OECD Recommendation of the Council on Broadband Development was adopted in 2004. Since then, broadband markets, underlying technologies, and the policies in place to spur the development of broadband networks have undergone significant changes. This document summarises the outcome of an extensive questionnaire sent to delegates of OECD countries and stakeholder groups. The questionnaire aimed to gather information on the experience of OECD countries concerning broadband development in general, and more particularly their experience in implementing the 2004 Recommendation. The responses to the questionnaire were used to inform the review and revision of the 2004 Recommendation, which resulted in the adoption of the 2021 OECD Council Recommendation on Broadband Connectivity. |
| Date: | 2021–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaab:318-en&r= |
| By: | Fan Wang (University of Houston) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:19-448&r= |
| By: | Aeimit Lakdawala (Wake Forest University); Rajeswari Sengupta (Indira Gandhi Institute of Development Research) |
| Abstract: | We create new measures of monetary policy shocks for India using high-frequency derivatives data and study their transmission. These shocks capture two distinct dimensions of the Reserve Bank of India's (RBI) monetary policy announcements. In addition to reacting to surprise changes (or non-changes) in the RBI's policy rate, financial markets also infer substantial information about the future path of the policy rate from RBI's communication. We analyze official statements and the corresponding media narrative on prominent RBI announcement dates to help understand how markets use RBI communication to update their expectations. Overall, bond and stock markets react strongly to these monetary shocks, but exhibit notable heterogeneity across governor regimes. Finally, we use the monetary shocks as external instruments to identify the impact on macroeconomic variables in a structural vector autoregression. We find some evidence of the conventional transmission of monetary policy to prices but not to output. |
| Keywords: | monetary policy, Reserve Bank of India, event study, monetary transmission |
| JEL: | E44 E52 E58 G10 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2021-021&r= |
| By: | Christophe Bontemps (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Douadia Bougherara (CEE-M - Centre d'Economie de l'Environnement - Montpellier - UMR 5211 - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Céline Nauges (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Even if there exists an extensive literature on the modeling of farmers' behavior under risk, actual measurements of the quantitative impact of risk aversion on input use are rare. In this article, we use simulations to quantify the impact of risk aversion on the optimal quantity of input and farmers' welfare when production risk depends on how much of the input is used. The assumptions made on the technology and form of farmers' risk preferences were chosen such that they are fairly representative of crop farming conditions in the USA and Western Europe. In our benchmark scenario featuring a traditional expected utility model, we find that less than 4% of the optimal pesticide expenditure is driven by risk aversion and that risk induces a decrease in welfare that varies from −1.5 to −3.0% for individuals with moderate to normal risk aversion. We find a stronger impact of risk aversion on quantities of input used when farmers' risk preferences are modeled under the cumulative prospect theory framework. When the reference point is set at the median or maximum profit, and for some levels of the parameters that describe behavior toward losses, the quantity of input used that is driven by risk preferences represents up to 19% of the pesticide expenditure. |
| Keywords: | Pesticides,Production risk,Risk preferences |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03342609&r= |
| By: | Affeldt, P.; Argentesi, E.; Filistrucchi, Lapo (Tilburg University, Center For Economic Research) |
| Keywords: | two-sided markets; plateforme; multi-homing; media; advertising |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:1317bf39-d02e-4f61-a34f-e01f6efbefdd&r= |
| By: | Kyle Butts; John Gardner |
| Abstract: | Recent work has highlighted the difficulties of estimating difference-in-differences models when treatment timing occurs at different times for different units. This article introduces the R package did2s which implements the estimator introduced in Gardner (2021). The article provides an approachable review of the underlying econometric theory and introduces the syntax for the function did2s. Further, the package introduces a function, event_study, that provides a common syntax for all the modern event-study estimators and plot_event_study to plot the results of each estimator. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.05913&r= |
| By: | Guglielmo Maria Caporale; Woo-Young Kang; Fabio Spagnolo; Nicola Spagnolo |
| Abstract: | This paper analyses the impact of the Covid-19 pandemic on stock market returns and their volatility in the case of the G20 countries. In contrast to the existing empirical literature, which typically focuses only on either Covid-19 deaths or lockdown policies, our analysis is based on a comprehensive dynamic panel model accounting for the effects of both the epidemiological situation and restrictive measures as well as of fiscal and monetary responses; moreover, instead of Covid-19 deaths it uses a far more sophisticated Covid-19 index based on a Balanced Worth (BW) methodology, and it also takes into account heterogeneity by providing additional estimates for the G7 and the remaining countries (non-G7) separately. We find that the stock markets of the G7 are affected negatively by government restrictions more than the Covid-19 pandemic itself. By contrast, in the non-G7 countries both variables have a negative impact. Further, lockdowns during periods with particularly severe Covid-19 conditions decrease returns in the non-G7 countries whilst increase volatility in the G7 ones. Fiscal and monetary policy (the latter measured by the shadow short rate) have positive and negative effects, respectively, on the stock markets of the G7 countries but not of non-G7 ones. In brief, our evidence suggests that restrictions and other policy measures play a more important role in the G7 countries whilst the Covid-19 pandemic itself is a key determinant in the case the non-G7 stock markets. |
| Keywords: | Covid-19 pandemic, stringency index, Covid-19 index, fiscal policy, shadow rates, stock markets |
| JEL: | C33 G15 E52 E62 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9299&r= |
| By: | Syeda Anam Fatima Rizvi (CERDI - Centre d'Études et de Recherches sur le Développement International - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Pakistan being a lower-middle-income country, is always being able to allocate less than or around 2% of GDP to health due to which Out-of-Pocket payments have a very large share in Pakistan's total health financing. Hence, when this OOP health expenditure exceeds a defined threshold of the Household's Nonfood consumption expenditure then the Household faces financial catastrophe. This research sheds light on the features that can make households in Pakistan more vulnerable to catastrophic health expenses and fills the gap by analyzing the determinants of Catastrophic health expenditures of Pakistan and discusses the incidence and intensity of these Catastrophic health expenditures. We have used survey data of Household Integrated Economic Survey (HIES) of Pakistan for the year 2015-2016 for 24238 households. It contains household information including education, income, consumption expenditure, and health expenditures. As anticipated, some determining factors significantly increase the risk of facing catastrophic health expenditures. |
| Keywords: | Catastrophic Health Expenditure,Out-of-Pocket Payments,Non-food consumption expenditure |
| Date: | 2021–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341700&r= |
| By: | Fabien Gensbittel (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Marcin Peski (University of Toronto); Jérôme Renault (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We define the distance between two information structures as the largest possible difference in value across all zero-sum games. We provide a tractable characterization of distance and use it to discuss the relation between the value of information in games versus single-agent problems, the value of additional information, informational substitutes, complements, or joint information. The convergence to a countable information structure under value-based distance is equivalent to the weak convergence of belief hierarchies, implying, among other things, that for zero-sum games, approximate knowledge is equivalent to common knowledge. At the same time, the space of information structures under the value-based distance is large: there exists a sequence of information structures where players acquire increasingly more information, and ε > 0 such that any two elements of the sequence have distance of at least ε. This result answers by the negative the second (and last unsolved) of the three problems posed by J.F. Mertens in his paper Repeated Games , ICM 1986. |
| Date: | 2021–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01869139&r= |
| By: | Patrick Fève (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Pablo Garcia Sanchez (Unknown); Alban Moura (Unknown); Olivier Pierrard (Unknown) |
| Abstract: | We augment a simple Real Business Cycle model with financial intermediaries that may default on their liabilities and a financial friction generating social costs of default. We derive a closed-form solution for the general equilibrium of the economy, providing analytical results. Endogenous default generates a negative skew for aggregate variables and a positive skew for credit spreads, as documented in the empirical literature. Larger financial frictions strengthen asymmetry, which amplifies the welfare cost of fluctuations. Macro-prudential regulation alleviates both the cost of fluctuations and business-cycle asymmetry, at the expense of a steady-state distortion. Finally, we prove analytically the existence of an optimal level of regulation, which increases with the size of the financial friction. |
| Keywords: | Real Business Cycle model,Default,Financial frictions,Asymmetry,Optimal regulation |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03346173&r= |
| By: | Stephanie L. Chan (Xiamen University) |
| Abstract: | When there is strategic complementarity and all agents have access to public information, but only a subset of them has access to private information, strategic complementarity within the subset of privately-informed agents enhances the focal power of public information. This results to an expected social welfare function that is convex in the precision of both private and public information. The welfare gain from increasing the precision of the public information always exceeds the welfare loss from the underutilization of private information by a subset of agents. The results support the use of public information campaigns to change agent behavior regarding risky health behavior, public health crises and social injustices. The findings are robust to several extensions such as biased perceptions about public signals and costly acquisition of private information. |
| Keywords: | coordination, information asymmetry, private information, public information, strategic complementarity, welfare |
| JEL: | C70 D80 D82 D83 D84 |
| Date: | 2021–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:wyi:wpaper:002593&r= |
| By: | Mello, M.; Moscelli, G. |
| Abstract: | In September 2020, a national-level constitutional referendum held alongside local administrative elections took place in Italy, resulting in a 22% average increase in the referendum turnout rate where more than one poll occurred. We exploit this quasi-experimental setting to estimate the e ect of voters' turnout on the spread of COVID-19, by employing an event-study design with a two-stage Control Function strategy. The estimated elasticities show that post-poll new COVID infections increased by an average of 1.1% for each additional percentage point of turnout. The findings suggest that national-level polls have the possibility to amplify nation-wide waves of contagion if held during peak periods of an epidemic. A cost-benefit simulation based on our estimates and real political events shows that averting an early general election in Spring 2021 has spared Italy up to about 362 million euros in additional hospital care costs and 22,900 deaths from COVID. |
| Keywords: | COVID-19; voting; civic capital; Control Function; |
| JEL: | C23 D72 H51 I18 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:yor:hectdg:21/17&r= |
| By: | Olga Bilyk; Ken Chow; Yang Xu |
| Abstract: | We study the relationship between characteristics of new mortgages and borrowers’ financial stress in Canada’s energy-intensive regions following the 2014 collapse in oil prices. We find that borrowers with limited home equity were more likely to have difficulty repaying debt. |
| Keywords: | Credit and credit aggregates; Econometric and statistical methods; Financial stability; Housing |
| JEL: | C25 D14 G51 R21 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:21-22&r= |
| By: | Anna Gerke (Audencia Recherche - Audencia Business School); Geoff Dickson; Hagen Wäsche |
| Abstract: | Research question: This study contributes to our understanding of how network structures influence cluster governance and consequently cluster outcomes. We investigate the relational structure of cross-sectoral sport clusters and how these influence network governance. Research methods: We employed a mixed methods approach, combining qualitative research data and social network analysis (SNA). Forty-nine interviews were conducted with employees from the surfing clusters in Aquitaine (France) and Torquay (Australia). The interview transcripts were subjected to two rounds of coding prior to SNA on an aggregated actor level. Results and findings: Findings from both clusters show the core is comprised of five actor types, while five other actor types are peripheral. The French case is a Network Administrative Organisation-governed Network while the Australian case is a Leading Group-governed Network. Implications: This article contributes to knowledge on network governance, more specifically on network governance in sport clusters. We extend existing theory on network governance by suggesting a fourth, intermediate mode of network governance, the leading group-governed network. Furthermore, our research provides insights for sport clusters, an under-researched context in interorganisational sport networks. |
| Keywords: | network governance,interorganisational,sport cluster,mixed methods,network analysis |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03345370&r= |
| By: | David Bardey (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UNIANDES - Universidad de los Andes [Bogota]); Luigi Siciliani (Unknown) |
| Abstract: | We investigate the effect of competition in the nursing homes sector with a two-sided market approach. More precisely, we investigate the distributional implications across the three key actors involved (residents, nurses and nursing homes) that arise from the two-sidedness of the market. Within a Hotelling set up, nursing homes compete for residents and for nurses, who provide quality to residents, by setting residents price and nurses wage. Nurses are assumed altruistic and therefore motivated to provide quality. The market is two-sided because: i) a higher number of residents affects nurses workload, which affects their willingness to provide labour supply; and ii) a higher number of nurses affects residents quality through a better matching process and by relaxing nurses time constraints. Our key findings are that i) the two-sidedness of the market leads to higher wages for nurses, which makes the nurses better off; ii) this is then passed to residents in the form of higher prices, which makes residents worse off; iii) nursing homes profits are instead unaffected. In contrast, when nurses wages are regulated, the two-sidedness of the market implies a transfer between residents and nursing homes. When residents price are regulated, it implies a transfer between nurses and nursing homes. These results are robust to institutional settings which employ pay-for-performance schemes (that reward either nursing homes or nurses): the two-sidedness of the market is strengthened and residents are still worse off. |
| Keywords: | Nursing homes,Competition,Two-sided markets,Distribution |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03340880&r= |
| By: | Bachev, Hrabrin; Ivanov, Bozhidar |
| Abstract: | The issue of utilization of sludge from wastewater treatment in agriculture is an important socio-economic and environmental problem in the European Union and Bulgaria. Its significance is determined by the fact that the amount of sludge formed is constantly growing, as the annual amount of sludge produced in Europe is 8.7 million dry matter, and in Bulgaria reaches 53 thousand tons of dry matter. One of the main ways to utilize sludge from wastewater treatment is its use as fertilizer in agriculture. It is becoming a topical issue along with the growing interest into the effective “transformation of wastes into products” and their inclusion in supply chains and circular economy. In other countries, there are numerous studies on the effects, factors and efficiencies of sludge use in agriculture. Despite their relevance, in-depth studies of the diverse effects and critical factors of sludge utilization in Bulgarian agriculture are at an early stage. This paper presents the results of the first part of a large-scale study aimed at determining the socio-economic effects of sludge utilization in Bulgarian agriculture. First, an approach is presented to assess the multilateral effects, efficiencies and factors of sludge utilization in agriculture. Then the various factors stimulating and limiting the utilization of sludge in Bulgarian farms are identified. The results of a case study of a holding using sludge as fertilizer are then presented. Based on a qualitative analysis of regulations and institutional structure, and surveys with managers and experts of urban wastewater treatment plants, and farmers using and not-using sludge, the institutional, political, organizational, personal, educational, informational, social, economic, and environmental factors influencing the utilization of sludge in agriculture in two regions of the country (Sofia and Burgas) are identified. Impact factors are generally divided into two types: factors influencing the behavior of agents, and factors determining the type and extent of the effects of sludge use in agriculture. Research of this type is to continue and deepen to establish the economic, sectoral and regional specificities on the basis of more representative information from all participants and interested parties in the effective utilization of sludge in the country. |
| Keywords: | sludge, use, agriculture, factors, efficiency, Bulgaria |
| JEL: | Q1 Q12 Q13 Q14 Q15 Q16 Q18 Q2 Q20 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109783&r= |
| By: | Lloyd, Simon (Bank of England); Manuel, Ed (Bank of England); Panchev, Konstantin (University of Oxford) |
| Abstract: | We study how foreign financial developments influence the conditional distribution of domestic GDP growth. Within a quantile regression setup, we propose a method to parsimoniously account for foreign vulnerabilities using bilateral-exposure weights when assessing downside macroeconomic risks. Using a panel data set of advanced economies, we show that tighter foreign financial conditions and faster foreign credit-to-GDP growth are associated with a more severe left tail of domestic GDP growth, even when controlling for domestic indicators. The inclusion of foreign indicators significantly improves estimates of ‘GDP-at-Risk’, a summary measure of downside risks. In turn, this yields time-varying estimates of higher GDP growth moments that are interpretable and provide advanced warnings of crisis episodes. Decomposing historical estimates of GDP-at-Risk into domestic and foreign sources, we show that foreign shocks are a key driver of domestic macroeconomic tail risks. |
| Keywords: | Financial stability; GDP-at-Risk; international spillovers; local projections; quantile regression; tail risk |
| JEL: | E44 E58 F30 F41 F44 G01 |
| Date: | 2021–09–17 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0940&r= |
| By: | Khady Diallo (Université Alioune Diop de Bambey - Université Alioune Diop de Bambey); Mohamed Mbengue (Université Gaston Bergé (Saint-Louis, Sénégal)) |
| Abstract: | The capital structure of a company is not the result of chance; it is in principle the result of a decision to integrate a whole set of factors. Thus, in order to understand the diversity of debt behavior of companies listed on the BRVM, several factors must be taken into consideration. The main objective of this article is to verify the factors that can influence the financial structure of BRVM-listed firms and to analyze their influence. Our study focuses on a sample of 28 BRVM-listed firms over a period of 11 years (2009 to 2019), using panel data. Following an econometric study involving the methods of generalized least squares (fixed effect) and generalized method of moments (one-step), we tested the influence of traditional firm-related determinants and corporate governance determinants on leverage. The results reveal that most of the determinants explain the leverage behavior of firms listed on the BRVM. They show that the variables size, tangibility, cost of financing, tax savings not related to debt is significant and positively influence the level of debt, these results are explained by the trade-off theory. Unlike the variable profitability, the size of the board of directors which are significant and influence negatively the level of debt. These results confirm the predictions of the hierarchical preference theory. However, the variable growth opportunity, liquidity and power separation are not significant, i.e. they do not explain the debt behavior of our study sample. The results obtained from this research will help explain the financing policy of firms listed on the BRVM. In addition, they will be used by the managers of the companies to find some answers to their decisions concerning the policy of indebtedness. |
| Keywords: | Capital Structure,Traditional Determinants,Corporate Governance Determinants. JEL Classification : G30,G32 Paper type : Empirical research |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03336082&r= |
| By: | Antoine Bonleu (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Olivier Joseph (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Emmanuel Sulzer (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Marie-Hélène Toutin (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique, CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | Du CAP aux écoles d'ingénieurs, le BTP propose différents parcours de formations aux jeunes souhaitant s'orienter vers ses métiers. S'il attire de nombreux apprentis, le secteur ne parvient cependant pas suffisamment à les garder tout au long de leur apprentissage, ni à les stabiliser dans ses emplois. L'évolution des métiers liée aux transitions écologique et numérique sera-t-elle l'occasion de renouveler l'attractivité de la filière auprès des jeunes ? Une étude du Céreq auprès des professionnels du secteur apporte de premiers éléments de réponse. |
| Keywords: | Apprentissage,Evolution des qualifications,Métier du BTP |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02524438&r= |
| By: | Bachev, Hrabrin; Ivanov, Bozhidar |
| Abstract: | The issue of utilization of sludge from wastewater treatment is an important socio-economic and environmental problem in Bulgaria and the European Union. One of the main ways to utilize sludge from wastewater treatment is its use as fertilizer in agriculture. In Bulgaria, in-depth studies of the diverse effects and critical factors of sludge utilization in agriculture are at an early stage. This paper is a part of a large-scale project aimed at determining the socio-economic effects of sludge utilization in Bulgarian agriculture. First, an approach is presented to assess the multilateral effects, efficiencies and factors of sludge utilization in agriculture. Then the various factors stimulating and limiting the utilization of sludge in Bulgarian farms are identified. The results of a case study of a farm using sludge as fertilizer are then presented. Finally, an institutional analysis of the sludge use system in Bulgarian agriculture is made. |
| Keywords: | sludge, wastewaters treatment, agricultural use, effects, factors, Bulgaria |
| JEL: | Q1 Q12 Q13 Q15 Q16 Q18 Q2 Q5 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109723&r= |
| By: | Camara K. Obeng (University of Cape Coast, Ghana); Peter Y. Mwinlaaru (University of Cape Coast, Ghana); Isaac K. Ofori (University of Insubria, Varese, Italy) |
| Abstract: | Global value chain (GVC) participation has been identified as one of the means by which developing countries can attain inclusive growth yet little attention has been paid to it in sub-Saharan Africa (SSA). Motivated by the dearth of studies on SSA, we investigate the effect of GVC participation on inclusive growth for 19 SSA countries for the period 1991 to 2017, using the system GMM estimator. The results show that GVC participation drives inclusive growth through employment creation. We find that though SSA’s foreign value addition is less than its domestic value addition, the former’s impact on inclusive growth is higher than that of the latter. We recommend that policymakers support downstream industries to acquire technologies while incentivizing and attracting upstream industries into their countries. |
| Keywords: | Global Value Chain, Inclusive Growth, Domestic Value Added, Foreign Value Added, Sub-Saharan Africa |
| JEL: | F14 F15 F43 F6 O4 Q55 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/032&r= |
| By: | Sandra Bertezene; David Vallat (Université de Lyon) |
| Abstract: | Dans son discours télévisé du 16 mars 2020, le président de la République a déclaré : « Nous sommes en guerre, en guerre sanitaire certes. Nous ne luttons ni contre une armée ni contre une autre nation, mais l'ennemi est là, invisible, insaisissable, et qui progresse ». Bien entendu le discours présidentiel est dicté par la volonté de faire front commun ; toutefois ce discours est révélateur du tropisme cartésien : la volonté de simplifier les problèmes. |
| Keywords: | Edgar Morin,épistémologie,incertitude,Descartes |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03337188&r= |
| By: | Zhijun Chen (Monash University) |
| Abstract: | Price squeezes have been commonly viewed as an exclusionary abuse under the argument of “constructive refusal to deal†, however, such an argument has been challenged by the courts and legal scholars. This paper proposes an exploitative rationale for price squeezes. A vertically integrated dominant firm can exploit efficiency gains from a downstream competitor and price squeezing is a necessary condition for such exploitation. Price squeezing forces the competitor to produce at a lower marginal cost than the dominant firm so that the dominant firm can earn more than the monopoly profit by extracting part of efficiency gains from the rival. Exploitation through price squeezing reduces the rival’s profit unfairly and distorts the production efficiency without benefiting consumers. Prohibiting price squeezes benefits the competitor and improves production efficiency without harming consumers. This paper lays a solid economic foundation for treating price squeeze cases and contributes to reconciling the diverging approach adopted by the courts in the United States and the European Union in recent price squeeze cases. |
| Keywords: | Price Squeeze, Margin Squeeze, Vertical Integration |
| JEL: | D42 L42 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mos:moswps:2021-05&r= |
| By: | Vincent Geloso (Department of Economics, George Mason University); Linan Peng (Department of Economics and Management, DePauw University) |
| Abstract: | After the Civil War, the Democratic party carried an important electoral penalty from being associated with the war. To deal with this penalty, the party took increasingly anti-immigration positions to compete with Republicans. This led some Republican strongholds such as California to become competitive and also forced Republicans to embrace stricter immigration proposals. In this paper, we argue that adopting anti-immigration and raising awareness against immigration made California increasingly competitive in electoral terms. This electoral competitiveness can serve to explain the genesis of the 1882 Chinese Exclusion Act. |
| Keywords: | Immigration, Chinese Exclusion Act, Anti-Chinese Movement, Political Economy |
| JEL: | J15 N31 H59 |
| Date: | 2021–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:dew:wpaper:2021-02&r= |
| By: | Margherita Comola; Marcel Fafchamps |
| Abstract: | We conduct a laboratory experiment to study a decentralized market where goods are differentiated and evaluations are private. We implement different semi-structured bargaining protocols based on deferred acceptance, and we compare their performance to the benchmark scenario of a sealed-bid auction. We show that bargaining dramatically improves efficiency, mainly to the benefit of players rather than the silent auctioneer. A protocol of unconstrained simultaneous bargaining performs best, doubling the proportion of deals relative to the benchmark. This is because participants seek to reveal information through a gradual bidding-up strategy that favors bargaining environments. Aggregate efficiency nonetheless suffers from the fact that buyers bargain harder than sellers, and that some players over-bargain to appropriate a larger share of the unknown surplus. |
| JEL: | C78 C91 D47 D82 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29265&r= |
| By: | Antoine Bonleu (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Olivier Joseph (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Emmanuel Sulzer (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Marie-Hélène Toutin (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche, CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | From secondary-level vocational qualifications (CAP ) to the elite engineering schools, the construction and civil engineering (CCE) sector offers a range of different training pathways for young people wishing to qualify in one of the sector's occupations. While it attracts large number of apprentices, it does not manage to retain enough of them throughout the apprenticeship period or to settle them in stable employment. Will the evolution of CCE occupations linked to the environmental and digital transitions be an opportunity to make the sector attractive again to young people? A study conducted by Céreq among professionals in the sector provides some preliminary answers. |
| Keywords: | Construction Industry,Forward-looking of job management,Manpower management,School-to-work transition,Technical and vocational education,Occupation in the public work industry,Trend in qualifications |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02975451&r= |
| By: | Jean-Marie Grether; Benjamin Tissot-Daguette |
| Abstract: | Using novel data on value added in Switzerland we propose to use a growth rate decomposition technique, in the spirit of shift-share analysis, to analyze the patterns of regional competitiveness over the 2011-2015 period. The growth differential of a region (or canton) depends on four terms, three structural effects and one competitive effect. The competitive effect turns out to be the dominant force at a high level of aggregation. An interesting pattern of structural effects unveils when working at a lower level of aggregation, allowing for identification of the leaders and laggers across regions and sectors. |
| Keywords: | firm-level, productivity, shift-share, structural and competitive effects, Switzerland. |
| JEL: | R11 R32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:21-10&r= |
| By: | Jentsch, Carsten; Mammen, Enno; Müller, Henrik; Rieger, Jonas; Schötz, Christof |
| Abstract: | Text mining is an active field of statistical research. In this paper we use two methods from text mining: the Poisson Reduced Rank Model (PRR, see Jentsch et al. 2020; Jentsch et al. 2021) and the Latent Dirichlet Allocation model (LDA, see Blei et al. 2003) for the statistical analysis of party manifesto texts from Germany. For the nine federal elections in Germany from 1990 to 2021, we analyze party manifestos that have been written by the parties to present their political positions and goals for the next legislative period of the German federal parliament (Bundestag). We use the models to quantify distances in the language of the manifestos and in the weight of importance the parties attribute to several political topics. The statistical analysis is purely data driven. No outside information, e.g., on the position of the parties, on the meaning of words, or on currently hot political topics, is used in fitting the statistical models. Outside information is only used when we interpret the statistical results. |
| Keywords: | Poisson reduced-rank model,Latent Dirichlet Allocation,CDU,CSU,Union,SPD,Grüne,FDP,Linke,Kenia,Jamaica,Ampel,Deutschland,R2G,coalition |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:docmaw:8&r= |
| By: | Affeldt, P.; Argentesi, E.; Filistrucchi, Lapo (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:1317bf39-d02e-4f61-a34f-e01f6efbefdd&r= |
| By: | Coskun, Yener; Akinsomi, Omokolade; Gil-Alana, Luis A.; Yaya, OlaOIuwa S. |
| Abstract: | We examine stock market responses during the COVID-19 pandemic period using fractional integration techniques by considering the data spanning from August 2nd 2019 to July 9th 2020. The evidence suggests that stock markets generally follow a synchronized movement before and during the stages of the pandemic’s shocks. We find that, while mean reversion significantly declines, the degree of persistence and dependence has been increased in the majority of the stock market indices- in the full sample analysis. This outcome implies increasing integration and possibly declining benefits of diversification for the global stock portfolio management. |
| Keywords: | Coronavirus; stock markets; fractional integration; long memory; mean reversion |
| JEL: | C12 C22 F31 |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109827&r= |
| By: | Kei Kawai; Ken Onishi; Kosuke Uetake |
| Abstract: | We study how signaling affects equilibrium outcomes and welfare in an online credit market using detailed data on loan characteristics and borrower repayment. We build and estimate an equilibrium model in which a borrower may signal her default risk through the reserve interest rate. Comparing a market with and without signaling relative to the benchmark with no asymmetric information, we find that adverse selection destroys as much as 34% of total surplus, up to 78% of which can be restored with signaling. We also estimate backward-bending supply curves for some markets, consistent with the prediction of Stiglitz & Weiss (1981). |
| JEL: | D82 G21 L15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29268&r= |
| By: | Cardona Trujillo, Harold; Peña Rojas, Estefany |
| Abstract: | RESUMEN: En todos los territorios, la inversión pública aparece como un factor clave y, en varios casos, se le identifica con capacidad de empeorar o aliviar las Restricciones Operativas al Crecimiento (ROC), la identificación de factores económicos, institucionales y de economía política, permiten formular estrategias para superar dichas restricciones y promover un crecimiento sostenible y con inclusión social de las regiones de Antioquia y Eje Cafetero. La metodología de diagnóstico del crecimiento económico parte del enfoque de Restricciones Operativas al Crecimiento «ROC», el cual se centra en determinar cuáles factores son los que limitan el crecimiento, con el supuesto que el principal determinante para el desarrollo económico es la inversión pública y privada, superando las limitaciones de las metodologías tradicionalmente usadas como las regresiones de corte transversal por países, la contabilidad del crecimiento o la evaluación comparativa de la competitividad de los países. Estos presentan errores como la dificultad de determinar si el problema es del lado de la demanda o de la oferta, lo que no lleva a la toma de decisiones de política económica efectivas, ni priorizadas. Con la adaptación del enfoque ROC a nivel regional, se analizó cómo se construyen históricamente los accesos a los recursos de financiamiento, capital humano, infraestructura y otros factores importantes para el crecimiento (o la falta del mismo) en la región de Antioquia y Eje Cafetero y de cuál es la importancia de estos accesos en el desempeño económico reciente. ABSTRACT: In all territories, public investment appears as a key factor and, in several cases, is identified as having the capacity to worsen or alleviate Operational Restrictions to Growth (OCR). The identification of economic, institutional and political economy factors allows the formulation of strategies to overcome these restrictions and promote sustainable growth with social inclusion of the regions of Antioquia and Eje Cafetero. The methodology for the diagnosis of economic growth is based on the "ROC" Operational Restrictions to Growth approach, which focuses on determining the factors that limit growth, with the assumption that the main determinant for economic development is public and private investment, overcoming the limitations of traditionally used methodologies such as cross-sectional regressions by country, growth accounting, or comparative evaluation of countries' competitiveness. These present errors such as the difficulty of determining whether the problem is on the demand or supply side, which does not lead to effective or prioritized economic policy decisions. With the adaptation of the ROC approach at the regional level, we analyzed how access to financing resources, human capital, infrastructure and other important factors for growth (or the lack thereof) are historically constructed in the region of Antioquia and Eje Cafetero and what is the importance of these accesses in recent economic performance. |
| Keywords: | Desarrollo, Restricciones Operativas al Crecimiento |
| JEL: | O11 O23 O47 R11 |
| Date: | 2020–11–20 |
| URL: | http://d.repec.org/n?u=RePEc:col:000196:019616&r= |
| By: | OECD |
| Abstract: | The promotion of widespread, affordable, and high-quality broadband is a prerequisite for the digital transformation of economies and societies. Foreseeing the role of broadband as an accelerator of economic, social and cultural development, the OECD adopted the Council Recommendation on Broadband Development in 2004. Since then, important developments have taken place in broadband technologies and markets. As part of the review of the 2004 Recommendation undertaken from 2018 to 2020 and resulting in the adoption of the revised 2021 OECD Council Recommendation on Broadband Connectivity, this report examines the evolution of broadband technologies, policies and regulation to foster broadband developments since 2004 as well as the benefits of, and challenges to, accelerating these developments to further enable digital transformation and inclusive growth. |
| Date: | 2021–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaab:317-en&r= |
| By: | Greppmair, Stefan; Jank, Stephan; Smajlbegovic, Esad |
| Abstract: | Using the exogenous shock of the COVID-19 pandemic, we study how informed market participants evaluate fiscal space. Short-selling activity shifted upon the onset of the pandemic towards companies with low financial flexibility only in countries with limited fiscal space. Among these companies, short sellers targeted especially those that generate their revenue mainly in the domestic market. These short sellers entered their positions before the market crash, generating thereby a significant abnormal return. These findings support the notion that short sellers bet on the inability of governments with budgetary constraints to provide sufficient stimulus to their economy in times of crises. |
| Keywords: | COVID-19 pandemic,short selling,fiscal space,institutional investors |
| JEL: | G14 G23 H30 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:292021&r= |
| By: | Murat Guray Kirdar (Department of Economics, Boğaziçi University); Ismet Koc (Institute of Population Studies, Hacettepe University); Meltem Dayıoglu (Department of Economics, Middle East Technical University) |
| Abstract: | Although school integration of the children of economic migrants in developed countries is well-studied in the literature, little evidence based on large scale representative data exists on the school integration of refugee children—many of whom live in low- or middle-income countries. This study focuses on Syrian refugee children in Turkey and examines the underlying causes of the native-refugee differences in school enrollment. We also analyze employment and marriage outcomes, as they are potentially jointly determined with schooling. For this purpose, we use the 2018 Turkish Demographic and Health Survey, which includes a representative sample of Syrian refugee households. We find that once a rich set of socioeconomic variables are accounted for, the native-refugee gap in school enrollment drops by half for boys and two-thirds for girls, but the gap persists for both genders. However, once we restrict the sample to refugees who arrive in Turkey at or before age 8 and account for the socioeconomic differences, the native-refugee gap completely vanishes both for boys and girls. In one outcome—in never attending school—the native-refugee gap persists even for children who arrive before age 8. Data for Syrians from the pre-war period suggest that this might be an “ethnic capital” that they bring with them from Syria. Finally, we find that the timing of boys’ school drop-out coincides with their entry into the labor market, whereas girls’ drop-out mostly takes place earlier than their marriage. |
| Keywords: | refugees; education; school enrollment; integration; child labor; marriage; Turkey. |
| JEL: | I21 I28 O15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:2116&r= |
| By: | Philippe Michel; Isabelle Dadon; Julie Haesebaert; David Vallat (Université de Lyon); Sandra Bertezene; Christophe Pascal; Jean-Baptiste Capgras |
| Keywords: | sars-cov-2,covid19,incertitude,risque |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03337218&r= |
| By: | Taguchi, Hiroyuki |
| Abstract: | This paper aims to examine the dynamic process of participation in global value chains (GVCs) along with development stages in emerging East Asian economies by using the GVC indexes and the UNCTAD-Eora Global Value Chain Database. The main research focus of this study is to investigate a turning point of the GVC position from a downstream-driven participation to an upstream-driven one, which reflects an industrial upgrading from a buyer position for industrial inputs to a supplier position for them. The empirical estimation could verify the U-shaped curve in the combination between the GVC position index and per capita GDP, and identify a turning point of the GVC position in the reasonable range of per capita GDP. The estimation result also showed variability of the turning points in per capita GDP among the sectors: 3,668 US dollars in total industry, 6,088 US dollars in manufacturing sector, and 9,510 US dollars in machinery industry. |
| Keywords: | Global value chains (GVCs), Turning point, Emerging East Asian economies, GVC position index, U-shaped curve |
| JEL: | F12 F14 O53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109795&r= |
| By: | Bergantiños, Gustavo; Moreno-Ternero, Juan D. |
| Abstract: | The COVID-19 pandemic forced the partial or total cancellation of most sports competitions worldwide. Sports organizations crucially rely on revenues raised from broadcasting. How should the allocation of these revenues be modified when sports leagues are cancelled? We aim to answer that question in this paper by means of the axiomatic approach. |
| Keywords: | C71, D63, Z20 |
| JEL: | C71 |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109736&r= |
| By: | Bruno, Randolph L.; Crescenzi, Riccardo; Estrin, Saul; Petralia, Sergio |
| Abstract: | We characterise the knowledge production process whereby the inventive capabilities of the firm generate innovation output in highly inventive multinational enterprises (MNEs). We explore the sensitivity of this relationship to the strength of intellectual property rights (IPR) protection across the MNEs R&D subsidiaries. We argue that MNE innovative performance will be enhanced when the firm’s R&D activities are based in locations where IPR protection is stronger. Moreover, when considering the internal geography of the MNEs R&D activities, innovation performance depends on the distance between the home and host country IPR regime. Thus, innovation performance is worse as the difference between home and host IPR regimes increases. Finally, we explore asymmetries in this relationship, in particular that the deterioration is more marked when MNEs locate their R&D activities in host economies with IPR protection significantly less strict than in their home country. We test these ideas using a unique new dataset about the most innovative MNEs in the world, an unbalanced panel of around 900 MNEs observed for the period 2004 to 2013 and find strong support for all our hypotheses. |
| Keywords: | multinationals; innovation; IPR protection; institutional distance; patents; inventive capabilities; 639633-MASSIVE-ERC-2014-STG; 822781-GROWINPRO; Internal OA fund |
| JEL: | R14 J01 L81 |
| Date: | 2021–07–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110441&r= |
| By: | Nazym Azimbayev; Yerkin Kitapbayev |
| Abstract: | In this paper, we study a pricing problem of the multiple reset put option, which allows the holder to reset several times a current strike price to obtain an at-the-money European put option. We formulate the pricing problem as a multiple optimal stopping problem, then reduce it to a sequence of single optimal stopping problems and study the associated free-boundary problems. We solve this sequence of problems by induction in the number of remaining reset rights and exploit probabilistic arguments such as local time-space calculus on curves. As a result, we characterize each optimal reset boundary as the unique solution to a nonlinear integral equation and derive the reset premium representations for the option prices. We propose that the multiple reset options can be used as cryptocurrency derivatives and an attractive alternative to standard European options due to the extreme volatility of underlying cryptocurrencies. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.09302&r= |
| By: | David G. Blanchflower; Alex Bryson |
| Abstract: | Using data from all those born in a single week in 1958 in Britain we track the consequences of short pain and chronic pain in mid-life (age 44) on health, wellbeing and labor market outcomes in later life. We examine data taken at age 50 in 2008, when the Great Recession hit and then five years later at age 55 in 2013. We find those suffering both short-term and chronic pain at age 44 continue to report pain and poor general health in their 50s. However, the associations are much stronger for those with chronic pain. Furthermore, chronic pain at age 44 is associated with a range of poor mental health outcomes, pessimism about the future and joblessness at age 55 whereas short-duration pain at age 44 is not. Uniquely, we also show that pain experienced in childhood, at ages 11 and 16, reported by a parent and a teacher respectively, collected decades earlier, predicts pain in mid-life, indicating just how persistent pain can be over the life-course. |
| JEL: | I12 I31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29278&r= |
| By: | Kelly Jones |
| Abstract: | An unintended birth at an early age has the potential to interrupt a woman’s education, with implications for her future career and earnings. This paper investigates the impact of abortion access on women’s economic outcomes later in life. I corroborate earlier findings that abortion access during adolescence and early adulthood reduces early births. I then offer updated evidence that, controlling for contraception access, abortion access increases educa¬tional attainment, career outcomes and earnings of black women and reduces their poverty and reliance on public assistance. Findings suggest that fertility is a significant pathway by which abortion access affects work status and family income, but that other pathways such as expectations and investment in human capital are more relevant for occupational choice and personal earnings. |
| Keywords: | fertility, family planning, abortion, economics of gender |
| JEL: | J13 I2 J24 J16 N32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:2021-02&r= |
| By: | David G. Blanchflower (Bruce V. Rauner ’78 Professor of Economics, Dartmouth College, Hanover, NH 03755-3514. Adam Smith School of Business, University of Glasgow and NBER); Alex Bryson (Professor of Quantitative Social Science, UCL Social Research Institute, University College London, 20 Bedford Way, London WC1H 0AL) |
| Abstract: | Using data from all those born in a single week in 1958 in Britain we track the consequences of short pain and chronic pain in mid-life (age 44) on health, wellbeing and labor market outcomes in later life. We examine data taken at age 50 in 2008, when the Great Recession hit and then five years later at age 55 in 2013. We find those suffering both short-term and chronic pain at age 44 continue to report pain and poor general health in their 50s. However, the associations are much stronger for those with chronic pain. Furthermore, chronic pain at age 44 is associated with a range of poor mental health outcomes, pessimism about the future and joblessness at age 55 whereas short-duration pain at age 44 is not. Uniquely, we also show that pain experienced in childhood, at ages 11 and 16, reported by a parent and a teacher respectively, collected decades earlier, predicts pain in mid-life, indicating just how persistent pain can be over the life-course. |
| Keywords: | pain; mental health; general health; sleep; paid work; wellbeing; life-course; birth cohort; NCDS |
| JEL: | I12 I31 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:qss:dqsswp:2128&r= |
| By: | Juan Cruz Lopez Del Valle; Caterina Brest López; Joaquín Campabadal; Julieta Ladronis; Nora Lustig; Valentina Martínez Pabón; Mariano Tommasi |
| Abstract: | We implement a fiscal incidence analysis for Argentina with data from the 2017 national household survey. We find that Argentina’s fiscal system reduces inequality and poverty more than it is the case in many other comparable countries. This result is driven more by the size of the state (as measured by social spending to GDP) than by the progressivity of the fiscal system. While there are spending items that are quite progressive and even pro-poor, taxes are unequalizing and a number of subsidies benefit disproportionately the rich. |
| Keywords: | Fiscal policy, inequality, poverty, incidence, public economics |
| JEL: | E62 D6 H22 H23 I14 I24 I32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:ceqwps:111&r= |
| By: | Alessandro Gavazza; Alessandro Lizzeri |
| Abstract: | This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We focus on markets with frictions, such as transaction costs, asymmetric information, search and matching frictions. We discuss how such frictions affect allocations, favor the emergence of intermediaries or dealers, and potentially create market power. Our focus is mostly on markets with many participants rather than on transactions that are bilateral or involve a small number of players. |
| JEL: | L0 L1 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29259&r= |
| By: | Daron Acemoglu |
| Abstract: | This essay discusses several potential economic, political and social costs of the current path of AI technologies. I argue that if AI continues to be deployed along its current trajectory and remains unregulated, it may produce various social, economic and political harms. These include: damaging competition, consumer privacy and consumer choice; excessively automating work, fueling inequality, inefficiently pushing down wages, and failing to improve worker productivity; and damaging political discourse, democracy's most fundamental lifeblood. Although there is no conclusive evidence suggesting that these costs are imminent or substantial, it may be useful to understand them before they are fully realized and become harder or even impossible to reverse, precisely because of AI's promising and wide-reaching potential. I also suggest that these costs are not inherent to the nature of AI technologies, but are related to how they are being used and developed at the moment - to empower corporations and governments against workers and citizens. As a result, efforts to limit and reverse these costs may need to rely on regulation and policies to redirect AI research. Attempts to contain them just by promoting competition may be insufficient. |
| JEL: | J23 J31 L13 L40 O33 P16 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29247&r= |
| By: | Venmans, Frank; Groom, Ben |
| Abstract: | Measures of inequality aversion are elicited using hypothetical decision tasks. The tasks require an assessment of projects in the presence of environmental inequalities across space and time. We also test the effect of different environmental domains (air pollution, recreational forest and soil fertility) and contextual framings (gain/loss, within/between regions and present–future/past–present inter-temporal trade-offs). Estimated mean inequality aversion is higher in the intra-temporal framing (an elasticity of 2.9), than in the inter-temporal framing with either negative (2.0) or positive (1.4) growth in environmental quality. Differences across environmental domains exist but are less pronounced. Similar results hold for pure time preference. Losses are associated with a lower pure rate of time preference but higher inequality aversion compared to gains. The results indicate how domain-specific ‘dual’ discount rates or rather changing relative shadow prices for the environment might be calibrated. Yet, seen as an exercise in empirical social choice, the context dependent results reject the classical Utilitarian formulation of a single Ramsey Rule. |
| Keywords: | social discount rate; inequality; inequality aversion; cost benefit analysis; Ramsey rule; ES/R009708/1; UKRI block grant |
| JEL: | D31 H43 D61 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110739&r= |
| By: | Claude Diebolt (BETA - Bureau d'Économie Théorique et Appliquée - UL - Université de Lorraine - UNISTRA - Université de Strasbourg - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Michael Haupert |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03345558&r= |
| By: | Greyling, Talita; Rossouw, Stephanié |
| Abstract: | COVID-19 severely impacted world health and, as a consequence of the measures implemented to stop the spread of the virus, also irreversibly damaged the world economy. Research shows that receiving the COVID-19 vaccine is the most successful measure to combat the virus and could also address its indirect consequences. However, vaccine hesitancy is growing worldwide and the WHO names this hesitancy as one of the top ten threats to global health. Therefore, in this study, our primary aim is to uncover the explanatory variables related to people's attitudes to the COVID-19 vaccine and investigate changes in these attitudes and emotions over time. We derive our corpus data from vaccine-related tweets, harvested in real-time from Twitter. Using Natural Language Processing, we derive the sentiment and emotions contained in the tweets to construct daily time-series data measuring the attitudes and emotions towards vaccines. Our analyses include other daily data to derive a cross-country panel dataset from 1 February 2021 to 1 August 2021. To determine the robustness of the relationships between several variables and the sentiment (attitude) towards vaccines, we run various models, including POLS, panel fixed effects and instrumental variables estimations. Our results show that more information related to the safety and side-effects of the vaccines is needed to improve the attitude towards vaccines. Additionally, governments should increase people's trust in institutions and disseminate more information about vaccines in general, for example, via social media. The results of this study on how the public perceives the COVID-19 vaccine and what influences their attitude are of the utmost importance to policymakers, health workers, and stakeholders who communicate to the public during infectious disease outbreaks. Additionally, the global fight against COVID-19 might be lost if the attitude towards vaccines is not improved. |
| Keywords: | COVID-19,Vaccines,Big Data,Attitudes |
| JEL: | C55 I18 I31 J18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:939&r= |
| By: | Asongu, Simplice; Adegboye, Alex; Ejemeyovwi, Jeremiah; Umukoro, Olaoluwa |
| Abstract: | This study assesses the relevance of mobile phone technology in complementing gender inclusive education (i.e. primary, secondary and tertiary) to promote public accountability (i.e. involving horizontal, vertical and diagonal accountability dynamics). The study utilizes the generalized method of moments (GMM) technique to establish the empirical evidence based on 48 Sub-Saharan African countries for the period 2005-2018. The following findings are documented from the linkages between mobile phone technology, inclusive education and public accountability. First, the interactions between mobile phone technology and inclusive education promote public accountability. Second, with regard to net effects, while unexpected negative signs are established, the corresponding positive interactive effects indicate that enhancing the penetration of mobile phone technology beyond some critical thresholds ensures positive net effects. Hence, policy makers should ensure that mobile phone technology penetration exceeds the established thresholds in order for gender inclusive education to positively affect public accountability. |
| Keywords: | Mobile phone technology, educational quality, public accountability, Africa |
| JEL: | E0 L96 O55 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109847&r= |
| By: | Bachtal, Yassien |
| Date: | 2021–09–17 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:128563&r= |
| By: | Richard Rogerson; Johanna Wallenius |
| Abstract: | Employment rates of males aged 55-64 have changed dramatically in the OECD over the last 5 decades. The average employment rate decreased by more than 15 percentage points between the mid-1970s and the mid-1990s, only to increase by roughly the same amount subsequently. One proposed explanation in the literature is that spousal non-working times are complements and that older males are working longer as a result of secular increases in labor supply of older females. In the first part of this paper we present evidence against this explanation. We then offer a new narrative to understand the employment rate changes for older individuals. We argue that the dramatic U-shaped pattern for older male employment rates should be understood as reflecting a mean reverting low frequency shock to labor market opportunities for all workers in combination with temporary country specific policy responses that incentivized older individuals to withdraw from market work. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:lis:liswps:812&r= |
| By: | Robert Clark; Ignatius Horstmann; Jean-François Houde |
| Abstract: | Numerous recently uncovered cartels operated along the supply chain, with firms at one end facilitating collusion at the other – hub-and-spoke arrangements. These cartels are hard to rationalize because they induce double marginalization and higher costs. We examine Canada’s alleged bread cartel and provide the first comprehensive analysis of hub-and-spoke collusion. We make three contributions: i) Using court documents and pricing data we provide evidence that collusion existed at both ends of the supply chain, ii) we show that collusion was effective, increasing inflation by about 40% and iii) we provide a model explaining why this form of collusion arose. |
| JEL: | L1 L4 L41 L42 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29253&r= |
| By: | Ali Ozkes (WU - Wirtschaftsuniversität Wien [Austria], PULV - Pôle Universitaire Léonard de Vinci); M. Remzi Sanver (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We revisit the incompatibility of anonymity and neutrality in single-valued social choice. We first analyze the irresoluteness outlook these two axioms together with Pareto efficiency impose on social choice rules and deliver a method to refine irresolute rules without violating anonymity, neutrality, and efficiency. Next, we propose a weakening of neutrality called consequential neutrality that requires resolute social choice rules to assign each alternative to the same number of profiles. We explore social choice problems in which consequential neutrality resolves impossibilities that stem from the fundamental tension between anonymity, neutrality, and resoluteness. |
| Keywords: | anonymity,eciency,neutrality,resoluteness |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341695&r= |
| By: | Kazenin Konstantin (Gaidar Institute for Economic Policy); Starodubrovskaya Irina (Gaidar Institute for Economic Policy) |
| Abstract: | The most pressing issues faced by the regions of the North Caucasus in 2020 were associated with the COVID-19 pandemic. In the North Caucasian Republics, particular aspects of the social organization and economic structure of these subjects of the Russian Federation had an impact on the course of the epidemic and its consequences for the population. To build a state policy aimed to support the economy of the North Caucasus after a pandemic, as well as to improve the system for protecting people from epidemics and other natural threats in this part of the country, consideration must be given to local factors that have complicated the way of coping with the spread of a new infection by Republics of the North Caucasus Federal Okrug (NCFO). |
| Keywords: | Russian economy, North Caucasus |
| JEL: | H11 H70 H77 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2021-1131&r= |
| By: | Hyunduk Suh (Inha University) |
| Abstract: | Housing cycles can vary significantly across regions. This study investigates the macroeconomic implications of regionally heterogeneous housing cycles and stabilization policies. The general equilibrium model includes two separate regions, idiosyncratic shocks in regional housing markets, and inter-regional housing investments by households. Counterfactual simulations suggest that regional housing cycles can be a source of economic inequality between regions and the level of financial status by affecting consumption, housing service, debt and welfare asymmetrically across agents. Region-specific stabilization policies such as property tax, countercyclical loan-to-value, and housing supply policies can mitigate regional housing cycles, but it takes large policy responses if the cycle is caused by housing exuberance (demand) shocks. Those policies also have asymmetric welfare effects, while housing supply policy is the most beneficial to agents in the region that experiences the cycle. Leaning against the wind monetary policy is relatively ineffective in stabilizing regional housing prices and higher interest rates during housing price appreciations lower the welfare of borrowers in all regions. |
| Keywords: | Regionally heterogeneous housing cycles, monetary policy, macroprudential policy, housing |
| JEL: | E32 R31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:inh:wpaper:2021-4&r= |
| By: | Jean-Marie Grether; Benjamin Tissot-Daguette |
| Abstract: | We use imputation techniques and combine official data sources to address the various shortcomings affecting the analysis of value-added data at the level of production units in Switzerland. The new ad hoc databases that emerge include consistent information on value added and employment at the level of geographically localized pseudo-firms over the 2011-2015 period. Our preferred sample is obtained through multiple imputation techniques, includes 18'000 pseudo-firms per year, covers two-third of Swiss municipalities and is suitable to address productivity issues at the microeconomic level. |
| Keywords: | Swiss firms, value-added, multiple imputation, spatial distribution. |
| JEL: | R11 R32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:21-09&r= |
| By: | Alaba, Oluwayemisi O.; Ojo, Oluwadare O.; Yaya, OlaOluwa S; Abu, Nurudeen; Ajobo, Saheed A. |
| Abstract: | The Covid-19 pandemic has affected energy demand and pricing globally due to different lockdown measures embarked on by governments in different economies. As a result, prices of oil and petroleum products dropped drastically at the peak of the pandemic period. The present paper, therefore, investigates the effect of the pandemic on energy markets and compared the levels of market efficiency, volatility, and volatility persistence. Two 5-monthly daily data windows are considered, each for the period before and during the pandemic, and an updated nonlinear fractional integration approach in time series analysis is employed. Having considered prices of Crude oil, Gasoline, Diesel, Heating oil, Kerosene, and Propane from US markets, we find that energy markets are less efficient during the Covid-19 pandemic period, even though with higher volatility but with lesser volatility persistence compared to the period before the pandemic. Thus, volatility shocks last for a shorter period during the 5-month pandemic period than in the 5-month period that precedes the pandemic. It is hoped that the findings of this work will be of interest to oil marketers and administrators in the international oil markets. |
| Keywords: | Energy price; Covid-19 pandemic; Efficient market; Volatility persistence; Fractional integration |
| JEL: | C22 Q41 Q48 |
| Date: | 2021–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109825&r= |
| By: | Lynn Riggs (Motu Economic and Public Policy Research); Livvy Mitchell (Motu Economic and Public Policy Research) |
| Abstract: | Efforts to reduce emissions to counter climate change are expected to have both costs and benefits, and these effects are likely to be unevenly distributed across the population. Hence, we developed the Distributional Impacts Microsimulation for Employment (DIM-E) to examine the potential distributional employment impacts for different mitigation options to reduce greenhouse gas emissions. DIM-E is comprised of two main components: the first component estimates industry-level employment effects, and the second simulates the characteristics of impacted workers and jobs. We based DIM-E on results from a computable general equilibrium (CGE) model, C-PLAN, and applied them to more detailed employment information in order to better understand the extent to which industries, jobs and workers are likely to be impacted by the different pathways. It is possible, however, for DIM-E to be used to analyse any policy scenario and its baseline using employment indices and similar employment information. In this paper, we describe DIM-E in the context of the initial case for which it was developed – to analyse emissions budgets for greenhouse gasses to be set by the New Zealand government for three time periods (2022-2025, 2026-2030, and 2031-2035). We also provide a sampling of results from this initial case in order to put the methodology into context. Hence, we show that DIM-E can be used to examine changes in employment trends due to policy changes as well as the different types of workers that are most likely to be affected by the reallocation of employment across industries. We found that the DIM-E results produced for the initial case were in line with previous research in this area – the overall net industry employment effects were predicted to be relatively small, though some industries will be more affected than others especially in the short- and medium-term. Moreover, very few worker groups would be negatively affected (in terms of the number of jobs) by any of the proposed mitigation options especially over the long term. |
| Keywords: | Environmental Economics, Climate Change Mitigation, Distributional Impacts of Employment |
| JEL: | J01 Q52 R11 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_14&r= |
| By: | Laura Leal; Haaris Mateen; Makoto Nirei; José A. Scheinkman |
| Abstract: | Nirei and Scheinkman (2021) proposed an equilibrium model of price adjustments with menu-costs with a finite number of firms and derived a “reproduction number” for repricing and a limit functional form for the distribution of the number of simultaneously price-adjusting firms. We show that the distribution of price-changes in data from the Billion Prices Project is well fitted by this functional form and exhibits a reproduction number that is close to unity, indicating that complementarity in price-changes plays a major role in repricings. |
| JEL: | E31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29236&r= |
| By: | Abishek D M (VSKUB - Vijayanagara Sri Krishnadevaraya University (VSKU), Ballari) |
| Abstract: | A cross-sectional survey changed into performed from March to June 2019 of figuring out and comparing packaging factors of food merchandise. A pattern of 1,219 customers (657 women-562 men) participated withinside the study. Based on a evaluate of present research, a pool of 43 packaging factors for food merchandise changed into developed, aiming to have a look at the maximum critical packaging factors which have an effective dating with patron conduct in shopping for food merchandise. Hierarchical cluster analysis (HCA) and exploratory issue analysis (EFA) have been performed on a random split-1/2 of pattern of the facts to have a look at the issue shape of the 43 items withinside the preferred population. Confirmatory issue analysis (CFA) changed into performed withinside the holdout pattern. The HCA and EFA of the packaging items ended in a seven-issue solution: (1) Informational content, (2) Content safety and recognition, (3) Smart functioning, (4) Geometry, (5) Environmental friendliness, (6) Endurance, and (7) Coloration. CFA withinside the holdout pattern supported this issue shape. It changed into discovered that sociodemographic factors such as gender, place of residence and age are related to the customer's evaluation of a food item's packaging. The findings of the present study are enlightened by the consumers' attitudes and predispositions towards packaging, thus having possible managerial applications. |
| Keywords: | Marketing,Package,Food Products,Consumer Behavior,Packaging Elements |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03332526&r= |
| By: | Simon Mongey |
| Abstract: | I study a general equilibrium menu cost model with a continuum of sectors, idiosyncratic and aggregate shocks, and the novel feature that each sector consists of strategically engaged firms. Compared to an economy with monopolistically competitive sectors—separately parameterized to match the same microdata on price flexibility—the oligopoly economy features a smaller response of inflation to monetary shocks and output responses that are more than twice as large. Under the same parameters, output responses are five times larger. An oligopoly economy also (i) requires smaller menu costs and idiosyncratic shocks to match the microdata, addressing a significant challenge for mechanisms that generate non-neutrality via strategic complementarities, (ii) implies four times larger welfare losses from same sized nominal rigidities, and (iii) provides a novel rationale for positive menu costs: in an oligopoly firms prefer a degree of rigidity to complete flexibility. Quantitatively, the estimated degree of nominal rigidity is found to be close to optimal, from firms’ perspective. |
| JEL: | E0 E31 E32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29233&r= |
| By: | Henri Njangang (University of Dschang? Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Sosson Tadadjeu (University of Dschang , Cameroon); Yann Nounamo (University of Douala, Douala, Cameroon); Brice Kamguia (University of Dschang, Cameroon) |
| Abstract: | The study assesses the role of governance in modulating the effect of oil wealth on wealth inequality in 45 countries in the world. The empirical evidence is based on Pooled Ordinary Least Squares and the Generalised Method of Moments. The findings show that oil rents unconditionally increase wealth inequality while govenance dyanmics (in terms of rule of law, corruption-control, government effectiveness, regulatory quality) moderate oil rents for an overall net negative effect on wealth inequality. Good governance thresholds at which the unconditional effect of oil rents on the wealth inequality changes from positive to negative are computed and discussed. It follows that while governance is a necessary condition for improving the redistributive effects of oil wealth, it becomes a sufficient condition for net positive improvements in wealth distribution only when some critical levels of good governance have been reached. Other policy implications are discussed. |
| Keywords: | Governance; Oil wealth; Wealth inequality, Panel data |
| JEL: | F21 F54 L71 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/049&r= |
| By: | Borzykh Ksenia (RANEPA); Ponomarev Yuri (Gaidar Institute for Economic Policy) |
| Abstract: | The transportation industry is not only a key sector of the economy, but also its indispensable glue. The development of transport infrastructure is a major factor of economic growth and a key driver of exit from the economic crisis. In the past few years, the transportation industry demonstrated upturn dynamic both in terms of the development of infrastructure and the volumes of transportation. In 2020, the COVID-19 pandemic and the relevant restrictions aimed at fighting the spread thereof led to substantial changes in the supply and demand situation on numerous markets, not only affecting directly freight and passenger traffic, but also making a sizable portion of the population revise their views on the need and required parameters of the infrastructure (not only transport infrastructure, but also social-information and communication ones). |
| Keywords: | Russian economy, transportation industry, foreign trade, customs regulation |
| JEL: | L91 L92 L93 L99 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2021-1136&r= |
| By: | Andrew Crawley; Todd M. Gabe; Mariya Pominova |
| Abstract: | This paper examines the use of location quotients, a measure of regional business activity relative to the national benchmark, as an indicator of sectoral agglomeration in small cities and towns, and as a measure of industry specialization that might impact the number of new business startups in these places. Using establishment-level data on businesses located in Maine, our findings suggest that the addition of one "hypothetical" establishment in very small towns leads to a dramatic change in the magnitude of the region-industry location quotient. At population sizes of about 4,100 or more people, however, location quotients are reasonably stable. Regression results from an analysis of the relationship between new business activity and regional industry specialization show that the effect of location quotients on business startups switches from "inelastic" to "elastic" at a population size cutoff of about 2,600 residents. Overall, our findings suggest that researchers and practitioners should exercise caution when using location quotients to study small regions. |
| Keywords: | Agglomeration; Industrial Cluster; Location Quotient; Regional Economics; Rural |
| JEL: | R10 R11 R12 |
| Date: | 2021–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1329&r= |
| By: | Bursztyn, Leonardo; Callen, Mike; Ferman, Bruno; Gulzar, Saad; Hasanain, Ali; Yuchtman, Noam |
| Abstract: | We identify Pakistani men’s willingness to pay to preserve their anti-American identity using two experiments imposing clearly specified financial costs on anti-American expression, with minimal consequential or social considerations. In two distinct studies, one-quarter to one-third of subjects forgo payments from the U.S. government worth around one-fifth of a day’s wage to avoid an identity-threatening choice: anonymously checking a box indicating gratitude toward the U.S. government. We find sensitivity to both payment size and anticipated social context: when subjects anticipate that rejection will be observable by others, rejection falls suggesting that, for some, social image can outweigh self-image. |
| JEL: | P16 D00 C90 |
| Date: | 2020–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:101465&r= |
| By: | Jayasooriya, Sujith |
| Abstract: | Climate change becomes one of the most severe problems in the World. Notably, carbon footprints are one of the key factors for climate change. The important question is that how to mitigate climate change by adapting mitigation practices in the agricultural sector in Asia. The rationale for the study is to understand the determining factors for the emission of carbon dioxide in the agricultural sector with robust analysis. In terms of policy perspectives as the main emission gases are carbon dioxide, methane, and nitrous oxide. This study is only considered the CO2 emissions from the agricultural sector. The data were obtained from the USDA website supplemented by the WDI of the World Bank in 46 Asian countries from 1970 to 2016. The study applied random and fixed effect models in the panel data analysis to predict the factors affecting the CO2 emission in the agricultural sector. Furthermore, the generalized estimation of equations was also applied to avoid the endogeneity issue while obtaining robust estimates. The agricultural factors like feed, fertilizer, labor, livestock, irrigation, and machinery were significant and positive predictors of the carbon footprints. Thus, the management of sustainable agricultural factors to control the CO2 emission can be proposed for the GHG emission policies in the Asian region. |
| Keywords: | Agriculture, Carbon footprint, GEE, GHG policies |
| JEL: | C23 Q1 Q54 |
| Date: | 2021–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109790&r= |
| By: | Andrés Monzón (Universidad Politécnica de Madrid); Elena López (Universidad Politécnica de Madrid) |
| Abstract: | This paper addresses the problem of involuntary social exclusion resulting from mobility constraints by proposing a conceptual model for the interaction between transport and wellbeing. Providing accessibility for all yields widely shared benefits that are largely overlooked by traditional appraisal methods. While some see the ultimate aim of transport policy as increasing wellbeing, an agreed model of how these two interact does not currently exist. |
| Date: | 2020–11–23 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2020/26-en&r= |
| By: | Mbuyi Allegra Kabamba (UNIKIN - Université de Kinshasa); T. Kojack Kondolo |
| Abstract: | La présente étude évalue l'impact de la coordination des politiques monétaire et budgétaire sur la stabilité du niveau général des prix dans le contexte de la République Démocratique du Congo de 1990 à 2019. Notre investigation empirique porte sur la RDC entre 1990 et 2019, et fait appel au modèle VAR. Les résultats ont montré l'existence de cette coordination durant quelques années. Aussi, cette coordination présente des effets positifs sur la stabilité du niveau général des prix. Ces preuves suggèrent que la Banque Centrale du Congo (BCC) doit travailler d'arrache-pied avec le gouvernement congolais pour assurer la stabilité du niveau général des prix. |
| Keywords: | DRC,VAR model,monetary policy,fiscal policy,Policy mix coordination |
| Date: | 2021–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03346458&r= |
| By: | Mohammad Nur Nobi |
| Abstract: | A majority portion of the slum people is involved in service sectors. The city dwellers are somehow dependent on the services of those people. Pure drinking water and hygiene is a significant concern in the slums. Because of the lack of these two items, the slum people are getting sick, which causes the interruption to their services. In addition, they can transmit the diseases they suffer from to the service receiver. With these aims, this study endeavors to explore the willingness to pay of the households who receive the services of the slum people using the mixed-method techniques. Under this technique, 265 households were surveyed through face-to-face interviews, and 10 KIIs were conducted with slum people. The study's findings suggest that the households showed their willingness to pay for the improvement of the water and sanitation facilities in the slums. However, the KIIs findings show that the slum people are not willing to pay for the improvement as they claim that government should finance the project of improving water and sanitation facilities in the slums. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.05421&r= |
| By: | Kaito Ariu; Masahiro Kato; Junpei Komiyama; Kenichiro McAlinn |
| Abstract: | The purpose of this paper is to connect the "policy choice" problem, proposed in Kasy and Sautmann (2021), to the frontiers of the bandit literature in machine learning. We discuss how the policy choice problem can be framed in a way such that it is identical to what is called the "best arm identification" (BAI) problem. By connecting the literature, we identify that the asymptotic optimality of policy choice algorithms tackled in Kasy and Sautmann (2021) is a long-standing open question in the literature. Unfortunately, this connection highlights several major issues with the main theorem. In particular, we show that Theorem 1 in Kasy and Sautmann (2021) is false. We find that the proofs of statements (1) and (2) of Theorem 1 are incorrect, though the statements themselves may be true, though non-trivial to fix. Statement (3), and its proof, on the other hand, is false, which we show by utilizing existing theoretical results in the bandit literature. As this question is critically important, garnering much interest in the last decade within the bandit community, we provide a review of recent developments in the BAI literature. We hope this serves to highlight the relevance to economic problems and stimulate methodological and theoretical developments in the econometric community. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.08229&r= |
| By: | Roc Armenter; Michèle Müller-Itten; Zachary Strangebye |
| Abstract: | We present a geometric approach to the finite Rational Inattention (RI) model, recasting it as a convex optimization problem with reduced dimensionality that is well-suited to numerical methods. We provide an algorithm that outperforms existing RI computation techniques in terms of both speed and accuracy. We also introduce methods to quantify the impact of numerical inaccuracy on the behavioral predictions and to produce robust predictions regarding the most frequently implemented actions. |
| Keywords: | rational inattention; Shannon entropy; information acquisition; learning; consideration sets |
| JEL: | C63 D81 D83 |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:93054&r= |
| By: | Ghassan, Hassan B.; Alhajhoj, Hassan R.; Balli, Faruk |
| Abstract: | The study explores the impacts of the bi-demographic structure on the current account and gross domestic product (GDP) growth. Using structural vector autoregressive modeling (SVAR), we track the dynamic impacts on these underlying variables. New insights about the dynamic interrelation between bi-population age dependency rate, current account, and GDP growth have been developed. In the short and medium-term, the reactions of GDP growth to both shocks of native and immigrant working-age populations move unsteadily in opposite directions. However, in the long-run, both effects become moderately positive. Additionally, the positive long-run contribution of immigrant workers to the current account growth largely compensates for the negative contribution of the native population. We find a negative hump-shaped reaction of Saudi Age Dependency Rate to immigration policy shocks during a generation. When the shocks emanate from immigrants’ working age, there is a complex mechanism from the complementarity process to the substitutability process between immigrants and the Saudi workforce. In the short and medium-term, the immigrant workers are more complements than substitutes for native workers. |
| Keywords: | Native population, Immigrant population, Current account, GDP Growth, Cointegration, SVAR |
| JEL: | C51 F22 F41 J15 J23 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109772&r= |
| By: | Matthew Read |
| Abstract: | I develop algorithms to facilitate Bayesian inference in structural vector autoregressions that are set-identified with sign and zero restrictions by showing that the system of restrictions is equivalent to a system of sign restrictions in a lower-dimensional space. Consequently, algorithms applicable under sign restrictions can be extended to allow for zero restrictions. Specifically, I extend algorithms proposed in Amir-Ahmadi and Drautzburg (2021) to check whether the identified set is nonempty and to sample from the identified set without rejection sampling. I compare the new algorithms to alternatives by applying them to variations of the model considered by Arias et al (2019), who estimate the effects of US monetary policy using sign and zero restrictions on the monetary policy reaction function. The new algorithms are particularly useful when a large number of sign restrictions substantially truncate the identified set given the zero restrictions. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10676&r= |
| By: | Cesira Urzi Brancati (European Commission – JRC); Maurizio Curtarelli (EU-OSHA) |
| Abstract: | This article explores the association between digital technologies that enable new forms of management and the presence of psychosocial risks in the workplace, drawing on a representative survey of European establishments (ESENER 2019). It also ascertains whether occupational safety and health (OSH) preventive measures and policies may play a mitigating role in managing risks and reducing the potentially negative impact of technology. In line with the literature and with prior expectations, our analysis reveals that digital technologies enabling the new forms of management are associated to increased psychosocial risks, which in turn can result in work-related stress and other mental health issues. It also confirmed that OSH measures, such as having an action plan to prevent work related stress, help reducing psychosocial risks in the workplace, but do not mitigate the relationship between psychosocial risks and management technologies. |
| Keywords: | algorithmic management; digitalisation; workplace monitoring; psychosocial risks; work related stress |
| JEL: | I10 I12 I18 O33 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:laedte:202112&r= |
| By: | Lin William Cong (Cornell University); Danxia Xie (Tsinghua University); Longtian Zhang (Central University of Finance and Economics) |
| Abstract: | We build an endogenous growth model with consumer-generated data as a new key factor for knowledge accumulation. Consumers balance between providing data for profit and potential privacy infringement. Intermediate good producers use data to innovate and contribute to the final good production, which fuels economic growth. Data are dynamically nonrival with flexible ownership while their production is endogenous and policy-dependent. Although a decentralized economy can grow at the same rate (but are at different levels) as the social optimum on the Balanced Growth Path, the R&D sector underemploys labor and overuses data -- an inefficiency mitigated by subsidizing innovators instead of direct data regulation. As a data economy emerges and matures, consumers' data provision endogenously declines after a transitional acceleration, allaying long-run privacy concerns but portending initial growth traps that call for interventions. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10028&r= |
| By: | Julien Pinter (University of Minho, NIPE, Braga); Evzen Kocenda (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic & Institute of Information Theory and Automation, Prague & CESifo, Munich & IOS, Regensburg) |
| Abstract: | We empirically investigate whether monetary policy announcements affect firms' and consumers' expectations by taking into account media treatments of monetary policy announcements. To identify exogenous changes in monetary policy stances, we use the standard financial monetary policy surprise measures in the euro area. We then analyze how a general newspaper and a financial newspaper (Le Monde and The Financial Times) report on announcements. We find that 87 % of monetary policy surprises are either not associated with the general newspaper reporting a change in the monetary policy stance to their readers or have a sign that is inconsistent with the media report of the announcement. When we use the raw monetary policy surprises variable as an independent variable in the link between monetary policy announcements and firms'/consumers' expectations, we mostly do not find, in line with several previous studies, any statistically significant association. When we take only monetary policy surprises that are consistent with the general newspaper report, in almost all cases we find that monetary policy surprises on the immediate monetary policy stance do affect expectations. Surprises related to future policy inclination and information shocks usually do not appear to matter. The results appear to be in line with rational inattention theories and highlight the need for caution in the use of monetary policy surprise measures for macroeconomic investigations. |
| Keywords: | firm expectations; consumer expectations; monetary policy surprises; European Central Bank; information effect |
| JEL: | D84 E02 E52 E31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2021_30&r= |
| By: | Yaya, OlaOluwa S; Vo, Xuan Vinh; Olayinka, Hammed Abiola |
| Abstract: | The present paper investigates the long-run relationships between daily prices, stocks and fear gauges of gold and silver by employing an updated fractional cointegrating framework, that is, the Fractional Cointegrating Vector Autoregression (FCVAR). The initial unit root tests results indicate that the series are I(d)s with values of d around 1 in all cases, and these are homogenous in the paired cointegrating series. Evidence of cointegration is found in the three pairs (prices, stocks and market gauge indices), while these cointegrations are only time-varying in the case of market gauge indices for the commodities. The fact that cointegration exists in prices and stocks of gold and silver implies the possibility that gold and silver prices and stocks can interchangeably be used to access the performances of the commodity markets, with the recommendation that the two commodities are not to be traded in the same portfolio. |
| Keywords: | Fractional cointegration; FCVAR; Gold; Silver; Mean reversion; Market fear gauges |
| JEL: | C22 C32 |
| Date: | 2021–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109830&r= |
| By: | Rodrigo Barra Novoa (UCJC - Universidad Camilo José Cela - Universidad Privada Madrid) |
| Abstract: | The article analyzes under a case study methodology the first economic impact results of the Small Business Development Center program in Arica, a program financed by the Technical Cooperation Service (SERCOTEC). The preliminary conclusion of the article suggests that the first economic impact results show that the 833 enterprises assisted by the program generate more sales opportunities, jobs, and investments, creating positive income and fiscal returns, despite the enormous difficulties presented by the current pandemic facing the country and especially the region. From a public policy standpoint, the CDN's contribution to the regional economy helps create new employment opportunities in growing MSMEs. For their part, maturing companies contribute to job retention thanks to the advisory processes that help reorient their businesses, and the work with entrepreneurs contributes to the generation of new businesses that strengthen the regional economy. |
| Keywords: | business,economic growth,public policies,small enterprises,SERCOTEC |
| Date: | 2021–03–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341300&r= |
| By: | Marianne Mueller (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW)) |
| Abstract: | With France due to take over the presidency of the Council of the European Union in January 2022, this paper first examines the scope of the Council's work, and then draws attention to two areas of necessary reform. The Council of the European Union directly represents the governments of the member states and can initiate major changes - if initiatives are followed by the European Commission and the European Parliament - but not in all areas. The Presidency of the Council, a role which includes planning the agenda, is important because the holder of the presidency chooses the issues will be the focus of attention, initiates discussions, suggests changes and can accelerate (or delay) efforts in certain areas. Here, the discussion recalls in particular the importance of the issues of climate change, migration, security (including cyber security), and inclusive growth. It then focuses on two discussions that the French Presidency must initiate, two areas in which the so-called "trio" of France, Czechia and Sweden (i.e. successive holders of the office of president which coordinate on policy) must promote reform: The budgetary framework and industrial policy. These crucial policy fields are all the more important as the functioning of the European institutions and the role conferred on the EU are no longer in line with current challenges. The fiscal framework of the European Union, which was established by the Maastricht Treaty, consists of pre- and post-accession convergence criteria that member states must respect when planning and executing their national budgets, a preventive arm, and a corrective arm. The corrective arm is a set of measures aimed at sanctioning states that do not respect the budgetary rules, and can go as far as financial sanctions - however, no country has yet been subjected to such a sanction. Since the bursting of the "dot com" bubble in the early 2000s, and especially after the 2008 Transatlantic Financial Crisis, which was followed by the Eurozone sovereign debt crisis, the debt-GDP ratio of the Eurozone (and more generally of EU) countries has been rising steadily. The number of countries under an Excessive Deficit Procedure (EDP) has remained positive since 2003. Moreover, to mitigate the economic and social impacts of the COVID-19 crisis, many governments have taken countercyclical measures, including financial support, which have resulted in a drastic increase in public deficits and public debt. This recurrent non-compliance with fiscal rules indicates a mismatch between economic imperatives, on one hand, and fiscal rules, on the other. Furthermore, there is strong heterogeneity across countries, which undermines the stability of the Eurozone system as a whole. Finally, the context in which the budgetary rules were initially decided and agreed upon is quite different from the current environment, since today the cost of public debt is no longer representative of the real situation - as demonstrated by the sovereign spread between Germany and Greece in 2021. To this end, a reform (or even a restructuring) of the fiscal framework is inevitable as argued herein. Concerning European industrial policy, the interest of implementing an industrial strategy at the EU level is both to coordinate economic interests and to ensure the integration and strategic autonomy of all member states, while also respecting climate objectives. Economically, countries with industries in the same sectors have a strong interest in cooperating, whether by creating innovative hubs or facilitating the exchange of labour and knowledge, in order to foster the global competitiveness of their industries. Cooperation between countries can also be of interest in the implementation of a circular economy model, where a diverse set of companies work in synergy to better manage resources and waste. There is currently a marked heterogeneity between countries, both in terms of their rate of industrialisation, the types of industries, but also in terms of the skills of their workforce. A strategy at the EU level necessarily needs to take these differences into account; it can be seen as a multi-speed strategy, where each country adapts its national industrial policy to its own situation. It may also involve implementing educational programmes directly in countries with relatively low levels of skilled workers. Beyond the coordination of countries and the recognition of individual characteristics, certain measures benefit the entire productive sector, from SMEs to large companies, in Western European countries as well as in Eastern and Southern Europe: These include measures to support education, research and development, and investment in infrastructure. The latter aspects are essential to the digital transition, which is a contemporary strategic challenge in which many countries are still laggards. The type of industrial policy to be implemented therefore depends on the objectives, and can be sectoral or horizontal. |
| Keywords: | European Union, France, Policy Options, Outlook |
| JEL: | F00 F01 F5 N14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bwu:eiiwdp:disbei306&r= |
| By: | Yaya, OlaOluwa S.; Gil-Alana, Luis A.; Adekoya, Oluwasegun B.; Vo, Xuan Vinh |
| Abstract: | This paper deals with the analysis of long-run relationships of fear indices for US stocks, commodities, and the energy sector with global fear indices for stocks and oil. Departing from the classical literature, fractional integration, and cointegration techniques are used to determine the degree of persistence in the long-run relationship of the indices. Our results are threefold. We first established a fractional cointegrating relationship between each of the global and oil fear indices and other fear indices. However, the long-run relationship tends to be weak for the technology stocks. In addition, the cointegrating framework reveals a nonstationary mean-reverting behaviour in the long-run relationship, implying that the effect of shocks from financial, economic, or other exogenous sources will be temporary though with long-lasting effects. These findings have crucial policy inferences for portfolio managers concerning investment decisions. |
| Keywords: | CBOE fear gauge; mean reversion; fractional integration; fractional cointegration; technology stocks |
| JEL: | C22 G01 G15 |
| Date: | 2021–06–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109829&r= |
| By: | Jaller, Miguel; Pahwa, Anmol; Zhang, Michael |
| Abstract: | Freight is fundamental to economic growth, however, the trucks that haul this freight are pollution intensive, emitting criteria pollutants and greenhouse gases at high rates. The increasing volume and time-sensitivity of freight demand over the past decade has encouraged carriers to take the fastest route, which is often not an eco-friendly route. The increase in urban freight movement has thus brought along negative externalities such as congestion, emissions, and noise into cities. Alternative fuel technologies, such as electric trucks and hydrogen-fuel trucks can significantly reduce freight-related emissions. However, despite their lower operational costs, the high purchase cost and consequent longer payback periods compared to traditional vehicles, have resulted in slow adoption rates. Since the need to reduce global greenhouse gas emissions and local criteria pollutants is immediate, accounting for externalities in carriers’ tactical and operational decision-making in the form of eco-routing can bring about desired reductions in emissions. The objectives of this work are to explore the possibilities and potential of eco-routing from the perspective of the carrier, in terms of cost-benefits and trade-offs, and from the perspective of the regulator, in terms of network-wide effects and policy initiatives that could encourage carriers to eco-route. This study evaluates reduction in global greenhouse emissions and local criteria pollutants, with a particular focus on direct impacts on disadvantaged communities in the Southern California Association of Governments (SCAG) region. |
| Keywords: | Engineering, Eco-routing, multi-criteria traffic assignment, origin-based traffic assignment, TAPAS, geofencing |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt9qg2318x&r= |
| By: | Ila Patnaik (NIPFP); Renuka Sane (NIPFP); Ajay Shah (xKDR Forum); S. V. Subramaniam (Harvard University) |
| Abstract: | Self-reported health (srh) is an important health outcomes measure. In this paper, we examine a large-scale household survey dataset in India. We establish basic facts about srh and its relationship with household characteristics. We find that location heterogeneity is a major element of the statistical variation of ill-health, apart from age and income. Increased income is correlated with improved health in about half of the country. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:anf:wpaper:6&r= |
| By: | Leogrande, Angelo; Costantiello, Alberto |
| Abstract: | We estimate the relationships between innovation and human resources in Europe using the European Innovation Scoreboard of the European Commission for 36 countries for the period 2010-2019. We perform Panel Data with Fixed Effects, Random Effects, Pooled OLS, Dynamic Panel and WLS. We found that Human resources is positively associated to “Basic-school entrepreneurial education and training”, “Employment MHT manufacturing KIS services”, “Employment share Manufacturing (SD)”, “Lifelong learning”, “New doctorate graduates”, “R&D expenditure business sector”, “R&D expenditure public sector”, “Tertiary education”. Our results also show that “Human Resources” is negatively associated to “Government procurement of advanced technology products”, “Medium and high-tech product exports”, “SMEs innovating in-house”, “Venture capital”. In adjunct we perform a clusterization with k-Means algorithm and we find the presence of three clusters. Clusterization shows the presence of Central and Northern European countries that has higher levels of Human Resources, while Southern and Eastern Europe has very low degree of Human Resources. Finally, we use seven machine learning algorithms to predict the value of Human Resources in Europe Countries using data in the period 2014-2021 and we show that the linear regression algorithm performs at the highest level. |
| Keywords: | Innovation and Invention: Processes and Incentives, Management of Technological Innovation and R&D, Technological Change: Choices and Consequences, Diffusion Processes Intellectual Property and Intellectual Capital, Open Innovation, Government Policy. |
| JEL: | O30 O31 O32 O33 O34 O38 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109749&r= |
| By: | Bruno S. Frey; Anthony Gullo |
| Abstract: | We contribute to the happiness literature by analyzing the causal relationship between sports and happiness. Using longitudinal data from the German Socio- Economic Panel (GSOEP), we find a positive correlation between sports participa- tion and reported life satisfaction. This relationship is stronger at younger and older ages than in middle age, and for people in bad health compared to those in average health. We further provide evidence for both causal directions. It turns out that the causal impact of engaging in sports on happiness is about four times higher than the effect of happiness on engaging in sports. |
| Keywords: | happiness; life satisfaction; well-being; sports; causality |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2021-30&r= |
| By: | Jan De Loecker; Chad Syverson |
| Abstract: | This chapter overviews productivity research from an industrial organization perspective. We focus on what is known and what still needs to be learned about the productivity levels and dynamics of individual producers, but also how these interact through markets and industries to influence productivity aggregates. We overview productivity concepts, facts, data, measurement, analysis, and open questions. |
| JEL: | D2 L1 L2 L6 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29229&r= |
| By: | Akbal, Can |
| Abstract: | In this paper, we investigate the empirical relationship between entrepreneurship and the shadow economy size. To this end, we use cross-country data and most-frequently-used measure of the entrepreneurial activity, i.e., Global Entrepreneurship Index (GEI), as well as its subindices, and calculate correlations of these indices with the size of the informal sector and its major determinants. Our analysis indicates that there are significant correlations between the variables involved. |
| Keywords: | Entrepreneurship, shadow economy, cross-country data |
| JEL: | E00 H00 |
| Date: | 2021–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109739&r= |
| By: | Domenico Delli Gatti; Severin Reissl; Enrico Turco |
| Abstract: | We employ a new version of the ABC macro-epidemiological agent based model presented in Delli Gatti and Reissl (2020) to evaluate the effects of vaccinations and variants on the epidemic and macroeconomic outlook. Vaccination plays the role of a mitigating factor, reducing the frequency and the amplitude of contagion waves, while also significantly improving macroeconomic performance. The emergence of a variant, on the other hand, plays the role of an accelerating factor, increasing the volatility of epidemic curves and worsening the macroeconomic outlook. If a more contagious variant emerges after vaccination becomes available, therefore, the mitigating factor of the latter is at least partially offset by the former. A new and improved vaccine in turn can redress the situation. Vaccinations and variants, therefore, can be conceived of as drivers of an intertwined cycle impacting both epidemiological and macroeconomic developments. |
| Keywords: | agent-based models, epidemic, Covid, vaccination, variant |
| JEL: | E21 E22 E24 E27 I12 I15 I18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9291&r= |
| By: | Peter B. Dixon; Maureen T. Rimmer; Scott Farrow |
| Abstract: | With Covid, high-school students are having difficulty staying in school. We present a dynamic model of the effects of increased drop-out rates. The model accounts for labor productivity, crime costs and high-school savings. We simulate a 25 per cent increase in drop-out rates occurring in the two years starting September 2019, with a gradual return to pre-Covid rates in 2025. Our results show a loss of 597,000 high-school graduations from cohorts entering high-school in 2016-2024. The present-value cost is between $42 and $137 billion, depending on discount rates. These results support investment in high-school retention policies through the Covid crisis. |
| Keywords: | Covid and high-school drop-out rates, dynamic model of student numbers, educational attainment of workforce, cost of reduced high-school graduation rates |
| JEL: | I26 J08 J24 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-321&r= |
| By: | M. Ayhan Kose; Franziska L. Ohnsorge; Carmen M. Reinhart; Kenneth S. Rogoff |
| Abstract: | Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated debt levels increased the incidence of debt distress, particularly in EMDEs and particularly when financial market conditions turned less benign. This paper reviews an encompassing menu of options that have, in the past, helped lower debt burdens. Specifically, it examines orthodox options (enhancing growth, fiscal consolidation, privatization, and wealth taxation) and heterodox options (inflation, financial repression, debt default and restructuring). The mix of feasible options depends on country characteristics and the type of debt. However, none of these options comes without political, economic, and social costs. Some options may ultimately be ineffective unless vigorously implemented. Policy reversals in difficult times have been common. The challenges associated with debt reduction raise questions of global governance, including to what extent advanced economies can cast their net wider to cushion prospective shocks to EMDEs. |
| JEL: | E32 E63 F34 F44 F62 H6 H63 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29266&r= |
| By: | Neva Seidman Makgetla |
| Abstract: | Tariffs on basic foods: evolution and impacts |
| Date: | 2021–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11019&r= |
| By: | Ryan Kellogg; Mar Reguant |
| Abstract: | This paper discusses contributions that industrial organization economists have made to our understanding of energy markets and environmental regulation. We emphasize the substantive contributions of recent papers while also highlighting how this literature has adopted and sometimes augmented theoretical and empirical tools from industrial organization. Many of the topics examined by this literature—especially auctions, investment, productivity and innovation, and regulation—also apply to a variety of settings beyond energy and the environment. We also indicate areas where future research is likely to be fruitful, with an emphasis on how industrial organization economists can help inform energy and environmental policies. |
| JEL: | L0 Q2 Q3 Q4 Q5 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29235&r= |
| By: | David K Levine |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:cla:levarc:786969000000001775&r= |
| By: | Alyce S. Adams; Raymond Kluender; Neale Mahoney; Jinglin Wang; Francis Wong; Wesley Yin |
| Abstract: | Most hospitals and managed care organizations have financial assistance programs that aim to reduce financial burdens and improve health care access for low-income patients. We use administrative data from Kaiser Permanente to study the effects of financial assistance on health care utilization. Using a regression discontinuity design based on an income threshold for program eligibility, we find that financial assistance significantly increases health care utilization initially, though effects dissipate three quarters after program receipt. Financial assistance also increases the detection of and medication refills for treatment-sensitive conditions, suggesting financial assistance may increase receipt of high-value care. |
| JEL: | I1 I18 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29227&r= |
| By: | Chanthol, Hay |
| Abstract: | Money supply in a highly dollarized Cambodian economy appears to be highly unstable because the composition of domestic currency in aggregate money supply is very small. During its transition towards a market economy, Cambodia embarked upon a path of disinflation through dollarization and stable exchange rate. In this paper, the trend and behavior of money supply, money demand and inflation are examined, and a model is developed to explain the determinants of inflation under dollarization and estimate it for Cambodia in the 2000s using a two-step procedure. This paper also shows that management of rice price, gasoline price with a restrictive monetary policy based on broadly defined money or total liquidity was essential for the Cambodian authorities to succeed in fighting inflation. This paper explain the behavior of inflation and the role that a central bank may play in its determination. |
| Keywords: | money demand, inflation, dollarization, exchange rate |
| JEL: | E31 E41 E52 |
| Date: | 2021–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109805&r= |
| By: | Dinh, Cong Khai; Ngo, Quang Thanh; Nguyen, Trung Thanh |
| Abstract: | Sustaining economic growth while reducing dependence on fossil fuels remains a challenge for our world to fight against climate change and therefore finding a way to promote economic growth and increase renewable energy use is needed. This paper uses a 22-year panel dataset (1994– 2015) of 9 countries in the Association of Southeast Asian Nations provided by the World Bank World Development Indicators to examine the impact of medium- and high-tech export on renewable energy use. We employ a fixed-effects regression model with the Driscoll–Kraay nonparametric covariance matrix estimator to account for sectoral and temporal dependence. We also control for inflation, employment, population growth, and gross domestic product per capita in our estimations. Our results demonstrate a U-shaped association between medium- and high-tech export and renewable energy consumption of these economies. The results propose that enhancing medium- and high-tech export could be a feasible solution for promoting renewable energy consumption. |
| Keywords: | renewable energy; medium- and high-tech export; economic growth; employment; inflation; ASEAN |
| JEL: | E0 |
| Date: | 2021–07–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109669&r= |
| By: | Benoit Carmichael; Gilles Boevi Koumou; Kevin Moran |
| Abstract: | We use an equivalent form of Markowitz's mean-variance utility function, based on Rao's Quadratic Entropy (RQE), to enrich the standard capital asset pricing model (CAPM), both in the presence and in the absence of a risk-free asset. The resulting equilibrium, which we denote RQE-CAPM, offers important new insights about the pricing of risk. Notably, it reveals that the reason for which the standard CAPM does not price idiosyncratic risk is not only because the market portfolio is law of large numbers diversified but also because the model implicitly assumes agents' total risk aversion and their correlation diversification risk preference balance each other exactly. We then demonstrate that idiosyncratic risk is priced in a general RQE-CAPM where agents' total risk aversion and their correlation diversification risk preference coefficients are not necessary equal. Our general RQE-CAPM therefore offers a unifying way of thinking about the pricing of idiosyncratic risk, including cases where such risk is negatively priced, and is relevant for the literature assessing the idiosyncratic risk puzzle. It also provides a natural theoretical underpinning for the empirical tests of the CAPM or the pricing of idiosyncratic risk performed in some existence studies. |
| Keywords: | : Rao's Quadratic Entropy, Mean-Variance Model, Capital Asset Pricing Model, Idiosyncratic Risk, Correlation Diversification. |
| JEL: | D81 G11 G12 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:crrecr:2107&r= |
| By: | Julien Combe (CREST-Ecole polytechnique, France); Vladyslav Nora (Economics department, Nazarbayev University); Olivier Tercieux (Paris School of Economics ,France) |
| Abstract: | We study a large market model of dynamic matching with no monetary transfers and a continuum of agents. Time is discrete and horizon finite. Agents are in the market from the first date and, at each date, have to be assigned items (or bundles of items). When the social planner can only elicit ordinal preferences of agents over the sequences of items, we prove that, under a mild regularity assumption, incentive compatible and ordinally efficient allocation rules coincide with spot mechanisms. A spot mechanism specifies “virtual prices” for items at each date and, at the beginning of time, for each agent, randomly selects a budget of virtual money according to a (potentially non-uniform) distribution over [0,1]. Then, at each date, the agent is allocated the item of his choice among the affordable ones. Spot mechanisms impose a linear structure on prices and, perhaps surprisingly, our result shows that this linear structure is what is needed when one requires incentive compatibility and ordinal efficiency. When the social planner can elicit cardinal preferences, we prove that, under a similar regularity assumption, incentive compatible and Pareto efficient mechanisms coincide with a class of mechanisms we call Spot Menu of Random Budgets mechanisms. These mechanisms are similar to spot mechanisms except that, at the beginning of the time, each agent must pick a distribution in a menu. This distribution is used to initially draw the agent's budget of virtual money. |
| Date: | 2021–07–27 |
| URL: | http://d.repec.org/n?u=RePEc:crs:wpaper:2021-11&r= |
| By: | Jaedo Choi; Andrei A. Levchenko |
| Abstract: | This paper provides causal evidence of the impact of industrial policy on firms' long-term performance and quantifies industrial policy's long-term welfare effects. Using a natural experiment and unique historical data during the Heavy and Chemical Industry (HCI) Drive in South Korea, we find large and persistent effects of firm-level subsidies on firm size. Subsidized firms are larger than those never subsidized even 30 years after subsidies ended. Motivated by this empirical finding, we build a quantitative heterogeneous firm model that rationalizes these persistent effects through a combination of learning-by-doing (LBD) and financial frictions that hinder firms from internalizing LBD. The model is calibrated to firm-level micro data, and its key parameters are disciplined with the econometric estimates. Counterfactual analysis implies that the industrial policy generated larger benefits than costs. If the industrial policy had not been implemented, South Korea's welfare would have been 22-31% lower, depending on how long-lived are the productivity benefits of LBD. Between one-half and two-thirds of the total welfare difference comes from the long-term effects of the policy. |
| JEL: | O14 O25 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29263&r= |
| By: | Bart Hobijn; Ayşegül Şahin |
| Abstract: | We investigate the source, magnitude, and unevenness of the procyclical forces that shape labor force participation, i.e., the participation cycle, which are important for the implementation of the maximum employment mandate. We show that these forces can be analyzed in real time using a flow decomposition of the changes in the labor force participation rate. The decomposition reveals that the source of the participation cycle is fluctuations in job-loss and job-finding rates, rather than cyclical movements in labor force entry and exit rates. The magnitude of the participation cycle is large. Cyclical downward pressures on employment from participation are two-thirds that of unemployment. Moreover, the participation cycle delays the recovery in employment because it lags the unemployment cycle. It also amplifies the unevenness of the impact of recessions. Groups that see large increases in their unemployment rates also experience more pronounced participation cycles. Despite differences in their magnitudes, the source of the participation cycle is the same for all groups. Application of our method to the COVID-19 Recession suggests that, as of June 2021, the bulk of the drop in the participation rate since the onset of the pandemic is cyclical and that the cyclical recovery in participation likely will trail that of the unemployment rate. |
| JEL: | J20 J6 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29222&r= |
| By: | Minoru Higa (Simon Fraser University); Carlos Ospino (Labor Markets Consultant); Fernando Aragon (Simon Fraser University) |
| Abstract: | This paper takes a new look at the impact of COVID-19 on labor outcomes more than a year after the beginning of the pandemic. We use a labor survey from Lima, Peru, with monthly data from January 2019 up to June 2021. We corroborate the early dramatic impact of the pandemic documented in other countries. These initial effects attenuate over time, but persist and remain sizeable: even by mid-2021, there is a reduction of almost 20% in hours worked and labor income. Our findings highlight the limitation of policy changes and societal adaptations to ameliorate the economic impact of COVID-19. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:sfu:sfudps:dp21-10&r= |
| By: | Gómez Múñoz, Wilman Arturo; Posada Posada, Carlos Esteban; Rhenals Monterrosa, Remberto |
| Abstract: | RESUMEN: La tendencia observada desde 1998 a la desinflación mundial y a que las inflaciones nacionales se estabilicen en niveles bajos obedece al comportamiento de la inflación de Estados Unidos. Esto es lo que podemos decir a la luz de resultados econométricos con cifras de frecuencia trimestral de Estados Unidos y de otros 30 países de varios continentes. En efecto, estos resultados son favorables a tal hipótesis y desfavorables a hipótesis alternativas que harían énfasis en las políticas monetarias nacionales o choques deflacionistas de origen “real†(no monetario). Adicionalmente, la evidencia empírica indica que, en general, las políticas monetarias nacionales han sido laxas, en el siguiente sentido: los hacedores de la política monetaria han aprovechado las fuerzas desinflacionarias (o deflacionarias) provenientes de Estados Unidos para ejecutar políticas laxas previendo algunos beneficios de esto (sobre la actividad económica u otros) sin temer que se haga evidente su costo en términos de una mayor inflación. ABSTRACT: The trend observed since 1998 towards global disinflation and for national inflation rates to stabilize at low levels is due to the behavior of inflation in the United States according to the econometric exercises reported in this paper with a quarterly frequency data from the United States and 30 other countries. Additionally, the empirical evidence indicates that, in general, national monetary policies have been lax, in the following sense: monetary policy makers have taken advantage of disinflationary (or deflationary) forces coming from the United States to execute lax policies anticipating some benefits from those without fearing that its cost in terms of higher inflation will become evident. |
| Keywords: | inflación, convergencia, economía abierta, política monetaria, modelo decointegración con datos en panel |
| JEL: | C12 C23 E31 E52 E65 F41 |
| Date: | 2021–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:col:000196:019618&r= |
| By: | Tommaso Oliviero (Università di Napoli Federico II and CSEF); Min Park (University of Bristol); Hong Zou (University of Hong Kong) |
| Abstract: | Theory offers two diverging views on the effect of ex-ante litigation risk on corporate cash holdings. To test the effect, this paper exploits the phase-by-phase introduction of securities class actions in Korea. Following the increase in litigation risk, firms significantly increase their cash holdings. The effects are stronger for firms with high operating cash flow volatility, no D&O insurance coverage, and tighter financial constraints. The results hold robustly in differences-in-differences and regression discontinuity designs. The causal estimates, together with the increase in corporate litigation risk worldwide, put forth a novel link, unexplored in the literature, between litigation risk and the secular increase in cash holdings. |
| Keywords: | Liquidity; cash holdings; litigation risk; difference-in-differences; regression discontinuity. |
| JEL: | G30 G32 K22 |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:623&r= |
| By: | Tareena Musaddiq; Kevin M. Stange; Andrew Bacher-Hicks; Joshua Goodman |
| Abstract: | The Covid-19 pandemic drastically disrupted the functioning of U.S. public schools, potentially changing the relative appeal of alternatives such as homeschooling and private schools. Using longitudinal student-level administrative data from Michigan and nationally representative data from the Census Household Pulse Survey, we show how the pandemic affected families’ choices of school sector. We document four central facts. First, public school enrollment declined noticeably in fall 2020, with about 3 percent of Michigan students and 10 percent of kindergartners using other options. Second, most of this was driven by homeschooling rates jumping substantially, driven largely by families with children in elementary school. Third, homeschooling increased more where schools provided in-person instruction while private schooling increased more where instruction was remote, suggesting heterogeneity in parental concerns about children’s physical health and instructional quality. Fourth, kindergarten declines were highest among low income and Black families while declines in other grades were highest among higher income and White families, highlighting important heterogeneity by students’ existing attachment to public schools. Our results shed light on how families make schooling decisions and imply potential longer-run disruptions to public schools in the form of decreased enrollment and funding, changed composition of the student body, and increased size of the next kindergarten cohort. |
| JEL: | I20 I24 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29262&r= |
| By: | Matthew Greenwood-Nimmo (Department of Economics, University of Melbourne, Centre for Applied Macroeconomic Analysis, Australian National University); Evzen Kocenda (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic & Institute of Information Theory and Automation, Prague & CESifo, Munich & IOS, Regensburg); Viet Hoang Nguyen (Melbourne Institute for Applied Economic and Social Research, University of Melbourne) |
| Abstract: | The spillover index developed by Diebold and Yilmaz (Economic Journal, 2009, vol. 119, pp. 158-171) is widely used to measure connectedness in economic and financial networks. Abrupt increases in the spillover index are typically thought to result from systemic events, but evidence of the statistical significance of this relationship is largely absent from the literature. We develop a newbootstrap-based technique to evaluate the probability that the value of the spillover index changes over an arbitrary time period following an exogenously defined event. We apply our framework to the original dataset studied by Diebold and Yilmaz and obtain qualified support for the notion that the spillover index increases in a timely and statistically significant manner in the wake of systemic shocks. |
| Keywords: | Spillover index; systemic events; bootstrap-after-bootstrap procedure |
| JEL: | C32 C58 G15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2021_29&r= |
| By: | Sanyal, Anirban |
| Abstract: | The recent US-China trade war refreshed the memory of trade protectionism in the era of global integration. In this context, this paper analyzes the impact of higher trade tariffs imposed by the US and China on each other, on India, a large country having significant trade ties with both the US and China, yet not directly involved in the tariff war. Using product level data on exports and imports, the paper analyzes the implication of the tariff war on India in short run through the lens of trade diversion and identifies the differential effect of trade diversion across different product types. The analysis reveals a significant trade diversion to India from China at an aggregate level with trade elasticity of 0.5-0.7 due to US tariffs on China which points towards a substitution effect in products targeted by the US-China tariffs. Further, the paper observes a heterogeneous impact of the trade diversion across different product classifications. Particularly, India's export of easily substituted products like final goods, homogeneous goods and high elastic goods, intensified plausibly driven by higher tariffs imposed by the US on China. However the effect on these tariffs on India's import intensity remains mixed. |
| Keywords: | US-China Trade War,Trade Cost,Product Heterogeneity,Comparative Advantages |
| JEL: | F1 F12 F13 F14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:242250&r= |
| By: | Patnaik, Ila (National Institute of Public Finance and Policy); Sengupta, Rajeswari (Indira Gandhi Institute of Development and Research (IGIDR) Mumbai) |
| Abstract: | We analyse India's exchange rate regime through the prism of exchange market pressure. We estimate the various regimes that India's de-facto exchange rate has been through during the period from 2000 to 2020. We find four specific regimes of the Indian rupee differentiated by the degree of flexibility of the exchange rate. We document the manner in which EMP in India has either been resisted through foreign exchange market intervention, or relieved through exchange rate change, across these four de-facto exchange rate regimes. In particular, we find that after the 2008 global financial crisis the rupee-dollar exchange rate was relatively more flexible and the share of exchange rate in EMP absorption was the highest. After 2013 there was a change in the way the EMP was absorbed. The exchange rate was actively managed using spot as well as forward market intervention. We also find that the response of the RBI to EMP has been asymmetric. When there is pressure to appreciate, the RBI has typically responded by purchasing reserves. On the other hand, in the periods in which there has been pressure to depreciate, only a tiny fraction of reserves are used for resisting the pressure. Such pressure is absorbed by rupee depreciation. |
| Keywords: | Exchange rate regime ; Forex intervention ; Reserves ; Exchangen market pressure ; Structural change |
| JEL: | E58 F31 F41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/353&r= |
| By: | Drydakis, Nick |
| Abstract: | Utilizing two panel datasets covering the periods 2013-2014 and 2018-2019, the study examines whether social rejection, family acceptance, and economic conditions bear an association with self-rated physical and mental health of sexual minorities. Social rejection bears a negative association with physical and mental health. Family acceptance shares a positive association with physical and mental health. Periods characterized by worse economic conditions (2013-2014 versus 2018-2019) correlate with a decline in sexual minorities' physical and mental health. It is found that women, trans people, people without higher education degrees, unemployed people, and relatively poor people, experience worse physical and mental health than the corresponding reference categories. The study indicates that sexual minorities who experienced societal rejections, such as unfair treatment in educational, workplace environments, and/or services (public/health) prompted deteriorated physical and mental health. Sexual minorities who experienced acceptance from their families over their sexual orientation status, experienced better physical and mental health. Moreover, during periods of increased aggregate unemployment, the physical and mental health status of sexual minorities was deteriorated. Antidiscrimination policies help reduce homophobic incidents and positively impact sexual/gender identity minorities' progression, self-esteem, income, and well-being. Public health services should ensure that policies are inclusive of the physical and mental health needs of sexual/gender identity minority groups. Addressing financial hardships for minority population groups should form part of the policymakers' agenda. This is among the first international studies to examine whether, during a period of economic recession, sexual minorities experience deteriorated physical and mental health. |
| Keywords: | Sexual Orientation,Health,Mental Health,Minority Stress,Exclusion,Family,Economic Recession,LGBT |
| JEL: | J70 I14 O52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:936&r= |
| By: | Robert P. Gilles; Lina Mallozzi; Roberta Messalli |
| Abstract: | We study a class of non-cooperative aggregative games -- denoted as \emph{social purpose games} -- in which the payoffs depend separately on a player's own strategy (individual benefits) and on a function of the strategy profile which is common to all players (social benefits) weighted by an individual benefit parameter. This structure allows for an asymmetric assessment of the social benefit across players. We show that these games have a potential and we investigate its properties. We investigate the payoff structure and the uniqueness of Nash equilibria and social optima. Furthermore, following the literature on partial cooperation, we investigate the leadership of a single coalition of cooperators while the rest of players act as non-cooperative followers. In particular, we show that social purpose games admit the emergence of a stable coalition of cooperators for the subclass of \emph{strict} social purpose games. Due to the nature of the partial cooperative leadership equilibrium, stable coalitions of cooperators reflect a limited form of farsightedness in their formation. As a particular application, we study the tragedy of the commons game. We show that there emerges a single stable coalition of cooperators to curb the over-exploitation of the resource. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.08471&r= |
| By: | Tareena Musaddiq; Kevin Stange; Andrew Bacher-Hicks; Joshua S. Goodman |
| Abstract: | The Covid-19 pandemic drastically disrupted the functioning of U.S. public schools, potentially changing the relative appeal of alternatives such as homeschooling and private schools. Using longitudinal student-level administrative data from Michigan and nationally representative data from the Census Household Pulse Survey, we show how the pandemic affected families’ choices of school sector. We document four central facts. First, public school enrollment declined noticeably in fall 2020, with about 3 percent of Michigan students and 10 percent of kindergartners using other options. Second, most of this was driven by homeschooling rates jumping substantially, driven largely by families with children in elementary school. Third, homeschooling increased more where schools provided in-person instruction while private schooling increased more where instruction was remote, suggesting heterogeneity in parental concerns about children’s physical health and instructional quality. Fourth, kindergarten declines were highest among low income and Black families while declines in other grades were highest among higher income and White families, highlighting important heterogeneity by students’ existing attachment to public schools. Our results shed light on how families make schooling decisions and imply potential longer-run disruptions to public schools in the form of decreased enrollment and funding, changed composition of the student body, and increased size of the next kindergarten cohort. |
| JEL: | I20 I24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9298&r= |
| By: | K. Sudhir (Cowles Foundation and Yale School of Management); Seung Yoon Lee (Yale School of Management); Subroto Roy (Dept. of Marketing, University of New Haven) |
| Abstract: | Lookalike Targeting is a widely used model-based ad targeting approach that uses a seed database of individuals to identify matching "lookalikes" for targeted customer acquisition. An advertiser has to make two key choices: (1) who to seed on and (2) seed-match rank range. First, we assess if and how seeding by others’ journey stages impact clickthrough (upstream behavior desirable for brand marketing) and donation (downstream behavior desirable in performance marketing). Overall, we nd that lookalike targeting using other’s journeys can be effective third parties can indeed identify factors unobserved to the advertiser merely from others’ journey stage to improve targeting. Further, while it is sufficient to seed on upstream journey stages for brand marketing, seeding on more downstream stages improves performance marketing outcomes. Second, we assess the effectiveness of expanding the target audience with lower match ranks between seed and lookalikes. The drop in effectiveness with lower match rank range is much greater for performance marketing (donation) than for brand marketing (click-through). However, performance marketers can alleviate the reduction in ad effectiveness for low match ranks by making targeting more salient; but increasing salience has little impact for high match rank. Overall, by increasing salience, performance marketers can make acquisition cost comparable for high and low match ranks. |
| Keywords: | Digital advertising, Targeting, Algorithmic targeting, Lookalike targeting, Nonprofit marketing |
| JEL: | L31 M31 M37 C93 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:2302&r= |
| By: | Patrick Bennett; Richard Blundell; Kjell G. Salvanes |
| Abstract: | Developing effective tools to address prime-aged high school dropouts is a key policy question. We leverage high quality Norwegian register data to examine the labour market outcomes of expanding access to adult workers and exploit a large policy reform which greatly enabled access to high school education for adults. Our focus is on women and the results show a large and significant increase in education investments with a strong rise in the rate of college completion, leading to higher earnings, increased employment, and decreased fertility. They also point to an effective policy to reduce the gender earnings gap. |
| Keywords: | adult education, returns to education, fertility, gender inequality |
| JEL: | I26 I28 J13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9306&r= |
| By: | Mohammad Nur Nobi |
| Abstract: | This study aims to assess the net benefit of the kaptai dam on the Karnafuli river in Kaptai, Chittagong, Bangladesh. Kaptai Dam, the only hydroelectricity power source in Bangladesh, provides only 5% electricity demand of Bangladesh. The Dam is located on the Karnafuli River at Kaptai in Rangamati District, 65 km upstream from Chittagong. It is an earth-fill or embankment dam with a reservoir with a water storage capacity of 11,000 skm. Though the Dam's primary purpose is to generate electricity, it became a reservoir of water used for fishing and tourism. To find the net benefit value and estimate the environmental costs and benefits, we considered the environmental net benefit from 1962 to 1997. We identify the costs of Kaptai Dam, including its establishment cost, operational costs, the costs of lives that have been lost due to conflicts, and environmental costs, including loss of biodiversity, loss of land uses, and loss of human displacements. Also, we assess the benefits of electricity production, earnings from fisheries production, and gain from tourism to Kaptai Lake. The findings show that the Dam contributes tremendous value to Bangladesh. As a source of hydroelectricity, the Kaptai Dam is a source of clean energy, and its value might have been worthy of this Dam produced a significant portion of the electricity. However, providing less than 5% of the national demand for electricity followed by various external and sensitive costs, the Dam hardly contributes to the Bangladesh economy. This study thus recommends that Bangladesh should look for other sources of clean energy that have no chances of eco-political conflicts. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.05419&r= |
| By: | Jens Ludwig; Sendhil Mullainathan |
| Abstract: | Algorithms (in some form) are already widely used in the criminal justice system. We draw lessons from this experience for what is to come for the rest of society as machine learning diffuses. We find economists and other social scientists have a key role to play in shaping the impact of algorithms, in part through improving the tools used to build them. |
| JEL: | C01 C54 C55 D8 H0 K0 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29267&r= |
| By: | Pedro Salas-Rojo; Juan Gabriel Rodríguez |
| Abstract: | This paper explores how the inheritances received influence the distribution of wealth (financial, non-financial and total) in four developed ?but substantially different? countries: the United States, Canada, Italy and Spain. Following the inequality of opportunity literature, we first group individuals into types based on the inheritances received. Then, we estimate the between-types wealth inequality to approximate the part of overall wealth inequality explained by inheritances. After showing that traditional approaches lead to non-robust and arbitrary results, we apply Machine Learning methods to overcome this limitation. Among the available computing methods, we observe that the random forests is the most precise algorithm. By using this technique, we find that inheritances explain more than 65% of wealth inequality (Gini coefficient) in the US and Spain, and more than 40% in Italy and Canada. Finally, for the US and Italy, given the availability of parental education, we also include this circumstance in the analysis and study its interaction with inheritances. It is observed that the effect of inheritances is more prominent at the middle of the wealth distribution, while parental education is more important for the asset-poor. |
| Keywords: | Wealth inequality; inheritances; Machine Learning; inequality of opportunity; parental education |
| JEL: | C60 D31 D63 G51 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:lis:lwswps:32&r= |
| By: | Laurent Taskin (Louvain School of Management Research Institute (ILSM) - Louvain School of Management Research Institute (ILSM)) |
| Abstract: | La gestion des ressources humaines est une discipline paradoxale. Alors qu'elle est considérée comme théoriquement pauvre-Watson (2007) rappelle qu'il n'y a pas à proprement parler de « théories de la GRH », mais bien que la GRH s'alimente de théories issues du management stratégique, de la psychologie, de la sociologie, de l'économie-elle occupe une place importante au sein d'autres disciplines telles que le management international, interculturel, stratégique ou le comportement organisationnel (Keenoy, 2009). De même, alors que la rhétorique propre à la GRH annonce une performance supérieure de la firme grâce à la mise en oeuvre de certaines pratiques (rassemblées sous le label des HPWS-High Performance Work Systems) alignées avec la stratégie d'entreprise, ce lien entre une fonction RH stratégique source d'avantage concurrentiel et la performance de l'entreprise demeure empiriquement non-établi ou, du moins, incertain (Taskin et Pichault, 2012 ; Truss, 2001). C'est à partir de ces paradoxes-et d'un scepticisme à l'égard des modalités et desseins de la GRH-qu'une critique des discours, pratiques, modèles, finalités et fondements de la gestion des ressources humaines s'est développée et affirmée à partir des années 1990. |
| Keywords: | Critical Management Studies,GRH -Gestion des ressources humaines,GRH renouvelée,Management Humain,Recherche,épistémologie,Critique |
| Date: | 2021–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03345556&r= |
| By: | Philippe Choné (CREST-ENSAE, Institut Polytechnique de Paris, France); Francis Kramarz (Department of Economics, Uppsala University, Sweden) |
| Abstract: | How are workers matched to their employing firms when workers have multi-dimensional skills and firms differ in the importance of each such skill for their production function? When workers' skills cannot be unpacked and sold separately on skill-specific markets, the implicit price of each skill varies across firms. The wage function is shown to be log-additive in worker's quality and a firm-specific effect that reflects the firm's chosen aggregate mix of skills and the associated equilibrium matching. When individual skills can be purchased thanks to new technologies and increasing access to outsourcing, temp agencies and other pro-market institutions, firms reinforce their hires of skills in which they have a comparative advantage yielding a more polarized matching equilibrium. Generalist workers - endowed with a balanced set of skills - are shown to benefit whereas specialists are negatively affected by markets opening. We also examine the case when workers or firms pay a fee to an unbundling platform. Then we discuss the empirical content of our model and present some empirical evidence based on this content, using Swedish data sources on workers' skills and their employing firm and occupation. We conclude by pointing connections between our contribution and various literatures. |
| Keywords: | bundling; multidimensional skills; matching ; sorting; heterogeneous firms; polarization. |
| JEL: | D20 D40 D51 J20 J24 J30 |
| Date: | 2021–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:crs:wpaper:2021-10&r= |
| By: | Nathalia Espinosa (UDI - Universidad de Investigación y Desarrollo); Jhon Edinson Rico Tobacia (UDI - Universidad de Investigación y Desarrollo) |
| Abstract: | This document presents a proposal on the labor and occupational profile of people between 30 and 40 years old residing in the city of Bucaramanga and its objective is to analyze both the labor and occupational profile, describing the types of companies, labor and occupational activity in the city, likewise seeks to know the activities and occupations performed by people of that age range and finally to categorize the needs demanded by different types of companies, compared to the offer that people in the city stand out. To carry it out, a mixed methodology was defined, integrating qualitative and quantitative approaches in the collection of information that was carried out through primary and secondary sources and the application of two surveys: the first to people between 30 to 40 years old and the second to companies in the city. In total, 384 people and 381 companies were surveyed, the industrial sector data was largely taken from a secondary source, which was a database provided by the Bucaramanga Chamber of Commerce. In the investigation, it was found that most of the companies are micro-enterprises, in terms of the sector, the one with the highest participation is tertiary, the positions demanded most of them belong to the commercial, administrative, accounting, and financial area, the demanded age ranges It is the age of 30 to 40 years. In the case of people, most of the respondents have academic training, whether they are a bachelor, technician, technologist or professional, this focuses on administrative and accounting areas, the level of experience is mostly greater than 12 months and They hold positions with commercial functions, mostly in the commercial area and the production area. |
| Abstract: | El presente documento expone una propuesta sobre el perfil laboral y ocupacional de las personas entre 30 y 40 años residentes en la ciudad de Bucaramanga y tiene como objetivo analizar tanto el perfil laboral como ocupacional, describiendo los tipos de empresas, actividad laboral y ocupacional en la ciudad, así mismo busca conocer las actividades y ocupaciones que desempeñan las personas de dicho rango de edad y por último categorizar las necesidades demandadas por los diferentes tipos de empresas, frente a la oferta que destacan las personas de la ciudad. Para su realización se definió una metodología mixta, integrando enfoques cualitativos y cuantitativos en la recolección de la información que se llevó a cabo a través de fuentes primarias y secundarias y la aplicación de dos encuestas: la primera a personas entre los 30 a 40 años y la segunda a las empresas de la ciudad. En total se encuestaron 384 personas y 381 empresas, los datos del sector industrial fueron tomados en gran parte de una fuente secundaria que fue una base de datos suministrada por la Cámara de Comercio de Bucaramanga. En la investigación se encontró que la mayoría de las empresas son microempresas, en cuanto al sector, el de mayor participación es el terciario, los cargos demandados la mayoría de ellos pertenecen al área comercial, administrativa, contable y financiera, los rangos de edad demandado es la edad de 30 a 40 años. En el caso de las personas la mayor parte de los encuestados cuenta con formación académica, ya sea siendo bachiller, técnico, tecnólogo o profesional, esta se enfoca en áreas administrativas y contables, el nivel de experiencia en su mayoría es superior a 12 meses y desempeñan en cargos con funciones comerciales en su mayoría en el área comercial y el área de producción. |
| Keywords: | Job Description,Labour demand,professional occupation,academic profiles,occupation,Descripción del empleo,demanda laboral,ocupación,perfiles académicos,profesión |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03344308&r= |
| By: | Baumann, Ursel; Darracq Pariès, Matthieu; Westermann, Thomas; Riggi, Marianna; Bobeica, Elena; Meyler, Aidan; Böninghausen, Benjamin; Fritzer, Friedrich; Trezzi, Riccardo; Jonckheere, Jana; Kulikov, Dmitry; Popova, Dilyana; Pert, Sulev; Michail, Nektarios; Paloviita, Maritta; Brázdik, František; Pönkä, Harri; Bess, Mikkel; Vilmi, Lauri; Jørgensen, Casper; Robert, Pierre-Antoine; Al-Haschimi, Alexander; Gmehling, Philipp; Bańbura, Marta; Hartmann, Matthias; Charalampakis, Evangelos; Menz, Jan-Oliver; Hartwig, Benny; Schupp, Fabian; Hutchinson, John; Speck, Christian; Paredes, Joan; Volz, Ute; Reiche, Lovisa; Bragoudakis, Zacharias; Tirpák, Marcel; Kasimati, Evangelia; Tengely, Veronika; Łyziak, Tomasz; Tagliabracci, Alex; Stanisławska, Ewa; Bessonovs, Andrejs; Iskrev, Nikolay; Krasnopjorovs, Olegs; Gavura, Miroslav; Reichenbachas, Tomas; Damjanović, Milan; Colavecchio, Roberta; Maletic, Matjaz; Galati, Gabriele; Leiva, Danilo; Kearney, Ide; Stockhammar, Pär |
| Abstract: | This paper summarises the findings of the Eurosystem’s Expert Group on Inflation Expectations (EGIE), which was one of the 13 work streams conducting analysis that fed into the ECB’s monetary policy strategy review. The EGIE was tasked with (i) reviewing the nature and behaviour of inflation expectations, with a focus on the degree of anchoring, and (ii) exploring the role that measures of expectations can play in forecasting inflation. While it is households’ and firms’ inflation expectations that ultimately matter in the expectations channel, data limitations have meant that in practice the focus of analysis has been on surveys of professional forecasters and on market-based indicators. Regarding the anchoring of inflation expectations, this paper considers a number of metrics: the level of inflation expectations, the responsiveness of longer-term inflation expectations to shorter-term developments, and the degree of uncertainty. Different metrics can provide conflicting signals about the scale and timing of potential unanchoring, which underscores the importance of considering all of them. Overall, however, these metrics suggest that in the period since the global financial and European debt crises, longer-term inflation expectations in the euro area have become less well anchored. Regarding the role measures of inflation expectations can play in forecasting inflation, this paper finds that they are indicative for future inflationary developments. When it comes to their predictive power, both market-based and survey-based measures are found to be more accurate than statistical benchmarks, but do not systematically outperform each other. Beyond their role as standalone forecasts, inflation expectations bring forecast gains when included in forecasting models and can also inform scenario and risk analysis in projection exercises performed using structural models. ... JEL Classification: D84, E31, E37, E52 |
| Keywords: | anchoring, forecasting, Inflation expectations, macroeconomics, monetary policy |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021264&r= |
| By: | Schleich, Joachim; Schuler, Johannes; Pfaff, Matthias; Frank, Regine |
| Abstract: | Potential environmental benefits of green tariffs may be mitigated if households increase electricity consumption after they subscribe to green tariffs. Using metered data of household electricity consumption from a large provider of green electricity in Germany, our quasi-experimental analysis finds that household switching to a green tariff leads to a non-monetary renewable rebound effect of around 8.5 %. Further, our findings imply that this renewable rebound effect is persistent over at least four years. These findings may be explained by moral licensing effects which induce households to permanently change their habitual behaviours and/or to acquire additional electricity-consuming technologies. Thus, failure to account for a renewable rebound in policy evaluation may lead to systematically underestimate the costs of achieving energy and climate targets. |
| Keywords: | rebound,renewable rebound,green tariffs,moral licensing |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s072021&r= |
| By: | Miriam Kohl; Philipp M. Richter |
| Abstract: | This paper examines the effects of a unilateral reform of the redistribution policy in an economy open to international trade. We set up a general equilibrium trade model with heterogeneous agents allowing for country asymmetries. We show that under international trade compared to autarky, a unilateral tax increase leads to a less pronounced decline in aggregate real income in the reforming country, while income inequality is reduced to a larger extent for sufficiently small initial tax rates. We highlight as a key mechanism a tax-induced reduction in the market size of the reforming country relative to its trading partner, resulting in a firm selection effect towards exporting. From the perspective of a non-reforming trading partner, the unilateral redistribution policy reform resembles a unilateral increase in trade costs leading to a deterioration of terms-of-trade and a decline in both aggregate real income and inequality. |
| Keywords: | income inequality, redistribution, international trade, heterogeneous firms |
| JEL: | D31 F12 F16 H24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9296&r= |
| By: | Matheus R. Grasselli; Alexander Lipton |
| Abstract: | We review different classes of cryptocurrencies with emphasis on their economic properties. Pure-asset coins such as Bitcoin, Ethereum and Ripple are characterized by not being a liability of any economic agent and most resemble commodities such as gold. Central bank digital currencies, at the other end of the economic spectrum, are liabilities of a Central Bank and most resemble cash. In between, there exist a range of so-called stable coins, with varying degrees of economic complexity. We use balance sheet operations to highlight the properties of each class of cryptocurrency and their potential uses. In addition, we propose the basic structure for a macroeconomic model incorporating all the different types of cryptocurrencies under consideration. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10177&r= |
| By: | Alogoskoufis, Spyros; Dunz, Nepomuk; Emambakhsh, Tina; Hennig, Tristan; Kaijser, Michiel; Kouratzoglou, Charalampos; Muñoz, Manuel A.; Parisi, Laura; Salleo, Carmelo |
| Abstract: | Climate change is one of the greatest challenges facing humankind this century. If left unchecked, it is likely to result in more frequent and severe climatic events, with the potential to cause substantial disruption to our economies, businesses and livelihoods in the coming decades. Yet the associated risks remain poorly understood, as climate shocks differ from the financial shocks observed during previous crises. This paper describes the ECB’s economy-wide climate stress test, which has been developed to assess the resilience of non-financial corporates (NFCs) and euro area banks to climate risks, under various assumptions in terms of future climate policies. This stress test comprises three main pillars: (i) climate-specific scenarios to project climate and macroeconomic conditions over the next 30 years; (ii) a comprehensive dataset that combines climate and financial information for millions of companies worldwide and approximately 1,600 consolidated euro area banks; (iii) a novel set of climate-specific models to capture the direct and indirect transmission channels of climate risk drivers for firms and banks. JEL Classification: C53, C55, G21, G38, Q54 |
| Keywords: | climate scenarios, climate stress-test, physical risk, transition risk |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021281&r= |
| By: | Kangogo, Moses (Tasmanian School of Business & Economics, University of Tasmania); Volkov, Vladimir (Tasmanian School of Business & Economics, University of Tasmania) |
| Abstract: | Until recently, there has been a growing research focusing on how to predict systemic risks to minimise the recurrence of financial crises, while the importance of understanding how network exposure contributes to the spread of financial distress in the financial system has been largely underestimated. This paper investigates whether network exposure contributes to both shock transmission and absorption. We utilise data from 45 economies and our findings show that both network intensity and interconnectedness in the financial system have impact on increasing network exposure. We also demonstrate how to estimate network intensity in the financial system. Our results indicate that an increased network intensity parameter is associated to period when the financial system is under stress. |
| Keywords: | Financial markets, financial networks, financial stability |
| JEL: | G15 G10 G01 C21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tas:wpaper:37326&r= |
| By: | Lina M Cortés; Juan F. Rendón; Javier Perote |
| JEL: | C14 C22 C54 G21 G28 |
| Date: | 2021–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:019593&r= |
| By: | Julien CALAS; Etienne ESPAGNE; Antoine GODIN |
| Abstract: | In recent seminal studies for France and the Netherlands, biodiversity has been proven a significant source of financial vulnerability, both in terms of potential physical impacts, dependence to ecosystem services and in the face of future tighter protection policies.Applying similar methodologies for developing and emerging economies requires:- Collecting specific data and making it accessible- Incorporating ecosystemic analysis and scenarios into assessment models- Developing more comprehensive and adapted biodiversity metrics and taxonomyWidening the scope of ecological risks beyond financial variables to social and economic aspects. |
| JEL: | Q |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:avg:wpaper:en13056&r= |
| By: | Edgar Caicedo-García; Ramón Hernández-Ortega; Nicolás Martínez-Cortés |
| Abstract: | Este documento ofrece un ejercicio que cuantifica el máximo impacto posible, en términos contables, que tendrían sobre el nivel del IPC algunos alivios de precios decretados por el Gobierno de Colombia al inicio de la pandemia del Covid-19. Dicho impacto no necesariamente coincidiría con las cifras oficiales del IPC debido a la presencia de múltiples factores que también inciden sobre estos precios y a algunos supuestos realizados. La mayoría de estos alivios se encuentran vigentes y expirarán entre agosto de este año y finales del año 2022. El ejercicio implica estimar el nivel de impuestos indirectos cobrados en la canasta del consumidor y supone que los alivios contemplados se transmiten plenamente al IPC. Por otro lado, esta misma metodología se aplica para intentar cuantificar el efecto de los días sin IVA. Los resultados sugieren que los alivios contemplados tienen un efecto máximo cercano al 1,9% sobre el nivel del IPC total y que el impacto inflacionario del día sin IVA es pequeño, bajo el supuesto de que la toma de precios por parte del DANE es de alta frecuencia. **** ABSTRACT: This document offers an exercise that quantifies on the Colombia CPI the máximum possible impact in accounting terms of some price reliefs decreed by the national government. This impact would not necessarily coincide with the official CPI figures, due to the presence of multiple factors that also affect these prices and some assumptions. Most of these reliefs will expire between August of 2020 and the end of 2022. The exercise involves approximations of the tax level of the consumer basket and assumes that the reliefs are fully transmitted to the CPI. On the other hand, this same methodology was applied to quantify the effect of “day without VAT” events. The results suggest that the reliefs sum a máximum effect close to 1,9% on the total CPI. On the other hand, we found that the influence of the day without VAT is small, under the assumption that DANE collects prices with high frequency in the month. |
| Keywords: | Inflación, alivios sobre precios, Covid-19, Inflation, price reliefs, Covid-19 |
| JEL: | E31 E37 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1172&r= |
| By: | Ngo, Thanh Quang |
| Abstract: | This study measures the environmental regulation effect and pattern of carbon emission and energy efficiency through data envelopment analysis and econometric estimation. One of the most important ways to achieve a green transition is promoting technical progress through environmental regulation. Though China has witnessed rapid economic growth over the last two decades, the country can improve it further through adopting sustainable green energy and establishing more energy-efficient industries to strike a good balance between economic and social developments. The oil and carbon dioxide emission performances form the most important metrics. This study uses panel data from 30 Chinese provinces from 2008 to 2017 to assess the effect of environmental regulation on energy production. The nonradial directional distance function (NDDF) is used to measure the total factor energy efficiency index (TFEEI). The panel system GMM model, which can effectively address endogenous problems and regional variability, is utilized to research the nonlinear relationship between environmental regulations and EEI under various environmental regulations to study it. The findings reveal a considerably modest total average EEI amount for energy-intensive industries, averaging between 0.55 and 0.58, which is way below the ideal value (i.e., 1). Furthermore, the results of the dynamic panel data model revealed a significant U-shaped relationship between China’s EEI and environmental regulation. The results show that as the values of market-based environmental regulations (MERs) and command and control environmental regulations (CCERs) exceed the corresponding levels, the impact of environmental regulation on the TFEEI increases gradually. This study will aid policymakers in better understanding the efficacy of different levels of environmental regulations to make more educated decisions. |
| Keywords: | Total factor energy efficiency; High energy-intensive industries; Environmental regulation; Nonradial directional distance function |
| JEL: | E0 |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109674&r= |
| By: | Shreya Biswas |
| Abstract: | Using data from World Bank Enterprises Survey 2014, we find that having a female owner in India increases firm innovation probability using both input and output indicators of innovation. We account for possible endogeneity of female owner variable using a two stage instrumental variable probit model. We find that the positive effect of female owner variable is observed in the sub-samples of firms with more access to internal funding, young firms and firms located in regions with no or less crime This study highlights the need to promote female entrepreneurship as a potential channel for promoting firm innovation in India. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.09515&r= |
| By: | Allegra Kabamba Mbuyi (UNIKIN - Université de Kinshasa); Kondolo Kojack |
| Abstract: | This study assesses the impact of monetary and fiscal policy coordination on the stability of the general price level in the context of the Democratic Republic of Congo from 1990 to 2019. Our empirical investigation focuses on the DRC between 1990 and 2019, and uses the VAR model. The results show the existence of this coordination for a few years. In addition, this coordination has positive effects on the stability of the general price level. This evidence suggests that the Central Bank of Congo (BCC) must work hard with the Congolese government to ensure general price level stability. |
| Abstract: | La présente étude évalue l'impact de la coordination des politiques monétaire et budgétaire sur la stabilité du niveau général des prix dans le contexte de la République Démocratique du Congo de 1990 à 2019. Notre investigation empirique porte sur la RDC entre 1990 et 2019, et fait appel au modèle VAR. Les résultats ont montré l'existence de cette coordination durant quelques années. Aussi, cette coordination présente des effets positifs sur la stabilité du niveau général des prix. Ces preuves suggèrent que la Banque Centrale du Congo (BCC) doit travailler d'arrache-pied avec le gouvernement congolais pour assurer la stabilité du niveau général des prix. |
| Keywords: | "Policy mix coordination","fiscal policy","monetary policy","VAR model","DRC","Coordination du Policy mix","Politique budgétaire","Politique monétaire","modèle VAR","RDC". |
| Date: | 2021–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03341814&r= |
| By: | Marcus Hagedorn |
| Abstract: | This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues in open economy macroeconomics. The nominal exchange rate and portfolio choices are jointly determined in equilibrium, thus providing a new approach to overcoming the indeterminacy results in Kareken and Wallace (1981). The distinctive features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk premium and UIP deviations are fully endogenous equilibrium objects and that the real exchange rate inherits its properties from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and free asset mobility faces a tetralemma and not a trilemma, because it loses not only monetary policy independence but also fiscal policy independence. |
| Keywords: | exchange rate, determinacy, incomplete markets, monetary and fiscal policy, international asset flows |
| JEL: | D52 E31 E43 E52 E62 E63 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9290&r= |
| By: | Pedro Bordalo; Nicola Gennaioli; Andrei Shleifer |
| Abstract: | We review the fast-growing work on salience and economic behavior. Psychological research shows that salient stimuli attract human attention “bottom up” due to their high contrast with surroundings, their surprising nature relative to recalled experiences, or their prominence. The Bordalo, Gennaioli and Shleifer (2012, 2013, 2020) models of salience show how bottom up attention can distort economic choice by distracting decision makers from their immediate goals or from certain choice attributes. We show that this approach explains many puzzles: separately treated departures from “rationality” such as probability weighting, menu effects, reference point effects, and framing, emerge as distinct manifestations of the same principle of bottom up attention to salient stimuli. We highlight new predictions and discuss open conceptual questions, as well as potential applications in finance, industrial organization, advertising, and politics. |
| JEL: | D0 D03 D81 D90 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29274&r= |
| By: | Eduardo Fe; David Gill; Victoria Prowse |
| Abstract: | Classification- |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pur:prukra:1329&r= |
| By: | Anthony E. Brockwell |
| Abstract: | We review some fundamental concepts of investment from a mathematical perspective, concentrating specifically on fractional-Kelly portfolios, which allocate a fraction of wealth to a growth-optimal portfolio while the remainder collects (or pays) interest at a risk-free rate. We elucidate a coherent continuous-parameter time-series framework for analysis of these portfolios, explaining relationships between Sharpe ratios, growth rates, and leverage. We see how Kelly's criterion prescribes the same leverage as Markowitz mean-variance optimization. Furthermore, for fractional Kelly portfolios, we state a simple distributional relationship between portfolio Sharpe ratio, the fractional coefficient, and portfolio log-returns. These results provide critical insight into realistic expectations of growth for different classes of investors, from individuals to quantitative trading operations. We then illustrate application of the results by analyzing performance of various bond and equity mixes for an investor. We also demonstrate how the relationships can be exploited by a simple method-of-moments calculation to estimate portfolio Sharpe ratios and levels of risk deployment, given a fund's reported returns. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10814&r= |
| By: | Cole, Stephen J. (Department of Economics Marquette University); Huh, Sungjun (Department of Economics Marquette University) |
| Abstract: | Housing markets are closely related to monetary policy. This paper studies the link between housing frictions and the effectiveness of forward guidance. A housing collateral constraint and forward guidance shocks are incorporated into a standard medium-scale New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. Our main results produce a number of important implications. First, financial frictions emanating from the housing market dampen the effectiveness of forward guidance on the economy. Second, forward guidance has asymmetric effects on the welfare of lenders and borrowers when housing frictions increase. Housing frictions also attenuate the effect of forward guidance at the zero lower bound. Finally, this article provides a solution to "forward guidance puzzle" of Del Negro et al. (2012). Thus, policymakers should consider housing frictions when examining the effects of forward guidance on the economy. |
| Keywords: | forward guidance, financial frictions, housing collateral, zero lower ground |
| JEL: | E32 E44 E52 R21 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mrq:wpaper:2021-07&r= |
| By: | Yaya, OlaOluwa S.; Vo, Xuan Vinh; Adekoya, Oluwasegun B. |
| Abstract: | This study uses the recently developed Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model-based unit root test of Narayan et al. (2016) to examine the stock market efficiency of 19 Asian countries, using daily prices. The model flexibly accounts for heteroskedasticity and two structural breaks, the presence of which can lead to inaccurate results if neglected. Our results disclose the stock markets of 14 countries as inefficient following the rejection of the unit root null hypothesis. However, the stock markets of China, Hong Kong, Japan and the Korea Republic are adjudged efficient. We further extend the model to accommodate a maximum of five breaks to check the robustness of our results to higher breaks. We observe that the results are largely consistent except for Lebanon and Singapore. For completeness, we compare the results with those of conventional GARCH models that do not account for structural breaks and discover differing results for some countries. Hence, the role of structural breaks is not negligible in assessing market efficiency. Future studies should also incorporate heteroskedasticity and structural breaks in their modelling framework to obtain accurate results. |
| Keywords: | Stock market efficiency; GARCH; Unit root; Structural breaks; Asia |
| JEL: | C22 G01 G15 |
| Date: | 2021–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109828&r= |
| By: | McCully, Brett |
| Abstract: | Nearly $2 trillion of illegally trafficked goods flow across international borders every year, generating violence and other social costs along the way. Some have controversially linked illegal trafficking to immigrants, especially immigrants without legal status. In this paper, I use novel data on nearly 10,000 confiscations of illegal drugs in Spain to study how immigrants and immigration policy affect the pattern and scale of illegal drug trafficking. To identify the causal effect of immigrants on trafficking, I construct an instrumental variable that interacts variation in total immigrant inflows into Spain across origin countries with the fraction of immigrants inflowing into a province. I find that a 10% increase in the population of immigrants from a given origin country relative to the mean raises the likelihood of illegal importing drugs from that origin country by 0.8 percentage points. Moreover, immigrants without legal status drive illegal drug imports, while authorized immigrants drive exports. To better understand the role of legal status, I exploit an extraordinary regularization of nearly half a million immigrants in 2005. Event study estimates suggest that granting immigrants legal status results in a decline in drug imports. |
| Keywords: | Immigration, Drug Trafficking, Trade, Legal Stutus |
| JEL: | F14 F22 J15 K42 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109610&r= |
| By: | Zeling Zhong (LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School, MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School); Christine Balagué (CONNECT - Consommateur Connecté dans la Société Numérique - DEFI - Département Droit, Economie et Finances - IMT - Institut Mines-Télécom [Paris] - TEM - Télécom Ecole de Management - IMT-BS - Institut Mines-Télécom Business School - MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT-BS - Institut Mines-Télécom Business School, LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School, MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School) |
| Abstract: | In recent years, there has been an increasing interest in smart connected objects as part of the widespread IT consumerization, influencing our daily lives. Nevertheless, digitizing physical things offers an abundance of objects apparently similar but characterized by some features that the average consumers fail to perceive and to appropriate. Due to the phenomenon of users' disengagement with IoT products, consumers need a tool to guide them in choosing the most suitable smart connected object to satisfy their purposes. The current research aims to understand better smart connected objects by proposing a taxonomy based on levels of providing experience enhancements and relevance for effective uses as appropriated by consumers. The user-centered taxonomy allowed us to formulate recommendations for managers and practitioners in the market for smart connected objects aimed at the public, specific to each category of smart connected objects. |
| Abstract: | Depuis ces dernières années, les objets connectés suscitent un intérêt croissant dans le cadre de la consumérisation des TIC, influençant notre vie quotidienne. Néanmoins, la numérisation des objets physiques offre une abondance d'objets apparemment similaires mais caractérisés par certains attributs que les consommateurs ne parviennent pas à s'apercevoir et à s'approprier. En raison du phénomène de désengagement, les consommateurs ont besoin d'un outil pour les guider dans le choix de l'objet connecté le plus appropriable pour répondre à leurs besoins. Cette recherche vise à mieux comprendre les objets connectés en proposant une taxonomie en fonction des niveaux d'amélioration de l'expérience et de la pertinence pour des usages effectifs tels que appropriés. Cette taxonomie centrée sur l'utilisateur nous a permis de formuler des recommandations aux acteurs du marché des objets connectés à destination du grand public, spécifique à chaque catégorie d'objets connectés. |
| Keywords: | Smart connected object,Taxonomy,Effective uses,Objet connecté,Taxonomie,Usages effectifs |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341699&r= |
| By: | Philip J. Grossman (Monash University); Jonathan Levy (Monash University) |
| Abstract: | Warm glow is the satisfaction an individual receives from being “seen†to be doing their part to help others. The satisfaction derives from looking good to themselves (self-image) or because they want to look good to others (social image). Evidence suggests approximately 50% of individuals are to some extent motivated by warm glow. The question remains, are these individuals giving to enhance their self-image or to enhance their social image. We conduct an online experiment to determine the importance of self-image and social image with respect to warm-glow giving. Our results suggest that at the extensive margin, warm-glow giving is primarily driven by self-image, not social image. At the intensive margin, social image significantly increases average giving. |
| Keywords: | self-image, social image, altruism, warm glow, experiment |
| JEL: | C90 D91 H40 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mos:moswps:2021-04&r= |
| By: | Umut Keskin (Istanbul Bilgi University); M. Remzi Sanver (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); H. Berkay Tosunlu (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | A social choice rule (SCR) is monotonic if raising a single alternative in voters' preferences while leaving the rankings otherwise unchanged is never detrimental to the prospects for winning of the raised alternative. Monotonicity is rather weak but well-known to discriminate against scoring elimination rules, such as plurality with a run off and single transferable vote. We define the minimal monotonic extension of an SCR as its unique monotonic supercorrespondence that is minimal with respect to set inclusion. After showing the existence of the concept, we characterize, for every non-monotonic SCR, the alternatives that its minimal monotonic extension must contain. As minimal monotonic extensions can entail coarse SCRs, we address the possibility of refining them without violating monotonicity provided that this refinement does not diverge from the original SCR more than the divergence prescribed by the minimal monotonic extension itself. We call these refinements monotonic adjustments and identify conditions over SCRs that ensure unique monotonic adjustments that are minimal with respect to set inclusion. As an application of our general findings, we consider plurality with a runoff, characterize its minimal monotonic extension as well as its (unique) minimal monotonic adjustment. Interestingly, this adjustment is not coarser than plurality with a runoff itself, hence we suggest it as a monotonic substitute to plurality with a runoff. |
| Keywords: | monotonicity,minimal monotonic extension,minimal monotonic adjustment,plurality with a runoff,voting rule |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03250759&r= |
| By: | Kaitila, Ville |
| Abstract: | Abstract We assess the development of greenhouse gas emissions from households’ own transport, mainly motoring, up until 2050. The share of electric cars in new registrations has recently started to increase markedly, so the outlook in this respect has clearly changed from a couple of years ago. We make three scenarios for the development of the average emissions of newly registered passenger cars, use historical development in setting the future scrapping rate and average age of the car fleet, and take into account the increase in the obligation to mix biofuels in the 2020s. According to the scenarios, the development of greenhouse gas emissions caused by households’ own transport will support the achievement of Finland’s national carbon neutrality target relatively well providing current development continues. In the baseline scenario, emissions will decrease by a total of 45 per cent between 2008 and 2030. The rate of decline is accelerating all the time as the emissions of newly registered cars decrease and the old car fleet with clearly higher emissions is scrapped. However, the development should be supported by ensuring adequate construction of households’ own and public electric-vehicle-charging infrastructure. In addition, household choices could be influenced, for example, by steepening the CO2 progression of car and vehicle taxes, which would increase household incentives to switch to lower-emission cars. At a minimum, at least inflation adjustments must also be made in the taxation of car ownership and use. |
| Keywords: | CO2 emissions, Passenger cars, Transportation |
| JEL: | D12 Q54 |
| Date: | 2021–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:rif:briefs:99&r= |
| By: | Laura Liu (Indiana University); Mikkel Plagborg-Møller (Princeton University) |
| Abstract: | We develop a generally applicable full-information inference method for heterogeneous agent models, combining aggregate time series data and repeated cross sections of micro data. To handle unobserved aggregate state variables that affect cross-sectional distributions, we compute a numerically unbiased estimate of the model-implied likelihood function. Employing the likelihood estimate in a Markov Chain Monte Carlo algorithm, we obtain fully efficient and valid Bayesian inference. Evaluation of the micro part of the likelihood lends itself naturally to parallel computing. Numerical illustrations in models with heterogeneous households or firms demonstrate that the proposed full-information method substantially sharpens inference relative to using only macro data, and for some parameters micro data is essential for identification. |
| Keywords: | Bayesian inference, data combination, heterogeneous agent models |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:inu:caeprp:2021001&r= |
| By: | Price V. Fishback; Jonathan Rose; Kenneth A. Snowden; Thomas Storrs |
| Abstract: | We show that the Federal Housing Administration (FHA), from its inception in the 1930s, did not insure mortgages in low income urban neighborhoods where the vast majority of urban Black Americans lived. The agency evaluated neighborhoods using block-level information collected by New Deal relief programs and the Census in many cities. The FHA’s exclusionary pattern predates the advent of the infamous maps later made by the Home Owners’ Loan Corporation (HOLC) and shows little change after the drafting of those maps. In contrast, the HOLC itself broadly loaned to such neighborhoods and to Black homeowners. We conclude that the HOLC’s redlining maps had little effect on the geographic distribution of either program’s mortgage market activity, and that the FHA crafted and implemented its own redlining methodology prior to the HOLC. |
| JEL: | G21 G22 G28 G5 N22 N42 N92 R31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29244&r= |
| By: | Stephen R. Boucher; Michael R. Carter; Jon Einar Flatnes; Travis J. Lybbert; Jonathan G. Malacarne; Paswel Marenya; Laura A. Paul |
| Abstract: | Risk often inhibits on-farm investment by smallholder farmers. Recent evidence indicates that index insurance and stress tolerant seeds can separately and partially offset this risk effect. In this study, we explore whether the complementarities between these two risk management technologies can be harnessed to underwrite a resilient, high productivity small farm sector. Utilizing a multi-year randomized control trial that spanned two countries and exploits natural variation in weather shocks, we find that drought tolerant maize seeds mitigate the impact of mid-season drought. Compared to farms in control villages, where shocks have persistent effects that reduce future investment and productivity, those with access to both drought tolerant seeds and multi-peril index insurance show greater resilience and immediately bounce back from shocks. Experiential learning is key to realizing this resilience effect: Farmers who experienced shocks intensify their subsequent use of the technologies and exhibit what we call resilience-plus, while those who did not experience shocks disadopt. Together these findings showcase important complementarities between these risk mitigating technologies and the crucial role learning plays in tapping their potential stochastic and dynamic benefits to small farmers. |
| JEL: | O12 O55 Q12 Q14 Q16 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29234&r= |
| By: | Michael Thaler |
| Abstract: | Numerous experiments have found that when people receive signals that would lead a Bayesian to substantially revise beliefs, they underinfer. This paper experimentally considers inference from a wider range of signal strengths and finds that subjects overinfer when signals are sufficiently weak. A model of cognitive imprecision adapted to study misperceptions about signal strength explains the data well. As the theory predicts, subjects with more experience, greater cognitive sophistication, and lower variance in answers, infer less from weak signals and infer more from strong signals. The results also relate misperceptions to demand for information and inference from multiple signals. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.09871&r= |
| By: | Ivana Radic (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Mechthild Donner (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Keywords: | Olive sector,Mediterranean region,agricultural waste,olive chain,multi-actor approach,bioeconomy,circular economy,by-product |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03346763&r= |
| By: | Jared C. Carbone (Colorado School of Mines) |
| Abstract: | In simple models of pollution regulation, both emission taxes and systems of tradable emission permits are minimum-cost methods of achieving a target level of pollution reduction. In this paper, I identify a source of asymmetry between permits and taxes based on the expectation a nation holds for the effect of its policy on interntational prices and pollution levels. Taxes allow for flexibility in the quantity of pollution produced and permits do not. In the context of international pollution policy, this means that a country may reasonably anticipate no foreign emission response to domestic abatement changes when the world’s abatement programs are denominated in terms of permits because permits cap aggregate pollution levels. The same is not true in tax-based regimes. Thus, tax or permit-based plans with the same regulatory goals will result in different equilibrium emission reductions, a different cost-benefit balance, and a different regional distribution of welfare impacts. The analysis provides an analytical description of the incentives faced by countries in each of these regimes and a numerical characterization of equilibrium outcomes for greenhouse gas emissions in a calibrated, general equilibrium model. |
| Keywords: | climate change, general equilibrium, tradable permits, carbon tax |
| JEL: | D58 F18 F42 Q52 Q54 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mns:wpaper:wp202101&r= |
| By: | Armanda Cetrulo; Angelica Sbardella; Maria Enrica Virgillito |
| Abstract: | This paper analyses medium-term labour market trends from 1983 to 2018 in Italy relying on the 'Rilevazione dei contratti di lavoro' from INPS archive which provides information on average salaries by professional category, age, gender, and geographical origin. Within an overall pattern of exacerbated inequalities, documented by means of different indicators, the empirical analysis highlights how the within-component of the wage variation prevails in the gender, age and geographical dimensions. By contrast, the between-component in terms of professional categories (trainees, blue-collar jobs, white-collar jobs, middle managers, executives) is the only between-variation attribute to prevail, corroborating the role played by class schema in explaining wage inequality. Regression-based inequality estimations confirm the role played by social classes. Stratification of wage losses is recorded being largely concentrated among blue-collar professional categories, women, youth, and in the Southern regions. |
| Keywords: | Inequality; wages; occupations. |
| Date: | 2021–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2021/29&r= |
| By: | Carl Gaigné (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Karine Latouche (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Stéphane Turolla (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | La reproduction ou représentation de cet article, notamment par photocopie, n'est autorisée que dans les limites des conditions générales d'utilisation du site ou, le cas échéant, des conditions générales de la licence souscrite par votre établissement. Toute autre reproduction ou représentation, en tout ou partie, sous quelque forme et de quelque manière que ce soit, est interdite sauf accord préalable et écrit de l'éditeur, en dehors des cas prévus par la législation en vigueur en France. Il est précisé que son stockage dans une base de données est également interdit. |
| Keywords: | Productivité,Competitivité hors-prix,Coûts d’accès aux marchés |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03346304&r= |
| By: | Borja Larrain; Gordon M. Phillips; Giorgo Sertsios; Francisco Urzúa |
| Abstract: | We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after firms' initial-public-offering (IPO) attempts. We compare firms that complete their IPO with firms that withdraw their IPO. We instrument the going public decision using prior market returns. We find that firm profitability goes up after going public—contrary to previous results in the literature. We also find an post-IPO expansion in the number of subsidiaries and countries in which IPO firms operate. Our results are stronger for firms in financially dependent industries and in countries with higher investor protection consistent with going public relaxing financial constraints and with a stronger impact when agency conflicts are lower. Overall, our results are consistent with going public inducing a shift towards a strategy of commercialization to increase profitability. |
| JEL: | G32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29219&r= |
| By: | Hsu, Ching-Chi; Ngo, Quang-Thanh; Chien, FengSheng; Li, Li; Mohsin, Muhammad |
| Abstract: | This research measures the relationship between green innovation and the performance of financial development by using an econometric estimation during the year of 2000 to 2018 in 28 Chinese provinces. It is intended to explore the relative role of green technological innovation in driving green financial development in the west and central China, as well as how it influences economic growth in these regions. Ordinary least square (OLS) framework was utilized in mainland China to perform empirical studies by using an econometric estimation. This study claims that China has adopted research-based education system, while those for economic growth and expenditure in the regions while the innovation parts results shows that the tertiary education were 12.42% and 13.53% versus the 10.50% and 10.6% in the eastern area. The research-based education increases the patents in green innovation and boosts the environmental policy. The financial development led to green technological development and innovation. Green innovation and financial development decrease the emissions, and it is apparent that as environmental regulations stimulate technical development, the superiority of human resources increases. The findings indicate that green financing reduces short-term lending, thus limiting clean energy overinvestment, while the long-term loans have little impact on renewable energy overinvestment, and the intermediary effect is unmaintainable. Meanwhile, the green financial growth will reduce renewable energy overinvestment and increase renewable energy investment productivity to certain amount. |
| Keywords: | Financial development; Environmental regulation; Green economic performance; GMM; Econometric estimation |
| JEL: | E0 |
| Date: | 2021–06–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109671&r= |
| By: | Martha Orellano; Christine Lambey-Checchin (CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA [2017-2020] - Université Clermont Auvergne [2017-2020]); Khaled Medini; Gilles Neubert |
| Abstract: | The notion of sustainable innovation (SI) emerged recently in the academic literature and evokes deep changes in organizations' products, processes, and practices to favour the creation of social and environmental value in addition to economic returns. The development of SI implies a collaborative process that requires the orchestration of several actors and streams of knowledge to be successful. Indeed, companies adopting the SI path need structured methodologies to guide the collaboration process with internal and external actors and support the decision process. Nevertheless, the literature has focused on the analysis of determinants and drivers of sustainable innovation development, while the process perspective has been discussed less. Through an in-depth case study in a large-sized company in France, this article proposes a methodological framework to guide the collaborative process in the early phases of sustainable innovation development. The framework relies on a combination of qualitative research and a multicriteria decision aiding method (AHP). The contributions of this work address two main aspects: (i) the conceptualization of sustainable innovation (SI) and (ii) the collaborative process between internal and external actors to develop SI. Firstly, our study leads to two additional dimensions to complete the concept of SI, traditionally based on the three pillars of sustainability (economic, environmental, and social), by adding the functional and relational dimensions. Secondly, concerning the collaborative process to develop SI, our framework proposes a structured methodology following five steps: definition of the project scope, setting actors' motivations, defining satisfaction criteria, proposing SI solutions, and performing a decision-aiding process to define the preference profiles of the key actors. |
| Keywords: | case study research,decision-aiding,collaboration,customer-driven innovation,G. A Methodological Framework to Support the Sustainable Innovation Development Process: A Collaborative Approach sustainable innovation,Neubert,K.,Medini,Orellano,C.,Lambey-Checchin,M. |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341881&r= |
| By: | Daniel Spiro |
| Abstract: | What is a good reduced-form representation of Ramsey-Cass-Koopmans. (RCK) model? Solow’s model (despite non-optimizing agents) provides predictions largely consistent with a closed-economy RCK but fundamentally differs regarding open-economy income convergence. Where RCK predicts partial income and consumption convergence between open economies Solow predicts full convergence. This paper presents, by a small modification of the savings behavior in the Solow model, a framework that matches RCK’s properties in closed and open economies. The model, labeled rSolow, is analytically tractable, allowing closed-form solutions of all variables, thus makes several explicit and novel predictions. This includes how income and inequality depend on country size; that income growth will be a U-shaped function of initial income thus creating differentiated convergence; and that poor countries bene.t from higher saving but rich countries may not. |
| Keywords: | convergence, Ramsey, Solow, inequality, growth |
| JEL: | E10 E21 F21 F43 O11 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9293&r= |
| By: | Gianluca Orefice; Hillel Rapoport; Gianluca Santoni |
| Abstract: | How does immigration affect export performance? To answer this question we propose a unified empirical framework allowing to disentangle various mechanisms such as the role of networks in reducing bilateral transaction costs as well as productivity shifts arising from migration-induced knowledge diffusion and increased workforce diversity. While we find evidence supporting all three channels (at both the intensive and the extensive margins of trade), our framework allows to gauge their relative importance. We then focus on diversity and find stronger results in sectors characterized by more complex production processes and more intense teamwork cooperation. This is consistent with theories linking the distribution of skills to the comparative advantage of nations. The results are robust to using a theoretically-grounded IV approach combining three variations on the shift share methodology. |
| Keywords: | international trade, birthplace diversity, migration, productivity |
| JEL: | F14 F16 F22 O47 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9288&r= |
| By: | Aurelie Charles; Damiano Sguotti |
| Abstract: | The paper applies a methodological tool able to frame national policies with sustainable financial flows between social groups. In effect, exchange-entitlement mapping (e-mapping) shows the interdependency of capital and labour earnings across social groups, which is then accounted for in the policy planning of future financial flows for the green transition. First, the paper highlights the extent to which herd-behaviour feeds into capital and labour earnings by social, occupational, demographic, and regional groups for the UK, France, and Italy over the past forty years. Second, learning from these past trends, the paper proposes a policy framing of “sustainable earning trends” to hamper or facilitate financial flows towards sectors, occupations, and regions prone to herd-behaviour. The paper concludes that for an economic system to be resilient, it should be able to recycle external shocks on group earnings into economic opportunities for the green transition. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:lis:liswps:811&r= |
| By: | Masayuki Odora (Graduate School of Economics, Waseda University, 1-6-1, Nishi-Waseda, Shinjuku-ku, Tokyo 169-8050, Japan.) |
| Abstract: | This study considers strategic communication before voting. Voters have partially conflicting interests rather than common interests. That is, voters cannot tell whether a collective decision is a matter of truth, such as guilty or innocent, or a matter of taste, such as left or right. A set of imperfectly informed voters communicates before casting their votes. From a statistical perspective, truth-telling by all voters in deliberation, coupled with majority rule, may lead to desirable outcomes asymptotically as the population of voters increases. Thus, from a statistical perspective, increasing the population of voters is desirable. This study, however, shows that truthful communication is not incentive-compatible with equilibrium behavior when the size of the electorate is sufficiently large. In particular, truthful communication by all voters is inconsistent with equilibrium for any voting rule and any degree of conflict when the population of voters becomes arbitrarily large. On the other hand, truthful communication might be an equilibrium for a small population of voters. Under these circumstances, voting rules matter. This study shows that majority rule most promotes truthful communication before voting. |
| Keywords: | Information aggregation, Common value elections, Private value elections, Deliberation, Voting rule, Conflicting interests |
| JEL: | C72 D71 D72 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:wap:wpaper:2115&r= |
| By: | George Hondroyiannis (Bank of Greece and Harokopio University); Dimitrios Papaoikonomou (Bank of Greece) |
| Abstract: | We investigate the effect of Eurosystem Asset Purchase Programmes (APP) on the monthly yields of 10-year sovereign bonds for 11 euro area sovereigns during January-December 2020. The analysis is based on time-varying coefficient methods applied to monthly panel data covering the period 2004m09 to 2020m12. During 2020 APP contributed to an average decline in yields estimated in the range of 58-76 bps. In December 2020 the effect per EUR trillion ranged between 34 bps in Germany and 159 bps in Greece. Stronger effects generally display diminishing returns. Our findings suggest that a sharp decline in the size of the APP in the aftermath of the COVID-19 crisis could lead to very sharp increases in bond yields, particularly in peripheral countries. The analysis additionally reveals a differential response to global risks between core and peripheral countries, with the former enjoying safe-haven benefits. Markets’ perceptions of risk are found to be significantly affected by credit ratings, which is in line with recent evidence based on constant parameter methods. |
| Keywords: | Euro area;asset purchase programmes; sovereign bond yields; time-varying parameters. |
| JEL: | C33 E44 E52 E58 F34 G15 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:bog:wpaper:291&r= |
| By: | Geoffrey Heal |
| Abstract: | I consider the effect of empathy towards others on the internalization of interpersonal externalities and on private contributions to the provision of public goods. I show that if preferences are empathetic in the sense of depending on the well-being of others, then in an extreme case external effects are fully internalized, and private contributions to the provision of a public good will be sufficient for it to be provided at an efficient level. Furthermore I show that an increase in the level of empathy shown by any agent will lead to an increase in the level of provision of the public good, and that as empathy levels increase towards their upper bound, the level of provision of the public good converges to the efficient level. Under certain conditions an increase in empathy is Pareto improving. As it is well-documented that people display some degree of empathy, it is arguable that our failure to provide public goods at efficient levels is attributable to lack of empathy as well as to the free rider problem. |
| JEL: | H00 H23 H41 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29255&r= |
| By: | Bruno S. Frey |
| Abstract: | Nowadays, academic journals of high standing rarely accept a conceptual idea in a paper not instantly accompanied by econometric estimates. The idea would almost certainly get rejected. Empirical validation based on past statistical data has produced an unfortunate backward orientation in economics. While one can learn from the past, this approach fails when the underlying conditions strongly change. The paper suggests various possibilities to overcome the intense publication pressure in so-called top journals and the overemphasis on instant empirical evidence. Academia is, however, unlikely to adapt. As economics is too backward oriented, other disciplines or cranks may well dominate future economic policy. |
| JEL: | A10 A11 B40 C10 C80 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2021-32&r= |
| By: | Grosman, Anna; Amore, Mario Daniele |
| Abstract: | Share repurchases have come under criticism as they may be used for earnings management and take capital away from productive investment. However, share repurchases can also reduce the agency costs of free cash flow and offset the dilution of current shareholders. Whether firms engage in good or manipulative share repurchases can crucially hinge on the quality of corporate governance. Using UK firm panel data, we study the effect of independent directors on repurchase policies. Our results indicate that board independence increases the propensity to engage in share repurchases. Moreover, board independence attenuates the harmful effect of manipulative share repurchases on employment growth. Our approach exploits the passage of a corporate governance reform which provided a unique opportunity to tease out the causal impact of independent directors on share repurchases. Our findings advocate in favor of more active involvement of independent directors in payout policies. |
| Keywords: | corporate governance; boards; share repurchases; independent directors; employment; earnings management; UK |
| JEL: | G30 G35 J3 |
| Date: | 2021–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109811&r= |
| By: | Steven T. Berry (Cowles Foundation, Yale University); Philip A. Haile (Cowles Foundation, Yale University) |
| Abstract: | Demand elasticities and other features of demand are critical determinants of the answers to most positive and normative questions about market power or the functioning of markets in practice. As a result, reliable demand estimation is an essential input to many types of research in Industrial Organization and other fields of economics. This chapter presents a discussion of some foundational issues in demand estimation. We focus on the distinctive challenges of demand estimation and strategies one can use to overcome them. We cover core models, alternative data settings, common estimation approaches, the role and choice of instruments, and nonparametric identification. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:2301&r= |
| By: | Hyong-Chol O; Tae-Song Kim; Tae-Song Choe |
| Abstract: | In this paper is investigated the pricing problem of options on bonds with credit risk based on analysis on two kinds of solving problems for the Black-Scholes equations. First, a solution representation of the Black-Scholes equation with the maturity payoff function which is the product of the power function, normal distribution function and characteristic function is provided. Then a solution representation of a special terminal boundary value problem of the Black-Sholes equation is provided and its monotonicity is proved. The simplest case of the structural model of the credit bond is studied and its pricing formula is provided, and based on the results, the pricing model of option on corporate bond with credit risk is transformed into a terminal boundary value problem of the Black-Scholes equation with some special maturity payoff functions and the solution formula is obtained. Using it, we provide the pricing formulae of the puttable and callable bonds with credit risk. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10818&r= |
| By: | Michelle Norris (Geary Institute for Public Policy, University College Dublin); Eoin O'Sullivan (Department of Social Work and Social Policy, Trinity College Dublin); Anna Visser (Department of Children, Equality, Disability, Integration and Youth) |
| Abstract: | The provision of social housing and other accommodation for Travellers, such as caravan halting sites, is one of the most intractable, policy challenges in Ireland. Accommodation needs amongst this disadvantaged, nomadic community have remained high for decades. This reflects a persistent but complex 'implementation deficit' as evidenced by local government's failure to meet the accommodation provision targets set by central government and contradictions between the type of accommodation delivered and policy-makers' plans. To illuminate the factors which have shaped these outcomes, this article draws on Matland's (1995) ideas on the influence of conflict and ambiguity on policy implementation. It reveals that, despite unambiguous national policy objectives, policy implementation mechanisms have remained ambiguous. This isn't surprising because Traveller accommodation proposals are often vociferously and successfully opposed by neighbouring residents. This opposition has shaped the scale and nature of the Traveller accommodation policy implementation deficit. This deficit also means that the relatively progressive objectives of Traveller accommodation policy remain largely symbolic. |
| Keywords: | Traveller accommodation, nomadism, policy implementation, policy conflict. |
| Date: | 2021–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:ucd:wpaper:202112&r= |
| By: | Cesar Salinas (Indiana University) |
| Abstract: | Developing countries are facing the Covid-19 epidemic with particular challenges, such as their economic and labor force composition. In this research I will extend the so-called SIR-macro model with demand and supply effects to study how the size of the informal sector impact the ability of these countries to respond to the epidemic. Lockdown policies are useful to control the health crisis but these are less effective in informal markets. As a result, infection and death rates will not decrease as expected, and since informal activities are not counted in the calculation of the GDP, this would exacerbate the size of the recession. Finally, in order to generate similar results to an economy with only formal markets, the economy with informal markets has to implement more severe containment policies. |
| Keywords: | COVID-19, informality, recessions, SIR macro model |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:inu:caeprp:2021-002&r= |
| By: | Pamela Jakiela (Williams College); Owen Ozier (Williams College) |
| Abstract: | Languages use different systems for classifying nouns. Gender languages assign nouns to distinct sex-based categories, masculine and feminine. We construct a new data set, documenting the presence or absence of grammatical gender in more than 4,000 languages which together account for more than 99% of the world’s population. We find a robust negative relationship between prevalence of gender languages and women’s labor force participation and educational attainment both across and within countries. We also demonstrate that grammatical gender is associated with both weaker legal support for women’s equality and reduced female bargaining power within the household. |
| Keywords: | grammatical gender, language, gender, linguistic determinism, labor force participation, gender gaps |
| JEL: | J16 Z10 Z13 |
| Date: | 2021–07–31 |
| URL: | http://d.repec.org/n?u=RePEc:wil:wileco:2021-13&r= |
| By: | Aurelio Volpe (CSIL Centre for Industrial Studies); Donatella Cheri (CSIL Centre for Industrial Studies); Sara Banfi (CSIL Centre for Industrial Studies) |
| Abstract: | The GOAL of the Report 'Smart cities and flagship stores: lighting fixtures' is to provide: Lighting companies with a tool to identify potential locations where to set their mono-brand stores, keeping into account potential synergies (for instance the presence of complementary brands) as well as an indicator of the cost of the area; The industry, in general, with an analysis on the medium-term trends affecting the main cities worldwide. DESCRIPTION: The Report provides profiles of 85 cities worldwide with a selection of economic and demographic indicators (2013 and 2018), estimates of the potential market for lighting fixtures, in each city and the forecasts for the market development to the year 2023. The study also offers an analysis of the geographical presence of a selected sample of 65 brands, each of which operates as a trend-setter in its own category. Each identified location is characterized by its type (store, multibrand store, shopping centre) and the cost of the area in which they are located. The aim is, thus, to provide a comprehensive view of the cities that a selection of international retailers entered. Finally, each profile presents a selection of lighting stores and their geographical distribution. In order to identify the position of each of these players in the selected cities, CSIL employed the technique of web scrapping. WEB SCRAPING (also called web harvesting, or web data extraction) is an IT technique of extracting data from a website using software programs. Usually, such programs simulate human browsing on the World Wide Web using the Hypertext Transfer Protocol (HTTP) or through browsers. After applying a system of filters, we managed to identified 4,809 locations across 85 cities. Each location has been further characterized with two additional information: the type of store and the cost of the area. Using metadata, formatted addresses, and GPS coordinates, we managed to define whether the location is a store, a multi-brand retailer, or it is sited in a shopping centre. The residual category, 'Else', includes all the other type of locations: offices, warehouses, distribution centre, etc. Secondly, we managed to associate per each location the cost of the area in which it is sited. The cost is given by a proxy that is the average price of the hotel rooms per night for two persons in a given date (ante Covid-19) of all the hotels positioned within 1 km from the selected location. The price of the hotel rooms, their names and locations were collected implementing a second web-scraping tool. We managed to download the references for 71,132 hotels in 148 cities, no data were available for Tehran (Iran) and Khartum (Sudan). Then, the results were grouped into four categories: 'Very Cheap' (smaller than the first quartile), 'Cheap' (between the first and the second quartile), 'Expensive' (between the second and the third quartile), 'Very Expensive' (higher than the third quartile). The same SPECIAL ANALYSIS was implemented for the 85 selected cities focusing on furniture stores only. We geocalized the presence of 30 leading lighting brands in the selected cities. In addition, we look for the outlets registed with the metadata 'lighting store'. After applying a system of filters, we managed to identified 3,008 locations across 84 cities. No data are available for Tianjin (China). Each location is characterized by the distance from the city centre (in Km), the number of reviews available on Google, the average value of these reviews (from 1 to 5), the website of the store whenever available. For each CITY PROFILE, the following data, indicators and forecasts are provided: Population and its rank within the sample, 2013, 2018 and 2023; Households and its rank within the sample, 2013, 2018 and 2023; Gross domestic product per capita and its rank within the sample, 2013, 2018 and 2023; Household’s consumption per capita and its rank within the sample, 2013, 2018 and 2023; Gross domestic product and its rank within the sample, 2013, 2018 and 2023; Household’s consumption and its rank within the sample, 2013, 2018 and 2023; Breakdown of households by the level of income, 2013, 2018 and 2023; Lighting fixtures demand and its growth rate, 2013, 2018 and 2023; Lighting store sales (factory price) and its growth rate, 2013, 2018 and 2023; Spatial analysis of the distribution of 50 brands within the city map; Spatial analysis of the distribution of lighting outlets within the city map. In order to minimize the problems arisen by the lack of a unique definition of city, CSIL decided to use demographic and economic data coming from a unique source, namely C-GIDD (www.cgidd.com). We access that database in January 2020, therefore macroeconomic estimations and forecasts were made before that date. The world has changed dramatically in the recent months as the world has been put in a Great Lockdown. According to the IMF, 'the magnitude and speed of collapse in activity that has followed is unlike anything experienced in our lifetimes'. Up to the publication date of this report updates on forecasts up to 2023 haven’t be released. The only updates concern 2021. According to the IMF, 'assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8%. This recovery in 2021 is only partial as the level of economic activity is projected to remain below the level that we had projected for 2021, before the virus hit'. |
| JEL: | L11 L22 L68 L81 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:s86&r= |
| By: | Szilvia Joó (CBHU - Campden BRI Magyarország Nonprofit Kft); Tünde Kuti (CBHU - Campden BRI Magyarország Nonprofit Kft); Csaba Baár (CBHU - Campden BRI Magyarország Nonprofit Kft); Andras Sebők (CBHU - Campden BRI Magyarország Nonprofit Kft); Florian Paillet (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Eric Trably (LBE - Laboratoire de Biotechnologie de l'Environnement [Narbonne] - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Mechthild Donner (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes); Hugo De Vries (INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UMR IATE - Ingénierie des Agro-polymères et Technologies Émergentes - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - UM2 - Université Montpellier 2 - Sciences et Techniques - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Nathalie Gontard (UMR IATE - Ingénierie des Agro-polymères et Technologies Émergentes - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - UM2 - Université Montpellier 2 - Sciences et Techniques - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Anne Verniquet (Sofies SA); Annamaria Celli (UNIBO - Alma Mater Studiorum University of Bologna); Katrin Kayser (IBBK Fachgruppe Biogas GmbH); Burkhard Schaer (Ecozept - Partenaires INRAE); Denise Gider (Ecozept - Partenaires INRAE); Mauro Majone (UNIROMA1 - UNISA, Italy); Marianna Villano (UNIROMA1 - UNISA, Italy) |
| Date: | 2020–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03346874&r= |
| By: | Bazoche, Pascale; Guinet, Nicolas; Poret, Sylvaine; Teyssier, Sabrina |
| Abstract: | A widespread transition towards diets based on plant proteins as substitutes for animal pro- teins would contribute to food system sustainability. Such changes in consumer food choices can be fostered by public policy. We conducted an online experiment to test whether provid- ing consumers with information regarding the negative consequences of meat consumption on the environment or health increases the substitution of animal-based proteins with plant-based proteins. The consumers had to make three meal selections, the first without exposure to infor- mation and the latter two after exposure to environmental or health information. One group of consumers served as the control and received no information. The results show that half of the consumers chose meals with animal proteins in all three cases. The information intervention had a limited impact on the average consumer. However, a latent class analysis shows that the information intervention impacted a sub-sample of the consumers. Information policy does not appear to be sufficient for altering consumer behaviour regarding the consumption of animal proteins. |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics |
| Date: | 2021–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:ags:inrasl:313663&r= |
| By: | Syeda Anam Fatima Rizvi (CERDI - Centre d'Études et de Recherches sur le Développement International - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Resource availability matters the most in health care system-based outcomes. But health spending is highly unequal across the world and presents varying outcomes. This study aims to investigate the missing part that why some countries failed to have reasonable outcomes despite spending more than those countries that spend less. This study intends to include all those factors that are responsible for improving the costeffectiveness of health expenditures. The study took two data sets, one from the developing countries and second of developed countries as per World Bank classification. As anticipated, there are significant differences in health per capita expenditures. Determinants were also found to behave differently both in the short run and long run as well as across the two data sets. |
| Keywords: | Cost effectiveness,Health Expenditures,Health JEL Classifications: H510,I100 |
| Date: | 2020–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03341702&r= |
| By: | Andrej Cupak; Pavel Ciaian; d'Artis Kancs |
| Abstract: | We estimate wage differentials between foreign- and native-born workers across developed and developing economies. We leverage internationally harmonised microdata covering 21 countries, 20 years and 1.5 million individuals and employ counterfactual decomposition techniques. We find that vis-à-vis comparable workers born in developed countries, the workers born in developing economies are disadvantaged both in their home country labour markets and – if migrating – also in developed host countries. Wage differentials suggest the opposite for workers born in developed countries – their wages are higher not only in developed countries but for migrants also in developing host countries. After accounting for personal and job-related characteristics, at least 28% of the total native-to-migrant wage gap remains unexplained. The unexplained wage gap has increased during the last decade and can be attributed to the labour market discrimination, differences in unobserved job characteristics, variation in unobserved skills, and the institutional labour market framework. |
| JEL: | D31 J15 J7 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:lis:liswps:810&r= |
| By: | Darracq Pariès, Matthieu; Notarpietro, Alessandro; Kilponen, Juha; Papadopoulou, Niki; Zimic, Srečko; Aldama, Pierre; Langenus, Geert; Alvarez, Luis Julian; Lemoine, Matthieu; Angelini, Elena; Lozej, Matija; Berben, Robert-Paul; Marotta, Fulvia; Carroy, Alice; Matheron, Julien; Christoffel, Kai; Montes-Galdón, Carlos; Ciccarelli, Matteo; Paredes, Joan; Consolo, Agostino; Pisani, Massimiliano; Cova, Pietro; Schmöller, Michaela; Damjanović, Milan; Smadu, Andra; de Walque, Gregory; Szörfi, Béla; Dupraz, Stéphane; Turunen, Harri; Gumiel, José Emilio; Verona, Fabio; Haertel, Thomas; Vetlov, Igor; Hurtado, Samuel; Warne, Anders; Júlio, Paulo; Zhutova, Anastasia; Kühl, Michael |
| Abstract: | This paper provides an assessment of the macroeconomic models regularly used for forecasting and policy analysis in the Eurosystem. These include semi-structural, structural and time-series models covering specific jurisdictions and the euro area within a closed economy, small open economy, multi-country or global setting. Models are used as analytical frameworks for building baseline projections and for supporting the preparation of monetary policy decisions. The paper delivers four main contributions. First, it provides a survey of the macroeconomic modelling portfolios currently used or under development within the Eurosystem. Second, it explores the analytical gaps in the Eurosystem models and investigates the scope for further enhancement of the main projection and policy models, and the creation of new models. Third, it reviews current practices in model-based analysis for monetary policy preparation and forecasting and provides recommendations and suggestions for improvement. Finally, it reviews existing cooperation modalities on model development and proposes alternative sourcing and organisational strategies to remedy any knowledge or analytical gaps identified. JEL Classification: C5, E47, E52, E58, F4 |
| Keywords: | central banking., econometric modelling, forecasting and simulation, monetary policy |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021267&r= |
| By: | Kutlina-Dimitrova, Zornitsa (DG Trade); Rueda-Cantuche, José Manuel (JRC) |
| Abstract: | The current COVID-19 pandemic has had drastic and unprecedented impacts on trade, and GDP worldwide and in the EU. We assess in the paper the potential export related jobs losses that would have affected European workers had not governments and the EU implemented large exceptional support packages to prevent real job losses. To this end, we use a global multi-region input output model based on the recently released FIGARO tables (Eurostat, 2021) and build a counterfactual analysis based on trade flows projections made before the COVID-19 pandemic broke out. Our results show that in the absence of jobs and enterprise retention measures, 6.4 million exports dependent jobs would have been at risk. Therefore, it is urgent for trade to recover quickly since millions of jobs are at stake. |
| Keywords: | COVID-19; EU; trade; jobs |
| JEL: | F13 F14 F16 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:dgtcen:2021_001&r= |
| By: | Els Bekaert; Amelie F. Constant; Killian Foubert; Ilse Ruyssen |
| Abstract: | Aspirations provide the underlying dynamics of the behavior of individuals whether they are realized or not. Knowledge about the characteristics and motives of those who aspire to leave the host country is key for both host and home countries to formulate appropriate and effective policies in order to keep their valued immigrants or citizens and foster their (re-)integration. Based on unique individual-level Gallup World Polls data, a random utility model, and a multinomial logit we model the aspirations or stated preferences of immigrants across 138 countries worldwide. Our analysis reveals selection in characteristics, a strong role for soft factors like social ties and sociocultural integration, and a faint role for economic factors. Changes in circumstances in the home and host countries are also important determinants of aspirations. Results differ by the host countries’ level of economic development. |
| Keywords: | economics of immigrants, geographic labor mobility, public policy, microeconomic behaviour, underlying principles, international migration, large data sets, modelling and analysis |
| JEL: | J15 J61 J68 D01 F22 C55 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9301&r= |
| By: | Agata Rzekęć (IFCE - Institut Français du Cheval et de L'équitation); Céline Vial (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Lucie Sachot (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Keywords: | Filière équine,Diagnostic environmental,Analyse du cycle de vie |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03343210&r= |
| By: | Awolaja, Oladapo G.; Yaya, OlaOluwa S; Vo, Xuan Vinh; Ogbonna, Ahamuefula; Joseph, Solomon O. |
| Abstract: | Unemployment hysteresis of the Middle East and North African (MENA) countries is investigated under a battery of unit root testing frameworks in the extant literature, including a recently proposed Panel SUR Dickey-Fuller-like unit root test with Fourier and Exponential Smooth Transition Regression (ESTR) nonlinearities. The Fourier function allows for smooth nonlinear breaks, while the ESTR nonlinearity allows for instantaneous breaks. The two nonlinearity types make the recent approach quite appealing. It has, however, been scarcely applied to empirically test unemployment hysteresis hypothesis. Although we find conflicting stances from ADF, FADF and ADF-SB testing frameworks, evidence of unemployment hysteresis effect in Lebanon is consistent across all three tests. The ADF and FADF tests confirm the hysteresis hypothesis in Kuwait and Lebanon, while FADF-SB rejects the unemployment hysteresis hypothesis across all the 19 MENA countries. The results from the KSS and FKSS unit root testing frameworks consistently affirmed the hysteresis effect in Oman and Turkey, while there are mixed stances for Kuwait and Lebanon. The results from SURADF and SURKSS only support the hysteresis hypothesis in Turkey, while the same is confirmed only for Bahrain under the SURFADF and SURFKSS testing frameworks. Unemployment hysteresis hypothesis is confirmed for 12 (about 63.15% of the total number considered) MENA economies. |
| Keywords: | Unemployment rate; MENA countries; Fourier function; Seemingly Unrelated Regression; Panel data; Unit root test |
| JEL: | C22 C23 E24 J64 |
| Date: | 2021–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109831&r= |
| By: | Rahman, Mohammad Chhiddikur; Rahaman, Md. Shajedur; Islam, Mohammad Ariful; Omar, Md. Imran; Siddique, Md. Abu Bakr |
| Abstract: | The sustainable development goals emphasized achieving food security and improved nutrition for all. As nothing is more important than health, all should have adequate basic nutrients to lead a healthy life. Vitamin A deficiency (VAD) is a major problem in large parts of the developing world. Apart from acute symptoms of eye problems, VAD also weakens the immune system, thus increasing the incidence and severity of infectious diseases. For adults, the implications can be serious too, especially for pregnant and lactating women. The most affected are the poor, whose diets are predominated by less nutritious staple foods on account of lacking purchasing power and limited awareness. ‘Golden Rice’ has been developed through genetic engineering at Swiss and German universities. It is a new type of rice that contains ‘beta-carotene’, which is converted into vitamin A inside the body as needed and gives the grain its golden color. It’s grown just like ordinary rice and aims to provide 30-50% of the estimated average requirement for vitamin A. It could improve the vitamin A status of deficient food consumers, especially women and children in developing countries. Some optimists praise it as the solution to overcome malnutrition and VAD. It already has received biosafety approval and released in the Philippines and hopes to release in Bangladesh soon. Prior to the release, the healthier rice team aimed to draw a deployment strategy of golden rice in Bangladesh. Therefore, this study has been conducted to assess the affordability and varietal choice of the targeted beneficiaries in the specific regions of Bangladesh. |
| Keywords: | Golden rice,Deployment policy,Ex-ante,vitamin A deficiency,Bangladesh |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:241994&r= |
| By: | Olivier Billaud (CESCO - Centre d'Ecologie et des Sciences de la COnservation - MNHN - Muséum national d'Histoire naturelle - SU - Sorbonne Université - CNRS - Centre National de la Recherche Scientifique); Etienne Maclouf (CESCO - Centre d'Ecologie et des Sciences de la COnservation - MNHN - Muséum national d'Histoire naturelle - SU - Sorbonne Université - CNRS - Centre National de la Recherche Scientifique, CEREGE - CEntre de REcherche en GEstion - EA 1722 - Université de Poitiers - ULR - Université de La Rochelle - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - Université de Poitiers) |
| Abstract: | Nous avons mené une recherche-intervention dans l'Observatoire Agricole de la Biodiversité (OAB), un programme de sciences participatives destiné aux agriculteurs afin d'observer la biodiversité de leurs parcelles. Mobilisant l'approche par les paradoxes nous montrons que la recherche de proximité de l'OAB et ses appropriations sont productrices et révélatrices de paradoxes. Nous observons une tension entre la production de connaissances à l'échelle nationale, trop générales, et la volonté opérationnelle des participants, difficile à satisfaire à cause de la nature contingente de la biodiversité. Des dynamiques existent pour essayer de dépasser ces tensions, notamment à travers une valorisation socio-politique du programme ou des productions de connaissances plus "profanes". Ces résultats donnent corps à l'ambiguïté actuelle des modes de production des connaissances en agronomie, entre tentation normative et volonté d'intégration des savoirs locaux de l'agriculteur. Nous questionnons au final la posture d'expertise et de généralisation qui s'avère peu opérationnelle face aux enjeux de biodiversité. |
| Keywords: | paradox,proximity,citizen science,biodiversity,paradoxe,proximité,sciences participatives,agriculture,biodiversité |
| Date: | 2021–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03338599&r= |
| By: | Ashish Arora; Sharon Belenzon; Konstantin Kosenko; Jungkyu Suh; Yishay Yafeh |
| Abstract: | Corporate science in America emerged in the interwar period, as some companies set up state-of-the-art corporate laboratories, hired trained scientists, and embarked upon basic research of the kind we would associate today with academic institutions. Using a newly assembled dataset on U.S. companies between 1926 and 1940 combining information on corporate ownership, organization, research and innovation, we attempt to explain the rise of corporate research. We argue that it was driven by companies trying to take advantage of opportunities for innovation made possible by scientific advances and an underdeveloped academic research system in the United States. Measuring field-specific scientific backwardness in several different ways, we find that large firms, business group affiliated firms, and firms close to the technological frontier were more likely to initiate scientific research. We also find that companies in monopolistic or concentrated industries were more likely to engage in basic research. Corporate research was positively correlated with novel and valuable patents, and with market-to-book ratios. For companies choosing to do so, investment in corporate research seems to have paid off. The results shed light on the link between corporate organization, market structure and corporate science. |
| JEL: | N8 N82 O32 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29260&r= |
| By: | Ofori, Isaac K.; Ofori, Pamela E.; Asongu, Simlice A. |
| Abstract: | Motivated by the momentous rise in ICT diffusion, the implementation of the African Continental Free Trade Area agreement, and the expected rebound of foreign direct investment inflow to Africa from 2022, this study examines the joint effects of industrialisation and ICT diffusion on resource mobilisation in Africa. To this end, we use data on 42 African countries for the period 1996 – 2020 for the analysis. First, we provide evidence robust to several specifications from the dynamic system GMM to show that although unconditionally both industrialisation and ICT diffusion enhance (i) goods and services tax (GST), and (ii) profits, corporate and income tax (PCIT) mobilisation efforts in Africa, the effects of the former are rather remarkable in the presence of the latter. Particularly, the results show that, while ICTs amplify the effect of industrialisation on GST, only ICT usage and ICT skills matter for PCIT. Second, the study unveils ICT thresholds for complementary policies. Accordingly, industrialisation and ICTs are necessary and sufficient conditions for tax revenue mobilisation only below some ICT thresholds. Above these ICT thresholds, complementary policies are needed to maintain the overall positive incidence on tax revenue mobilisation. Policy recommendations are provided in the end. |
| Keywords: | AfCFTA,Africa,ICT access,ICT diffusion,Industrialisation,Tax,Revenue |
| JEL: | C33 F6 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:241291&r= |
| By: | Arnold, Fabian (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)); Jeddi, Samir (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)); Sitzmann, Amelie (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)) |
| Abstract: | Within the regulation of net purchasing, investment incentives for residential PV depend on the remuneration for grid feed-in and the consumption costs that households can save by self-consumption. Network tariffs constitute a substantial part of these consumption costs. We use postcode-level data for Germany between 2009 and 2017 and exploit the regional heterogeneity of network tariffs to investigate whether they encourage to invest in PV installations and evaluate how the nonlinear tariff structure impacts residential PV adoption. Our results show that network tariffs do impact PV adoption. The effect has increased in recent years when self-consumption has become financially more attractive, and the results confirm the expectation that PV investments are driven by the volumetric tariff. Policy reforms that alter the share between the price components are, thus, likely to affect residential PV adoption. Further, with self-consumption becoming a key incentive, price signals can effectively support the coordination of electricity demand and supply in Germany. |
| Keywords: | Network tariffs; PV investments; self-consumption; price perception; panel data; prosumer; non-linear prices |
| JEL: | C33 D12 L51 Q42 |
| Date: | 2021–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:ris:ewikln:2021_007&r= |
| By: | Francesco Furlanetto; Antoine Lepetit; Ørjan Robstad; Juan F. Rubio-Ramirez; Pål Ulvedal |
| Abstract: | In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular when the Great Recession is included in the sample. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately affects the least productive workers. |
| Keywords: | Hysteresis; Structural vector autoregressions; Sign restrictions; Long-run restrictions; Employment; Labor productivity; Local projections |
| JEL: | C32 E24 E32 |
| Date: | 2021–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-59&r= |
| By: | Ehsan, Zaeem-Al |
| Abstract: | The paper aims to assess the market efficiency of Renata Ltd in the weak form by analyzing monthly returns ranging from December 2007 to April 2021. Past literature on the same topic uncovered the non-existence of efficiency in the weak form in the Dhaka Stock Exchange. Initially, a descriptive analysis was done using the 4 moments of Renata Ltd and the Dhaka Stock Exchange broad market exchange. A graphical analysis using P-P and Q-Q plots rejected the assumption that the returns of Renata Ltd come from a normal distribution. This was further supported by Jarque-Bera and Shapiro-Wilk tests of normality which also rejects the null hypothesis of the returns of Renata Ltd having come from a normal distribution. Graphical tests of autocorrelation were made to uncover the presence of any correlation between returns of Renata Ltd, which was found to not exist. Thus, we can assert that there is no presence of serial correlation, and therefore, the market is efficient in the weak form according to the graphical analysis of correlograms. To quantifiably test the presence of a random walk effect, the Durbin-Watson, Breusch Godfrey, Portmanteau, runs, Augmented Dickey-Fuller (ADF) and variance root tests were undertaken. All tests support the fact that Renata Ltd.’s return does follow a random-walk process, implying the existence of weak form market efficiency. |
| Keywords: | EMH, random-walk, ADF, Breusch Godfrey, P-P, Durbin Watson, Portmanteau, unit root, Jarque-Bera, Shapiro-Wilk, Q-Q,variance-root, structural break |
| JEL: | C1 G01 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109726&r= |
| By: | Polezhaeva Natalia (RANEPA); Apevalova Elena (RANEPA) |
| Abstract: | The coronavirus crisis and the measures taken by national governments to combat the pandemic have led to an acute situation in the field of insolvency of companies. Assessments of the situation vary, and there are many reasons for this: the continuation of the pandemic, the introduction of lockdowns, and the adoption of measures to curb the wave of bankruptcies. |
| Keywords: | Russian economy, corporate governance |
| JEL: | I18 I19 G32 G33 G34 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2021-1139&r= |
| By: | Battulga Gankhuu |
| Abstract: | In this paper, we have studied option pricing methods that are based on a Bayesian Markov-Switching Vector Autoregressive (MS-BVAR) process using a risk-neutral valuation approach. A BVAR process which is a special case of the Bayesian MS-VAR process is widely used to model inter-dependencies of economic variables and forecast economic variables. Here we assumed that a regime-switching process is generated by a homogeneous Markov process and for a normal system, a residual process follows a conditional heteroscedastic model. With a direct calculation and change of probability measure, for some frequently used options, we derive pricing formulas. An advantage of our model is it depends on economic variables and is easy to use compared to previous option pricing papers which depend on regime-switching. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.05998&r= |
| By: | Ding Dong; Zheng Liu; Pengfei Wang |
| Abstract: | Recessions are associated with sharp increases in turbulence that reshuffles firms' productivity rankings. To study the business cycle implications of turbulence shocks, we use Compustat data to construct a measure of turbulence based on the (inverse of) Spearman correlations of firms' productivity rankings between adjacent years. We document evidence that turbulence rises in recessions, reallocating labor and capital from high-to low-productivity firms and reducing aggregate TFP and the stock market value of firms. A real business cycle model with heterogeneous firms and financial frictions can generate the observed macroeconomic and reallocation effects of turbulence. In the model, increased turbulence makes high-productivity firms less likely to remain productive, reducing their expected equity values and tightening their borrowing constraints relative to low-productivity firms. Thus, labor and capital are reallocated to low-productivity firms, reducing aggregate TFP and generating a recession with synchronized declines in aggregate output, consumption, investment, and labor hours, in line with empirical evidence. |
| Date: | 2021–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:93061&r= |
| By: | Lin Li |
| Abstract: | Financial trading aims to build profitable strategies to make wise investment decisions in the financial market. It has attracted interests in the machine learning community for a long time. This paper proposes to trade financial assets automatically using feature preprocessing skills and Recurrent Reinforcement Learning (RRL) algorithm. The strategy starts from technical indicators extracted from assets' market information. Then these technical indicators are preprocessed by Principal Component Analysis (PCA) and Discrete Wavelet Transform (DWT) and eventually inputted to the RRL algorithm to do the trading. The extensive empirical evidence shows that the proposed strategy is not only effective and robust in its performance, but also can mitigate the drawbacks underlying the initial trading using RRL. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.05283&r= |
| By: | Evelien Croonen (University of Groningen [Groningen]); Hans van der Bij (University of Groningen [Groningen]); Rozenn Perrigot (UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Assaad El Akremi (UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées); Olivier Herrbach (UB - Université de Bordeaux, IRGO - Institut de Recherche en Gestion des Organisations - UB - Université de Bordeaux - Institut d'Administration des Entreprises (IAE) - Bordeaux) |
| Abstract: | An important challenge for franchisors is to find individuals with strong intentions to become franchisees that they can actively support in this ambition. We contribute to franchising research by developing and testing a model to explain individual intentions to become franchisees as a specific type of entrepreneurial intention (EI). We combine Achievement Motivation Theory (AMT) with the Theory of Planned Behaviour (TPB) to propose inverted U-shaped associations between individual motivations (i.e. need for achievement and risk-taking propensity), their cognitive assessments of franchising (i.e. attitude towards franchising and perceived behavioural control), and their EI regarding franchising. Our survey of 666 individuals demonstrates that need for achievement impacts attitude towards franchising and perceived behavioural control regarding franchising following respectively inverted U-shaped and declining positive relationships, and they partly mediate the relationships between need for achievement and EI regarding franchising. We find a negative linear association with attitude towards franchising. |
| Keywords: | achievement motivation theory,entrepreneurial intentions,franchising,theory of planned behaviour |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03281669&r= |
| By: | Holm-Hadulla, Fédéric; Musso, Alberto; Rodriguez, Diego; Vlassopoulos, Thomas |
| Abstract: | This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff macroeconomic projections in forming a view on the medium-term outlook for economic activity and inflation. Furthermore, its focus has strengthened with regard to structural trends in shaping key economic relationships. Similarly, monetary analysis has shifted in focus: while the 2003 review emphasised the information value of monetary dynamics for detecting risks to price stability over medium-term to longer-term horizons, the focus of monetary analysis has increasingly been redirected to the assessment of monetary policy transmission. This evolution has opened a gap between the formal description of the strategy following the 2003 review and the practice of economic and monetary analysis in informing the ECB’s policy deliberations. This paper concludes by presenting options for closing this gap and aligning the strategy formulation with the evolved role of economic and monetary analysis. JEL Classification: E32, E37, E44, E47, E51, E52, E58 |
| Keywords: | ECB two-pillar framework, Economic analysis, monetary analysis |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021277&r= |
| By: | Harouna Kinda (CERDI - Centre d'Études et de Recherches sur le Développement International - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Noel Thiombiano |
| Abstract: | The extractive industries (oil, gas, and mining) play a dominant economic, social, and political role in the lives of approximately 3.5 billion people living in 81 countries across the world. However, the benefits come at a cost that is no longer limited to the problems of the ‘curse of natural resources', but also includes the damage of greenhouse gas emissions, pollution, and biodiversity that extraction wreaks on the environment. This paper revisits the links between man-made and natural capital in developing countries, focusing on the case of forest cover loss . Considering a theoretical model of income maximization, we assess through empirical observation the impact of extractive industries on forest cover loss. Based on a panel of 52 resource-rich developing countries, over the period 2001-2017, we adopt a dynamic specification with the two-step Generalized Method of Moments (GMM) system to address the inherent bias. Our main results show that the total rent from the extractive industries is detrimental to the forest. More specifically, mineral and gas rents accelerate forest cover loss. In contrast, oil rents contribute to reducing forest cover loss. In addition, we find that natural resource tax revenues contribute to reducing forest cover loss. Our results suggest substitutability between oil rents (natural resource tax revenues and forest natural capital), and complementarity between mineral rents (gas rents and forest natural capital). To promote corporate environmental management, stakeholders must overcome regulatory inefficiencies in exploration and exploitation contracts so that environmental compensation is at least equal to the marginal damage caused by the extractive industries. |
| Date: | 2021–07–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03344196&r= |
| By: | Tomoo Kikuchi; Satoshi Tobe |
| Abstract: | We study the relationship between foreign debt and GDP growth using a panel dataset of 122 countries from 1980 to 2015. We find that economic growth correlates positively with foreign debt and that the relationship is causal in nature by using the sovereign credit default swap spread as an instrumental variable. Furthermore, we find that foreign debt increases investment and then GDP growth in subsequent years. Our findings suggest that sovereign default risks are responsible for "upstream" capital flows that contribute to GDP growth in OECD countries. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.10517&r= |
| By: | Kosfeld, Reinhold; Mitze, Timo; Rode, Johannes; Wälde, Klaus |
| Abstract: | The paper studies the containment effects of public health measures to curb the spread of Covid-19 during the first wave of the pandemic in spring 2020 in Germany. To identify the effects of six compound sets of public health measures, we employ a spatial difference-in-differences approach. We find that contact restrictions, mandatory wearing of face masks and closure of schools substantially contributed to flattening the infection curve. The significance of the impact of restaurant closure does not prove to be robust. No incremental effect is evidenced for closure of establishments and the shutdown of non-essential retail stores. |
| Date: | 2021–04–13 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:128372&r= |
| By: | Diether W. Beuermann; Nicolas L. Bottan; Bridget Hoffmann; C. Kirabo Jackson; Diego A. Vera Cossio |
| Abstract: | Canonical human capital theories posit that education, by enhancing worker skills, reduces the likelihood that a worker will be laid-off during times of economic change. Yet, this has not been demonstrated causally. We link administrative education records from 1987 through 2002 to nationally representative surveys conducted before and after COVID-19 onset in Barbados to explore the causal impact of improved education on job loss during this period. Using a regression discontinuity (RD) design, Beuermann and Jackson (2020) show that females (but not males) who score just above the admission threshold for more selective schools in Barbados attain more years of education than those that scored just below (essentially holding initial ability fixed). Here, in follow-up data, we show that these same females (but not males) are much less likely to have lost a job after the onset of COVID-19. We show that these effects are not driven by sectoral changes, or changes in labor supply. Because employers observe incumbent worker productivity, these patterns are inconsistent with pure education signalling, and suggest that education enhances worker skill. |
| JEL: | H0 I2 J0 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29231&r= |
| By: | Aurelio Volpe (CSIL Centre for Industrial Studies); Sara Banfi (CSIL Centre for Industrial Studies) |
| Abstract: | The report The lighting fixtures market in Japan is at its fifth edition. It provides historical statistical data 2015-2020 of Production, International trade and Market size of the lighting fixtures industry in Japan. Total and LED-based consumption of lighting fixtures forecasts up to 2023 are also provided. Lighting fixtures demand for the Japanese market is broken down by segment (consumer/residential lighting, architectural/commercial lighting, industrial lighting and outdoor lighting) and by light source (Conventional and LED). A focus on LED lighting is provided as well as a snapshot of the advent of Connected Smart Lighting and Human Centric Lighting. A breakdown of Japanese lighting fixtures exports and imports is provided by country and by geographical area of destination/origin. The competitive system analyses the main companies present in the Japanese lighting fixtures market (by segment, by product and application), with data on sales and market shares and short company profiles. A breakdown of the distribution channels of lighting fixtures in Japan is given, together with short profiles and sales of a sample of lighting fixture distributors. Covered channels are: direct sales and contract; lighting fixtures specialists; furniture stores/chains, department stores, DIY; Wholesalers; E-commerce sales; appliances/electronic stores. A list of selected architectural companies in Japan involved in the lighting business and Lighting designers is given. A relevant financial analysis is included for around 30 Japanese manufacturers of lighting fixtures and related activities. Population trends, macroeconomic indicators (including GDP, Inflation, population indicators, building construction indicators), and construction data are also provided. Addresses of the mentioned lighting companies in Japan are also enclosed. |
| JEL: | L11 L22 L68 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:s72jp&r= |
| By: | Amat Adarov (The Vienna Institute for International Economic Studies, wiiw); Mahdi Ghodsi (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | We analyse the heterogeneous effects of technical regulations and safety standards embodied in non-tariff measures on foreign direct investment using global firm-level panel data of bilateral cross-border ownership relationships over the period 2008-2018. To this end, we develop a novel measure of time-varying bilateral ad valorem equivalents of sectoral non-tariff measures, which reveals that technical barriers to trade (TBTs) played a much greater role as a trade-inhibiting factor in comparison with import tariffs and sanitary and phytosanitary (SPS) measures over the period 1996-2018, with their relative importance increasing in the post-Great Recession period. Estimations using the Poisson pseudo-maximum likelihood framework reveal the importance of non-tariff measures as a driver of foreign direct investment, with heterogeneous effects observed for the measures imposed by the host and the home country, as well as across sectors and types of non-tariff measures. Among other results, we find that an increase in the stringency of technical barriers to trade imposed by the host country is associated with higher investment in the foreign subsidiaries operating in this country, pointing to the regulatory barrier-jumping motive of foreign direct investment. The effect is much stronger for the multinational corporations operating in the information and communications technology sector. |
| Keywords: | FDI; non-tariff measures; ad-valorem equivalent of NTMs, TBT; SPS measures; ICT |
| JEL: | F13 F14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:210&r= |
| By: | Drudi, Francesco; Moench, Emanuel; Holthausen, Cornelia; Weber, Pierre-François; Ferrucci, Gianluigi; Setzer, Ralph; Adao, Bernardino; Dées, Stéphane; Alogoskoufis, Spyros; Téllez, Mar Delgado; Andersson, Malin; Di Nino, Virginia; Aubrechtova, Jana; Diez-Caballero, Arturo; Avgousti, Aris; Duarte, Claudia; Barbiero, Francesca; Estrada, Ángel; Boneva, Lena; Faccia, Donata; Breitenfellner, Andreas; Faiella, Ivan; Bua, Giovanna; Farkas, Mátyás; Bun, Maurice; Ferrari, Alessandro; Caprioli, Francesco; Fornari, Fabio; Ciccarelli, Matteo; Mendoza, Alberto Fuertes; Darracq Pariès, Matthieu; Garcia-Sanchez, Pablo; Giovannini, Alessandro; Papadopoulou, Niki; Grüning, Patrick; Parker, Miles; Guarda, Paolo; Petroulakis, Filippos; Hebbink, Gerbert; Piloiu, Anamaria; Murphy, Sarah Jane Hlásková; Ploj, Gasper; Ioannidis, Michael; Pointner, Wolfgang; Isgro, Lorenzo; Popov, Alexander; Kapp, Daniel; Prammer, Doris; Kashama, Mélissa Kasongo; Queiroz, Ricardo; Lopez-Garcia, Paloma; Rachedi, Omar; Lozej, Matija; Rognone, Lavinia; Lydon, Reamonn; Röhe, Oke; Manninen, Otso; Roos, Madelaine; Manzanares, Andrés; Russo, Simone; McInerney, Niall; Santabárbara, Daniel; Meinerding, Christoph; Schotten, Guido; Mikkonen, Katri; Sotomayor, Beatriz; Mistretta, Alessandro; Stracca, Livio; Mongelli, Francesco Paolo; Tamburrini, Fabio; Montes-Galdón, Carlos; Theofilakou, Anastasia; Müller, Georg; Tsalaporta, Pinelopi; Nerlich, Carolin; van den End, Jan Willem; Osiewicz, Malgorzata; Cruz, Lia Vaz; Osorno-Torres, Boris; Weth, Mark Andreas; Ouvrard, Jean-François; Gomez, Gonzalo Yebes; Page, Adrian |
| Abstract: | This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal effects of reducing carbon emissions. In this context, it assesses the need to adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It further considers the implications of climate change for the conduct of monetary policy, in particular the implications for the transmission of monetary policy, the natural rate of interest and the correct identification of shocks. Model simulations using the ECB’s New Area-Wide Model (NAWM) illustrate how the interactions of climate change, financial and fiscal fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The paper concludes with an analysis of a set of potential monetary policy measures to address climate risks, insofar as they are in line with the ECB’s mandate. JEL Classification: E52, E58, Q54 |
| Keywords: | climate change, environmental economics, green finance, monetary policy, sustainable growth economics |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021271&r= |
| By: | Donatella Gatti |
| Abstract: | This paper studies the set-up (following a voting process) of institutional arrangements related to the protection of natural and social resources in a context of inequalities and environmental challenges. To analyze how institutional and legislative protection arises, three socioeconomic groups are considered: the educated bourgeoisie, the working classes and the ?nancial elite. Groups are di¤erentiated according to the following divides. Individuals belonging to the ?nancial elite only rely on capital incomes: they invest on ?rms running either polluting or non-polluting activities. Individuals belonging to the ?rst two groups are di¤erentiated on the following levels: the demand for redistribution (from the working class) and the claims for environment-friendly legislation in relation with clean transport means (by the educated bourgeoisie). We study the institutional framework chosen by individuals under di¤erent assumptions concerning the political vote: disjoint majority versus coalition voting. The main result is that -in reaction to the ?nancial elite being the unique winner of the disjoint majority vote- a people?s green coalition can emerge, whose redistributive and green choices run against the preferences of the ?nancial elite. This leads to the "greening" of the ?nancial elite, which in turn isolates the working classes in the political arena. |
| Keywords: | Institutions, political choice, redistribution, green legislation |
| JEL: | P48 P16 P51 Q59 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01952021&r= |
| By: | Jonas Van der Slycken; Brent Bleys (-) |
| Abstract: | This paper is the first to calculate economic welfare for the EU-15 countries in a standardized and comparable way. This paper does so by building on a case study for Belgium by Van der Slycken and Bleys (2021) that puts forward a “2.0 methodology” and two distinct welfare measures that deal with cross-time and cross-boundary issues. Both welfare and GDP per capita improved in the EU-15 between 1995 and 2018. Yet, there is an important divergence between welfare and GDP: over time experiential welfare per capita and the per capita benefits and costs of present activities improved by respectively 10.5% and 14%, while GDP per capita grew by 32.4%. These trends in per capita welfare are mainly driven by individual consumption growth, the shadow economy and the welfare losses from income inequality, which compensated about half of the welfare gains of the former two categories.The gap between welfare and GDP diverges especially after the financial crisis when welfare starts stagnating. At the end of the studied period, the EU-15 had already recovered from the financial crisis from a GDP perspective, but it has not from a welfare view. Since the welfare levels in 2018 are less than 2% lower than the period-maximum, there is no conclusive evidence in favor of the threshold hypothesis at the level of the EU-15. The fact the welfare level in nine individual countries is more than 5% lower than its the peak value, however, signals a clear threshold for these countries. Yet, welfare levels could be increased beyond previous peak levels with effective social and environmental welfare policies in place that focus on redistributing and respecting environmental boundaries our economies instead of promoting economic growth. |
| Keywords: | Index of Sustainable Economic Welfare (ISEW), Genuine Progress Indicator (GPI), costshifting, beyond GDP, threshold hypothesis, postgrowth |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:21/1027&r= |
| By: | Jonas Eliasson (University of Linköping) |
| Abstract: | This paper asks whether transport policy assessments should use accessibility benefits as a key measure instead of user benefits. It argues that both measures are equivalent if accessibility measures are based on transport users’ own preferences and if the same principle is used to aggregate benefits. The paper also addresses how distributional questions can be addressed within this approach. |
| Date: | 2020–11–12 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2020/21-en&r= |
| By: | Li, Weiqing; Chien, Fengsheng; Ngo, Quang-Thanh; Nguyen, Tien-Dung; Iqbal, Sajid; Bilal, Ahmad Raza |
| Abstract: | The economic and environmental aspects of energy production have become important due to the increasing complexity energy sector and environmental pollution, warranting to test the connection between financial imbalances, energy prices and carbon emission. The study aims to test the impact of vertical fiscal imbalances (VFI) on energy prices and carbon emission trends by considering the dual-perspectives of environmental regulation and industrial structure. The empirical outcomes indicated that vertical fiscal imbalances limited the environmental quality of Pakistan. Furthermore, VFI also caused environmental degradation by affecting industrial structure. VFI inhibits the intensity of environmental regulation, promotes the upgrade of industrial structures, both of which cause additional carbon emissions. The study suggest to energy ministries and energy regulation offices to revisit the mechanism of energy prices determination and revised mechanism should provide a user-friendly assessment to understand the actual costs associated with the rising concern of environmental pollution. By this, environmental protection maximization and optimal energy conservation is expected to increase. Based on empirical findings, the study extends the suggestion that vertical fiscal imbalances should be considered an active indicator by the key policy makers and other stakeholders for energy prices determination and environmental quality upgradation. |
| Keywords: | Vertical financial disparity; Energy prices; Carbon emissions; Environmental regulation; Industrial structure |
| JEL: | E0 |
| Date: | 2021–06–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109672&r= |
| By: | Cartelier, Jean |
| Abstract: | RESUMEN: La teoría económica ya no tiene el respaldo de los economistas académicos ni de otros intelectuales. Hay muchas razones para este descrédito, pero ellas tienen que ver principalmente con la reducción del área de investigación, como consecuencia de una necesidad cada vez mayor de coherencia y de la voluntad de probar empíricamente algunos supuestos fundamentales que borra la frontera tradicional entre las disciplinas. El desarrollo de técnicas de procesamiento de datos cuantitativos y la naturaleza de las preguntas planteadas, hace que muchos estudios empíricos hagan parte tanto de la economía como de la sociología. Este declive de la teoría económica se refiere principalmente al paradigma dominante, el cual dio a los economistas, simultáneamente, el tipo de problemas a resolver (existencia y optimalidad de los equilibrios) y las herramientas para hacerlo (modelos matemáticos que asocian comportamientos racionales y condiciones de equilibrio). Ese declive tiene poco que ver con el paradigma dominado que Schumpeter llama análisis monetario y que se opone a la teoría del valor. Ilustrado por Steuart en siglo XVIII y por Keynes en el siglo XX, este análisis monetario se caracteriza por otras cuestiones (viabilidad en lugar de equilibrio) y otras representaciones de la economía (matrices de pagos en lugar de matrices de exceso de demanda). ABSTRACT: Economic theory is has lost most of its attractiveness amongst academic economists. Multiple reasons may explain that discredit but two seem of special interest: most severe requirements about logical consistency and questions to be solved have contributed to shrink the field of economic theory while a strong desire to confront assumptions with reality have blurred the frontier between economics and social sciences. The remarkable development of quantitative techniques (big data) and the type of questions on the agenda have made empirical economics and empirical sociology almost impossible to distinguish. The neglect of economic theory is more evident for the dominant paradigm than for the dominate one, called monetary analysis by Schumpeter who opposed it to real or value analysis. Illustrated by Steuart in 18th century and Keynes in the 20th century, monetary analysis deals with different questions (viability rather than equilibrium) and resorts to different tools (payment matrices rather than excess demands). |
| Keywords: | Teoría, postulados, empirismo, análisis monetario |
| JEL: | A10 A11 A12 B10 B20 |
| Date: | 2021–01–08 |
| URL: | http://d.repec.org/n?u=RePEc:col:000196:019617&r= |
| By: | Bruno S. Frey; Andre Briviba |
| Abstract: | This paper presents a proposal to deal with cultural overtourism causing substantial negative effects. They burden the local population, tourists, and the natural environment by overcrowding, vandalism, and pollution. While at present tourism is suppressed by governments due to the COVID-19 pandemic, it will likely become a major issue again in the future. Our proposal allows us to think about the way cultural tourism should be organized in the future and how to mitigate the negative externalities affecting cultural heritage as well as the local population and the natural environment. As an innovation to overcome these problems, the heavily visited historical sites are to be replicated in a suitable nearby location. Advanced digital technology such as augmented and virtual reality, holograms, and digital twins are to be used to make the cultural sites attractive to all sorts of tourists. |
| Keywords: | Overtourism; innovation; Revived Original; copy; digital technology |
| JEL: | P48 Z10 Z18 Z38 Z30 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2021-31&r= |
| By: | Karel Martens (Technion, Israel Institute of Technology) |
| Abstract: | This paper discusses two variants of the accessibility paradigm for transport planning. The extensive paradigm aims to radically overhaul transport planning to incorporate issues of environmental quality, urban sprawl, safety and health. Its adoption is unlikely in the medium term and raises questions about the role of the transport planner. The limited paradigm calls for transport planning to adopt accessibility indicators in place of mobility indicators. However this will not meet the underlying goals of the accessibility critique. A change in the focus of transport planning is needed from the functioning of transport networks to the service that differently placed people receive from the transport system. |
| Date: | 2020–11–19 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaab:2020/24-en&r= |
| By: | Alessio Lombini |
| Abstract: | In this paper, I estimate the impact of heterogeneity in non-tariff-measures (NTMs) policies on countries' global value chains (GVCs)-related trade and its backward and forward components. I firstly build a regulatory distance (RD) index, which measures the degree of dissimilarity in NTMs structures between two trade partners. By including the RD index in a structural gravity model, I then find a significant negative effect of regulatory distance on total, backward, and forward GVC-related trade. The negative impact results to be even stronger when I conduct the analysis only on manufacturing sectors. On the country dimension, I demonstrate that the effects of regulatory distance are associated with the exporters' and the importers' income levels. |
| Keywords: | Gravity equation, non-tariff measures, regulatory distance, trade protection, international trade, global value chains, technical regulations. |
| JEL: | E16 F13 F14 F15 F63 L51 O40 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:21-08&r= |
| By: | Marisa Bucheli (Universidad de la República (Uruguay). Facultad de Ciencias Sociales, Departamento de Economía.); Andrea Vigorito (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | There is limited quantitative research on the effect of parental union dissolution on children’s well-being in developing countries. Based on three waves of a longitudinal study that follows up a cohort of Uruguayan children from age 6 to 19, we study the short- and medium-term effects of parental separation on school attendance, grade repetition, completed years of schooling, socio-emotional status, time devoted to a wide set of activities, and labour force participation. We carry out a fixed effect estimation comparing children from married or cohabiting couples that remained together versus a similar group that split after 2004. We find evidence that union dissolution worsens child educational outcomes in the short and medium term. Meanwhile, at age 19, socio-emotional well-being, labour force participation and worked hours remain unchanged. Although effects by gender and timing of the divorce (childhood or adolescence) are similar in the short term, at age 19 girls’ educational outcomes are almost unaffected. We do not find robust differences related to child support payments and contact with co-resident fathers. We also explore a set of potential moderators, such as household income, maternal employment, access to durable goods and public transfers, which suggest that worsened educational outcomes are closely connected to post-separation economic hardship. |
| Keywords: | union dissolution; child support; education; socio-emotional well-being; Uruguay; panel data |
| JEL: | J12 J13 I30 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-09-21&r= |
| By: | Viva O. Bartkus; Wyatt Brooks; Joseph P. Kaboski; Carolyn E. Pelnik |
| Abstract: | Middlemen are ubiquitous in supply chains. In developing countries they help bring products from remote communities to end markets but may exert strong market power. We study a cooperative intervention which organizes together poor fishing communities in the Amazon — one of the poorest and most remote regions of the world — to purchase large boats in order to partially bypass middlemen and deliver their fish directly to market. We find that the intervention increases income by 27%, largely through an increase in price received, and also increases consumption. Moreover, the intervention is highly cost effective with the projected stream of income |