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on Sociology of Economics |
| By: | Debraj Ray; Arthur Robson |
| Abstract: | In economics, alphabetical name order is the baseline norm for joint publications. A growing literature suggests, however, that alphabetical order confers uneven benefits on the first author. This paper introduces and studies certified random order, which involves randomization of names that is institutionally ratified by a commonly understood symbol. Certified random order maintains all the ethical niceties of alphabetical order, but in addition: (a) it distributes the psychological and perceptual weight given to first authorship evenly over the alphabet, (b) it allows either author to signal credit when contributions are extremely unequal, (c) it will be willingly adopted in a decentralized manner even in an environment where alphabetical order is dominant, (d) it is robust to deviations, (e) it dominates alphabetical order on the grounds of ex-ante efficiency, and (f) barring the addition of a simple symbol, it is no more complex than the old system, and brings perfect symmetry to joint authorship. |
| JEL: | A10 A14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22602&r=sog |
| By: | Lucas Marc Fuhrer; Benjamin Müller; Luzian Steiner |
| Abstract: | What is the added value of a security which qualifies as a "high-quality liquid asset" (HQLA) under the Basel III "Liquidity Coverage Ratio" (LCR)? In this paper, we quantify the added value in terms of yield changes and, as suggested by Stein (2013), call it HQLA premium. To do so, we exploit the introduction of the LCR in Switzerland as a unique quasi-natural experiment and we find evidence for the existence of an HQLA premium in the order of 4 basis points. Guided by theoretical considerations, we claim that the HQLA premium is state dependent and argue that our estimate is a lower bound measure. Furthermore, we discuss the implications of an economically significant HQLA premium. Thereby, we contribute to a better understanding of the LCR and its implications for financial markets. |
| Keywords: | Basel III, Liquidity Coverage Ratio, high-quality liquid assets, HQLA premium |
| JEL: | E50 G10 G18 G21 G28 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2016-11&r=sog |
| By: | Lukas, Melanie; Rohn, Holger; Lettenmeier, Michael; Liedtke, Christa; Wirges, Monika; Wiesen, Klaus; Schweißinger, Johanna; von Lenthe, Charlotte |
| Abstract: | Human nutrition is responsible for about 30% of the global natural resource use. In order to decrease resource use to a level in line with planetary boundaries, a resource use reduction in the nutrition sector by a factor 2 is suggested. A large untapped potential to increase resource efficiency and improve consumers’ health status is assumed, but valid indicators and general guidelines to assess these impacts and limits can barely be found. Therefore we will have a try to define sustainable limits towards the individuals’ daily diet and therefore stimulate current available scientific debate. Within the paper an examination of existing indicators and assessment methods is carried out. We set the focus on health indicators, such as energy intake, and environmental indicators, such as the carbon or material footprint. The paper aims to provide first, an assessment of core indicators to explore the sustainability impact of foodstuff, and second, a deeper understanding and a discussion of sustainable limits for those dimensions of food and nutrition. Therefore we will discuss several ecological and health indicators which may be suitable to assess the sustainabilty impact and indicate differences or similarities. As a result it becomes obvious that several ecological indicators “point in the same direction” and therefore a discussion about the variability and the variety of these indicators has to be faced in the future. Further the definition of sustainable levels per indicator is an essential aspect to get an idea about the needed barriers for a sustainable nutrition, by now first steps had been made, but no binding guidelines are available yet. Therefore the paper suggests a few indications to set up sustainable levels for health and environmental indicators, based on the idea to reduce the resource use level up to 30-50% in 2030. |
| Keywords: | food, nutritional footprint, footprints, resource-efficiency, resource conservation, natural resource use, sustainability indicators, sustainable levels, Agribusiness, Food Security and Poverty, Health Economics and Policy, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244519&r=sog |
| By: | Verhoosel, Jack; van Bekkum, Michael; Verwaart, Tim |
| Abstract: | Food supply chains consist of many links and operate on a global scale with many stakeholders involved from farm to fork. Each stakeholder maintains data about food products that they handle, but this data is not transparently available to all other stakeholders in the chain due to various reasons. Trust and reciprocity for data sharing is limited and there is insufficient clarity in data ownership and possible legal consequences. However, various stakeholders could benefit from making data available across the supply chain. Food producers are very interested in consumer demands and trends. Growers also want to guide their supply based on the potential demand for specific food products in the near future. In addition, there are various other data sources that contain interesting data for these same stakeholders, such as import/export transactions, production (forecast) data, parcel crop information, local weather predictions and social media streams. To make all stakeholders in the food chain benefit from these data sources and to share data more transparently, the Dutch horticulture and food domain is developing the HortiCube platform via which various data sources are made accessible to application developers using a secure, linked data application interface. This paper describes the development of the HortiCube, the technologies being used and the lessons learned on aligning semantics by mapping of terms and the implementation performance using an example demo application. |
| Keywords: | HortiCube, data sharing, trust and security, semantic alignment, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244530&r=sog |
| By: | Thomas Carver (Motu Economic and Public Policy Research); Arthur Grimes (Motu Economic and Public Policy Research) |
| Abstract: | The positive relationship between income and subjective wellbeing has been well documented. However, work assessing the relationship of alternative material wellbeing metrics to subjective wellbeing is limited. Consistent with the permanent income hypothesis, we find that a consumption measure out-performs income in predicting subjective wellbeing. When objective measures of consumption are combined with self-assessments of a household’s standard of living, income becomes insignificant altogether. We obtain our result utilising household-level data from Statistics New Zealand’s ‘New Zealand General Social Survey’ which contains a measure of material wellbeing called the ‘Economic Living Standard Index’ that combines measures of consumption flows and self-assessments of material wellbeing. |
| Keywords: | Life satisfaction, Subjective Wellbeing, Consumption, Permanent Income Hypothesis, Material Wellbeing |
| JEL: | D12 D63 E21 I31 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:16_12&r=sog |
| By: | KIYOTA Kozo; OIKAWA Keita; YOSHIOKA Katsuhiro |
| Abstract: | This paper examines the competitiveness of industries in six Asian countries—China, India, Indonesia, Japan, South Korea, and Taiwan—using the World Input-Output Database tables from 1995 to 2011. Competitiveness is measured by the value added that industries contribute to the production of final goods, which we refer to as global value chain (GVC) income, rather than by gross exports. We find that the competitiveness of manufacturing is increasing in China, India, and Indonesia, whereas it is decreasing in Japan, South Korea, and Taiwan. Even though we focus on the GVC income rather than gross exports, the increasing competitiveness of Chinese, Indian, and Indonesian manufacturing is remarkable. We also find that, unlike EU countries, Asian countries have generally been able to combine increasing GVC job opportunities with a rise in real income. The GVC income in Asian countries presents a different picture to that in European countries. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16080&r=sog |
| By: | Ghosh, Atish R. (Asian Development Bank Institute); Qureshi, Mahvash S. (Asian Development Bank Institute) |
| Abstract: | While capital flows to emerging markets bring numerous benefits, they are also known to create macroeconomic imbalances (economic overheating, currency overvaluation) and increase financial vulnerabilities (domestic credit growth, bank leverage, foreign currency-denominated lending). But are all inflows the same? In this paper, we examine whether the source of the inflow—residents repatriating foreign assets or nonresidents investing in the country—or the type of inflow (foreign direct investment, portfolio, other investment) makes any difference to the consequences of the capital flow. Our results, based on a sample of 53 emerging markets over 1980–2013, show that when it comes to the source of the inflow, the macroeconomic and financial-stability consequences of flows driven by residents (asset flows) and nonresidents (liability flows) are broadly similar in economic terms. Formal statistical tests, however, suggest that liability flows are more prone to causing economic overheating and domestic credit expansion than asset flows. On the types of inflows, we find that compared to direct investment, portfolio debt and other investment flows are associated with larger macroeconomic imbalances and financial vulnerabilities. We conclude that policy should try to mitigate the untoward consequences of inflows, and shift their composition from risky to safer forms of liabilities. |
| Keywords: | capital flow; emerging markets; macroeconomics; economic overheating; credit expansion; currency; overvaluation; domestic credit; bank leverage; foreign currency; lending; FDI; foreign direct investment; investment; financial stability; asset flow; liability flow; portfolio debt |
| JEL: | F21 F32 F38 F41 F42 F62 |
| Date: | 2016–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0585&r=sog |
| By: | Arna Vardardottir (Copenhagen Business School); Michaela Pagel (Columbia University) |
| Abstract: | We use a very accurate panel of all individual spending, income, balances, and credit limits from a financial aggregation app and document significant payday responses of spending to the arrival of both regular and irregular income. These payday responses are clean, robust, and homogeneous for all income and spending categories throughout the income distribution. Spending responses to income are typically explained by households' capital structures: households that hold little or no liquid wealth have to consume hand-to-mouth. However, we find that few individuals hold little or no liquidity and also document that liquidity holdings are much larger than predicted by state-of-the-art models explaining spending responses with liquidity constraints due to illiquid savings. Given that present liquidity constraints do not bind, we analyze whether individuals hold cash cushions to cope with future liquidity constraints. To that end, we analyze cash holding responses to income payments inspired by the corporate finance literature. However, we find that individuals' cash responses are consistent with standard models without illiquid savings and neither present nor future liquidity constraints being frequently binding. Because these models are inconsistent with payday responses, the evidence suggests the existence of households that spend heuristically and call those the "liquid hand-to-mouth." |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:789&r=sog |
| By: | Rosenbloom, Joshua L.; Ginther, Donna K. |
| Abstract: | One important rationale for federal funding of social science research is its role in addressing pressing social problems. In this article we examine the impact of the National Science Foundation’s (NSF) Information Technology Workforce Program (ITWF) on broadening participation Computing and Information Technology careers. Established in 2000 in response to the declining participation of women and minorities in Computer Science education and Information Technology Careers, the ITWF supported close to $30 million in research before it ended in 2004. We document the quantitative and qualitative effects of this research funding both to illustrate the complex ways in which R&D funding can advance scientific understanding and to identify the challenges that such problem-driven social science research may encounter. The problem of diversity in the IT Workforce has not been solved, but we conclude that the ITWF program nonetheless had important effects on understanding of this problem and efforts to address it. |
| Date: | 2016–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3391&r=sog |
| By: | Nomaler, Onder (UNU-MERIT, and Eindhoven University of Technology); Verspagen, Bart (UNU-MERIT, and Maastricht University, SBE) |
| Abstract: | We bring together the topics of geographical clusters and technological trajectories, and shift the focus of the analysis of regional innovation to main technological trends rather than firms. We define a number of inventive clusters in the US space and show that long chains of citations mostly take place between these clusters. This is reminiscent of the idea of global pipelines of knowledge transfer that is found in the geographical literature. The deep citations are used to identify technological trajectories, which are the main directions along which incremental technological progress accumulates into larger changes. While the origin and destination of these trajectories are concentrated in space, the intermediate nodes travel long distances and cover many locations across the globe. We conclude by calling for more theoretical and empirical attention to the "deep rivers" that connect the "high mountains" of local knowledge production. |
| Keywords: | patent citations, regional concentration of inventive activities, technological trajectories, regional clusters, technological trends |
| JEL: | O33 O31 R11 |
| Date: | 2016–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016048&r=sog |
| By: | Hambloch, Sibylle |
| Abstract: | Ziel des Artikels ist es, die Entstehung und den Wandel des Europäischen Rates als Gremium der Staats- und Regierungschefs der Europäischen Union (EU) zu untersuchen. Der Europäische Rat hat insoweit eine besondere Stellung im EU-Institutionengefüge, als er als Impulsgeber und Systemgestalter fur die weitere Entwicklung der Union fungiert und die zukünftigen grundsätzlichen Ziele der Union festlegt. Seine Aufgaben und Funktionsweise sind heute im Vertrag von Lissabon geregelt. Daraus ergeben sich die folgenden Fragen: Welche Vorstellungen der Mitglieder uber die Form und den Zweck des Europäischen Rates (Leitideen) entstanden bei dessen Gründung und wie veränderten sie sich im Laufe der Zeit? Die Untersuchung der Entwicklung des Europäischen Rates von einem nicht kodifizierten Gremium der Staats- und Regierungschefs zu einem offiziellen Organ der EU impliziert auch Fragen nach der Existenz alter und der Schaffung neuer EG-Strukturen sowie nach supranationaler und intergouvernementaler europäischer Integration. Dabei soll die Theorie des Evolutorischen Institutionalismus zur Analyse herangezogen werden. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hkowis:212016&r=sog |
| By: | TAMADA Dai |
| Abstract: | This paper examines the issue of conflict between the State aid regulation and the protection of foreign investment. Certain kinds of incentives provided by the former East European countries were regarded as illegal "State aid" and thus were terminated. This resulted in allegations of a breach of "fair and equitable treatment" (FET) contained in international investment agreements. Here we can find a conflict between competition law and investment law. From the Investor-State dispute settlement (ISDS) cases, if there was "specific commitment" or "specific entitlement" given by the host State, there can be "legitimate expectation" by the investor and consequently is a breach of the FET clause. In this context, if a foreign investor engages in investment activities, relying on some kind of "aid" from the host State, there must be "specific" assurance or commitment, especially with regard to the content and duration of that aid. Second, there still remains a conflict between the two laws, in the sense that the compensation awarded in ISDS cannot be enforced in the EU countries as it is regarded as "new State aid" by the European Commission. Accordingly, at the time of initial investment, investors should take into consideration of the high risk of subsidies being cut by the host State. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:16051&r=sog |
| By: | Kosten, Dmitri |
| Abstract: | Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and crypto-currencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism. Технический прогресс и технологические достижения в области производства являются главной движущей силой в эволюции систем социально-экономических отношений. Благодаря таким достижениям феодализм сменился капитализмом. Несмотря на то, что индивид приобрел личную и физическую свободы, его материально-финансовая свобода по прежнему контролируется централизованной властью. Для достижения качественно нового уровня продуктивности, заложенного в потенциале новых технологий, необходим качественно новый уровень сотрудничества. Однако, существующая система централизованного контроля управления и финансов ограничивает и сдерживает производственную экономику. Это ограничение становится особенно очевидным и подчеркивает внутренний конфликт централизованного управления, в то время как для созидания на качественно ином уровне необходимо сотрудничество нового типа. Самые последние достижения технологического прогресса, такие как "умные контракты" и криптовалюты, направлены на глубокую реорганизацию систем. Удаление централизованной власти с управляющего положения изменит текстуру общества, и точнее отразит естественную ячеистую сеть социально-экономических отношений и совместного использования производственных ресурсов. Произойдет переход общества в новую форму социально-экономических отношений, в эпоху Крипто-Социализма. |
| Keywords: | биткоин, блокчеин, крипто-социализм, социально-экономические отношения, децентрализация финансового посредничества, деньги, криптовалюта, пирамида Маслоу, частичное резервирование, эмиссия. Bitcoin, Blockchain, crypto-socialism, socio-economic relations, decentralization of financial intermediation, money, crypto-currencies, Maslow pyramid, system of fractional reserve, devaluation. |
| JEL: | E0 E1 E4 E5 E6 G0 G1 G2 G3 H0 H2 H3 H6 O3 P0 P2 P3 P4 P5 |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73601&r=sog |
| By: | Daron Acemoglu; Leopoldo Fergusson; James A. Robinson; Dario Romero; Juan F. Vargas |
| Abstract: | How should a state which lacks the monopoly of violence go about acquiring it? We investigate the use of high-powered incentives for members of the Colombian army as part of a strategy to combat left-wing guerillas and build the state's monopoly of violence. We show that this top-down state-building effort produced several perverse side effects. Innocent civilians were killed and misrepresented as guerillas (a phenomenon known in Colombia as 'false positives'). Exploiting the fact that Colombian colonels have stronger career concerns and should be more responsive to such incentives, we show that there were significantly more false positives during the period of high-powered incentives in municipalities where a higher share of brigades were commanded by colonels and in those where checks coming from civilian judicial institutions were weaker. We further find that in municipalities with a higher share of colonels, the period of high-powered incentives coincided with a worsening of local judicial institutions and the security situation, with more frequent attacks not just by the guerillas but also by paramilitaries. |
| JEL: | D02 D73 D74 D82 K42 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22617&r=sog |
| By: | Tsukada, Rachel (UNU-MERIT); Lehmann, Christian (Universidade de Brasilia) |
| Abstract: | This paper explores the effects of rainwater harvesting (RWH) on aggregate household labor supply in areas prone to droughts. Using a Brazilian survey on rainwater harvesting, we find that having a RWH infrastructure at the homestead increases household wellbeing through three channels: (i) a direct time allocation effect - since households spend less time fetching water from distant sources, the time saved is allocated to other productive activities; (ii) a direct input effect - since water is an essential input for agricultural households and more labor hours are available, the cistern technology may contribute to increase the household's agricultural production. Both direct effects associate the labor-saving technology with an increase in productive labor supply. Finally, there is (iii) an indirect consumption effect - as a consequence of larger production, households can exchange larger quantities of own production against market goods, further increasing the household wellbeing. |
| Keywords: | poverty, access to water, risk coping, labor supply |
| JEL: | I32 I38 L95 O15 Q25 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016045&r=sog |
| By: | Christian Fons-Rosen; Vincenzo Scrutinio; Katalin Szemeredi |
| Abstract: | This paper uses the entry of large corporations into U.S. counties during the 1980s and 1990s to analyse the effect of plant opening on knowledge spillovers to local inventors. We use a difference-in-differences identification strategy exploiting information on the revealed ranking of possible locations for large plants in the US. Under the identifying assumption that locations not chosen (losers) are a counterfactual for the chosen location (winner), we find that patents of these large corporations are 68% more likely to be cited in the winning counties relative to the losing counties after entry. The effect materializes after the opening of the plant, rather than after the entry decision itself. The increase in citations is stronger for more recent patents whereas patent quality does not seem to play an important role. We find that the increase in citations is larger from patents belonging to the same technology class of the cited patent. |
| Keywords: | productivity; innovation; knowledge diffusion |
| JEL: | O3 R11 R12 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67683&r=sog |
| By: | Holger Graf (School of Economics and Business Administration, Friedrich-Schiller-University Jena); Martin Kalthaus (School of Economics and Business Administration, Friedrich-Schiller-University Jena) |
| Abstract: | We analyze the evolution of the international collaboration network in photovoltaic research. Using data on scientific publications for the period 1980-2015, we apply social network analysis to trace the evolution of the global network of countries and national research networks of organizations. Our objective is to identify the determinants of countries' international research embeddedness by looking at national policies and structural properties of the national research networks. We observe a steady increase of publications and collaboration within the global research network. While there is a small group of countries that remains central throughout all years, several countries emerge and catch up while others lose their relative position.We find that cohesion and connectedness of the national system positively affect research output as well as international embeddedness, whereas centralized systems are less embedded. Policy, especially demand side instruments, has a positive effect on publication output and embeddedness. |
| Keywords: | International Collaboration, Research Network, Photovoltaics, Instrument Mix, Bibliographic Data |
| JEL: | L14 O31 O38 Q42 |
| Date: | 2016–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2016-016&r=sog |
| By: | Vakhshtayn, Victor Semenovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Nazarenko, A.P. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The preprint is devoted to the study of mechanisms of the production of scientific knowledge in modern universities and other academic institutions. In particular, it is focused on relationships between scientific and education activities in the contemporary Russian universities, on strategies and tactics of the academic community during the execution of research projects. Additionally, the preprint concerns the study of assessing applications for a grant by experts of the scientific funds. |
| Keywords: | scientific knowledge, academic institutions |
| Date: | 2016–07–22 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2271&r=sog |
| By: | Tiberti, Marco; Stefani, Gianluca; Lombardi, Ginevra |
| Abstract: | Farm capital structure may have contrasting effects on farm efficiency as a strand of the farm efficiency literature as pointed out ( for a review see for example Davidova and Latruffe 2007). Farmers often use external funding both to cover productions costs and to finance investments (machinery, equipment, buildings) to enhance farm economic performance. The debt is necessary to maintain or improve farm productivity and competitiveness by adopting technological innovation needed to increase farm efficiency. At the same time leverage may affects farm efficiency by influencing farm production decision constrained by lower farm expenditure capacity. In this case, farms response may rely on reducing the necessary expenditures to maintain the production assets with negative consequences on farm productivity, growth and efficiency. Finally, farm leverage may affects the farms capacity to react to market shocks adopting the needed strategic adjustments to maintain productivity, efficiency and competitiveness. A relevant case study for assessing this last effect would be the recent surge in price volatility that affected European and world cereal markets starting from 2008. |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244539&r=sog |
| By: | Giraud, Georges |
| Abstract: | We present an overview of the added-value created by Protected Designation of Origin (PDO) labelling scheme for goat and/or ewe milk cheeses in Europe through literature review. A food product wearing the Protected Designation of Origin (PDO) label has an original trait, strictly related to its area of origin, this trait is not reproducible outside this area. A PDO food product is produced and processed and prepared in its area of production and benefits from a long lasting good reputation. The PDO labelling scheme is based upon the peculiar combination of pedoclimatic conditions and local know-how which makes the product unique and original. The PDO label is a guarantee of origin and protects the collective brand name against fraudulent naming of PDO-like products coming from nowhere, such as Feta-like industrial cheese. |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244527&r=sog |
| By: | Gordon H. Hanson; Matthew J. Slaughter |
| Abstract: | Abstract In this paper, we document the importance of high-skilled immigration for U.S. employment in STEM fields. To begin, we review patterns of U.S. employment in STEM occupations among workers with at least a college degree. These patterns mirror the cycle of boom and bust in the U.S. technology industry. Among younger workers, the share of hours worked in STEM jobs peaked around the year 2000, at the height of the dot-com bubble. STEM employment shares are just now approaching these previous highs. Next, we consider the importance of immigrant labor to STEM employment. Immigrants account for a disproportionate share of jobs in STEM occupations, in particular among younger workers and among workers with a master's degree or PhD. Foreign-born presence is most pronounced in computer-related occupations, such as software programming. The majority of foreign-born workers in STEM jobs arrived in the U.S. at age 21 or older. Although we do not know the visa history of these individuals, their age at arrival is consistent with the H-1B visa being an important mode of entry for highly trained STEM workers into the U.S. Finally, we examine wage differences between native and foreign-born labor. Whereas foreign-born workers earn substantially less than native-born workers in non-STEM occupations, the native-foreign born earnings difference in STEM jobs is much smaller. Further, foreign-born workers in STEM fields reach earnings parity with native workers much more quickly than they do in non-STEM fields. In non-STEM jobs, foreign-born workers require 20 years or more in the U.S. to reach earnings parity with natives; in STEM fields, they achieve parity in less than a decade. |
| JEL: | F22 J61 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22623&r=sog |
| By: | Torun, Huzeyfe (Central Bank of Turkey); Tumen, Semih (Central Bank of Turkey) |
| Abstract: | Although the season of birth variable is often used as an instrumental variable to estimate the rate of returns to schooling in the labor economics literature, there is an emerging consensus that the season of birth is systematically associated with later outcomes in life such as the educational and labor market success; thus, it is highly likely non-random. Using a large micro-level data set from Turkey, we argue that the degree of this non-randomness can be even larger in a developing-country context. Specifically, we show that around 20 percent of all individuals in Turkey have January as their month of birth due to a combination of geographical, seasonal, institutional, and idiosyncratic factors that lead to misreporting. We further document that being January-born strongly predicts worse socio-economic outcomes in later life. We show that this can be a serious problem in evaluating policies that define eligibility based on the month of birth – such as compulsory schooling and compulsory military service laws that set the eligibility birth date cutoff as the January 1st. We confirm the validity of this concern based on a series of regression discontinuity design exercises. We conclude that, in a developing-country context, additional caution should be exercised when using the season-of-birth variable as a statistical tool. |
| Keywords: | season-of-birth effects, IV, education, earnings, family background, misreporting |
| JEL: | C26 I26 J13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10203&r=sog |
| By: | Benjamin L. Collier; Andrew F. Haughwout; Howard C. Kunreuther; Erwann O. Michel-Kerjan; Michael A. Stewart |
| Abstract: | Age and size distinctly affect firms’ financial management of infrequent risks. We examine a rare, severe event using detailed firm-level data collected following Hurricane Sandy in the New York area. Our results follow recent contributions from dynamic risk management theory, namely that larger firms are more likely to insure and to use credit after a shock. We build on this theory, showing tradeoffs between managing frequent versus infrequent risks: young firms, exposed to many risks, do not insure against infrequent events and are ex post credit constrained. Consequently, younger firms and smaller firms disproportionately bore the costs of the shock. |
| JEL: | D22 G22 G28 G32 L25 Q54 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22612&r=sog |
| By: | Antra Bhatt (University of Chicago - Harris School of Public Policy.); Claudio Sardoni (Department of Social Sciences and Economics, Sapienza University of Rome) |
| Abstract: | The paper deals with the analysis of the relationship between public spending and growth as well as the dynamics of the ratio public debt/GDP. We show that a composition of public spending that favours productive expenditures, i.e. those with a direct positive effect on the economy's rate of growth, can determine a situation in which the ratio of the public debt to GDP is stable, even though the government runs primary de cits. We test our theoretical results by considering the Indian case that, for a number of reasons, appears to be consistent with our theoretical hypotheses and assumptions. The results of the empirical analysis substantially support the idea that the dynamics of the economy as well as of the ratio public debt/GDP are crucially contingent on having a public sector that favours productive expenditures. |
| Keywords: | Public expenditure, Growth, Public debt. |
| JEL: | H30 H54 H60 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:saq:wpaper:7/16&r=sog |
| By: | KITANO Taiju |
| Abstract: | Automobile firms commonly offer multiple variants for each of their car models. Heterogeneity at the variant level is an important element to be considered when assessing attribute-based policy interventions, such as tax incentives and subsidy for green cars, because of substantial variant-level heterogeneity in the attributes within a model. This paper presents a discrete choice model of product differentiation at the variant level, and estimates the structural parameters of the econometric model using data at different levels of aggregation: model-level sales and variant-level prices and attributes. Using these estimates, this paper examines the policies to promote green cars in Japan. |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16075&r=sog |
| By: | Vellekoop, Nathanaël |
| Abstract: | Using two datasets containing demographically representative samples of the Dutch population, I study how lifetime experiences of aggregate labor market conditions affect personality. Three sets of findings are reported. First, experienced aggregate unemployment is negatively correlated with the levels of all Big Five personality traits, except for conscientiousness (no significant correlation). Second, in panel data models with individual fixed effects I find that changes in experienced aggregate unemployment cause changes in emotional stability and agreeableness for men, and conscientiousness for women. The correlation is positive, and effects are economically large. Thirdly, I report suggestive evidence that the main driver is experienced aggregate unemployment, instead of other macroeconomic variables as experienced GDP, stock market returns or inflation. Taken together, these findings suggest that changes in Big Five personality traits are systematically related to experienced aggregate labor market conditions. |
| Keywords: | personality traits,Big Five,locus of control,labor market,unemployment |
| JEL: | D01 D12 E23 E32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:142&r=sog |
| By: | Idrisov, Georgy (Gaidar Institute for Economic Policy); Ponomarev, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Pleskachev, Yury Andreevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents the results of research and assessment of the combined exchange rate and import duty pass-through effect in the Russian economy and its key features. We used data on the basic macroeconomic indicators, published by the Central Bank of the Russian Federation and the Federal State Statistics Service, Federal Customs Service, as well as scientific, analytical and statistical publication of Russian and foreign sources, including international organizations. |
| Keywords: | exchange rate, import duty, economy |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1666&r=sog |
| By: | Alessandro Innocenti |
| Abstract: | The paper provides a review of research using virtual reality as a tool in experimental economics. It addresses the question of whether behavior in virtual environments is a valuable source of empirical evidence for economists. A typology of virtual reality experiments based on the difference between low-immersive (LIVE) and high-immersive virtual environments (HIVE) is offered. It is argued that virtual reality experiments are framed field experiments, which allow testing the effect of contextual cues on economic decision-making under the strict control of the experimenter. This feature enhances replicability and attenuates the context-free illusion that represents an important limitation of the standard laboratory approach in economics. |
| Keywords: | virtual reality, experimental economics, laboratory methods, virtual worlds, immersive environments. |
| JEL: | B41 C90 C93 |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:usi:labsit:049&r=sog |
| By: | Takao Fujii (Kobe University of Foreign Studies); Yoichi Matsubayashi (Graduate School of Economics, Kobe University) |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:1626&r=sog |
| By: | W. Robert Reed (University of Canterbury); Aaron Smith |
| Abstract: | We show that cointegration among times series paradoxically makes it more likely that a unit test will reject the unit root null hypothesis on the individual series. If one time series is cointegrated with another, then it can be written as the sum of two processes, one with a unit root and one stationary. It follows that the series cannot be represented as a finite-order autoregressive process. Unit root tests use an autoregressive model to account for autocorrelation, so they perform poorly in this setting, even if standard methods are used to choose the number of lags. This finding implies that univariate unit root tests are of questionable use in cointegration analysis. |
| Keywords: | Unit root testing, cointegration, Augmented Dickey-Fuller test, Akaike Information Criterion (AIC), Bayesian Information Criterion (BIC), Modified Akaike Information Criterion (MAIC) |
| JEL: | C32 C22 C18 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:16/19&r=sog |
| By: | Drago, Carlo |
| Abstract: | Regarding complex networks, one of the most relevant problems is to understand and to explore community structure. In particular it is important to define the network organization and the functions associated to the different network partitions. In this context, the idea is to consider some new approaches based on interval data in order to represent the different relevant network components as communities. The method is also useful to represent the network community structure, especially the network hierarchical structure. The application of the methodologies is based on the Italian interlocking directorship network. |
| Keywords: | Complex Networks, Community Detection, Communities, Interval Data, Interlocking Directorates, Research Methods/ Statistical Methods, C4, C60, L14, |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemet:244529&r=sog |
| By: | Grace Gimon Betancourt (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Armando Segnini (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Carlos Trabuco (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Amira Rezgui (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom, MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - Télécom Bretagne - UBO - Université de Bretagne Occidentale - UBS - Université de Bretagne Sud - UEB - Université européenne de Bretagne - UR1 - Université de Rennes 1 - Université Rennes 2 - Institut Mines-Télécom - Ecole Nationale de la Statistique et de Analyse de l'Information - Rennes, ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société); Nicolas Jullien (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom, MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - Télécom Bretagne - UBO - Université de Bretagne Occidentale - UBS - Université de Bretagne Sud - UEB - Université européenne de Bretagne - UR1 - Université de Rennes 1 - Université Rennes 2 - Institut Mines-Télécom - Ecole Nationale de la Statistique et de Analyse de l'Information - Rennes, ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société) |
| Abstract: | In this study, we were interested in studying which characteristics of virtual teams are good predictors for the quality of their production. The experiment involved obtaining the Spanish Wikipedia database dump and applying different data mining techniques suitable for large data sets to label the whole set of articles according to their quality (comparing them with the Featured/Good Articles, or FA/GA). Then we created the attributes that describe the characteristics of the team who produced the articles and using decision tree methods, we obtained the most relevant characteristics of the teams that produced FA/GA. The team's maximum efficiency and the total length of contribution are the most important predictors. This article contributes to the literature on virtual team organization. |
| Keywords: | Wikipedia,Epistemic Community,Article quality,Teaming |
| Date: | 2016–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01354368&r=sog |
| By: | Paul Théron (CREST - CREST (Crises & Resilience - Economy, Society, Technology)) |
| Abstract: | This lecture shows, out of multiple perspective research works, that resilience is a struggle against collapse. After reviewing findings from several existing research currents, the lecture presents several examples of incidents that show that under (very) adverse circumstances sociotechnical systems degrade and that their capacity to surmount adversity under those circumstances (as opposed to the post-incident period) those systems display an ability to struggle, i.e. to instrument every available margin of manoeuvre, in order to keep dangers at bay and to regain control over the course of events. Seven general conclusions, at this stage of the research, are presented. A priori, they seem to apply to any type and size of social and sociotechnical systems. Five conclusions end the lecture, in the form of points of attention for critical infrastructure protection (CIP) practitioners. |
| Keywords: | Resilience,Resilience Engineering,Resilience as performance,Resilience capacity,Resilience dynamics,Critical Infrastructure Protection |
| Date: | 2016–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:cel-01342846&r=sog |
| By: | Marta De Philippis |
| Abstract: | Increasing the number of Science, Technology, Engineering and Math (STEM) university graduates is considered a key element for long-term productivity and competitiveness in the global economy. Still, little is known about what actually drives and shapes students' choices. This paper focusses on secondary school students at the very top of the ability distribution and explores the effect of more exposure to science on enrolment and persistence in STEM degrees at the university and on the quality of the university attended. The paper overcomes the standard endogeneity problems by exploiting the different timing in the implementation of a reform that induced secondary schools in the UK to offer more science to high ability 14 year-old children. Taking more science in secondary school increases the probability of enrolling in a STEM degree by 1.5 percentage point and the probability of graduating in these degrees by 3 percentage points. The results mask substantial gender heterogeneity: while girls are as willing as boys to take advanced science in secondary school - when offered -, the effect on STEM degrees is entirely driven by boys. Girls are induced to choose more challenging subjects, but still the most female-dominated ones. |
| Keywords: | university education; high school curriculum; STEM |
| JEL: | I21 I28 J16 J24 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67679&r=sog |
| By: | Charles Nolan; Plutarchos Sakellaris; John D. Tsoukalas |
| Abstract: | Following the recent global nancial crisis, there have been many sig- ni cant changes to nancial regulatory policies. These may have re- duced the likelihood and future cost of the next crisis. However, they have not addressed the central dilemma in nancial regulation which is that governments cannot commit not to bail out banks and other - nancial rms. We develop a simple model to re ect this dilemma, and argue that some form of penalty structure imposed on key decision- makers post-bailout is necessary to address it. |
| Keywords: | Financial Crisis, Bank bail-outs, Systemic risk, Macropru- dential policy |
| JEL: | E2 E3 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:gla:glaewp:2016_17&r=sog |
| By: | Kosten, Dmitri |
| Abstract: | Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and cryptocurrencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism. |
| Keywords: | Bitcoin, Blockchain, Crypto-Socialism, socio-economic transformation, socio-economic framework, smart contract, sharing economy, distributed trust, function of money, financial decentralization, financial desintermediation |
| JEL: | B50 B53 E00 E02 E40 E41 E42 E43 E44 E49 E5 E50 E51 E52 E58 E59 K00 K20 P00 P20 P40 |
| Date: | 2015–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73568&r=sog |
| By: | Marcel Nutz; Florian Stebegg |
| Abstract: | Two probability distributions $\mu$ and $\nu$ in second stochastic order can be coupled by a supermartingale, and in fact by many. Is there a canonical choice? We construct and investigate two couplings which arise as optimizers for constrained Monge-Kantorovich optimal transport problems where only supermartingales are allowed as transports. Much like the Hoeffding-Fr\'echet coupling of classical transport and its symmetric counterpart, the Antitone coupling, these can be characterized by order-theoretic minimality properties, as simultaneous optimal transports for certain classes of reward (or cost) functions, and through no-crossing conditions on their supports. However, our two couplings have asymmetric geometries due to the directed nature of the supermartingale constraint. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.02867&r=sog |
| By: | SUZUKI Satoko; TAKEMURA Kosuke |
| Abstract: | Past research has shown mixed results for the effect of diversity toward innovation. We hypothesize that leadership is a key in its success. In particular, we focus on the leader's universal-diverse orientation. Team diversity could lead to low social integration which affects team creativity; however, leaders with a high universal-diverse orientation ("universal-diverse" leaders) moderate this relationship between social integration and creativity. The conceptual model is assessed using survey data of 41 teams from mid- and large-sized Japanese companies. The results show that diversity is negatively associated with a group's social integration, and that social integration has a positive effect on creativity. The results also indicate that the universal-diverse leader mitigates the negative relationship between diversity and creativity through decreased social integration. This research contributes to diversity and group performance literature in two ways. First, it identifies a new moderator in the relationship between diversity and group performance. Second, it connects two research streams: diversity and group performance literature and leadership literature. The findings of the study also provide implications for policy makers and managers. Today, in Japan, diversity is considered as a key for economic growth. Thus, Japanese government is enforcing policies that support Japanese firms to diversify, and the latter are increasing their efforts to diversify. However, in order to obtain positive effects of diversity on firm performance, it is not enough simply to diversify their organizations. It is also important to have the universal-diverse leaders manage the diversified groups. Hence, it is important for the government and companies to also increase efforts in educating leaders. Leaders need to have universal-diverse orientation, and they need to be able to understand people's similarities and differences and effectively manage the diverse groups. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16086&r=sog |
| By: | Calogero Guccio (Department of Economics and Business, University of Catania); Marco Martorana (Department of Economics and Business, University of Catania); Isidoro Mazza (Department of Economics and Business, University of Catania); Ilde Rizzo (Department of Economics and Business, University of Catania) |
| Abstract: | The diffusion of social media platforms in public services calls for investigating their role in terms of supply and consumption. In cultural heritage, the application of such technologies has manifold implications ranging from preservation, to production and usage of cultural goods. This paper explores the scope for the use of new media in cultural heritage using website services. More specifically, we investigate the efficiency of public historical archives (PHAs) in Italy over the period 2009-2014 and try to assess the influence of websites on their efficiency. We use a two-stage approach involving the estimation of the frontier using Data Envelopment Analysis (DEA) and Window DEA (WDEA) to obtain PHAs efficiency scores and evaluate the effect of the use of websites on efficiency. |
| Keywords: | Innovation; Public services; Cultural heritage; Archives; Non parametric frontier |
| JEL: | Z1 D24 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cue:wpaper:awp-10-2016&r=sog |
| By: | Kara Contreary; Irma Perez-Johnson |
| Abstract: | Behavioral science draws on insights from psychology and other social sciences to study how cognitive, social, and emotional factors contribute to individual decision making. |
| Keywords: | disability, employment, return-to-work, behavioral intervention |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:eb0866503867465fa23f3b394992239c&r=sog |
| By: | Adler, Matthew; Anthoff, David; Bosetti, Valentina; Garner, Greg; Keller, Klaus; Treich, Nicolas |
| Abstract: | The social cost of carbon (SCC) is a monetary measure of the harms from carbon emission. Specifically, it is the reduction in current consumption that produces a loss in social welfare equivalent to that caused by the emission of a ton of CO2. The standard approach is to calculate the SCC using a discounted-utilitarian social welfare function (SWF)—one that simply adds up the well-being numbers (utilities) of individuals, as discounted by a weighting factor that decreases with time. The discounted-utilitarian SWF has been criticized both for ignoring the distribution of well-being, and for including an arbitrary preference for earlier generations. Here, we use a prioritarian SWF, with no time-discount factor, to calculate the SCC in the integrated assessment model RICE. Prioritarianism is a well-developed concept in ethics and theoretical welfare economics, but has been, thus far, little used in climate scholarship. The core idea is to give greater weight to well-being changes affecting worse off individuals. We find substantial differences between the discounted-utilitarian and non-discounted prioritarian SCC. |
| Keywords: | Prioritarianism, Social Welfare Function, Social Cost of Carbon, Resource /Energy Economics and Policy, Q54, I30, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244334&r=sog |
| By: | Andrej Srakar (Institute for Economic Research, Faculty of Economics, University of Ljubljana, Slovenia); Petja Grafenauer (School of Arts, University of Nova Gorica, Nova Gorica, Slovenia); Marilena Vecco (Erasmus University Rotterdam, The Netherlands) |
| Abstract: | Slovenian art history has received very little (if any) attention from the viewpoint of network theory although there were several examples of artists co-working or working in groups, collectives or even loosely organized clusters (groups from the impressionist Sava in 1904 to postmodern Irwin in 1984). This may be interpreted as a way to acquire better positions in the national and international art circles and on the art market. In our article we use web-based dataset of Slovenska biografija (operated by the Slovenian Academy of Sciences and Arts), which contains data on numerous notable persons throughout Slovenian history to analyze the centrality of individual artistic figures and movements throughout Slovenian art history. We also study the influence of network centrality on cultural production controlling for endogeneity following the instrumental variable approach, proposed in the literature while using a new instrumental variable to solve the problem. Finally, we present results which show that women visual artists used their network positions more intensively than men and provide some first explanations for this observed relationship. In conclusion, we provide some reflections on the importance of these findings for further research work in the area. |
| Keywords: | Slovenian art history, social network analysis, network centrality, artist productivity, instrumental variables, women visual artists |
| JEL: | D85 J49 N70 Z11 C36 C38 C45 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cue:wpaper:awp-09-2016&r=sog |
| By: | Dominique Pepin (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers) |
| Abstract: | By analysing the restrictions that ensure the existence of capital market equilibrium, we show that the coefficient of relative risk aversion and the subjective discount factor cannot be high simultaneously as they are supposed to be to make the standard asset pricing consistent with financial stylised facts. |
| Keywords: | subjective discount factor,risk aversion,asset prices,equilibrium,risk premium |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01299834&r=sog |
| By: | AfDB AfDB |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:adb:adbwps:2349&r=sog |
| By: | Belev, Sergei (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Mamedov, Arseniy (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Moguchev, Nikita Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tischenko, Tatiana Vladimirovna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper presents a comparative analysis of international practices assessment of budget programs. The first section contains a brief description of international experience in the implementation of elements of the Performance-based budgeting. In the five following sections analyze practices of some countries on the most significant areas of the budget process, including approaches to the use of macro-economic forecast scenarios to determine the main parameters of the budget; approaches to the integration of strategic documents and budget planning at the level of the central government; coordination of long-term programs implemented by agencies of the same level of authority and coordination of their activities; coordinating mechanisms between departments / agencies of the central government and regional level in planning and implementing long-term programs; and organizational and administrative documents of executive bodies to assess the effectiveness of long-term budgetary programs. |
| Keywords: | assessment, budget programs, long-term budgetary impact |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1852&r=sog |
| By: | Ruiz-Castillo, Javier; Carrasco, Raquel |
| Abstract: | This paper compares the average productivity of males and females in a set of 2,530 highly productive economists that work in 2007 in a selection of the top 81 Economics departments worldwide. The main findings are the following. Firstly, after controlling for age and cohort effects, as well as for the effect of four career variables and a variable on geographic mobility, the productivity of females is, on average, 54% lower than the productivity of males. Secondly, the gender productivity gap decreases as we move up from the departments outside the U.S. towards the top ten U.S. departments. Thirdly, when we restrict our attention to the 833 economists with above average productivity, the proportion of females decreases from 14.0% to 5.4% and, after controlling for demographic and career variables, the gender productivity gap decreases to 15.8%. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cte:werepe:23525&r=sog |
| By: | Li, Xianghong; Zhao, Xinlei |
| Abstract: | We use the October 2008 Countrywide legal settlement as a natural experiment to investigate how borrowers may change their payment behavior to be eligible for loan modifications. We find that the Countrywide modification program induces strategic default among both borrowers current in their loan payments and those already in payment delinquency before the settlement. By January 2009, modification-induced strategic default is about nine percentage points, on a base default rate of 30 percent, and such strategic behavior is more severe among riskier loans. These findings have implications on designs of loan modification programs that are different from the existing literature. |
| Keywords: | Loan modification, mortgage modification program, strategic default, Countrywide legal settlement |
| JEL: | G18 G21 |
| Date: | 2016–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73594&r=sog |
| By: | Neil Seftor |
| Abstract: | This article examines education research through the filter of a long running systematic review to assess research quality over time and the role of the systematic review in producing evidence. |
| Keywords: | education, content area, methodological development |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:135e82100e784dad803fe9c893cf71c7&r=sog |
| By: | Bruce Knuteson |
| Abstract: | The solution to science's replication crisis is a new ecosystem in which scientists sell what they learn from their research. In each pairwise transaction, the information seller makes (loses) money if he turns out to be correct (incorrect). Responsibility for the determination of correctness is delegated, with appropriate incentives, to the information purchaser. Each transaction is brokered by a central exchange, which holds money from the anonymous information buyer and anonymous information seller in escrow, and which enforces a set of incentives facilitating the transfer of useful, bluntly honest information from the seller to the buyer. This new ecosystem, capitalist science, directly addresses socialist science's replication crisis by explicitly rewarding accuracy and penalizing inaccuracy. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.03223&r=sog |
| By: | Marion Dupoux |
| Abstract: | Land use change (LUC) is the second human-induced source of greenhouse gases (GHG). This paper warns about the LUC time-accounting failure in internalizing GHG impacts in economic appraisal (within policies). This emerges from (i) relative carbon prices commonly following the Hotelling rule as if climate change were regarded as an exhaustible resource problem and (ii) a uniform annualization (i.e. constant flows over time) of LUC impacts supported by most energy policies. First, carbon prices time evolution should account for the climate change framework specificities (natural carbon absorption, uncertainty), which makes a departure from the Hotelling rule necessary. Second, there is a carbon dynamic after land conversion: GHG impact flows are strictly decreasing over time. With a theoretical framework, I show that the employment of the uniform annualization, within a benefit-cost analysis, enhances both the discounting overwhelming effect and the carbon price increase, whatever the type of impact (emissions or sequestrations). It results in skewed values of LUC-related projects as long as relative carbon prices deviate from the Hotelling rule. I apply this framework to global warming impacts of bioethanol in France and quantify this bias. In particular, carbon profitability payback periods under the uniform approach do not reflect the LUC effective carbon investment. This potentially modifies the conclusions regarding a project’s achievement of imposed environmental criteria. |
| Keywords: | benefit-cost analysis, land use change, relative carbon price. |
| JEL: | D61 H43 Q15 Q16 Q48 Q54 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-28&r=sog |
| By: | Hedtke, Reinhold |
| Abstract: | In diesem Beitrag versuche ich exemplarisch zu zeigen, wie fragwürdig verbreitete Selbstverständlichkeiten einer wirtschaftswissenschaftlichen ökonomischen Bildung sind. Als Alternative dazu skizziere ich Elemente eines sozialwissenschaftlichen Ansatzes ökonomischer Bildung. Eine sozialwissenschaftliche Wirtschaftsdidaktik und eine sozialwissenschaftlich angelegte ökonomische Bildung unterscheiden sich in einigen Punkten erheblich von den rein wirtschaftswissenschaftlichen Konzeptionen. |
| Keywords: | Wirtschaftsdidaktik,Ökonomische Bildung,Sozialwissenschaften |
| JEL: | A20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:145989&r=sog |
| By: | Daniele Tavani (Department of Economics, Colorado State University.); Luca Zamparelli (Department of Social Sciences and Economics, Sapienza University of Rome) |
| Abstract: | In this paper, we introduce a twofold role for the public sector in the Goodwin (1967) growth cycle model. The government collects income taxes in order to: (a) invest in infrastructure capital, which directly affects the production possibilities of the economy; (b) finance publicly funded research, which augments the growth rate of labor productivity. We first focus on a special case in which labor productivity growth depends entirely on public research, and show that: (i) provided that the output-elasticity of infrastructure is greater than the elasticity of labor productivity growth to public R&D, there exists a tax rate tau* that maximizes the long-run labor share, but not a growth-maximizing tax rate; (ii) the long-run labor share is always increasing in the share of public spending in infrastructure, and (iii) the presence of public R&D is not enough to stabilize the distributive conflict. We then study a more general model with induced technical change where, as is well known in the literature, the distributive conflict is resolved in the long run. With induced technical change: (iv) the labor share-maximizing tax rate is the same as in the special case; (v) the long-run share of labor is always increasing in the share of public spending in infrastructure, and (vi) maximizing growth requires to levy a tax rate in excess of tau*. |
| Keywords: | Public R&D, Goodwin growth cycle, optimal fiscal policy. |
| JEL: | D33 E11 O38 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:saq:wpaper:6/16&r=sog |
| By: | Giacinta Cestone; Chiara Fumagalli; Francis Kramarz; Giovanni Pica |
| Abstract: | We investigate how Internal Labor Markets (ILMs) allow organizations to accommodate shocks calling for costly labor adjustments. Using data on workers' mobility within French business groups, we find that adverse shocks affecting affliated firms boost the proportion of workers redeployed to other group units rather than external firms. This effect is stronger when labor regulations are stricter and destination-firms are more efficient or enjoy better growth opportunities. Affiliated firms hit by positive shocks rely on the ILM for new hires, especially high-skilled workers. Overall, ILMs emerge as a co-insurance mechanism within organizations, providing job stability to employees as a by-product. Keywords: Internal Labor Markets, Organizations, Business Groups JEL Classification: G30, L22, J08, J40 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:582&r=sog |
| By: | Marcotte, Dave E. (American University) |
| Abstract: | Community colleges have long been recognized for their potential in providing access to post-secondary education for students of limited means. Indeed, the recent #FreeTuition movement is built on community colleges as a cornerstone. Previous research on the value of community colleges in shaping earnings and career outcomes suggests that encouraging access to community college is a good investment. But, the evidence base on this issue is limited. The main limitations stem from the fact that what we know comes from data collected from cohorts of students who studied in community colleges more than twenty years ago. In the meantime, the market for higher education has changed drastically, and the Great Recession and economy of the early 21st Century have reshaped how young Americans are educated and begin their careers. For these reasons, I update the evidence on the employment and earnings effects of community college education. I study the experiences of the Educational Longitudinal Survey (ELS) cohort, which graduated from high school and began studying in community colleges at the start of the Great Recession, and who began their working careers in the years after. The experiences of this cohort are important in their own right, since they provide insight into the experiences of American workers during and after one of the largest economic downturns in modern history. Moreover, this paper will provide insight into the role post-secondary education plays in shaping economic security more generally. |
| Keywords: | education, community college |
| JEL: | I21 I23 I26 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10202&r=sog |
| By: | Claire Nicolas; Stéphane Tchung-Ming; Emmanuel Hache |
| Abstract: | To improve energy security and ensure the compliance with stringent climate goals, the European Union is willing to step up its efforts to accelerate the development and deployment of electrification, and in general, of alternative fuels and propulsion methods. Yet, the costs and benefits of imposing norms on vehicle or biofuel mandates should be assessed in light of the uncertainties surrounding these pathways, in terms of e.g. cost of these new technologies. By using robust optimization, we are able to introduce uncertainty simultaneously on a high number of cost parameters without notably impacting the computing time of our model (a French TIMES paradigm model). To account for the different nature of the uncertain parameters we model two kinds of uncertainty propagation with time. We then apply this formal setting to French energy system under carbon constraint. As uncertainty increases, as does technology diversification to hedge against it. In the transportation sector, low-carbon alternatives (CNG, electricity) appear consistently as hedges against cost variations, along with biofuels. Policy implications of diversification strategies are of importance; in that sense, the work undertaken here is a step towards the design of robust technology-oriented energy policies. |
| Keywords: | Robust optimization; Climate change; Energy transition; Transportation policy. |
| JEL: | C61 O33 Q47 R40 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-29&r=sog |
| By: | Glenn Ellison; Parag A. Pathak |
| Abstract: | Several public K-12 and university systems have recently shifted from race-based affirmative action plans to race-neutral alternatives. This paper explores the degree to which race-neutral alternatives are effective substitutes for racial quotas using data from the Chicago Public Schools (CPS), where a race-neutral, place-based affirmative action system is used for admissions at highly competitive exam high schools. We develop a theoretical framework that motivates quantifying the efficiency cost of race-neutral policies by the extent admissions decisions are distorted more than needed to achieve a given level of diversity. According to our metric, CPS's race-neutral system is 24% and 20% efficient as a tool for increasing minority representation at the top two exam schools, i.e. about three-fourths of the reduction in composite scores could have been avoided by explicitly considering race. Even though CPS's system is based on socioeconomic disadvantage, it is actually less effective than racial quotas at increasing the number of low-income students. We examine several alternative race-neutral policies and find some to be more efficient than the CPS policy. What is feasible varies with the school's surrounding neighborhood characteristics and the targeted level of minority representation. However, no race-neutral policy restores minority representation to prior levels without substantial inefficiency, implying significant efficiency costs from prohibitions on affirmative action policies that explicitly consider race. |
| JEL: | I20 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22589&r=sog |
| By: | Julien Ambrosino (Aerospace Valley, ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA)); Jérémy Legardeur (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA)) |
| Abstract: | In the specific context of coopetition between members of clusters, innovative collaborative projects emergence is a key issue for members and clusters. Given the heterogeneous ecosystems that evolve within the clusters, the interclustering strategy which is conducted to create new types of cross-sectoral projects require new appropriate tools to support creative and new ideas emergence. Strong synergies are highlighted through the use of the discovering matrix and 9 screens tools. These links help facilitators of clusters to optimize the preparation and animation of creative sessions. |
| Abstract: | Dans le contexte spécifique de coopétition entre membres de clusters, l'émergence de projets collaboratifs est une question clé pour les membres et pour les clusters. Compte-tenu des écosystèmes hétérogènes qui évoluent au sein des clusters, la stratégie d'interclustering, menée pour créer de nouveaux types de projets intersectoriels, nécessite de nouveaux outils appropriés pour soutenir l'émergence d'idées nouvelles et créatives. Dans ce papier, de fortes synergies sont mises en évidence par l'utilisation de la matrice de découverte et 9 écrans. Ces liens visent à aider les animateurs de clusters pour optimiser la préparation et l'animation de sessions de créativité. |
| Keywords: | creativity,interclustering,idea generation,TRIZ,innovation management,9 screens,discovering matrix,créativité,génération d'idées,management de l'innovation,9 écrans,matrice de découverte |
| Date: | 2016–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01324526&r=sog |
| By: | Lascaux, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Optimal radius of trust means that firms involved in strategic collaboration maintain relationships which balance both socially embedded ties with traditional partners and connections with companies that possess important new knowledge and technological know-how. Both insufficient and excessive levels of trust harm strategic interests of the parties to interfirm collaboration. In this paper, I explore a range of factors influencing the emergence and evolution of trusting relationships in strategic alliances. |
| Keywords: | trust, strategic collaboration, alliances |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1665&r=sog |
| By: | Verdolini, Elena; Vona, Francesco; Popp, David |
| Abstract: | The diffusion of renewable energy in the power system implies high supply variability. Lacking economically viable storage options, renewable energy integration has so far been possible thanks to the presence of fast-reacting mid-merit fossil-based technologies, which act as back-up capacity. This paper discusses the role of fossil-based power generation technologies in supporting renewable energy investments. We study the deployment of these two technologies conditional on all other drivers in 26 OECD countries between 1990 and 2013. We show that a 1% percent increase in the share of fast-reacting fossil generation capacity is associated with a 0.88% percent increase in renewable in the long run. These results are robust to various modifications in our empirical strategy, and most notably to the use of system-GMM techniques to account for the interdependence of renewable and fast-reacting fossil investment decisions. Our analysis points to the substantial indirect costs of renewable energy integration and highlights the complementarity of investments in different generation technologies for a successful decarbonization process. |
| Keywords: | Renewable Energy Investments, Fossil Energy Investments, Complementarity, Energy and Environmental Policy, Research and Development/Tech Change/Emerging Technologies, Q42, Q48, Q55, O33, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244327&r=sog |
| By: | Kara Contreary; Irma Perez-Johnson |
| Abstract: | This is one of three policy action papers prepared in Year 3 of the Stay-at-Work/Return-to-Work Policy Collaborative, an initiative funded by the Office of Disability Employment Policy in the U.S. Department of Labor. |
| Keywords: | disability, stay at work, return to work, behavioral interventions, job retention, injury, illness |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:e58fc9613c9b4bf3bae31f8485f68a3b&r=sog |
| By: | Neuteleers, Stijn; Mulder, Machiel; Hindriks, Frank (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16014-eef&r=sog |
| By: | Cesa-Bianchi, Ambrogio (Bank of England); Thwaites, Gregory (Bank of England); Vicondoa, Alejandro (European University Institute) |
| Abstract: | This paper constructs a new series of monetary policy surprises for the United Kingdom and estimates their effects on macroeconomic and financial variables, employing a high-frequency identification procedure. First, using local projections methods, we find that monetary policy has persistent effects on real interest rates and breakeven inflation. Second, employing our series of surprises as an instrument in a SVAR, we show that monetary policy affects economic activity, prices, the exchange rate, exports and imports. Finally, we implement a test of overidentifying restrictions, which exploits the availability of the narrative series of monetary policy shocks computed by Cloyne and Huertgen (2014), and find no evidence that either set of shocks contains any endogenous response to macroeconomic variables. |
| Keywords: | Monetary policy transmission; external instrument; high-frequency identification; structural VAR; local projections |
| JEL: | E31 E32 E43 E44 E52 E58 |
| Date: | 2016–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0615&r=sog |
| By: | Jarzębowski, Sebastian; Bezat-Jarzębowska, Agnieszka |
| Abstract: | The aim adopted in the paper is to review methods for assessing the efficiency of supply chains and to carry out their critical evaluation. Literature studies, interviews, analysis of processes in the chains are used for analyzing of interdependence between the individual stages of supply chain and identifying the efficiency of entire supply chain. An important aspect is to determine the possibility of assessing the efficiency of supply chains in selected sectors of agribusiness by using approaches presented in the paper. Within the analyzed methods, the stochastic frontier approach can be an useful tool for estimating the efficiency on the firm level. However, the efficiency scores obtained from estimation of the stochastic frontier have a little use for policy implications and management purposes if the empirical studies do not investigate the sources of the inefficiency. Thus, it is recommended to include into the models external factors like, for instance, the degree of competitive pressure, the ownership form, various managerial characteristics, network characteristics and production quality indicators of inputs or outputs. |
| Keywords: | supply chain management, food supply chains, efficiency, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244526&r=sog |
| By: | Blome, Christine; Augustin, Matthias |
| Abstract: | We propose to use subjective well-being (SWB) measures to determine patient-relevant treatment benefit. Benefit can be measured either prospectively (pre-post) or retrospectively, but both approaches can be biased: Prospective evaluation may be subject to response shift; retrospective evaluation may be subject to recall bias. As prospective and retrospective evaluations often differ in effect size and since there is no gold standard to compare against, the extent of the two biases needs to be determined. Response shift includes reprioritization, reconceptualization, and recalibration. We argue that in SWB measures only recalibration, but not reprioritization and reconceptualization are validity threats. We review approaches to quantify recall bias, response shift, or both in the measurement of health-related quality of life. We discuss which of these approaches are most suitable for application to SWB measurement, where only recall bias and recalibration are to be quantified, ignoring the other two response shift types. Some approaches of bias detection will not be applicable to SWB measurement, because they do not distinguish between recalibration and other types of response shift, or quantify reprioritization and/or reconceptualization alone. For other approaches, it is unclear whether underlying assumptions apply to SWB measurement. Anchor recalibration, structural equation modelling, and ROSALI are most suitable, the latter two with some limitations. Anchor recalibration was considered by its developers to be too difficult for participants to understand in its current form. Refining the anchor recalibration method may provide the most promising way to quantify both scale recalibration and recall bias. |
| Keywords: | health-related quality of life,thentest,response shift,recall bias,scale recalibration,subjective well-being |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hcherp:201612&r=sog |
| By: | Chu, Luke Yu-Wei; Lin, Ming-Jen |
| Abstract: | How economic development affects intergenerational earnings elasticity is not well-documented. In this paper, we estimate intergenerational earnings elasticities between fathers and sons in two periods. In the current period, 2005–2010, Taiwan is already a developed economy with slower economic growth. We apply the two-sample approach developed by Björklund and Jäntti (1997) and find that intergenerational earnings elasticity is around 0.4–0.5 in this period. In the earlier period, 1990–1994, Taiwan was still a developing economy with fast economic growth. We mimic the Björklund-Jäntti two-sample approach and use average earnings by occupation as a proxy for fathers’ earnings. To quantify potential bias, we apply the same method to the 2005–2010 data. Our proxy method yields similar estimates in both the early 1990s and late 2000s. These results suggest stable intergenerational transmission of economic status in Taiwan, despite its rapid economic development. |
| Keywords: | Economic development, Intergenerational earnings, Taiwan, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:vuw:vuwecf:5272&r=sog |
| By: | Christoph Schottmüller (Department of Economics, University of Copenhagen) |
| Abstract: | A decision maker repeatedly asks an adviser for advice. The adviser is either competent or incompetent and his preferences are not perfectly aligned with the decision maker's preferences. Over time the decision maker learns about the adviser's type and fires him if he is likely to be incompetent. If the adviser's reputation for being competent improves, it is more attractive for him to push his own agenda because he is less likely to be fired for incompetence. Consequently, competent advisers are also fired with positive probability. Firing is least likely if the decision maker is unsure about the adviser's type. |
| Keywords: | advice, cheap talk, reputation |
| JEL: | C73 D83 G24 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kuiedp:1610&r=sog |
| By: | Diana Lima (Central Bank of Portugal); Ioannis Lazopoulos (University of Surrey); Vasco Gabriel (University of Surrey) |
| Abstract: | Central banks in charge of banking regulation are less aggressive in their inflation mandate since tight monetary policy conditions could have an adverse effect on the stability of the banking system. Due to the conflict between the two mandates, it has been argued that banking supervisory powers should be assigned to an independent authority to avoid ination bias and enhance social welfare. The rst part of the paper develops a theoretical model that assesses the interaction between different policy transmission channels, namely the credit channel and the banks' balance sheet channel. Focusing on a mandate where central banks are also responsible for banking supervision, cases where the price and financial stabilisation objectives are complementary or conflicting are identfied, highlighting the role of policy instruments and types of macroeconomic shocks on welfare. The second part of the paper empirically assesses whether central banks' combined mandates lead to an inflation bias problem using panel data for 25 industrialised countries from 1975 to 2012. The estimation results show that, once we control for relevant policy and institutional factors (such as the presence of inflation targeting and deposit insurance schemes), the separation of banking supervision and monetary policy does not have a significant effect on inflation outcomes. |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0616&r=sog |
| By: | Fabrice Tourre (University of Chicago) |
| Abstract: | This article analyzes a firm prone to debt runs, and the effect of its portfolio liquidity composition on the run behavior of its creditors. The firm holds cash and an illiquid asset, and is financed with term debt held by a continuum of creditors who decide whether to extend new financing when their debt claim mature. When the firm’s portfolio value deteriorates, creditors are inclined to run, but their propensity to run decreases with the amount of available liquidity resources. The theory has policy implications for micro-prudential bank liquidity regulation: for any leverage ratio, it characterizes the quantity of liquidity reserves a firm should hold in order to deter a run. I solve the model numerically and perform comparative statics, varying the firm’s illiquid asset characteristics and the firm’s debt maturity profile. I discuss the influence of the firm’s portfolio choice and dividend policy on the run behavior of creditors. Two key results emerge: current bank liquidity regulations are too punitive for highly capitalized banks and not conservative enough for less well capitalized institutions, while longer term liabilities do not always lead to less run-prone banks. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:709&r=sog |
| By: | Zwart, Gijsbert; Willems, Bert (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16007-eef&r=sog |
| By: | R. S.J. Koijen; F. Koulischer; B. Nguyen; M. Yogo |
| Abstract: | We use new data on security-level portfolio holdings of institutional investors and households in the euro area to understand the impact of the ongoing asset purchase programme of the European Central Bank (ECB) on the dynamics of risk exposures and on asset prices. We develop a tractable measurement framework to quantify the dynamics of euro-area duration, sovereign and corporate credit, and equity risk exposures as the programme evolves. We propose an instrumental-variables estimator to identify the impact of central bank purchases on sovereign bonds on sovereign bond yields. Our results suggest that the foreign sector sells most in response to the programme, followed by banks and mutual funds, while the purchases of insurance companies and pension funds are positively related to purchases by the ECB. |
| Keywords: | Quantitative Easing, Flow of Risk, Portfolio Rebalancing, Risk Concentration. |
| JEL: | E52 E58 G2 G15 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:601&r=sog |
| By: | Guido BUlligan (Banca d'Italia); Eliana Viviano (Banca d'Italia) |
| Abstract: | Increasing evidence shows that after a flattening occurred in the immediate aftermath of the global financial crisis, the relationship between price inflation and economic slack became stronger in the euro area. By contrast, there is no clear evidence of a strong(er) relationship between wage inflation and unemployment. In this paper we estimate a standard Phillips curve with time-varying coefficients separately for Italy, Spain, Germany and France. We find that, with the exception of Germany, after the global financial crisis the sensitivity of hourly wage changes to labour market slack increased. Second, using administrative microdata available only for Italy, we relate daily wage changes to the local unemployment rate. The results confirm the steepening of the Phillips curve after 2008, also when controlling for composition effects. |
| Keywords: | wage growth, Phillips curve, parameter instability JEL Classification: E24, E31, E58 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_355_16&r=sog |
| By: | Yukitoshi Matsushita |
| Abstract: | Hahn and Ridder (2013) formulated influence functions of semiparametric three step estimators where generated regressors are computed in the first step. This class of estimators covers several important examples for empirical analysis, such as production function estimators by Olley and Pakes (1996), and propensity score matching estimators for treatment effects by Heckman, Ichimura and Todd (1998). This paper develops a nonparametric likelihood- based inference method for the parameters in such three step estimation problems. By modifying the moment functions to account for influences from the first and second step estimation, the resulting likelihood ratio statistic becomes asymptotically pivotal not only without estimating the asymptotic variance but also without undersmoothing. |
| Keywords: | generated regressor, empirical likelihood |
| JEL: | C12 C14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cep:stiecm:587&r=sog |
| By: | Esteban Jaimovich (University of Surrey) |
| Abstract: | We propose a demand-driven growth theory where process innovations and product innovations fulfil sequential roles along the growth path. Process innovations must initially set the economy on a positive growth path. However, process innovations alone cannot fuel growth forever, as their benefits display an inherent tendency to wane. Product innovations are therefore also needed for the economy to keep growing in the long run. When the economy fails to switch from a growth regime steered by process innovation to one driven by product innovation, R&D effort and growth will eventually come to a halt. However, when the switch to a product innovation growth regime does take place, a virtuous circle gets ignited. This happens because product innovation effort not only keeps growth alive when incentives to undertake process innovation diminish, but it also regenerates profit prospects from further process innovation effort. |
| JEL: | O30 O31 O41 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:1016&r=sog |
| By: | Takayuki Mizuno (National Institute of Informatics, School of Multidisciplinary Sciences, SOKENDAI (The Graduate University for Advanced Studies), PRESTO, Japan Science and Technology Agency, The Canon Institute for Global Studies); Takaaki Ohnishi (Graduate School of Information Science and Technology The University of Tokyo, The Canon Institute for Global Studies); Tsutomu Watanabe (Graduate School of Economics, University of Tokyo, The Canon Institute for Global Studies) |
| Abstract: | The distributions of market capitalization across stocks listed in the NASDAQ and Shanghai stock exchanges have power law tails. The power law exponents associated with these distributions fluctuate around one, but show a substantial decline during the dot-com bubble in 1997-2000 and the Shanghai bubble in 2007. In this paper, we show that the observed decline in the power law exponents is closely related to the deviation of the market values of stocks from their fundamental values. Specifically, we regress market capitalization of individual stocks on financial variables, such as sales, profits, and asset sizes, using the entire sample period (1990 to 2015) in order to identify variables with substantial contributions to fluctuations in fundamentals. Based on the regression results for stocks in listed in the NASDAQ, we argue that the fundamental value of a company is well captured by the value of its net asset, therefore a price book-value ratio (PBR) is a good measure of the deviation from fundamentals. We show that the PBR distribution across stocks listed in the NASDAQ has a much heavier upper tail in 1997 than in the other years, suggesting that stock prices deviate from fundamentals for a limited number of stocks constituting the tail part of the PBR distribution. However, we fail to obtain a similar result for Shanghai stocks. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cfi:fseres:cf392&r=sog |
| By: | Seidu, Ayuba; Onel, Gulcan |
| Keywords: | Community/Rural/Urban Development, International Relations/Trade, Labor and Human Capital, |
| Date: | 2016–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iamf16:243993&r=sog |
| By: | Marsha Gold; Catherine McLaughlin |
| Abstract: | The Health Information Technology for Economic and Clinical Health (HITECH) Act set ambitious goals for developing electronic health information as one tool to reform health care delivery and improve health outcomes. With HITECH’s grant funding now mostly exhausted but statutory authority for standards remaining, this article looks back at HITECH’s experience in the first 5 years to assess its implementation, remaining challenges, and lessons learned. |
| Keywords: | health information technology, health care delivery, federal health policy, health reform |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:86cd1786a98744448f416b042a246a04&r=sog |
| By: | Freire-González, Jaume |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:qsh:wpaper:452531&r=sog |
| By: | Geranda Notten; Anne-Catherine Guio |
| Abstract: | This paper develops a simulation approach to study the effects of income transfers on material deprivation. The method is applied to pre-recession and post-austerity EU-SILC data for Germany, Greece, Poland and the United Kingdom. The results show that income transfers can not only reduce income poverty but they can also substantially reduce the extent and depth of material deprivation. Changes in social transfers have therefore a two-fold effect on the Europe 2020 poverty reduction target. |
| Keywords: | economic well-being, poverty, social exclusion, income, material deprivation, social transfers, Europe 2020 strategy, simulation |
| JEL: | D31 I32 I38 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hdl:improv:1617&r=sog |
| By: | International Monetary Fund. |
| Abstract: | In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (212.1 percent of current quota). So far, six purchases totaling the equivalent of SDR 209.49 million have been made, and another one equivalent to SDR 28.65 million will be made available upon completion of the eighth review. The economic recovery is strengthening, supported by large energy-related investments and a gradual recovery in domestic demand. The current account deficit is widening due to import-intensive FDI. Inflationary pressures, however, remain subdued and the exchange rate has been broadly stable vis-Ã -vis the euro. Despite substantial monetary easing, credit growth remains sluggish, constrained by the still sizable overhang of nonperforming loans (NPLs) on bank balance sheets. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/289&r=sog |
| By: | NISHIMURA Kazuo; YAGI Tadashi |
| Abstract: | In this research, we conducted a questionnaire survey on Japanese adults to reflect on the kinds of parenting methods they were subjected to as children and analyzed how these methods affected their future. Using the major factor method, we conducted a principal factor analysis of the responses to 20 questions on the child's relationship with his or her parents during childhood. We derived "interest," "trust," "norm," and "independence" as four factors and added two more indexes: "experience of sharing time with parents" and "strictness of parents." Subsequently, we classified the parenting methods into six types: (1) Supportive, (2) Strict (Tiger), (3) Indulgent, (4) Uninvolved, (5) Abusive, and (6) Average. Using these categories, we compared the average incomes of these children (namely, the adults who took this survey), their happiness quotient, and educational attainment for each of the six types and found that "Supportive" shows the highest score with regard to income, happiness quotient, and educational attainment, whereas "Abusive" shows the lowest score on all three aspects. We also compared the six types of parenting methods in terms of the sense of ethics and found that "Supportive" shows the desired results in every aspect. |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:16048&r=sog |
| By: | Pradeep Dubey; Siddhartha Sahi |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nys:sunysb:16-03&r=sog |
| By: | Claudia Goldin; Lawrence F. Katz |
| Abstract: | American women are working more, through their sixties and even into their seventies. Their increased participation at older ages started in the late 1980s before the turnaround in older men’s labor force participation and the economic downturns of the 2000s. The higher labor force participation of older women consists disproportionately of those working at full-time jobs. Increased labor force participation of women in their older ages is part of the general increase in cohort labor force participation. Cohort effects, in turn, are mainly a function of educational advances and greater prior work experience. But labor force participation rates of the most recent cohorts in their forties are less than those for previous cohorts. It would appear that employment at older ages could stagnate or even decrease. But several other factors will be operating in an opposing direction leading us to conclude that women are likely to continue to work even longer. |
| JEL: | J21 J22 J26 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22607&r=sog |
| By: | Pingjin Deng |
| Abstract: | Consider the Slepian process $S$ defined by $ S(t)=B(t+1)-B(t),t\in [0,1]$ with $B(t),t\in \R$ a standard Brownian motion.In this contribution we analyze the joint distribution between the maximum $m_{s}=\max_{0\leq u\leq s}S(u)$ certain and the maximum $M_t=\max_{0\leq u\leq t}S(u)$ for $0 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04529&r=sog |
| By: | Simon Brière; Bernard Fortin; Guy Lacroix |
| Abstract: | Pour des CV semblables en tout point, Samira Benounis recevra-t-elle moins d’invitations à un entretien d’embauche que Valérie Tremblay dans la région de la Capitale-Nationale (Québec, Canada) ? Cet article tente de répondre à cette question à partir d’une expérience utilisant la méthode de testing par envoi de CV. Nos résultats montrent que, toutes choses égales par ailleurs, la probabilité d’être invitée à un entretien d’embauche diminue de 11 % lorsque la candidate a un nom d’origine maghrébine plutôt que québécoise. Ce constat suggère la présence d’une discrimination à l’embauche des candidates d’origine maghrébine dans la région de la Capitale-Nationale. |
| Keywords: | discrimination à l’embauche, méthode de testing par envoi de CV, région de la Capitale-Nationale (Québec, Canada) |
| JEL: | C93 J71 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:criacr:1605&r=sog |
| By: | Orbie, Jan; Van den Putte, Lore |
| Abstract: | European Union (EU) trade policy has become increasingly contested and politicised. Citizens and politicians have become more and more concerned about the human rights and sustainable development implications of free trade. The European Commission in its 'Trade for All' Strategy has recognized the need for a more value-based trade policy. In the same vein, the EU has included a chapter on Trade and Sustainable Development in recent free trade agreements. However, there is still much uncertainty about the specifics of these legal commitments and about their implementation in practice. In this study, we aim to assess the labour rights commitments in the EU-Peru-Colombia agreement, with a specific focus on Peru and the agricultural sector. Based on an analytical framework that summarises the labour-related commitments of the sustainable development Title into three categories - upholding ILO Core Labour Standards, non-lowering domestic labour law, and promoting civil society dialogue - we conclude that Peru has failed to comply in a number of areas. We also make recommendations for the EU and civil society and suggestions for more profound and systematic research. |
| Abstract: | Diese Studie zeigt, dass sowohl die Peruanische Regierung als auch die EU ihre Bemühungen verstärken könnten, die in ihren Handelsabkommen enthaltenen Verpflichtungen zum Thema Arbeitsnormen einzuhalten, und die Zivilgesellschaft in dieser Hinsicht eine wichtige Rolle spielen könnte. Die Europäische Handelspolitik ist zunehmend umstritten geworden. In Reaktion darauf hat die Europäische Union (EU) in ihren jüngsten Handelsabkommen ein Kapitel zur nachhaltigen Entwicklung aufgenommen, welches Bestimmungen zu den Themen Arbeitsund Umweltschutz enthält. Dies ist unter anderem der Fall für das EU-Peru-Kolumbien Handelsabkommen, das im Jahr 2013 in Kraft getreten ist. Während das Abkommen ein Kapitel zur nachhaltigen Entwicklung enthält und obwohl die Achtung von Arbeitsnormen in Peru allgemein recht gering ist, ist die Einhaltung der Verpflichtungen zu Arbeitsnormen durch Peru im Rahmen des Abkommens bislang nicht untersucht worden. Wir konzentrieren uns in unserer Untersuchung auf den landwirtschaftlichen Exportsektor im breiteren Kontext von Arbeitsnormen. [...] |
| Keywords: | Peru,labour,European Union,trade |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:oefsew:58&r=sog |
| By: | Joaquín Viloria-De-la-Hoz. |
| Abstract: | El objetivo del presente artículo es analizar las circunstancias en que se dio el proceso de Independencia en las provincias del Caribe colombiano, centrado en las acciones ocurridas en la provincia de Santa Marta. Se busca conocer el accionar económico y político de los indígenas, los comerciantes catalanes, los militares venezolanos y los criollos de Santa Marta durante la guerra de Independencia y sus motivaciones para defender la monarquía española o la nueva República. En los albores de la Independencia, la historia de Santa Marta muestra que las autoridades coloniales favorecieron en ocasiones los intereses de los indígenas. Estas acciones generaron fidelidad de los indígenas ante el régimen colonial, el cual ya conocían y no les generaba grandes incertidumbres. La inclinación política de cada grupo estuvo mediada por su desenvolvimiento económico, que también se analizará en este documento. En el caso de Santa Marta, su economía giraba en torno a la actividad portuaria, el comercio interno y externo, así como a los cultivos de caña en las cercanías de la ciudad. En el resto de la provincia la actividad económica dominante fue la ganadería, principalmente en la zona de Valledupar, Valencia de Jesús y Plato. Classification JEL:N01, Z10 y Z19. |
| Keywords: | Santa Marta, Cartagena, Mamatoco, Bolívar, Montilla, Morillo,independencia, realismo, colonia. |
| Date: | 2015–04 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:cheedt:36&r=sog |
| By: | Lyons, Savanna May |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3546&r=sog |
| By: | Parantap Basu (Durham Business School); Kunal Sen (University of Manchester) |
| Abstract: | We examine the e¢ cacy of a popular anti-poverty programme namely, the National Rural Employment Guarantee Act (NREGA) of the Government of India. We argue that a chronic friction of wage payment delay in this áagship programme could adversely a§ect the welfare of the poor through two channels. First, it causes deferred consumption. Second, it turns labour into a credit good which makes the indebted household work harder to clear o§ his existing debt. The loss of welfare persists even when the worker has an outside employment option. If a programme of Önancial inclusion increases the indebtedness of the poor, a wage payment delay in the NREGA programme could escalate this welfare loss although the o¢ cial indicator of success (i.e. participation) may not reveal this friction. |
| Keywords: | NREGA, Employment Guarantee, Credit Good, Financial Inclusion. |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2015_01&r=sog |
| By: | Francis DiTraglia; Camilo García-Jimeno |
| Abstract: | To estimate causal effects from observational data, an applied researcher must impose beliefs. The instrumental variables exclusion restriction, for example, represents the belief that the instrument has no direct effect on the outcome of interest. Yet beliefs about instrument validity do not exist in isolation. Applied researchers often discuss the likely direction of selection and the potential for measurement error in their papers but at present lack formal tools for incorporating this information into their analyses. As such they not only leave money on the table, by failing to use all relevant information, but more importantly run the risk of reasoning to a contradiction by expressing mutually incompatible beliefs. In this paper we characterize the sharp identified set relating instrument invalidity, treatment endogeneity, and measurement error in a workhorse linear model, showing how beliefs over these three dimensions are mutually constrained. We consider two cases: in the first the treatment is continuous and subject to classical measurement error; in the second it is binary and subject to non-differential measurement error. In each, we propose a formal Bayesian framework to help researchers elicit their beliefs, incorporate them into estimation, and ensure their mutual coherence. We conclude by illustrating the usefulness of our proposed methods on a variety of examples from the empirical microeconomics literature. |
| JEL: | B23 B4 C10 C11 C16 C26 C8 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22621&r=sog |
| By: | Adrian Pagan (Sydney Uni) |
| Abstract: | This note shows that the common practice of adding on measurement errors or "errors in variables" when estimating DSGE models can imply that there is a lack of co-integration between model and data variables and also between data variables themselves. An analysis is provided of what the nature of the measurement error would be if it was desired to ensure co-integration. It is very unlikely that it would be the white noise shocks that are commonly used. |
| Keywords: | DSGE models, shocks |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:qut:auncer:2016_05&r=sog |
| By: | Yonatan Ben-Shalom |
| Abstract: | This fact sheet is based on a report for the Office of Disability Employment Policy, U.S. Department of Labor. |
| Keywords: | stay at work, return to work, state strategies |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:be12cdd0b3ea4c6dbe5700a2936cb756&r=sog |
| By: | Daskalopoulou, Irene |
| Abstract: | Democracy is the notion broadly used to denote a society’s commitment towards freedom and a better way of life. The minimum conditions that a country must adhere to in order to be acknowledged as democratic refer to arrangements between rulers and the ruled. In that sense, the key attributes of democracy are institutional guarantees referred to as either political rights and liberties or contestation for public office power and people’s participation. To the extent that these key attributes of democracy are shaped within a variety of different societal contexts, democracy is not a quality that either exists or not. Rather, different democracies exist depending largely on a wide set of societal characteristics. The research aim relates to the analysis of the relationship between democracy and social capital in Greece. In particular, we try to answer the question of whether we can speak of a “democracy – trust continuum” in Greece as suggested by the available literature, and if yes, where in this continuum could we possibly place Greece. An exploratory meta-analysis is used in order to sketch the country’s profile with respect to these phenomena and analyze the democracy – types of trust interrelationship as manifested in the case of Greece. |
| Keywords: | Democracy, social capital, social trust, Greece |
| JEL: | D71 D73 H3 O2 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73627&r=sog |
| By: | Bekker, Paulus (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16010-eef&r=sog |
| By: | Pradeep Dubey; Siddhartha Sahi |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nys:sunysb:16-04&r=sog |
| By: | Jan Hagemejer (Faculty of Economic Sciences, University of Warsaw; National Bank of Poland) |
| Abstract: | Since the transition of Central and Eastern European Countries in 1990s, liberalization in trade has changed the structure of these economies. The structural changes occurred as these countries to become the New Member States (NMS) of the European Union in the first decade of the 21st century. In this paper, we shed lights on these changes by analyzing the position of NMS within the global value chains (GVC). By calculation of upstreamness measures proposed by Antras et al. (2012), and tracing both the structure and the evolution of upstreamness over time, we are able to analyze the change in the organization of production around the world and the role the NMS play in the most important export sectors.. Although we observe a global increasing trend in the upstreamness of all countries, we find the convergence in the distance from final demand in trade of NMS and the EU15. There are, however, some large and persistent sectoral differences. |
| Keywords: | global value chains, upstreamness, European Union, New Member States |
| JEL: | C67 F10 F15 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2016-23&r=sog |
| By: | Soetevent, Adriaan; Hinloopen, Jeroen (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16009-eef&r=sog |
| By: | Tophoven, Silke (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Wenzig, Claudia (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Lietzmann, Torsten (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]) |
| Abstract: | "Official statistics show that children more often depend on social benefits and are more likely to live in low income households than other population groups. The material situation of children has to be considered within the household and family context. Children living in single-parent households show a particularly high risk of poverty. The risk of poverty for children also increases with the number of siblings. Unemployment or a low qualification level of the parents, as well as a non-German nationality are often associated with material deprivation during childhood. Living in poverty often goes along with restricted educational opportunities and a lower degree of social participation. Looking at existing research, in our view, a broader consideration of child poverty which combines different poverty indicators is missing so far. Common concepts of defining poverty have both advantages and disadvantages. Thus, a combination of different approaches to measure poverty is recommended. In addition, the longitudinal life course perspective on child poverty should be further developed." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | Bedarfsgemeinschaft, Arbeitslosengeld II-Empfänger, Niedrigeinkommen, Familieneinkommen, Lebenssituation, Kinder, Armut, Bedürftigkeit, IAB-Haushaltspanel, soziale Deprivation, Familiengröße, Armutsbewältigung |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabfob:201611&r=sog |
| By: | Fang He (Panel Data Research Center, Keio University) |
| Abstract: | This study aims to analyze the impact of husband's income, wife's income, and household income on fertility, using Japanese household survey data, the Japan Household Panel Survey. Permanent income of husband and households were calculated using the average labor income for the past three years, while the wife's imputed wage rate is estimated based on the employment experience, educational attainment, and geographic information. In order to control the endogeneity of income and the heterogeneity of households, the instrumental variable method combined with fixed-effects estimation was applied. The results suggest that husband's permanent income has a positive effect on fertility, while wife's imputed wage rate has a negative effect on fertility. Household income, which is defined as the sum of husband's and wife's labor income, has a significantly positive effect on fertility. |
| Keywords: | Income, Fertility, IV, Fixed-effects |
| JEL: | J13 D13 D31 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2016-020&r=sog |
| By: | Sisco, Matthew R.; Bosetti, Valentina; Weber, Elke U. |
| Abstract: | We analyzed the effects of 10,748 weather events on attention to climate change between December 2011 and November 2014 in local areas across the United States. Attention was gauged by quantifying the relative increase in Twitter messages about climate change in the local area around the time of each event. Coastal floods, droughts, wildfires, strong wind, hail, excessive heat, extreme cold, and heavy snow events all had detectable effects. Attention was reliably higher directly after events began, compared to directly before. This suggests that actual experiences with extreme weather events are driving the increases in attention to climate change, beyond the purely descriptive information provided by the weather forecasts directly beforehand. Financial damage associated with the weather events had a positive and significant effect on attention, although the effect was small. The abnormality of each weather event’s occurrence compared to local historical activity was also a significant predictor. In particular and in line with past research, relative abnormalities in temperature (“local warming”) generated attention to climate change. In contrast, wind speed was predictive of attention to climate change in absolute levels. These results can be useful to predict short-term attention to climate change for strategic climate communications, and to better forecast long-term climate policy support. |
| Keywords: | Climate Attention, Social Media, Extreme Weather, Environmental Economics and Policy, Q54, C81, D80, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244330&r=sog |
| By: | Sanghamitra Bandyopadhyay; Gaston Yalonetzky |
| Abstract: | This paper discusses meanings of intra-generational mobility when variables take values corresponding to either unordered or ordered categories. We propose concepts of maximum and minimum mobility, along with mobility-inducing transformations and related desirable properties. Then we axiomatically characterize indices of individual mobility and social mobility. Our first set of concepts, properties and indices, measures mobility as diversity, unpredictability or instability in people’s status along the accounting period. This notion of mobility is relevant and applicable to both nominal and ordinal variables. Our second set measures mobility as average distance traveled across categories from one period to the next. This latter notion is only relevant for ordinal variables. We apply these indices to measure the extent of mobility in the responses to subjective wellbeing questions in the United Kingdom, using the British Household Panel Survey. |
| Keywords: | Intra-generational mobility; categorical variables; life satisfaction |
| JEL: | D30 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2016-25&r=sog |
| By: | Chu, Angus C.; Cozzi, Guido; Pan, Shiyuan; Zhang, Mengbo |
| Abstract: | This study explores the effects of patent protection in a distance-to-frontier R&D-based growth model with financial frictions. We find that whether stronger patent protection stimulates or stifles innovation depends on credit constraints faced by R&D entrepreneurs. When credit constraints are non-binding (binding), strengthening patent protection stimulates (stifles) R&D. The overall effect of patent protection on innovation follows an inverted-U pattern. An excessively high level of patent protection prevents a country from converging to the world technology frontier. A higher level of financial development influences credit constraints through two channels: decreasing the interest-rate spread and increasing the default cost. Via the interest-spread (default-cost) channel, patent protection is more likely to have a negative (positive) effect on innovation under a higher level of financial development. We test these results using cross-country regressions and find supportive evidence for the interest-spread channel. |
| Keywords: | Patent protection, credit constraints, economic growth, convergence |
| JEL: | E44 O31 O34 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73630&r=sog |
| By: | Soetevent, Adriaan R.; Bruzikas, Tadas (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16015-eef&r=sog |
| By: | Litvintseva, Elena Anan'evna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Karpichev, Viktor Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mamedov, Nizami (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Afanasieva, N.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rybakova, I.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Skipetrova, T.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Fateev, I.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents the results of a scientific analysis of trust as a special form of manifestation of social reality and human existence, certain areas of freedom, the result of co-existence of individuals and social groups. Public trust is a key characteristic of Russian society, which manifests itself as an interpersonal level and at the level of social, including the credibility of the public institutions and the state as a whole.Conceptual development of public trust as a social mechanism for the stabilization of society and the state allowed to consider the phenomenon of "confidence" to the citizens of the state civil servants in the logic of "power - control - citizens' trust - co-management (civic engagement)" |
| Keywords: | civil servants, public police, confidence |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:28610&r=sog |
| By: | Jean Barthélemy (Département d'économie); Eric Mengus (HEC Paris - Recherche - Hors Laboratoire) |
| Abstract: | This paper argues that central bankers should raise inflation when anticipating liquidity traps to signal their credibility to forward guidance policies. As stable inflation in normal times either stems from central banker's credibility, e.g. through reputation, or from his aversion to inflation, the private sector is unable to infer the central banker's type from observing stable inflation, jeopardizing the efficiency of forward guidance policy. We show that this signaling motive can justify level of inflation well above 2% but also that the low inflation volatility during the Great Moderation was insufficient to ensure fully efficient forward guidance when needed. |
| Keywords: | Forward guidance; Inflation; Signaling |
| JEL: | E31 E52 E65 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpecon:info:hdl:2441/713kqq1pgu80lr8fn0lsuuh8lf&r=sog |
| By: | Michael Bordo; Arunima Sinha |
| Abstract: | We examine the first QE program through the lens of an open-market operation under taken by the Federal Reserve in 1932, at the height of the Great Depression. This program entailed large purchases of medium- and long-term securities over a four-month period. There were no prior announcements about the size or composition of the operation, how long it would be put in place, and the program ended abruptly. We use the narrative record to conduct an event study analysis of the operation using the weekly-level Treasury holdings of the Federal Reserve in 1932, and the daily term structure of yields obtained from newspaper quotes. The event study indicates that the 1932 program dramatically lowered medium- and long-term Treasury yields; the declines in Treasury Notes and Bonds around the start of the operation were as large as 114 and 42 basis points respectively. We then use a segmented markets model to analyze the channel through which the open-market purchases affected the economy, namely the portfolio composition and signaling effects. Quarterly data from 1920-32 is used to estimate the model with Bayesian methods. We find that the significant degree of financial market segmentation in this period made the historical open market purchase operation more effective than QE in stimulating output growth. Had the Federal Reserve continued its operations and used the announcement strategy of the QE operation, the Great Contraction could have been attenuated earlier. |
| JEL: | E5 N1 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22581&r=sog |
| By: | Calza, Elisa (UNU-MERIT); Goedhuys, Micheline (UNU-MERIT) |
| Abstract: | Entrepreneurship is the object of renewed and increasing attention, not only by academics, but also by policy makers worldwide. This interest partly results from a positive perception of entrepreneurship as a driver of economic growth, and the urgency for policy makers to find ways to stimulate and sustain economic growth, in developed as well as in developing countries. This trend raises the need to have a clear understanding of the role of entrepreneurship in the economy and society. This paper acknowledges that there is a large heterogeneity across entrepreneurs in their ability to contribute to economic growth. We present insights from macro-economic studies supporting this statement. We next take a micro perspective and discuss the evidence based literature to identify the critical factors and entrepreneur characteristics that can lead to entrepreneurial success and contribute to growth. This discussion serves as a framework against which we reflect on the rationales and effectiveness of entrepreneurial policies in developing countries. |
| Keywords: | entrepreneurship, firm growth, development policy |
| JEL: | O12 O20 L26 |
| Date: | 2016–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016043&r=sog |
| By: | Martha S. Feldman (UCI - University of California, Irvine [Irvine]); Brian Pentland (University of Michigan - U-M (USA) - University of Michigan - U-M (USA)); Luciana D'Adderio (University of Edinburgh); Nathalie Lazaric (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Routine Dynamics, Defintion, Themes in the Special issue |
| Keywords: | relationality , interactions, Dynamics,Organizational Routines,Routines décisionnelles |
| Date: | 2016–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01310289&r=sog |
| By: | Shuhei Takahashi (Kyoto University); Tomoyuki Nakajima (Kyoto University) |
| Abstract: | We analyze lump-sum transfers financed through consumption taxes in a heterogeneous-agent model with uninsured idiosyncratic wage risk and endogenous labor supply. The model is calibrated to the U.S. economy. We find that consumption inequality and uncertainty decrease with transfers much more substantially under divisible than indivisible labor. Increasing transfers by raising the consumption tax rate from 5% to 35% decreases the consumption Gini by 0.04 under divisible labor, whereas it has almost no effect on the consumption Gini under indivisible labor. The divisibility of labor also affects the relationship among consumption-tax financed transfers, aggregate saving, and the wealth distribution. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:797&r=sog |
| By: | Stohr, Christian |
| Abstract: | This paper estimates regional GDP for three different geographical levels in Switzerland. My analysis of regional inequality rests on a heuristic model featuring an initial growth impulse in one or several core regions and subsequent diffusion. As a consequence of the existence of multiple core regions Swiss regional inequality has been comparatively low at higher geographical levels. Spatial diffusion of economic growth has occurred across different parts of the country and within different labor market regions at the same time. This resulted in a bell-shape evolution of regional inequality at the micro regional level and convergence at higher geographical levels. In early and in late stages of the development process, productivity differentials were the main drivers of inequality, whereas economic structure was determinant between 1888 and 1941. |
| Keywords: | Regional data, Inequality, Industrial structure, Productivity, Comparative advantage, Switzerland |
| JEL: | R10 R11 N93 O14 O18 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:86943&r=sog |
| By: | Cottier, Thomas; Holzer, Kateryna; Liechti-McKee, Rachel |
| Abstract: | Der verfassungsrechtliche Spielraum des Gesetzgebers bei der Konkretisierung der Ziele der Nachhaltigkeit im Wirtschafts- und Umweltrecht wird in erster Linie durch die völkerrechtlichen Rahmenbedingungen der WTO sowie die Rechtsbeziehungen der Schweiz mit der EU definiert. Der vorliegende Beitrag behandelt die Frage, ob und inwieweit die Einfuhr von Rohstoffen und unmittelbar daraus gewonnenen Basisprodukten von einer nachhaltigen Produktionsweise im Ausland abhängig gemacht werden darf. Diese Thematik ist in der Umwelt- und Klimapolitik von zunehmender Bedeutung. Herstellungsverfahren und ihre Auswirkungen auf Mensch und Umwelt rücken in den Vordergrund. Der Beitrag zeigt auf, dass die Förderung von freiwilligen Labels und internationalen Standards für Best Practices zwar im Vordergrund steht, einseitige Importrestriktionen von Produkten anknüpfend am Kriterium von sog. PPM (Production and Process Methods) im Rahmen des WTO-Rechts jedoch nicht ausgeschlossen sind, sofern die Grundsätze der Nichtdiskriminierung sowie der Verhältnismässigkeit beachtet werden und vorgängig eine einvernehmliche Lösung mit dem Exportstaat angestrebt wird. Solche Importrestriktionen haben – nebst freiwilligen Massnahmen − als wichtige Instrumente der Umwelt- und Klimapolitik in der Rechtsprechung Anerkennung gefunden. Dies sowohl im Rahmen des Allgemeinen Zoll- und Handelsabkommens als auch des Abkommens zur Beseitigung technischer Handelshemmnisse. Bisher wenig genutzte Möglichkeiten, die Einfuhr zu begrenzen, bestehen darüber hinaus in der Zollpolitik für Produkte, die von ausserhalb des Europäischen Wirtschaftraumes eingeführt werden. Das Freihandelsabkommen zwischen der Schweiz und der EU folgt im Wesentlichen den gleichen Grundsätzen wie das WTO-Recht und lässt PPMs als Unterscheidungsmerkmale für an sich gleichartige Produkte ebenfalls grundsätzlich zu. |
| Date: | 2014–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:wti:papers:778&r=sog |
| By: | Darío G. Cardacci |
| Abstract: | La refactorización de software es una práctica que permite obtener código más legible y ordenado, lo que redundará en beneficios relacionados con aspectos económicos y el tiempo necesario para realizar actividades vinculadas a la obtención de software, como los relacionados con el testing y el mantenimiento en cualquiera de sus formas. A pesar de sus innegables aportes, se deben considerar ciertos aspectos fundamentales dependiendo el tipo de refactorización que se desee realizar. El presente articulo plantea parcialmente cuales podrían ser observados cuando la refactorización que se desee practicar conlleva la transformación de código estructurado a código orientado a objetos. En particular plantea como se modifica y comporta la métrica que monitorea la complejidad ciclomática, cuando en la refactorización propuesta se aplican mecanismos y relaciones válidas en la orientación a objetos e inexistentes en las formas estructuradas para el desarrollo de software. Con este precedente se puede continuar analizando la totalizada de transformadas posibles de un modelo a otro al refactorizar, con el objetivo de establecer qué prácticas resultan positivas respecto de la variable analizada y cuales no son convenientes utilizar. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:592&r=sog |
| By: | HAMAAKI Junya; HORI Masahiro; MURATA Keiko |
| Abstract: | The division of bequests among family members differs sharply between Japan and the United States. Whereas in the United States, bequests tend to be divided equally among decedents’ children, they tend to be divided unequally in Japan. This paper first tries to answer why this is this case. We start by arguing that certain legal and institutional aspects that lead to equal bequests in the United States are not present in Japan. We then investigate patterns of bequest division in Japan to understand parental bequest motives. In particular, we compare the division of bequests in primary and secondary inheritances to examine parental motives and the role of traditional family values in Japan. While in the case of both “primary” and “secondary” inheritances (referring to inheritances where the first parent has died and inheritances in which the second parent has died, respectively) the patterns of bequest division in Japan look generally consistent with a variety of parental bequest motives proposed in the literature, the role of these motives, especially of the dynastic and strategic motives, is more prominent in primary inheritances, in which the surviving spouse has the opportunity to express his/her intentions. However, Japanese parents, contrary to predictions of the altruism model, appear not to bequeath more to economically disadvantaged children. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:esj:esridp:333&r=sog |
| By: | Arturo Erdely |
| Abstract: | The so-called risk diversification principle is analyzed, showing that its convenience depends on individual characteristics of the risks involved and the dependence relationship among them. ----- Se analiza el principio de diversificaci\'on de riesgos y se demuestra que no siempre resulta mejor que no diversificar, pues esto depende de caracter\'isticas individuales de los riesgos involucrados, as\'i como de la relaci\'on de dependencia entre los mismos. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.02774&r=sog |
| By: | Ruiz Gómez, Fernando; Franco Restrepo, Camila; Góngora Salazar, Pamela; Giron Vargas, Sandra Lorena; Rodríguez Norato, Claribel |
| Abstract: | Resumen: Este documento presenta la situación de morbilidad y mortalidad por desnutrición infantil en los ámbitos mundiales, nacional y en especial en el departamento de La Guajira. A partir del reconocimiento de la desnutrición como un resultado multifactorial, el Ministerio de Salud y Protección Social expone el marco de referencia adoptado para comprender y atender, desde sus competencias, la desnutrición infantil como un problema de salud pública en Colombia. Aún cuando los programas e intervenciones realizadas desde el sector salud son importantes, se enfatiza en la necesidad de la acción intersectorial coordinada para lograr disminuir las cifras de morbilidad y mortalidad relacionadas con la desnutrición infantil en el país. |
| Keywords: | Desnutrición infantil, Desnutrición aguda moderada y severa, Determinantes sociales, Seguridad alimentaria y nutricional |
| JEL: | I15 |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:col:000504:015049&r=sog |
| By: | AfDB AfDB |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:adb:adbwps:2350&r=sog |
| By: | Andrew B. Bernard; Andreas Moxnes; Yukiko U. Saito |
| Abstract: | This paper examines the importance of buyer-supplier relationships, geography and the structure of the production network in firm performance. We develop a simple model where firms can outsource tasks and search for suppliers in different locations. Low search and outsourcing costs lead firms to search more and find better suppliers. This in turn drives down the firm’s marginal production costs. We test the theory by exploiting the opening of a high-speed (Shinkansen) train line in Japan which lowered the cost of passenger travel but left shipping costs unchanged. Using an exhaustive dataset on firms’ buyer-seller linkages, we find significant improvements in firm performance as well as creation of new buyer-seller links, consistent with the model. |
| Keywords: | production networks; trade; productivity; infrastructure |
| JEL: | D85 F14 L10 L14 R12 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67664&r=sog |
| By: | Alan Manning |
| Abstract: | There is a huge body of empirical research on the employment effect of the minimum wage that has failed to clearly demonstrate the negative effect that so many economists strongly believe to find. This paper reviews the reasons for this and argues that the literature needs to re-focus to further our knowledge on the topic. |
| Keywords: | Minimum wage; employment |
| JEL: | J3 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67646&r=sog |
| By: | Pirani Elena (Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti", Università di Firenze) |
| Abstract: | As far as cohabitation became increasingly popular as a form of union beside marriage, scholars started to question if this alternative way to form a romantic union shapes differently intergenerational ties. Empirical literature generally offered proofs that the type of union is negatively associated with intergenerational contacts, especially in traditional societies. Past research for the Italian context was in line with this assumption. We intend to assess the effects of choosing cohabitation relative to marriage on the frequency of contact with mother in contemporary Italy, a country where the strong family system is still exercising a main role within the society, but where the force of change in family behaviours is increasing year after year. Using data from a large, nationally representative survey, we study the frequency of contact mother-adult child across marriage and cohabitation, considering three measures of contact: face-to-face contact, telephone contact and mixed contact. In order to overcome endogeneity and selectivity problems, we adopt a simultaneous equation approach. Our findings prove that adult Italians cohabitors of the end of 2000s have a lower probability to meet personally their mother on daily basis relative to marrieds, but they are more likely to have frequent phone calls with her; no differences across marrieds and cohabitors appear when considering a composite indicator of mixed contact. We advance that when face-to-face contact is blocked for some reasons, for instance geographical distance, it is replaced by telephone contact, suggesting a potential compensation among children who live further away from parents. Cohabitors may have a non-traditional vision of the family and of family roles; nevertheless, they stay in touch with their family of origin changing the method of contact. In conclusion, our results do not lead to the indication of deteriorated contacts mother-child for cohabitors. This paper expands and updates previous findings on this issue, illustrating the association between union type and various indicators of contact mother-child in contemporary Italy. We interpret the novelty of these results suggesting that the slow yet incessant diffusion of cohabitation in 2000s has probably contributed to open the route to an increasing acceptance by the old generations, relaxing the parental negative attitude towards their children’s cohabitation decisions. |
| Keywords: | cohabitation; intergenerational ties; Italy; contact |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:fir:econom:wp2016_07&r=sog |
| By: | Thais Nuñez-Rocha (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | A new branch of the literature on international trade and environment suggests that developing countries are becoming waste havens for their developed counterparts, due to environmental regulation differences with trade partners. This paper analyses the effectiveness of the Basel Convention formalisation in the European Union (EU-WSR), by studying the impact of the EU-WSR on hazardous waste trade, first on the less developed EU countries, and then on regions of developing countries. It does so, by means of a gravity model framework applied to a panel data-set. Results show that there is no enough evidence to call for waste haven effect in the less developed EU countries, with both aggregated and disaggregated measures of environmental regulations, but increasing institution efficiency differences could lead to increasing imports of waste. In the regional analysis, there is no evidence of the efficacy of the EU-WSR. These findings provide insights into the efficacy of European engagements on waste trade, indicating that there is no simple answer as to its effect. |
| Keywords: | difference-in-differences,international environmental agreements,Hazardous waste,waste haven effect,international trade,log-linear and ppml gravity model |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01339837&r=sog |
| By: | Byron Gangnes (Department of Economics and UHERO, University of Hawaii); Ari Van Assche (Department of International Business HEC Montréal) |
| Abstract: | The trade collapse of 2008-2009 and the anemic trade growth since then raise the question of whether trade elasticities may be undergoing fundamental structural change. A potential source of such change is the spread of global value chains (GVCs), which have brought a marked increase in the use of intermediate goods and changes in the nature of trade competition. We review the recent literature on the impact of GVCs on measured trade elasticities and the ways in which their emergence may affect how we estimate and interpret trade responsiveness. We then draw out a few implications of recent research for global modeling. |
| Keywords: | Global value chains, trade elasticities |
| JEL: | C5 F14 F23 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:201617&r=sog |
| By: | Hirsch, Darya; Meyer, Christian; Klement, Johannes; Hamer, Martin; Terlau, Wiltrud |
| Abstract: | Agricultural activities within the city boundaries have a long history in both developed and developing countries. Especially in developing countries these activities contribute to food security and the mitigation of malnutrition (food grown for home consumption). They generate additional income and contribute to recreation, environmental health as well as social interaction. In this paper, a broad approach of Urban AgriCulture is used, which includes the production of crops in urban and peri-urban areas and ranges in developed countries from allotment gardens (Schrebergarten) over community gardens (Urban Gardening) to semi-entrepreneurial self-harvest farms and fully commercialized agriculture (Urban Farming). Citizens seek to make a shift from traditional to new (sustainable) forms of food supply. From this evolves a demand for urban spaces that can be used agriculturally. The way how these citizens’ initiatives can be supported and their contribution to a resilient and sustainable urban food system increasingly attracts attention. This paper presents an empirical case study on Urban AgriCulture initiatives in the Bonn-Rhein-Sieg region (Germany). Urban AgriCulture is still a niche movement with the potential to contribute more significantly to urban development and constitute a pillar of urban quality of life. |
| Keywords: | citizen participation, sustainable transition, urban green spaces, social empirical research, food systems, regional food production, Agribusiness, Production Economics, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244536&r=sog |
| By: | Akihiko Takahashi (University of Tokyo); Toshihiro Yamada (Hitotsubashi University) |
| Abstract: | This paper proposes a new analytical approximation scheme for the representation of the forward-backward stochastic differential equations (FBSDEs) of Ma and Zhang (2002). In particular, we obtain an error estimate for the scheme applying Malliavin calculus method for the forward SDEs combined with the Picard iteration scheme for the BSDEs. We also show numerical examples for pricing option with counterparty risk under local and stochastic volatility models, where the credit value adjustment (CVA) is taken into account. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cfi:fseres:cf394&r=sog |
| By: | Salamon, Petra; Weible, Daniela; Weber, Sascha; Christoph-Schulz, Inken |
| Abstract: | with a regional declaration of the origin concerning main ingredients and their place of processing, protected designations of origin (PDO) and protected geographical indications (PGI) regulated by (EU) No 1151/2012 defined by particular quality or other value-adding characteristics or attributes. The German Food, Consumer Goods and Feed Code (LFGB) contains regulations for the protection of consumers against fraud and deception regarding origin labelling (LFGB, Article 11(1), sentence 2). Article 3(1) German Food Labelling Ordinance (LMKV) deals with indirect declarations of origin for food e.g., for milk products whereas it is mandatory to specify the name of the company or producer by an id-code so that an identification is guaranteed. In this context the main point is discussion is, that consumers may want to identify place of origin of the raw material and or processing of dairy products, but, at the moment, they are unable to do so with respect to all products offered. |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244520&r=sog |
| By: | Roosen, Jutta; Dahlhausen, Johanna Lena; Petershammer, Silke |
| Abstract: | Everything consumers do involves making a choice. Looking at these choices, an increasing consumer interest in food products bearing labels identifying non-tangible attributes has been observed over the last years. Consumer concern relates not only to the issue as to what is produced and which product attributes are present in final products, but the growing sentiment relates also to the question of how food is produced in general. Consumers question fairness and justness of production processes with regard to producers (e.g., fair trade labelling) or animals (e.g., animal welfare labelling) and demand support for local supply chains. As a result, certain food production technologies are stigmatized in certain parts of the society. Thereby stigma is defined as “[…] a mark placed on a person, place, technology, or product, associated with a particular attribute that identifies it as different and deviant, flawed, or undesirable.” (Kasperson, Jhaveri & Kasperson, 2001:19). Human values are thought to be at the root of the stigmatization of certain food production technologies. A systematic analysis of human values was introduced in the seminal book by Milton Rokeach in 1973. He defines values “an enduring belief that a specific mode of conduct or end-state of existence is personally and socially preferable to alternative modes of conduct or end-states of existence.” Values hence transgress situations and time. Later work by Schwartz (1994) has refined the definition of values and developed a value survey instrument that links values to ten different value domains. He arranges these along a two-folded dichotomy of self-enhancement versus self-transgression and openness to change versus conservation. In consequence, some of these values relate to egoistic versus altruistic versus biospheric values. Thereby egoistic values refer to an egocentric orientation, altruistic values refer to a homocentric orientation and biospheric values refer to an ecocentric orientation (De Groot & Steg, 2008). |
| Keywords: | Agribusiness, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244482&r=sog |
| By: | Khoufi Nouha (LEAT - Laboratoire d'Electronique, Antennes et Télécommunications - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique); Habib Affes (LEAT - Laboratoire d'Electronique, Antennes et Télécommunications - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les déterminants du délai d'audit et ses implications en termes de fiabilité et de pertinence de l'information financière: un essai de validation dans le contexte français Laboratoire Gouvernance, Finance et Comptabilité GFC : Lab.gfc@gmail.com 2 Résumé Dans le contexte actuel de remise en question de la qualité, et donc de l'utilité, de l'information financière diffusée par les entreprises cotées, la durée d'intervention des commissaires aux comptes représente une composante majeure du délai d'annonce des résultats annuels. En effet, un long délai d'intervention constitue un élément de fiabilité des résultats publiés. Toutefois, une annonce trop tardive des résultats enlève à la pertinence de l'information financière. Le recours à des données de panel sur un échantillon de 250 observations entreprises-années durant la période allant de 2010 à 2014 examine comment la réalité du terrain impose aux auditeurs un arbitrage serré entre pertinence qui suppose une certification et une publication rapide de l'information financière et fiabilité qui suppose un délai minimal permettant aux auditeurs d'accomplir les diligences requises de la mission. Les résultats de la recherche n'appuient pas les hypothèses d'efficience associées à la complexité et au risque de la mission d'audit. Elles semblent privilégier les aspects institutionnels dans l'explication du délai d'audit. Mots clés : Délai d'audit, qualité de l'information financière, les pressions politico-institutionnelles, divulgation des résultats, coûts d'agence, |
| Keywords: | qualité de l’information financière,les pressions politico-institutionnelles,divulgation des résultats,Délai d’audit,coûts d’agence |
| Date: | 2016–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01319297&r=sog |
| By: | Henchion, Maeve; McCarthy, Mary; Resconi, Virginia |
| Abstract: | Quality is a subjective term and means different things to different people. However there is general agreement that beef quality needs to be consistent, and needs to be improved. Furthermore, there is agreement that it will become an increasingly important factor in consumer decision making (Henchion et al., 2014). Informed by quality theory, this paper seeks to determine the relative importance of quality attributes from a consumer perspective through undertaking a systematic review of the literature on consumer attitudes to different beef quality attributes. |
| Keywords: | Meat quality, search attributes, experience attributes, credence attributes, Agribusiness, Food Consumption/Nutrition/Food Safety, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244481&r=sog |
| By: | Michael Peters (Yale University); Fabian Eckert |
| Abstract: | The process of economic growth has many non-balanced features. Of particular importance are employment changes across sectors of production and population changes across space. This paper makes two contributions. First of all, we systematically document these patterns across many countries of the world using detailed micro data. Secondly, we explore wether a parsimoniously parametrized model of trade and geography featuring demand non-homotheticities can explain the comovement between workers moving out of agricultural production and across space. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:774&r=sog |
| By: | van Hoorn, Andr (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16006-gem&r=sog |
| By: | Benhabib, Jess (New York University); Spiegel, Mark M. (Federal Reserve Bank of San Francisco) |
| Abstract: | Using data from the Michigan Survey, we find a strong relationship between expectations concerning national output growth and future state economic activity. This linkage suggests that sentiment influences aggregate demand. This relationship is robust to a battery of sensitivity tests. However, national sentiment is also positively related to past state economic activity. We therefore turn to instrumental variables, positing that agents in states with a higher share of congressmen from the political party of the sitting President will be more optimistic. This instrument is strong in the first stage, and confirms the relationship between sentiment and future state economic activity. |
| JEL: | E20 E32 |
| Date: | 2016–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:2016-19&r=sog |
| By: | NAITO Takumi |
| Abstract: | To examine the effects of unilateral trade liberalization on growth and welfare of the liberalizing and partner countries through intraindustry reallocations, we formulate an asymmetric two-country Melitz model of trade and endogenous growth based on capital accumulation. We obtain two general results analytically. First, each country's mass of exported varieties, revenue share of exported varieties, and growth rate increase if and only if its domestic productivity cutoff increases. Second, compared with the old balanced growth path, a permanent fall in any import trade cost raises the growth rates of all countries for all periods, and welfare of all countries. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16079&r=sog |
| By: | Seidu, Ayuba; Onel, Gulcan |
| Keywords: | Consumer/Household Economics, Food Security and Poverty, Labor and Human Capital, |
| Date: | 2016–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iamf16:243994&r=sog |
| By: | van der Meer, Peter H.; Wielers, Rudi (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16016-hrm&ob&r=sog |
| By: | Miles Kimball (University of Michigan); Christopher House (University of Michigan); Christoph Boehm (University of Michigan); Robert Barsky (Department of Economics) |
| Abstract: | We analyze monetary policy in a New Keynesian model with durable and non-durable goods, each with a separate degree of price rigidity. Durability has profound implications for the business cycle properties of the model and its response to interest rate interventions. Since utility depends on the service flow from the stock of durables, the flow demand for new durables is inherently sensitive to temporary changes in the relevant real interest rate. For a sufficiently long-lived “ideal†durable, we obtain an intriguing variant of the well-known “divine coincidence —in this case, the output gap depends only on inflation in the durable goods sector. We use numerical methods to verify the robustness of this analytical result for a broader class of model parameterizations. We then analyze the optimal Taylor rule for this economy. If the monetary authority places a high weight on stabilizing aggregate inflation then it is optimal to respond to sectoral inflation in direct proportion to the sectoral shares of economic activity. However, if the monetary authority wants to stabilize the aggregate output gap, it puts disproportionate weight on inflation in durable goods prices. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:745&r=sog |
| By: | Luis Garicano; Claire Lelarge; John Van Reenen |
| Abstract: | We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies it to France where many labor laws start to bind on firms with 50 or more employees. Using population date on firms between 1995 and 2007, we structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions. We find that the cost of these regulations is equivalent to that of a 2.3% variable tax on labor. In our baseline case with French levels of partial real wage inflexibility welfare costs of the regulations are 3.4% of GDP (falling to 1.3% if real wages were perfectly flexible downwards). The main losers from the regulation are workers – and to a lesser extent, large firms – and the main winners are small firms. |
| Keywords: | firm size; productivity; labor regulation; power law |
| JEL: | J8 L11 L25 L51 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67684&r=sog |
| By: | Soetevent, Adriaan R.; Bao, Te; Schippers, Anouk L. (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16002-eef&r=sog |
| By: | Sergio Currarini; Carmen Marchiori; Alessandro Tavoni |
| Abstract: | Local interactions and network structures appear to be a prominent feature of many environmental problems. This paper discusses a wide range of issues and potential areas of application, including the role of relational networks in the pattern of adoption of green technologies, common pool resource problems characterized by a multiplicity of sources, the role of social networks in multi-level environmental governance, infrastructural networks in the access to and use of natural resources such as oil and natural gas, the use of networks to describe the internal structure of inter-country relations in international agreements, and the formation of bilateral “links” in the process of building up an environmental coalition. For each of these areas, we examine why and how network economics would be an effective conceptual and analytical tool, and discuss the main insights that we can foresee. |
| Keywords: | networks; environmental externalities; technological diffusion; gas pipelines; common-pool-resources; multi-level governance; coalitions |
| JEL: | N0 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:63951&r=sog |
| By: | J. Sebastián Amador-Torres (Banco de la República de Colombia) |
| Abstract: | In this paper output gaps that include financial cycle information are evaluated against models used in policy analysis by the Colombian central bank. Employing this dataset is no trivial matter, since policy related models are the only relevant yardstick, and emerging economies (such as Colombia) have been historically more vulnerable to financial imbalances. Unlike previous works, finance neutral gaps were evaluated in a monetary policy context exactly as it is routinely performed by a central bank. The distribution of output gap revisions is analyzed, and a metric to compare real time robustness across models is developed. This metric constitutes a novel way to summarize the distribution of real time uncertainty around output gaps, and policy makers should employ it to compare different methods. Also the real time policy performance of finance neutral gaps is studied, separating suggested ex-post from operational ex-ante usefulness. Results suggest finance neutral gaps are neither more robust in real time nor more operationally useful than the benchmark estimates. This implies that policy makers should consider uncertainty to the extent that it affects the estimations real time forecasting capabilities. Classification JEL: E44, E47, E52, E37, C53 |
| Keywords: | Potential output, financial cycle, real-time data, monetary policy, emerging economy |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:958&r=sog |
| By: | Cordoba, Juan Carlos; Liu, Xiying; Ripoll, Marla |
| Date: | 2016–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3568&r=sog |
| By: | Londono, Juan M. |
| Abstract: | Bad contagion, the downside component of contagion in international stock markets, has negative implications for financial stability. I propose a measure for the occurrence and severity of global contagion that combines the factor-model approach in Bekaert et al. (2005) with the model-free or co-exceedance approach in Bae et al. (2003). Contagion is measured as the proportion of international stock markets that simultaneously experience unexpected returns beyond a certain threshold. I decompose contagion into its downside or bad component (the co-exceedance of low returns) and its upside or good component (the co-exceedance of high returns). I find that episodes of bad contagion are followed by a significant drop in country-level stock index prices and by a deterioration of financial stability indicators, especially for more open economies. |
| Keywords: | International stock markets ; Bad contagion ; Downside contagion ; Inter-connectedness ; International integration ; Financial stability ; SRISK |
| JEL: | G15 F36 F65 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1178&r=sog |
| By: | Balbás, Alejandro; Okhrati, Ramin; Garrido, José |
| Keywords: | Actuarial and financial implications; Good deal size measurement; Compatibility between prices and risks; Risk measure |
| JEL: | G22 G13 G11 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:cte:idrepe:23546&r=sog |
| By: | Anna Alberini (University of Maryland,USA); Markus Bareit (ETH Zurich, Switzerland); Adan Martinez-Cruz (ETH Zurich, Switzerland); Massimo Filippini (ETH Zurich, Switzerland) |
| Abstract: | Many countries have adopted policies designed to reduce CO2 emissions from road vehicles. Taxes linked to the CO2 emissions rate or the fuel economy of a vehicle (which is inversely related to its CO2 emissions rate) are examples of such policies. These taxes are usually imposed on new vehicles, and previous evaluations have estimated the increases in the shares or sales of new and fuel-efficient vehicles associated with such taxes. In contrast, we ask whether taxes on new cars that penalize high emitters induce changes in the retirement of used and inefficient vehicles. We exploit natural experiment conditions in Switzerland to analyze the impact of two different “bonus”/“malus” schemes implemented at the cantonal level. In both schemes, the bonus rewards new efficient vehicles. The malus is retroactive in canton Obwalden, in the sense that it is charged on both new and existing high-emitting cars, but it is only applied prospectively to new cars in Geneva. We use a difference-in-difference design within a survival analysis setting. We find that a bonus/malus accelerates the retirement of existing high-emitting vehicles in Obwalden, shortening the expected lifetime of the three most popular make-models by 7 to 11 months. The effect is the opposite in Geneva, where we estimate that the expected lifetime of these three popular models is extended by 5 to 8 months. These findings have important implications about the desirability of bonus/malus schemes and on their design, as well as on old car scrappage programs. |
| Keywords: | Vehicle retirement, Emissions-based taxes, bonus/malus, difference-in-difference, survival analysis, Switzerland |
| JEL: | L62 Q4 Q5 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eth:wpswif:16-257&r=sog |
| By: | Elena Cottini; Paolo Ghinetti (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore) |
| Abstract: | We use register data for Denmark (IDA) merged with the Danish Work Environment Cohort Survey (1995-2000-2005) to estimate the effect of employment insecurity on health for a sample of Danish employees. We consider two health measures from the SF-36 Health Survey Instrument: a vitality scale for general wellbeing and a mental health scale. We use three dimensions of perceived employment insecurity: the fear of job loss (job tenure insecurity), of being transferred against will (job status insecurity) and of not finding another job if the current one is lost (employability insecurity). The nature of the dataset enables us to account for both individual and firm fixed. Results show that, overall, employment insecurity matters for both health measures. All the three insecurity dimensions increase psychological distress of workers, while general wellbeing is negatively affected mostly by employability prospects. We also exploit within country variability in employment protection rules by tenure and between blue and white collars to analyse differences in the health effect of our insecurity measures over these dimensions. We find substantial heterogeneity by tenure (attenuated effects by increasing tenure especially for job tenure insecurity) and occupation (white collars are worse off in their health gradient compared to blue collars). |
| Keywords: | job insecurity, employability, mental health, vitality, individual plus firm fixed effects. |
| JEL: | I12 J81 J65 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie1:def045&r=sog |
| By: | Yeh, Ching-Hua; Hartmann, Monika |
| Abstract: | Based on an online discrete choice experiment (DCE) this study investigates the relative importance of food label information (country of origin, production methods, chemical residue testing (CRT)) and price for Taiwanese consumers’ in their purchase of sweet peppers. Results show that respondents focus mostly on the COO labeling during their sweet-pepper shopping, followed by price. Information concerning CRT results and production methods are of less importance. Our findings also indicate that interaction between attributes matter and that preference for attribute levels differs depending on socioeconomic characteristics. |
| Keywords: | choice experiment, food safety information, production methods, country of origin, logit models, Agribusiness, Food Consumption/Nutrition/Food Safety, Production Economics, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244483&r=sog |
| By: | Yonatan Ben-Shalom |
| Abstract: | This is one of three policy action papers prepared in Year 3 of the Stay-at-Work/Return-to-Work Policy Collaborative, an initiative funded by the Office of Disability Employment Policy in the U.S. Department of Labor. |
| Keywords: | Stay at work, return to work, disability, injury, illness |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:8443f3e24e80421b965869ddba800ff3&r=sog |
| By: | Liang Wang (Assistant Professor at the University of Hawaii Manoa; University of Hawaii at Manoa, Department of Economics, University of Hawaii Economic Research Organization) |
| Abstract: | This paper studies the welfare cost of ináation in a frictional monetary economy with endogenous consumer search. Equilibrium entails price dispersion, where sellers compete for buyers by posting prices. We identify three channels through which inflation affects welfare. The real balance channel is the source of welfare loss. Its interaction with the price posting channel generates a welfare cost larger than Lucas (2000). The search channel reduces the welfare cost by more than one half through general equilibrium effect. The aggregate effect of these three channels on welfare is non-monotonic. Additionally, the welfare cost of ináation áuctuations is negligible. |
| Keywords: | Consumer Search, Inflation, Price Dispersion, Welfare |
| JEL: | E31 E40 E50 D83 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:201616&r=sog |
| By: | Sylvain Chareyron; Patrick Domingues |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:tep:teppwp:wp15-07&r=sog |
| By: | Mierau, Joachim; Mink, Mark (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16011-eef&r=sog |
| By: | Pierre-Olivier Gourinchas; Hélène Rey |
| Abstract: | The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment. First, we decompose the fluctuations in the world consumption wealth ratio over long period of times and show that they anticipate movements of the real rate of interest. Second, our estimates suggest that the world real rate of interest is likely to remain low or negative for an extended period of time. In this context, we argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency. This tradeoff is particularly acute for smaller economies. This is the ‘curse of the regional safe asset provider.’ We discuss how this ‘curse’ is playing out for two prominent regional safe asset providers: core EMU and Switzerland. |
| JEL: | E2 E4 F4 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22618&r=sog |
| By: | Hedtke, Reinhold |
| Abstract: | Sozioökonomische Bildung gehört zur Domäne Sozialwissenschaften. Ökonomische Phänomene und Probleme lassen sich nur mit Wissen aus allen Sozialwissenschaften sinnvoll analysieren. Am Exempel Ökonomisierung der Lebenswelten zeigt sich, dass vor allem die Soziologie ökonomische Aufklärung verspricht. |
| Keywords: | socio-economic education,economization |
| JEL: | A20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:145991&r=sog |
| By: | International Monetary Fund. |
| Abstract: | Central African Economic and Monetary Community: Selected Issues |
| Keywords: | Fiscal policy;Public debt;Fiscal sustainability;Debt sustainability analysis;Reserves;Securities markets;Financial management;Selected Issues Papers;Central African Economic and Monetary Community; |
| Date: | 2016–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/290&r=sog |
| By: | María A. Prats (Universidad de Murcia); Beatriz Sandoval (Universidad de Murcia) |
| Abstract: | A developed financial system is essential in a market economy. Similarly, economic growth is very important for institutions and economic policy. This paper studies the importance of the development of financial markets in general, and stock market in particular, from the review of existing literature in the area of the relationship between financial development and economic growth, and especially, the link between stock market and economic growth. Through an empirical analysis for six countries in Eastern Europe (Bulgaria, Slovakia, Hungary, Poland, Czech Republic and Romania), it is tried to show the link between the development of stock market and economic growth in these countries from 1995 to 2012 in order to deep in their transition processes, from communist to market economies, that began with the fall of the Berlin Wall in 1989. The results show evidence of Granger causality with economic growth variables and financial market variables. |
| Keywords: | Present value model; economic growth, stock market, financial markets, financial developmen |
| JEL: | F43 O16 G2 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:aee:wpaper:1609&r=sog |
| By: | Anelli, Massimo (Bocconi University) |
| Abstract: | I take advantage of a sharp discontinuity in the probability of admission to an elite university at the admission score threshold, to estimate causal returns to college education quality. I use a newly constructed dataset, which combines individual administrative records about high school, college admission, college attendance and tax returns. Students with score just above the admission threshold have 52% higher yearly income with respect to just-below-threshold students. This premium is equivalent to a jump from the 44th percentile to the 74th percentile of the income distribution. The richness of the data allows me to explore the counterfactual college career of not admitted students and the potential mechanisms underlying the estimated income premium. I find that students with a just-above-threshold score are less likely to be college dropouts, take six fewer months to graduate, choose different majors and are more likely to have income in the top quartile of the distribution. Cumulated over fifteen years, the time span of income data for my sample, the net premium of attending the elite university amounts to around $120,000. |
| Keywords: | education quality, returns to education, human capital |
| JEL: | I21 I22 I23 I28 J24 J31 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10192&r=sog |
| By: | Allan Webster (Bournemouth University, Executive Business Centre) |
| Abstract: | This study empirically examines the relationship between innovation and foreign ownership for a large sample of firms in 29 transitional countries, taken from the 2013 BEEPS survey. The analysis is based on two different aspects of FDI theory – technology transfer and strategic asset seeking (with respect to R&D). It finds that firms who innovate with respect to new products, new processes and new management techniques have, on balance, more foreign ownership than those who do not. The evidence supports a view that strategic asset seeking is associated with inward FDI. It also supports the view that technology transfer is also an important feature of the relationship between innovation and FDI in transitional countries. Of the two effects the technology transfer effect is of more consequence than the strategic asset seeking effect. |
| Keywords: | FDI; innovation; transition; firm; technology transfer; strategic asset seeking |
| JEL: | F23 O30 P20 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:bam:wpaper:bafes02&r=sog |
| By: | Jonathan Yu-Meng Li |
| Abstract: | Worst-case risk measures refer to the calculation of the largest value for risk measures when only partial information of the underlying distribution is available. For the popular risk measures such as Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR), it is now known that their worst-case counterparts can be evaluated in closed form when only the first two moments are known for the underlying distribution. These results are remarkable since they not only simplify the use of worst-case risk measures but also provide great insight into the connection between the worst-case risk measures and existing risk measures. We show in this paper that somewhat surprisingly similar closed-form solutions also exist for the general class of law invariant coherent risk measures, which consists of spectral risk measures as special cases that are arguably the most important extensions of CVaR. We shed light on the one-to-one correspondence between a worst-case law invariant risk measure and a worst-case CVaR (and a worst-case VaR), which enables one to carry over the development of worst-case VaR in the context of portfolio optimization to the worst-case law invariant risk measures immediately. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04065&r=sog |
| By: | Boris Gershman |
| Abstract: | This paper reviews recent economics literature on culture, with an emphasis on its relation to the field of long-run growth and development. It examines the key issues debated in the new cultural economics: causal effects of culture on economic outcomes, the origins and social costs of culture, as well as cultural transmission, persistence, and change. Some of these topics are illustrated in application to the economic analysis of envy-related culture. |
| Keywords: | Culture, cultural persistence, cultural transmission, long-run development |
| JEL: | J15 O10 Z10 Z12 Z13 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:2016-06&r=sog |
| By: | Farmer, Roger (UCLA, Department of Economics); Zabczyk, Pawel (Bank of England) |
| Abstract: | This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet with the goal of stabilizing economic activity. We construct a general equilibrium model where agents have rational expectations and there is a complete set of financial securities, but where some agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank’s balance sheet will change equilibrium asset prices and we prove that, in our model, a policy in which the central bank stabilizes non-fundamental fluctuations in the stock market is Pareto improving and self-financing. |
| Keywords: | Unconventional monetary policy; qualitative easing; central bank balance sheet; portfolio balance effects |
| JEL: | E02 G11 G21 |
| Date: | 2016–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0613&r=sog |
| By: | F. Barigozzi; C. A. Ma |
| Abstract: | We study subgame-perfect equilibria of the classical quality-price, multistage game of vertical product differentiation. Each firm can choose the levels of an arbitrary number of qualities. Consumers’ valuations are drawn from independent and general distributions. The unit cost of production is increasing and convex in qualities. We characterize equilibrium prices, and the equilibrium effects of qualities on the rival’s price in the general model. We present necessary and sufficient conditions for equilibrium differentiation in any of the qualities. |
| JEL: | D43 L13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp1075&r=sog |
| By: | Marco Di Maggio; Amir Kermani |
| Abstract: | We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity, we estimate that a one standard deviation increase in generosity attenuates the effect of adverse shocks on employment growth by 7% and on earnings growth by 6%. Consistent with a local demand channel, we find that consumption is less responsive to local labor demand shocks in counties with more generous benefits. Our analysis finds that the local fiscal multiplier of unemployment insurance expenditure is approximately 1.9. |
| JEL: | E24 E62 H53 J65 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22625&r=sog |
| By: | Monica Billio (Università Ca' Foscari of Venice - Department of Economics); Lorenzo Frattarolo (Università Ca' Foscari of Venice - Department of Economics); Hayette Gatfaoui (IESEG - School of Management (LEM), CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Philippe De Peretti (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In this paper, we analyze the dynamic relationships between ten stock exchanges of the euro zone using Granger causal networks. Using returns for which we allow the variance to follow a Markov-Switching GARCH or a Changing-Point GARCH, we first show that over different periods, the topology of the network is highly unstable. In particular, over very recent years, dynamic relationships vanish. Then, expanding on this idea, we analyze patterns of information transmission. Using rolling windows to analyze the topologies of the network in terms of clustering, we show that the nodes' state changes continually, and that the system exhibits a high degree of flickering in information transmission. During periods of flickering, the system also exhibits desynchronization in the information transmission process. These periods do precede tipping points or phase transitions on the market, especially before the global financial crisis, and can thus be used as early warnings of phase transitions. To our knowledge, this is the first time that flickering clusters are identified on financial markets, and that flickering is related to phase transitions. |
| Keywords: | Causal Network,Topology,Clustering,Flickering,Desynchronisation,Phase transitions |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01339826&r=sog |
| By: | Olivier Baly (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Frédéric Kletz (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Jean-Claude Sardas (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Bruna Alves de Rezende (Agence de Médecine Préventive) |
| Abstract: | Les travaux de recherche relatifs à l’articulation entre dynamiques professionnelles et institutionnelles dans le secteur de la santé ont peu étudié les cas d’appariement de logiques institutionnelles émergentes avec des groupes professionnels nouveaux. C’est donc ce type particulier d’articulation que nous proposons d’examiner à travers l’étude de deux groupes professionnels nés de l’avènement des logiques de santé publique et de gestion hospitalière en France : les médecins spécialistes de santé publique et les contrôleurs de gestion hospitaliers. Sur la base de deux enquêtes indépendantes menées par sondage auprès d’échantillons de ces populations, nous utilisons une grille d’analyse issue de la littérature sur les configurations et dynamiques professionnelles pour évaluer la capacité de ces groupes à contribuer au portage de ces logiques nouvelles à travers leur inscription dans les pratiques des organisations du système de santé français. Dans les deux cas, nous observons que seule une minorité du groupe a su trouvé une place stratégique dans ces organisations. Ce constat nous amène à souligner l’importance de tenir compte des configurations prises par les groupes professionnels nouveaux lors de la mise en œuvre des réformes institutionnelles qui les créent. |
| Keywords: | travail institutionnel,profession,santé publique,contrôle de gestion |
| Date: | 2016–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01328627&r=sog |
| By: | Fumihiko Arai (Bank of Japan); Yoshibumi Makabe (Bank of Japan); Yasunori Okawara (Bank of Japan); Teppei Nagano (Bank of Japan) |
| Abstract: | The cross-currency basis, which is the basis spread added mainly to the U.S. dollar London Interbank Offered Rate (USD LIBOR) when the USD is funded via foreign exchange (FX) swaps using the Japanese yen or the euro as a funding currency, has been widening globally since the beginning of 2014. This development is driven by (1) increased demands for U.S. dollars resulting from a divergence in the monetary policy between the U.S. and other advanced countries, (2) global banks' reduced appetite for market-making and arbitrage due to regulatory reforms, and (3) the decrease in the supply of U.S. dollars from foreign reserve managers/sovereign wealth funds against the background of declines in commodity prices and emerging currency depreciations. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:boj:bojrev:rev16e07&r=sog |
| By: | Sheen S. Levine; Edward J. Zajac |
| Abstract: | We seek to deepen understanding of the micro-foundations of institutionalization while contributing to a sociological theory of markets by investigating the puzzle of price bubbles in financial markets. We find that such markets, despite textbook conditions of high efficiency -- perfect information, atomistic agents, no uncertainty -- quickly develop patterns consistent with institutionalization processes. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04629&r=sog |
| By: | Pandey, Radhika (National Institute of Public Finance and Policy); Patnaik, Ila (National Institute of Public Finance and Policy); Shah, Ajay (National Institute of Public Finance and Policy) |
| Abstract: | This paper presents a chronology of Indian business cycle in the post-reform period. The period before reforms primarily saw monsoon cycles. We find three episodes of recession in the post-reform period: 1999Q4 to 2003Q1, 2007Q2 to 2009Q3, and 2011Q2 to 2012Q4. We find that the average duration of expansion is 12 quarters and the average duration of recession is 9 quarters. The diversity in duration of expansion is seen to be 0.34 while the diversity in duration of recession is 0.31. We find that the amplitude of recession is relatively more diverse at 0.45 while the diversity in amplitude of expansion is 0.38. |
| Keywords: | Business Cycle ; Growth Cycle ; Detrending ; Stabilisation |
| JEL: | E32 E66 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:16/175&r=sog |
| By: | Craig Webb |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:1602&r=sog |
| By: | Paul Gompers; William Gornall; Steven N. Kaplan; Ilya A. Strebulaev |
| Abstract: | We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization; and relationships with limited partners. In selecting investments, VCs see the management team as more important than business related characteristics such as product or technology. They also attribute more of the likelihood of ultimate investment success or failure to the team than to the business. While deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We also explore (and find) differences in practices across industry, stage, geography and past success. We compare our results to those for CFOs (Graham and Harvey 2001) and private equity investors (Gompers, Kaplan and Mukharlyamov forthcoming). |
| JEL: | G24 G3 L26 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22587&r=sog |
| By: | van Hoorn, Andr (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16008-gem&r=sog |
| By: | Lie, Helene; Rich, Karl M. |
| Abstract: | In Nicaragua, the production of dairy and beef is the most important source of household income for many smallholder producers. However, erratic volumes and quality of milk limit the participation of small- and medium-scale cattle farmers into higher-value dairy value chains. This research uses a system dynamics (SD) approach to analyze the Matiguás dairy value chain in Nicaragua. The paper presents the conceptual framework of the model and highlights the dynamic processes in the value chain, with a focus on improving feeding systems to achieve higher milk productivity and increased income for producers. The model was developed using a participatory group model building (GMB) technique to jointly conceptualize and validate the model with stakeholders. |
| Keywords: | System dynamics, value chain, group model building, dairy, Nicaragua., Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244479&r=sog |
| By: | Meixner, Oliver; Haas, Rainer |
| Abstract: | This study analyzes consumers’ information needs concerning quality seals in the food sector. A survey was conducted taking one of the most well-known quality labels for food products in Austria (the AMA Quality Seal). Apparently, there is a lack of consumer-oriented information. Up to now, the type of information con-sumers of AMA sealed products demand is more or less unknown. Therefore, the objectives of this study were (1) to identify consumers actual use of information and (2) their information needs about the AMA Quality Seal in order to provide needs-based consumer information. |
| Keywords: | quality seal, information needs, consumer survey, cluster analysis, Agribusiness, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244521&r=sog |
| By: | Diane Coyle |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:1603&r=sog |
| By: | Julien Bengui; Javier Bianchi; Louphou Coulibaly |
| Abstract: | In this paper, we study the optimal design of financial safety nets under limited private credit. We ask when it is optimal to restrict ex ante the set of investors that can receive public liquidity support ex post. When the government can commit, the optimal safety net covers all investors. Introducing a wedge between identical investors is inefficient. Without commitment, an optimally designed financial safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher ex ante welfare. Our result can rationalize the prevalent limited coverage of safety nets, such as the lender of last resort facilities. |
| JEL: | E58 E61 G28 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22594&r=sog |
| By: | Leduc, Sylvain; Moran, Kevin; Vigfusson, Robert J. |
| Abstract: | We show that a model where investors learn about the persistence of oil-price movements accounts well for the fluctuations in oil-price futures since the late 1990s. Using a DSGE model, we then show that this learning process alters the impact of oil shocks, making it time-dependent and consistent with the muted impact oil-price changes had on macroeconomic outcomes during the early 2000s and again over the past two years. The Spring 2008 increase in oil prices had a larger impact because market participants considered that it was likely driven by permanent shocks. |
| Keywords: | Kalman filter ; Time-variation ; Inventories ; Conditional response |
| JEL: | E32 E37 Q43 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1179&r=sog |
| By: | Bartalotti, Otávio C.; Brummet, Quentin O. |
| Abstract: | Regression Discontinuity designs have become popular in empirical studies due to their attractive properties for estimating causal effects under transparent assumptions. Nonetheless, most popular procedures assume i.i.d. data, which is unreasonable in many common applications. To relax this assumption, we derive the properties of traditional estimators in a setting that incorporates clustering at the level of the running variable, and propose an accompanying optimal-MSE bandwidth selection rule. Simulation results demonstrate that falsely assuming data are i.i.d. may lead to higher MSE due to inadequate bandwidth choice. We apply our procedure to analyze the impact of Low-Income Housing Tax Credits on neighborhood characteristics and low-income housing supply. |
| Date: | 2016–04–22 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3393&r=sog |
| By: | Craig A. Depken II; Peter A. Groothuis; Kurt W. Rotthoff |
| Abstract: | Many careers find within-family career following common including law, politics, business, agriculture, medicine, entertainment, and professional sports. As children enter the same career as their parents, there are potential benefits: physical-capital transfer, human-capital transfer, brandname- loyalty transfer, and/or nepotism. In Formula One (auto racing) career following is also common where many sons follow their father into racing and many brothers race at the same time. Using a panel describing the annual statistics for drivers from 1953-2011, we find that the brothers of Formula One drivers appear to benefit from human capital transfer and nepotism but that sons gain little from human capital transfer and do not enjoy nepotism. We do find, however, that only the best drivers have sons who follow them into racing suggesting that sons can extend the brand name-loyalty their famous fathers have created. Key Words: Motorsports, Nepotism, Human Capital, Brand Loyalty. |
| JEL: | L83 Z20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:apl:wpaper:16-13&r=sog |
| By: | Oepping, Hardy |
| Abstract: | This paper presents an approach to mapping a process model onto a Bayesian network resulting in a Bayesian Process Network, which will be applied to process risk analysis. Exemplified by the model of Event-driven Process Chains, it is demonstrated how a process model can be mapped onto an isomorphic Bayesian network, thus creating a Bayesian Process Network. Process events, functions, objects, and operators are mapped onto random variables, and the causal mechanisms between these are represented by appropriate conditional probabilities. Since process risks can be regarded as deviations of the process from its reference state, all process risks can be mapped onto risk states of the random variables. By example, we show how process risks can be specified, evaluated, and analysed by means of a Bayesian Process Network. The results reveal that the approach presented herein is a simple technique for enabling systemic process risk analysis because the Bayesian Process Network can be designed solely on the basis of an existing process model. |
| Keywords: | process models; process modelling; process chains; risk management; risk analysis; risk assessment; risk models; Bayesian networks; isomorphic mapping |
| JEL: | C11 L23 M10 M11 |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73611&r=sog |
| By: | Heery, Declan; O’Donoghue, Cathal; Ó Fathartaigh, Mícheál |
| Abstract: | In 2015, under its Food Wise 2025 strategy, the Irish government set itself the ambitious target of increasing Ireland’s income from agri‐food exports to €19 billion within ten years, an 85 per cent increase. This paper analyses the structure of the two main food systems in Ireland; the dairy and beef industries, to examine value chain efficiencies in production needed to achieve such a level of growth. This paper, lays bare a reality characterised by significant inefficiencies and suggests innovations to increase the competitiveness of the industries internationally. Moreover, the paper recognises that the ability of stakeholders to add value to primary products in the two main Irish food systems is key to the success of the Food Wise strategy. The methodology that the paper employs to analyse the dynamics of the Irish dairy and beef systems is the Global Value Chain (GVC) methodology championed and developed by the Center on Globalization, Governance & Competitiveness at Duke University. Through the disaggregation of the various segments that comprise the food systems, the GVC methodology allows for a multidimensional analysis, and for the identification of where rationalisation is required and where value may be added to primary products. The paper presents value chain maps for both the Irish dairy and beef systems to compare and contrast the structures, institutions, characteristics and effectiveness of the two value chains. The comparison illustrates cogently where rationalisation is needed and where value may be added. The paper finds that the Irish dairy system is more fragmented than the systems of other dairy‐producing countries and that at the farm and processing levels it still requires, despite much rationalisation since the 1980s, substantial consolidation may still be necessary. Regarding where value may be added to primary products, the paper finds that in the Irish dairy system there remains an over‐reliance on basic commodity sales and that innovation to open up entirely new markets, both in terms of products, such as in the area of sports nutrition, and geographically, such as middle‐eastern markets, with white cheese, is required. Regarding the Irish beef system it finds that while there is not as much scope for product diversification, innovation in branding and standardisation could produce a considerable dividend. Comparing value chain integration, the institutional structure built upon farmer owned cooperatives in the dairy sector allows for greater coordination and responsiveness to market opportunities. The beef value chain however is much less integrated, beset by cross‐value chain competition and low levels of trust, which has implications for future value generation and transformation across the chain. |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244470&r=sog |
| By: | Grégoire Tallard; Peter Liapis; Graham Pilgrim |
| Abstract: | Reducing hunger and undernourishment is a global priority and the Sustainable Development Goals (SDGs) have the ambitious target of eradicating hunger entirely by 2030. Using the OECD-FAO Agricultural Outlook to 2024, this paper provides projections on the availability of calories at the national level, for the number of persons undernourished, and for the proportion of undernourishment (PoU) that are consistent with the market projections of the Outlook’s baseline. It also considers the impact on undernourishment of four alternative scenarios: faster income growth relative to the baseline in developing countries; stronger growth in agricultural productivity; a combination of a faster income growth with a stronger productivity growth; and finally a more equitable access to available food supplies. Under the baseline, the global PoU is projected to fall from 11% to 8% over ten years, with Latin America as a whole dipping under the 5% threshold at which the FAO considers hunger to be effectively eradicated. The PoU falls from 12% to 8% in Asia and the Pacific and from 23% to 19% in Sub-Saharan Africa. The global total of undernourished people declines from 788 million to 636 million. The number of undernourished individuals fall the most in Asia. Higher income growth or more productive agriculture removes more people from the ranks of the undernourished, but in most cases, more equitable access to food leads to the biggest reductions. The analysis confirms that it is not lack of available food that is the fundamental problem, but rather effective access to that food. Trade plays an increasing role in ensuring national food availability for many countries. |
| Keywords: | food security, development goals, hunger, Prevalence of undernourishment, sustainable development goals millennium, scenarios |
| JEL: | I31 O13 Q10 Q18 |
| Date: | 2016–09–17 |
| URL: | http://d.repec.org/n?u=RePEc:oec:agraaa:95-en&r=sog |
| By: | Martin M. Andreasen (Aarhus University and CREATES); Tom Engsted (Aarhus University and CREATES); Stig V. Møller (Aarhus University and CREATES); Magnus Sander (Aarhus University and CREATES) |
| Abstract: | This paper provides new evidence on bond risk premia by conditioning the classic Campbell-Shiller regressions on the business cycle. In expansions, we find mostly positive intercepts and negative regression slopes, but the results are completely reversed in recessions with negative intercepts and positive regression slopes. We reproduce these coefficients in a term structure model with business cycle dependent loadings in the market price of risk. This model also predicts excess returns in the right direction during expansions and recessions, whereas the Gaussian affine term structure model predicts excess returns for medium- and long-term bonds with the wrong sign during recessions. |
| Keywords: | Bond return predictability, Business cycle variation in excess returns, Market price of risk, Zero-lower bound, Unspanned macroeconomic risk. |
| JEL: | E43 E44 G12 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2016-26&r=sog |
| By: | Engwicht, Nina |
| Abstract: | While the role of illegal markets in contemporary inner-state wars has drawn considerable attention from both researchers and policy makers, very little is known about the fate of these "war economies" after the end of violent conflict. This paper aims to contribute to an understanding of the functioning of illegal markets under the condition of limited statehood by examining what has become of a notorious war economy: the illegal diamond market in Sierra Leone. Drawing on extensive field research, this analysis of the social order of the illegal diamond market in post-conflict Sierra Leone shows that while illegal activities are still widespread, the illegal diamond economy has largely been peacefully integrated into the social and economic order of the post-conflict society. In contrast to the violent and conflict-fueling war economy, the post-conflict illegal diamond economy is surprisingly benign. I argue that the illegal Sierra Leonean diamond market today can be understood as a moral economy of illegality, since economic action in this market is decisively shaped and regulated by widely held social norms about legitimate and illegitimate practices. It is highly interwoven with both the state and the legal markets, and has thus become part of the "peace economy." |
| Abstract: | Während die Rolle illegaler Märkte in zeitgenössischen innerstaatlichen Kriegen erhebliche Beachtung in der Politikforschung und -praxis erfahren hat, ist nur sehr wenig über das Schicksal dieser "Kriegsökonomien" nach dem Ende gewaltsamer Konflikte bekannt. Dieses Diskussionspapier will zu einem Verständnis der Funktionsweise illegaler Märkte unter der Bedingung schwacher Staatlichkeit beitragen. Dazu wird ein illegaler Markt untersucht, der als typische Kriegsökonomie Berühmtheit erlangte: der illegale Diamantenmarkt in Sierra Leone. Basierend auf umfangreicher Feldforschung zeigt diese Analyse der sozialen Ordnung des illegalen Diamantenmarktes in der sierra-leonischen Postkonfliktgesellschaft, dass illegales Handeln auf dem sierra-leonischen Diamantenmarkt zwar immer noch weit verbreitet ist, sich die illegale Diamantenökonomie jedoch weitgehend friedlich in die soziale und ökonomische Ordnung der Postkonfliktgesellschaft integriert hat. Im Gegensatz zur gewaltsamen und Gewalt verstetigenden Kriegsökonomie ist der illegale Diamantenmarkt in der Nachkriegsgesellschaft überwiegend gewaltfrei. Der illegale Diamantenmarkt im heutigen Sierra Leone kann als "moralische Ökonomie der Illegalität" verstanden werden, da ökonomisches Handeln auf diesem Markt entscheidend durch soziale Normen der Legitimität und Illegitimität geprägt und reguliert wird. Indem der illegale Markt eng mit dem legalen Markt und dem Staat verwoben ist, wird er zum Teil der "Friedensökonomie". |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:169&r=sog |
| By: | Liping Gao; Hyeongwoo Kim |
| Abstract: | Using time series macroeconomic data, Chow (1985, 2010, 2011) reported indirect empirical evidence that implies the validity of the permanent income hypothesis in China. We revisit this issue by evaluating direct measures of the predictability of consumption growth in China during the post-economic reform regime (1978-2009). We also implement and report similar analysis for the postwar US data for comparison. Our in-sample analysis provides strong evidence against the PIH for both countries. Out-of-sample forecast exercises show that consumption changes are highly predictable, which sharply contrasts the implications of empirical findings by Chow (1985, 2010, 2011). |
| Keywords: | Permanent Income Hypothesis; Consumption; Out-of-Sample Forecast; Diebold-Mariano-West Statistic |
| JEL: | E21 E27 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:abn:wpaper:auwp2016-09&r=sog |
| By: | à rpád à brahám; Eva Carceles-Poveda; Yan Liu; Ramon Marimon |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nys:sunysb:16-05&r=sog |
| By: | Swati Dhingra (London School of Economics) |
| Abstract: | Abstract. This paper investigates the distributional gains from changes in agricultural world prices in developing economies. Agricultural markets in developing countries are rarely perfectly competitive. The market structure is characterized by a large number of small farmers who typically sell their produce to one or few big companies with significant monopsony or oligopsony power. We provide a flexible theoretical framework that captures this market structure and allow us to investigate how international trade affects the incomes of small farmers, agribusiness and intermediaries in developing countries. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:712&r=sog |
| By: | Margaux MacDonald (Queen's University); Michal Popiel (Queen's University) |
| Abstract: | This paper investigates the effects of unconventional monetary policy in Canada. We use recently proposed methods to construct a shadow interest rate that captures monetary policy at the zero lower bound (ZLB) and estimate a small open economy Bayesian structural vector autoregressive (B-SVAR) model. Controlling for the US macroeconomic and monetary policy variables, we find that Canadian unconventional monetary policy increased Canadian output by 0.23% per month on average between April 2009 and June 2010. Our empirical framework also allows us to quantify the effects of US unconventional monetary policy, which raised US and Canadian output by 1.21% and 1.94% per month, respectively, on average over the 2008--2015 period. |
| Keywords: | small open economy, unconventional monetary policy, Bayesian structural VAR, zero lower bound, international monetary policy transmission |
| JEL: | E52 E58 F42 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:qed:wpaper:1367&r=sog |
| By: | Angel de la Fuente |
| Abstract: | En esta nota se introducen algunas mejoras metodológicas en el cálculo de la financiación efectiva de las comunidades autónomas de régimen común y se analizan sus efectos con datos de 2014. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaeee:eee2016-29&r=sog |
| By: | Jorge Armando Rodríguez; Javier Ávila Mahecha |
| Abstract: | En este artículo se estima el tamaño y la incidencia de la carga tributaria sobre los trabajadores y los propietarios de capital en Colombia durante el periodo 2000-2014. La carga tributaria se determina mediante tarifas efectivas agregadas, que relacionan el recaudo, en este caso del impuesto sobre la renta y el IVA, con la capacidad de pago de trabajadores y propietarios. Los resultados indican que durante casi todo el periodo de análisis los ingresos laborales soportaron una tarifa efectiva superior a la que recayó sobre los ingresos de capital, aunque la brecha ha tendido a cerrarse. Por lo general, el efecto redistributivo habría sido contraproducente para propósitos de equidad (en una ocasión, nimio). El ejercicio sugiere que para mejorar la distribución de la carga tributaria es más importante prestar atención a la capacidad gravable de los contribuyentes, antes que dar trato desigual a las fuentes factoriales de ingreso. |
| Keywords: | Tributación nacional, Ingresos factoriales, Impuesto sobre la renta, IVA, Incidencia impositiva, Tarifas efectivas, Cuentas nacionales |
| JEL: | D33 E62 H2 H22 K34 M41 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:col:000178:015052&r=sog |
| By: | Anonymous; Tomic, Danilo; Subic, Jonel |
| Keywords: | Agribusiness, Agricultural and Food Policy, Community/Rural/Urban Development, International Development, Labor and Human Capital, Land Economics/Use, Productivity Analysis, Research and Development/Tech Change/Emerging Technologies, Resource /Energy Economics and Policy, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa152:244068&r=sog |
| By: | Artz, Georgeanne M.; Jacobs, Keri; Boessen, Christian R. |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3559&r=sog |
| By: | Juan Diaz; Nicolas Grau; Tatiana Reyes; Jorge Rivera |
| Abstract: | Using detailed administrative and individual data on schooling and crime records from Chile, we estimate the effect of grade retention between 4th and 8th grade on juvenile crime. We base our research on the rule which specifies that students who fail more than one subject must repeat the year. We present two empiri- cal strategies to address the strong evidence that the forcing variable is – locally – manipulated. First, we follow Barreca, Guldi, Lindo, and Waddell (2011) in implementing a donut-hole fuzzy regression discontinuity design (FRD). Second, we extend the approach developed by Keele, Titiunik, and Zubizarreta (2015) to implement a method that combines matching with FRD. These two methodolo- gies deliver similar results and neither show a statistically significant effect on a placebo test. According to our results, grade retention increases the probability of juvenile crime by 1.6 percentage point (pp), an increase of 33% (higher for males and low SES students). We also find that grade retention increases the probability of dropping out by 1.5pp. Regarding mechanisms, our findings suggest that the effect of grade retention on crime does not only manifest itself indirectly as a result of its effect on dropping out. Furthermore, the effect of grade retention on crime is worsened when students switch schools right after failing the grade. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp429&r=sog |
| By: | Guido Matias Cortes,; Manuel Alejandro Hidalgo |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:1601&r=sog |
| By: | Vittorio Pelligra (University of Cagliari); Tommaso Reggiani (LUMSA University); Daniel John Zizzo (Newcastle University Business School) |
| Abstract: | We consider the notions of static and dynamic reasonableness of requests in a trust game experiment. We vary systematically the experimental norm of what is expected from trustees to return to trustors, both in terms of level of each request and in terms of sequence of the requests. Static reasonableness matters in a self-biased way, in the sense that low requests justify returning less but high requests tend to be ignored. Dynamic reasonableness also matters, in the sense that, if requests keep increasing, trustees return less than if requests of different size are presented in random or decreasing order. Requests never systematically increase trustworthiness, but may decrease it. |
| Keywords: | trust; trustworthiness; norms; reasonableness; moral wiggle room; moral licensing |
| JEL: | C91 D01 D03 D63 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:lsa:wpaper:wpc13&r=sog |
| By: | Agbahey, Johanes; Siddig, Khalid; Grethe, Harald |
| Keywords: | International Relations/Trade, Labor and Human Capital, |
| Date: | 2016–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iamf16:243992&r=sog |
| By: | Kodila-Tedika, Oasis; Asongu, Simplice; Cinyabuguma, Matthias |
| Abstract: | Using cross-country differences in the degree of isolation before the advent of technologies in sea and air transportation, we assess the relationship between geographic isolation and financial development across the globe. We find that pre-historic geographical isolation has been beneficial to development because it has contributed to contemporary cross-country differences in financial development. The relationship is robust to alternative samples, different estimation techniques, outliers and varying conditioning information sets. |
| Keywords: | Financial development; Isolation; Agglomeration; Globalization |
| JEL: | F15 G15 N7 O16 O50 |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73687&r=sog |
| By: | KITAO Sagiri |
| Abstract: | Japan is going through rapid and significant demographic aging. Fertility rates have been below replacement level for four decades, and life expectancy has increased by 30 years since the 1950s. The pension reform of 2004 is expected to reduce the replacement rate, but there is much uncertainty as to when and whether the adjustment will be complete. The normal retirement age of 65 will be the lowest among major developed countries. This paper simulates pension reform to reduce the replacement rate by 20% and raise the retirement age by three years gradually over a 30-year period. We consider three scenarios that differ in timing to initiate reform and let the consolidation start in 2020, 2030, and 2040, respectively. A delay would suppress economic activities, lowering output by up to 4% and raising the tax burden by more than eight percentage points of total consumption. Delaying reform also implies a major tradeoff across generations and deteriorates the welfare of future generations by up to 3% in consumption equivalence. |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16077&r=sog |
| By: | Catalina Gómez Toro; Gabriel Jaime Suárez Obando; Juan Esteban Garzón Trujillo; Javier Alberto Gómez Gómez |
| Abstract: | El presente estudio tiene como objetivo encontrar y analizar los efectos causales de diversos factores socioeconómicos y demográficos en la satisfacción con la vida de los hogares de Medellín. Para ello, se estima un modelo logístico, categorizando en dos grupos las variables explicativas: los aspectos inherentes al ser y las características relacionadas al tener. Los principales resultados sugieren que estar soltero en relación con otro estado civil tiene un efecto negativo en el bienestar subjetivo, así como el hecho de ser afrodescendiente con respecto a otro grupo étnico. Por el lado del tener, cabe resaltar que mayores niveles de educación y estratos socioeconómicos más altos incrementan el bienestar subjetivo. Se concluye que tanto las características del ser como las del tener son fundamentales para explicar la satisfacción con la vida, y por tanto, para la toma de decisiones de política pública. |
| Keywords: | Satisfacción con la vida, Modelo logístico, Medellín |
| JEL: | I31 C25 |
| Date: | 2016–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:015055&r=sog |
| By: | Povilas Lastauskas (Bank of Lithuania); Julius Stakenas (Bank of Lithuania) |
| Abstract: | This paper builds a theoretical model that introduces frictional unemployment in a multisectoral heterogeneous firms model. We allow for multi-worker firms and dynamic matching process. In doing so, we have a rich environment that combines product, labour, and international markets. The focus is on unemployment benefits and employment contingent subsidies. We establish a mechanism, which is different from the standard search and matching model. A change in labour market policies due to the feedback from labour market tightness to wages transforms the share of exporters and affects average productivity. Partial equilibrium effects are overturned for subsidies in general equilibrium due to sectoral arbitrage condition. We address the following questions in the quantitative exercise: How does trade along intensive and extensive margins evolve with changes in labour market policies? How do firms’ profitabilities and thus reallocations across exporters/non-exporters react to labour market institu-tions? What are the differences between a domestic and a trade-bloc wide shock? In addition to the theory contribution, we find that unemployment benefits bear differ-ent policy implications with regards to international coordination than employment subsidies. |
| Keywords: | labour market institutions, heterogeneous multi-worker firms, dynamic matching, openness |
| JEL: | E24 F12 F16 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:33&r=sog |
| By: | Clifford, Robert (Federal Reserve Bank of Boston); Shoag, Daniel (Harvard University) |
| Abstract: | In the past decade, most states have banned or considered banning the use of credit checks in hiring decisions, a screening tool that is widely used by employers. Using new Equifax data on employer credit checks, the Federal Reserve Bank of New York Consumer Credit Panel/Equifax data, and the LEHD Origin-Destination Employment data, we show that these bans increased employment of residents in the lowest-credit score census tracts. The largest gains occurred in higher-paying jobs and in the government sector. At the same time, using a large database of job postings, we show that employers increased their demand for other signals of applicants’ job performance, like education and experience. On net, the changes induced by these bans generate relatively worse outcomes for those with mid-to-low credit scores, for those under 22 years of age, and for blacks, groups commonly thought to benefit from such legislation. |
| JEL: | J78 M50 |
| Date: | 2016–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedbwp:16-10&r=sog |
| By: | Burgess, Stephen (Bank of England); Burrows, Oliver (Bank of England); Godin, Antoine (Kingston University); Kinsella, Stephen (University of Limerick); Millard, Stephen (Bank of England) |
| Abstract: | We construct a new scenario analysis model for the United Kingdom using ONS data from 1987 to the present. The model links decisions about real variables to credit creation in the financial sector and decisions about asset allocation among investors for a wide array of financial assets. We develop, estimate, and calibrate the model from first principles as well as describing the stock-flow coherent database we construct to validate the model. We impose several scenarios on the model to test its usefulness as a medium term scenario analysis tool, including increases in banks’ capital ratios, sudden stops, changes in investment, increases in house prices and fiscal expansions. |
| Keywords: | Sectoral balances; flow of funds; macroeconomic modelling |
| JEL: | E21 E22 E25 E37 |
| Date: | 2016–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0614&r=sog |
| By: | Anton Badev (Federal Reserve Board) |
| Abstract: | We analyse the universe of large-value loans intermediated through Fedwire---the primary U.S. real-time, gross settlement service provided by the Federal Reserve System---for the period from 2007 to 2015. We document a series of fundamental changes in the topology of bilateral loan network and propose theoretical framework to study the evolution of concentration of large-value loan intermediaries which builds on the literature on homophily in social science. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:787&r=sog |
| By: | Paul Dolan; Georgios Kavetsos; Christian Krekel; Dimitris Mavridis; Robert Metcalfe; Claudia Senik; Stefan Szymanski; Nicolas R. Ziebarth |
| Abstract: | We show that hosting the Olympic Games in 2012 had a positive impact on the life satisfaction and happiness of Londoners during the Games, compared to residents of Paris and Berlin. Notwithstanding issues of causal inference, the magnitude of the effects is equivalent to moving from the bottom to the fourth income decile. But they do not last very long: the effects are gone within a year. These conclusions are based on a novel panel survey of 26,000 individuals who were interviewed during the summers of 2011, 2012, and 2013, i.e. before, during, and after the event. The results are robust to selection into the survey and to the number of medals won. |
| Keywords: | subjective wellbeing; life satisfaction; happiness; Olympic Games; natural experiment |
| JEL: | I30 I31 I38 L83 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67677&r=sog |
| By: | Bertolini, Marina; D’Alpaos, Chiara; Moretto, Michele |
| Abstract: | In Italy and in many EU countries, the last decade was characterized by a large development of distributed generation power plants. Their presence determined new critical issues for the design and management of the overall energy system and the electric grid due to the presence of discontinuous production sources. It is commonly agreed that contingent problems that affect local grids (e.g. inefficiency, congestion rents, power outages, etc.) may be solved by the implementation of a “smarter” electric grid. The main feature of smarts grid is the great increase in production and consumption flexibility. Smart grids give producers and consumers, the opportunity to be active in the market and strategically decide their optimal production/consumption scheme. The paper provides a theoretical framework to model the prosumer’s decision to invest in a photovoltaic power plant, assuming it is integrated in a smart grid. To capture the value of managerial flexibility, a real option approach is implemented. We calibrate and test the model by using data from the Italian energy market. |
| Keywords: | Smart Grids, Renewable Energy Sources, Real Options, Prosumer, Resource /Energy Economics and Policy, Q42, C61, D81, |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244540&r=sog |
| By: | World Health Organization |
| Keywords: | Medicine and Health Sciences, Social and Behavioral Sciences |
| Date: | 2016–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:ctcres:qt2f65f2j5&r=sog |
| By: | KADOYA Yoshihiko; Mostafa Saidur Rahim KHAN |
| Abstract: | This study examines whether financial literacy can reduce anxiety about life in old age. We hypothesize that financially literate people are better equipped to make saving decisions, plan for the future, and handle uncertainty, reducing their anxiety about life in old age. The study uses data from a nationwide survey in Japan and probit regression analysis to provide evidence that financial literacy can reduce anxiety about life in old age. The regression coefficients show that financial literacy has a significantly negative impact on the level of anxiety, a relationship that holds after controlling for age, gender, education, marital status, assets, expected social security coverage, house ownership, living with children, and exercise. The results are robust after using different methods to measure financial literacy, and have implications for policies related to aging and risk management. Since financial literacy helps people to reduce risks and uncertainties effectively, policymakers should consider emphasizing financial literacy education early in life to lower anxieties about life in old age. |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16076&r=sog |
| By: | Bredtmann, Julia; Otten, Sebastian; Vonnahme, Christina |
| Abstract: | Die vorliegende Studie untersucht den Zusammenhang zwischen linguistischer Diversität in Schulklassen und dem Schulerfolg von Viertklässlern. Während sich bisherige Studien überwiegend mit dem Zusammenhang zwischen dem Anteil an Schülern mit Migrationshintergrund und dem Lernerfolg von Schülern beschäftigt haben, steht hier die Bedeutung der sprachlichen Heterogenität dieser Gruppe im Vordergrund. Die sprachliche Diversität innerhalb der Schulklasse wird durch ein Maß für die linguistische Zersplitterung (Fraktionalisierung) abgebildet, in das sowohl der Anteil der verschiedenen Muttersprachen in einer Klasse als auch die linguistische Distanz zwischen diesen Sprachen einfließt. Die empirische Analyse beruht auf Daten des Ländervergleichs, die das Institut zur Qualitätsentwicklung im Bildungswesen 2011 für mehr als 27 000 Schüler in 1 249 Grundschulen erhoben hat. Der schulische Erfolg wird hierbei anhand der Ergebnisse standardisierter Tests in den Kompetenzbereichen Deutsch und Mathematik gemessen. Rein deskriptiv weisen unsere Ergebnisse auf einen negativen Zusammenhang zwischen linguistischer Diversität und dem Bildungserfolg der Schüler hin. Sowohl Schüler mit deutscher Muttersprache als auch Schüler mit nichtdeutscher Muttersprache schneiden in Klassen mit einer hohen linguistischen Diversität in den Kompetenzbereichen Deutsch und Mathematik im Durchschnitt schlechter ab als Schüler in Klassen mit einer geringen Diversität. Die Ergebnisse der empirischen Analysen zeigen jedoch auch, dass gegeben eines bestimmten Anteils an nichtdeutschen Muttersprachlern in der Klasse die linguistische Diversität keinen bzw. zum Teil sogar einen positiven Einfluss auf den Bildungserfolg der Schüler hat. Insbesondere Schüler mit deutscher Muttersprache scheinen hinsichtlich ihrer Deutschfähigkeiten tendenziell von einer höheren linguistischen Diversität in der Schulklasse zu profitieren, während dieser Zusammenhang für Schüler mit nichtdeutscher Muttersprache oder für die Leistungen im Fach Mathematik nicht gefunden werden kann. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwimat:106&r=sog |
| By: | Graham Beattie; Jean-William P. Laliberté; Philip Oreopoulos |
| Abstract: | We collect a comprehensive set of non-academic characteristics for a representative sample of incoming freshman to explore which measures best predict the wide variance in first-year college performance unaccounted for by past grades. We focus our attention on student outliers. Students whose first-year college average is far below expectations (divers) have a high propensity for procrastination – they self-report cramming for exams and wait longer before starting assignments. They are also considerably less conscientious than their peers. Divers are more likely to express superficial goals, hoping to 'get rich' quickly. In contrast, students who exceed expectations (thrivers) express more philanthropic goals, are purpose-driven, and are willing to study more hours per week to obtain the higher GPA they expect. A simple seven-variable average of these key non-academic variables does well in predicting college achievement relative to adding more variables or letting a machine-algorithm choose. Our results, descriptive in nature, warrant further research on the importance of non-linearities for the design and targeting of successful interventions in higher-education. |
| JEL: | I2 I23 J24 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22629&r=sog |
| By: | Katarzyna Metelska-Szaniawska (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | In this paper we aim to contribute to the debate on constitutional rules and their economic effects by extending the focus to the de jure – de facto constitutional gap. Firstly, we provide evidence that the size of this gap matters as non-compliance lowers the effectiveness of the constitutional commitment mechanism. Secondly, we identify several explanans of this gap, in particular relating to the democratization process, political conflict, age and comprehensiveness of the constitution. We base the conclusions on an empirical study for the unique setting of the post-socialist countries of Europe and Asia, which all enacted new constitutional frameworks after 1989, and argue that the constitutions in these countries acted primarily as blueprints. |
| Keywords: | Constitutional Economics, constitutional compliance, post-socialist transition, economic reforms, sham constitutions |
| JEL: | H11 K19 P21 P26 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2016-21&r=sog |
| By: | Boldyreva, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kuznetsova, S.D. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Levakin, Igor Vyacheslavovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Chepunov, O.I. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Chepus, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Public authority is a complex multidimensional phenomenon that causes legal, political, and other sciences numerous discussions on a number of epistemological and methodological aspects of the study and its definition. In the difficult current economic conditions in the course of development of the Russian concept of a strong state capable of effectively fulfill both its internal and external functions, it is particularly relevant the problem of increasing the efficiency of public authorities. This requires the development of clear and expanded the constitutional-legal concept of the effectiveness of the mechanism of public authority, taking into account the relationships between all of its elements, and not just individual units, and a clear idea of ??its practical implementation in the specific criteria of its effectiveness. |
| Keywords: | ðublic authority, Russian Federation, economic growth |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1851&r=sog |
| By: | Álvarez, Antonio; Garduño, Rafael; Núñez, Héctor |
| Abstract: | We estimate the technical efficiency of Mexican states using stochastic production frontier models. In particular, we study the effect of crime on efficiency. The empirical section uses panel data over the period 1988-2008. A distinctive feature of the paper is the use of socioeconomic and location data in order to control for the heterogeneity of the states. The main contribution of this paper is to test for the existence of a threshold effect of crime. We find that crime rate negatively affects the efficiency of the states and that its effect is only significant after a certain level. |
| Keywords: | Regional efficiency, stochastic frontier, Mexico, panel data, crime |
| JEL: | D24 O18 R11 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:oeg:wpaper:2016/01&r=sog |
| By: | Zhu, Xiaohong |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3547&r=sog |
| By: | Ramamoorthy, Dr. R. Ravikumar; A, Mr Jagan Gopu |
| Abstract: | The major problem for the failure of agricultural sector in India is believed to not taking the modern methods and innovations from the knowledge quarters to the agricultural field. Without the meeting of technology and ground level implementation, the benefits of modern technology and science cannot be optimal. Unsuitability of technology given the local agro-climatic conditions, unawareness of technology due to a communication gap, unwillingness to take unknown risks due to lack of trust, lack of knowledge, cultural barriers, lack of adequate credit of support for investment which is a prerequisite to the adoption of technology, to overcome these barriers, sound management of the technology dissemination need to be followed. The demonstration conducted by the Official of the project at Krishnagiri block, in Pennaiyar river sub basin, Alapatti tank in Krishnagiri district reveals that the initial demonstration implemented in the period of October 2008 to March 2009 with the 39 farmers and covered 26 hectare. The sustainability is very important aspect to measure the success or failure of the precision farming in the implemented area hence 134 farmers with 40 ha coverage showed that the real demonstration effects on farmers were adopted and sustained with precision farming through the year with various multi crops cultivated by the farmers because of higher yield, least inputs and more than that huge income from the farm. Followed by the last year Oct 2011 to Mar 2012 the total area of demonstration covered 110 ha and the impact also 110 ha with the overall demonstration which spread across the area with the total sustainability area is 448 ha. |
| Keywords: | Precision Farming, Modern Technology, Adoption of Technology, Sustainability. |
| JEL: | Q16 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73674&r=sog |
| By: | Egorova, Maria A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper presents the first monographic study on antimonopoly regulation of transactions on economic concentration; It justified the original doctrine of the subjective market, on the basis of which there are basic principles and approaches to the legal assessment of transactions on economic concentration, their relationship with other transactions and activities that are relevant to antimonopoly regulation; The basic directions of improvement of antimonopoly legislation in this area. |
| Keywords: | regulation of transactions, economic concentration |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1853&r=sog |
| By: | Jacek, Prokop; Adam, Karbowski |
| Abstract: | The objective of this paper is to investigate the impact of horizontal R&D cooperation on cartel formation in the product market. We analyze the case in which the R&D expenditures that precede the production process are aimed at the reduction of the unit manufacturing costs, and could create positive externalities for the potential competitors. We compare how the different degrees of R&D cooperation effect on firms’ incentives to create a cartel in the product market. Like the previous literature (Kaiser, 2002; Kamien et al., 1992), we analyze a two-stage game with two firms as players. In the first stage, firms simultaneously decide on R&D expenditures and, in the second stage, they meet in the final product market. It is assumed that without successful cartel formation in the industry, firms compete in the product market in Stackelberg fashion. The analysis was made for two variants: 1) linear functions of total costs of production and 2) quadratic functions of total costs of production. For both variants, the numerical analysis revealed that a closer cooperation at the R&D stage strengthens the incentives to create a cartel in the product market. As a consequence it should be supposed that the horizontal R&D cooperation brings the relatively high risk of industry cartelization. This fact raises serious antitrust issues. Industry cartelization translates thus into unbeneficial economic outcomes for customers on the given product market. |
| Keywords: | research and development, cooperation, cartels |
| JEL: | L24 O32 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73605&r=sog |
| By: | Hedtke, Reinhold |
| Abstract: | Die Wirtschaftsdidaktik versteht ökonomische Bildung als einen wesentlichen Beitrag zur Verbraucherbildung“ (DeGöB). Dieses Bekenntnis ist weit weniger klar, als es klingt. Denn was jugendliche Verbraucherinnen und Verbraucher von ökonomischer Bildung erwarten können und was nicht, hängt davon ab, wie man ökonomische Bildung konzipiert. Der Mainstream der Wirtschaftsdidaktik versteht ökonomische Bildung als bevorzugt volkswirtschaftliche Bildung und als Bildung durch das Paradigma der Ökonomik; damit blendet er betriebswirtschaftliche Denkweisen weitestgehend aus. Welche Folgen hat dies für eine verbraucherorientierte Wirtschaftsdidaktik? Was kann Konsumentenbildung gewinnen, wenn sie sich auf die Methodologie der Betriebswirtschaftslehre stützt? |
| Keywords: | Konsumentenbildung,Wirtschaftsdidaktik,Ökonomische Bildung,Betriebswirtschaftslehre |
| JEL: | A20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:145987&r=sog |
| By: | Fernandes, Aline R.; da Silva, Carlos Arthur B. |
| Abstract: | Agro‐industrialization promotion is a policy option to aggregate value to a primary product and increase revenues for small farmers. However, experience has shown the vulnerability of small‐scale agro‐industries (SSAI) when facing a competitive environment with technological, institutional and managerial bottlenecks. A system dynamics model was built to simulate the financial behavior of agrifood processing enterprises promoted by Brazilian SSAI development programs after the mid 1990’s. Ten years after the modeling exercise, an assessment of selected enterprises supported by distinct programs largely confirmed the simulation results. Modelling suggested conditions for long‐term SSAI sustainability were corroborated and the importance of the promotion programs was further evidenced. |
| Keywords: | system dynamics, food processing, agro industry, small and medium enterprises – SME, rural nonfarm, economy ‐ RNFE, Agribusiness, Community/Rural/Urban Development, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244447&r=sog |
| By: | Roberto Venturini |
| Abstract: | Firms are central to the functioning of the economy. Ever since Smith (1838) and Coase (1937), economists have gone a long way trying to understand why firms exist, how they are organized, and how they interact through the market.This thesis contributes to the study of how regulation and market incentives can affect firm decisions and their organization. |
| Keywords: | Competition, International Trade, R&D Management |
| Date: | 2016–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/235029&r=sog |
| By: | Adair Morse; Wei Wang; Serena Wu |
| Abstract: | Lawyers now serve as executives in 44% of corporations. Although endowed with gatekeeping responsibilities, executive lawyers face increasing pressure to use time on strategic efforts. In a lawyer fixed effects model, we quantify that lawyers are half as important as CEOs in explaining variances in compliance, monitoring, and business development. In a difference-in-differences model, we find that hiring lawyers into executive positions associates with 50% reduction in compliance breaches and 32% reduction in monitoring breaches. We then ask whether firms’ optimal contracting of lawyers into strategic activities implies less lawyer gatekeeping effort. Using a design comparing executive lawyers hired from law firms to lawyers poached from corporations, we find that lawyers hired with high compensation delta (indicative of the importance of strategic goals in compensation contracts) do less monitoring, preventing 25% fewer breaches than are typically mitigated by having an executive gatekeeper. Reassuringly, lawyers do not compromise compliance. |
| JEL: | G32 G34 J33 K22 M52 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22597&r=sog |
| By: | Pambo, Kennedy Otieno; Mbeche, Robert M.; Okello, Julius J.; Kinyuru, John N. |
| Abstract: | Paper Prepared for Presentation at the Seventh European Conference on Sensory and Consumer Research, 11 - 14 September 2016 | Dijon, France |
| Keywords: | food choice, consumer behaviour, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:miscpa:244573&r=sog |
| By: | Blickle, Kristian; Brown, Martin |
| Abstract: | We study the impact of liquidity constraints on home ownership by comparing the tenure and housing choice of households who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing annual information on household characteristics, wealth transfers, tenure status as well as changes in the size and quality of housing. Our treatment effect estimates suggest that wealth transfers increase the propensity of households to transition to ownership by 15 to 20 percentage points. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade-up” to larger homes in better locations. |
| Keywords: | Liquidity Constraints, Tenure Choice, Wealth Transfers, Macroprudential Policy |
| JEL: | D14 D31 D91 G18 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:usg:sfwpfi:2016:18&r=sog |
| By: | Jens Hoelscher (Bournemouth University, Executive Business Centre); Peter Howard-Jones (Bournemouth University, Executive Business Centre); Allan Webster (Bournemouth University, Executive Business Centre) |
| Abstract: | This study considers the impact of finance (loans) on the performance and productive efficiency of a sample of 8037 SMEs from transitional countries. An extensive macro-economic literature supports the importance of finance to growth. For this to be truly convincing it is necessary to show that firm performance is strengthened by loans. There are very few firm level studies of the linking loans and firm performance. This study extends the firm level literature using the 2013 BEEPS survey .It uses three different methodologies, all incorporating firm heterogeneity. Firstly, we use propensity score matching to test whether loans result in enhanced performance and finds that loans did indeed improve performance. Secondly, we re-enforce these conclusions using inverse probability weighted regression adjustment (IPWRA) analysis. Finally we employ a stochastic frontier approach to (a) measure firm inefficiency and (b) to show that loans create a statistically significant reduction in this inefficiency. |
| Keywords: | SMEs; finance; transition; efficiency |
| JEL: | L25 G21 P27 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:bam:wpaper:bafes01&r=sog |
| By: | SEKINE Atsushi; TSURUGA Takayuki |
| Abstract: | Since the 2000s, large fluctuations in commodity prices have become a concern among policymakers regarding price stability. This paper investigates the effects of commodity price shocks on headline inflation with a monthly panel consisting of 144 countries. We show that the effects of commodity price shocks on inflation are transitory. While the effect on the level of consumer prices varies across countries, the transitory effects are fairly robust, suggesting a low risk of the so-called second-round effect on inflation. Employing the smooth transition autoregressive models that use past inflation as the transition variable, we also explore the possibility that the effect of commodity price shocks could be persistent, depending on inflation regimes. In this specification, commodity price shocks may not have transitory effects when a country's currency is pegged to the U.S. dollar. However, the effect remains transitory in countries with exchange rate flexibility. JEL Classification: E31, E37, Q43 |
| Keywords: | Commodity prices, inflation, pass-through, local projections, smooth transition |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:esj:esridp:331&r=sog |
| By: | Erofeeva, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper presents the description and analysis of the reconfiguration of sociological theory in the context of the rotation to the material and research processes virtualization social institutions and practices. The subject of research is the epistemological reconfiguration of modern sociology, considered as what is happening in contemporary sociological theory of change in the ratio substantialist relyatsionistskih and research positions and practices in the justification and implementation of social cognition process, and its implications for the further development of sociological theory and practice. |
| Keywords: | actor-network theory, sociology, relationalism |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1669&r=sog |
| By: | Mmbengwa, Victor; Nengovhela, Nkhanedzeni; Ngqangweni, Simphiwe; Spies, David; Baker, Derek; Burrow, Heather; Griffith, Garry |
| Abstract: | In this paper we look back on the first year of a three‐year project which aims to undertake the research necessary to develop a wider range of market outlets, products and value chains for beef produced by the small‐scale and emerging sector in South Africa. We discuss the difficulties encountered in designing and implementing the project, and we review progress towards achieving the economic, social and environmental outcomes that we are seeking. |
| Keywords: | Beef, value chain, small‐scale farmers, South Africa, project design, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244478&r=sog |
| By: | J. Ignacio Garcia-Perez; Marisa Hidalgo-Hidalgo |
| Abstract: | This paper evaluates the effects of a remedial education programme implemented in Spain between 2005 and 2012 that o¤ered after-school classes for underperforming students from poor socioeconomic backgrounds. We use two different estimation strategies, re-weighting estimators and propensity score matching, and address the existence of selection bias. We find that this programme had a substantial positive e¤ect on children’s academic achievement: the probability of falling behind the general progress of the group declined by approximately 5% and mean reading scores increased by approximately 10% of one standard deviation. We also find that a larger exposure to the programme improves students’ scores: whereas students in schools that participated in the programme for at most two years do not experience any significant positive effect, those in schools that participated for at least three years did. The programme significantly reduced the probability of belonging to the bottom part of the distribution (by approximately 7.5%) and improved mean scores (by approximately 18% of one standard deviation). Finally, we find that the impact of the programme is much stronger for students in rural schools than for students in urban schools. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdapop:2016-20&r=sog |
| By: | Brice Corgnet (EMLYON Business School, Univ Lyon, GATE L-SE UMR 5824, F-69131 Ecully, France); Mark DeSantis (Argyros School of Business and Economics & Economic Science Institute, Chapman University, Orange, CA, 92866); David Porter (Argyros School of Business and Economics & Economic Science Institute, Chapman University, Orange, CA, 92866) |
| Abstract: | Using simulations and experiments, we pinpoint two main drivers of trader performance: cognitive reflection and theory of mind. Both dimensions facilitate traders’ learning about asset valuation. Cognitive reflection helps traders use market signals to update their beliefs whereas theory of mind offers traders crucial hints on the quality of those signals. We show these skills to be complementary because traders benefit from understanding the quality of market signals only if they are capable of processing them. Cognitive reflection relates to previous Behavioral Finance research as it is the best predictor of a trader’s ability to avoid commonly-observed behavioral biases. |
| Keywords: | Experimental asset markets, behavioral finance, cognitive reflection, theory of mind, financial education |
| JEL: | C92 G02 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1627&r=sog |
| By: | Brice Corgnet (EMLYON Business School, Univ Lyon); Mark DeSantis (Argyros School of Business and Economics & Economic Science Institute, Chapman University,); David Porter (Argyros School of Business and Economics & Economic Science Institute, Chapman University,) |
| Abstract: | Using simulations and experiments, we pinpoint two main drivers of trader performance: cognitive reflection and theory of mind. Both dimensions facilitate traders’ learning about asset valuation. Cognitive reflection helps traders use market signals to update their beliefs whereas theory of mind offers traders crucial hints on the quality of those signals. We show these skills to be complementary because traders benefit from understanding the quality of market signals only if they are capable of processing them. Cognitive reflection relates to previous Behavioral Finance research as it is the best predictor of a trader’s ability to avoid commonly-observed behavioral biases. |
| Keywords: | Experimental asset markets, behavioral finance, cognitive reflection, theory of mind, financial education |
| JEL: | C92 G02 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:chu:wpaper:16-20&r=sog |
| By: | Lee, Seungduck |
| Abstract: | This paper examines the effect of monetary policy on the liquidity premium, i.e., the market value of the liquidity services that financial assets provide. To guide the empirical analysis, I set up a monetary search model in which bonds provide liquidity services in addition to money. The theory predicts that money supply and the nominal interest rate are positively correlated with the liquidity premium, but the latter is negatively correlated with the bond supply. The empirical analysis over the period from 1946 and 2008 confirms the theoretical findings. This indicates that liquid bonds are substantive substitutes for money and the opportunity cost of holding money plays a key role in asset price determination. The model can rationalize the existence of negative nominal yields, when the nominal interest rate is low and liquid bond supply decreases. |
| Keywords: | asset price, money search model, liquidity, liquidity premium, money supply |
| JEL: | E31 E41 E51 E52 G12 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73707&r=sog |
| By: | Lucas Herrenbrueck (Simon Fraser University) |
| Abstract: | How do central bank purchases of illiquid assets affect interest rates and the real economy? In order to answer this question, I construct a parsimonious and very flexible general equilibrium model of asset liquidity. In the model, households are heterogeneous in their asset portfolios and demand for liquidity, and asset trade is subject to frictions. I find that open market purchases of illiquid assets are fundamentally different from helicopter drops: asset purchases stimulate private demand for consumption goods at the expense of demand for assets and investment goods, while helicopter drops do the reverse. A temporary program of quantitative easing can therefore cause a "hangover" of elevated yields and depressed investment after it has ended. When assets are already scarce, further purchases can crowd out the private flow of funds and cause high real yields and disinflation, resembling a liquidity trap. In the long term, lowering the stock of government debt reduces the supply of liquidity but increases the capital-output ratio, with ambiguous consequences for output itself. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:767&r=sog |
| By: | Poppe, Krijn; Floor, Geerling‐Eiff; Trond, Selnes |
| Abstract: | Over the last 20 years several countries have made changes in their Agricultural Knowledge and Innovation Systems (AKIS): institutes for applied research have been put on output‐finance with reduced budgets or have been merged into larger structures (Finland, Italy), sometimes into universities (NL, Dk). Incentives to publish have been strengthened in universities. Private advise is now available all over Europe and competes with public extension. How will or should this develop in the future? The SCAR strategic working group AKIS did a foresight study and identified three scenario’s for AKIS: High Tech, Self‐ Organisation and Collapse. Recommendations are made to make AKIS more robust. |
| Keywords: | Scenarios, Resilient Institutions, Agricultural Research and Innovation, Agribusiness, Agricultural and Food Policy, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244440&r=sog |
| By: | John F. Helliwell; Aneta Bonikowska; Hugh Shiplett |
| Abstract: | Strong versions of the set point hypothesis argue that subjective well-being measures reflect each individual’s own personality and that deviations from that set point will tend to be short-lived, rendering them poor measures of the quality of life. International migration provides an excellent test of this hypothesis, since life circumstances and average subjective well-being differ greatly among countries. Life satisfaction scores for immigrants to Canada from up to 100 source countries are compared to those in the countries where they were born. With or without various adjustments for selection effects, the average levels and distributions of life satisfaction scores among immigrants mimic those of other Canadians rather than those in their source countries and regions. This supports other evidence that subjective life evaluations, especially when averaged across individuals, are primarily driven by life circumstances, and respond correspondingly when those circumstances change. |
| JEL: | F22 I31 J61 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22601&r=sog |
| By: | Shagaida, Natalia (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper discusses the methods of state regulation of the involvement of rural land for the construction of the example of foreign and Russian experience. Tools used in the United States, Uzbekistan, analyzed from the perspective of the feasibility of the use of analogues in Russia. A review of the organization of work on controlled use of farmland for the purposes of housing construction in the Belgorod region. It analyzes the activities of the Federal Fund sodeyst-tions Housing (RHD) with the risk position of agriculture and to ensure the reduction of barriers to housing access. |
| Keywords: | state regulation, rural land, construction, Uzbekistan, Russia, USA |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2864&r=sog |
| By: | Peschel, Anne Odile; Zielke, Stephan; Scholderer, Joachim |
| Abstract: | When deciding between product alternatives, consumers have to compare the observed prices to their internal reference price to determine whether the offer is a good deal or not. For product innovations, for which no reference price has been established, it is unclear against which standard the observed price is compared. Despite extensive research on the use of reference prices, little attention has been devoted to the formation of an internal reference price for an unfamiliar product category. We suggest two mechanisms of how reference prices are constructed and find support for these in two experiments. Reference prices for an unfamiliar product category can either be formed through repeated exposure to incidental price information or through transfer of price information from a familiar, similar product category to an unfamiliar product category. Crucial is however that the product price-value relationship is consistent; a condition often not accounted for in product innovation testing. |
| Keywords: | Behavioural pricing, internal reference price, product innovation, Agribusiness, Agricultural Finance, Demand and Price Analysis, International Development, International Relations/Trade, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244459&r=sog |
| By: | van Hoorn, Andr (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16001-gem&r=sog |
| By: | Parantap Basu (Durham Business School); Sigit Sulistiyo Wibowo (Universitas Indonesia Depok) |
| Abstract: | This study investigates the formation of risk-sharing group in circumstances where households face barriers to insurance. We test alternative risk sharing models which include full risk sharing, borrowing-saving and private information about income and e↵orts. Using the Indonesia Family Life Survey (IFLS) dataset, this study provides evidence that the full risk-sharing hypothesis fails. There is some evidence that IFLS households smooth consumption using the credit market. No evidence is found in favor of risk sharing models with private information about e↵ort and productivity. We then explore the possibility of Indonesian households forming stable informal risk sharing groups to mitigate idiosyncratic consumption risks. We find strong evidence of such endogenous group formation among IFLS households as a vehicle of informal risk sharing. |
| Keywords: | credit access, risk sharing, endogenous group formation |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2015_02&r=sog |
| By: | Virginie Svenningsen (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Eva Boxenbaum (Copenhagen Business School - CBS - Copenhagen Business School [Copenhagen], CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Davide Ravasi (Cass Business School - City University London) |
| Abstract: | The present article examines how employees cope with an organizational setting that is institutionally complex. The empirical setting is a French energy corporation that simultaneously pursues a logic of science and a logic of market through multiple research partnerships with public and private actors engaged in the energy transition. We draw on the literature on institutional logics and hybrid organizations to examine how employees of this French energy corporation deal with this institutionally complex environment. Our findings point to three strategies that individuals use to cope with institutional complexity in their organizational setting: aggregating, selective coupling and compartmentalizing. Each individual uses only one strategy. The findings further suggest three psychological factors that seem to explain which of these strategies a given individual adopts for coping with institutional complexity: tolerance for ambiguity, preference for holism, and preference for reductionism. We integrate these findings into a two-dimensional model. These findings contribute to illuminating how individuals cope with institutional complexity in their organizational setting, an insight that can help shed light on why organizations respond somewhat differently to the same institutionally complex field. |
| Keywords: | energy transition., hybrid organizations,Institutional complexity, multiple institutional logics |
| Date: | 2016–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01336318&r=sog |
| By: | Randall Jackson (Regional Research Institute, West Virginia University); Amir B. Ferreira Neto (Regional Research Institute, West Virginia University); Elham Erfanian (Regional Research Institute, West Virginia University) |
| Abstract: | This paper estimates the economic and environmental impacts of introducing woody biomass processing (WBP) in a rural area in central Appalachia. WBP is among the most promising additions to energy generation portfolios for reducing import dependency and at the same time providing economic opportunity to stimulate regional economies, especially in rural regions where economic development options are often limited. We use an input-output framework to assess regional economic impacts of introducing WBP under three different pathways, fast pyrolysis, ethanol and coal/biomass to liquids. Based on an analysis of local biomass feedstock supply and using the results of life cycle assessments to parameterize the three production functions, we find that the proposed WBP will increase the regional output by $333.3 to $564.0 million dollars; it will increase income by $51.31 to $70.75 million dollars and employment by 850.7 to 1670 jobs in the region. Of these impacts, the direct portions are 63% to 77% of the total impact, depending on the chosen pathway. The results from the accompanying environmental assessment show that only the ethanol pathway has both economic and environmental benefits. |
| Keywords: | woody biomass processing, input output analysis, life cycle assessment, central Appalachia, rural economic development |
| JEL: | R58 R15 Q51 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2016wp04&r=sog |
| By: | de Avila Santos, João Heitor; de Barcellos, Marcia Dutra; Sauvée, Loïc |
| Abstract: | The way the firm uses its technological resources and competences, the ability to combine/recombine components, methods, processes and techniques to offer products and services plays a central role on the innovation process (AFUAH, 2002). As Indarti (2010) points out, the interactions are a key element in the process of gaining access to, acquire, and develop knowledge for the stimulation of a firm’s activities in the field of innovation. From the intra‐firm perspective, to innovate, Paruchuri (2010) argues that a firm that can improve the diffusion of knowledge internally will benefit from enhanced innovative activity. Aalbers (2015) reflecting on the governance of knowledge sharing inside organizations, suggest that knowledge may come to be difficult to transfer because of the boundaries dynamics. In light of these authors insights the aim of this paper is to present an overview of the research regarding Interactions, Innovation and Intra‐firm Coordination. For that, we performed a bibliometrics study within the Web of Science (WoS) and the Elsevier’s Scopus libraries. A final sample of 111 papers were built after several refinements. The results suggest a growing tendency of the publications on the subject. The most cited papers have a gap of almost twelve years in between it, which shows that the construction of knowledge, about the topics innovation interactions and intra‐firm coordination are still attached to what was published a long time ago, for the initiators of this research field, but the works of Dolfsma et al (2008) and Leendert et al (2015) shows us a new trend and that new researchers are using these brand new works as references to perform new studies. |
| Keywords: | Innovation, Interactions, Coordination, Intra‐firm, Bibliometrics, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244543&r=sog |
| By: | Sugata Marjit |
| Abstract: | The recent Brexit episode is being interpreted in some quarters as an anti-globalisation backlash. Free trade does not promise gains for all without a proper compensating mechanism that allows winners to bribe the losers. Also standard prediction of trade theory does point towards increasing wage inequality for the relatively skill abundant developed world. Theoretical discussion on compensating mechanism that addresses inequality is rare in trade literature. In a simple HOS model we consider tax policies that keep the pre-trade degree of inequality unchanged between skilled and unskilled workers. We discuss the problem of existence of such an inequality-neutral tax rate that generates a positive increment in the after tax skilled wage. Such a mechanism is likely to exist and is independent of whether the tax is progressive or proportional. |
| Keywords: | Trade Model; Wage inequality; Compensation mechanism; Tax policy |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:16/14&r=sog |
| By: | Bangsund, Dean A.; Shaik, Saleem; Saxowsky, David; Hodur, Nancy M.; Ndembe, Elvis |
| Keywords: | Community/Rural/Urban Development, Environmental Economics and Policy, Public Economics, Risk and Uncertainty, |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nddaae:244517&r=sog |
| By: | Rozite, Kristiana; Bezemer, Dirk J.; Jacobs, Jan P.A.M. (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16013-gem&r=sog |
| By: | Alexis Anagnostopoulos; Eva Carceles-Poveda; Yair Tauman |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nys:sunysb:16-06&r=sog |
| By: | Joachim R. Groeger |
| Abstract: | In this paper I empirically investigate prediction markets for binary options. Advocates of prediction markets have suggested that asset prices are consistent estimators of the "true" probability of a state of the world being realized. I test whether the market reaches a "consensus." I find little evidence for convergence in beliefs. I then determine whether an econometrician using data beyond execution prices can leverage this data to estimate the consensus belief. I use an incomplete specification of equilibrium outcomes to derive bounds on beliefs from order submission decisions. Interval estimates of mean beliefs cannot exclude aggregate beliefs equal to 0.5. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.03471&r=sog |
| By: | Reddy, Kotapati Srinivasa |
| Abstract: | The surge in Asian electronics business becomes a global platform for international vendors and customers. Conversely, Chinese and Korean firms have become the foremost manufacturing & fabrication nucleus for electronic supplies in the world. This is also a roaring example of success from Asian developing nations. This case presents the fortune of Asian rivals in the electronics business that made Philips and Panasonic to redesign and reform their global tactics for long-term sustainable occurrence in the emerging economies market. Further, it also discusses the reasons behind their current mode of business and post deal issues. This case describes a way to impart the managerial and leadership strategies from the regular business operations happening in and around the world. Exclusively, it focuses on designing inorganic choices such as self-off, joint venture, shuffle and merging strategies from theory to application. |
| Keywords: | Asian electronics market; sell-offs; joint ventures; TV business; multinational companies; layoffs |
| JEL: | G3 G34 M1 M16 M3 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73663&r=sog |
| By: | Fernando Rios-Avila |
| Abstract: | This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines the Living Standards Survey Round 6 (GLSS6) with the Ghana Time Use Survey (GTUS) 2009, and for Tanzania it combines the Household Budget Survey (THBS) 2012 with the time-use data obtained from the Integrated Labor Survey Module (ILFS) 2006. In both cases, the alignment of the two datasets is examined, after which various aspects of the match quality are described. Despite the differences in the survey years, the quality of match is high and the synthetic dataset appropriate for the time poverty analysis. |
| Keywords: | Statistical Matching; Time Use; Household Production; Poverty; LIMTCP; Ghana; Tanzania |
| JEL: | C14 C40 D31 J22 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_873&r=sog |
| By: | Johannes Abeler (University of Oxford, IZA and CESifo); Daniele Nosenzo (University of Nottingham, School of Economics); Collin Raymond (Amherst College) |
| Abstract: | We study information conditions under which individuals are willing to delegate their sanctioning power to a central authority. We design a public goods game in which players can move between institutional environments, and we vary the observability of others' contributions. We find that the relative popularity of centralized sanctioning crucially depends on the interaction between the observability of the cooperation of others and the absence of punishment targeted at cooperative individuals. While central institutions do not outperform decentralized sanctions under perfect information, large parts of the population are attracted by central institutions that rarely punish cooperative individuals in environments with limited observability. |
| Keywords: | centralized sanctions, cooperation, experiment, endogenous institutions |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:not:notcdx:2016-13&r=sog |
| By: | Georgescu, George |
| Abstract: | Despite theoretical and methodological improvements by national accounts framework revisions, not without disputes and confrontations of views, the growing complexity of economic and social phenomena under globalization circumstances has led to increasing difficulties in the design, monitoring and implementation of specific policies depending on GDP indicator. The paper focuses on the analysis of the GDP relevance and limitations in its interpretation, including a retrospective view. Some inconsistencies as regards the metrics of GDP (illegal activities, unobserved economy, self-consumption in rural households, owner’s imputed rents) are highlighted. Because the GDP does not take into account the impact of important factors of progress (depletion of natural resources, environmental factors, urban concentration and rural depopulation etc.) and does not reflects neither the citizens wellbeing (starting from Easterlin Paradox), efforts to develop new statistical standards in order to complement/substitute GDP with other indicators and/or building composite indicators that integrates various aspects of quality of life have been made, but without meeting a general consensus at the global level. In the end of the paper other derived indicators (GNP, GNI, AIC) are discussed and some considerations regarding the time horizon of Romania’s real convergence with the EU, including the accession to Eurozone are added. |
| Keywords: | System of National Accounts; GDP limitations; International Comparison Program; wellbeing; Romania EU convergence |
| JEL: | B15 B41 C82 E01 N10 O11 |
| Date: | 2016–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73644&r=sog |
| By: | David Gaukrodger |
| Abstract: | Many governments have expressed concerns about the uncertainty linked to the perceived inconsistency of treaty interpretation in Investor-State dispute settlement (ISDS). An OECD-hosted intergovernmental investment roundtable has been considering a range of tools through which governments can take action to improve the interpretation of investment treaties and some participants suggested consideration of the potential role of State-to-State dispute settlement (SSDS) in this area. This paper responds to this interest. The first part sets forth a rough typology of possible SSDS claims under investment treaties. The second part outlines policy issues relating to a possible type of SSDS claim which would be most relevant to the question of interpretation, for so-called “pure” interpretation of an investment treaty. The analysis seeks to identify policy reasons why governments might wish to provide for or exclude the power to obtain pure interpretations of investment treaties from SSDS tribunals or to make it broad or narrow. The final section examines SSDS cases under investment treaties addressing claims for interpretation. |
| Keywords: | foreign investment, international investment, international investment law, international economic law, international arbitration, investment treaties, international investment agreements, investor-state dispute settlement, bilateral investment treaties |
| JEL: | F02 F13 F21 F23 F53 K23 K33 K4 K41 |
| Date: | 2016–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:dafaaa:2016/3-en&r=sog |
| By: | Bjerre, Liv; Helbling, Marc; Römer, Friederike; Zobel, Malisa Zora |
| Abstract: | The Immigration Policies in Comparison (IMPIC) database includes data on migration policies for 33 OECD countries and the period 1980-2010. The dataset is presented in Helbling, Marc, Liv Bjerre, Friederike Römer and Malisa Zobel (2016) “Measuring Immigration Policies: The IMPIC-Database”, European Political Science (forthcoming). When using the data, please cite Helbling et al (2016) and, when appropriate, this discussion paper (Bjerre et al 2016). Please always include the version number in analyses using the dataset. This technical report provides additional information on the data collection (part 1), the codebook of the dataset (part 2), a glossary that defines the relevant terms and concepts that have been used (part 3) and the questionnaire that has been used to collect the data (part 4). |
| Keywords: | immigration,policy,measurement,aggregation |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbdiv:spvi2016201&r=sog |
| By: | Engelseth, Per; Hogset, Heidi |
| Abstract: | Supply chain management is adapted to the particularities of local foods production characterised by short chains and intensive horizontal and vertical networking in an integrated context. A case study of chain of local foods logistics to a common retailer in Norway empirically grounds what constitutes "supply chain management of local foods". Findings based on analysis applying contingency theory indicate that local foods chains not only are short in structure. They are differentiated grounded in a developed local reputation. They also resemble in structure as well as operations more service supply chains than modernistic supply chains due of heightened reciprocal interdependencies demanding quality networking. The exchange economy is therefore vital in managing local foods logistics. |
| Keywords: | Local foods logistics, Supply chain management, Contingency theory, Interdependencies, Exchange economy, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244469&r=sog |
| By: | Christopher Jepsen; Lisa K. Jepsen |
| Abstract: | We use data from the 2000 decennial Census to compare differences in earnings, hours worked, and labor-force participation between members of different household types, including same-sex couples, different-sex couples, and roommates. Both same-sex and different-sex couples exhibit some degree of household specialization, whereas roommates show little or no degree of specialization. Of all household types, married couples exhibit by far the highest degree of specialization with respect to labor-market outcomes. With respect to differences in earnings and hours, gay male couples are more similar to married couples than lesbian or unmarried heterosexual couples are to married couples. |
| Keywords: | Same-sex couples; Wages; Household type; Labor market outcomes |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:ucn:oapubs:10197/7884&r=sog |
| By: | Peter A. Streufert (University of Western Ontario) |
| Abstract: | It would be useful to have a category of extensive-form games whose isomorphisms specify equivalences between games. Since working with entire games is too large a project for a single paper, I begin here with preforms, where a “preform” is a rooted tree together with choices and information sets. My first contribution is to introduce a compact preform specification called a “node-and-choice” preform. This specification’s compactness allows me to introduce tractable morphisms which map one node-and-choice preform to another. I incorporate these morphisms into a category called the “category of node-and-choice preforms”. Finally, I characterize the isomorphisms of this category. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:uwowop:20162&r=sog |
| By: | Ignacio Benito Amaro; Gustavo Ferro |
| Abstract: | Se establece una relación entre precios de vinos de alta gama y sus determinantes. Se responde a las preguntas ¿Qué explica el precio de los vinos de alta calidad? ¿Cómo influyen en el precio elementos que están (en buena parte, aproximadamente o escasamente) en manos de los productores? Para ello, se construye una base de datos de trece años de los 100 mejores vinos que anualmente selecciona la publicación Wine Spectator. Con ella se estima una regresión de precios hedónicos. Se identifican bodegas, orígenes y un país, cuyos vinos están “sobrevalorados” o “subvalorados” respecto a lo que el modelo indica. We determine a relationship between high quality wines and its drivers. We answer the questions: What variables explain high-quality wine prices? How do certain factors (highly, slightly or scarcely) under control of the suppliers, influence prices? To respond, we build a database with thirteen years of the best 100 wines annually ranked in Wine Spectator magazine. With the database we estimate a hedonic price regression. We also identify wineries, origins and a country whose wines are “overvalued” or “undervalued” with respect to model’s predictions. |
| Keywords: | wine, hedonic prices |
| JEL: | D12 C20 L66 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:593&r=sog |
| By: | Alcázar, Lorena (Grupo de Análisis para el Desarrollo (GRADE)); Ocampo, Diego |
| Abstract: | La violencia contra la mujer es un gran problema que no solo tiene enormes consecuencias en las víctimas directas. Además, perturba todo el ámbito familiar, y atenta contra el desarrollo integral de los niños y las niñas. Utilizando datos de la Encuesta Demográfica y de Salud Familiar (ENDES), este estudio estima el efecto que tiene la violencia de género sobre la probabilidad de que los niños y las niñas repitan el año escolar. La violencia en el hogar genera un clima de tensión que impide el normal desarrollo cognitivo y de habilidades de los niños y las niñas. Al mismo tiempo, las madres víctimas de violencia tienen menos capacidad de brindar a sus hijos el cuidado y la atención que necesitan, lo cual contribuye a reducir el desarrollo de las habilidades de los niños y las niñas. Estos dos efectos suelen reflejarse en un desempeño escolar más pobre en comparación con el de sus pares que no sufren este problema. Por otra parte, el estudio no encuentra evidencia de que la violencia doméstica contra la madre tenga un efecto diferenciado entre las niñas y los niños. |
| Keywords: | Violencia domestica,Rendimiento escolar, Repetición, Niños, Domestic violence, Academic achievement, Grade repetition, Children, Peru |
| JEL: | I21 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gad:doctra:dt80&r=sog |
| By: | Anthoff, David; Emmerling, Johannes |
| Abstract: | This paper presents a novel way to disentangle inequality aversion over time from inequality aversion between regions in the computation of the Social Cost of Carbon. Our approach nests a standard efficiency based Social Cost of Carbon estimate and an equity weighted Social Cost of Carbon estimate as special cases. We also present a methodology to incorporate more fine grained regional resolutions of income and damage distributions than typically found in integrated assessment models. Finally, we present quantitative estimates of the Social Cost of Carbon that use our disentangling of different types of inequality aversion. We use two integrated assessment models (FUND and RICE) for our numerical exercise to get more robust findings. Our results suggest that inequality considerations lead to a higher (lower) SCC values in high (low) income regions relative to an efficiency based approach, but that the effect is less strong than found in previous studies that use equity weighting. Our central estimate is that the Social Cost of Carbon increases roughly by a factor of 2.5 from a US perspective when our disentangled equity weighting approach is used. |
| Keywords: | Social Cost of Carbon, Inequality, Climate Change, Discounting, Equity Weighting, Integrated Assessment Model, Resource /Energy Economics and Policy, D63, H43, Q54, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244332&r=sog |
| By: | Anne-Isabelle Poullié (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Magali Cognet (Amaris - Amaris - Amaris London); Aline Gauthier (Amaris - Amaris - Amaris London); Marine Clementz (Amaris - Amaris - Amaris London); Sylvain Druais (Amaris - Amaris - Amaris London); Hans-Martin Späth (UCBL - Université Claude Bernard Lyon 1); Lionel Perrier (Centre Léon Bérard [Lyon], GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Oliver Scemama (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Catherine Rumeau Pichon (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Jean-Luc Harousseau (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]) |
| Abstract: | Objectives: Untreated obstructive sleep apnea-hypopnea syndrome (OSAHS) is associated with excessive daytime sleepiness, increased risk of cardiovascular (CV) disease, and road traffic accidents (RTAs), which impact survival and health-related quality of life. This study, funded by the French National Authority for Health (HAS), aimed to assess the cost-effectiveness of different treatments (i.e., continuous positive airway pressure [CPAP], dental devices, lifestyle advice, and no treatment) in patients with mild-to-moderate OSAHS in France. Methods: A Markov model was developed to simulate the progression of two cohorts, stratified by CV risk, over a lifetime horizon. Daytime sleepiness and RTAs were taken into account for all patients while CV events were only considered for patients with high CV risk. Results: For patients with low CV risk, incremental cost-effectiveness ratio (ICER) of dental devices versus no treatment varied between 32,976 EUR (moderate OSAHS) and 45,579 EUR (mild OSAHS) per quality-adjusted life-year (QALY), and CPAP versus dental devices, above 256,000 EUR/QALY. For patients with high CV risk, CPAP was associated with a gain of 0.62 QALY compared with no treatment, resulting in an ICER of 10,128 EUR/QALY. Conclusion: The analysis suggests that it is efficient to treat all OSAHS patients with high CV risk with CPAP and that dental devices are more efficient than CPAP for mild-to-moderate OSAHS with low CV risk. However, out-of-pocket costs are currently much higher for dental devices than for CPAP (i.e., 3,326 EUR versus 2,430 EUR) as orthodontic treatment is mainly non-refundable in France. |
| Keywords: | Continuous positive airway pressure, Dental devices, Obstructive sleep apnea, Cost-effectiveness analysis |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01327109&r=sog |
| By: | Ozkan Eren; Naci Mocan |
| Abstract: | Employing the universe of juvenile court decisions in a U.S. state between 1996 and 2012, we analyze the effects of emotional shocks associated with unexpected outcomes of football games played by a prominent college team in the state. We investigate the behavior of judges, the conduct of whom should, by law, be free of personal biases and emotions. We find that unexpected losses increase disposition (sentence) lengths assigned by judges during the week following the game. Unexpected wins, or losses that were expected to be close contests ex-ante, have no impact. The effects of these emotional shocks are asymmetrically borne by black defendants. We present evidence that the results are not influenced by defendant or attorney behavior or by defendants’ economic background. Importantly, the results are driven by judges who have received their bachelor’s degrees from the university with which the football team is affiliated. Different falsification tests and a number of auxiliary analyses demonstrate the robustness of the findings. These results provide evidence for the impact of emotions in one domain on a behavior in a completely unrelated domain among a uniformly highly-educated group of individuals (judges), with decisions involving high stakes (sentence lengths). They also point to the existence of a subtle and previously-unnoticed capricious application of sentencing. |
| JEL: | D02 D03 J15 J71 K4 K41 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22611&r=sog |
| By: | Junichi Fujimoto (National Graduate Institute for Policy Studies); Junsang Lee (Sungkyunkwan University) |
| Abstract: | This paper examines efficient risk sharing under limited commitment and search frictions. The model features a social planner and a continuum of risk-averse workers, where the planner is able to provide consumption only to workers matched with the planner and faces an aggregate resource constraint, while workers can walk away from the match in any period and search for a new match. The formation of new matches and the exogenous destruction of existing ones substantially expand the set of feasible stationary allocations, providing a role for the social welfare function. In the benchmark case of the Benthamite social welfare function, we find that the efficient stationary allocation exhibits novel consumption dynamics: Consumption begins at a relatively low level, converges toward a certain level when the participation constraint is slack, and jumps up when it binds. We then explore the role of limited commitment in generating such rich consumption dynamics. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ngi:dpaper:16-15&r=sog |
| By: | Dieterle, Steven; Bartalotti, Otávio C.; Brummet, Quentin O. |
| Abstract: | We reassess the literature using county border pair identification strategies to examine the effects of UI benefit duration on labor market conditions. We extend these previous approaches using a regression discontinuity-based approach that controls for changes in unobservables by distance to the border and accounts for measurement error induced by using county-level aggregates. Our new results provide no evidence of a large change in unemployment induced by differences in UI generosity across state boundaries, bringing the evidence from border-based identification strategies in line with estimates from other strands of the UI benefit duration literature. |
| Date: | 2016–04–21 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3392&r=sog |
| By: | Briggeman, Brian; Jacobs, Keri; Kenkel, Phil; McKee, Greg |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3560&r=sog |
| By: | Adolfo Meisel-Roca. |
| Abstract: | A comienzos del siglo XX la economía colombiana se encontraba afectada negativamente por las consecuencias de la Guerra de los Mil Días (1899-1902), la cual dejó la moneda completamente depreciada por una inflación que había llegado a más del 300% anual. A pesar de este panorama desolador, entre 1904 y 1922, Colombia logró estabilizar su economía y tener un sólido crecimiento exportador sobre la base del café. Esto le permitió al país, a comienzos de la década de 1920, llevar a cabo reformas económicas para atraer prestamos del exterior, mejorar la infraestructura de transporte y así ubicarse en los primeros lugares en crecimiento económico en América Latina. En este contexto se generaron las bases para la creación del Banco de la República en 1923. Este documento tiene como propósito describir los antecedentes políticos y económicos que forjaron la creación del banco central colombiano. Classification JEL: E31, E42, E58. |
| Keywords: | Banco de la República, inflación, tasa de cambio. |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:cheedt:37&r=sog |
| By: | Hans Gersbach (ETH Zurich, Switzerland); Volker Britz (ETH Zurich, Switzerland); Hans Haller (Virginia Polytechnic Institute) |
| Abstract: | We study the consequences and optimal design of bank deposit insurance in a general equilibrium model. The model involves two production sectors. One sector is financed by issuing bonds to risk-averse households. Firms in the other sector are monitored and financed by banks. Households fund banks through deposits and equity. Deposits are explicitly insured by a de- posit insurance fund. Any remaining shortfall is implicitly guaranteed by the government. The deposit insurance fund charges banks a premium per unit of deposits whereas the government finances any necessary bail-outs by lump-sum taxation of households. When the deposit insurance premium is actuarially fair or higher than actuarially fair, two types of equilibria emerge: One type of equilibria supports the socially optimal (Arrow-Debreu) allo- cation, and the other type does not. In the latter case, bank lending is too large relative to equity and the probability that the banking system collapses is positive. Next, we show that a judicious combination of deposit insurance and reinsurance eliminates all non-optimal equilibrium allocations. |
| Keywords: | Financial intermediation, deposit insurance, capital structure, general equilibrium, reinsurance |
| JEL: | D53 E44 G2 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eth:wpswif:16-258&r=sog |
| By: | Jorge Calero (University of Barcelona & IEB); Rosario Ivano Scandurra (University of Barcelona) |
| Abstract: | Research in the social sciences has focused extensively on the relationship between family background, educational attainment and social destination, on the one hand, and on the processes of skills creation and skills use, on the other. This paper brings these two branches of the literature together by examining the correlation between a range of social factors. The methodology we adopt provides a comprehensive approach to the study of the channels through which literacy skills are acquired, taking into account the interrelation of family background, educational attainment, and the use of skills at work and at home. We use the Programme of International Assessment of Adult Competences (PIAAC) dataset and apply a structural equation model (SEM). Our results show that family background and education play an important role in the configuration of adult skills and skill practices. Unequal family access to resources has a strong impact at later stages in life and strongly affects educational attainment and skills outcomes. Additionally, skills use has a positive and direct impact on adult skills. |
| Keywords: | Skills, education, family background, SEM, literacy, PIAAC |
| JEL: | I2 I24 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2016-17&r=sog |
| By: | Nils Herger (Study Center Gerzensee, Switzerland.) |
| Abstract: | This paper examines several versions of the (covered and uncovered) interest parity condition that arguably held as regards the investment demand for bills of exchange during the classical gold standard (1880 - 1914). Contemporaneous guide books about the foreign exchanges report that close connections between the exchange and interest (or discount) rates arose mainly between London and the major financial centres on the European continent. As implied by the interest parity condition, and in particular when future exchange rate movements were covered via a suitable long-bill transaction, weekly data suggest indeed that between Paris, Amsterdam, Berlin and London, the return from discounting bills of exchange in the local money market was roughly equivalent to the (exchange rate adjusted) return from investing in foreign bills. |
| Keywords: | Covered interest parity condition; Exchange rates; Gold standard; Uncovered interest parity condition |
| JEL: | F31 N13 N23 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:exe:wpaper:1607&r=sog |
| By: | Lundberg, Jacob (Department of Economics); Waldenström, Daniel (Research Institute of Industrial Economics (IFN)) |
| Abstract: | This paper presents new estimates of wealth inequality in Sweden during 2000–2012, linking wealth register data up to 2007 and individually capitalized wealth based on income and property tax registers for the period thereafter when a repeal of the wealth tax stopped the collection of individual wealth statistics. We find that wealth inequality increased after 2007 and that more unequal bank holdings and apartment ownership appear to be important drivers. We also evaluate the performance of the capitalization method by contrasting its estimates and their dispersion with observed stocks in register data up to 2007. The goodness-of-fit varies tremendously across assets and we conclude that although capitalized wealth estimates may well approximate overall inequality levels and trends, they are highly sensitive to assumptions and the quality of the underlying data sources. |
| Keywords: | Wealth distribution; Capitalization method; Investment income method; Gini co-efficient; Top wealth shares; Great Recession |
| JEL: | D31 H20 N32 |
| Date: | 2016–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1131&r=sog |
| By: | Ma, Zhixia |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3545&r=sog |
| By: | ITO Koji; ZHU Lianming; YUKIMOTO Tadashi |
| Abstract: | Foreign production and sales of Japanese multinational firms are factors that may have impeded the recovery of Japanese exports experienced since 2010 after the world financial crisis. By applying the two-stage least squares method for the matched panel data of the Basic Survey of Japanese Business Structure and Activities, Survey of Overseas Business Activities, and Census of Manufacture and Economic Census for Business Activity from 2000 to 2012, this paper estimates two gravity equations for exports and foreign sales of Japanese manufacturing multinational firms simultaneously and analyzes what has caused Japanese exports to fall in the 2010s. The result of the estimation indicates exports are affected positively by foreign sales and negatively by foreign markets and exchange rates while foreign sales are affected positively by exports and foreign markets and negatively by exchange rates. The result implies that inactive foreign sales of multinational firms as well as appreciation of the Japanese yen and recovery of foreign markets have induced the stagnation of Japanese exports in the 2010s. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:16049&r=sog |
| By: | Stepantsov, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Yermakova, V.B. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The object of the study are: epistemic base of sociological theorizing. The first chapter is devoted to the reconstruction method of formation of the theory of reflection by the explication of the basic metaphors and its problematization. The second chapter is designated a basic metaphor for the present study (theoretical work as communication) and explores its possibilities. It also built the concept theorizing metonymic strategy opposed to the already existing and well-established metaphorical strategy. The third chapter contains illustrations of the architecture based on the dyad model Jacobson theoretical work. The main result is the theoretical conceptualization and description metonymic model of thinking in social theory based on the idea of ??the two poles (metaphorical and metonymic) theoretical work. |
| Keywords: | sociological theorizing, strategies |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2865&r=sog |
| By: | Yuzhakov, Vladimir Nikolaevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Dobrolyubova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Klochkova, E.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The analysis of state programs of the Russian Federation, on the basis of which prepared guidelines for the development of state programs of the Russian Federation, as well as guidelines for evaluating the effectiveness of state programs of the Russian Federation. |
| Keywords: | State Programs, Russia, Guidelines |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:18510&r=sog |
| By: | Froemel, M.; Gottlieb, C. |
| Abstract: | In this paper, we quantify the effects of the Earned Income Tax Credit (EITC) from a macroeconomic perspective. We use an incomplete markets model to analyze jointly the labor supply and saving responses to changes in tax credit generosity and their aggregate and distributional implications. In line with existing literature, our results show that the EITC is an effective policy instrument to raise labor force participation and provide insurance to working poor households. However, we show that the EITC also disincentivizes private savings for a large part of the population, except for the poorest transfer recipients. Furthermore, since unskilled labor supply reacts more strongly than skilled workers’ labor supply, wages for low skilled workers fall relative to high skilled workers. Whilst reducing post-tax earnings inequality, the EITC contributes to both a higher skill premium and wealth inequality. Finally, our welfare analysis suggests that EITC expansions are welfare improving for the majority of the population, both ex ante and when accounting for transitional dynamics. |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:1651&r=sog |
| By: | Magali Chaudey (Univ Lyon, UJM Saint-Etienne, GATE L-SE UMR 5824, F-42023 Saint- Etienne, France); Marion Dessertine (Univ Lyon, UJM Saint-Etienne, GATE L-SE UMR 5824, F-42023 Saint- Etienne, France) |
| Abstract: | Depuis leur mise en place en 2005, les pôles de compétitivité se présentent comme un instrument structurant de la politique industrielle française. A partir de la mise en oeuvre d’un modèle d’évaluation bien identifié dans la littérature, ce travail propose une estimation quantifiée de l’effet des pôles de compétitivité sur l’emploi des entreprises participant aux projets de R&D des pôles. Cette observation est menée à partir de la construction d’une base de données originale et la mobilisation d’une méthode d’évaluation en double différence. Cet article conclut à un effet positif et significatif des pôles de compétitivité français sur l’emploi. |
| Keywords: | Pôle de compétitivité, Emploi, R&D, Différences-de-différences |
| JEL: | C81 L52 O32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1626&r=sog |
| By: | Poppe, Krijn |
| Abstract: | In 2020 the Common Agricultural Policy of the European Union has to be renewed. This raises the question which policy would be optimal for the 3rd decade of the century, seen the changes in agriculture (decline in the number of farmers, effect of ict and other new technologies, concentration in the food chain etc.) and public issues that ask for solutions (climate change, sustainability, need for jobs and growth in rural development, food policy etc.) The history of the CAP has shown that policy changes are often incremental. Some argue that especially in 2020 changes will be small as the term of the policy is out of sync with the budget cycle (important decisions on the CAP are not taken without a decision on the EU’s financial framework) and as the CAP decision will be at the moment that the current commissioners hand over their mandate to their successors. However this should not prevent scholars from coming up with fresh ideas on how the policy could be made more effective and efficient for a resilient agriculture and food and nutrition security in a sustainable environment. |
| Keywords: | Agribusiness, Agricultural and Food Policy, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244467&r=sog |
| By: | David Wettstein (BGU); Ines Macho-Stadler (Universitat Autonoma de Barcelona and Barcelona GSE); David Perez-Castrillo (Universitat Autonoma de Barcelona and Barcelona GSE) |
| Keywords: | Externalities, Sharing the surplus, Average Approach |
| JEL: | D62 C71 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:bgu:wpaper:1606&r=sog |
| By: | Francesco Bogliacino; Dario Guarascio |
| Abstract: | En este artículo, analizamos el proceso de integración monetaria europea, mostrando las determinantes estructurales y los elementos disfuncionales en las instituciones. En segunda instancia, mostramos como hay dos lecturas prevalentes que fallan al interpretar los acontecimientos. Por un lado, hay una interpretación ideológica que ve en el proceso de integración un proceso de convergencia con el cual no hay que interferir. Por otra parte, aparece una visión idealista según la cual el objetivo de integración prevalece sobre cualquier contradicción engendrada a nivel institucional. La combinación de estas dos visiones sirvió para justificar las intervenciones postcrisis (las políticas de austeridad) y la construcción institucional que siguió tras estas agravando la inestabilidad. |
| Keywords: | área monetaria óptima, balanza de pago, crisis financiera, austeridad, integración europea |
| JEL: | B52 F45 F53 O52 |
| Date: | 2016–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000178:015039&r=sog |
| By: | International Monetary Fund. |
| Abstract: | On April 16, Ecuador was hit by a strong 7.8magnitude earthquake which has created new fiscal and balance of payments needs. The earthquake compounds the existing difficulties facing Ecuador that include declining oil prices, U.S. dollar appreciation, low international reserves, and limited access to international financing, which have worsened the fiscal, economic, and financial outlook. The authorities’ policy response to the earthquake has been timely, but limited access to financing and a weak fiscal position constrain the ability to pursue a deeper emergency and reconstruction response. Real GDP is expected to contract significantly this year and the next. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/288&r=sog |
| By: | Laurens Cherchye; Bram De Rock; Thomas Demuynck |
| Abstract: | We study the testable implications of normal demand in a two-goods setting. For a finite dataset on prices and quantities, we present the revealed preference conditions for normality of one or both goods. Our characterization provides an intuitive extension of the well-known Weak Axiom of Revealed Preference, and is easy to use in practice. We illustrate the empirical relevance of our theoretical results through an application to the experimental dataset presented in Andreoni and Miller (2002). |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/235577&r=sog |
| By: | Hegyi, Adrienn; Kertész, Zsófia; Kuti, Tünde; Sebők, András |
| Abstract: | The aim of our research was to explore the consumers’ attitude towards healthy diet and food consumption and measure the acceptance of these types of products on the product portfolio developed in PATHWAY-27 projects. The benefit of the experiment was to have a better understanding on HTAS based questionnaire with using real prototypes of bioactive enriched foods with potential health claims. The results showed clearly, that unusual appearance and flavour have negative effect on the opinion of the product and the positive health effect also increases the acceptance of the products. |
| Keywords: | HTAS, functional foods, sensory test, bioactive enriched foods, Agribusiness, Food Consumption/Nutrition/Food Safety, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244474&r=sog |
| By: | Francis X. Diebold; Frank Schorfheide; Minchul Shin |
| Abstract: | Recent work has analyzed the forecasting performance of standard dynamic stochastic general equilibrium (DSGE) models, but little attention has been given to DSGE models that incorporate nonlinearities in exogenous driving processes. Against that background, we explore whether incorporating stochastic volatility improves DSGE forecasts (point, interval, and density). We examine real-time forecast accuracy for key macroeconomic variables including output growth, inflation, and the policy rate. We find that incorporating stochastic volatility in DSGE models of macroeconomic fundamentals markedly improves their density forecasts, just as incorporating stochastic volatility in models of financial asset returns improves their density forecasts. |
| JEL: | E17 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22615&r=sog |
| By: | Cole, Stephen J. (Department of Economics Marquette University) |
| Abstract: | This paper examines the effectiveness of central bank forward guidance under inflation and price-level targeting monetary policies. The results show that the attenuation of the effects of forward guidance can be solved if a central bank switches from inflation targeting to price-level targeting. Output and inflation respond more favorably to forward guidance with price-level targeting than inflation targeting. A monetary policy rule that aggressively reacts to inflation and includes interest rate inertia narrows the performance gap between the two policy regimes. However, forward guidance with price-level targeting is still preferred to forward guidance with inflation targeting after performing multiple robustness checks. |
| Keywords: | Forward Guidance, In ation Targeting, Price-Level Targeting, Monetary Policy |
| JEL: | E30 E31 E50 E52 E58 E60 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:mrq:wpaper:2016-06&r=sog |
| By: | Holtrop, Niels; Wieringa, Jakob; Gijsenberg, Maarten; Stern, P. (Groningen University) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16004-mark&r=sog |
| By: | Hugh Rockoff |
| Abstract: | During World War II the United States rapidly transformed its economy to cope with a wide range of scarcities, such as shortfalls in the amounts of ocean shipping, aluminum, rubber, and other raw materials needed for the war effort. This paper explores the mobilization to see whether it provides lessons about how the economy could be transformed to meet scarcities produced by climate change or other environmental challenges. It concludes that the success of the United States in overcoming scarcities during World War II without a major deterioration in living standards provides a basis for optimism that environmental challenges can be met, but that the unique political consensus that prevailed during the war limits the practical usefulness of the wartime model. |
| JEL: | N42 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22590&r=sog |
| By: | Kronick, Jeremy |
| Abstract: | ABSTRACT: This paper investigates the relationship in the Canadian housing market between loan-to-value (“LTV”) ratios and residential mortgage credit over the 1981-2012 time period. More specifically, I look to determine whether LTV ratio regulation provides a mechanism with which to slow down the potentially overheated Canadian housing market. Due to the endogeneity of many macroeconomic variables, I use a structural vector autoregression (“SVAR”) to investigate this question. Results indicate that three of the four major LTV regulation changes that occurred during this timeframe either had insignificant effects on mortgage credit, or caused it to move contrary to expectations. Only the 2008 tightening of LTV was weakly significant. Therefore, regulation changes to LTV ratios are unlikely to be successful in slowing down the overheated housing market in Canada, which may force central bankers to use broader monetary policy or other forms of macroprudential regulation. |
| Keywords: | Mortgage credit, macroprudential regulation, loan-to-value, monetary policy, Canada |
| JEL: | E52 G21 G28 |
| Date: | 2015–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73671&r=sog |
| By: | David Wettstein (BGU); Todd R. Kaplan (University of Haifa) |
| Keywords: | contests, innovation, all-pay auctions, mechanism design. |
| JEL: | C70 D44 L12 O32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:bgu:wpaper:1607&r=sog |
| By: | Alessandro Notarpietro (Banca d'Italia); Lisa Rodano (Banca d'Italia) |
| Abstract: | This paper presents the results of a counterfactual exercise that aims at quantifying the contribution to the evolution of bad debts made by the two recessions that have hit the Italian economy since 2008. The counterfactual simulations are performed using the Bank of Italy’s Quarterly Model (BIQM). A ‘no-crises scenario’ is built for the period 2008-2015. The counterfactual dynamics of the main macroeconomic and financial variables are used to feed a simple model, in which the new bad debt rate depends on macroeconomic conditions and borrowing costs. The analysis suggests that, in the absence of the two recessions – and of the economic policy decisions that were taken to combat their effects – non-financial corporations’ bad debts at the end of 2015 would have reached €52 billion, instead of €143 billion. The ratio of bad debts to the total amount of loans to non-financial corporations would have reached 5%, a value in line with the pre-crisis period. |
| Keywords: | business cycle, global financial crisis, sovereign debt crisis, banking, Italian economy |
| JEL: | E27 E37 E65 G21 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_350_16&r=sog |
| By: | Bartalotti, Otávio C.; Calhoun, Gray; He, Yang |
| Abstract: | This paper develops a novel bootstrap procedure to obtain robust bias-corrected confidence intervals in regression discontinuity (RD) designs using the uniform kernel. The procedure uses a residual bootstrap from a second order local polynomial to estimate the bias of the local linear RD estimator; the bias is then subtracted from the original estimator. The bias-corrected estimator is then bootstrapped itself to generate valid confidence intervals. The confidence intervals generated by this procedure are valid under conditions similar to Calonico, Cattaneo and Titiunik's (2014, Econometrica) analytical correction---i.e. when the bias of the naive regression discontinuity estimator would otherwise prevent valid inference.This paper also provides simulation evidence that our method is as accurate as the analytical corrections and we demonstrate its use through a reanalysis of Ludwig and Miller's (2008) Head Start dataset. |
| Date: | 2016–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3394&r=sog |
| By: | da Silva Júnior, Aziz Galvão; Zanasi, Cesare; de Souza Júnior, Wilson; Ajonas, João Vitor Gutierrez |
| Abstract: | Soybean is a major ingredient for animal feeding in the EU, which is highly dependent on its import. Brazil is the main exporter of soy meal to Europe contributing to nearly 30% of EU total import of meal. The last ten years saw an increased demand from the EU feed and food industry in using sustainable raw material. In this context, the European Feed Manufacturer Federation (FEFAC) is currently discussing a guideline for the characteristics that sustainable soy production should have. At the same time, China has increased its share of import of soy and has become the main importer of soy in the world. Competition between Europe and Chine for the supply of soy is increasing. Trade barriers, due to complex sustainability requirements from the EU, could affect its import from Brazil. The SOJAPLUS program is a key initiative concerning the sustainability of soy production in Brazil. It was set up by the Brazilian Vegetable Oil Industries Association (ABIOVE) and by the Soybean Farmers Association (APROSOJA-MT). Considering the potential of this initiative to support the supply to the European market of significant amounts of sustainable soy, the objective of this paper is to discuss the possible harmonization of the sustainability criteria defined by these important EU and Brazilian soy market players. The two set of criteria have been compared, adopting the ITC data base and comparison method; the results show that SOJAPLUS comprises all FEFAC principles and most of its criteria. The main difference, however, is related to the verification system, which in SOJAPLUS is a 1st party system (self-verification) while the FEFAC guidelines consider a 3rd party system (audits); a relevant issue, common to both the FEFAC and SOJAPLUS approach, is related to the inclusion of GMO soy in the sustainability guidelines. As the FEFAC guidelines are still in discussion, there is a very interesting opportunity to harmonize both systems aiming at increasing the sustainability of soybean supply from Brazil to Europe by tackling the difficult challenges of 3rd party certification and GMO soy inclusion. The latter being a major concern for EU consumers, policy makers, farmers’ associations and other stakeholders involved in the processing and consumption of soy. |
| Keywords: | Agribusiness, Crop Production/Industries, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244523&r=sog |
| By: | Jean-Yves Ottmann (DRM - Dauphine Recherches en Management - Université Paris IX - Paris Dauphine - CNRS - Centre National de la Recherche Scientifique, Laboratoire Missioneo - Missioneo Group); Cindy Felio (Médiation, Information, Communication, Art (Pessac, Gironde) - MICA - médiation, information, communication, art - Université Michel de Montaigne - Bordeaux 3 - Laboratoire Missioneo - , Laboratoire Missioneo - Missioneo Group) |
| Abstract: | Le travail indépendant semble de plus en plus convoité dans le monde du travail actuel, empreint de crise de l'emploi et de reconfiguration digitale des activités professionnelles (Eurofound, 2015 ; France Stratégie, 2016). Cette communication se propose de questionner le concept de QVT au regard des statuts d'emploi externes à l'entreprise, en particulier la situation des indépendants. À partir d'une revue de la littérature consacrée à l'articulation entre la QVT, les caractéristiques des travailleurs indépendants et la prise en charge de ce groupe professionnel par les politiques publiques, cet essai formule une problématisation des enjeux théoriques et managériaux qu'ouvre une telle perspective de recherche. Le fruit de ce travail initial met en évidence non seulement que la population des indépendants semble méconnue (de par l'hétérogénéité des statuts qu'elle recouvre et le manque de consensus quant à sa définition propre), voire oubliée des travaux relatifs à la QVT des catégories professionnelles, mais aussi que le droit social et du travail ne répond pas pertinemment à la situation de ces travailleurs autonomes. Une méthodologie de recherche envisagée, inscrite en sciences de gestion et clinique du travail, est ensuite proposée comme une réponse aux éléments problématisés. Pour mieux comprendre les contours de la figure du travailleur contemporain, flirtant entre non-salariat, flexibilité, autonomie et précarité, un programme de recherche (Laboratoire Missioneo) ambitionne d'analyser la population des indépendants, floue voire invisible dans la documentation sur les catégories professionnelles, en particulier sur les aspects de la QVT. Ainsi, cette communication a pour but d'ouvrir le débat avec la communauté scientifique de la Journée Brestoise de Recherche autour de ces axes émergents. |
| Keywords: | travail indépendant,QVT,société,Emploi atypique,Travail,GRH |
| Date: | 2016–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01328523&r=sog |
| By: | Paulo Santos; Christopher B. Barrett |
| Abstract: | This paper studies the causal mechanisms behind persistent poverty. Using original data on Boran pastoralists of southern Ethiopia, we find that heterogeneous and nonlinear wealth dynamics arise purely in adverse states of nature. In favorable states, expected herd grow is quasi-linear and universal. We further show that those with lower herding ability, as reflected in past herd growth data, converge to a unique equilibrium at a small herd size while those with higher ability exhibit multiple stable dynamic wealth equilibria. |
| JEL: | O1 O12 Q12 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22626&r=sog |
| By: | Pietro de Matteis (Banca d'Italia); Filomena Pietrovito (Università degli Studi del Molise); Alberto Franco Pozzolo (Università degli Studi del Molise) |
| Abstract: | It is frequently argued that the geographical context in which firms operate can have a crucial impact on their propensity to internationalize. In this paper, we present the results of an empirical analysis that examines the determinants of export performance for a sample including more than 4,300 Italian manufacturing firms over the period 2000-2013, focusing on the role of provincial context, after controlling for firm-level characteristics. To this end, we first adopt a cluster analysis methodology to classify each Italian province in terms of context variables, such as: the distance to foreign markets, the level of human and social capital and the degree of efficiency of the public administration. Second, we estimate a set of binomial choice and linear models to assess the impact of the economic and social environment on the extensive and intensive margins of trade. The results, after confirming that firm-specific factors (size, experience, productivity, capital intensity, innovation, geographical agglomeration and, to some extent, credit constraints) affect both the intensive and the extensive margins of exports, show that context characteristics at the province level have an additional (statistically and economically) significant impact on the export performances of firms. |
| Keywords: | firm internationalization, local context, firm heterogeneity |
| JEL: | D22 F10 F14 F18 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_352_16&r=sog |
| By: | Zharkov, Vasiliy Petrovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Malakhov, Vladimir Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Simon, Mark Evgenievich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Letnyakov, Denis Eduardovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper is devoted to the international political and economic aspects of global migration. Contemporary international migration seems as a natural effect of the free trade policy. Being under the influence of the macroeconomic foundations, international migration couldn’t be explained only in terms of economic reasons. The regulation of the global migration is the question of both economic and politics at the same time. Obstacles to the formation of an international regime on migration looks in a clash of international actors interests, security problems, human rights, collective identity, based values of democracy and nation-state, which actually do political issues. The research presents a critical review of the main approaches existing in modern theories of international relations and international political economy in their relation to international migration. |
| Keywords: | global migration, free trade police, macroeconomy |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:16611&r=sog |
| By: | Adolfo VÉLEZ MONTOYA; Olga Marina García Norato |
| Abstract: | La división político administrativa de Colombia, registra que el país cuenta con un 88,6%2 de municipios categoría sexta3, los cuales presentan condiciones propicias para implementar procesos de desarrollo económico local, entendido este como el liderazgo y protagonismo de los actores locales para la formulación de estrategias y toma de decisiones, haciendo posible la implementación de nuevos proyectos con iniciativas novedosas que potencien los recursos existentes para el aumento las capacidades productivas locales para promover su propio desarrollo y bienestar socioeconómico. Sin embargo, para lograr la implementación de estos procesos, se hace necesario la identificación de los principales determinantes sociales, económicos y políticos para hacer posible que las diversas metodologías o iniciativas para el desarrollo económico local tengan resultados más eficientes. Por lo anterior, este trabajo presenta una propuesta para motivar la construcción de una herramienta que apoye la identificación de los determinantes socioeconómicos e institucionales que inciden en la implementación de procesos de desarrollo económico local, a partir de las percepciones mismas de la comunidad sobre el estado del desarrollo local (índice de confianza). No se pretende imponer una metodología, pero si orientar la necesidad de crear instrumentos para tomar decisiones en la posible intervención, previendo el menor riesgo y la optimización de recursos que las comunidades e instituciones (agentes) deben incurrir. |
| Keywords: | desarrollo local, desarrollo económico local, dimensiones del desarrollo |
| JEL: | R00 R10 R11 O10 Y40 |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:col:000118:015051&r=sog |
| By: | Thilo R. Huning (Humboldt-Universität zu Berlin); Fabian Wahl (University of Hohenheim) |
| Abstract: | We provide a theoretical model linking limits to the observability of soil quality to state rulers’ ability to tax agricultural output, which leads to a higher political fragmentation. We introduce a spatial measure to quantify state planners’ observability in an agricultural society. The model is applied to spatial variation in the 1378 Holy Roman Empire, the area with the highest political fragmentation in European history. We find that differences in the observability of agricultural output explain the size and capacity of states as well as the emergence and longevity of city states. Grid cells with higher observability of agricultural output intersect with a significantly lower number of territories within them. Our results highlight the role of agriculture and geography, for size, political, and economic organization of states. This sheds light on early, though persistent, determinants of industrial development within Germany, and also within Central Europe. |
| Keywords: | Principal-agent problem, soil quality, urbanization, political fragmentation, Holy Roman Empire |
| JEL: | O42 D73 Q15 N93 D82 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hes:wpaper:0101&r=sog |
| By: | Gary Gorton; Tyler Muir |
| Abstract: | In the face of the Lucas Critique, economic history can be used to evaluate policy. We use the experience of the U.S. National Banking Era to evaluate the most important bank regulation to emerge from the financial crisis, the Bank for International Settlement's liquidity coverage ratio (LCR) which requires that (net) short-term (uninsured) bank debt (e.g. repo) be backed one-for-one with U.S. Treasuries (or other high quality bonds). The rule is narrow banking. The experience of the U.S. National Banking Era, which also required that bank short-term debt be backed by Treasury debt one-for-one, suggests that the LCR is unlikely to reduce financial fragility and may increase it. |
| JEL: | E02 E51 G01 N1 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22619&r=sog |
| By: | Jenifer Piesse (Bournemouth University and University of Stellenbosch); Dragana Radicic (University of Cambridge); Allan Webster (Bournemouth University, Executive Business Centre) |
| Abstract: | This empirical study examines the effect of EU accession on firm efficiency in a sample of 27 transitional countries using data from the 2005 and 2013 BEEPS surveys. Using stochastic frontier analysis and a separate propensity score matching approach it finds a statistically significant association between EU membership and firm performance in both cross-sections. Since EU membership involves more than the liberalisation required for the single market it also uses propensity score matching to find a statistically significant association between EU membership and the internationalisation of firms in transitional countries. Finally it uses inverse probability weighted regression adjustment (IPWRA) to test the proposition that stronger firm performance in transitional countries was associated with firms with higher levels of internationalisation (exports and foreign ownership). Our results support the view that EU membership enhanced firm efficiency in new members from transitional economies and that internationalisation was an important mechanism in that process. |
| Keywords: | firm efficiency; productivity; European Union; transition |
| JEL: | F14 F15 D22 I25 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:bam:wpaper:bafes03&r=sog |
| By: | Gordon Hanson; Craig McIntosh |
| Abstract: | How will worldwide changes in population affect pressures for international migration in the future? We contrast the past three decades, during which population pressures contributed to substantial labor flows from neighboring countries into the United States and Europe, with the coming three decades, which will see sharp reductions in labor-supply growth in Latin America but not in Africa or much of the Middle East. Using a gravity-style empirical model, we examine the contribution of changes in relative labor-supply to bilateral migration in the 2000s and then apply this model to project future bilateral flows based on long-run UN forecasts of working-age populations in sending and receiving countries. Because the Americas are entering an era of uniformly low population growth, labor flows across the Rio Grande are projected to slow markedly. Europe, in contrast, will face substantial demographically driven migration pressures from across the Mediterranean for decades to come. Although these projected inflows would triple the first-generation immigrant stocks of larger European countries, they would still absorb only a small fraction of the 800-million-person increase in the working-age population of Sub-Saharan Africa that is projected to occur over the coming 40 years. |
| JEL: | F22 J61 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22622&r=sog |
| By: | Lina Cardona-Sosa (Banco de la República de Colombia); Carlos Medina (Banco de la República de Colombia) |
| Abstract: | This paper studies the effects of an in utero program on birth outcomes addressed to vulnerable pregnant women. We use information from the Buen Comienzo program, an initiative run by the local government of Medellin, the second largest city of Colombia. In order to identify the effects we obtain matching estimates using data from program participants and the census of birth statistics. We find that the program increased the birth weight of participant children by 0.09 and 0.23 standard deviations for boys and girls, respectively, and reduced the prevalence of low birth weight by 2.6 and 4.6 ppts for boys and girls, respectively. In terms of size, the program reduces the incidence of being short by 3 and 4 ppts, for boys and girls, respectively. The program also significantly reduced preterm births between 3 and 8 ppts. We also provide evidence of the existence of heterogeneous effects depending on a mother’s exposure to the program and her frequency of attendance. Finally, an estimate of the cost-benefit ratio of the program suggests that its benefits could be 2 to 6 times its costs, respectively for boys and girls born from participant mothers with early exposure to the program. *** Este documento examina los efectos de una estrategia dirigida a madres gestantes en condiciones de vulnerabilidad sobre los indicadores de sus hijos al nacer. Para lo anterior se usa información administrativa del programa Buen Comienzo, una iniciativa lanzada por el gobierno local de Medellín, la segunda ciudad más grande de Colombia. Con el fin de identificar el efecto, se obtienen estimadores de emparejamiento o matching usando datos de madres participantes del programa así como del censo de estadísticas vitales. Se encuentra que el programa aumentó el peso al nacer de hijos de madres participantes en 0.09 y 0.23 desviaciones estándar para niños y niñas respectivamente, reduciendo la incidencia de bajo peso al nacer en 2.6 y 4.6 pp respectivamente. En cuanto a la talla al nacer, el programa Buen Comienzo habría reducido la probabilidad de tener baja talla en 3 y 4 pp para niños y niñas en cada caso. En términos de nacimientos prematuros, los resultados muestran una reducción en su probabilidad de entre 3 y 8 pp. Finalmente, se encuentra evidencia de efectos diferenciales del programa dependiendo del tiempo de exposición y frecuencia de asistencia a la estrategia. En términos de costo-beneficio nuestros estimados sugieren que los beneficios del programa podrían estar entre 2 y 6 veces sus costos en el caso de niños y niñas nacidos de madres participantes con exposición temprana al programa. Classification JEL: I38, J13, J18 |
| Keywords: | Early childhood programs, program evaluation, selection on observables *** peso al nacer, atención a la primera infancia, evaluación de programas, selección basada en observables, matching. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:955&r=sog |
| By: | Denis Dupré (STEEP - Sustainability transition, environment, economy and local policy - Inria Grenoble - Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique - INPG - Institut National Polytechnique de Grenoble - LJK - Laboratoire Jean Kuntzmann - UPMF - Université Pierre Mendès France - Grenoble 2 - UJF - Université Joseph Fourier - Grenoble 1 - Institut Polytechnique de Grenoble - Grenoble Institute of Technology - CNRS - Centre National de la Recherche Scientifique, INRIA Grenoble Rhône-Alpes - Information Scientifique et Technique (IST) - Inria Grenoble Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique, UGA - Université Grenoble Alpes) |
| Abstract: | Nous proposons de préciser le concept de monnaie comme un dialogue pour construire un monde commun. Un concept est un élément pour la conception ou le jugement : une notion dont la signification est ferme et ancrée et à des conséquences intellectuelles d’entendement du monde. C’est en suivant la piste du renversement praxéologique de la philosophie du langage que nous fabriquerons un concept de monnaie. Alors, un vrai dialogue peut apparaitre entre les membres d’une communauté humaine sur les usages de la monnaie en vue de finalités collectives. Avec la monnaie, le caractère politique concerne tout autant le discours sur la monnaie que la transaction matérielle et l’échange qu’elle permet. La monnaie est elle-même une forme de langage. Dans les deux cas, il s’agit de bâtir ensemble un monde partagé. Puisqu’il il y a une analogie entre langage et monnaie dans sa fonction principale mais aussi dans la dualité de ses modes d’usage, nous allons faire appel à la philosophie du langage qui a redéfini le concept de dialogue et dont nous nous inspirerons pour définir notre concept de monnaie. L’analyse du dialogue a été bouleversée par le renversement praxéologique de la philosophie du langage qui a constitué une révolution dans l’analyse des dialogues. Pour la monnaie, une réflexion analogue conduirait à intégrer dans la question monétaire, sa performativité, le fait qu’elle n’est pas un outil neutre de l’échange et qu’il faut analyser au travers des échanges, ce que les acteurs cherchent à construire en utilisant la monnaie. Dans notre approche praxéologique d’un concept de monnaie, nous dirons qu’un concept doit au moins : • expliciter une définition qui permet dès lors de partager avec d’autres des représentations et de pouvoir sans précision partager un même « de quoi l’on parle ». •définir une typologie des caractéristiques de cet objet dans différents environnements dans lequel il peut être observé. • préciser le modèle de représentation du monde, dans notre cas l’économie soutenable, qui met en jeu différents concepts. Si l’on parle la même langue, c’est que l’on a un monde commun à partager, à défendre et toujours à construire. Le dialogue permet de préciser sur quoi l’on n’est pas d’accord, les différences de monde que l’on veut construire. Ainsi, la monnaie et le dialogue sur la monnaie permettent de construire un monde. Les différences et conflits peuvent être exprimés. Un collectif, un « nous », peut alors, en s’appuyant sur le concept partagé de monnaie, tracer les règles que cette communauté édictera. C‘est alors seulement que la monnaie peut être au service des projets d’autonomie. |
| Keywords: | Monnaie 37,Concept 20,praxeologie |
| Date: | 2016–07–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01326630&r=sog |
| By: | Yonatan Ben-Shalom |
| Abstract: | States can take a number of steps to help workers keep their jobs and to garner the support of private-sector organizations and services in this effort. Policymakers, program directors, and other stakeholders should consider the merits of each step within the context of their state. |
| Keywords: | disability, employment, return-to-work, early intervention |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:c90a2c939551468fab67adc9913a4f26&r=sog |
| By: | Jean-Paul Chavas |
| Abstract: | This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means high odds of escaping from undesirable zones of instability toward zones that are more desirable and stable. Traps mean low odds of escaping from zones that are both undesirable and stable. The approach is illustrated in an application to the dynamics of productivity applied to historical data on wheat yield in Kansas over the period 1885-2012. The dynamics of this agroecosystem and its response to shocks are of interest as Kansas agriculture faced major droughts, including the catastrophic Dust Bowl of the 1930’s. The analysis identifies a zone of instability in the presence of successive adverse shocks. It also finds evidence of resilience. We associate the resilience with induced innovations in management and policy in response to adverse shocks. |
| JEL: | O13 O3 Q1 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22624&r=sog |
| By: | Zhuravleva, T.L. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this study we use a panel micro data set from the Russian Longitudinal Monitoring Survey to investigate the reasons for the existence of the stable private sector wage “premium” in the Russian labor market for the period 1994-2014. We do not find support for significantly higher job security and flexibility in the public sector but we do establish that differences in fringe benefits could explain at least 50% of the wage gap. Furthermore, we find that households with workers in the public sector receive lower earnings but enjoy the same level of consumption expenditures. Differences in assets and precautionary motives of workers cannot reconcile these discrepancies. Unexplained differences are referred to unreported income in the public sector, or bribes. |
| Keywords: | public sector, inter-sector wage gap, RLMS School of Economics, Russia |
| Date: | 2016–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:3051&r=sog |
| By: | Tan, Yong |
| Abstract: | This paper extends the model of Antras et al.(2014) to disentangle the link between demand shocks and firm-level offshoring decisions. The model predicts that a positive demand shock increases the firm-level purchases of imported intermediates in both the extensive and intensive margins. Using a difference-in-difference approach, we examine the response of Chinese exporters to a quota removal on textile and clothing products, which is equivalent to a positive demand shock. The findings indicate that firms import more varieties and higher volumes of intermediates after the quota removal. The results are robust to different regression designs. |
| Keywords: | Intermediates Offshoring, Textile and Clothing, Demand Shock, Quota Removal |
| JEL: | F10 F14 L11 |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73734&r=sog |
| By: | Jean-Christophe Poutineau (CREM - Centre de Recherche en Economie et Management - UR1 - Université de Rennes 1 - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique); Gauthier Vermandel (PSL - PSL Research University, LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine) |
| Abstract: | In an estimated DSGE model of the European Monetary Union that accounts for financial differences between core and peripheral countries, we find that country-adjusted macroprudential measures lead to significant welfare gains with respect to a uniform macroprudential policy rule that reacts to union wide financial developments. However, peripheral countries are the winners from the implementation of macroprudential measures while core countries incur welfare losses, thus questioning the interest of adopting coordinated macroprudential measures with peripheral countries. |
| Keywords: | Bayesian Estimation,DSGE Two-Country Model,Macroprudential policy,Euro Area,Financial Accelerator |
| Date: | 2016–05–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01315085&r=sog |
| By: | Daniela Di Cagno (LUISS, Rome); Werner Gürth (LUISS, Rome; Max Planck Institute for Research on Collective Goods, Bonn; Frankfurt Business School); Noemi Pace (Ca’ Foscari University of Venice, Department of Economics; LUISS, Rome); Francesca Marzo (LUISS, Rome) |
| Abstract: | A risky choice experiment is based on one-dimensional choice variables and risk neutrality induced via binary lottery incentives. Each participant confronts many parameter constellations with varying optimal payoffs. We assess (sub)optimality, as well as (non)optimal satisficing, partly by eliciting aspirations in addition to choices. Treatments differ in the probability that a binary random event, which are payoff- but not optimal choice–relevant, is experimentally induced and whether participants choose portfolios directly or via satisficing, i.e., by forming aspirations and checking for satisficing before making their choice. By incentivizing aspiration formation, we can test satisficing, and in cases of satisficing, determine whether it is optimal. |
| Keywords: | (un)Bounded Rationality, Satisficing, Risk, Uncertainty, Experiments |
| JEL: | D03 D81 C91 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2016:22&r=sog |
| By: | Lionel De Boisdeffre (CATT - UPPA - Université de Pau et des Pays de l'Adour, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In the classical approach to asymmetric information, agents are all endowed with a price model à la Radner (Econometrica 47: 655-678, 1979). That is, they are assumed to know exactly how equilibrium prices are determined and would only infer information from markets with reference to that price model. Radner (1979) showed that, under asymmetric information, equilibrium only existed generically in this setting. We now drop that so-called "rational expectation" assumption and study the existence of financial equilibrium when assets are numeraire. We show the existence of equilibrium is, then, characterized by the no-arbitrage condition on financial markets, as in De Boisdeffre (Econ Theory 31: 255-269, 2007), where assets are nominal. This result extends Geanakoplos-Polemarchakis' (Essays in Honor of K.J. Arrow, Starr & Starrett ed., Cambridge UP Vol. 3, 65-96, 1986) to the case of asymmetric information. Contrasting with Radner's, it shows that asymmetric and asymmetric information economies can be treated as two applications of a same model, where they share similar properties. |
| Abstract: | Dans l'approche classique de l'asymétrie informationnelle, tous les agents ont un modèle de prix à la Radner (Econometrica 47: 655-678, 1979). C'est-à-dire qu'ils sont supposés savoir comment les prix se forment sur les marchés et actualiser leur information à l'aide de ce modèle de prix. Radner (1979) montre, qu'en asymétrie informationnelle, l'existence n'est que générique dans ce modèle. Nous abandonnons maintenant cette hypothèse, dite "d'anticipations rationnelles", et étudions l'existence de l'équilibre financier lorsque les actifs sont numéraires. Nous montrons que l'existence de l'équilibre est alors caractérisée par la condition de non-arbitrage sur le marché financier, comme pour De Boisdeffre (Econ Theory 31: 255-269, 2007), avec des actifs nominaux. Ce résultat généralise celui de Geanakoplos-Polemarchakis (Essays in Honor of K.J. Arrow, Starr & Starrett ed., Cambridge UP Vol. 3, 65-96, 1986) au cas de l'asymétrie informationnelle. Différent de celui de Radner, il montre que les économies en symétrie et asymétrie d'information peuvent être traitées par un même modèle, avec des propriétés similaires. |
| Keywords: | general equilibrium,asymmetric information,équilibre général,asymétrie d'information,arbitrage,existence |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01310860&r=sog |
| By: | Ivan Gonzalez; Budy P Resosudarmo |
| Abstract: | The lack of empirical consensus about the interrelation between growth in different economic sectors and income inequality leads to unclear targeting in policy-making. This paper provides evidence of a causal relationship between economic growth in the manufacturing, agriculture and services sectors and income inequality, measured by an income equality variable, using panel data for Indonesian districts and cities over the period 2000 to 2010. The results from between-effects and instrumental variables regression estimates show a positive impact of both manufacturing and services shares of GDP on income inequality. The share of agriculture in GDP, however, shows a negative impact on with income inequality, implying that growth in agriculture has been more inclusive compared to growth in manufacturing or services. The causal effects are robust to the incorporation of education, employment, government spending, credit or quality of government covariates. |
| Keywords: | economic growth, income inequality, sectoral analysis, development economics |
| JEL: | O11 O14 O15 O47 I32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2016-15&r=sog |
| By: | Sebők, András; Hegyi, Adrienn; Kertész, Zsófia; Bordoni, Alessandra |
| Abstract: | During the development of products with health claims the collaboration and interaction of several disciplines and independent partners is necessary such as the production, quality, marketing, legal functions of the company, the external providers of the knowledge on the constituent having the claimed physiological effect, the clinics carrying out the human intervention studies, statisticians, laboratories providing testing services, etc. This results in a higher dependency from each other and less flexibility compared to the development of a conventional product where mostly in‐company functions work together. Therefore systematic coordination of the multiple interactions, careful design of the product and its development process is particularly important. |
| Keywords: | health claim, coordinated interactions, multiple stakeholders, new product development, Agribusiness, Health Economics and Policy, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244455&r=sog |
| By: | Borjas, George J. (Harvard University); Monras, Joan (CEMFI, Madrid) |
| Abstract: | The continuing inflow of hundreds of thousands of refugees into many European countries has ignited much political controversy and raised questions that require a fuller understanding of the determinants and consequences of refugee supply shocks. This paper revisits four historical refugee shocks to document their labor market impact. Specifically, we examine: The influx of Marielitos into Miami in 1980; the influx of French repatriates and Algerian nationals into France at the end of the Algerian Independence War in 1962; the influx of Jewish émigrés into Israel after the collapse of the Soviet Union in the early 1990s; and the exodus of refugees from the former Yugoslavia during the long series of Balkan wars between 1991 and 2001. We use a common empirical approach, derived from factor demand theory, and publicly available data to measure the impact of these shocks. Despite the differences in the political forces that motivated the various flows, and in economic conditions across receiving countries, the evidence reveals a common thread that confirms key insights of the canonical model of a competitive labor market: Exogenous supply shocks adversely affect the labor market opportunities of competing natives in the receiving countries, and often have a favorable impact on complementary workers. In short, refugee flows can have large distributional consequences. |
| Keywords: | immigration, refugee supply shocks |
| JEL: | J15 J61 J2 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10212&r=sog |
| By: | Leledakis, George N.; Pyrgiotakis, Emmanouil G. |
| Abstract: | The Dodd-Frank Act has produced a new wave of bank M&As. This consolidation trend is mainly driven by mergers of small banks, since small banks feel the need to merge in order to absorb the compliance costs of the new regulation. We document that the $10 billion asset-size threshold has become the ceiling of the optimal scale for bank combinations, given that banks below this $10 billion mark avoid several regulatory hurdles imposed by the Dodd-Frank Act. Results for these “less than $10 billion mergers” suggest significant value creation for both firms’ shareholders: Bidders experience large anticipated wealth gains during the passage of the legislation since the market had ex-ante identified these bids. Consequently, at the deal announcement date, bidders experience insignificant returns, targets experience large abnormal returns and the combined abnormal returns are statistically positive. Finally, bidders experience positive abnormal returns at the deal completion date. On the contrary, results for larger bank mergers indicate a redistribution of wealth from the bidder to the target firm. |
| Keywords: | Dodd-Frank regulation; shareholder wealth; market anticipation; event study; |
| JEL: | G14 G21 G28 G34 |
| Date: | 2016–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73290&r=sog |
| By: | Mbaye, Linguère M. (African Development Bank Group, and IZA); Zimmermann, Klaus F. (UNU-MERIT, Maastricht University, and Harvard University) |
| Abstract: | This paper reviews the effect of natural disasters on human mobility or migration. Although there is an increase of natural disasters and migration recently and more patterns to observe, the relationship remains complex. While some authors find that disasters increase migration, others show that they have only a marginal or no effect or are even negative. Human mobility appears to be an insurance mechanism against environmental shocks and there are different transmission channels which can explain the relationship between natural disasters and migration. Moreover, migrants' remittances help to decrease households' vulnerability to shocks but also dampen their adverse effects. The paper provides a discussion of policy implications and potential future research avenues. |
| Keywords: | natural disasters, forced migration, remittances, Insurance, droughts, earthquakes, floods |
| JEL: | J61 O15 Q54 Q56 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016040&r=sog |
| By: | Стукач, Виктор |
| Abstract: | Рассмотрено взаимодействие научно-педагогических работников, аспирантов, студентов в составе научной школы социально-экономического профиля. Целевая ориентация коллектива на решении проблем развития региона обеспечивает синергетический эффект, создает новые знания, обучает на практике, обеспечивает передачу новых знания для исследований. Выполнена оценка результативности с применением наукометрических показателей, проведен анализ публикаций по индексу научного цитирования. |
| Keywords: | научная школа, инфраструктура, сельскохозяйственное образование |
| JEL: | A2 A22 O3 O32 O4 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73653&r=sog |
| By: | Emmanuele Bobbio (Banca d'Italia) |
| Abstract: | Italy's growth performance has been lacklustre in the last two decades. The economy has a low R&D intensity; firms are smaller and less likely to grow or exit than firms in other advanced countries; the shadow economy is large. I show how these features arise simultaneously in a Schumpeterian growth model with heterogeneous firms where the tax auditing probability increases with firm size. Tax evasion confers a cost advantage over competitors. In equilibrium, small firms invest less in innovation because growing entails a (shadow) cost of fiscal regularization. Unfair competition forces other firms to lower the mark-up they charge for their new products, reducing the incentive to innovate. Market selection is hampered, further lowering the aggregate growth rate along the extensive margin. I calibrate the model on Italian firm-level data for the period 1995-2006 and find that enforcing taxes would have increased the long-run growth rate from 0.9% to 1.1%. The market share of high type firms would have been 6 percentage points higher and average firm size 20% higher. Also, I find that lowering the tax burden can have a significant impact on growth when the shadow economy is large, while the effect is negligible when taxes are enforced. |
| Keywords: | growth, innovation, selection, firm dynamics, tax evasion, size dependent policies |
| JEL: | O30 O43 H26 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_357_16&r=sog |
| By: | Samuel Gamtessa (University of Regina); Adugna Olani (Queen's University) |
| Abstract: | An increase in energy-cost can induce energy efficiency improvement - a reduction in energy-output ratio. There are well-established theoretical conjectures of how this can take place. As the relative energy-cost increases, it induces firms to reallocate and selectively utilize the most energy-efficient vintages. In the long-run firms could also achieve energy efficiency through investments in energy-efficient capital. This study uses the Canadian KLEMS panel data set to investigate these relationships. We employ panel vector auto regressions as well as co-integration and error correction techniques to test whether the conjectures hold in the data. Our findings support the theoretical conjectures. The channels we empirically identify suggest that the effect of increased energy-cost can be an increase in energy efficiency: by decreasing energy-capital ratio and increasing output-capital ratio. The latter effect is observed only in the long-run through induced investments in new capital. |
| Keywords: | Energy intensities, Capital productivity, Energy price, Panel data |
| JEL: | Q41 Q43 Q48 C33 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:qed:wpaper:1368&r=sog |
| By: | Aithal, Sreeramana; V. T., Shailashree; P. M., Suresh Kumar |
| Abstract: | Higher education institutions ought to be centres of learning as well as knowledge creation. Ne w knowledge is generated through research activities carried out by its faculty. There are various parameters for ranking an institution such as curriculum standards, student placement record, admission demand, high profile faculty, investment and infrastructure facilities, alumni accomplishments etc. Going by this, the prime objective of a higher education institution is often forgotten. ABC model recently developed by Aithal P.S & Suresh Kumar P.M., focus on measuring annual research performance of higher educational institutions. According to this model, an organization can calculate its annual research performance using its annual research output by taking into account the following factors such as the number of articles published in refereed journals, the number of books published, and the number of chapters in edited book or number of business cases published in Journals. Studying the implications of a system or model considering all determinants in key areas and analysing the key issues to identify the effective factors and its critical constituent element is the task of ABCD analysis model. In this paper, we have attempted to apply ABCD analysing technique on ABC model of annual research productivity of higher educational institutions. |
| Keywords: | ABC model of annual research productivity, ABCD analysis of a model, Research in higher educational institutions. |
| JEL: | I2 O3 |
| Date: | 2016–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73662&r=sog |
| By: | Coates, Dermot (Central Bank of Ireland); Dooley, Jennifer (Central Bank of Ireland) |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:ecolet:04/el/16&r=sog |
| By: | Grant Hillier (CeMMAP and University of Southampton); Federico Martellosio (University of Surrey) |
| Abstract: | The paper studies spatial autoregressive models with group interaction structure, focussing on estimation and inference for the spatial autoregressive parameter \lambda. The quasi-maximum likelihood estimator for \lambda usually cannot be written in closed form, but using an exact result obtained earlier by the authors for its distribution function, we are able to provide a complete analysis of the properties of the estimator, and exact inference that can be based on it, in models that are balanced. This is presented rst for the so-called pure model, with no regression component, but is also extended to some special cases of the more general model. We then study the much more dicult case of unbalanced models, giving analogues of some, but by no means all, of the results obtained for the balanced case earlier. In both balanced and unbalanced models, results obtained for the pure model generalize immediately to the model with group-specific regression components. |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0816&r=sog |
| By: | Andreas Nicklisch (University of Hamburg and German Research Foundation); Kristoffel Grechenig (Max Planck Institute for Research on Collective Goods, Bonn); Christian Thoeni (Univesity of Lausanne) |
| Abstract: | We study information conditions under which individuals are willing to delegate their sanctioning power to a central authority. We design a public goods game in which players can move between institutional environments, and we vary the observability of others' contributions. We find that the relative popularity of centralized sanctioning crucially depends on the interaction between the observability of the cooperation of others and the absence of punishment targeted at cooperative individuals. While central institutions do not outperform decentralized sanctions under perfect information, large parts of the population are attracted by central institutions that rarely punish cooperative individuals in environments with limited observability. |
| Keywords: | centralized sanctions, cooperation, experiment, endogenous institutions |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:not:notcdx:2016-12&r=sog |
| By: | KAYABA, Yutaka |
| Abstract: | Relying on e-learning data, I report here on an empirical investigation of daily homework progress to assess procrastination among high school students, whose behavior is susceptible to present-bias. The homework entails a non-binding goal for the students. The main findings were as follows: First, the goal encouraged a considerable number of students to study more to achieve it. Second, high achievers procrastinated until close to the deadline, particularly females for Math homework. Finally, a considerable subset of high achievers worked hard at the last minute to meet a non-binding deadline. These findings imply that a non-binding goal strongly motivates such students' self-control in goal achievement; however, the process is one of procrastination, and the deadline prevents further procrastination despite being non-binding. |
| Keywords: | Procrastination, non-binding goal, deadline |
| JEL: | D03 D91 I21 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hiasdp:hias-e-33&r=sog |
| By: | Carlo Vercellone (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Souvent revendiquée par la gauche radicale, la « défense des services publics » dépasse rarement le niveau d’une lutte défensive. Pour Carlo Vercellone [3], les institutions du welfare sont pourtant au coeur d’une contradiction qui oppose la logique rentière du capitalisme cognitif à la dynamique de l’économie fondée sur la connaissance et la satisfaction des besoins sociaux. Ces institutions présentent à ce titre un potentiel de transformation sociale globale dont le revenu social garanti, inconditionnel et indépendant de l’emploi, pourrait représenter un moment clé. |
| Keywords: | welfare-state, commun, capitalisme cognitif, économie fondée sur la connaissance |
| Date: | 2016–05–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01335203&r=sog |
| By: | Jesse Rothstein; Till von Wachter |
| Abstract: | Large-scale social experiments were pioneered in labor economics, and are the basis for much of what we know about topics ranging from the effect of job training to incentives for job search to labor supply responses to taxation. Random assignment has provided a powerful solution to selection problems that bedevil non-experimental research. Nevertheless, many important questions about these topics require going beyond random assignment. This applies to questions pertaining to both internal and external validity, and includes effects on endogenously observed outcomes, such as wages and hours; spillover effects; site effects; heterogeneity in treatment effects; multiple and hidden treatments; and the mechanisms producing treatment effects. In this Chapter, we review the value and limitations of randomized social experiments in the labor market, with an emphasis on these design issues and approaches to addressing them. These approaches expand the range of questions that can be answered using experiments by combining experimental variation with econometric or theoretical assumptions. We also discuss efforts to build the means of answering these types of questions into the ex ante design of experiments. Our discussion yields an overview of the expanding toolkit available to experimental researchers. |
| JEL: | H53 I38 J22 J24 J31 J65 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22585&r=sog |
| By: | Xia Liu |
| Abstract: | This thesis comprises three chapters with the patent litigation as a central theme. The first chapter develops a methodology to compare the quality of patent litigation systems in six major economies: United States, United Kingdom, Germany, Japan, Korea, China. Quality is defined as whether it provides a fair and just legal environment for nullifying weak patents and adjudicating infringement actions. Ultimately, this study presents heterogeneity in the quality of the sample systems. Litigation systems with rigorous and predictable adjudication have a low risk of opportunistic and anti-competitive filings.In the second paper (Chapter 2), I explore the relationship between technology ownership frag- mentation and the opposition filing in European Patent Office (EPO). I develop a two-stages game, in which opposition can be used for an ex ante negotiation (e.g. licensing). The framework presents that high litigation risk happens under two kinds of conditions: when the ownership to external technologies is highly concentrated, profit dissipation is over the licensing revenue for the potential licensee; when the ownership to external technologies is widely fragmented, transaction cost is high for the entrance. That is, the opposition, replacing the licensing, will be frequently used. To empirically test this hypothesis, we use a data set that covers patent opposition cases during the period 1985-2005, and construct application-based “fragmentation index”. Finally, regression results confirm that opposition likelihood displays an U-shape re- lationship with the number of potential technology suppliers. Besides, the effect of ownership patterns is stronger in discrete product industries. This analysis controls for differences in filing, granted rate and other technological observed characteristics. Results are robust to alternative estimation strategies that account for over-dispersion in the patent counts data and industry heterogeneity.The third paper proposes that system designs influence the incidence of patent litigation risk. I construct three one-to-one matching data sets by total 2748 European patents, which includes 916 patents without any challenge, 916 patents having been challenged in the opposition at the European Patent Office (EPO), and 916 having been challenged in Germany Federal Patent Court (BPatG). the EPO and the BPatG follow different procedures to reexamine, amend or revoke a granted decision. To explore different filing patterns in two litigation systems, I provide a much more rigorous definition to describe patent quality: Novelty, Unique, Impact, which has been operationalized and utilized in the technological radicalness literature. By comparing litigated cases to control groups, I find a high degree of significance between opposition risk and ex ante-identifiable factors - Novelty, while a high degree of significance between invalidation trials and ex post indicator of technological radicalness - Impact. Moreover, I also confirm that the filing in the opposition is less constrained with firm’s patent portfolios and technological conditions. |
| Keywords: | patent; litigation; innovation policy; operationalization; microeconomics |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/235575&r=sog |
| By: | Kyle Herkenhoff (University of Minnesota) |
| Abstract: | How does consumer credit access impact employment prospects, earnings, and entrepreneurship? We answer this question by merging individual employment records from the Census Bureau with individual TransUnion credit reports, and exploiting the discrete increase in individual credit following exogenous bankruptcy flag removal. We find that flows into self-employment increase, flows out of self-employment increase, flows into formal employment increase. Earnings levels and growth rates rise for individuals who make the transition into formal employment. There are two competing economic forces underlying these results: (i) credit constraints loosen after exogenous bankruptcy flag removal allowing households to start self-employed businesses (ii) households who were self-employed because credit checks precluded them from finding formal sector jobs subsequently return to the formal sector after bankruptcy flag removal. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:781&r=sog |
| By: | Cecilia Bellora; Sébastien Jean |
| Abstract: | This Policy Brief assesses the possible economic impacts for the European Union of granting market economy status (MES) to China in antidumping investigations. The issue is important: China ranks first among the countries targeted by European antidumping, and sanctions cover tariff lines worth 8.7% of EU imports from China, based on pre-investigation imports (0.5% for MES partners). We find that China’s exports face a larger number of antidumping investigations than those from MES partners, even accounting for China’s trade specificities. These investigations also have a higher chance of being won by the plaintiff. Furthermore, when a sanction is decided, its trade-restrictive impact is higher against China. In addition, we show that antidumping measures lead not only to an increase in the prices of targeted Chinese products but also in those of Chinese untargeted products similar to those directly targeted. This chilling effect materializes in 4 to 14% prices increases for untargeted exports belonging to the same sector as those targeted. It does not affect MES partners. Antidumping cases against non-MES partners other than China are not numerous enough to isolate the impact of the MES per se. We thus assess the impact of granting MES to China assuming that all China’s specificities in EU antidumping procedures would disappear as a result. Under this assumption, disregarding the chilling effect, changing China’s status would boost its exports to the EU by 3.9% to 5.3% in volume (€13bn to €18bn). Factoring in the removal of the present chilling effect, the impact might reach 7.4% to 21% in volume (€25bn to €72bn). Domestic output losses would be small in relative terms (up to 0.06% disregarding the chilling effect, up to 0.32% taking it into account), but significant in absolute terms (respectively, €3.9bn and €23bn); 90% of these impacts reflect the decline in the number of investigations, as opposed to the level of duty in case of sanction. Accordingly, dropping the so-called lesser duty rule would not alter significantly these impacts. |
| Keywords: | Antidumping;Market Economy Status;Chilling effect ;China |
| JEL: | F13 F14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepipb:2016-11&r=sog |
| By: | Cécile Couharde; Carl Grekou |
| Abstract: | This paper re-examines empirically the relationship between exchange rate regimes and currency misalignments in emerging and developing countries. Using alternative de facto exchange rate regime classifications over the period 1980-2012, it finds strong evidence that performance of exchange rate regimes is conditional on the de facto classification. In particular, this paper shows that the effect of monetary arrangements on currency misalignments depends critically on the ability of these classification schemes to capture adequately dysfunctional monetary regimes. |
| Keywords: | Currency misalignments; Exchange rate regimes; Emerging and developing countries. |
| JEL: | C23 F31 F33 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-31&r=sog |
| By: | Michael Luca |
| Abstract: | Online marketplaces have proliferated over the past decade, creating new markets where none existed. By reducing transaction costs, online marketplaces facilitate transactions that otherwise would not have occurred and enable easier entry of small sellers. One central challenge faced by designers of online marketplaces is how to build enough trust to facilitate transactions between strangers. This paper provides an economist’s toolkit for designing online marketplaces, focusing on trust and reputation mechanisms. |
| JEL: | D47 D8 J15 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22616&r=sog |
| By: | Richard Caplan; Anke Hoeffler |
| Abstract: | This paper is concerned with explaining why peace endures in countries that have experienced a civil armed conflict. We use a mixed methods approach by evaluating six case studies (Burundi, East Timor, El Salvador, Liberia, Nepal, Sierra Leone) and survival analysis which allows us to consider 205 peace episodes since 1990. We find that it is difficult to explain why peace endures using statistical analysis but there is some indication that conflict termination is important in post-conflict stabilization: negotiated settlements are more likely to break down than military victories. We also consider the impact of UN peacekeeping operations on the duration of peace but find little evidence of their contribution. However, in situations where UN peacekeeping operations are deployed in support of negotiated settlements they do seem to contribute to peace stabilization. |
| Keywords: | civil war; peace duration; survival analysis; peacekeeping operation |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2016-23&r=sog |
| By: | Rosa, F.; Weaver; Vasciaveo |
| Abstract: | The EU dairy industry is facing an unprecedented change since the removal of milk quotas has exposes the sector to the world competition with strongly organized multinational traders. The basic question of this paper is if the milk quota expiration will have any impact on market equilibria and decisions of agents operating at various market levels. This paper has been preceded by two other papers discussing various issues about dairy market in Italy: market asymmetries and consequences for price transmission and presence of oligopoly competition and consequences for price setting. The present analysis uses the time series analysis of weekly dairy prices to test the market behavior before and after quota regime. Volatility was tested with simple CV, SD indexes and more complexes Arch-Garch models including the breaks and changes in market regime correlated to policy adjustments. Results suggest a moderate change in volatility; our explanation is the Italian dairy sector was for long time protected from world market competition and a consistent amount of raw milk processed for cheese production was managed by the coop organization that transferred to the dairy farms the margins realized at other market levels. The future scenario is more pessimistic in absence of any protection: some structural changes needed to face the world competition could have been postponed in this protected market with the OCM. The expected growth of milk supply after quota will determine a decline in the raw milk price becoming closer to the marginal costs of the most efficient dairy farms in the world. This will cause the exit of a great number of dairy farms, the restructuring of the dairy industry and more concentration at retail level. |
| Keywords: | Agribusiness, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244463&r=sog |
| By: | Rufyikiri, Gervais |
| Abstract: | Depuis son accession au pouvoir après les élections de 2005, le CNDD-FDD a été constamment critiqué pour la mauvaise gouvernance du Burundi tandis que le comportement de ses dirigeants faisait penser à une continuité des pratiques du maquis. Cette étude contribue à comprendre le lien entre l’incapacité de ce parti converti d’un mouvement rebelle à réussir le processus de transition démocratique et certains éléments clés de son histoire qui ont joué contre une véritable transformation de mouvement rebelle en parti politique. Des rivalités avec des formations politiques préexistantes, la discontinuité du leadership à la tête du mouvement, le repli identitaire et l’exclusion fondée sur l’origine politique des membres, la marginalisation des intellectuels et le conditionnement des combattants à commettre des actes de cruauté ont été les principaux facteurs historiques qui ont marqué l’évolution du mouvement CNDD-FDD et façonné ainsi sa nature actuelle. Il existe plusieurs preuves qui montrent que les dirigeants du CNDD-FDD ont conservé leurs pratiques du maquis et qui permettent de conclure que la transformation du CNDD-FDD de mouvement rebelle en parti politique a complètement échoué. |
| Keywords: | Burundi; politics |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:iob:wpaper:201612&r=sog |
| By: | Atsumasa Kondo (Faculty of Economics, Shiga University) |
| Abstract: | This paper investigates the interconnection between certain fiscal policies in achieving a sustainable level of public debt. The fiscal policies that are investigated relate to the consumption tax rate, the income tax rate, and to public spending. The paper focuses on the critical level of public debt-to-GDP ratio, for which if the ratio exceeds this level at time 0, then it diverges to + ‡ as time passes. The paper theoretically examines how the critical level depends on the fiscal policies, and reveals some merits of consumption taxation. As the consumption tax rate increases, so income taxation and cutting public spending become more effective in sustaining public debt. |
| Keywords: | sustainability of public debt, fiscal policies, consumption tax, income tax, public spending, balanced growth path |
| JEL: | E62 H6 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:shg:dpapea:20&r=sog |
| By: | Wu, Haoyang |
| Abstract: | The revelation principle is a fundamental theorem in many economics fields such as game theory, mechanism design and auction theory etc. In this paper, I construct an example to show that a social choice function which can be implemented in Bayesian Nash equilibrium by an indirect mechanism cannot be implemented by a direct mechanism. The key point is that agents pay cost in the indirect mechanism, but pay nothing in the direct mechanism. As a result, the revelation principle does not hold at all. |
| Keywords: | Revelation principle; Game theory; Mechanism design; Auction theory |
| JEL: | D70 D82 |
| Date: | 2016–09–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73660&r=sog |
| By: | Cörvers, Frank (ROA / Human capital in the region); Mommers, Ardi (ROA / Human capital in the region) |
| Abstract: | Het onderzoek combineert kwalitatieve inzichten uit interviews met sleutelfiguren met kwantitatieve inzichten uit een enquête onder lesgevend personeel in Caribisch Nederland. De enquête is ontwikkeld op basis van de opgedane kennis uit de literatuurstudie en de diverse interviews en behandelt de pull- en pushfactoren, de tevredenheid en de toekomstverwachtingen van het lesgevende personeel in Caribisch Nederland. Alle onderwijsinstellingen in het po, vo en mbo in Caribisch Nederland hebben hun medewerking verleend aan het onderzoek. De respons door het lesgevend personeel is met 43 procent hoog en geeft daarmee een sterke fundering voor de bevindingen. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:unm:umarot:2016006&r=sog |
| By: | Robert Kollmann (ECARES, Université Libre de Bruxelles & CEPR) |
| Abstract: | This paper analyzes the effects of output volatility shocks and of risk appetite shocks on the dynamics of the real exchange rate, consumption and net foreign assets, in a two country world with recursive preferences and complete financial markets. When the risk aversion coefficient exceeds the inverse of the intertemporal substitution elasticity, then an exogenous rise in a country’s output volatility triggers a wealth transfer to that country, in equilibrium; this raises its consumption, lowers its trade balance and appreciates its real exchange rate. The effects of risk appetite shocks resemble those of volatility shocks. In a recursive preferences-complete markets framework, volatility and risk appetite shocks account for a noticeable share of the fluctuations of the real exchange rate, net exports and net foreign assets. These shocks help to explain the high empirical volatility of the real exchange rate and the disconnect between relative consumption growth and the real exchange rate. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:721&r=sog |
| By: | Martín-Herrán, Guiomar; Rubio, Santiago J. |
| Abstract: | This paper evaluates the effects of the lack of regulatory commitment on emission tax applied by the regulator, abatement effort made by the monopoly and social welfare comparing two alternative policy games. The first game assumes that the regulator commits to an ex-ante level of the emission tax. In the second one, in a first stage the regulator and the monopolist simultaneously choose the emission tax and abatement respectively, and in a second stage the monopolist selects the output level. We find that the lack of commitment leads to lower taxation and abatement that yield larger emissions and, consequently, a larger steady-state pollution stock. Moreover, the increase of environmental damages because of the increase in the pollution stock more than compensates the increase in consumer surplus and the decrease in abatement costs resulting in a reduction of social welfare. Thus, our analysis indicates that the lack of commitment has a negative impact of welfare although this detrimental effect decreases with abatement costs. |
| Keywords: | Monopoly, Commitment, Emission Tax, Abatement, Stock Pollutant, Research Methods/ Statistical Methods, H23, L12, L51, Q52, Q55, |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemet:244532&r=sog |
| By: | Seiichiro Mozumi (Faculty of Economics, Keio University) |
| Abstract: | In the United States since the 1930s, the Treasury Department and tax experts has attempted to accomplish a "one package" comprehensive tax reform program to create a simpler, fairer, and more equitable federal income tax system with sufficient ability to raise revenue. However, their attempts to accomplish the kind of tax reform have always failed except in 1986. This paper picks up three episodes of federal tax reform to demonstrate the Treasury's and tax experts' significant effort to accomplish a "one package" comprehensive tax reform, and the process in and for which they failed and succeeded: Federal tax reform of 1964, 1978, and 1986. In the meantime, through examining the three episodes, this paper explores how Congress had seriously considered the kind of comprehensive tax reform that the Treasury and tax experts proposed after World War II. |
| Keywords: | "one package" comprehensive tax reform, Stanley S. Surrey |
| JEL: | H2 N42 |
| Date: | 2016–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2016-021&r=sog |
| By: | Peltoniemi, Ari; Niemi, Jyrki |
| Abstract: | There is a growing interest – among consumers, the media, political decision-makers and the food system at large – in more detailed information on the formation of consumer prices for foodstuffs. This paper, based on Finnish case evidence, is an opportunity to increase the transparency of the food chain as well as consumers’ knowledge of its functioning. The aim of this study is to present an analysis of the price margin data for selected food products falling into three sectors: meat products, dairy products and cereal products. More specifically, the objective is to determine the share of consumer food prices taken by each actor along the food supply chain: primary production, processing, and retailing, as well as government taxes. |
| Keywords: | Food, price margin, primary production, processing, retailing, Agribusiness, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244464&r=sog |
| By: | Pradeep Dubey; John Geanakoplos |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nys:sunysb:16-02&r=sog |
| By: | Shari Eli; Laura Salisbury; Allison Shertzer |
| Abstract: | The American Civil War fractured communities in border states where families who would eventually support the Union or the Confederacy lived together prior to the conflict. We study the subsequent migration choices of these Civil War veterans and their families using a unique longitudinal dataset covering enlistees from the border state of Kentucky. Nearly half of surviving Kentucky veterans moved to a new county between 1860 and 1880. There was no differential propensity to migrate according to side, but former Union soldiers were more likely to leave counties with greater Confederate sympathy for destinations that supported the North. Confederate veterans were more likely to move to counties that supported the Confederacy, or if they left the state, for the South or far West. We find no evidence of a positive economic return to these relocation decisions. |
| JEL: | J61 N31 R23 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22591&r=sog |
| By: | Frank N. Caliendo; Maria Casanova; Aspen Gorry; Sita Slavov |
| Abstract: | Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare over the life cycle. Our conservative estimates of the standard deviation of the difference between retirement expectations and actual retirement dates range from 4.28 to 6.92 years. This uncertainty implies large fluctuations in total wage income. We find that individuals would give up 2.6%-5.7% of total lifetime consumption to fully insure this risk and 1.9%-4.0% of lifetime consumption simply to know their actual retirement date at age 23. Uncertainty about the date of retirement helps to explain consumption spending near retirement and precautionary saving behavior. While social insurance programs could be designed to hedge this risk, current programs in the U.S. (OASI and SSDI) provide very little timing insurance. |
| JEL: | C61 E21 H55 J26 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22609&r=sog |
| By: | Nènè Oumou (Département d'économique, Université de Sherbrooke); Jonathan Goyette (Département d'économique, Université de Sherbrooke) |
| Abstract: | In this paper, we conduct an impact analysis of microcredit on entrepreneurial activity using a new data-set collected among 740 entrepreneurs located in Panama. Our focus is on a new type of microfinance institution which grants loans to enterprises falling in what we call the financial missing middle, i.e., enterprises which are too big for traditional microcredit but not big enough for commercial banks. We collected an unbalanced panel of data on enterprise's business and credit history. Using our partner's rules of credit attribution, we build a regression discontinuity design to evaluate the effect of loan's obtainment on the activity of financed enterprises. Our results show a limited impact of access to credit on firm's revenues despite a significant impact on investment in equipment and immobilization. The magnitude of the positive effect is higher on micro-enterprises while auto-enterprises are negatively impacted by microcredit as is usually documented in the literature. We emphasize that the cost of credit is one of the major determinants of the limited impact of microcredit on entrepreneurial activity. |
| Keywords: | Microfinance Institutions, firm’s performance, Regression Discontinuity, Panama |
| JEL: | D22 G21 L26 O12 O16 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:shr:wpaper:16-05&r=sog |
| By: | Wladimir Andreff (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les économies des pays émergents ont connu une croissance exceptionnelle dans les années 2000 au point que certains économistes ont crû qu'elles échapperaient à la crise financière et à la récession mondiale. En pointe parmi les pays émergents figurent le Brésil, la Russie, l'Inde et la Chine – les BRICs. L'investissement direct à l'étranger (IDE) de ces pays a moins attiré l'attention et les commentaires que leur croissance économique, alors qu'il est en pleine expansion pendant que la crise a fait chuter l'IDE total dans le monde. C'est l'une des manifestations de la résilience à la crise des pays émergents. Les firmes multinationales (FMN) qui aujourd'hui croissent le plus vite ne sont plus celles basées dans les pays développés, en particulier depuis le début de la crise financière ouverte en 2008. Ce sont celles des pays émergents, tout spécialement les FMN originaires des quatre BRICs. Est-ce surprenant? Non. En effet, une célèbre théorie économique de l'IDE, due à John Dunning 1 , explique que celui-ci évolue en fonction du niveau de développement économique de chaque pays. Dans une première étape, quand un pays est sous-développé, il reçoit peu d'investissements directs en provenance de l'étranger (IDE entrant) et lui-même n'investit pas à l'étranger (pas d'IDE sortant). Lors d'une seconde étape, devenu pays en développement, un pays devient attractif pour des IDE entrant sur son territoire mais réalise encore peu d'IDE sortant à l'étranger; il est un importateur net d'IDE (importations d'IDE entrant plus grandes que ses exportations d'IDE sortant). En une troisième phase, grâce à ses nouvelles compétences technologiques et à son faible coût unitaire du travail, un pays émerge comme investisseur de plus en plus significatif à l'étranger, même s'il reçoit encore plus d'IDE entrants qu'il n'émet d'IDE sortants (il demeure importateur net d'IDE). C'est ce que l'on constate actuellement pour les 1 J.H. Dunning, Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Development Approach, Weltwirtschaftliches Archiv, 119, 1981, 30-64. |
| Keywords: | investissement direct étranger, pays émergents, BRICs, firmes multinationales |
| Date: | 2016–03–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01342397&r=sog |
| By: | Emmerling, Johannes; Manoussi, Vassiliki; Xepapadeas, Anastasios |
| Abstract: | Climate Engineering, and in particular Solar Radiation Management (SRM) has become a widely discussed climate policy option to study in recent years. However, its potentially strategic nature and unforeseen side effects provide major policy and scientific challenges. We study the role of the SRM implementation and its strategic dimension in a model with two heterogeneous countries with the notable feature of model misspecification on the impacts from SRM. We find that deep uncertainty leads to a reduction in SRM deployment both under cooperation and strategic behavior, which is a more relevant issue if countries act strategically. Furthermore, we demonstrate that the heterogeneity in impacts from SRM has an asymmetric effect on the optimal policy and could typically lead to unilateral SRM implementation. We also consider heterogeneous degrees of ambiguity aversion, in which case the more confident country only will use SRM. |
| Keywords: | Climate Change, Solar Radiation Management, Uncertainty, Robust Control, Differential Game, Research and Development/Tech Change/Emerging Technologies, Q53, Q54, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemmi:244329&r=sog |
| By: | Wu, Haoyang |
| Abstract: | The revelation principle is a fundamental theorem in many economics fields such as game theory, mechanism design and auction theory etc. In this paper, I construct an example to show that a social choice function which can be implemented in Bayesian Nash equilibrium is not truthfully implementable. The key point is that agents pay cost in the indirect mechanism, but pay nothing in the direct mechanism. As a result, the revelation principle may not hold when agent's cost cannot be neglected in the indirect mechanism. |
| Keywords: | Revelation principle; Game theory; Mechanism design; Auction theory |
| JEL: | D70 |
| Date: | 2016–09–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73694&r=sog |
| By: | Arlene Wong (Northwestern University) |
| Abstract: | Previous work has documented that housing and refinancing decisions play an important role in shaping the aggregate and cross-sectional consumption elasticities to interest rate shocks. New home purchases and refinances can then affect durable and non-durable consumption through the associated fluctuations in disposable income and the complementarity between housing and consumption. In this paper, we examine the transmission of monetary policy through housing debt. Specifically, we use detailed micro data to study the mortgage channel that links monetary policy with household borrowing and consumption expenditure. Specifically, we quantify the heterogeneity across borrowers and state-dependency in the pass-through of interest rate shocks to consumption over the Federal Reserve Bank’s interest rate cycle. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:716&r=sog |
| By: | Llorca, Manuel; Jamasb, Tooraj |
| Abstract: | Energy efficiency has become a primary energy policy goal in Europe and many other countries and has conditioned the policies towards energy-intensive sectors such as road freight transport. However, energy efficiency improvements can lead to changes in the demand for energy services that offset some of the expected energy savings in the form of rebound effects. Consequently, forecasts of energy savings can be overstated. This paper analyses the energy efficiency and rebound effects for road freight transport in 15 European countries during the 1992-2012 period. We use a recent methodology to estimate an energy demand function using a stochastic frontier analysis approach and examine the influence of key features of rebound effect in the road freight transport sector. We obtain on average a fuel efficiency of 91% and a rebound effect of 18%. Our results indicate that the achieved energy efficiencies are retained to a large extent. We also find, among other results, that the rebound effect is higher in countries with higher fuel efficiency and better quality of logistics. Finally, a simulation analysis shows significant environmental externalities costs even in countries with lower rebound effect. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:oeg:wpaper:2016/03&r=sog |
| By: | Schulze-Ehlers, Birgit; Purwins, Nina |
| Abstract: | This paper investigates the effects of the introduction of a specific animal welfare label on consumer decision making when shopping for pork. Based on two empirical studies, we analyze whether substitution effects between organic, regional, and animal welfare products have to be expected under current market conditions. Our results show that persons with preference for animal welfare decide significantly more often for the animal welfare or the organic product, not for local, and that organic heavy buyers do not differ from rest of sample with respect to animal welfare or local choice. The animal welfare label as stand-alone selling proposition may be too weak to create value added. Based on the examination of interaction terms, we find that organic does not gain by combination with an animal welfare label, whereas regional labels are not associated yet with animal welfare and would profit more by including an additional informational cue. We tentatively conclude that animal welfare programs should be embedded in regional marketing programs. |
| Keywords: | organic, regional, choice experiment, interaction terms, mixed logit, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244531&r=sog |
| By: | Florin-Constatin Mihai ("Alexandru Ioan Cuza " University); Maria-Grazia Gnoni (Department of Innovation Engineering, University of Salento,) |
| Abstract: | Waste Electrical and Electronic Equipment management (E-waste or WEEE) is a crucial issue in the solid waste management sector with global interconnections between well-developed, transitional and developing countries. Consumption society and addiction to technology dictate the daily life in high and middle-income countries where population consumes large amounts of EEE products (electrical and electronic equipment) which sooner become e-waste. This fraction is a fast-growing waste stream which needs special treatment and management due to the toxic potential of public health and environment. On the other hand, the e-waste contains valuable materials which may be recovered (precious metals, Cu) reused and recycled (metals, plastics) by various industries mitigating the consumption of natural resources. The new challenge of e-waste management system is to shift the paradigm from a toxic pollution source to a viable resource in the context of sustainable development. |
| Keywords: | waste management,E-waste,Recycling,circular economy,Sustainability,Pollution |
| Date: | 2016–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01339063&r=sog |
| By: | Parantap Basu (Durham Business School); Shesadri Banerjee (National Council of Applied Economic Research (NCAER)) |
| Abstract: | A striking stylized fact of the Indian economy is the increasing predominance of the investment speciÖc technology shocks (IST) as opposed to total factor productivity (TFP) shocks in determining the GDP áuctuations during the post liberalization era. A concurrent phenomenon is the stark increase in the relative import content in the consumption basket vis-a-vis investment. We develop an open economy dynamic stochastic general equilibrium (DSGE) model to understand the determinants of the relative importance of IST and TFP shocks. The model has standard frictions which include price stickiness, external habit formation, investment adjustment cost, and transaction cost of foreign bond holding. We Önd that the relative share of import content in consumption over investment and nominal friction are crucial determinants of the relative importance of these two technology shocks. |
| Keywords: | Business cycles, IST and TFP Shocks, DSGE Modeling. |
| Date: | 2015–04 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2015_04&r=sog |
| By: | Zhang, David Hao (Harvard University) |
| Abstract: | Using data from the 2014 Boston Fed Bill Payment Experiment and the 2014 Survey of Consumer Payment Choice (SCPC), we investigate how households pay their rent. We find that the dominant methods for paying rent are cash (22 percent), check (42 percent), and money order (16 percent). Electronic methods are still rarely used, at 8 percent for bank account number payment and 7 percent for online banking bill payment, and less than 2 percent for debit and credit cards. Compared with other large bill payments of more than $200, rental payments are much more likely to be made with paper-based methods than with electronic methods and are much less likely to be automatic, despite the recent attempts by start-ups to make it easier for landlords to accept electronic payments. Check and electronic methods are more frequently used for higher-valued transactions and by those with higher income and education. |
| Keywords: | payment instrument choice; rental payment; rent |
| JEL: | D10 D19 |
| Date: | 2016–06–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedbdr:16-2&r=sog |
| By: | Williams, John C. (Federal Reserve Bank of San Francisco) |
| Abstract: | Presentation to the Hayek Group, Reno, Nevada, by John C. Williams, President and CEO, Federal Reserve Bank of San Francisco , for delivery on September 6, 2016 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfsp:169&r=sog |
| By: | Chenyu Yang (University of Michigan, Ann Arbor); Ying Fan (University of Michigan) |
| Abstract: | We develop and estimate a structural model of the U.S. smartphone market. Based on the estimates, we study (1) whether there are too few or too many products in the market from a welfare point of view; and (2) how competition affects product offerings in the market. We find that there are too few products and a reduction in competition further decreases the product offerings. These results suggest that merger policies should be stricter when we take into account the effect of merger on firms' product choices in addition to its effect on prices. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:758&r=sog |
| By: | Laura Kudrna; Georgios Kavetsos; Chloe Foy; Paul Dolan |
| Abstract: | How achievement makes people feel depends upon counterfactual thoughts about what could have been. One body of evidence for this comes from studies of observer ratings of Olympians' happiness, which suggests that category-based counterfactual thoughts affect the perceived happiness of Olympians. Silver medallists are less happy than bronze medallists, arguably because silver medallists think about how they could have won gold, and bronze medallists feel lucky to be on the podium at all. We contribute to this literature by showing that the effect of category-based counterfactual thoughts on Olympians' happiness depends on the margin by which athletes secured their medal. Although gold and bronze medallists appeared happier the better they performed, silver medallists were less happy when they were closer to winning gold. This suggests silver medallists feel disappointed relative to gold medallists but that bronzes do not feel particularly fortunate relative to non-medal winners. Teams were rated as happier than individual athletes and Olympians happier than Paralympians. Observers' ethnic and gender similarity to athletes negatively influence happiness ratings; whilst observers' self-reported happiness has a negligible effect on ratings. We integrate these findings with prior literature on counterfactual thinking and the determinants of happiness, and suggest avenues for future research. |
| Keywords: | counterfactual thinking; close calls; relative status; happiness; Olympic Games |
| JEL: | D60 I31 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67670&r=sog |
| By: | Baldi, Lucia; Peri, Massimo; Vandone, Daniela |
| Abstract: | The recent global food crisis has caused an increase in agricultural market volatility, raising important questions on the determinants of this instability. Many studies have analyzed this issue focusing on main factors affecting price volatility, as past volatility and trends, transmission across prices, oil price volatility, export concentration, stock levels and yields (Balcombe, 2010). Existing empirical literature identifies different drivers of volatility; among them, financialization and speculation are by far one of the most important. Indeed, with the introduction of agricultural commodity as an alternative asset class in investment portfolios, and the consequent increasing integration between commodity markets and major financial markets, there has been a growing convergence of risk-adjusted returns on assets class across markets, and an increase in the risk of volatility spillovers from outside to commodity markets due to portfolio rebalancing of institutional investors (Adams and Gluck, 2015). Since the beginning of the new millennium, in fact, there has been a steady flows of financial investments in commodities. As reported by Irwin and Sanders (2011), commodity investments have grown between 2003 and 2009 from 15 billion to 250 billions of dollars. Investments in these markets is made through different financial instruments, driven by different motivations: in futures, both for hedging and speculative purposes, and also in commodity index funds and hedge funds, mainly for portfolio diversification purposes. Increase in investing in the latter two types of investments, however, has been much stronger, compared to the past (Cheng et al. 2014). This process of massive increase in investments in commodities through financial instruments, knows as “commodity finanziarization”, has generated a gradual integration between commodities market and financial markets which, in turn, has risen spillover volatility between markets due to investors’ rebalancing of portfolio’s asset classes. |
| Keywords: | Agribusiness, Agricultural Finance, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244461&r=sog |
| By: | Emmanuel Petrakis; Nikolas Tsakas |
| Abstract: | We investigate the effect of potential entry on the formation and stability of R&D networks considering farsighted firms. We show that the presence of a potential entrant often alters the incentives of incumbent firms to establish an R&D link. In particular, incumbent firms may choose to form an otherwise undesirable R&D collaboration in order to deter the entry of a new firm. Moreover, an incumbent firm may refrain from establishing an otherwise desirable R&D collaboration, expecting to form a more profitable R&D link with the entrant. Finally, potential entry may lead an inefficient incumbent to exit the market. We also perform a welfare analysisand show that market and societal incentives are often misaligned. |
| Keywords: | R&D Networks; Entry; Farsighted stability |
| JEL: | D85 L24 O33 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ucy:cypeua:08-2016&r=sog |
| By: | Philipp Adämmer; T. Philipp Dybowski |
| Abstract: | This paper examines whether the U.S. president's fiscal commitment raises confidence and ultimately output. We analyze 80,545 U.S. presidential speeches by using a probabilistic topic model to construct a continuous measure on the president's commitment to fiscal policy. Impulse responses from a SVAR model confirm that a stronger commitment temporarily boosts consumer confidence which then stimulates output. |
| Keywords: | topic model, fiscal policy, SVAR, confidence |
| JEL: | C32 C82 D72 D83 E62 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:cqe:wpaper:5216&r=sog |
| By: | Yvan Renou (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes - UPMF - Université Pierre Mendès France - Grenoble 2) |
| Abstract: | Mobilizing a political ecology approach, this article calls for replacing the conventional concept of water security by the hydro-social security’ones to meet the main contemporary water issues. It aims at working for a democratization of hydro-social cycle to strengthen the building of territorialized sustainable development trajectories. From this perspective, the policy implementation of the management of scientific and societal uncertainties of ecosystem services is an essential methodological prerequisite to achieve, through a negotiation process based on democratic monetary valuation, an institutionalized and "securising" compromise between stakeholders. |
| Abstract: | Mobilisant une approche d’écologie politique, la démarche exposée dans cet article invite à substituer à la notion conventionnelle de sécurité hydrique celle de sécurité hydro-sociale afin de répondre aux principaux enjeux hydriques contemporains, au premier rang desquels figure l’adaptation au changement climatique. Il s’agit alors non plus de procéder à une sociétalisation marchandisée des risques hydriques mais bien d’oeuvrer à une démocratisation des cycles hydro-sociaux afin de consolider le processus de co-construction territorialisée de trajectoires de développement soutenables. Dans une telle perspective, la mise en politique de la gestion des incertitudes scientifiques et sociétales inhérentes aux services écosystémiques représente un pré-requis méthodologique incontournable devant permettre d’aboutir, via un processus de négociation fondé sur l’évaluation monétaire démocratique, à l’élaboration de compromis institutionnalisés "sécurisants". |
| Keywords: | changement climatique , eau , ecosystème , gestion de l'eau , sécurité hydrique , écologie politique |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01347948&r=sog |
| By: | Tatiana Damjanovic (Durham Business School); Vladislav Damjanovic (Durham Business School); Charles Nolan (Adam Smith Business School, University of Glasgow) |
| Abstract: | The conventional model of bank liquidity risk management predicts a negative relation between the risk free rate and the money multiplier. We extend that model to reflect credit, or loan book, risk. We find that credit risk model predicts a positive correlation between the risk free rate and the money multiplier, other things constant. In the pre-financial crisis period the liquidity risk view fits the data better whilst in the post-crisis period, the credit risk management model is more appropriate in explaining the relationship between the money multiplier and the risk free rate. In addition, the model implies that the money multiplier should increase with stock market return and decline with its volatility. We provide evidence that this is indeed the case |
| Keywords: | Credit risk management, Excess reserves, Money multiplier. |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2016_03&r=sog |
| By: | Williams, John C. (Federal Reserve Bank of San Francisco) |
| Abstract: | Presentation to the Anchorage Economic Development Corporation, Anchorage, Alaska , by John C. Williams, President and CEO, Federal Reserve Bank of San Francisco , for delivery on August 18, 2016 |
| Date: | 2016–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfsp:168&r=sog |
| By: | Mamedov, Arseny (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Hudko, Hudko (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Belev, Sergei (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Moguchev, Nikita Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper presents an overview of theoretical views on the state's role in the revitalization of the investment process in the country, summarizes approaches to evaluating the effectiveness of public investment, described the trend of public financing of investment by industry and the level of individual budgets in OECD countries and the BRICS. The analysis of the main elements of the formation of the state investment policy: the account environmental factors, improving the practical implementation of the investment budget and optimization of mechanisms of the state investment policy instruments in relation to the choice of a certain sphere of realization of investment projects. |
| Keywords: | state investment policy, OECD, BRICS |
| Date: | 2016–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:3052&r=sog |
| By: | Quan-Hoang Vuong |
| Abstract: | Background: Patients have to acquire information to support their decision on choosing a suitable healthcare provider. But in developing countries like Vietnam, accessibility issues remain an obstacle, thus adversely affect both quality and costliness of healthcare information. Vietnamese use both sources from health professionals and friends/relatives, especially when quality of the Internet-based cheaper sources appear to be still questionable. The search of information from both professionals and friends/relatives incurs some cost, which can be viewed as low or high depending low or high accessibility to the sources. These views potentially affect their choices.Aim & Objectives: To investigate the effects that medical / health services information on perceived expensiveness of patients’ labor costs. Two related objectives are: i) establishing empirical relations between accessibility to sources and expensiveness; and, ii) probabilistic trends of probabilities for perceived expensiveness.Results: There is evidence for established relations among the variables “Convexp” and “Convrel” (all p’s |
| Keywords: | Healthcare provider; Quality of information; Health data; Consumer behavior; Vietnam |
| JEL: | I18 |
| Date: | 2016–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/237187&r=sog |
| By: | Olsen, Nina Veflen; Storstad, Oddveig; Samuelsen, Bendik; Langsrud, Solveig; Hagtvedt, Therese; Gregersen, Fredrik; Ueland, Øydis |
| Abstract: | Fall 2014, a researcher from the Norwegian Institute of Public Health stated in a newspaper interview that she never touched chicken with her bare hands. This interview was the beginning of a media storm, which resulted in a 25% sales drop for chicken within three months. To be able to understand why this interview had such a strong effect, we conducted an explorative case study. Findings from previous studies of food safety behavior indicate that consumers are irrational and that information is not enough to change behavior. Gigerenzer (2015), however, argue in a recent article that the claim that people are hardly educable lacks evidence. He cites Simon (1985) quote that “people are generally quite rational; that is, they usually have reasons for what they do” and claims that teaching people to become risk savvy is a true alternative to nudging. The aim of our study is to shed light on the rationality debate by exploring consumers’ reflections and reactions to the previously mentioned food scare article. Data from five focus-group interviews with Norwegian consumers of chicken were transcribed, content analyzed, and in-vitro coded, before we conducted a multiple correspondence analysis in PAST. We developed a graphical plot of our results, which we visually inspected and interpreted. The findings indicate that consumers do reflect when confronted with food scares. Some question the research behind the news, others wonder how dangerous this food scare is compared to other risks. Consumers are not irrational, even though their emotions co-occur more often with their behavior than their reflections. |
| Keywords: | Agribusiness, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, Risk and Uncertainty, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244480&r=sog |
| By: | Carlos Garriga; Finn E. Kydland; Roman Šustek |
| Abstract: | Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when shocks to the policy interest rate are temporary, the mortgage channel is important when the shocks are persistent. The first channel has significant aggregate effects but small redistributive effects. The opposite holds for the second channel. Using yield curve data decomposed into temporary and persistent components, the redistributive and aggregate consequences are found to be quantitatively comparable. |
| JEL: | E32 E52 G21 R21 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22613&r=sog |
| By: | Valerie Revest; Alessandro Sapio |
| Abstract: | Stock markets perform a creation function if the inflow of financial cap- ital in the birth of new privately-held firms is stimulated by the promise of stock market liquidity at a later point in time. Junior stock market segments, characterized by lighter listing procedures and costs, may be suited to perform a creation function, but their liquidity promise may not be reliable due information opacity. We test the creation function of the Alternative Investment Market (AIM), the junior segment of the London Stock Exchange (LSE), by means of dynamic panel data models, where entry at the sectoral level is regressed on capital raised at IPO on AIM and on the LSE main market, venture capital investments, and control variables. Our sample includes UK manufacturing sectors over the 2004-2012 time span. We find that sectors that raised more capital at IPO on AIM housed more new entrants in the subsequent years, whereas the results on main market IPOs and venture capital financing are mixed. The magnitude of this effect increases as the amounts of raised capital are aggregated over longer time horizons. Results are confirmed after endogeneity tests (pseudo diff-in-diff and 2-stage residual inclusion estimators). |
| Keywords: | Entry, Firm creation, Stock exchange, Junior stock market |
| Date: | 2016–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2016/32&r=sog |
| By: | Stefano Bosi (EPEE - Centre d'Etudes des Politiques Economiques - Université d'Evry-Val d'Essonne); Cuong Le Van (IPAG BUSINESS SCHOOL - IPAG BUSINESS SCHOOL PARIS, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Ngoc-Sang Pham (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - Fédération Universitaire et Polytechnique de Lille - Université de Lille, Sciences Humaines et Sociales - CNRS - Centre National de la Recherche Scientifique, EPEE - Centre d'Etudes des Politiques Economiques - Université d'Evry-Val d'Essonne) |
| Abstract: | We consider a multi-sector infinite-horizon general equilibrium model. Asset supply is endogenous. The issues of equilibrium existence, efficiency, and bubble emergence are addressed. We show how different assets give rise to very different rational bubbles. We also point out that efficient bubbly equilibria may exist. |
| Keywords: | infinite-horizon,general equilibrium,aggregate good bubble,capital good bubble,efficiency |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01316876&r=sog |
| By: | Valletta, Robert G. (Federal Reserve Bank of San Francisco) |
| Abstract: | Wage gaps between workers with a college or graduate degree and those with only a high school degree rose rapidly in the United States during the 1980s. Since then, the rate of growth in these wage gaps has progressively slowed, and though the gaps remain large, they were essentially unchanged between 2010 and 2015. I assess this flattening over time in higher education wage premiums with reference to two related explanations for changing U.S. employment patterns: (i) a shift away from middle-skilled occupations driven largely by technological change (“polarization”); and (ii) a general weakening in the demand for advanced cognitive skills (“skill downgrading”). Analyses of wage and employment data from the U.S. Current Population Survey suggest that both factors have contributed to the flattening of higher education wage premiums. |
| JEL: | I23 J23 J24 |
| Date: | 2016–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:2016-17&r=sog |
| By: | Mili, Samir |
| Abstract: | This contribution explores the buyer side of the value chains for the main agricultural products sourced from the Mediterranean Partner Countries (MPCs) in North Africa and Middle East into the EU, taking Spain as study case of these European import flows. Using the Global Value Chain (GVC) approach, it provides new survey-based evidence for better understanding and profiling the opportunities and constraints for these trade flows, and therefore deriving implications to improve the efficiency of the target value chains both in origin and in destination. Primary information has been gathered using two complementary methods. First, a buyer survey has been conducted through structured questionnaires directed to major Spanish importing and trading companies of orange, strawberry, tomato and olive oil sourced from Morocco, Tunisia, Egypt and Turkey. Subsequently, survey results have been supplemented by in depth, semi-structured interviews to a representative group of knowledgeable experts from the academic, public administration and business sectors. Results show differences depending on the product and the country studied. The approach used has been efficient in fulfilling the research objectives. It complements conventional quantitative inquiries where available evidence reveals serious difficulties to conduct thorough empirical analysis of the functioning of this trade with quantitative models. It is shown that the suggested approach is an alternative avenue to overcome these difficulties. |
| Keywords: | Euro-Mediterranean Partnership, agricultural trade, Global Value Chain, buyer survey, Agribusiness, International Relations/Trade, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244541&r=sog |
| By: | Maurizio MOTOLESE; NAKATA Hiroyuki |
| Abstract: | This paper examines the relationship between the aggregate output level and social welfare in an overlapping generations (OLG) model of a financial economy with heterogeneous beliefs by focusing on the case of rational beliefs in the sense of Kurz (1994). The aggregate output level is affected by the endogenously determined net supply of the riskless asset, which in turn is affected by the distribution of beliefs; thus, there is a coordination issue. To measure the social welfare, we adopt a measure that is based on the ex post social welfare concept in the sense of Hammond (1981), instead of the standard ex ante criterion to reflect the heterogeneous beliefs. Simulation results indicate that there may be an inverse relationship between the aggregate output and the social welfare. The results suggest that commonly used macroeconomic variables such as gross domestic product (GDP) may not be a very appropriate measure when making policy recommendations. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16082&r=sog |
| By: | Martin Boyer; Franca Glenzer |
| Abstract: | We examine the interaction between the choice of a retirement vehicle and the purchase of long-term care insurance in a world where agents learn about their longevity and long-term care risk over time. In our setting, and absent any long-term care issues, acquiring a retirement product before learning one’s risk type would be preferred by risk averse agents. When we introduce the possibility of needing longterm care, some agents will prefer to wait until they know their health status (i.e., their risk type) before purchasing a retirement product (a situation akin to having a defined contribution pension plan), whereas others will opt to purchase their retirement product before learning their health status (a situation akin to having a defined benefit pension plan). The preference of one retirement vehicle over the other depends, inter alia, on the level of information asymmetry on the market, on an agent’s risk aversion, and on the probability of needing long-term care and its potential cost. When agents purchase their retirement vehicle after (resp. before) knowing their their health status, then agents will choose a contract that provides them with (resp. less than) full long-term care insurance coverage. |
| Keywords: | Asymmetric information, Information acquisition, Adverse Selection, Longevity risk, Screening, Pooling Equilibrium |
| JEL: | D82 G22 H55 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:criacr:1603&r=sog |
| By: | Patrick Kehoe; Elena Pastorino; Virgiliu Midrigan |
| Abstract: | During the Great Recession, regions of the United States that experienced the largest declines in household debt also experienced the largest drops in consumption, employment, and wages. Employment declines were larger in the nontradable sector and for firms that were facing the worst credit conditions. Motivated by these findings, we develop a search and matching model with credit frictions that affect both consumers and firms. In the model, tighter debt constraints raise the cost of investing in new job vacancies and thus reduce worker job finding rates and employment. Two key features of our model, on-the-job human capital accumulation and consumer-side credit frictions, are critical to generating sizable drops in employment. On-the-job human capital accumulation makes the flows of benefits from posting vacancies long-lived and so greatly amplifies the sensitivity of such investments to credit frictions. Consumer-side credit frictions further magnify these effects by leading wages to fall only modestly. We show that the model reproduces well the salient cross-regional features of the U.S. data during the Great Recession. |
| JEL: | E21 E24 E32 J21 J64 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22614&r=sog |
| By: | Susana del granado (Institute for Advanced Development Studies); Anna Maria Stewart Ibarra (Centro de Salud Global y Ciencia Traslacional, SUNY Universidad Médica Septentrional -); Mercy Virginia Borbor (Facultad de Ingeniería Marítima, Ciencias Oceánicas y Recursos Naturales, ESPOL); Carol Franco (Virginia Tech, Departamento de Recursos Naturales y Medio Ambiente); Moory Romero (Programa de las Naciones Unidas para el Desarrollo y la Autoridad Plurinacional de la Madre Tierra); Erica Tauzer (Centro de Salud Global y Ciencia Traslacional, SUNY Universidad Médica) |
| Abstract: | Los países de América Latina y el Caribe estan afectados por eventos climáticos extremos. En República Dominicana, Ecuador y Bolivia existe un incremento en el riesgo a sucesos extremos en general y a inundaciones en particular. El objetivo de este estudio es comparar los Sistemas de Alerta Temprana (SATs) para inundaciones, identificar los problemas, las lecciones aprendidas y a partir de ello hacer recomendaciones. Con este fin , se analizaron los indicadores relacionados a inundaciones y SATs. Desde septiembre de 2014 hasta julio de 2015, se realizaron 32 entrevistas estructuradas a los más destacados actores, de las principales instituciones, a nivel local y nacional. Encontramos que existen sistemas de monitoreo sólidos, y por ello, se ha trabajado en la mayoría de los casos fortaleciendo la parte técnica y de pronósticos para inundaciones. Sin embargo, en los tres países todavía existe una brecha entre el pronóstico técnico y la comunicación/respuesta de la comunidad. La diferencia entre un fenómeno natural y un desastre puede ser un Sistema de Alerta Temprana, que tome como eje central la participación de las comunidades y la coordinación con las autoridades. Es necesario fortalecer los SATs que existen localmente dando a las comunidades herramientas necesarias y coordinando los sistemas locales y nacionales para dar una alerta, reacción y acción oportunas. |
| Keywords: | Sistemas de Alerta Temprana,inundaciones, Bolivia, Ecuador, República Dominicana |
| JEL: | Q51 Q51 Q52 |
| URL: | http://d.repec.org/n?u=RePEc:adv:wpaper:201603&r=sog |
| By: | Brummet, Quentin O.; Bartalotti, Otávio C. |
| Abstract: | While subsidized low-income housing construction provides affordable living conditions for poor households, many observers worry that building low-income housing in poor communities induces individuals to move to poor neighborhoods. We examine this issue using detailed, nationally representative microdata constructed from linked decennial censuses. Our analysis exploits exogenous variation in low-income housing supply induced by program eligibility rules for Low-Income Housing Tax Credits to estimate the effect of subsidized housing on neighborhood mobility patterns. The results indicate little evidence to suggest a causal effect of additional low-income housing construction on the characteristics of neighborhoods to which households move. This result is true for households across the income distribution, and supports the hypothesis that subsidized housing provides affordable living conditions without encouraging households to move to less-affluent neighborhoods than they would have otherwise. |
| Date: | 2016–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:3395&r=sog |
| By: | Cervellati, Matteo; Esposito, Elena; Sunde, Uwe; Valmori, Simona |
| Abstract: | Using high-resolution data from Africa over the period 1998-2012, this paper investigates the hypothesis that a higher exposure to malaria increases the incidence of civil violence. The econometric identification exploits exogenous monthly within-grid-cell variation in weather conditions that are particularly suitable for malaria transmission and compares the effect across cells with different latent malaria exposure, which affects the resistance and immunity of the population. By conditioning on cell-year and month fixed effects, the empirical specification accounts for most complementary determinants of violence that have been identified in the existing literature. The results document a robust effect of the occurrence of suitable conditions for malaria on civil violence. The effect is shown to be highest in areas with low levels of immunity and to affect unorganized violence in terms of riots and protests and confrontations between militias and civilians, instead of geo-strategic violence. The effect spikes during short harvesting periods of staple crops that are particularly important for the subsistence of the population. The paper ends with an exploration of the role of anti-malarial policies. |
| Keywords: | Malaria Risk; Civil Violence; Weather Shocks; Immunity; Cell-level Data; Africa |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11496&r=sog |
| By: | Gründler, Klaus; Sauerhammer, Sarah |
| Abstract: | This paper investigates the effects of government spending on key macroeconomic variables in Germany. It contributes to the ongoing debate on how to properly identify exogenous fiscal shocks in the data and on whether or not the government should intervene in the business cycle. Following Ramey (2011b), we include expectations held by consumers and firms into the standard VAR framework based on information from historical issues of the German political magazine Der Spiegel. The results suggest that government spending lowers gross domestic product, as it crowds out private consumption and investment. The findings also underscore the need to account for expectations, as failing to do so leads to significant misinterpretation of the effects of government spending. In fact, when neglecting anticipation effects, our results support the recent findings for Germany by pointing to a rather positive effect of government spending on GDP. |
| Keywords: | Fiscal Policy,Government Spending,Vector Autoregression Model,Expectations |
| JEL: | C32 D84 E32 E62 H31 H32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wuewwb:134&r=sog |
| By: | Potter, Simon M. (Federal Reserve Bank of New York) |
| Abstract: | Remarks at the 2016 Primary Dealers Meeting, Federal Reserve Bank of New York, New York City. |
| Keywords: | primary dealers; trading Desk; Treasury Market Practices Group (TMPG); Foreign Exchange Committee (FXC); Bank for International Settlements Foreign Exchange Working Group (BIS FXWG); counterparties |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsp:217&r=sog |
| By: | Antoine D'Autume (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Katheline Schubert (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Cees Withagen (Department of Economics - VU University Amsterdam) |
| Abstract: | International di¤erences in fuel taxation are huge, and may be justi…ed by different local negative externalities that taxes must correct, as well as by di¤erent preferences for public spending. In this context, should a worldwide uniform carbon tax be added to these local taxes to correct the global warming externality? We address this question in a second best framework à la Ramsey, where public goods have to be …nanced through distortionary taxation and the cost of public funds has to be weighted against the utility of public goods. We show that when lump-sum transfers between countries are allowed for, the second best tax on the polluting good may be decomposed into three parts: one, country-speci…c, dealing with the local negative externality, a second one, country-speci…c, dealing with the cost of levying public funds, and a third one, global, dealing with the global externality and which can be interpreted as the carbon price. Our main contribution is to show that the uniformity of the carbon price should still hold in this second best framework. Nevertheless, if lump-sum transfers between governments are impossible to implement, international di¤erentiation of the carbon price is the only way to take care of equity concerns. keywords: carbon price, second best, Pigovian taxation |
| Keywords: | carbon price, second best, Pigovian taxation |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01300261&r=sog |
| By: | James G. MacKinnon (Department of Economics, Queen's University); Matthew D. Webb (Department of Economics, Carleton University) |
| Abstract: | Inference based on cluster-robust standard errors is known to fail when the number of clusters is small, and the wild cluster bootstrap fails dramatically when the number of treated clusters is very small. We propose a family of new procedures called the subcluster wild bootstrap. In the case of pure treatment models, where all the observations in each cluster are either treated or not, the new procedures can work astonishingly well. The key requirement is that the sizes of the treated and untreated clusters should be very similar. Unfortunately, the analog of this requirement is not likely to hold for difference-in-differences regressions. Our theoretical results are supported by extensive simulations and an empirical example. |
| Keywords: | CRVE, grouped data, clustered data, wild bootstrap, wild cluster bootstrap subclustering, treatment model, difference in differences, robust inference |
| JEL: | C15 C21 C23 |
| Date: | 2016–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:car:carecp:16-13&r=sog |
| By: | Sylvie Chevrier (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12); Muriel Jougleux (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12); Catherine Maman (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12) |
| Abstract: | On-line learning drawing upon new technologies is often presented as the future of education. This article compares, from teachers’ point of view, two Master programs delivering the same degree. One is based upon classroom teaching and face to face seminars, the other one relies on blended learning. Lessons learnt from the comparison are threefold. First, teaching simultaneously in both systems enabled cross-fertilization and enrichment of teaching methods. Second, a strong relational network, between teachers and trainees and among trainees, proved to be key success factor in the distance learning system. Third, the high quality of the blended learning program reflected in the excellent rate of success required a great deal of resources and is eventually much more expensive than the classroom training program. |
| Keywords: | distance learning, classroom teaching, teacher-learner relations, cross-fertilization, secondary school headmaster training program |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01330590&r=sog |
| By: | Sitthiyot, Thitithep; Holasut, Kanyarat |
| Abstract: | The pursuit of having an appropriate level of income inequality should be viewed as one of the biggest challenges facing academic scholars as well as policy makers. Unfortunately, research on this issue is currently lacking. This study is the first to introduce the theoretical concept of targeted level of income inequality for a given size of population. By employing the World Bank’s data on population size and Gini coefficient from sixty-nine countries in 2012, this study finds that the relationship between Gini coefficient and natural logarithm of population size is nonlinear in the form of a second degree polynomial function. The estimated results using regression analysis show that the majority of countries in the sample have Gini coefficients either too high or too low compared to their appropriate values. These findings could be used as a guideline for policy makers before designing and implementing public policies in order to achieve the targeted level of income inequality. |
| Keywords: | Income Inequality; Gini Coefficient; Population Size |
| JEL: | D31 D63 J19 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73684&r=sog |
| By: | Odile Heddebaut (IFSTTAR/AME/DEST - Dynamiques Economiques et Sociales des Transports - IFSTTAR - Institut Français des Sciences et Technologies des Transports, de l'Aménagement et des Réseaux - PRES Université Paris-Est); Jean-Marie Ernecq (European Metropolis Lille- Kortrijk-Tournai - parent) |
| Abstract: | The Channel tunnel and the Eurostar TGV have been a great chance for the Nord-Pas de Calais Region replacing it in a European and French geography. The accompanying 'Transmanche plan' has provided new infrastructures, regional integration and new opportunities. They permitted the openness to Europe and neighbourhood regions and replace definitely the Region in a European dynamic. Nevertheless, the present changing economic context, new political philosophy and the wear dried up the driving forces. If the development conditions are there it lacks a new vision and a new engine. The restructuration around the Channel tunnel concession, the Port of Calais and the rail market with new operators could be the challenge for a new development for the Kent - Nord-Pas-de-Calais integrated maritime region. |
| Abstract: | Le tunnel sous la Manche et le TGV Eurostar ont été une grande chance pour le Nord-Pas de Calais le replaçant dans une géographie européenne et française. Le «plan Transmanche" d'accompagnement a fourni de nouvelles infrastructures, l'intégration régionale et de nouvelles opportunités. Ils ont permis l'ouverture vers l'Europe et les régions voisines et de replacer définitivement la région dans une dynamique européenne. Néanmoins, le changement actuel de contexte économique, la nouvelle philosophie politique et l'usure ont tari ces forces motrices. Si les conditions de développement sont là, il manque une nouvelle vision et un nouveau moteur. La restructuration autour de la concession du Tunnel sous la Manche, le port de Calais et le marché ferroviaire avec de nouveaux opérateurs pourraient être le défi pour un nouveau développement pour la région maritime intégrée du Kent - Nord-Pas-de-Calais. |
| Keywords: | ECONOMIC ANALYSIS,DOVER,ENGLISH CHANNEL,RAIL TRANSPORT,IMPACT ASSESSMENT, EUROSTAR TGV,ETUDE D'IMPACT,ZONE URBAINE,ANALYSE ECONOMIQUE,TUNNEL,TRANSPORT FERROVIAIRE,FRONTIERE,TRAIN A GRANDE VITESSE - TGV,TUNNEL SOUS LA MANCHE,BRUXELLES,LILLE,NORD-PAS-DE-CALAIS,CALAIS,DOUVRES,KENT,MANCHE |
| Date: | 2016–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01355621&r=sog |
| By: | David B. Johnson (Department of Economics, Finance, and Marketing, University of Central Missouri); Matthew D. Webb (Department of Economics, Carleton University) |
| Abstract: | Little is known about how individuals make decisions when they must choose several options from a set of options when the outcomes are risky and the payoffs are rival. When researchers model these decisions, they assume people maximize their expected utility. We design an experiment in which subjects face either rival or independent payoffs. While theory predicts different behavior, subjects behave nearly identically under these payoff schemes. This suggests individuals are not maximizing expected utility. Additional treatments demonstrate that this behavior is likely driven by a heuristic used to simplify a complex math problem, rather than a preference for lotteries with the highest independent expected utilities. Our results suggest that using expected utility as peoples' objective function in these types of environments will lead to biased predictions. |
| Keywords: | decision making, risk, rival, online experiment |
| JEL: | C90 D01 D81 |
| Date: | 2016–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:car:carecp:16-12&r=sog |
| By: | Gary Gorton; Ping He |
| Abstract: | In the last forty or so years the U.S. financial system has morphed from a mostly insured retail deposit-based system into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries, which have a convenience yield. In the new economy the quality of collateral matters: when Treasuries are scarce, the private sector produces (imperfect) substitutes, mortgage-backed and asset-backed securities (MBS). When the ratio of MBS to Treasuries is high, a financial crisis is more likely. The central bank’s open market operations affect the quality of collateral because the bank exchanges cash for Treasuries (one kind of money for another). We analyze optimal central bank policy in this context as a dynamic game between the central bank and private agents. In equilibrium, the central bank sometimes optimally triggers recessions to reduce systemic fragility. |
| JEL: | E02 E42 E44 E5 E52 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22599&r=sog |
| By: | Ziesemer, Thomas (UNU-MERIT, and Maastricht University, SBE) |
| Abstract: | We provide Gini coefficients of education based on data from Barro and Lee (2010) for 146 countries for the years 1950-2010. We compare them to an earlier data set and run some related LOESS fit regressions on average years of schooling and GDP per capita, both showing negative slopes, and among the latter two variables. Tertiary education is shown to reduce education inequality. A growth regression shows that tertiary education increases growth, Gini coefficients of education have a u-shaped impact on growth and labour force growth has an inverted u-shape effect on growth. |
| Keywords: | Human capital, Human capital distribution, education, inequality, growth, new data |
| JEL: | E24 I24 I25 O15 Y10 |
| Date: | 2016–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016044&r=sog |
| By: | Yu Ri KIM; TODO Yasuyuki; SHIMAMOTO Daichi; Petr MATOUS |
| Abstract: | This paper investigates the impacts of informational and motivational seminars on export promotion targeting small and medium enterprises (SMEs) in the traditional apparel and textile clusters in Vietnam. To control for biases due to self-selection, we conducted a randomized controlled trial and invited randomly selected firms to participate in one-day seminars. Because only some of the invited firms participated in the seminars, we employ an instrumental variable approach in which dummies for random invitation are used as instruments for quantifying participation. We find that the seminars had no significant effect on most firms' preparation for, perception of, or engagement in exporting activity. However, the seminars encouraged large firms and firms with prior export experience, which possibly embody higher productivity and absorptive capacity, to (re-)start exporting. Our results suggest that productivity improvement is an effective means to encourage underdeveloped firms to export, whereas provision of information is effective for productive firms. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16078&r=sog |
| By: | Kumawat, Lokendra (Ramjas College, Delhi University); Bhanumurthy, N. R. (National Institute of Public Finance and Policy) |
| Abstract: | The objectives of monetary policy have always been a topic of intensive debate. This debate has resurfaced during the past few years. In India too monetary policy-making appears to have undergone significant change during the last two decades and has also been responding to changing macroeconomic environment. Against this backdrop an attempt has been made in this paper to model the monetary policy response function for India, for the period April 1996 to July 2015. Using 91-day Treasury bill rate as the policy rate, we find that the monetary policy has been responsive to inflation rate, output gap and exchange rate changes during this period. We find substantial time-varying behavior in the reaction function. The regime shift tests show that the transition is driven by inflation gap as well as exchange rate changes. Highly complex nature of dynamics of interest rate does not allow us to estimate many models, but the models estimated show that the monetary policy responds to inflation gap as well as exchange rate changes. Another important finding is that there is a high degree of inertia in the policy rates. |
| Keywords: | Monetary policy ; reaction function ; smooth transition regression ; India. |
| JEL: | E52 C22 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:16/177&r=sog |
| By: | Lina Cardona; Catalina Gómez; Juan Fernando Henao Duque |
| Abstract: | Colombia ha sido un pai?s con una larga historia de violencia y corrupcio?n, por lo que se hace importante analizar la relacio?n entre la victimizacio?n de dichos delitos sufrida por los individuos y su percepcio?n de satisfaccio?n con la vida. Se utiliza informacio?n entre 2004 y 2014 contenida en LAPOP, a manera de secciones transversales repetidas. Con el fin de encontrar dicho efecto, se estima robustamente un modelo probabili?stico ordenado, en donde los resultados sugieren que la victimizacio?n del u?ltimo an?o reduce en 6.7 puntos porcentuales la probabilidad de sentirse muy satisfecho con la vida y el haber sido vi?ctima de algu?n soborno en 5 puntos porcentuales. |
| Keywords: | Crimen, victimización, satisfacción con la vida, felicidad, probit ordenado. |
| JEL: | K40 K42 I31 C25 |
| Date: | 2016–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:015053&r=sog |
| By: | Cecilia Speroni; Nan Maxwell |
| Abstract: | To better prepare students for jobs in health care, Virginia’s TAACCCT grant included seven strategies to improve student outcomes. This study examines the implementation of each of the strategies and the challenges, successes, sustainability approaches, and lessons learned across the strategies. |
| Keywords: | Community college, TAACCCT, career coaches, online education, workforce development, health careers |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:64e33937281d44b2bda706cd300780dd&r=sog |
| By: | Wladimir Andreff (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | An overall comparative study of outward foreign direct investment (OFDI) from BRIC countries and strategies conducted by multinational companies (MNCs) based in the BRICs is elaborated on with a same methodology for Brazil, Russia, India and China. The comparison pertains to the historical emergence of firms' internationalisation, their booming expansion in the 2000s then their muddling through the current crisis, the specificities of OFDI from each home country, OFDI geographical distribution and industrial structure, econometric testing of the respective determinants of Brazilian, Russian, Indian and Chinese OFDI, and the role of home countries' governments vis-à-vis home-based MNCs. Beyond some common characteristics, BRICs' MNCs exhibit a number of major country-specific features. |
| Keywords: | multinational companies, BRICs,Outward foreign direct investment |
| Date: | 2016–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01342391&r=sog |
| By: | Mihály Tamás Borsi (Universitat Ramon Llul) |
| Abstract: | This paper studies the differences between fiscal multipliers in OECD economies across the credit cycle. Impulse responses are obtained using a state-dependent model with direct projections, in which multipliers depend on the state of credit markets. Identification of the effects of fiscal stimulus and austerity measures is achieved by distinguishing between unanticipated increases and decreases in government spending. The empirical results imply that the financial environment matters. Expansionary fiscal policies are associated with large multipliers during credit crunch episodes, and spending increases likewise foster economic growth in periods of rapid credit expansion, albeit to a lesser extent. In contrast, the output effect of contractionary fiscal policies is never statistically different from zero. Regime-specific multipliers of the individual components of GDP and the unemployment rate suggest that reductions in public expenditure should help constrain the economy during unsustainable credit booms, whereas spending increases in financial recessions should facilitate the repair of private sector balance sheets in order to revive market confidence and boost economic recovery. |
| Keywords: | credit cycle, fi scal multiplier, fi scal policy, government spending, state dependence |
| JEL: | E20 E44 E62 G10 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:1618&r=sog |
| By: | Aithal, Sreeramana; Aithal, Shubhrajyotsna |
| Abstract: | Technology has affected the society and its surroundings in many ways and helped to develop more advanced economies including today's global economy. Science has contributed many technologies to the society which include Aircraft technology, Automobile technology, Biotechnology, Computer technology, Telecommunication technology, Internet technology, Renewable energy technology, Atomic & Nuclear technology, Nanotechnology, Space technology etc. have changed the lifestyle of the people and provided comfortability. In order to sustain this comfort of people in the society, they have to worry about the sustainability of the surrounding environment. In this paper, we propose how the technologies can be made sustainable by adding green component so that they can avoid environmental degradation and converted into green technologies to provide a clean environment for future generations. The paper also discuss the opportunities and challenges for green technology for agriculture, green technology for potable water, green technology for renewable energy, green technology for buildings, green technology for aircraft and space exploration, green technology for education, green technology for food & processing, and green technology for health and medicine in 21st century. |
| Keywords: | Green Technologies, Sustainability, Green Society |
| JEL: | Q2 Q20 Q42 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73661&r=sog |
| By: | Eric Dubois (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The aim of this article is to survey the huge literature that has emerged in the last four decades following Nordhaus's (1975) publication on political business cycles (PBCs). I first propose some developments in history of thought to examine the context in which this groundbreaking contribution saw the light of the day. I also present a simplified version of Nordhaus's model to highlight his key results. I detail some early critiques of this model and the fields of investigations to which they gave birth. I then focus on the institutional context and examine its influence on political business cycles, the actual research agenda. Finally, I derive some paths for future research. |
| Keywords: | political business cycles,politico-economic cycles,electoral cycles,opportunistic cycles,conditional political business cycles |
| Date: | 2016–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01291401&r=sog |
| By: | António Brandão (CEF.UP and Faculdade de Economia do Porto.); Joana Pinho (CEF.UP and Faculdade de Economia do Porto. Toulouse School of Economics.) |
| Abstract: | We consider an industry where firms are asymmetric in terms of productivity. Wages and employment are determined at the firm-level and are the result of sequential bargaining between unions and firms, with wages being negotiated first. We characterise the equilibrium and compare the outcomes in the two firms (wages, employment and surplus of all economic agents). A productivity shock affecting the most efficient firm is socially desirable, by increasing the surplus of consumers, workers and firms. The same may not be true when the productivity shock affects the least efficient firm. In this case, the consumers’ gain may not be enough to outweigh the losses in aggregate worker surplus and in the industry profit. |
| Keywords: | Asymmetric productivity; Decentralised bargaining; Duopoly; Productivity shocks |
| JEL: | J53 L13 D60 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:576&r=sog |
| By: | Anna Valero; John Van Reenen |
| Abstract: | We develop a new dataset using UNESCO source materials on the location of nearly 15,000 universities in about 1,500 regions across 78 countries, some dating back to the 11th Century. We estimate fixed effects models at the sub-national level between 1950 and 2010 and find that increases in the number of universities are positively associated with future growth of GDP per capita (and this relationship is robust to controlling for a host of observables, as well as unobserved regional trends). Our estimates imply that doubling the number of universities per capita is associated with 4% higher future GDP per capita. Furthermore, there appear to be positive spillover effects from universities to geographically close neighbouring regions. We show that the relationship between growth and universities is not simply driven by the direct expenditures of the university, its staff and students. Part of the effect of universities on growth is mediated through an increased supply of human capital and greater innovation (although the magnitudes are not large). We find that within countries, higher historical university presence is associated with stronger pro-democratic attitudes. |
| Keywords: | universities; growth; human capital; innovation |
| JEL: | I23 J24 O10 O31 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67680&r=sog |
| By: | Thomas J. Leeper |
| Abstract: | Ecological validity is vital to experimental research because designs that are too artificial may not speak to any real-world political phenomenon. One such concern is treatment self-selection: if individuals in the real world self-select treatments, such as political communications, how well does the sample average treatment effect estimate the effects of message exposure for those individuals who would — if given the choice — opt-in to and out of receiving treatment? This study shows that randomization masks effect heterogeneity between individuals who would select different messages if given the choice. Yet such selections are themselves complex, revealing additional challenges for realistically studying treatments prone to self-selection. The evidence of effect heterogeneity raises questions about the appropriateness of random assignment experiments for studying political communication and the results more broadly advance our understanding of citizens’ selection into and responses to communications when, as they often do, have choice over what messages to receive. |
| JEL: | L91 L96 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67604&r=sog |
| By: | Jorge Calero (University of Barcelona & IEB); Marcos Fernández-Gutiérrez (Universidad de Cantabria) |
| Abstract: | The impact of education on participation in leisure activities is of particular relevance when analysing education and educational policies and for understanding leisure and leisure policy design. Yet, despite advances in the measurement and analysis of education, studies of the effects of education on leisure activities have not been especially exhaustive nor have they been sufficiently integrated with leisure studies. We seek to rectify these shortcomings, by analysing the effects of education on leisure participation in Spain based on the study of individuals’ time-use patterns. Results highlight the impact of education on the time dedicated to activities that have beneficial individual and social outcomes, including cultural and sports activities, and reading books and the press. We demonstrate the potential of integrating analyses of education and leisure for understanding the benefits of participation in a greater diversity of leisure activities and for developing policies that strengthen the repertoire of leisure options. |
| Keywords: | Education and leisure, determinants of leisure activity, non-monetary effects of education, quantitative research. |
| JEL: | I24 I26 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2016-18&r=sog |
| By: | Daniel Baksa (Central European University); Zsuzsa Munkacsi (Bank of Lithuania) |
| Abstract: | In this paper we present the structure of OGRE, a dynamic general equilib-rium model with overlapping generations, unemployment and a shadow economy. Based on a parametrized version of the model, we examine the impacts of aging and calculate multipliers of public pension and other fiscal policies. Also, we contrast macroeconomic reactions with pay-as-you-go and fully funded pension plans. Lastly, we highlight the role of unemployment and that of the underground sector in the framework. |
| Keywords: | population aging, public old-age pension reforms, pay-as-you-go, fully funded, shadow economy, informal employment, government debt, New Keynesian model, overlapping generations, demography, unemployment, retirement age |
| JEL: | E24 E26 H55 J11 J46 |
| Date: | 2016–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:31&r=sog |
| By: | Blanche Segrestin (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Le document présenté est tiré d’un ouvrage de Joseph Wilbois et Paul Vanuxem, publié en 1919, et préfacé par Henri Fayol lui-même : Essai sur la conduite des affaires et la direction des hommes. Paris, Payot, 1919. L’extrait choisi (pages 67-75) porte plus spécifiquement sur l’impact de la science dans le monde des affaires. Il montre qu’il est indispensable de faire un détour sur les « conditions imposées par la science moderne » pour comprendre, voire pour définir l’entreprise. |
| Keywords: | science, entreprise, innovation, direction des entreprises, Wilbois, Vanuxem, Fayol |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01336830&r=sog |
| By: | Giorgio Primiceri (Northwestern University); Andrea Tambalotti (Federal Reserve Bank of New York); Alejandro Justiniano (Federal Reerve Chicago) |
| Abstract: | Abstract. The surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi, 2009). We present a simple model with prime and subprime borrowers distributed across geographic locations, which can reproduce this stylized fact as a result of an expansion in the supply of credit. Due to their low income, subprime households are constrained in their ability to meet interest payments and hence sustain debt. As a result, when the supply of credit increases and interest rates fall, they take on disproportionately more debt than their prime counterparts, who are not subject to that constraint. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:704&r=sog |
| By: | FARAYIBI, Adesoji |
| Abstract: | This study examined the application of queue theory in the banking system in Nigeria, with particular reference to GTBank and Ecobank Idumota branch, Lagos, Lagos state. The queuing characteristics of the banks were analyzed using a Multi-Server Queuing Model. The performance measures analysis including the waiting and operation costs for the banks were computed with a view to determining the optimal service level. Findings revealed that the traffic intensity was higher in GTbank with p =0.98 than in Ecobank with p= 0.78. Also, the potential utilization showed that Ecobank was far below efficiency compared to GTBank. Looking at the waiting time of customers in line and the time spent in the system, that is (Wq + Ws), we discovered that customers in Ecobank spent more time before being served both on queue and in the system than that of GTBank bank. The study concluded by emphasizing the relevance of queuing theory to the effective service delivery of the banking sector in Nigeria and strongly recommends that for efficiency and quality of service delivery to customers, the management of GTBank and Ecobank should adopt a 13-server model and 10-server model respectively to reduce total expected costs and increase customer satisfaction. |
| Keywords: | Queue Theory, Banking System, Multi-Server Model, Traffic Intensity, Waiting Cost |
| JEL: | C0 C1 C18 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73614&r=sog |
| By: | Bezat-Jarzębowska, Agnieszka; Rembisz, Włodzimierz |
| Abstract: | Theoretical description of the agri-food market allows for identification of three entities whose interactions determine the market balance. In this perspective, we can distinguish consumers, agri-food processors and agricultural producers. They form a kind of circular flow of interdependent entities. The behavior of each of them conditions the behavior of others. The goal of the paper is to evaluate the role of processor in the food supply chain. We also raise the question of food processors in the context of their impact on the producers through prices of agricultural raw materials. The considerations are made basing on formal analytical models referring to the standards on the reasoning in microeconomics which are expand by the empirical evidence of analyzed problems. The processor is crucial to the sustainability of growth in the agri-food sector, because by seeking to maximize his objective function he determines the price level of agricultural products produced by the producers, under the assumption that the price of agricultural raw materials is determined by their marginal utility for the processor. It is also the basis for isolating the intermediate demand, which is reported by the agri-food processor for agricultural raw materials and direct (final) demand reported by the consumer. |
| Keywords: | agi-food sector, agri-food processor, food economics, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244471&r=sog |
| By: | Grace Lordan; Jörn-Steffen Pischke |
| Abstract: | Occupational segregation and pay gaps by gender remain large while many of the constraints traditionally believed to be responsible for these gaps have weakened over time. Here, we explore the possibility that women and men have different tastes for the content of the work they do. We run regressions of job satisfaction on the share of males in an occupation. Overall, there is a strong negative relationship between female satisfaction and the share of males. This relationship is fairly stable across different specifications and contexts, and the magnitude of the association is not attenuated by personal characteristics or other occupation averages. Notably, the effect is muted for women but largely unchanged for men when we include three measures that proxy the content and context of the work in an occupation, which we label ‘people,’ ‘brains,’ and ‘brawn.’ These results suggest that women may care more about job content, and this is a possible factor preventing them from entering some male dominated professions. We continue to find a strong negative relationship between female satisfaction and the occupation level share of males in a separate analysis that includes share of males in the firm. This suggests that we are not just picking up differences in the work environment, although these seem to play an independent and important role as well. |
| Keywords: | occupational choice; job content; gender; preferences |
| JEL: | J16 J4 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67682&r=sog |
| By: | Duygu Yolcu Karadam (Department of Economics, Pamukkale University); Erdal Özmen (Department of Economics, METU) |
| Abstract: | This paper empirically investigates the impact of real exchange rates (RER) on growth of a large number of advanced (AE) and developing economies (DE) by employing the recent non-stationary panel data estimation procedures to estimate conventional growth models augmented with global financial and monetary conditions variables. Our results suggest that, the expansionary depreciation findings for DE are often based on a misinterpretation of an error correction mechanism coefficient. We find that external variables representing global financial and monetary conditions are strongly significant in explaining growth in DE along with the conventional variables including trade openness, human capital, domestic savings. Our data support the view that RER depreciations are contractionary for DE with high external debt and expansionary for AE. Higher trade openness enhances the contractionary impact of RER depreciations in both AE and DE. These results are found to be robust for different RER and per capita real income measures. |
| Keywords: | Balance Sheets, Developing economies, Exchange rates, Growth |
| JEL: | F30 F41 F60 F65 O11 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:met:wpaper:1609&r=sog |
| By: | Francis Larson; John A. List; Robert D. Metcalfe |
| Abstract: | Behavioral economists have recently put forth a theoretical explanation for the equity premium puzzle based on combining myopia and loss aversion. Complementing the behavioral theory is evidence from laboratory experiments, which provide strong empirical support consistent with myopic loss aversion (MLA). Yet, whether, and to what extent, such preferences underlie behaviors of traders in their natural domain remains unknown. Indeed, a necessary condition for the MLA theory to explain the equity premium puzzle is for marginal traders in markets to exhibit such preferences. Using minute-by-minute trading observations from over 864,000 price realizations in a natural field experiment, we find data patterns consonant with MLA: in their normal course of business, professional traders who receive infrequent price information invest 33% more in risky assets, yielding profits that are 53% higher, compared to traders who receive frequent price information. Beyond testing theory, these results have important implications for efficient resource allocation as well as characterizing the optimal structure of social and economic policies. |
| JEL: | C9 C93 G02 G11 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22605&r=sog |
| By: | Fali Huang; Ginger Zhe Jin; Lixin Colin Xu |
| Abstract: | While parental matchmaking has been widespread throughout history and across countries, we know little about the relationship between parental matchmaking and marriage outcomes. Does parental involvement in matchmaking help ensure their needs are better taken care of by married children? This paper finds supportive evidence using a survey of Chinese couples. In particular, parental involvement in matchmaking is associated with having a more submissive wife, a greater number of children, a higher likelihood of having any male children, and a stronger belief of the husband in providing old age support to his parents. These benefits, however, are achieved at the cost of less marital harmony within the couple and lower market income of the wife. The results render support to and extend the findings of Becker, Murphy and Spenkuch (2015) where parents meddle with children's preferences to ensure their commitment to providing parental goods such as old age support. |
| JEL: | D82 D83 J12 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22586&r=sog |
| By: | Huffaker, R.; Canavari, M.; Muñoz-Carpena, R. |
| Abstract: | Volatile food prices are held to threaten food security worldwide, but controversy over how to distinguish between ‘normal’ and ‘extreme’ volatility compromises threat assessment and identification of countermeasures. Whether food-market dynamics normally stabilize or destabilize prices is the source of controversy. The conventional view is that market dynamics are inherently stable so that price volatility—arising from exogenous shocks—normally stabilizes due to forces of supply and demand. Extended food panics are improbable, reducing need for interventionist public policy. An emergent alternative view is that market dynamics are inherently unstable so that volatility persists endogenously. Interventionist public policy is needed to deal with chronic food panics. |
| Keywords: | Agribusiness, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244462&r=sog |
| By: | Thanh Le (The University of Queensland [Brisbane]); Cuong Le Van (IPAG BUSINESS SCHOOL - IPAG BUSINESS SCHOOL PARIS, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | This paper discusses the impact of trade liberalisation and R&D policies on exporting firms' incentive to innovate and social welfare. Key factors determining the government's optimal policy are the strength of R&D spillover effect and the toughness of firm competition. When firms only compete in an overseas market, the optimal policy is to tax R&D. Trade liberalisation in the overseas market induces a higher R&D tax rate to be imposed on firms. When firms also conduct business in the home market, the government should financially support firms' R&D. Trade liberalisation always increases firms' output sales, R&D investments, and social welfare. |
| Keywords: | Trade,R&D spillovers,subsidies,welfare,process innovation |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01314650&r=sog |
| By: | Arianna Agosto; Alessandra Mainini; Enrico Moretto |
| Abstract: | Dividend discount models have been developed in a deterministic setting. Some authors (Hurley and Johnson, 1994 and 1998; Yao, 1997) have introduced randomness in terms of stochastic growth rates, delivering closed-form expressions for the expected value of stock prices. This paper extends such previous results by determining a formula for the covariance between random stock prices when the dividends' rates of growth are correlated. The formula is eventually applied to real market data. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.03029&r=sog |
| By: | Juan Carlos Munoz Mora |
| Abstract: | Identifying the complex channels through which civil war affects household decisions is important in the design of policies that eliminate or mitigate the consequences of armed conflict on household welfare. This is particularly relevant in conflict-affected countries looking to establish a transitory justice towards a post-conflict. In this dissertation, I analyze the micro-level impact of civil war and illicit activities on household welfare, using the case of Colombia and Burundi. For doing this, I develop five chapters where I provide an empirical investigation on three dimensions: (i) the impact of armed conflict on agricultural production; (ii) the role of institutions on the “war of drugs”; and, (iii) the determinants and socio-economics consequences of household migration during and after being exposed to civil war.The first part investigates the impact of armed conflict on the agricultural production, using the case of coffee growers in Colombia. After being many years out of conflict, coffee producer regions in Colombia were exposed to violence as a consequence of the intensification of conflict during nineties and the deteriorate of the world coffee market. In order to initially understand such relationship, in Chapter 1, co-authored with Ana María Ibañez and Philip Verwimp, we use unique census data sets from two different years (1997 and 2005) to estimate the relationship between coffee and violence. First, we explore how conflict generates disincentives to continue on agricultural production. Second, we examine the direct impact of conflict on agricultural production through different productive outcomes. We find a significant negative relationship between levels of violence and the decision to continue coffee production as well as the levels of productivity of the coffee production to coffee. Results are robust after controlling for sample selection bias and alternative specifications.After establishing observational evidence from the census analysis on the presumably negative impact of armed conflict on the agricultural production, I make a step further to establish a causal link in Chapter 2. I take advantage of a natural experiment in the levels of violence due to the unexpected rupture of the peace dialogues between Colombian Government and guerillas groups in 2002. Using data provided by National Federation of Coffee Growers of Colombia, I estimate the Intention to Treat (ITT) effect using a difference-in-difference specification. Results suggest that an exogenous increase of the levels of violence induced a reduction of hectares allocated to coffee, on average, -0.06 hectares (ha). Moreover, an average farm, which is 2 ha of coffee, an exogenous increase of the levels of violence induced a reduction of the sowing new coffee until 3.5%. This paper contributes to the literature on the microeconomics costs of conflict in Agricultural Production, providing further information about mechanisms (labor market).In long civil conflicts, rebel groups may eventually be evolved in production of illicit crops to finance their activities, boosting the intensity and prevalence of armed confrontations. Despite the different multi-lateral drug policies, the production continues increasing. In the second part of the dissertation I study this fact using the case of coca crops in Colombia. In Chapter 3, co-authored with Santiago Tobon and Jesse D’Anjou, we analyze the role of formalization of land property rights in the war against illicit crops in Colombia. We exploit an exogenous variation in the level of formalization of land property rights, as result of the application of a national land-titling program during 1994-2000. We argue that, as a consequence of the increase of state presence and visibility during the period of 2000-2009, municipalities with a higher level of formalization of their land property rights saw a greater reduction in the area allocated to illicit crops. We found a significant negative relationship between the level of formalization of land property rights and the number of hectares allocated to coca crops per municipality. We hypothesize that this is due to the increased cost of growing illicit crops on formal land compared to informal, and due to the possibility of obtaining more benefits in the newly installed institutional environment when land is formalized. Empirical results validate these two mechanisms. The third and last part of this dissertation, studies the nutritional status of formerly displaced households after return and the determinants of household structure during civil war in Burundi. In chapter 4, co-authored with Philip Verwimp, we investigate the food security and nutritional status of formerly displaced households. Using the 2006 Core Welfare Indicator Survey for Burundi we compare their food intake and their level of expenses with that of their non-displaced neighbors. We test whether it is the duration of displacement that matters for current food security and nutritional status or the time lapsed since returning. We use log-linear as well as propensity score matching and an IV-approach to control for self-selection bias. We find that the individuals and households who returned home just before the time of the survey are worse off compared to those who returned several years earlier. On average, the formerly displaced have 5% lower food expenses and 6% lower calorie intake. Moreover, we found evidence in favor of duration of displacement as the main mechanisms through which displacement affect household welfare Results are robust after controlling by self-selection bias. Despite international, government and NGO assistance, the welfare of recent returnees is lagging seriously behind in comparison with the local non-displaced populations.The final chapter, co-authored with Richard Akresh and Philip Verwimp, analyzes whether civil war modifies household structure by boosting individual migration. The identification strategy uses a unique two waves longitudinal data set from Burundi, for 1997 and 2008. This data set was collected during ongoing conflict and allows tracking individual migration decision over ten years. Besides the traditional conflict exposure measures at village level, our data gathered yearly information on household victimization. Results show that higher exposure to violence increases the probability to individual non-marital migration. These effects are concentrated on poor households and those household members that are adults or men. Our results are consistent with aggregated measure of conflict exposure, as well as household level victimization measures. Furthermore, we found that whereas marital migration in adult un-married women is unrelated with exposure to violence at village level, it does with household victimization approaches. In particular, we found that being victim of any assets related losses is related to an increase of marital migration for middle age unmarried women. It could imply the use of marriage market as strategy to face liquidity constraints. Results are robust to including province–specific time trends, alternative conflict exposure measures, and different levels of aggregation. |
| Keywords: | Development Economics; Economic of Conflict; Crime Economics; Applied Econometrics |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/230735&r=sog |
| By: | FARAYIBI, Adesoji |
| Abstract: | This study provided evidence on the effect of the operation of the funded pension scheme since its inception in 2004 on economic growth in Nigeria using error correction mechanism (ECM) and Ordinary Least Square (OLS) methodologies. Findings revealed that the pension fund contributions from both private and public sectors in Nigeria increased greatly and constituted a huge investment fund in the capital and money markets. This increased liquidity in the economy and created employment opportunities as well as improvement in the investment climate. The study concluded that with good risk and portfolio management by pension fund administrators and custodians, the contributory pension has the capacity to boost the Gross Domestic Product (GDP) in Nigeria and very convenient to retirees compared to the previous defined benefit scheme. The study however recommended the removal of delay payment, administrative bottlenecks and corruption in the management of the pension fund in order to boost economic growth in Nigeria. |
| Keywords: | Funded Pension Scheme, Economic growth, Portfolio management, ECM, Nigeria |
| JEL: | H0 H30 H5 H55 |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73613&r=sog |
| By: | Doug Johnson; Jorge Ugaz |
| Abstract: | Using mystery client surveys of 927 private health facilities in Lagos State in Nigeria, we determine what variables are associated with quality of family planning counseling. Key strong predictors include cadre of provider, location, fees charged for the service, facility type, among others. |
| Keywords: | Contraception, family planning, counseling, Nigeria, private providers |
| JEL: | F Z |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:96b176f776504de3acf33555eddf7a44&r=sog |
| By: | Haugum, Margrete; Grande, Jorunn |
| Abstract: | Small food producers are often advised to collaborate with other small food producers to solve marketing and sales activity jointly. The small food producers have to operate many different activities to run their company, so the idea to collaborate may help them to work more efficient. However, good ideas is not always enough and many network of small food producers struggle to succeed. In a case study of different small food producers and producers of food specialties and local food, we studied the collaboration between the producers. We found networks, which had developed over time and seemed to function well while other networks still struggled after years with collaboration. A closer look at the different participants in the network uncovered that the different producers had different goals or opinions of what function the network should have. It became even more difficult when the activities in the network had a price label, because the producers conduct the functions themselves without calculating the costs. The findings resulted in the development of the network staircase model. We identified five different steps of collaboration based the function/goal of the network, producer requirements and obligations. We labelled the steps as community of interest, marketing collaboration, sales collaboration, distribution collaboration and a fifth step of sales management. The farther up the stairs, the more commitment will be on the participants. When they start sales collaboration, someone have to conduct activities and need salary. The investigations revealed that struggling networks seemed to have participants on different steps in the stair; some wanted marketing collaboration and other wanted distribution collaboration. They had never asked the fundamental question of what each of them wanted and if the network could help them solve these functions. The more successful networks had made statements of what kind of functions the network should perform. The network staircase model may help small food producers and even other small firms to discuss and clarify what function the network can have for them. Small food producers are diverse and we cannot expect everyone to fit into a particular network, and certainly should everyone be able to choose a network appropriate to their needs. This also indicates that there may be good reasons for small food producers to stay outside seemingly suitable network in their area. The network staircase may serve as a tool for advisors to help the small food producers in their development processes. Different producers have different opinions of the purpose of the network, and they will find themselves at different steps of this staircase. |
| Keywords: | Agribusiness, Marketing, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244450&r=sog |
| By: | Holston, Kathryn; Laubach, Thomas; Williams, John C. |
| Abstract: | U.S. estimates of the natural rate of interest – the real short-term interest rate that would prevail absent transitory disturbances – have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the natural rate in the United States fell to close to zero during the crisis and has remained there through the end of 2015. Explanations for this decline include shifts in demographics, a slowdown in trend productivity growth, and global factors affecting real interest rates. This paper applies the Laubach-Williams methodology to the United States and three other advanced economies – Canada, the Euro Area, and the United Kingdom. We find that large declines in trend GDP growth and natural rates of interest have occurred over the past 25 years in all four economies. These country-by-country estimates are found to display a substantial amount of comovement over time, suggesting an important role for global factors in shaping trend growth and natural rates of interest. |
| Keywords: | Kalman filter; Monetary policy rules; Natural rate of output; Trend growth |
| JEL: | C32 E43 E52 O40 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2016-73&r=sog |
| By: | Inês Pereira (Erasmus School of Economics) |
| Abstract: | After the financial crisis in 2008, many central banks began to use unconventional monetary policy in order to boost the effective transmission of monetary policy and to provide additional direct monetary stimulus to the economy. This study will make use of an event study to analyse the impact of those unconventional monetary policies implemented by the European Central Bank on nominal and real long-term interest rates. The long-term interest rates being considered are the 10-year government bond yield, the 5 and 10-year corporate bond yield (AAA and BBB) and the 5y5y swap forward rate for the Eurozone. The results show that unconventional monetary policy conducted by the ECB had a significant effect on real and nominal and long-term interest rates. This effect can be more persistent for a specific group of countries during some announcements, namely the 4th of September of 2014 announcement significantly lowered the 10-year government bond yield and BBB 5-year bond yield for Portugal and the remaining PIIGS. |
| Keywords: | Inflation expectations, Unconventional monetary policy, European Central Bank, Long-term interest rates, Event study |
| JEL: | G14 E42 E44 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0061&r=sog |
| By: | Aiste Ruseckaite (Erasmus University Rotterdam, the Netherlands); Dennis Fok (Erasmus University Rotterdam, the Netherlands); Peter Goos (KU Leuven, Belgium) |
| Abstract: | Many products and services can be described as mixtures of ingredients whose proportions sum to one. Specialized models have been developed for linking the mixture proportions to outcome variables, such as preference, quality and liking. In many scenarios, only the mixture proportions matter for the outcome variable. In such cases, mixture models suffice. In other scenarios, the total amount of the mixture matters as well. In these cases, one needs mixture- amount models. As an example, consider advertisers who have to decide on the advertising media mix (e.g. 30% of the expenditures on TV advertising, 10% on radio and 60% on online advertising) as well as on the total budget of the entire campaign. To model mixture-amount data, the current strategy is to express the response in terms of the mixture proportions and specify mixture parameters as parametric functions of the amount. However, specifying the functional form for these parameters may not be straightforward, and using a flexible functional form usually comes at the cost of a large number of parameters. In this paper, we present a new modeling approach which is flexible but parsimonious in the number of parameters. The model is based on so-called Gaussian processes and avoids the necessity to a-priori specify the shape of the dependence of the mixture parameters on the amount. We show that our model encompasses two commonly used model specifications as extreme cases. Finally, we demonstrate the model’s added value when compared to standard models for mixture-amount data. We consider two applications. The first one deals with the reaction of mice to mixtures of hormones applied in different amounts. The second one concerns the recognition of advertising campaigns. The mixture here is the particular media mix (TV and magazine advertising) used for a campaign. As the total amount variable, we consider the total advertising campaign exposure. |
| Keywords: | Gaussian process prior; Nonparametric Bayes; Advertising mix; In- gredient proportions; Mixtures of ingredients |
| JEL: | C01 C02 C11 C14 C51 C52 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20160075&r=sog |
| By: | Fabrice Defever; Alejandro Riaño |
| Abstract: | We study the effect of subsidies subject to export share requirements (ESR) - that is, conditioned on a firm exporting at least a given fraction of its output - on exports, the intensity of competition and welfare, through the lens of a two-country model of trade with heterogeneous firms. Our calibrated model suggests that this type of subsidy boosts exports more and provides greater protection for domestic firms than a standard unconditional export subsidy, albeit at a substantial welfare cost. |
| Keywords: | export share requirements; export subsidies; trade policy; heterogeneous firms; China |
| JEL: | F12 F13 O47 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67659&r=sog |
| By: | Kerstin Schopohl |
| Abstract: | This paper studies the long-term impact of the Chinese Cultural Revolution on interpersonal trust, mental health and perceived equality. The Cultural Revolution was a social upheaval in China between 1966 and 1976 initiated by China’s leader Mao Zedong that resulted in a period of anarchy, violence and chaos as well as a large number of deaths, injuries and much persecution across China and was in particular targeted at intellectuals and the wealthy. The Cultural Revolution is likely to have had a long-lasting impact on social capital and preferences as well as on mental well-being. Using data from the Chinese General Social Survey as well as county level data on the number of abnormal deaths and victims of political persecution between 1966 and 1971 from Walder and Su (2003), I use a difference-in-difference strategy comparing individuals born before the Cultural Revolution with those born thereafter as well as across different counties to estimate the impact of Cultural Revolution intensity measured by victims and abnormal deaths on interpersonal trust, depression and perceived equality. To control for potential endogeneity due to unobservables as well as for measurement error, I instrument Cultural Revolution Intensity with the number of universities in a county at the time of the Cultural Revolution. I find that the Cultural Revolution is associated with lower levels of interpersonal trust, perceived equality and depression for more educated individuals born before the Cultural Revolution. These results are largely robust to a battery of tests. This shows that violence and conflict can have long-lasting effects on societies and that the consequences of the Cultural Revolution persist in China up to today. |
| Keywords: | Cultural Revolution; China; Trust; Mental Health; Persistence |
| JEL: | Z13 N45 N35 P26 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2016-24&r=sog |
| By: | Mohamed Ali Abdelwahed (CEPN - Centre d'Economie de l'Université Paris Nord - Université Paris 13 - Université Sorbonne Paris Cité (USPC) - CNRS - Centre National de la Recherche Scientifique); Inès Antit (CEPN - Centre d'Economie de l'Université Paris Nord - Université Paris 13 - Université Sorbonne Paris Cité (USPC) - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | S'intéresser à la culture d'entreprise n'est pas un phénomène original. Cette curiosité s'inscrit dans un mouvement continu depuis une trentaine d'années qui confronte les approches managériales à la réalité d'une entreprise, plus seulement abordée comme un système fonctionnel mais aussi comme une culture. Cela pose immédiatement la question de la définition de la culture (Thévenet, 2010 ; Denison, 1995). Comme la plupart des concepts en sciences humaines et sociales, les définitions varient pour chacun et sont parfois confuses comme le démontre l'abondante littérature (Maitland, 2015 ; Zheng et al., 2010 ; Alvesson, 2002 ; Detert et al., 2000) sur le sujet. Une perspective situationnelle nous permettra de redéfinir la notion et l'analyser sous un autre angle, la situation. L'objectif de cette recherche en cours est en effet de revisiter le concept en mettant la situation vécue et l'action au centre de l'analyse. Une enquête a été menée auprès des « cheminots » afin de répondre à ce questionnement problématique. Notre approche ne se veut ni explicative ni descriptive, mais un mode d'analyse, de recherche et d'interrogation du réel à partir d'un grand nombre de données. Une approche s'intéressant au sens donné par les acteurs aux situations auxquelles ils sont confrontées et faisant émerger un nouveau concept, la culture située. |
| Keywords: | Culture située,Situation,Macro-compétence,SNCF |
| Date: | 2016–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01325745&r=sog |
| By: | Stefano Bosi (EPEE - Centre d'Etudes des Politiques Economiques - Université d'Evry-Val d'Essonne); Cuong Le Van (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, IPAG BUSINESS SCHOOL - IPAG BUSINESS SCHOOL PARIS, PSE - Paris School of Economics); Ngoc-Sang Pham (EPEE - Centre d'Etudes des Politiques Economiques - Université d'Evry-Val d'Essonne, LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - Fédération Universitaire et Polytechnique de Lille - Université de Lille, Sciences Humaines et Sociales - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper considers rational land and housing bubbles in an infinite-horizon general equilibrium model. Their demands rest on two different grounds: the land is an input to produce while the house may be consumed. Our work differs from the existing literature in two respects. First, dividends on both these long-lived assets are endogenous and their sequences are computed. Second, we introduce and study different concepts of bubbles, including individual and strong bubbles. |
| Keywords: | housing bubble,infinite horizon,general equilibrium,land bubble |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01314609&r=sog |
| By: | Rudolfs Bems; Julian di Giovanni |
| Abstract: | This paper shows that an income effect can drive expenditure switching between domestic and imported goods. We use a unique Latvian scanner-level dataset, covering the 2008-09 crisis, to document several empirical findings. First, expenditure switching accounted for one-third of the fall in imports, and took place within narrowly-defined product groups. Second, there was no corresponding within-group change in relative prices. Third, consumers substituted from expensive imports to cheaper domestic alternatives. These findings motivate us to estimate a model of non-homothetic consumer demand, which explains two-thirds of the observed expenditure switching. Estimated switching is driven by income, not changes in relative prices. |
| Keywords: | expenditure switching, relative price adjustment, crisis, income effect |
| JEL: | F1 F3 F4 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:922&r=sog |
| By: | Yumiko Miwa (Meiji University - Meiji University, Tokyo); Peter Wirtz (Centre de Recherche Magellan - Université Jean Moulin - Lyon III - Institut d'Administration des Entreprises (IAE) - Lyon); Mitsuru Mizuno (Nihon University); Mohamed Khenissi (Institut d'Administration des Entreprises (IAE) - Savoie Mont-Blanc) |
| Abstract: | A corporate governance system consists of a set of mechanisms which restrict managerial discretion. The constraints on managerial discretion in the Anglo-Saxon environment, considered as a benchmark, are usually described as being primarily driven by shareholder interests, whereas the French and Japanese systems are traditionally thought of as more stakeholder oriented. However, the increasing share of international ownership has had a significant impact on corporate governance in both countries over the last two decades. The shareholder-driven discourse on corporate governance best practice, which leans heavily on agency theory, has been progressively institutionalized on a global scale (Aguilera & Cuervo-Cazurra, 2004). Institutional investors and professional asset management firms are likely to have been powerful advocates of institutionalizing discourse on corporate governance best practice (Wirtz, 2008a). We conducted a survey in order to study asset management firms' underlying perceptions and motivations in actively influencing corporate governance in France and Japan. Specifically, we set out to know to what extent professional asset managers endorse standard discourse on corporate governance best practice and feel they exert an active influence on corporate governance in France and Japan. In this paper, we present the major results of the survey. |
| Keywords: | corporate governance, asset managers, France, Japan |
| Date: | 2016–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01337466&r=sog |
| By: | Raheem, Aremu Idowu; Ayodeji, Musa Adebiyi |
| Abstract: | The objective of this paper is to analyze the dynamic effects of oil price shock and exchange rate on the Nigeria stock market using monthly data from June 1999 to December 2014, applying Vector Autoregression (VAR) Model. Granger Causality Test, Impulse Response Functions (IRFs) and Variance Decomposition (VDC) were also used to aid in the analysis of the results. The findings showed that oil price, exchange rate and stock market are not co-integrated. Granger Causality Test result indicate that there is bidirectional causality between stock price and exchange rate, also there is bidirectional causality between oil price and exchange rate but unidirectional causality from oil proceed to exchange rate. |
| Keywords: | Causality,Exchange Rate, Oil Price and Stock market |
| JEL: | C32 E60 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73549&r=sog |
| By: | Fiankor, Dela-Dem Doe; Ehrich, Malte; Brümmer, Bernhard |
| Abstract: | The integration of developing countries into the world trading system is an important development mechanism to reduce poverty in these countries. Regional Trade Agreements (RTAs) have recently spread in terms of quantity and type. Some of these, like the Economic Partnership Agreements (EPAs) differ from previous RTAs as they explicitly support export capacities of developing countries. Therefore, it is particularly relevant to investigate the effect of eligibility for various types of RTAs first on exports and second on rejections at EU borders. Empirical analysis is carried out on 52 African countries' exports of fruits, nuts and vegetables and fish to the EU-27 from 2008 to 2013. Adopting the gravity framework we find that only EBA eligibility has induced significantly exports of fruits, nuts and vegetables from Africa to the EU-27. Estimating different count models using border rejection data from the EU Rapid Alert System for Food and Feed database, we also find other trade enhancing effects of RTAs that go beyond tariff reductions, as all EU-Africa RTAs have negative effects on border rejections. The effects nevertheless differ across agreements and products. Specifically, EPA eligibility decreases rejections on both products, GSP decreases rejections on fish and fish products and FTA (TDCA and Euro-Med) decreases rejections on fruits, nuts and vegetables. |
| Keywords: | Agricultural trade, Border rejections, Regional trade agreements, Africa, Agricultural and Food Policy, International Development, International Relations/Trade, F13, F14, F15, Q17, |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gagfdp:244352&r=sog |
| By: | Laurens Cherchye; Bram De Rock |
| Abstract: | We propose a nonparametric methodology for intertemporal production analysis that accounts for durable as well as storable inputs. Durable inputs contribute to the production outputs in multiple consecutive periods. Storable inputs are non-durable and can be stored in inventories for use in future periods. We explicitly model the possibility that firms use several vintages of the durable inputs, i.e. they invest in new durables and scrap older durables over time. Furthermore, we allow for production delays of durable inputs. We characterize production behavior that is dynamically cost efficient, which allows us to evaluate the efficiency of observed production decisions. For cost inefficient behavior, we propose a measure to quantify the degree of inefficiency. An attractive feature of this measure is that it can be decomposed in period-specfic cost inefficiencies. We demonstrate the usefulness of our methodology through an application to Swiss railway companies. |
| Keywords: | cost minimization; storable inputs; durable inputs; production delay; dynamic efficiency |
| JEL: | D21 D24 D92 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/235997&r=sog |
| By: | Barinova, V.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Eremkin, V.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zemtsov, Stepan (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this paper we analyze the main approaches to ranking in higher education, considered foreign experience ranking of universities and educational programs. The analysis of the Russian rankings in the education system and are assessing their applicability. Conclusions on the results of a comparative analysis of Russian and international ratings. |
| Keywords: | higher education, ranking |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2868&r=sog |
| By: | Lingfang (Ivy) Li; Steven Tadelis; Xiaolan Zhou |
| Abstract: | Reputation is critical to foster trust in online marketplaces, yet leaving feedback is a public good that can be under-provided unless buyers are rewarded for it. Signaling theory implies that only high quality sellers would reward buyers for truthful feedback. We explore this scope for signaling using Taobao's "reward-for-feedback" mechanism and find that items with rewards generate sales that are nearly 30% higher and are sold by higher quality sellers. The market design implication is that marketplaces can benefit from allowing sellers to use rewards to build reputations and signal their high quality in the process. |
| JEL: | D47 D82 L15 L86 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22584&r=sog |
| By: | Frank, Markus |
| Abstract: | AgBalance comprises a multi-criteria life cycle based approach in combination with a defined aggregation and summary of single results into a single sustainability score (Frank et al. 2012). AgBalanceTM delivers results that enable farmers, the food industry, politicians and society to objectively evaluate processes in terms of their sustainability profile. In doing so, a vast amount of information on individual factors can be ascertained in addition to overall statements on the sustainability of agricultural practices (e. g. ploughing). AgBalance was finalized in mid of 2011. In September 2011, the methodology was given independent assurance by the global expert agencies such as DNV Business Assurance. AgBalanceTM can be used to map an individual farm or the whole agricultural sector in one region, for example. The focus can either be on the agricultural production system alone or on the processes that have established themselves downstream in the value chain, such as logistics or processing. Measuring sustainability can be a central key to steady improvements towards sustainable agriculture. It is therefore an essential requirement that it succeeds in translating results from complicated life-cycle analyses into farmers’ everyday reality and to derive specific recommendations for action from this. Novel IT solutions are required in order to make use of LCA-based knowledge for a more sustainable crop management on-farm. This is the basic idea of the online game “AgBalance – My Virtual Farm”. |
| Keywords: | Agribusiness, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244533&r=sog |
| By: | Karbowski, Adam |
| Abstract: | This paper focuses on the organization of R&D cooperation of firms. With respect to market relations between cooperating entities one can distinguish horizontal, vertical as well as institutional R&D cooperation of firms. With respect to organizational mode of cooperation one can distinguish R&D contracts, license agreements, non-controlling investments, joint R&D as well as research joint ventures (RJVs). All listed above forms of R&D cooperation were briefly characterized in this work. In further part of the paper the problem of organization of R&D cooperation of firms was elaborated in the light of managerial economics and new institutional economics. The institutional – managerial strand of literature perceives the organization of interfirm cooperation as a central issue. This strand of literature allows to perceive interfirm R&D cooperation as heterarchy, for which trust is a key mechanism of coordination. In this context the game-theoretic concept of trust (proposed first by Cabral, 2005) applicable to the analysis of firms’ relations and behavior within the network was presented. |
| Keywords: | organization, cooperation, research and development, networks, trust |
| JEL: | L22 L24 O32 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73604&r=sog |
| By: | Charles Figuieres; Ngo Van Long; Mabel Tidball |
| Abstract: | This paper provides general theorems about the control that maximizes the mixed Bentham-Rawls (MBR) criterion for intergenerational justice, which was introduced in Alvarez-Cuadrado and Long (2009). We establish sufficient concavity conditions for a candidate trajectory to be optimal and unique. We show that the state variable is monotonic under rather weak conditions. We also prove that inequality among generations, captured by the gap between the poorest and the richest generations, is lower when optimization is performed under the MBR criterion rather than under the discounted utilitarian criterion. A quadratic example is also used to perform comparative static exercices: it turns out, in particular, that the larger the weight attributed to the maximin part of the MBR criterion, the better-off the less fortunate generations. All those properties are discussed and compared with those of the discounted utilitarian (DU, Koopmans 1960) and the rank-discounted utilitarian (RDU, Zuber and Asheim, 2012) criterions. We contend they are in line with some aspects of the rawlsian just savings principle. |
| Keywords: | intergenerational equity, just savings principle, |
| JEL: | D63 H43 O21 Q20 |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2016s-49&r=sog |
| By: | Thomas Ferguson (University of Massachusetts, Boston); Paul Jorgensen (University of Texas Rio Grande Valley); Jie Chen (University of Massachusetts, Boston) |
| Abstract: | This paper analyzes whether money influences election outcomes. Using a new and more comprehensive dataset built from government sources, the paper begins by showing that the relations between money and major party votes in all elections for the U.S. Senate and House of Representatives from 1980 to 2014 are well approximated by straight lines. It then considers possible challenges to this “linear model†of money and elections on statistical grounds, resting on possible endogeneity arising from reciprocal causation between, for example, popularity and votes. Extending the analysis of latent instrumental variables pioneered by Peter Ebbes and recently analyzed by Irene Hueter, the paper tackles this much discussed problem by developing a spatial Bayesian latent instrumental variable model. Taking a leaf from discussions of event analysis in economics and finance, the paper also examines the light thrown on the model’s usefulness by studying changes in the gambling odds on a Republican takeover of the House in 1994. Both approaches suggest that reciprocal causation may happen to some degree, but that money’s independent influence on elections remains powerful. A concluding section of the paper considers the alleged “centerist†leanings of American large corporations by comparison with members of the Forbes 400 and evidence that the effect of money in House elections has dropped slightly over time, though it remains extremely strong. |
| Keywords: | political money, regulation, elections, political economy, United States government, campaign finance |
| JEL: | D71 D72 G38 P16 N22 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:48&r=sog |
| By: | Uzcátegui, Carolina; Solano, Javier; Figueroa, Paulina |
| Abstract: | Considering the relevance that has taken the welfare of human beings focus on sustainability, both in Latin America and in Ecuador, this paper explores the effects of extractive action and exploitation of natural resources used by the Ecuadorian shrimp industry. The analysis is directed through the concept of sustainable development and the tragedy of the commons, with the aim of harmonizing long-term vision of sustainability in this specific sector. The results show an aggressive expansion of the shrimp industry, which has displaced mangrove forests by pools for shrimp farming and reduced the extent of these forests by 70% from 1980 to 2013; also taking into account the tragedy of the commons, can predict a similar future for this industry, the stage lived in 1999 after the presence of WSV virus, the sector fell by 80% in just one year with serious consequences for local economy. The importance of generating collective and cooperation between those involved actions through legal and regulatory mechanisms that promote a balance between the interaction of nature and humans, replacing the pursuit of individual economic benefit from the social benefit at the prospect arises. |
| Keywords: | shrimp, tragedy of the commons, sustainable development, natural resources |
| JEL: | D60 D69 |
| Date: | 2016–07–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73690&r=sog |
| By: | Hijzen, Alexander (OECD); Martins, Pedro S. (Queen Mary, University of London) |
| Abstract: | In many countries, notably across Europe, collective bargaining coverage is enhanced by government-issued extensions that widen the reach of collective agreements beyond their signatory parties to all firms and workers in the same sector. This paper analyses the causal impact of such extensions on employment using a natural experiment in Portugal: the immediate suspension by the government that took office in 21 June 2011 of the (until then) nearly automatic extensions. The combination of this suspension and the time needed for processing the extension applications resulted in a sharp and unanticipated decline in the extension probability of agreements signed several months earlier, around 1 March 2011. Our results, based on a regression discontinuity design and matched employer-employee-agreement panel data, suggest that extensions had a negative impact on employment growth. Moreover, the effects tend to be concentrated amongst non-affiliated firms. The lack of representativeness of employer associations is a potentially important factor behind the adverse effect of extensions. Another is the role of retro-activity in combination with the administrative delay in processing extensions. This is particularly relevant in the context of a recession. |
| Keywords: | collective bargaining, industrial relations, employer associations, wage setting, employment |
| JEL: | J52 J58 J21 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10204&r=sog |
| By: | Vakhshtayn, Victor Semenovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Vàizer, Tatiàna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The object of the study are: communication in the public sphere as a form of establishing a political community and a way to build a culture of civic participation (participatory culture). Objective was to reconstruct the unfolding debate in Western studies of consensus and significant dissensuse as a method of forming a political community; to prepare a framework for further research in the field of modern Russian communication practices, which could become the basis for the formation of a political community. In the first part of the work presented conceptualization of the public sphere and public communication in the classical theory it shows how consensually-oriented communication can be the basis of a political community. The second part is devoted to criticism of the consensual model of public communication; It shows how consensus can be associated with the mechanisms of exclusion from the public sphere and the political community. The third part is devoted to the normative ideal of auditory democracy, which allows you to create a political community on the basis of significant dissensusa; It shows the extent to which modern Russian public sphere responds to this ideal. |
| Keywords: | communication, public sphere, political community |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1668&r=sog |
| By: | Jochen Michaelis (University of Kassel); Georg von Wangenheim (University of Kassel) |
| Abstract: | Mit der Implementierung des Bestellerprinzips - wer den Makler beauftragt, muss ihn auch bezahlen - hat der Gesetzgeber einen Wechsel der Zahllast für die Courtage vom Mieter zum Vermieter vorgenommen. Ob die intendierte Entlastung der Mieter gelingt, hängt maßgeblich vom Grad der Überwälzung auf die Miete ab. Auf der Verliererseite werden die Makler sein, die mit einer geringeren Nachfrage sowie einer Erosion der Courtage rechnen müssen. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:201617&r=sog |
| By: | Georg Erber (formerly DIW); Ulrich Fritsche (Universität Hamburg (University of Hamburg)); Patrick Harms (Universität Hamburg (University of Hamburg)) |
| Abstract: | The paper addresses the topic of an overall long-term productivity slowdown in labor productivity for a panel of 25 developed countries. Besides studying individual long-term trends of single countries using filtering techniques we also test for multiple structural breakpoints in the long-term trends. Furthermore after determining the country specific long-term productivity trends using state-space approaches, we extract a common factor from these long-term trend series using factor analysis. The country specific differences are only of second order importance. Dominant is an overall long-term productivity slowdown. The beginning of this slowdown already started in the 1970s and has persisted without any significant structural breakpoint afterwards until now. The same analysis for GDP growth and hours worked data were performed. We found similar results for the GDP growth data compared to the productivity data but not for the hours worked data. Furthermore Granger causality tests reveal that the trend productivity slowdown is driven by the downward trending GDP growth and not vice versa. For the hours worked data no significant relation to productivity growth could be confirmed. |
| Keywords: | Productivity slowdown, labor productivity, GDP measurement, Granger causality, factor analysis, Kalman filter, structural break |
| JEL: | E01 O47 C22 C38 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hep:macppr:201604&r=sog |
| By: | Owen, Ann L.; Pereira, Javier |
| Abstract: | Expanding access to financial services holds the promise to help reduce poverty and foster economic development. However, little is still known about the determinants of the outreach of financial systems across countries. Our study is the first attempt to employ a large panel of countries, several indicators of financial inclusion and a comprehensive set of bank competition measures to study the role of banking system structure as a determinant of cross-country variability in financial outreach for households. We use panel data from 83 countries over a 10-year period to estimate models with both country and time fixed effects. We find that greater banking industry concentration is associated with more access to deposit accounts and loans, provided that the market power of banks is limited. We find evidence that countries in which regulations allow banks to engage in a broader scope of activities are also characterized by greater financial inclusion. Our results are robust to changes in sample, data, and estimation strategy and suggest that the degree of competition is an important aspect of inclusive financial sectors. |
| Keywords: | financial inclusion, bank concentration, market power |
| JEL: | G21 L11 O16 |
| Date: | 2016–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73598&r=sog |
| By: | SAITO Hisamitsu; MATSUURA Toshiyuki |
| Abstract: | Empirical studies on agglomeration have focused on the identification of its productivity-enhancement effects. A reduction in marginal costs due to agglomeration economies increases the operating profit of firms, which enables them to employ more inputs to produce higher-quality products. This study examines such effects of agglomeration on product quality by using plant-product-level data for Japanese manufacturing. Empirical findings confirm that product quality increases with the market size of regions, suggesting that agglomeration-inducing polices are effective for increasing firms' profits by improving both productivity and product quality. Stated differently, our results indicate that the benefits of agglomeration on profits are underestimated in previous studies by ignoring its contribution to quality upgrading. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16085&r=sog |
| By: | Piggins, Ashley; Salerno, Gillian |
| Abstract: | It has long been understood that externalities of some kind are responsible for Sen’s (1970) theorem on the impossibility of a Paretian liberal. However, Saari and Petron (2006) show that for any social preference cycle generated by combining the weak Pareto principle and individual decisiveness, every decisive individual must suffer at least one strong negative externality. We show that this fundamental result only holds when individual preferences are strict. Building on their contribution, we prove a general theorem for the case of weak preferences. |
| Keywords: | Sen’s impossibility theorem; Liberal paradox; Saari-Petron theorem; Externalities; Social preference cycles |
| JEL: | D6 D7 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73676&r=sog |
| By: | Herbst, Edward; Schorfheide, Frank |
| Abstract: | The accuracy of particle filters for nonlinear state-space models crucially depends on the proposal distribution that mutates time t-1 particle values into time t values. In the widely-used bootstrap particle filter this distribution is generated by the state-transition equation. While straightforward to implement, the practical performance is often poor. We develop a self-tuning particle filter in which the proposal distribution is constructed adaptively through a sequence of Monte Carlo steps. Intuitively, we start from a measurement error distribution with an inflated variance, and then gradually reduce the variance to its nominal level in a sequence of steps that we call tempering. We show that the filter generates an unbiased and consistent approximation of the likelihood function. Holding the run time fixed, our filter is substantially more accurate in two DSGE model applications than the bootstrap particle filter. |
| Keywords: | Bayesian Analysis ; DSGE Models ; Monte Carlo Methods ; Nonlinear Filtering |
| JEL: | C11 C15 E10 |
| Date: | 2016–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2016-72&r=sog |
| By: | Hedtke, Reinhold |
| Abstract: | Das schulische ökonomische Wissen droht zunehmend irrelevant für die wirtschaftliche Praxis zu werden. Denn seit etwa zehn Jahren fixiert sich der wirtschaftsdidaktische Mainstream fast ausschließlich auf einzelne mikroökonomische Richtungen der Volkswirtschaftslehre. Er ignoriert zugleich eine ganze wirtschaftswissenschaftliche Disziplin: die Betriebswirtschaftslehre. Was folgt aus dem orthodoxen Ansatz ökonomischer Bildung für das Bildungsziel, wirtschaftlich kompetenter handeln zu lernen? Würden betriebswirtschaftliche Denkfiguren die ökonomische Bildung handlungswirksamer machen? |
| Keywords: | Ökonomische Bildung,Betriebswirtschaftslehre,Handlungsorientierung,Pluralismus |
| JEL: | A20 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:145988&r=sog |
| By: | International Monetary Fund. |
| Abstract: | The program is delivering good results, particularly in achieving key macroeconomic objectives. Significant fiscal tightening and efforts to address structural weaknesses have helped boost confidence and restore growth. This has been supported by a healthy credit recovery on the back of substantial monetary policy easing as inflation has been persistently low. Notwithstanding this progress, public debt remains elevated and delays continue in some structural reforms, in part due to recent elections. |
| Keywords: | Stand-by arrangement reviews;Fiscal policy;Fiscal reforms;Monetary policy;Banking sector;Economic indicators;Balance of payments statistics;Letters of Intent;Debt sustainability analysis;Staff Reports;Press releases;Phasing of purchases;Serbia; |
| Date: | 2016–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/287&r=sog |
| By: | Chao Fu (University of Wisconsin - Madison); Naoki Aizawa (University of Minnesota) |
| Abstract: | We study the heterogeneous impacts of the Affordable Care Act (ACA) across households, firms and local labor markets. We develop and estimate a competitive labor market equilibrium model, with rich heterogeneities across local markets, workers and firms. We estimate the model via indirect inference, exploring variations in the policy environments across markets and across policy eras (before/after ACA). We use the estimated model to study the counterfactual changes in various components of the ACA. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:726&r=sog |
| By: | Adolfo Meisel Roca. |
| Abstract: | En este artículo se examina la tesis de la reversión de la fortuna propuesta por Acemoglu, Johnson y Robinson (2002) de acuerdo con la experiencia colombiana durante los últimos 500 años. Utilizando un total de 14 censos nacionales de población y el registro de los indígenas encomendados que había en 1559, se encuentra que la densidad demográfica de las regiones de Colombia ha mostrado una gran persistencia en el transcurso del tiempo. Por lo tanto, la evidencia indica que los lugares que fueron prósperos en torno al año 1500 siguen siéndolo hoy en día y viceversa. Estos resultados indican que las influencias a largo plazo de la geografía sobre las disparidades económicas regionales al interior de un país no son despreciables. Classification JEL:N16, J10, N36. |
| Keywords: | Historia Económica Comparativa, Economía demográfica,Latinoamérica. |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:cheedt:35&r=sog |
| By: | Martin, Thorsten; Sonnenburg, Florian |
| Abstract: | We study the dynamics of fund manager ownership for a sample of U.S. equity mutual funds from 2005 to 2011. We find that ownership changes positively predict changes in future risk-adjusted fund performance. A one-standarddeviation increase in ownership predicts a 1.6 percent increase in alpha in the following year. Fund managers who are required to increase their ownership by fund family policy show the strongest increase in alpha. They do so by increasing their trading activity in line with the view that higher ownership aligns interests of managers with those of shareholders and induces higher effort. |
| Keywords: | Mutual Funds,Fund Manager Ownership Changes,Fund Performance Predictability,Incentive Alignment,Superior Information |
| JEL: | G11 G14 G20 G23 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfrwps:1603&r=sog |
| By: | Barinova, V.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Laitner, Skip (American Council for an Energy-Efficient Economy); Lashina, T.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper studied the economic aspects of the use of renewable energy sources (RES) in Russia and the world, studied the world practice of state policy in the field of renewable energy, as well as the characteristic of the main tendencies of development of renewable energy. The analysis of the implementation mechanisms of the state renewable energy incentives in Russia, including content analysis of the legal framework of such incentives. |
| Keywords: | renewable energy sources, Russia |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1857&r=sog |
| By: | Mehdi Farajallah (GIS Marsouin, France); Robert G. Hammond (North Carolina State University, USA); Thierry Pénard (CREM, UMR CNRS 6211, University of Rennes 1, France) |
| Abstract: | How are prices and market outcomes determined on peer-to-peer platforms? More importantly, how should we expect price-setting and demand behavior to change as these markets mature? We provide the first empirical analysis of the world’s leading carsharing platform, BlaBlaCar. Our econometric model explicitly accounts for the joint determination of price and quantity demanded and finds that pricing decisions evolve as drivers gain experience with the platform. More-experienced drivers set lower prices and, controlling for price, sell more seats. Our interpretation is that more-experienced drivers on BlaBlaCar learn to lower their prices as they gain experience. Further, we find that driver demographics matter. The demographic characteristic with the quantitatively largest effect is for drivers with an Arabic-sounding name, for whom there is meaningfully lower demand, despite the fact that these drivers set lower prices. In total, our results suggest that peer-to-peer markets such as BlaBlaCar share some characteristics with other types of peer-to-peer markets such as eBay but remain a unique and rich setting in which there are many new insights to be gained. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:tut:cremwp:2016-12&r=sog |
| By: | Delphine Theurelle-Stein (Humanis - Humans and Management in Society - Université de Strasbourg); Isabelle Barth (Humanis - Humans and Management in Society - Université de Strasbourg) |
| Abstract: | Dans une interview publiée par les Echos.fr en mai 2015 , Bernard Ramanantsoa, Directeur Général d’HEC Paris, donne sa vision du grand patron de 2030: « L’autorité ne viendra plus du savoir, mais du savoir-être, de la personnalité, du charisme» De fait, dans un monde complexe, mouvant et hyperconcurrentiel, les organisations accordent une importance accrue au savoir-être et autres « compétences douces ». Les managers ne sont pas les seuls concernés : les salariés sont, eux aussi, incités à développer leurs compétences en général (Devos et Tasquin, 2005 ; Mohib, 2010), et leur savoir-être en particulier (Guilhaume, 2010). Cependant, alors que le consensus semble régner sur l’importance de ces compétences dites « douces », le débat est ouvert sur leur nature. Pour certains, elles relèvent de la personnalité, donc « des caractéristiques profondes et stables de l’individu » (Bellier, 2004) ; pour d’autres, elles sont des compétences au même titre que les compétences techniques et sont donc susceptibles d’évaluation et de développement (Labruffe, 2005 ; Thiberge, 2007). Pour les organismes d’enseignement supérieur, la question de l’identification et de l’acquisition des compétences douces est de taille, compte-tenu des enjeux précédemment identifiés. Néanmoins, le face-à-face pédagogique s’avère peu pertinent pour l’apprentissage de ces compétences particulières. Nous proposons donc d’étudier un dispositif pédagogique conçu et mis en place à l’EM Strasbourg. Il est destiné aux cinq cents étudiants de 1ère année de deux programmes de l’Ecole : le Programme Grande Ecole et le Bachelor. Le dispositif consiste en l’utilisation autonome d’une plateforme collaborative dédiée au développement des compétences douces (autonomie, capacité d’écoute, audace, ténacité …). L’outil numérique a été conçu selon deux modalités pédagogiques : l’apprentissage en collaboration (Vygotski, 1934 ; Perreaudeau, 2006) et l’apprentissage expérientiel réflexif (Kolb, 1984 ; Argyris, 2003). Notre étude vise à livrer une analyse de la construction et de la mise en place de cette innovation pédagogique, ainsi qu’une évaluation de ces résultats en terme d’apprentissage. |
| Keywords: | compétences,enseignement supérieur,apprentissage,recherche-intervention |
| Date: | 2016–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01331675&r=sog |
| By: | Ferreira Sequeda, Maria (General Economics 2 (Macro)); Künn, Annemarie (ROA / Dynamics of the labour market); de Grip, Andries (Research Centre for Educ and Labour Mark) |
| Abstract: | This paper provides more insight into the relevance of the assumption of human capital theory that the productivity of job-related training is driven by the improvement of workers’ skills. We analyse the extent to which training and informal learning on the job are related to employee skill development and consider the heterogeneity of this relationship with respect to workers’ skill mismatch at job entry. Using data from the 2014 European Skills Survey, we find – as assumed by human capital theory – that employees who participated in training or informal learning show greater improvement of their skills than those who did not. The contribution of informal learning to employee skill development appears to be larger than that of training participation. Nevertheless, both forms of learning are shown to be complementary. This complementarity between training and informal learning is related to a significant additional improvement of workers’ skills. The skill development of workers who were initially underskilled for their job seems to benefit the most from both training and informal learning, whereas the skill development of those who were initially overskilled benefits the least. Work-related learning investments in the latter group seem to be more functional in offsetting skill depreciation than in fostering skill accumulation. |
| Keywords: | training, informal learning, skill development, skill mismatch, human capital |
| JEL: | J24 M53 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:unm:umaror:2016009&r=sog |
| By: | Malakhov, Vladimir Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper evaluates the possibilities of modern Russian migration policy at stages of occurrence, distribution, settlement and integration of refugees. The authors examine the economic, demographic, legal, political and socio-cultural aspects of the problem of refugees in the context of a comparison of the European administrative experience and Russian practices. The study analyzes the peculiarities of asylum procedure in Russia and identifies the main opportunities and risks associated with the influx of refugees from Ukraine. |
| Keywords: | refugees, refugee status, asylum, Ukrainian refugees, stateless persons, integration of refugees, international migrations |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:16610&r=sog |
| By: | Calara, Paul Samuel (The Swedish Institute for Health Economics (IHE)); Gerdtham, Ulf-G (Department of Economics, Lund University); Petrie, Dennis (Centre for Health Economics, Monash University) |
| Abstract: | This study compares the evolution of income-related health inequality (IRHI) in Australia (2001–2006) and in Great Britain (1999–2004) by exploring patterns of morbidity- and mortality-related health changes across income groups. Using Australian longitudinal data, the change in health inequality is decomposed into those changes related to health changes (income-related health mobility) and income changes (health-related income mobility), and compared with recent results from Great Britain. Absolute IRHI increased for both sexes, indicating greater absolute health inequality in Australia over this period, similar to that seen in Great Britain. The income-related health mobility indicates that this was due to health losses over this period being concentrated in those initially poor who were significantly more likely to die. The health-related income mobility further indicates that those who moved up the income distribution during the period were more likely to be those who were healthy. Australian estimates of mobility measures are similar, if not greater, in magnitude than for Great Britain. While reducing health inequality remains high on the political agenda in Great Britain, it has received less attention in Australia even though the evidence provided here suggests it should receive more attention. |
| Keywords: | HILDA; BHPS; income-related health inequality; longitudinal analysis; vertical equity |
| JEL: | D39 D63 I18 |
| Date: | 2016–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lunewp:2016_020&r=sog |
| By: | L. A. Franzoni |
| Abstract: | This paper investigates cases in which harms are statistically correlated. When parties are risk averse, correlation plays an important role in the choice between liability rules. Specifically, positively correlated harms favor a liability rule that spreads the risk over a multitude of parties, as in the negligence rule. Negatively correlated harms favor a liability rule that pools risks together, as in strict liability. The same applies when parties can purchase costly insurance (first party or third party). This policy recommendation is in line with current products liability law, which places design defects and warning failures under a de facto negligence regime. |
| JEL: | K13 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp1074&r=sog |
| By: | Ferrazzi, Giovanni; Ventura, Vera; Ratti, Sabrina; Balzaretti, Claudia |
| Abstract: | Lombardy, with 87.393 hectares of rice is one of the leader region for this production in Italy and in the European Union (EU) too. This area is characterized by a strong connection with tradition both in terms of agricultural landscape and food culture. Nevertheless, during the last decade, farmers faced increasing competitiveness issues, mostly related to EU subsidies losses, market prices and the technical constraints of the traditional rice supply chain: provider of technical means, farmers, brokers and rice mill. In this scenario, the “Riso e Rane” Rural District (R&RD) supports farmers in improving competitiveness through innovation. The aim of the paper is to investigate the innovation in the rice supply chain related to the specific action of R&RD, that accounts for 60 farms. Starting from the direct survey carried out on the district productive structures, we investigate the farms' degree of innovation related to the adoption of a new model of supply chain. The case study areas is characterized by rice that represents the most important culture with 2.773 hectares (more than 58% of the district Utilized Agricultural Area (UAA)). In 2012, R&RD won a regional project titled “Buono, Sano e Vicino” with the aim to help local rice farmers developing an alternative supply chain in which the district grow into the local actor to increase farmers bargaining power and promotes new market strategies. To make this the attention was focused on one of the most important variety of Italian rice: Carnaroli. The main results of the study showed that the project was able to innovate the traditional supply chain in all the four innovation areas according to OECD (2005): product, process, market and organization. In conclusion, our results suggest that the R&RD is able to respond to farmers necessities in term of market competitiveness and to improve the sustainability of local food system. |
| Keywords: | Innovation, Rural District, Supply chain, Agribusiness, Community/Rural/Urban Development, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244445&r=sog |
| By: | Pablo Winant (Bank of England); Jonathan Ostry (International Monetary Fund); Atish Ghosh (International Monetary Fund); Suman Basu (International Monetary Fund) |
| Abstract: | We analyze the optimal intervention policy for an emerging market central bank which wishes to stabilize the exchange rate in response to a capital outflow shock, but possesses limited reserves. Using a stylized framework which nests various forms of limited capital mobility, we derive a time inconsistency problem, and we compare outcomes under full, zero and partial commitment. A central bank with full commitment achieves a gentle exchange rate depreciation to the pure float level by promising a path of sustained intervention, including a commitment to exhaust reserves after particularly adverse shocks. A central bank without commitment intervenes less, wishing instead to preserve at least some reserves forever, and suffers a larger exchange rate depreciation. For more persistent shocks, the time inconsistency problem is larger, and simple intervention rules can achieve welfare gains relative to discretion. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:756&r=sog |
| By: | Ana María Iregui-Bohórquez (Banco de la República de Colombia); Ligia Alba Melo-Becerra (Banco de la República de Colombia); María Teresa Ramírez-Giraldo (Banco de la República de Colombia); Ana María Tribín-Uribe (Banco de la República de Colombia) |
| Abstract: | Este documento analiza empíricamente el ahorro de los hogares de ingresos medios y bajos de las zonas urbana y rural en Colombia, utilizando información de la Encuesta Longitudinal Colombiana de la Universidad de los Andes. Los resultados muestran una relación positiva entre el ingreso y el ahorro de los hogares. Además, se encuentra que la probabilidad de ahorrar aumenta con el nivel educativo, el ingreso, la participación laboral y la tenencia de vivienda del individuo. De otro lado, los resultados indican que la educación, el ingreso y una situación laboral estable aumentan la probabilidad de ahorrar en bancos y fondos de empleados o cooperativas y disminuyen la probabilidad de ahorrar de manera informal. Classification JEL: C25, D14, G21, R20 |
| Keywords: | Ahorro de los hogares, zona urbana, zona rural, Colombia |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:960&r=sog |
| By: | S.M.P.Senanayake; S.P. Premaratne |
| Abstract: | This paper examines whether the structure of the paddy / rice market in Sri Lanka is competitive and efficient particularly by undertaking two tracer surveys. From these surveys it was revealed that the profit margins accruing to almost all the players involved in the paddy/rice value chains of both Nadu and Samba varieties are not excessive when compared with the average bank lending rate of 15 percent. The results of the tracer surveys also show that both the Nadu and Samba paddy/ rice value chains are economically efficient. There are concerns however, about the poor quality of rice milled by most small and medium scale traditional rice mills in the country. It was also disclosed that there is no hard and fast evidence to prove the allegation that the rice millers and wholesalers exploit both the rice producers and consumers by using oligopsonic oligopolistic practices in both the producer and consumer markets such as ‘cornering of the market’. |
| Keywords: | paddy/rice value chain, profit margins of paddy/tice, market structure, Sri Lanka |
| JEL: | O53 Q12 Q13 Q18 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2016-04&r=sog |
| By: | Anna Gerke (Audencia Recherche - Audencia Business School); Geoff Dickson (AUT - Auckland University of Technology); Michel Desbordes (CIAMS - Complexité, Innovation, Activités Motrices et Sportives - UP11 - Université Paris-Sud - Paris 11, UP11 - Université Paris-Sud - Paris 11); Stephen Gates (Audencia Recherche - Audencia Business School) |
| Abstract: | This study investigates how interorganizational citizenship behavior influences the innovation process. By investigating interorganizational networks and relationships, we offer new perspectives on how these linkages can serve as sources of innovation that lever competitive advantage. We identified seven dimensions of citizenship, and analyzed them with regards to different phases of the innovation process (i.e., idea, invention, exploitation). We integrated the notions of cooperative and collaborative behavior as conditions for citizenship. Our qualitative investigation of the sailing industry cluster in New Zealand demonstrates the utility of citizenship to understand, access, and use external resources to innovate. We find that two dimensions of citizenship – advancement and altruism – are most prevalent during the entire innovation process. Citizenship tends to be embedded in collaborative linkages during the idea and invention phase, but cooperative linkages are sufficient to develop citizenship during the invention and exploitation phase. Further research is necessary to generalize the role of citizenship for the innovation process. |
| Keywords: | innovation, citizenship, cluster |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01337018&r=sog |
| By: | Kabbiri, Ronald; Dora, Manoj K.; Alam, Mohammad J.; Elepu, Gabriel; Gellynck, Xavier |
| Abstract: | This paper examines whether milk prices within Kampala are cointegrated with those in other major towns of Uganda. The period of estimation is from July 2005 to March 2015. We use retail monthly prices for raw milk. We obtained the dataset from Uganda Bureau of Statistics. Using Engel Granger’s two‐step error correction approach, we examine the relationship that exists between prices for raw milk in Kampala and the regional markets. Our analysis provides evidence of a long‐run cointegration relationship between Kampala and Gulu, Mbarara and Masaka milk markets. On the contrary, we failed to reject the null hypothesis of no cointegration between Kampala and Arua, Jinja and Mbale milk markets. Regarding the Granger causality tests, the results reveal that causality mainly originates from the milk supply towns. This implies that milk prices in Uganda are supply driven. The speed of adjustment of the model is 50%, i.e. half of the disequilibrium in the system is corrected in one month time period. These results have important implications for the dairy sector in Uganda. The paper discusses these implications. |
| Keywords: | Error correction model, inter‐market relationships, dairy value chain, milk price transmission, speed of adjustment, Agribusiness, Agricultural Finance, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244449&r=sog |
| By: | International Monetary Fund. |
| Abstract: | Kiribati is a small and fragile state vulnerable to climate change. Record high fishing revenue in recent years has boosted growth, improved the current account, and strengthened the balance of the sovereign wealth fund, the primary vehicle for intergenerational saving. However, fishing revenue has declined in the early months of 2016 and is projected to remain at more modest levels over the medium term. Building fiscal buffers to enhance resilience and continued support from development partners are essential to mitigate downside risks to growth. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/292&r=sog |
| By: | KOMATSUBARA Tadaaki; OKIMOTO Tatsuyoshi; TATSUMI Ken-ichi |
| Abstract: | This paper investigates the dynamics of integration in East Asian equity markets between 1995 and 2013 using a smooth-transition correlation GARCH model. Our results show that East Asian equity market integration among China and other countries has increased significantly since 2007, whereas that among other East Asian equity markets excluding China increased significantly in an earlier period from 1999 to 2001. Additionally, we find that increasing integration has been mostly caused by correlation increases in after-trading hours. These results suggest that stock prices in East Asia are sensitive to Europe and U.S. stocks because Europe and U.S. investors were actively investing in East Asian stocks. Indeed, the periods reflect striking increases in integration that correspond approximately to the start of intensive Europe and U.S. investment activity in East Asian stock markets. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16084&r=sog |
| By: | Gustavo Ferro; Pablo Daniel Monterubbianesi |
| Abstract: | Este trabajo se propone responder las siguientes preguntas: ¿cuál es el nivel medio de eficiencia en el transporte de pasajeros de una muestra de aerolíneas que operan en el Hemisferio Occidental? ¿Cómo se posicionan aerolíneas latinoamericanas puestas en perspectiva con otras de países desarrollados que operan en las Américas? ¿Hay diferencias de eficiencia así definida entre las aerolíneas de la muestra? ¿A qué se deben? Para contestarlas, se emplean técnicas de frontera estocástica. Son novedades a estudios preexistentes el uso de una amplia gama de alternativas de estimación y el estudio específico de las aerolíneas latinoamericanas junto con las norteamericanas. This study aims to answer the following questions: which is the average efficiency level in passenger transportation of an airline sample operating in the Western Hemisphere? How do Latin American airlines perform in comparison with American ones? Are there technical efficiency differences between airlines of the sample? Why? To answer, we employ stochastic frontier methods and we add to precedent studies the usage of an ample set of alternative techniques and the specific consideration to Latin American airlines. |
| Keywords: | stochastic frontiers, airlines, efficiency |
| JEL: | L93 C19 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:594&r=sog |
| By: | Dezső, Linda; Steinhart, Jonathan; Bakó, Barna; Kirchler, Erich |
| Abstract: | Focusing illusion describes how, when making choices, people may put disproportionate attention on certain attributes of the options and hence, causing those options to be overvalued. For instance, in deciding whether or not to take out a loan, people may focus more on getting the loan than on its small and dispersed costs. Building on recent literature on focusing illusion in economic choice, we theoretically propose and empirically test that focusing illusion can be advantageously exploited such that attention is put back on the ignored attributes. To demonstrate this, we use hypothetical loan decisions where people choose between loans with different repayment plans to finance a purchase. We show that when adding a steeply decreasing-installments plan to the original choice set of not borrowing or borrowing under a fixed-installments plan, the preference for the fixed-installments plan is lessened. This is because preference for the fixed-installments plan shifted towards not borrowing. We discuss potential applications of our results in designing choice sets of intertemporal sequences. |
| Keywords: | focusing illusion, focus-weighted utility, loan decisions, intertemporal choice |
| JEL: | D03 D91 |
| Date: | 2016–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:cvh:coecwp:2016/11&r=sog |
| By: | Constant, Amelie F. (UNU-MERIT, and IZA); Zimmermann, Klaus F. (UNU-MERIT, Maastricht University, and Harvard University) |
| Abstract: | Findings: Diaspora economics is more than a new word for migration economics. It opens a new strand to political economy. Diaspora is perceived to be a well-defined group of migrants and their offspring with a joined cultural identity and ongoing identification with the country or culture of origin. This implies the potential to undermine the nation-state. Diasporas can shape policies in the host countries. Design/methodology/approach: Combine ethnicity, migration and international relations into a new thinking. Provide a typology of diaspora and a thorough evaluation of its role and the roles of the home and host countries. Originality/Value: Provide a new understanding of global human relations. |
| Keywords: | Diaspora economics, ethnicity, migration, nation-state |
| JEL: | F22 F24 F66 F68 J61 O15 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016042&r=sog |
| By: | John L. Czajka; Amang Sukasih; Alyssa Maccarone |
| Abstract: | This report is intended to assist agencies within the Department of Health and Human Services and the broader federal statistical community in making more effective use of small area estimates to address data gaps for small geographic areas and populations. |
| Keywords: | Small area estimates, data analytics, design, survey, statistics |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:e1cfcd0e7bef467189b7cf4a288b81b5&r=sog |
| By: | Andrea Linarello (Banca d'Italia); Andrea Petrella (Banca d'Italia) |
| Abstract: | This paper investigates the contribution of allocative efficiency to aggregate labor productivity growth in Italy between 2005 and 2013. Exploiting a unique dataset that covers the universe of active firms, we find that allocative efficiency accounted for 35 per cent of aggregate productivity in 2005 and its weight increased by almost 7 percentage points during the period of observation. We show that the dynamics of aggregate labor productivity benefited from the reallocation of resources among continuing firms and from the net effect of business demography. Among industries, we find that reallocation has been stronger in industries that are more exposed to import competition from developing countries. Moreover, we document that the observed adjustments have not evenly affected all firms across the productivity distribution: selection has become tougher for firms belonging to the lower tail, forcing the exit of the least productive firms and favoring the reallocation of the workforce to the best performing firms. |
| Keywords: | aggregate labor productivity, allocative efficiency |
| JEL: | L25 O47 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_353_16&r=sog |
| By: | Plantinga, Auke; Scholtens, Bert (Groningen University) |
| Abstract: | Divesting from fossil companies has been put forward as a means to address climate change. We study the impact of such divesting on investment portfolio performance. To this extent, we systematically investigate the investment performance of portfolios with and without fossil fuel company stocks. We investigate mispricing in stock returns and test for the impact of (reduced) diversification by excluding fossil fuel companies from the portfolio. While the fossil fuel industry outperforms other industries based on returns only, we show that this is due to the higher systematic risk of this industry, as there is no statistically significant difference between the riskadjusted performance of stocks in the fossil fuel sample and the non-fossil fuel sample. We conclude that divesting from fossil fuels does not have a statistically significant impact on overall portfolio performance, and only a very marginal impact on the utility derived from such portfolios. The policy implication is that investors can divest from fossil fuels without significantly hurting their financial performance. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16005-eef&r=sog |
| By: | François Gerard; Gustavo Gonzaga |
| Abstract: | It is widely believed that the presence of a large informal sector increases the efficiency cost of social programs – transfer and social insurance programs – in developing countries. We evaluate such claims for policies that have been heavily studied in countries with low informality – increases in unemployment insurance (UI) benefits. We introduce informal work opportunities into a canonical model of optimal UI that specifies the typical tradeoff between workers' need for insurance and the efficiency cost from distorting their incentives to return to a formal job. We then combine the model with evidence drawn from comprehensive administrative data to quantify the efficiency cost of increases in potential UI duration in Brazil. We find evidence of behavioral responses to UI incentives, including informality responses. However, because reemployment rates in the formal sector are low to begin with, most beneficiaries would draw the UI benefits absent behavioral responses, and only a fraction of the cost of (longer) UI benefits is due to perverse incentive effects. As a result, the efficiency cost is relatively low, and in fact lower than comparable estimates for the US. We reinforce this finding by showing that the efficiency cost is also lower in labor markets with higher informality within Brazil. This is because formal reemployment rates are even lower in those labor markets absent behavioral responses. In sum, the results go against the conventional wisdom, and indicate that efficiency concerns may even become more relevant as an economy formalizes. |
| JEL: | H0 J46 J65 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22608&r=sog |
| By: | Lionel De Boisdeffre (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CATT - Centre d'Analyse Théorique et de Traitement des données - UPPA - Université de Pau et des Pays de l'Adour) |
| Abstract: | Radner (1979) introduces a general equilibrium model of asymmetric information, where agents have a model "of how equilibrum prices are determined", without which they could not update their beliefs. Diferently, De Boisdeffre (2016, [3]) shows that agents, having private anticipations and no price model, can still update their beliefs from observing trade on financial markets, until all arbitrage is precluded. Then, inferences consist in successively eliminating anticipations, which would grant an unlimited arbitrage, if realizable. Thus, in our model, agents learn from arbitrage opportunities on portfolios, as they would do on actual markets. this model is consistent with all kinds of assets and uncountably many forecasts. We now characterize arbitrage-free markets, and show that the information markets may reveal depends on the span of asset payoffs in agents' commonly expected states. We provide conditions, under which markets are non-informative or typically revealing. |
| Abstract: | Radner (1979) introduit un modèle d'équilibre général en asymétrie d'information, où les agents ont un modèle de "de la détermination des prix d'équilibre", sans lequel ils ne peuvent inférer d'information. A l'inverse, De Boisdeffre (2016, [3]) montre que des agents, ayant des anticipations privées et aucun modèle de prix, peuvent inférer de l'information en observant les marchés financiers, jusqu'à ce que toute opportunité d'arbitrage disparaisse. Ces inférences consistent à éliminer par étape toute anticipation qui permettrait de réaliser un arbitrage. Ainsi, les agents révisent leurs croyances au vu des possibilités d'arbitrage, comme ils le font sur les marchés d'actifs réels. Ce modèle est applicable à tous les marchés financiers et toutes les anticipations, mêmes indénombrables. Nous caractérisons les marchés sans arbitrage et montrons que l'information contenue dans les marchés dépend de l'étendue des rendements des actifs dans les états communément anticipés. Nous donnons des conditions, qui rendent les marchés non informatifs ou typiquement révélateurs. |
| Keywords: | perfect foresight,rational expectations,financial markets,asymmetric information,anticipations,inférences,anticipations parfaites,anticipations rationnelles,marchés financiers,information asymétrique,arbitrage |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01321638&r=sog |
| By: | Pierlauro Lopez (Banque de France) |
| Abstract: | The welfare cost of economic uncertainty has a term structure that is a simple transformation of the term structures of the equity premium and interest rates. Twenty years of financial market data suggest a term structure of welfare costs that is downward-sloping on average and during downturns. This evidence offers guidance in selecting a model to study the benefits of greater consumption stability from a structural perspective. A model with nominal rigidities and nonlinear external habits can rationalize the evidence and motivates the competitive level and volatility of consumption as inefficient. The model is observationally equivalent to a standard New Keynesian model with CRRA utility but the optimal policy prescription is overturned; in the model the central bank should focus on removing consumption volatility rather than on filling the gap between consumption and its flexible-price counterpart. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:742&r=sog |
| By: | Margaret Sullivan; Brittany English; Alyson Burnett; Jillian Berk |
| Abstract: | To better prepare students for jobs in health care, Virginia’s TAACCCT grant included seven strategies to improve student outcomes. This study examines the implementation of each of the strategies and the challenges, successes, sustainability approaches, and lessons learned across the strategies. |
| Keywords: | Community college, TAACCCT, career coaches, online education, workforce development, health careers |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:d6984b5092c04d219be9ca20c579c0f8&r=sog |
| By: | Jean-Marc Bottazzi (Paris School of Economics and Capula); Mario Pascoa (University of Surrey); Guillermo Ramírez (Nova School of Business and Economics) |
| Abstract: | Short sales collided with Makowski's (1983) view that shareholders' unanimity follows from the competitiveness of the rm in the stock market. However, once short sales are properly modelled, requiring the shares to be borrowed beforehand, unanimity can be restored. Short sales are no longer an externality and have a price: the lending fee. Unanimity prevails under perfectly elastic demands by both shareholders and shareborrowers. This requires the rm's shares not to be on special. Stock prices re ect the evaluation by shareholders who did not entirely encumber their shares or shareborrowers who did not fully re-use the shares that they possess. |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0516&r=sog |
| By: | Aloisio Araujo (IMPA); Juan Pablo Gama-Torres (IMPA); Rodrigo Novinski (Faculdades Ibmec); Mario Pascoa (University of Surrey) |
| Abstract: | Wary agents tend to neglect gains at distant dates but not the losses that occur at those far away dates. For these agents, Ponzi schemes are not the only improving schemes compatible with non-arbitrage pricing. However, ecient allocations can be sequentially implemented by allocating money and then, at subsequent dates, taxing savings plans whose open end bene ts to wary agents outweigh the cost of carrying on cash. The allocative role of money does not disappear over time and the transversality condition allows for consumers to have limiting long positions. Money supply does not have to go to zero and, actually, there are equilibria where it does not. We address also why at money does not lose its value when Lucas trees are available. |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0416&r=sog |
| By: | Ushchev, Philip; Zenou, Yves |
| Abstract: | We develop a product-differentiated model where the product space is a network defined as a set of varieties (nodes) linked by their degrees of substitutability (edges). We also locate consumers into this network, so that the location of each consumer (node) corresponds to her “ideal” variety. We show that, even though prices need not to be strategic complements, there exists a unique Nash equilibrium in the price game among firms. Equilibrium prices are determined by both firms’ sign-alternating Bonacich centralities and the average willingness to pay across consumers. They both hinge on the network structure of the firm-product space. We also investigate how local product differentiation and the spatial discount factor affect the equilibrium prices. We show that these effects non-trivially depend on the network structure. In particular, we find that, in a star-shaped network, the firm located in the star node does not always enjoy higher monopoly power than the peripheral firms. |
| Keywords: | Networks, Product Variety, Monopolistic Competition, Spatial Competition, Research Methods/ Statistical Methods, D43, L11, L13, |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemet:244535&r=sog |
| By: | Ahmed Tahoun (London Business School); Florin P. Vasvari (London Business School,) |
| Abstract: | Using a unique dataset provided by the Center for Responsive Politics (CRP), we document a direct channel through which financial institutions contribute to the net worth of members of the U.S. Congress, particularly those sitting on the finance committees in the Senate and the House of Representatives. These individuals report greater levels of leverage and new liabilities as a proportion of their total net worth, relative to when they are not part of the finance committee or relative to other congressional members. Politicians increase new liabilities by over 30% of their net worth in the first year of their finance committee membership. We do not find similar patterns for members of non-finance powerful committees. We find no evidence that finance committee members arrange new personal liabilities ahead of their appointments to the committees. Finance committee members also report liabilities with lower interest rates and longer maturities. Finally, focusing on banks that lend to U.S. Congress members, we find that the weaker performing financial institutions lend to more finance committee members and provide more new debt to these politicians. Our findings suggest that lenders may create political connections with finance committee members in an attempt to obtain regulatory benefits. |
| Keywords: | U.S. Congress members, Finance Committee, Personal Debt, Information disclosure |
| JEL: | D71 D72 G11 G21 G38 P16 N30 I31 I32 C81 C83 D60 D63 O12 O15 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:47&r=sog |
| By: | Chiswick, Barry R. (George Washington University); Rebhun, Uzi (Hebrew University, Jerusalem); Beider, Nadia (Hebrew University, Jerusalem) |
| Abstract: | This paper analyzes the Hebrew language proficiency, probability of employment, and labor market earnings of immigrants in Israel. It uses the 2010/11 Immigrant Absorption Survey conducted by the Israeli Central Bureau of Statistics. Unique features of the analysis include the study of long-duration immigrants (3 to 20 years), and analyses for: males and females, primary reasons for immigration, the subsidized intensive Hebrew language training program (ulpan), Ethiopian Jews, and Jewish and non-Jewish immigrants from the Former Soviet Union (FSU), in addition to standard immigration, demographic, and human capital variables. Results from multivariate analyses largely accord with the "standard theoretical model" of language proficiency regarding the mechanisms of "exposure", "efficiency", and "economic incentives". Acquaintance with the local language, on its part, increases the likelihood of being employed, and it has positive earnings outcomes. We discuss implications of the findings for public policy which can improve the adjustment of these new immigrants into their new society hence also moderate inter-group tensions. |
| Keywords: | immigrants, Israel, language proficiency, employment, earnings, motive for immigration, ulpan |
| JEL: | F22 J15 J24 J61 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10214&r=sog |
| By: | SEKIZAWA Yoichi; NOGUCHI Remi; SO Mirai; YAMAGUCHI Sosei; SHIMIZU Eiji |
| Abstract: | Enhancing trust is known to be good for the economy through bringing about positive impacts on economic growth and stabilizing the macroeconomy, etc. Previous studies show that trust is associated with happiness and mental health. We examine whether psychological interventions aimed at improving mental health would enhance the general trust scale (Yamagishi, 1998). Such interventions included internet-based cognitive behavioral therapy, emotion-focused mindfulness, and positive psychology exercises. The results show that the general trust scale improves significantly as compared with the control group only in the case of positive psychology intervention. Through panel data analyses, we reconfirm that a higher level of general trust is associated with lower levels of depression, anxiety, and negative affect, and with higher levels of positive affect. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:16050&r=sog |
| By: | Anurag Banerjee (Durham Business School); Parantap Basu (Durham Business School); Elisa Keller (University of Exeter) |
| Abstract: | Although the ratio of higher educated lifetime earnings relative to primary-educated lifetime earnings (skill premium) is higher in poor than rich countries, poor countries have a substantially lower fraction of individuals with higher education (skilled individuals). Why? In a sample of 52 countries, we document that the unemployment rate of the skilled net of that of the unskilled decreases with a country’s level of development. We argue that the cost of opening and operating a business is a first order determinant of these unemployment rates and can reconcile a lower skill acquisition in front of a higher skill premium in poor compared to rich countries. To formalize our argument, we write and quantify a matching model of endogenous occupational choice and skill acquisition. A country’s business cost, schooling cost and skill-productivity profile determine its fraction of skilled individuals, skill premium and unemployment rates by skill level. We infer a higher business cost for poor countries and, via counterfactual experiments, find that disparities in the business cost account for about one third of the cross-country correlation between skill premium and fraction of skilled individuals |
| Keywords: | Skill acquisition. Unemployment. Business cost. |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2016_01&r=sog |
| By: | Damien Challet; R\'emy Chicheportiche; Mehdi Lallouache; Serge Kassibrakis |
| Abstract: | Using trader-resolved data, we document lead-lag relationships between groups of investors in the foreign exchange market. Because these relationships are systematic and persistent, order flow is predictable from trader-resolved order flow. We thus propose a generic method to exploit trader lead-lag and predict the sign of the total order imbalance over a given time horizon. It first consists in an unsupervised clustering of investors according to their buy/sell/inactivity synchronization. The collective actions of these groups and their lagged values are given as inputs to machine learning methods. When groups of traders and when their lead-lag relationships are sufficiently persistent, highly successful out-of-sample order flow sign predictions are obtained. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04640&r=sog |
| By: | Report: Salman Al Ansari; Dr. Majid Rafizadeh |
| Abstract: | Deputy Crown Prince and Defense Minister, Prince Mohammed bin Salman, who according to the New York Times "has moved quickly to revolutionize his country?s economy in ways that offer tantalizing hints at even broader reforms", is now establishing and spearheading a new comprehensive, locally and internationally coordinated counter-terrorism strategy. President Obama hosted Mohammed bin Salman in June, 2016 and discussed U.S.-Gulf Cooperation Council (GCC) as well as expressed appreciation for Saudi Arabia's efforts in combatting ISIS and contributing to the campaign against ISIS. While the strategy is centered around conventional methods of countering terrorism, such as monitoring, tracking down and eliminating terrorist threats, it will do so by focusing on eradicating any terrorist cyber-presence, combatting extremist ideologies, and establishing a coalition of countries. the Deputy Crown Prince pushed for three main directions towards the strategy that focus on tackling terrorism through multiple fronts that include (but are not limited to) digital, ideological and military fronts. Three centers have been established that take on each respective front. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:qsh:wpaper:451646&r=sog |
| By: | Pierre van der Eng |
| Abstract: | The creation of the Common Market in the European Community required electronics multinational Philips to integrate production operations across European countries. This effort had consequences for its Australian subsidiary. Rather than become a regional Philips hub with the support of its parent, as intended in the 1960s, it was absorbed by addressing changes in Australian trade policy and increased Japanese imports. The parent company’s establishment of regional supply centres in Europe and Asia left no role for the small Australian production facilities in the company’s global structure. Production and employment at Philips Australia were scaled back drastically during the 1970s. |
| Keywords: | European integration, Australia, electronics industry, Philips, institutional change, co-evolution |
| JEL: | L20 L63 M19 N47 N87 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:auu:hpaper:047&r=sog |
| By: | ITO Koichiro; ZHANG Shuang |
| Abstract: | We develop a framework to estimate the willingness to pay (WTP) for clean air from defensive investments. Applying this framework to product-by-store level scanner data on air purifier sales in China, we provide among the first revealed preference estimates of WTP for clean air in developing countries. A spatial discontinuity in air pollution created by the Huai River heating policy enables us to analyze household responses to long-run exposure to pollution. Our model allows heterogeneity in preference parameters to investigate potential heterogeneity in WTP among households. We show that our estimates provide important policy implications for optimal environmental regulations. |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16074&r=sog |
| By: | Pokida, A.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zybunovskaya , N.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Aleshina, V.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The scientific report presents the results of a sociological study carried out by the Center of social and political monitoring of the School of Public Policy RANEPA in 2015. The study investigates the status and dynamics of development of historical memory in the Russian society. The analysis of sociological data includes the comparison of the results many years of research. |
| Keywords: | sociological study, RANEPA |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2866&r=sog |
| By: | Paul J. Eliason; Paul L. E. Grieco; Ryan C. McDevitt; James W. Roberts |
| Abstract: | Medicare's prospective payment system for long-term acute-care hospitals (LTCHs) gives providers modest reimbursements for short patient stays before jumping discontinuously to a large lump-sum payment after a pre-specified number of days. Using Medicare claims data, we show that LTCHs strategically discharge patients after they exceed the large-payment threshold. We find this behavior is more common among for-profit facilities, facilities acquired by leading LTCH chains, and facilities located within standard acute-care hospitals. Using a dynamic structural model, we evaluate counterfactual payment policies recently considered as alternatives for the existing scheme and find that they would provide substantial savings for CMS. |
| JEL: | D22 I11 I18 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22598&r=sog |
| By: | Zwiers, Merle (Delft University of Technology); van Ham, Maarten (Delft University of Technology); Manley, David (University of Bristol) |
| Abstract: | Western cities are increasingly ethnically diverse and in most cities the share of ethnic minorities is growing. Studies analyzing changing ethnic geographies often limit their analysis to changes in ethnic concentrations in neighborhoods between two points in time. Such a static approach limits our understanding of pathways of ethnic neighborhood change, and of the underlying factors contributing to change. This paper analyzes full trajectories of neighborhood change in the four largest cities in the Netherlands between 1999 and 2013. Our modelling strategy categorizes neighborhoods based on their unique growth trajectories of the ethnic population composition, providing a longitudinal view of ethnic segregation. Our results show that the ethnic composition in neighborhoods remains relatively stable over time. We find evidence for a slow trend towards deconcentration of ethnic minorities and increased (spatial) population mixing in most neighborhoods. We show how residential mobility decreases segregation, while natural population growth tends to reinforce segregation. While the ethnic minority presence in cities grows, there is a substantial share of neighborhoods which can be identified as white citadels; characterized by a stable large native population, with high incomes and high house values. These neighborhoods seem to be inaccessible to ethnic minorities, which illustrates the spatial manifestation of exclusionary elitism in increasingly ethnically diverse cities. |
| Keywords: | ethnic segregation, neighborhood trajectories, population dynamics, latent class growth modelling, longitudinal study |
| JEL: | J15 O18 R23 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10216&r=sog |
| By: | Hicham Ezzat (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Marine Agogué (HEC Montréal - HEC MONTRÉAL); Mathieu Cassotti (LaPsyDE - Laboratoire de Psychologie du Développement et de l'Education de l'enfant - UNICAEN - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique - UPD5 - Université Paris Descartes - Paris 5, CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Pascal Le Masson (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Benoit Weil (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Leadership and creativity have usually been viewed as antagonist concepts, compromised between two contradictory variables: control and freedom. There is growing evidence that too much leadership control could kill subordinates’ creativity, while in contrary too much freedom could lead them to chaos and disorder. In the past decades, countless researches suggested that in order for creativity to emerge, leaders should grant more freedom and autonomy to their followers. Our hypothesis is that leaders could foster subordinates’ creative ideation capacities by controlling their ideation processes through directive feedbacks. In this study, we explored the influence of directive feedbacks interactively given by a leader at each idea generated by his/her subordinate, throughout a classical creative problem-solving task done online via a distant text conversation. The task consisted of generating as many original solutions as possible that allows that a hen’s egg dropped from a height of ten meters does not break. Results confirmed that leaders’ directive feedbacks were able to drive and guide subordinates’ ideation paths in two distinctive directions, according to leaders’ domain-relevant knowledge and vision for creativity. |
| Keywords: | Leadership, Creativity, Ideation, Functional Fixedness, Directive Feedback |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01298791&r=sog |
| By: | Lipina, Svetlana (Center for Strategic Management and Spatial Developmen of the Council for study of productive forces of the Ministry of economic development of the Russian Federation (SOPS); Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Shevchuk, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Lipina, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Agapova, E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work reveals the features of the formation of the world of theoretical, methodological and practical ideas and solutions for the global direction of modern economic systems of developed countries in the sphere of formation of "green" economy, the greening of the socio-economic systems, the development of innovations in the field of environmental protection and rational nature management. |
| Keywords: | green economy, green growth |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1858&r=sog |
| By: | Elisa Brodi (Banca d'Italia) |
| Abstract: | The work presents a legal and economic analysis of how collateral works in Italy. Specific attention is focused on privileges, pledges and mortgages, because of the prominent role they play in banking relationships. The paper highlights the critical issues in the current legislative framework and discusses some recent regulatory changes. It argues in favour of a simplification of privileges, reserving them for involuntary or unsophisticated creditors. At the same time, it analyses the rationale of the recent modernization of pledges, which, among other things, allows debtors to retain control over an asset and to use it within the production process. The new repossession mechanisms are an important alternative to judicial foreclosure for liquidating collateral. However, fine-tuning them, along with creating appropriate safeguards tailored for debtors in difficulty, would make them more effective. |
| Keywords: | collateral, banks, guarantees |
| JEL: | K11 K12 K22 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_356_16&r=sog |
| By: | Gustavo Fruet Dias (Aarhus University and CREATES); Marcelo Fernandes (School of Economics and Finance); Cristina M. Scherrer (Aarhus University and CREATES) |
| Abstract: | We formulate a continuous-time price discovery model in which the price discovery measure varies (stochastically) at daily frequency. We estimate daily measures of price discovery using a kernel-based OLS estimator instead of running separate daily VECM regressions as standard in the literature. We show that our estimator is not only consistent, but also outperforms the standard daily VECM in finite samples. We illustrate our theoretical findings by studying the price discovery process of 10 actively traded stocks in the U.S. from 2007 to 2013. |
| Keywords: | high-frequency data, kernel regression, price discovery, time-varying coefficient models, VECM |
| JEL: | C13 C32 C51 G14 |
| Date: | 2016–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2016-25&r=sog |
| By: | Ventura, Vera; Iacus, Stefano; Ceron, Andrea; Curini, Luigi; Frisio, Dario |
| Abstract: | Expo is the Universal Exhibition that the city of Milan hosted from May to October, 2015, under the theme: “Feeding the Planet, Energy for Life”. Nevertheless, if the big event is important for awakening the world's interest and attracting investment, much attention is dedicated to the “ Expo after Expo” phase, with the aim to keep alive the public discussion on the these crucial issues even by the end of the exposition period. In summary, what will be the legacies of Expo 2015? This work takes an innovative approach to this question by analysing Twitter data focusing on the “after Expo” period. More specifically, the analysis of the distribution in the Twitter sphere of a set of food-related topics (right to food, sustainability, food losses as examples) is performed. Results can represent an opportunity to understand if the discussion of the global challenges linked to the theme of Expo Milano 2015 can also bring lasting benefits in terms of public awareness. |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244534&r=sog |
| By: | Andrew B. Bernard; Renzo Massari; Jose-Daniel Reyes; Daria Taglioni |
| Abstract: | Two identical firms that start exporting in different months, one each in January and December, will report dramatically different exports for the first calendar year. This partial-year effect biases down first year export levels and biases up first year export growth rates. For Peruvian exporters, the partialyear bias is large: first-year export levels are understated by 65 percent and the first year growth rate is overstated by 112 percentage points. Correcting the partial-year effect eliminates high first year export growth rates, raises initial export levels and almost doubles the contribution of net firm entry and exit to overall export growth. |
| Keywords: | export entry; export growth; margins of trade; heterogeneous firms |
| JEL: | C81 F14 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67656&r=sog |
| By: | Grant Hillier (CeMMAP and University of Southampton); Federico Martellosio (University of Surrey) |
| Abstract: | The (quasi-) maximum likelihood estimator (QMLE) for the autoregressive parameter in a spatial autoregressive model cannot in general be written explicitly in terms of the data. The only known properties of the estimator have hitherto been its first-order asymptotic properties (Lee, 2004, Econometrica), derived under specific assumptions on the evolution of the spatial weights matrix involved. In this paper we show that the exact cumulative distribution function of the estimator can, under mild assumptions, be written in terms of that of a particular quadratic form. A number of immediate consequences of this result are discussed, and some examples are analyzed in detail. The examples are of interest in their own right, but also serve to illustrate some unexpected features of the distribution of the MLE. In particular, we show that the distribution of the MLE may not be supported on the entire parameter space, and may be nonanalytic at some points in its support. |
| JEL: | C12 C21 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0716&r=sog |
| By: | Benjamin Balsmeier; Steven Vanhaverbeke |
| Abstract: | Prior research has focused on publicly listed firms when examining the economic consequences of adopting International Financial Reporting Standards (IFRS). This study extends the literature by examining the ability of private firms to attract bank loans through the use of IFRS. Based on firm-level data from 25 countries, we show that private firms that voluntarily use IFRS are associated with a higher propensity to attract debt from foreign banks. We find no such association when examining their relationships with domestic banks. Supplementary analyses show that the results are mainly driven by private firms operating in countries with strong regulatory enforcement. The findings suggest that, conditional on adequate enforcement, the use of IFRS provides useful information for foreign non-relationship banks. |
| Keywords: | International Financial Reporting Standards, Private Firms, Debt, Enforcement |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ete:msiper:548316&r=sog |
| By: | Bergolo, Marcelo (IECON, Universidad de la República); Cruces, Guillermo (CEDLAS-UNLP) |
| Abstract: | The disincentive effects of social assistance programs on registered employment are a first order policy concern in developing countries. Means tests determine eligibility with respect to some income threshold, and governments can only verify earnings from registered employment. The loss of benefit at some level of formal earnings is an implicit tax that results in a strong disincentive for formal employment. We study an income-tested program in Uruguay and extend previous literature by developing an anatomy of the behavioral responses to this program. Our identification strategy is based on a sharp discontinuity in the program's eligibility rule and uses information from the program's records, social security administration data, and a follow-up survey. First, we establish that beneficiaries respond to the program's incentives by reducing their levels of registered employment by about 8 percentage points. Second, we find the program induces a larger reduction of formal employment for individuals with a medium probability to be a registered employee, suggesting some form of segmentation – those with a low propensity to work formally do not respond to the financial incentives of the program. Third, we find evidence that the fall in registered employment is due to a larger extent to an increase in unregistered employment, and to a lesser extent to a shift towards non-employment. Fourth, we find an elasticity of participation in registered employment of about 1.7, implying a deadweight loss from the behavioral responses to the program of about 3.2% of total registered labor income. |
| Keywords: | welfare policy, labor supply, registered employment, labor informality |
| JEL: | H31 I38 J22 O17 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10197&r=sog |
| By: | Kristel Jacquier (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | Using individual-level data from the European Social Survey, a multilevel analysis involving 21 countries was conducted to identify contextual preference formation. We show that individual predictors such as education work differently in different institutional contexts. Contrary to previous finding in the literature we find that the higher the percentage of tertiary education, the smaller the education gap in public support for the EU. |
| Keywords: | multilevel data,survey research,european integration |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01316913&r=sog |
| By: | Claus Thustrup Kreiner (Department of Economics, University of Copenhagen); Søren Leth-Petersen (Department of Economics, University of Copenhagen); Peer Ebbesen Skov (Auckland University of Technology) |
| Abstract: | A Danish tax reform, decided in May 2009 and taking effect from the beginning of 2010, lowered the marginal tax rate on top bracket taxable income from 63% to 56%. Because contributions to pension accounts are tax deductible, the reform provided an incentive to increase pension contributions before the change in taxation. Using high frequency panel data, we document an increase in pension contributions in the second half of 2009 in response to the anticipated change in taxation, and that this led to an increase in total savings. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:kud:epruwp:1603&r=sog |
| By: | David E. Bloom; Michael Kuhn; Klaus Prettner |
| Abstract: | We assess Africa’s prospects for enjoying a demographic dividend. While fertility rates and dependency ratios in Africa remain high, they have started to decline. According to United Nations projections, they will fall further in the coming decades such that by the mid-21st century the ratio of the working-age to dependent population will be greater than in Asia, Europe, and Northern America. This projection suggests Africa has considerable potential to enjoy a demographic dividend. Whether and when it actually materializes, and also its magnitude, hinges on policies and institutions in key realms that include macroeconomic management, human capital, trade, governance, and labour and capital markets. Given strong complementarities among these areas, coordinated policies will likely be most effective in generating the momentum needed to pull Africa’s economies out of a development trap. |
| Keywords: | Africa, declining fertility, demographic dividend, development, education, health, infrastructure |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:vid:wpaper:1604&r=sog |
| By: | German Bersalli (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes) |
| Abstract: | The production and consumption of electricity in Latin America has grown strongly in recent decades (about 4% per year) with an increasing share coming from fossil fuels, which has led to an increase in the carbon intensity of the electricity production. Large hydro still represents a substantial part of the electricity mix in most Latin-American countries. However, the construction of new dams has slowed mainly due to their local environmental consequences. In the last decade, most of these countries showed a growing interest in developing renewable energy technologies (RETs) for power generation, especially wind, solar, biomass, geothermal and small hydroelectric dams. This interest is explained primarily by the need of diversifying the power mix and increase security of supply. Additionally, other policy objectives have been considered, such as the electrification of isolated rural areas, the decrease of energy imports, the creation of new jobs and the reduction of GHG emissions. The latter goal became especially important after the COP21 (Paris, 2015), in which most countries agreed to follow decarbonisation pathways for their economies which means, among other measures, an increased effort to develop green energy. In this context, governments have set relatively ambitious targets and implemented public policies to encourage investment in RETs and thus take advantage of the great potential available. Different policy instruments have been implemented: tax exemptions, feed-in tariffs, feed-in premium, auction systems, tradable certificates, etc. However, even though many years of government effort and public resources have been invested in order to speed up the development, diffusion and implementation of RETs, experiences in different countries show that this is a very slow process. The current share of RETs is still low (or extremely low depending on the country), especially when compared to the ambitions of policy objectives. Support policies for RETs in Argentina is an interesting case to analyse the effectiveness of incentive mechanisms in a context of high risk perception. Recent experience in the electricity sector shows that the application of several theoretically effectives instruments did not produce the expected results despite the large potential available. Could it be explained by a failure in the design and implementation of the main promotion tools or by one unfavorable economic and institutional context and the related barriers? |
| Keywords: | Electricity Market,Renewable energies integration,Argentine |
| Date: | 2016–06–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01338856&r=sog |
| By: | Amal Hili; Didier Laussel; Ngo Van Long |
| Abstract: | We analyze the optimal contract between a risk-averse manager and the initial shareholders in a two-period model where the manager’s investment effort, carried out in period 1, and her current effort, carried out in period 2, both impact the second-period profit, so that it may be difficult to disentangle the incentives for these two types of effort. The contract stipulates (a) the profit-contingent cash remunerations for each period, (b) the number of shares that will be granted to the manager at the end of the first period, and (c) the restrictions (if any) on the sale of the granted stock. We show that the stock grants play different roles according to whether the signal of investment effort is less noisy, or noisier, than that of current effort. In the former case, at the optimal solution the firm gives more incentive to investment effort than to period 2 current effort, and there is no need to restrict the sale of granted stocks: the stock grants serve as an incentive device for investment effort, and it is efficient to permit the manager to sell all her shares to eliminate her dividend risk. In the latter case, the efficient contract does not allow the manager to sell all her granted stock, and both current and investment efforts are given the same incentive. In this case, stock grants play a different role: they serve as commitment device to overcome the time-inconsistency problem. We determine simultaneously the optimal stock grants and the optimal restrictions on sales of shares. Nous analysons le contrat optimal entre un gestionnaire et les actionnaires initiaux dans un modèle à deux périodes où l’effort d’investissement du gestionnaire, effectué dans la période 1, et son effort courant, dans la période 2, determinent le profit de la deuxième période, de sorte qu’il peut être difficile de distinguer les incitations à ces deux types d’effort. Le contrat spécifie a) des rémunérations pour chaque période, b) le nombre d’actions qui sera accordé au gestionnaire à la fin de la première période et c) les restrictions (le cas échéant) sur le vente des actions acquises. Nous montrons que les attributions d’actions jouent des rôles différents selon que le signal de l’effort d’investissement est moins bruyant ou plus bruyant que celui de l’effort actuel. Dans le premier cas, l’entreprise donne plus d’incitation à l’effort d’investissement, et il n’y a pas besoin de restreindre la vente d’actions attribuées, et il est efficace de permettre au gestionnaire de vendre toutes ses actions pour éliminer son risque de dividende. Dans le dernier cas, le contrat efficace ne permet pas au gestionnaire de vendre toutes ses actions, et les deux efforts actuels et d’investissement reçoivent le même incitatif. Dans ce cas, l’octroi d’actions sert à surmonter le problème d’incohérence temporelle. Nous déterminons simultanément le nombre d’actions attribuées et les restrictions optimales sur les ventes d’actions. |
| Keywords: | Stock grants, executive compensation, incentive contract, moral hazard, agency problems, Octroi d’actions, rémunération des dirigeants, contrat incitatif, risque moral, problèmes d’agence |
| JEL: | M51 M52 |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2016s-48&r=sog |
| By: | Oepping, Hardy |
| Abstract: | Falling from height while erecting a scaffold is one of the most prominent operative risks of a scaffolding company. Proper estimates of conditional fall probabilities considering all influencing factors are a crucial concern in assessing and implementing suitable risk control measures. This paper proposes an approach to designing a Bayesian network by which the following presumptions can be reviewed: 1. The risk of falling from height is more sensitive to length than to height of a scaffold 2. Project staff changes during running projects generally increase fall probability 3. The fall probability decreases systematically as the erecting process progresses These presumptions will be discussed and scrutinised on the basis of a Bayesian network that provides suitable hypotheses about the relations between fall probability and its most relevant influencing factors. Theoretical implications, occurring problems, and present solutions in designing and applying the risk model will be presented in detail. |
| Keywords: | scaffolding; falling from height; risk analysis; risk model; Bayesian network |
| JEL: | C11 L74 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73602&r=sog |
| By: | Rina Na (Department of Economics, The University of Kansas); David J.G. Slusky (Department of Economics, The University of Kansas;) |
| Abstract: | We estimate the effects of the ACA’s Medicaid expansion on health outcomes with a difference-in-differences approach, using restricted geotagged NHANES data from 2007 to 2014. Our results show that the partial Medicaid expansion in 2014 is significantly associated with a decrease of 8.465 mg / dL (4.3%) in total cholesterol and decrease of 5.569 mmHg in systolic blood pressure (4.7%). These are both likely the result of an increase in the use of cholesterol lowering medications, which can affect both of these measures, as there is no corresponding increase in the use of blood pressure medication. Contrastingly, we find no statistically significant effects for diabetes prescriptions or measures. |
| Keywords: | Medicaid Expansion, Health, NHANES, Cholesterol, Blood Pressure, Diabetes |
| JEL: | H20 H42 I12 I13 I28 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:kan:wpaper:201608&r=sog |
| By: | Alexandre Moatti (Sphere - SPHERE - Sciences - Philosophie - Histoire - CNRS - Centre National de la Recherche Scientifique - UP7 - Université Paris Diderot - Paris 7 - CGEIET - Conseil général de l'économie, de l'industrie, de l'énergie et des technologies - Ministère de l'Economie, des Finances et de l'Industrie) |
| Abstract: | This paper, based on various contemporary and historical sources, as well as a personal experience, tends to investigate how the figure of Claude-Henri de Saint-Simon (1760-1825) is mobilized nowadays in some discourses originating from a special French environment, at the border between large French corporations and the highest ranks of French administration (Corps des Mines, Inspection des Finances,…). Relying on the moral value of science and technics, defining public policies on the side of the political power, and finally promoting the notion of “common interest” at the highest ranks of some French enterprises would be the three cardinal virtues of such discourses. |
| Abstract: | Cette communication vise à investiguer, en s’appuyant sur diverses sources contemporaines et historiques ainsi que sur une expérience personnelle, comment la figure du comte de Saint-Simon (1760-1825) est invoquée de nos jours dans des discours émanant de milieux de grandes entreprises imbriqués, comme c’est souvent le cas en France, au milieu de la haute fonction publique (grands Corps d’État notamment). Ces discours font apparaître trois vertus cardinales supposées saint-simoniennes : la valeur et la compréhension de la science et de la technique, la définition de politiques publiques en appui au pouvoir politique, la défense d’un « intérêt général » à la tête des grandes entreprises françaises (y compris privées). |
| Keywords: | Saint-Simon, Polytechnique, Corps des Mines, Beffa, Fauroux, Lévy-Lambert, Moch, Vallon, Spinasse, Coutrot |
| Date: | 2016–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01306320&r=sog |
| By: | Cendejas Bueno, José Luis |
| Abstract: | In Aristotle’s thought, economic activity refers to a kind or praxis consisting of allocating human and material means comprising the oikos –the domestic community- to fulfill its natural ends: ensure both life and means of life. By means of natural chrematistics -acquisitive art- families acquire the necessary means for that, coming from production and exchange. Families group together in the political community (polis) whose end is well living, according virtue, outstanding justice as the “perfect virtue”. For its part, the Christian ethos informs this complete system (polis, oikos and chrematistics) ordering towards its ultimate purpose (beatitudo) every human act, internal and external. In St. Thomas view, eternal law constitutes the order of Creation that man can freely accept. This law harmonizes necessity of irrational beings, loving God’s action (divine law), natural law, and the contingency of “human things” that include economy. Trading activity is licit if it is at oikos or polis disposal and according how is exercised, by following commutative justice. Familiar, political and religious man’s nature establishes what the natural-necessary consists of, embracing, apart from body goods, others goods derived from considering social status and the life chosen (civil, religious, active or contemplative). Economic activity based on this anthropological root has a specific place as a part of an ordered natural-legal totality that provides economy with a meaning and a sufficient moral guidance. |
| Keywords: | oikonomia, chrematistics, natural law, economic thought of Aristotle, economic thought of Saint Thomas |
| JEL: | A13 B11 |
| Date: | 2016–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73585&r=sog |
| By: | Annamaria Lusardi; Olivia S. Mitchell |
| Abstract: | The goal of this paper is to ascertain whether older women’s current and anticipated future labor force patterns have changed over time, and if so, to evaluate the factors associated with longer work lives and plans to continue work at older ages. Using data from both the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS), we show that older women’s current and intended future labor force attachment patterns are changing over time. Specifically, compared to our 1992 HRS baseline, more recent cohorts of women in their 50’s and 60s’s are more likely to plan to work longer. When we explore the reasons for delayed retirement among older women, factors include education, more marital disruption, and fewer children than prior cohorts. But household finances also play a key role, in that older women today have more debt than previously and are more financially fragile than in the past. The NFCS data show that factors associated with retirement planning include having more education and greater financial literacy. Those who report excessive amounts of debt and are financially fragile are the least financially literate, had more dependent children, and experienced income shocks. Thus shocks do play a role in older women’s debt status, but it is not enough to have resources: people also need the capacity to manage those resources if they are to stay out of debt as they head into retirement. |
| JEL: | D91 J14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22606&r=sog |
| By: | Yi Huang (IHEID, The Graduate Institute of International and Development Studies, Geneva); Marco Pagano (University of Naples Federico II); Ugo Panizza (IHEID, The Graduate Institute of International and Development Studies, Geneva) |
| Abstract: | In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three ways. First, local public debt is inversely correlated with the city-level investment ratio of domestic private manufacturing firms. Instrumental variable regressions indicate that this link is causal. Second, local public debt has a larger negative effect on investment by private firms in industries more dependent on external funding. Finally, in cities with high government debt, firm-level investment is more sensitive to internal funding, also when this sensitivity is estimated jointly with the firm?s likelihood of being credit-constrained. Altogether, these results suggest that, by curtailing private investment, the massive public debt issuance associated with the post-2008 fiscal stimulus sapped long-term growth prospects in China. |
| Keywords: | Investment, Local public debt, Crowding out, Credit constraints, China. |
| JEL: | E22 H63 H74 L60 O16 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:gii:giihei:heidwp10-2016&r=sog |
| By: | SHIMAMOTO Daichi; TODO Yasuyuki; Yu Ri KIM; Petr MATOUS |
| Abstract: | Utilizing a randomized controlled trial (RCT) in traditional clusters of apparel and textile firms in Vietnam, this paper investigates how firms' decisions to participate in seminars on export promotion are affected by their information exchange peers. We identify the effect of the number of peers participating in the seminars by using the number of randomly invited peers as an instrument. In addition, because we held three one-day seminars consecutively and invited each firm to one of the seminars, we can isolate the peer effects based on the reduction of the psychological costs of participation--or social utility--from other effects through information confirmation among the peer participants and free riding on peer information. We find that peers' participation in the seminars has a positive effect overall. To further decompose this positive effect, we distinguish between peers participating on the same day and other days, finding that the former has a positive effect while the latter has no significant effect. These results imply that peer effects arise mostly through the social utility channel. The presence of positive peer effects suggests that multiple equilibria in terms of the share of participants within each network of firms may emerge, which is also consistent with our observations. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16083&r=sog |
| By: | David Boisclair; Simon Brière; Guy Lacroix; Steeve Marchand; Pierre-Carl Michaud |
| Abstract: | Nous utilisons des méthodes de simulation et un simulateur fiscal détaillé pour analyser les effets des plus récentes propositions de réforme du Régime de rentes du Québec (RRQ). Les deux propositions analysées sont celles mises de l’avant en juin 2016 par le gouvernement du Canada, et qui a reçu l’appui d’une majorité de provinces ; et par le gouvernement du Québec, ce dernier n’ayant à ce jour pas appuyé la proposition soumise par le fédéral. Nous analysons les effets en termes de taux de rendement interne (TRI), pour 78 types d’individus ; nous prenons en considération l’inégalité d’espérance de vie selon le niveau de scolarité, la variabilité des revenus de travail au fil de la carrière et les interactions avec la fiscalité et le système de revenu à la retraite au Québec – tels qu’ils existent et selon les modifications proposées. Nos résultats indiquent que les TRI des nouvelles cotisations sont comparables au taux de rendement d’autres produits financiers et qu’ils sont similaires, sous les deux réformes proposées, pour les individus gagnant plus de 25 000$ en moyenne (en $ de 2015), mais que la proposition du gouvernement fédéral génère des taux de remplacement du revenu plus élevés et est plus attrayante – en termes de TRI – pour les individus gagnant un revenu moyen de travail se situant au bas de la distribution. Cette dernière différence avec la proposition québécoise est due à la bonification proposée par le fédéral de sa prestation fiscale pour revenu de travail, qui vient contrer l’effet de la hausse des cotisations au RRQ. |
| Keywords: | épargne retraite, Québec, réforme, inégalité, faible revenu |
| JEL: | J18 J26 J32 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:criacr:1606&r=sog |
| By: | Bartuli, Jenny (Continental AG); Djawadi, Behnud Mir (University of Paderborn); Fahr, René (University of Paderborn) |
| Abstract: | The present paper suggests an innovative experimental design to study the nature and occurrence of whistleblowing in an employee-organization context. In particular, we aim at identifying whether student subjects in the role of employees are willing to blow the whistle on their managers' decisions to withhold money that is destined for a charitable purpose. Since the sole act of reporting leads to negative financial consequences for both players, the employee faces a conflict between ethical considerations and monetary interests. Of the 111 employee-manager pairings, 88 managers misappropriate the donation funds and 33 employees blow the whistle on their managers' fraudulent behaviors. We use different scales of the HEXACO and the DOSPERT personality inventory to link measures of personality traits to actual behavior which enables us to identify specific characteristics that distinguish whistleblowers from silent observers. We find that the Honesty-Humility factor scale is a strong predictor for whistleblowing. Further, employees who are more altruistic and more aware of ethical issues are more likely to refrain from supporting fraud and report wrongdoing. With the foci on research exploring individual and situational antecedents of whistleblowing, our experimental design offers researchers a new approach to studying organizational behavior of ethical scope under controlled and incentive-compatible conditions. |
| Keywords: | whistleblowing, fraud, organizational wrongdoing, social norms, experimental economics, laboratory experiment |
| JEL: | C91 I11 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10190&r=sog |
| By: | Samuel R. Bondurant; Jason M. Lindo; Isaac D. Swensen |
| Abstract: | In this paper we estimate the effects of expanding access to substance-abuse treatment on local crime. We do so using an identification strategy that leverages variation driven by substance-abuse-treatment facility openings and closings measured at the county level. The results indicate that substance-abuse-treatment facilities reduce both violent and financially motivated crimes in an area, and that the effects are particularly pronounced for relatively serious crimes. The effects on homicides are documented across three sources of homicide data. |
| JEL: | I12 K14 K42 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22610&r=sog |
| By: | Pierre Courtioux (Edhec Business School - Edhec Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Tristan-Pierre Maury (Edhec Business School - Edhec Business School) |
| Abstract: | In this article, based on social segregation indices (both entropy and exposure indices) for the period 2004-2014, we compare the level of social diversity at the middle school level between private schools, public schools (excluding priority education) and public schools in priority education zones. For a given level of social diversity, we also look at the way advantaged social background pupils might concentrate in some schools. Our results show that private schools are slightly over-represented among schools located at the extremes of the distribution of entropy levels, that is to say, both among the most "mixed" and the most "segregated" schools. However, the nature of social diversity varies between public, private and priority education schools. At given level of entropy, private schools receive relatively less disadvantaged social backgrounds pupils. Focusing on the most "segregated" schools, the complementary use of the standardized exposure index shows that there is a tendency to separate students with advantaged social background and other students in private schools, as well as in public schools (excluding priority education). On the contrary, schools in priority education zones are more homogeneous with a large proportion of disadvantaged social group's pupils. |
| Abstract: | Dans cet article, sur la base d'indices statistiques de ségrégation (indices d'entropie et d'exposition) portant sur la période 2004-2014, nous analysons et comparons le degré de mixité sociale des établissements appartenant au secteur privé, au secteur public hors éducation prioritaire et au secteur public relevant de l'éducation prioritaire. Nous regardons également à niveau de mixité sociale donné si les élèves très favorisés restent fortement concentrés dans certains établissements ou non. Nos résultats montrent que le secteur privé est légèrement surreprésenté parmi les établissements situés aux extrêmes de la distribution des niveaux entropie, c'est-à-dire à la fois parmi les plus « mixtes » et parmi les plus « ségrégés ». Cependant, la nature de cette mixité varie selon le secteur. A niveau donné de mixité sociale, le secteur privé accueille relativement moins d'élèves d'origines sociales défavorisées. En se concentrant sur les établissements les plus « ségrégés », l'utilisation complémentaire de l'indice d'exposition normalisé montre qu'il existe dans le secteur privé et public hors éducation prioritaire, une tendance à la séparation des élèves « très favorisés » et des autres groupes. Au contraire, le secteur de l'éducation prioritaire est homogène et concentre en grande majorité des groupes sociaux défavorisés. |
| Keywords: | priority education policy,social diversity,segregation,secondary education,private school,collège,mixité sociale,enseignement privé,éducation prioritaire |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01339855&r=sog |
| By: | Elisa Gamberoni (European Central Bank); Claire Giordano (Banca d'Italia); Paloma Lopez-Garcia (European Central Bank) |
| Abstract: | We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy and Spain) and eight main sectors of the economy during the period 2002-2012. Three key stylized facts stand out. First, in all countries except Germany, capital allocation worsened over time whereas the efficiency of labour reallocation did not change significantly. Second, the observed increase in capital misallocation has been particularly marked in services compared with industry. Third, misallocation of both labour and capital decreased in all countries in 2009 and again for some countries/sectors in 2011-2012. We then take stock of the possible drivers of input misallocation dynamics in a standard panel regression framework. Restrictive bank lending standards and heightened demand uncertainty in certain years led to growth in capital misallocation, whereas since 2002 overall deregulation in both the product and labour markets has helped dampen input misallocation dynamics. Controlling for all variables, the Great Recession per se improved the allocative efficiency of both capital and labour. |
| Keywords: | total factor productivity, allocative efficiency, capital, labour, Great Recession |
| JEL: | D24 D61 O47 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_349_16&r=sog |
| By: | Cletus C. Coughlin; Dennis Novy |
| Abstract: | Trade data are typically reported at the level of regions or countries and are therefore aggregates across space. In this paper, we investigate the sensitivity of standard gravity estimation to spatial aggregation. We build a model in which initially symmetric micro regions are combined to form aggregated macro regions. We then apply the model to the large literature on border effects in domestic and international trade. Our theory shows that larger countries are systematically associated with smaller border effects. The reason is that due to spatial frictions, aggregation across space increases the relative cost of trading within borders. The cost of trading across borders therefore appears relatively smaller. This mechanism leads to border effect heterogeneity and is independent of multilateral resistance effects in general equilibrium. Even if no border frictions exist at the micro level, gravity estimation on aggregate data can still produce large border effects. We test our theory on domestic and international trade flows at the level of U.S. states. Our results confirm the model's predictions, with quantitatively large effects. |
| Keywords: | Gravity; Geography; Borders; Trade Costs; Heterogeneity; Home Bias; Spatial Attenuation; Modifiable Areal Unit Problem (MAUP) |
| JEL: | F10 F15 R12 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67655&r=sog |
| By: | Toshihiro Okubo (Faculty of Economics, Keio University); Tetsuji Okazaki (Faculty of Economics, The University of Tokyo); Eiichi Tomiura (Graduate School of Economics, Hitotsubashi University) |
| Abstract: | Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Firms in clusters expand transaction networks at a higher speed, but significantly only with firms in the agglomerated core Tokyo, not with local firms within the same region. We confirm the robustness by regional historical background as instruments. By disaggregating firms by their main bank types, we find that cluster firms expanding networks are mainly financed by regional banks, not by banks with nation-wide operations. This suggests the importance of intensive relationship with the main banks for inter-firm network formation. |
| Keywords: | cluster policy, transaction network |
| JEL: | O25 R11 R38 R58 |
| Date: | 2016–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2016-019&r=sog |
| By: | Gumpert, Anna; Hines Jr, James R; Schnitzer, Monika |
| Abstract: | Multinational firms with operations in high-tax countries can benefit the most from reallocating taxable income to tax havens, though this is sufficiently diffcult and costly that only 20.4 percent of German multinational firms have any tax haven affiliates. Among German manufacturing firms, a one percentage point higher foreign tax rate is associated with a 2.3 percent greater likelihood of owning a tax haven affiliate. This is consistent with tax avoidance incentives, and contrasts with earlier evidence for U.S. firms. The relationship is less strong for firms in service industries, possibly reflecting the difficulty of reallocating taxable service income. |
| Keywords: | multinational firms; tax havens |
| JEL: | F23 H87 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11495&r=sog |
| By: | Alicia García-Herrero; Jianwei Xu |
| Abstract: | The Belt and Road initiative, recently embarked on by China, aims to improve cross-border infrastructure in order to reduce transportation costs across a massive geographical area between China and Europe. The authors estimate how much trade might be created among Belt and Road countries as a consequence of the reduction in transportation costs (both railway and maritime) and find that European Union countries, especially landlocked countries, should benefit considerably. This is also true for eastern Europe and Central Asia and, to a lesser extent, south-east Asia. In contrast, if China were to seek to establish a free trade area within the Belt and Road region, EU member states would benefit less, while Asia would benefit more. Xi Jinping’s current vision for the Belt and Road, centred on improving transport infrastructure, is very good news for Europe as far as trade creation is concerned. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:16296&r=sog |
| By: | George C. Bitros (Athens University of Economics and Business) |
| Abstract: | This paper investigates whether the monetary policy and the market structure have anything to do with the declining share of labor in the U.S in recent decades. For this purpose: (a)a dynamic general equilibrium model is constructed and used in conjunction with data over the 2000-2014 period to compute the income shares; (b) the latter are compared to those reported from various sources for significant differences , and (c) the influence of monetary policy is subjected to several statistical tests. With comfortable margins of confidence it is found that the interest rate the Federal Open Market Committee charges for providing liquidity to the economy is related positively with the shares of labor and profits and negatively with the share of interest. What these findings imply is that, by moving opposite to the equilibrium real interest rate, the relentless reduction of the federal funds rate since the 1980s may have contributed to the decline in the equilibrium share of labor, whereas the division of the equilibrium non-labor income between interest and profits has been evolving in favor of the former, because according to all indications the stock of producers’ goods in the U.S has been aging. As for the market structure,it is found that even if firms had and attempted to exercise monopoly power, it would be exceedingly difficult to exploit it because the demand of consumers’ goods is significantly price elastic. Should these results be confirmed by further research, they would go a long way towards explaining the deceleration of investment and economic growth. |
| Keywords: | Useful life of capital, Equilibrium real interest, Eederal funds rate, Income shares |
| JEL: | E19 E25 E40 E50 |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:aeb:wpaper:201603&r=sog |
| By: | Brice Corgnet (EMLYON Business School, Univ Lyon, GATE L-SE UMR 5824, F-69131 Ecully, France); Joaquín Gómez-Miñambres (Bucknell University, Department of Economics, One Dent Drive, Lewisburg, PA 17837. Chapman University, Economic Science Institute. One University Drive, Orange, California 92866); Roberto Hernán-Gonzalez (Nottingham University, Business School, Nottingham, UK) |
| Abstract: | We study a principal-agent framework in which principals can assign wage-irrelevant goals to agents. We find evidence that, when given the possibility to set wage-irrelevant goals, principals select incentive contracts for which pay is less responsive to agents’ performance. We show that average performance of agents is higher in the presence of goal setting than in its absence despite weaker incentives. We develop a principal-agent model with reference-dependent utility that illustrates how labor contracts combining weak monetary incentives and wage-irrelevant goals can be optimal. It follows that recognizing the pervasive use of non-monetary incentives in the workplace may help account for previous empirical findings suggesting that firms rely on unexpectedly weak monetary incentives. |
| Keywords: | Principal-agent models, incentive theory, non-monetary incentives, goal setting, reference-dependent utility, laboratory experiments |
| JEL: | C92 D23 M54 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1628&r=sog |
| By: | Varabyova, Yauheniya; Blankart, Carl Rudolf Berchtold; Schreyögg, Jonas |
| Abstract: | In the past decades, hospitals have been facing pressure to increase the efficiency of resource allocation. One way to achieve higher levels of technical efficiency is to treat more patients with the same amount of personnel, which could potentially lead to a trade-off between improving efficiency and maintaining good patient service. The aim of this study is to demonstrate how the nonparametric conditional approach can be used to integrate quality into the analysis of efficiency. The conditional approach allows investigating the mechanism through which quality enters the production process. Generally, an external variable may enter the production process by affecting either the attainable frontier or the distribution of inefficiencies inside the production set. To account for the heterogeneity of hospital services, we focus on a hospital department as the unit of analysis. We use data from 178 departments of interventional cardiology and consider three different measures of quality: patient satisfaction, risk-adjusted mortality, and patient radiation exposure. Our empirical assessment shows that the impact of quality on the production process differs according to the utilized quality measure. Patient satisfaction does not affect the attainable frontier but does have an inverted U-shaped effect on the distribution of inefficiencies; risk-adjusted mortality negatively impacts the attainable frontier at high values of mortality but does not impact the distribution of inefficiencies; and patient radiation exposure is not associated with the production process. Our results refute the existence of a clear trade-off between efficiency and quality. The conditional approach can be applied to deal with the complexity of the underlying relationships between efficiency and quality. |
| Keywords: | quality,efficiency,cardiology department,conditional approach,data envelopment analysis (DEA) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hcherp:201611&r=sog |
| By: | Jean Paul Decamps (Toulouse School of Economics); Catherine Casamatta (Toulouse School of Economics); Arnold Chassagnon (Paris School of Economics); Andrea Attar (Toulouse School of Economics and University of Roma Tor Vergata) |
| Abstract: | We study capital markets subject to moral hazard when investors cannot prevent side trading, thereby facing an externality if firms raise funds from multiple sources. We analyze whether investors’ ability to design financial covenants that may include exclusivity clauses mitigates this externality. Following covenant violations, investors can accelerate the repayment of their loan, adjust its size, or increase interest rates. Enlarging contracting opportunities generates a severe market failure: with covenants, equilibria are indeterminate and Pareto ranked. We show that an investors-financed subsidy scheme to entrepreneurs alleviates the incentive to overborrow and sustains the competitive allocation as the unique equilibrium one. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:701&r=sog |
| By: | Patrice Bougette (Université Côte d'Azur, France; GREDEG CNRS); Hugues Bouthinon-Dumas (ESSEC Business School); Frédéric Marty (Université Côte d'Azur, France; GREDEG CNRS; OFCE - Sciences Po. Paris) |
| Abstract: | L’efficacité économique des règles du droit de la concurrence concernant les modalités de détermination des sanctions dépend de la valeur attribuée par les entreprises à la certitude de la sanction encourue, elle-même liée à sa négociabilité. Nous analysons d’abord la prévisibilité des sanctions et la stratégie des firmes au travers de deux affaires emblématiques de décembre 2015 concernant le groupe Orange. Selon cette même logique de plus de prévisibilité sur le montant des sanctions, nous discutons de l’évolution récente instituée par la loi Macron du 6 août 2015 qui transforme la procédure de non-contestation des griefs en une procédure de transaction. Nous détaillons, enfin, les raisons pour lesquelles les entreprises cherchent en tant que telle la prévisibilité des sanctions qu’elles encourent via une négociabilité favorisée par les nouveaux dispositifs juridiques. |
| Keywords: | amende, dissuasion, procédures négociées, prévisibilité, loi Macron, Orange |
| JEL: | K21 L41 D43 D20 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2016-27&r=sog |
| By: | Lucio Maria Calcagnile; Fulvio Corsi; Stefano Marmi |
| Abstract: | We investigate the relative information efficiency of financial markets by measuring the entropy of the time series of high frequency data. Our tool to measure efficiency is the Shannon entropy, applied to 2-symbol and 3-symbol discretisations of the data. Analysing 1-minute and 5-minute price time series of 55 Exchange Traded Funds traded at the New York Stock Exchange, we develop a methodology to isolate true inefficiencies from other sources of regularities, such as the intraday pattern, the volatility clustering and the microstructure effects. The first two are modelled as multiplicative factors, while the microstructure is modelled as an ARMA noise process. Following an analytical and empirical combined approach, we find a strong relationship between low entropy and high relative tick size and that volatility is responsible for the largest amount of regularity, averaging 62% of the total regularity against 18% of the intraday pattern regularity and 20% of the microstructure. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04199&r=sog |
| By: | David Boisclair; Simon Brière; Guy Lacroix; Steeve Marchand; Pierre-Carl Michaud |
| Abstract: | Nous utilisons des méthodes de simulation et un simulateur fiscal détaillé pour analyser les effets des plus récentes propositions de réforme du Régime de rentes du Québec (RRQ). Les deux propositions analysées sont celles mises de l’avant en juin 2016 par le gouvernement du Canada, qui a reçu l’appui d’une majorité de provinces, et par le gouvernement du Québec, qui à ce jour n’a pas appuyé la proposition soumise par le fédéral. Nous analysons les effets en termes de taux de rendement interne (TRI) pour 78 types d’individus; nous prenons en considération l’inégalité d’espérance de vie selon le niveau de scolarité, la variabilité des revenus de travail au fil de la carrière et les interactions avec la fiscalité et le système de revenu à la retraite au Québec – tels qu’ils existent et selon les modifications proposées. Nos résultats indiquent que les TRI des nouvelles cotisations sont comparables au taux de rendement d’autres produits financiers et qu’ils sont similaires, sous les deux réformes proposées, pour les individus gagnant plus de 25 000 $ en moyenne (en dollars de 2015), mais que la proposition du gouvernement fédéral génère des taux de remplacement du revenu plus élevés et est plus attrayante – en termes de TRI – pour les individus gagnant un revenu moyen de travail se situant au bas de la distribution. Cette dernière différence avec la proposition québécoise est due à la bonification proposée par le fédéral de sa prestation fiscale pour revenu de travail, qui vient contrer l’effet de la hausse des cotisations au RRQ. |
| Keywords: | , épargne retraite, Québec, réforme, inégalité, faible revenu |
| JEL: | J18 J26 J32 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2016s-50&r=sog |
| By: | Christian Dreger; Dieter Gerdesmeier; Barbara Roffia |
| Abstract: | The analysis of monetary developments have always been a cornerstone of the ECB’s monetaryanalysis and, thus, of its overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments and assessing price stabilityover the medium term. It is a well-documented fact in the literature that, when interestrates are at the zero lower bound, the analysis of money stocks become even more importantfor monetary policy. Therefore, this paper re-investigates the stability properties of M3 demandin the euro area in the light of the recent economic crisis. A cointegration analysis isperformed over the sample period 1983 Q1 and 2015 Q1 and leads to a well-identified modelcomprising real money balances, income, the long term interest rate and the own rate of M3holdings. The specification appears to be robust against the Lucas critique of a policy dependentparameter regime, in the sense that no signs of breaks can be found when interest ratesreach the zero lower bound. Furthermore, deviations of M3 from its equilibrium level do notpoint to substantial inflation pressure at the end of the sample. Excess liquidity models turnout to outperform the autoregressive benchmark, as they deliver more accurate CPI inflationforecasts, especially at the longer horizons. The inclusion of unconventional monetary policymeasures does not contradict these findings. |
| Keywords: | Euro area money demand, inflation forecasts, unconventional monetary policy |
| JEL: | E41 E44 E52 G11 G15 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1606&r=sog |
| By: | Kalenjyan, S. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Solntsev, V.I. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Vardapetyan, V.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gumilevskaya, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The description of the approaches to the formation of the complex methods and tools for designing strategic plans for the cluster and innovation development of the regions to improve the efficiency of regional development programs in accordance with the system of multi-level priorities. Proposed methodology for assessing the quality and level of innovation and cluster development of regions on the basis of studying the experience of the individual regions of Russia and Kazakhstan. The results can be used to improve the work of regional and federal levels of strategic planning in the Russian Federation. |
| Keywords: | cluster development, innovation development, Russia, Kazakhstan |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2863&r=sog |
| By: | Steven A. Sass |
| Abstract: | Workers today must save to gain a secure retirement. Failing to save assures a sharp drop in living standards when the paychecks stop, and ample evidence indicates that many Americans are not saving enough. This brief reviews studies by the Social Security Administration’s Retirement Research Consortium, and others, that assess government initiatives to increase retirement saving. The first section introduces the government’s traditional incentive – favorable tax treatment for employer plans and Individual Retirement Accounts (IRAs). The second section presents evidence on its effect. The third section reviews evidence on the effect of behavioral incentives, such as auto-enrollment, which the government encourages employers to use in their 401(k)s. The fourth section discusses state government initiatives, now under development, to expand access to workplace plans. The final section concludes that the most promising current initiative to increase retirement saving could be the state government programs to auto-enroll workers not covered by an employer plan into an IRA. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:crr:issbrf:ib2016-15&r=sog |
| By: | Marie-Louise Leroux; Grégory Ponthiere |
| Abstract: | The family plays a central role in decisions relative to the provision of long term care (LTC). We develop a model of family bargaining to study the impact of the distribution of bargaining power within the family on the choices of nursing homes, and on the location and prices chosen by nursing homes in a Hotelling economy. We show that, if the dependent parent only cares about the distance, whereas his child cares also about the price, the mark up rate of nursing homes is increasing in the bargaining power of the dependent parent. We contrast the laissez-faire with the social optimum, and we show how the social optimum can be decentralized in a first-best setting and in a second-best setting (i.e. when the government cannot force location). Finally, we explore the robustness of our results to considering families with more than one child, and to introducing a wealth accumulation motive within a dynamic OLG model, which allows us to study the joint dynamics of wealth and nursing home prices. We show that a higher capital stock raises the price of nursing homes through higher mark up rates. |
| Keywords: | Family bargaining, long term care, nursing homes, spacial competitition, optimal policy, OLG models. |
| JEL: | D10 I11 I18 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:criacr:1604&r=sog |
| By: | Thierry Mayer; Marc J. Melitz; Gianmarco I. P. Ottaviano |
| Abstract: | We document how demand shocks in export markets lead French multi-product exporters to re-allocate the mix of products sold in those destinations. In response to positive demand shocks, those French firms skew their export sales towards their best performing products; and also extend the range of products sold to that market. We develop a theoretical model of multi-product firms and derive the specific demand and cost conditions needed to generate these product-mix reallocations. Our theoretical model highlights how the increased competition from demand shocks in export markets .and the induced product mix reallocations - induce productivity changes within the firm. We then empirically test for this connection between the demand shocks and the productivity of multi-product firms exporting to those destinations. We find that the effect of those demand shocks on productivity are substantial .and explain an important share of aggregate productivity fluctuations for French manufacturing. |
| Keywords: | productivity; trade; competition |
| JEL: | R14 J01 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67678&r=sog |
| By: | Alina Arefeva (Stanford) |
| Abstract: | I develop a tractable dynamic model of the housing market where the prices are determined in auctions rather than by Nash bargaining as in the standard housing search model. Markets that use auctions mimic actual housing markets, in that the model can portray a ``hot" market where numerous buyers flock to each new house on the market and a ``cold" market, where numerous houses are on the market and a buyer has a wide choice without competing directly with other buyers. In the auction model prices are higher, the inventory is bigger and waiting times are longer in the steady state compared to the standard model. The dynamic response of prices to shocks is larger in the auction model than in the bargaining model. Auctions amplify the response of house prices to shocks because prices respond more to changes in the present value of the housing services, and the option value to sell is more sensitive to the state of the housing market. The equilibrium allocations of the auction and Nash bargaining model are not socially efficient, so the government interventions are desirable. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:714&r=sog |
| By: | Katharina Mühlhoff (Universidad Carlos III de Madrid) |
| Abstract: | For the better part of human history, life was most fragile and death most imminent during infancy and early childhood. The death of a child may be hardly bearable from a humanitarian perspective. Yet, certain currents in economic theory attach a silver lining to high mortality by claiming that the Malthusian check on population raises per capita income and facilitates the accumulation of capital. The present paper challenges this conventional wisdom. In essence, it argues that high levels of environmental risk produce genetic and behavioral adaptations which induce individuals to have many - in terms of parental investment - cheap offspring. Conversely, stable environments recast the tradeoff between child quantity and quality in favor of more quality-based reproductive strategies. Incorporating these biological relationships into the traditional Barro-Becker model of fertility, the paper finds that both declining extrinsic mortality and increased effectiveness of parenting effort potentially trigger a demographic transition. Thus, the economic benefits of Malthusian population checks are mitigated because high mortality endogenously produces high fertility whereas improved survival encourages human capital investment and fosters long-term growth. To assess whether the theoretical predictions conform with historical reality, I use smallpox vaccination in 19th century Germany as a natural experiment. Performing an econometric analysis of 67 districts in the Granduchy of Baden provides evidence, that comprehensive immunization and advanced medicalization came along with reduced mortality, significantly lower fertility and increased parental care. In sum, it therefore seems that Malthusian mechanisms are at least partly offset by countervailing biological adaptations. |
| Keywords: | Demographic Transition, Evolutionary Anthropology, Life History Theory, Economic Growth |
| JEL: | I12 I15 N13 N33 O44 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hes:wpaper:0102&r=sog |
| By: | Bryan Campbell; Michel Magnan; Benoit Perron; Zabiullah Tarshi |
| Abstract: | In this study we analyze the impact on the government deficit of the adoption of fixed budget rules. The literature in this area is considerable and is surveyed in Part A of the Report. Here we observe that rules fall under two general categories. The first is goal oriented with specific overall objectives for the deficit, as in the zero-deficit rule. A second approach focuses on expenditure limitations or restrictions. In our review of the literature, we also note that those jurisdictions that have imposed the discipline of a budget rule have experienced better results in managing their deficits. We turn our attention in Part B to the construction of a coherent set of budget data over as long a span as possible. The first reality that we faced is that comparable Quebec Public Accounts data extends only to 1998. Since this date, however, there have been two accounting reforms that necessitate considerable adjustments to the data in order to render them compatible. This part of the Report suggests a variety of resolutions and reconstructs the different components of the budget data for each of the resolutions. Based on this data analysis, Part C presents the results of an extensive simulation exercise to illustrate the impact of different budget rules on the evolution of the budget over a mid-term horizon. Ce rapport vise à analyser l’impact potentiel sur le déficit gouvernemental de la mise en œuvre d’une règle budgétaire. Selon les écrits dans le domaine, lesquels sont résumés dans le volet A du rapport, une règle budgétaire peut prendre différentes formes qui peuvent se regrouper en deux catégories, soit les règles spécifiant des cibles de déficit strictes (p. ex., déficit zéro) et les règles détaillées qui portent sur les augmentations (diminutions) de dépenses. Nous recensons un certain nombre de juridictions qui ont appliqué l’une ou l’autre de ces règles. Globalement, les juridictions ayant adopté la discipline d’avoir une règle budgétaire semblent afficher une meilleure performance quant à la gestion de leur déficit.Pour faire suite à cette synthèse des écrits, dans le cadre du volet B, nous dirigeons notre attention sur les comptes publics du gouvernement du Québec. En effet, afin d’éventuellement analyser l’efficacité relative de différentes règles budgétaires, il nous faut tout d’abord pouvoir compter sur des données budgétaires cohérentes sur plusieurs années. Or, à cet égard, nous avons fait face à deux défis de taille. Premièrement, les comptes publics du gouvernement du Québec présentés dans un format comparable ne remontent qu’à 1998. Deuxièmement, depuis 1998, deux réformes comptables majeures ont modifié la teneur des séries temporelles des comptes publics, rendant toute comparaison couvrant différentes réformes comptables hasardeuse. Par conséquent, nous avons dû recourir à des méthodologies d’estimation pour construire des séries temporelles de données budgétaires comparables. Ce travail a impliqué à la fois les chiffres budgétaires ainsi que les comptes publics audités. Dans le cadre du volet B, nous présentons les détails des différentes approches considérées afin d’estimer ces séries temporelles comparables. Le volet C est au cœur du rapport et présente les résultats de simulations de l’application de différentes règles budgétaires. |
| Date: | 2016–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirpro:2016rp-10&r=sog |
| By: | Rosadi, Dadi; Sidharta, Iwan |
| Abstract: | Rapid technological advances that increasingly requires the application of technological advances stretcher. One model of information technology development by building a system of information in this case the expert system that can diagnose diseases of rice plants. By using an expert system is expected to assist in providing a facility that supports to provide information and diagnose symptoms rice plants which arise along with the cause, especially that caused by pathogens to farmers in real time, and can be an alternative to meet the shortfall of field educator staff field which provides information on the prevention and control of pests and diseases of rice plants to farmers. |
| Keywords: | information systems; expert system; rice plant diseases. |
| JEL: | O21 O32 |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73600&r=sog |
| By: | Bernardo Alves Furtado; Isaque Daniel Rocha Eberhardt; Alexandre Messa |
| Abstract: | This text reports in detail how SEAL, a modeling framework for the economy based on individual agents and firms, works. Thus, it aims to be an usage manual for those wishing to use SEAL or SEAL's results. As a reference work, theoretical and research studies are only cited. SEAL is thought as a Lab that enables the simulation of the economy with spatially bounded microeconomic-based computational agents. Part of the novelty of SEAL comes from the possibility of simulating the economy in space and the instantiation of different public offices, i.e. government institutions, with embedded markets and actual data. SEAL is designed for Public Policy analysis, specifically those related to Public Finance, Taxes and Real Estate. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.03996&r=sog |
| By: | Knobel, Alexander (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kuznetsov, D.E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sedalishchev, V.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The main purpose of the work is to establish the regularities inherent in the behavior of exporters in the formation of export prices and an explanation of the mechanisms of these laws, the following theoretical models of international trade. |
| Keywords: | export, world market |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1855&r=sog |
| By: | Christian Catalini; Catherine Tucker |
| Abstract: | In October 2014, all 4,494 undergraduates at the Massachusetts Institute of Technology were given access to Bitcoin, a decentralized digital currency. As a unique feature of the experiment, students who would generally adopt first were placed in a situation where many of their peers received access to the technology before them, and they then had to decide whether to continue to invest in this digital currency or exit. Our results suggest that when natural early adopters are delayed relative to their peers, they are more likely to reject the technology. We present further evidence that this appears to be driven by identity, in that the effect occurs in situations where natural early adopters' delay relative to others is most visible, and in settings where the natural early adopters would have been somewhat unique in their tech-savvy status. We then show not only that natural early adopters are more likely to reject the technology if they are delayed, but that this rejection generates spillovers on adoption by their peers who are not natural early adopters. This suggests that small changes in the initial availability of a technology have a lasting effect on its potential: Seeding a technology while ignoring early adopters' needs for distinctiveness is counterproductive. |
| JEL: | D83 G29 L14 M13 M3 O31 O32 O33 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22596&r=sog |
| By: | Alzbeta Mullerova |
| Abstract: | Parental leave is a key policy tool for addressing work-life reconciliation issues inherent to parenthood, including maternal employment and its continuity. The 2004 Czech accession to the EU shed light on the scope of the employment gap between women with and without children at pre-school age, highest among all the OECD countries (41%). This is due to very long universal paid parental leave: 4 years per child. In order to tackle this gap and to conform to the EU trend, a major reform was designed in 2008, and this paper investigates its effects on mothers’ participation and employment. I use the Labour Force Survey to assess the effect of this reform on maternal employment and activity levels, thanks to a difference-in-differences identification strategy. The reform provided an extensive change in financial incentives in favour of shorter leaves, and I show that effects on return-to-work timing are large and significant. However, if mothers do respond to the incentive by advancing the timing of the return to work by one year, the eligibility restrictions as well as the public childcare shortage narrow - de facto - the scope of the effect, which merely compensates for the massive opposite trend induced in the 1990s. |
| Keywords: | Parental Leave, Policy Evaluation, Female Labour Force Participation. |
| JEL: | J16 J18 P30 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-30&r=sog |
| By: | Martins, C. L.; Melo, Teresa; Pato, Margarida Vaz |
| Abstract: | Motivated by the increasing global interest in reducing food waste, we address the problem of redesigning a multi-echelon supply chain network for the collection of donated food products and their distribution to non-profit organisations that provide food assistance to the needy population. For the social enterprise managing the network, important strategic decisions comprise opening new food bank warehouses and selecting their storage and transport capacities from a set of discrete sizes over a multi-period planning horizon. Facility decisions also affect existing food banks that may be closed or have its capacity expanded. Logistics decisions involve the number of organisations to be supplied, their allocation to operating food banks and the flow of multiple food products throughout the network. Decisions must be made taking into account that food donations are insufficient and a limited investment budget is available. The paper is organised in two parts. In Part I, we propose a novel mixed-integer linear programming model that captures various practical features of a food aid supply chain. In particular, sustainability is explicitly accounted for within the decision-making process by integrating economic, environmental and social objectives. In Part II, a computational study is conducted to investigate the trade-offs achieved by considering three conflicting objective functions. Numerical results are presented for real-case based instances shaped by the food bank network coordinated by the Portuguese Federation of Food Banks. |
| Keywords: | supply chain,sustainability,tri-objective problem,MILP model |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:htwlog:10&r=sog |
| By: | Evangelia Leda Pateli |
| Abstract: | In this paper I investigate the relevance and explore the nature of import spillovers on the firms' decision to start importing using an exceptionally detailed data set on Swedish firms' imports, at the product-level and by source-country, spanning the period between 1997 and 2011. I study whether the presence of established importers located in the same area and/or operating in the same industry influences the import behavior of individual firms. The import side of trade has received relatively less attention in the literature and this tendency carries over to the study of spillovers that have mainly been researched from the exporters' perspective. There are however reasons to believe that import spillovers are indeed a relevant phenomenon. This paper bridges the gap in the literature and further contributes to the understanding of import spillovers by laying out a theoretical framework that formalizes the main forces at play. I develop a model for firms' import decisions featuring heterogeneous firms, product and country specific fixed costs of sourcing while additionally accommodating spillovers. To the best of my knowledge, this is one of only a handful of papers to study spillovers for import activities, and the first to provide theoretical insights for this mechanism. |
| Keywords: | importers; spillovers |
| JEL: | R14 J01 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67672&r=sog |
| By: | Di Corato, Luca; Moretto, Michele; Vergalli, Sergio |
| Abstract: | In this article we study the long-run average rate of forest conversion in Brazil. Deforestation results from the following trade-off: on the one hand, the uncertain value of benefits associated with forest conservation (biodiversity, carbon sequestration and other ecosystem services), on the other hand, the economic profits associated with land development (agriculture, ranching, etc.). We adopt the model by Bulte et al. (2002) as theoretical frame for studying land conversion and then derive, following Di Corato et al. (2013), the associated long-run average rate of forest conversion. We then identify the parameters to be used in our model. The object of our simulation is Brazil and 27 states. Our aim is to compute under several scenarios the time required to develop the remaining forested land in these states. We provide potential future scenarios, in terms of forest coverage, for the next 20, 100 and 200 years. Our results suggest that the uncertainty characterizing forest benefits plays a relevant role in deterring deforestation. We find that these benefits, if growing at a sufficiently high rate, may significantly slow down the conversion process. In contrast, a higher volatility accelerates the process of deforestation. We indicate the Brazilian states where forests are expected to be saturated earlier. In this respect, we find that forestland currently available may be expected to be fully converted within a 200-year horizon. |
| Keywords: | Deforestation, Long-run, Natural Resources Management, Optimal Stopping, Environmental Economics and Policy, C61, D81, Q24, Q58, |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemei:244528&r=sog |
| By: | Ryan Michaels (Federal Reserve Bank of Philadelphia); David Ratner (Federal Reserve Board); Michael Elsby (University of Edinburgh) |
| Abstract: | What are the aggregate employment effects of labor market frictions? Canonical labor market models share a common theme in exploring the implications of adjustment frictions. We use this shared microeconomic structure to devise an empirical diagnostic that allows one to bound the effects of this class of frictions on the path of aggregate employment. Application of this diagnostic to rich establishment microdata for the United States suggests that canonical labor market frictions are unable to explain the majority of observed employment dynamics. This result can be traced to the failure of canonical models to account for the dynamics of the firm size distribution observed in establishment microdata. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:770&r=sog |
| By: | A. Tubadji; E. Santarelli; R. Patuelli |
| Abstract: | Intention toward any occupational choice can be widely categorized as a rational choice process combined with a subjective attitude function. There is extensive literature dealing with the formation of intention toward entrepreneurship in adolescents, in particular as a result of either parental (vertical) transmission of social capital or network effects from peers or neighbours (the latter two being two different levels of horizontal transmission varying in proximity in terms of bonding and bridging). We contribute to this literature by considering the joint effect of all these three levels simultaneously, in order to avoid an underspecification of the model due to omission of important cultural factors. We hypothesize that such three levels identify a mechanism where the individual perception of their importance interacts with their objective characteristics. With data for second-year high-school students, and employing empirical triangulation through Logit and 3SLS methods, we find evidence for a strong parental effect and of secondary peer effects on student intention. We also detect clear endogenous effects from the neighbourhood and the overall cultural context. Moreover, entrepreneurship is confirmed to be perceived, even by students, as a buffer for unemployment and social mobility. |
| JEL: | R32 R38 Z10 J60 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp1073&r=sog |
| By: | Hentschker, C.; Wübker, A. |
| Abstract: | Medical technological progress has been shown to be the main driver of health care costs. A key policy question is whether new treatment options are worth the additional costs. In this paper we assess the causal effect of percutaneous transluminal coronary angioplasty (PTCA), a major new heart attack treatment, on mortality. We use a full sample of administrative hospital data from Germany for the years 2005 to 2007. To account for non-random treatment assignment of PTCA, instrumental variable approaches are implemented that aim to randomize patients to different likelihoods of getting PTCA independent of heart attack severity. Instruments include differential distances to PTCA hospitals and regional PTCA rates. Our results suggest a 4.5 percentage point mortality reduction for patients who have access to this new treatment compared to patients receiving only conservative treatment. We relate mortality reduction to the additional costs for this treatment and conclude that this new treatment option is cost-effective in lowering mortality for AMI patients at reasonable cost-e ectiveness thresholds. |
| Keywords: | acute myocardial infarction; instrumental variables; mortality; |
| JEL: | I11 I12 I18 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:yor:hectdg:16/29&r=sog |
| By: | Asongu, Simplice; Nwachukwu, Jacinta C. |
| Abstract: | This paper assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data is available for the period 1990-2010. The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent. |
| Keywords: | Financial Markets; Government Policy; Development |
| JEL: | G10 G18 G28 P16 P43 |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73686&r=sog |
| By: | Rufyikiri, Gervais |
| Abstract: | Since its accession to power following the 2005 elections, the CNDD-FDD has been continuously criticized for Burundi governance setbacks while its leaders’ behavior suggested a maquis practice continuity. This study contributes to understand the relationship between the inability of this former rebel party to succeed the democratic transition process and some key elements of its history which played against a real rebel movement-to-political party transformation. Rivalries with pre-war existing political formations, leadership discontinuity, political origin-based identity and exclusion politics, intellectual marginalization and the conditioning of fighters to commit cruelty acts were the main historical factors that have marked the evolution of CNDD-FDD movement and thus shaping its current stature. There are several evidences showing that the CNDD-FDD leadership has transferred armed movement practices from the maquis era to a post-conflict political party, leading to the conclusion that the CNDD-FDD rebel movement-to-political party transformation has completely failed. |
| Keywords: | Burundi; politics |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:iob:wpaper:201611&r=sog |
| By: | Levin, Mark (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Shilova, Nadezhda V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA); National Research University Higher School of Economics) |
| Abstract: | The paper contains a review of works on rentseeking with special attention paid to political corruption and corruptive networks. We also present here a theoretical model of rentseeking behavior in complex systems. The results of the model are tested not as it is usually done by speculative data about volumes of corruption, but on mass media reports about anticorruption measures in Russia. We used this data because Russian mass media is dependent on the few powerful interest groups, so through analyzing the texts we can derive which interest groups these are. As it was predicted for the developing countries in Africa, we fund out that these groups are Army and Police. This proves that in developing countries political stability is supported not by economic development, but by status-quo between well-organized militarized rent-seeking groups. |
| Keywords: | rentseeking behavior, corruption, graph method |
| Date: | 2016–07–22 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2272&r=sog |
| By: | MEALEM, Yosef; NITZAN, Shmuel; UI, Takashi |
| Abstract: | In a simple class of contest games, the designer can combine two types of discrimination: a change of the contestants' prize valuations subject to a balanced-budget constraint (direct discrimination), as well as a bias of the impact of their efforts (structural discrimination). Applying dual discrimination, the designer reduces (increases) the higher (lower) prize value up to a mimimal (maximal) level, but suitably increases (reduces) the corresponding prize share. Our main result establishes that in some cases this dual discrimination is advantageous and can yield almost the maximal possible efforts - the highest valuation of the contested prize. The efforts in our setting can therefore be larger than those obtained under alternative contests with optimal structural discrimination. This is true in particular with respect to the optimally biased simple N-player lottery, Franke et al. (2013). In contrast to the main findings in Franke et al. (2014a, 2014b), in our setting, efforts under the simple lottery are not necessarily smaller than those under an optimally biased N-player all-pay auction. Finally, the exclusion principle noted in Baye et al. (1999) – the elimination of the strongest player - is not valid under dual discrimination. |
| Keywords: | contest design, dual discrimination, direct discrimination, balanced-budget-constraint, structural discrimination. |
| JEL: | D70 D72 D74 D78 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hiasdp:hias-e-34&r=sog |
| By: | Zuzana Siebertova (Council for Budget Responsibility); Norbert Svarda (Council for Budget Responsibility); Jana Valachyova (Council for Budget Responsibility) |
| Abstract: | This paper summarizes the lessons learned in the process of building a microsimulation tool tailored to country-specific conditions and involving a maximum degree of user control. The objective to construct a model useful in the process of budgeting and fiscal forecasting has been achieved by paying attention to policy simulation details as well as to the representativeness of the underlying micro-dataset. The validity of simulated results improved significantly after the input database sample has been reweighted in such a way that the new weights replicate, among other factors, the earned income distribution and selected age cohorts directly. Innovative approaches in bringing the model closer to legislation as well as data highlight the benefits of having more user control compared with standardized microsimulation tools. |
| Keywords: | microsimulation, calibration, EUROMOD, tax and transfer policy, Slovakia |
| JEL: | C81 C83 C88 I38 H24 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:cbe:dpaper:201604&r=sog |
| By: | de Carvalho, Bernardo Reynolds Pacheco |
| Abstract: | In this paper the author argues that sustainable development starts always solving the basic needs, mainly food needs and food security concerns of any community. Those concerns are key stones for any social‐economic development process, and need to be addressed in terms of guarantees in time and through time. Security concerns at several levels should be on the agenda, but food is a necessary condition to address the other dimensions of the human security concerns. The actual food system today represents one of the big achievements of the human community, at global/world level, in terms of solving the global needs in food, but it is still far away from solving the human needs at local community level and individual level where many problems are present. For example, hunger in the last 20‐30 years have been always between 800 million persons and 1 billion, and malnutrition is now even with bigger numbers, with estimations for obesity above 1,2 billion persons. The main argument of the paper is around the understanding that global sustainable development can only be achieved with local economic development, and it will be used the food system analysis to provide evidences on that matter. However this view cannot be confused with an inward perspective and it will be shown that improvements in trade flows are also important moves in most cases, regarding economic development and quality of life. Food security concerns and food sovereignty are both key dimensions to be analyzed in any food system, but both concepts have a lot in common, and can be seen as convergent in many dimensions. Two case studies will be used to provide support to the discussion, (one European Country and an African Country), showing that human welfare and food nutrition can be improved through time, where the food production system play an important role, but also trade, and where local economic development does not mean necessarily lower dependency from abroad. Policy and economic development experts should be able to address and provide solutions to improve welfare, food security and food sovereignty, preserving and improving equilibrium with nature, autonomy, freedom of choice, less vulnerability of the systems and, at the same time, taking full advantage of the international relations and trade opportunities. |
| Keywords: | Agribusiness, Food Security and Poverty, International Development, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244443&r=sog |
| By: | Ashok, Mona (Henley Business School); Narula, Rajneesh (Henley Business School); Martinez-Noya, Andrea (Spanish Ministry of Economy and Competitiveness) |
| Abstract: | Purpose: Despite the keen interest in radical and incremental innovation, few studies have tested the varying impact of firm-level factors in service sectors. This paper analyses how collaboration with existing and prospective users, and investments in knowledge management (KM) practices can be adapted to maximise the outputs of radical and incremental process innovation in a Knowledge-Intensive Business Service (KIBS) industry. Methodology: Original survey data from 166 Information Technology Service (ITS) firms and interviews with 13 executives provide the empirical evidence. PLS-SEM is used to analyse the data. Findings: Collaboration with different types of users, and investments in KM practices affect radical versus incremental process innovation differently. Collaboration with existing users influences incremental process innovation directly, but not radical innovation; and prospective user collaboration matters for radical, but not incremental innovation. Furthermore, for radical innovation, investments in KM practices mediate the impact of prospective user collaboration on innovation. Implications: While collaboration with existing users for incremental process innovations does not appear to generate significant managerial challenges, to pursue radical innovations firms must engage in intensive collaboration with prospective users. Higher involvement with prospective users requires higher investment in KM practices to promote efficient intra- and inter-firm knowledge flows. Originality: This study is based on a large-scale survey, together with management interviews. Radical and incremental innovations require engagements with different kinds of users in the service industry, and knowledge management tools. |
| Keywords: | user collaboration, existing and prospective users, incremental innovation, radical process innovation, KIBS firms, knowledge management, PLS-SEM |
| JEL: | O32 M15 F23 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016039&r=sog |
| By: | Ludovit Odor (Council for Budget Responsibility); Pavol Povala (Council for Budget Responsibility) |
| Abstract: | We study risk premiums in Slovak government bonds. We focus on the country-specific part of yields which we associate with the spread to overnight-indexed swaps. In the period 2009-2015, we decompose the term structure of spreads to credit risk premium, liquidity premium, safety/convenience demand, and segmentation effects. While the level of the term structure of spreads is mostly related to sovereign credit risk, non-default components are related to the second principal component of spreads. We also identify a siezable effect of public sector purchase programme conducted by the European Central Bank with a magnitude in excess of 60 basis points for the ten-year bond. To study determinants of spreads in a longer sample 2000-2015, we construct credit spreads from international euro-denominated bonds. We find that debt-to-GDP ratio together with global financial variables explain a substantial fraction of spread variation. |
| Keywords: | Risk premiums, yield curve models, sovereign credit risk, liquidity |
| JEL: | F3 G1 G17 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:cbe:dpaper:201603&r=sog |
| By: | Sinyagin, Y.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Pereverzina, Olga Yur'evna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kosorotkina, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is dedicated to the improvement and development of technology of personal-professional diagnosis and evaluation of managerial staff in the process of formation and development of management reserve, including a new concept of development of a comprehensive system of personal-professional diagnostics in the formation of a reserve of administrative personnel, and describes some of the procedures included technology in personal-professional diagnosis and evaluation of leaders of the state civil service and managerial personnel reserve. |
| Keywords: | personal-professional diagnosis, administrative personnel |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1859&r=sog |
| By: | Subhanij, Tientip (Asian Development Bank Institute) |
| Abstract: | In Thailand, the government has long recognized the importance of small and medium-sized enterprises (SMEs) to the economy and has given a large amount of financial support to this sector. Still, SMEs are not able to catch up with larger enterprises and the constraints to SME financing remain the main topic of policy discussion today. Against this background, the important issue for Thailand may not be about the lack of financial assistance per se but about how to design an appropriate market-friendly business model and supporting scheme to help SMEs gain access to credit on a sustainable basis. Given the success of microfinance around the world, a large number of commercial banks have made a profitable business out of this sector. This paper explores various business models by commercial banks in microfinance and provides policy implications for Thailand. By making use of commercial banks' competitive advantage, Thailand can create a more market-friendly environment for SME financing. This will also ensure that lending to small-business clients is not a burden to the government and is self-sustaining in the long run. |
| Keywords: | SME; Thailand; bank; financing; microfinance; loans; credit; MFI; SFI; financial institution; commercial banking; financial access |
| JEL: | E50 G21 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0583&r=sog |
| By: | Manuel Coeslier (Audencia Business School, LHEEA - Laboratoire de recherche en Hydrodynamique, Énergétique et Environnement Atmosphérique - École Centrale de Nantes - CNRS - Centre National de la Recherche Scientifique); Céline Louche (Audencia Business School); Jean-François Hétet (LHEEA - Laboratoire de recherche en Hydrodynamique, Énergétique et Environnement Atmosphérique - École Centrale de Nantes - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In a context where the necessary transition to a climate-resilient economy creates financing needs as well as new and underestimated financial risks for investors, low-carbon or carbonefficient financial indices represent a rapidly growing and promising instrument. By building and testing representative optimization methodologies for low-carbon stock indices, this study investigates their ability to both (i) allow investors to hedge against climate-related financial risks and (ii) promote companies with higher contribution to the energy transition. The analysis is based on a large European stock index for which we benefit from a complete set of bottom-up calculated environmental indicators, including indirect and avoided carbon emissions figures. The results indicate that mainstream low-carbon indices methodologies fail to address the challenges they are based on and call for further improvements in order to align diversified financial instruments with ambitious climate objectives. |
| Keywords: | Sustainable finance,lowcarbon indices,Carbon footprint,Financed emissions,Avoided emissions |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01356163&r=sog |
| By: | Effendi, Effendi; Affandi, Azhar; Sidharta, Iwan |
| Abstract: | The fast development of Indonesia capital market has happened recently requires investors to manage more information which is available with variety of technical analysis. One of technical Springate’s model of bankruptcy prediction which is able to predict the possibility of bankruptcy for evading fortfolio depreciation held by the investors. In above-mentioned analysis, the investors use one set of financial ratio which has the same type profitability, leverage, and liquidity ratio. Logically, the investors who have used Springate’s ratio in their analysis will consider the set of ratio in selling and buying shares so Springate’s ratio have the influence to shares price. This reseach was done based on wanting to know the influence of Springate’s financial ratios to shares price of public enterprise of telecommunication sector in Indonesia Stock Exchange. This reseach is empirical study for getting to know the influence of Springate’s financial ratios to share price. The financial data which are used from report of public enterprise of telecommunication sector in Indonesia Stock Exchange are from the year 2009 up to 2013. The financial ratios which are independent variable used by Springate for predicting enterprise bankruptcy, i.e : Working Capital to Total Assets (WC/TA), Earnings Before Interest and Taxes to Total Assets (EBIT/TA), Earnings Before Taxes to Currents Liabilities (EBT/CL), and Sales to Total Assets (S/TA). The analysis instrument is panel data regression and for data processing using Eviews 7. t-test and F-test outcome shown that WC/TA, EBIT/TA, EBT/CL and S/TA independent variables partially and simultaneously together influencing shares price with random effect test. |
| Keywords: | Springate’s model; bankruptcy prediction; telecommunication sector. |
| JEL: | G1 G32 |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73596&r=sog |
| By: | Thomas Neubig; Fernando Galindo-Rueda; Silvia Appelt |
| Abstract: | Public policy has an important role to play in promoting research and development (R&D) the development, diffusion, and use of new knowledge and innovations. Fiscal incentives, including tax policies, should be directed at specific barriers, impediments or synergies to facilitate the desired level of investment in R&D and innovations. Without careful design, policies can have unintended consequences such as favouring incumbent firms, encouraging small firms to undertake less efficient activities, or creating arbitrage and rent-seeking activity. R&D tax policy needs to be considered in the context of the country’s general tax policies, its broader innovation policy mix and its other R&D support policies. More R&D activity in one country does not necessarily result in an overall increase in global innovation if it is simply shifted from another country. More research is needed to determine the extent to which R&D fiscal incentives in one country increase overall R&D, the quality of that R&D, and its positive spillovers to other sectors of the economy and other countries. Les incitations fiscales en faveur de la R-D et de l'innovation dans un monde diversifié La politique publique a un rôle important à jouer pour promouvoir la recherche et le développement, la création, la diffusion et l’utilisation de nouvelles connaissances et d’innovations. Les incitations fiscales, y compris les politiques fiscales, doivent cibler des obstacles, freins ou synergies spécifiques de manière à obtenir le niveau souhaité d’investissements dans la R-D et dans l’innovation. Si elles ne sont pas soigneusement conçues, ces politiques peuvent avoir des conséquences fortuites, comme favoriser les entreprises en place, inciter les petites entreprises à entreprendre des activités moins efficientes ou ouvrir la voie à l’arbitrage et à la recherche de rentes. Les mesures fiscales en faveur de la R-D doivent être appréhendées dans le contexte des politiques fiscales générales du pays, de l’ensemble des actions menées en faveur de l’innovation et de ses autres politiques d’aide à la R-D. Une intensification des activités de R-D dans un pays n’entraîne pas nécessairement une augmentation globale de l’innovation mondiale si elle correspond à un simple transfert d’un autre pays. Des travaux supplémentaires sont nécessaires pour déterminer dans quelle mesure les incitations fiscales en faveur de la R-D dans un pays augmentent le niveau global de R-D, la qualité de cette R-D et ses retombées positives dans d’autres secteurs de l’économie et dans d’autres pays. |
| Date: | 2016–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ctpaaa:27-en&r=sog |
| By: | Kayleigh Barnes; Arnab Mukherji; Patrick Mullen; Neeraj Sood |
| Abstract: | This paper estimates the impact of social health insurance on financial risk reduction by utilizing data from a natural experiment created by the phased roll out of a social health insurance program for the poor in India. We estimate the impact of insurance on the distribution of out-of-pocket costs, frequency and amount of money borrowed for health reasons, and the likelihood of incurring catastrophic health expenditures. We use a stylized expected utility model to compute the welfare effects associated with changes due to insurance in the distribution of out-of-pocket costs. We adjust the standard model to account for the unique conditions of a developing country by incorporating consumption floors, informal borrowing, and selling of assets. These adjustments allow us to estimate the value of financial risk reduction from both consumption smoothing and asset protection channels. Our results show that social insurance reduces out-of-pocket costs with larger effects in the higher quantiles of the out-of-pocket cost distribution. In addition, we find a reduction in the frequency and amount of money borrowed for health reasons. Finally, we find that the value of financial risk reduction outweighs the total per household cost of the social insurance program by two to five times. |
| JEL: | H0 H4 H51 I1 I13 I15 I3 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22620&r=sog |
| By: | Atnashev, Timur M. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Balobanov, A.E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper analyzes the formation of the two approaches to governance in the twentieth and twenty-first centuries. "Project" approach is formed as a separate management disciplines with his ideology and set of tools in the implementation of strategic programs in the area of ??infrastructure, space and defense industry. In parallel with the formation of a "strategic" project line in the government in the twentieth century there was a steady classical approach based on meritocratic selection, specialized legal framework and compliance with the rules. The analysis shows that the most developed and fast-growing developing countries formed the classic civil service as the main instrument of government. Since the beginning of the 1980th under the influence of critics and limitations of the classical model of neo-liberal agenda in economic policy emerged reformist wave of New Public Management, with a focus on improving the effectiveness and efficiency of public administration. In this paper we analyzed the experience of joining the two approaches to governance and its impact on the public service. |
| Keywords: | project, program, project management, evaluation, control/indicators, public service, meritocracy, NPM, Max Weber |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2869&r=sog |
| By: | Philipp Heimberger (Vienna Institute for International Economic Studies); Jakob Kapeller (Johannes Kepler University) |
| Abstract: | This paper analyzes the performative impact of the European Commission’s model for estimating ‘potential output’, which is used as a yardstick for measuring the ‘structural budget balance’ of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years, potential output estimates amplified the build-up of private debt, housing bubbles and macroeconomic imbalances. After the financial crisis, they were revised downwards, which increased fiscal consolidation pressures. By focusing on the euro area’s economies during 1999-2014, we identify two performative aspects of the potential output model. First, the political implications of the model led to a pro-cyclical feedback loop, reinforcing general economic developments. Second, the model has contributed to national lock-ins on path dependent debt trajectories, fueling ‘structural polarization’ between core and periphery. |
| Keywords: | performativity, potential output, path dependency, Eurozone crisis, fiscal policy, austerity. |
| JEL: | E24 E61 E62 F15 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:50&r=sog |
| By: | Muhammad Mirza (Superior University, Lahore-Pakistan); Rehman Muqadass (Punjab University, Lahore-Pakistan); Abdul Rahman Chaudhary (Superior University, Lahore-Pakistan); Ahmad Bazmi Nisar (Superior University, Lahore-Pakistan) |
| Abstract: | This article reports on a qualitative study, which was conducted to identify the problems faced by the general public as well as the security agencies on check posts as well as toll plazas due to lesser use of E-Tag facility for smooth movement of traffic and reduction in terrorist activities. The sample of study consisted of all the twelve persons from different classes and professions, who shared their personal experiences about this issue. A structured interview with open-ended questions was used to investigate the problems of traffic and terrorist activities. Collected data were analyzed through (transcribing and coding) the statements given by the general public. It was found that there are some serious issues on both the ends of general public as well as security agencies to maintain terrorist free movement of traffic within and outside cities of Pakistan. It was surprising to find out that there is no public awareness campaign by the government to educated general public about the use of E-Tag facility on both print and electronic media. The problem of traffic jam as well as reduction in terrorist activities can be overcome by the extensive use of modern technology likewise cameras & scanners respectively. |
| Keywords: | Public awareness,Role of media,E-Tag facility,Use of modern technology,Terrorist activities |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01355911&r=sog |
| By: | Guido Menzio (University of Pennsylvania); Mikhail Golosov (Princeton University) |
| Abstract: | We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed poorly in the past, in order to give them an ex-ante incentive to exert effort. Firms have an incentive to coordinate the outcome of their randomizations, as coordination allows them to load the firing probability on states of the world in which it is costlier for workers to become unemployed and, hence, allows them to reduce overall agency costs. In the unique robust equilibrium, firms use a sunspot to coordinate the randomization outcomes and the economy experiences endogenous, stochastic aggregate fluctuations. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:740&r=sog |
| By: | Melendez-Plumed, Vicenc |
| Abstract: | Karl Marx in chapter 9 of Capital, Volume III, remove profits from the cost-price of sectors so as to calcultate the production prices. If instead of doing so, we keep them we can obtain a set of production prices at the existing sectoral rates of profit in value terms which are proportional to values. This proportionality, based on the rate of surplus value, is only lost when trying to apply the resulting Marxian (wheigthed) rate of profit to the employed sectoral capitals measured in this proportional production prices. The common rate can only be applied by artificially establishing a price that modifies the common unit of the sectoral values. |
| Keywords: | Sectoral rates of profit in value terms; Rate of surplus value; Production prices; Labour value |
| JEL: | B51 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73628&r=sog |
| By: | Fernald, John G. (Federal Reserve Bank of San Francisco) |
| Abstract: | What is the sustainable pace of GDP growth in the United States? A plausible point forecast is that GDP per capita will rise well under 1 percent per year in the longer run, with overall GDP growth of a little over 1-1/2 percent. The main drivers of slow growth are educational attainment and demographics. First, rising educational attainment will add less to productivity growth than it did historically. Second, because of the aging (and retirements) of baby boomers, employment will rise more slowly than population (which, in turn, is projected to rise slowly relative to history). This modest growth forecast assumes that productivity growth is relatively “normal,” if modest—in line with its pace for most of the period since 1973. An upside risk is that we see another burst of information-technology-induced productivity growth similar to what we saw from 1995 to 2004. |
| Date: | 2016–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:2016-18&r=sog |
| By: | Anil Alpman (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | Using a generalization of the time allocation model to estimate the opportunity cost of time, we explore the intratemporal substitutions between goods and time and the variations of individuals' full expenditures and welfares during the Great Recession. Our findings provide empirical evidence about the importance the home production over the business cycles and show that the reallocation of time absorbed approximately a third of the Great Recession's negative welfare impact. |
| Abstract: | En utilisant une généralisation du modèle de l'allocation du temps pour estimer le coût d'opportunité du temps, nous analysons la substitution entre temps et biens, et les variations du revenu-complet et du bien-être des individus durant la Grande Récession. Nos résultats montrent que la production domestique absorbe un tiers de l'effet négatif sur bien-être de la Grande Récession. |
| Keywords: | Home Production,Time Allocation,Welfare,Great Recession,Production domestiques,Allocation du temps,Richesse |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01159507&r=sog |
| By: | Eleonora Cavallaro; Bernardo Maggi |
| Abstract: | We model macroeconomic instability as the outcome of the dynamic interaction between debt accumulation and the “state of confidence†in a small open economy with a super-fixed exchange-rate arrangement. We use a system dynamic approach and show that instability is a likely feature when macroeconomic behaviour is characterized by out-of-equilibrium dynamics with balance-sheet effects and deviation amplifying expectation formation rules that interact endogenously. We address the issue of the macroeconomic stabilization puzzle and carry out a quantitative evaluation based on sensitivity analysis with reference to Argentina, during the currency-board arrangement. We find that a tight fiscal policy is likely to be destabilizing inasmuch as it adds to the fall in expenditure, output and the “state of confidence†. On the other side, a traditional monetary policy can fail in switching off macroeconomic instability if the reduction in interest rates does not compensate for the fall in the “state of confidence†, whilst a direct stimulus to aggregate expenditure is required to avoid an economic collapse. |
| Keywords: | macrodynamic financial fragility, (in-)stability, stabilization policies, sensitivity and continuous-time quantitative analysis |
| JEL: | F34 F31 E63 C61 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:sap:wpaper:wp174&r=sog |
| By: | Nancy L Stokey (Department of Economics) |
| Abstract: | This paper studies the wage structure in a simple general equilibrium model with heterogeneous workers and technologies. The main contribution is to characterize the effects of improvements in a limited set of technolgies. Such changes have employment, output, price and wage effects that "ripple out" through the whole economy. Output increases and price falls for products/tasks that are directly affected. Employment at these tasks expands to a group of more skilled workers. Tasks higher up the technology ladder engage in "skill upgrading," but employment falls, so output declines, and prices and wages rise. Under a mild restriction, all of theses effects are mirrored at tasks farther down the technology ladder, where "skill downgrading" occurs. The output, price and wage changes are damped for more distant tasks, both above and below the set that is directly affected. A large technology boost for a small set of tasks at the top of the distribution produces wage effects that are qualitatively similar to those seen in the U.S. over the period 1982-2012. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:750&r=sog |
| By: | Cuervo Valledor, Álvaro; Pérez Mena, Adolfo; Vicente López, Miguel; Calvo Clúa, Rosalía |
| Abstract: | The concept of frontier market is still ambiguous and subjective, but utilizes to define a group of emergent markets characterized by to be few liquids and with a little capitalization, but with certain access to the international capitals. In the work that we develop next will study the concept of frontier market, characteristics, weakness, threat, advantages and opportunities that the markets represent for a potential investor, the main vehicles available for that, and, finally, the benefits of the inclusion of the frontier market in a portfolio with different compositions of frontier, emergent and developed markets. Between other conclusions that will exposed in detail, we can indicate that in the period of study 2003-2015, the main profits are obtained in the portfolios with participation of frontier and emergent markets, more great in first with values of final period of 250 and 247, respectively, in front of values of 225 for the index of portfolios with participation of the developed markets. |
| Keywords: | Investment, international financial markets. |
| JEL: | G11 G15 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73618&r=sog |
| By: | Alberto Caruso |
| Abstract: | This paper studies the effect of macroeconomic "news" (market now-cast errors related to the flow of data releases on macroeconomic fundamentals) on the daily USD/EUR exchange rate. I consider a large number of real-time macroeconomic announcements from both the US and the euro-zone, and the related market expectations as reported by Bloomberg. For the euro-zone I also study country level announcements for the four biggest economies (Germany, France, Italy, Spain). The results for the whole sample (1999-2012) show that both the "news" associated with euro-zone releases and those associated with US ones have a significant impact on the USD/EUR exchange rate. However, the effect of the euro-zone "news" has become larger since the 2008 crisis and it is now more sizeable than that of the US "news". |
| Keywords: | macroeconomic news; exchange rate; event studies; real-time data |
| JEL: | E44 E47 F31 G14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/235612&r=sog |
| By: | George Alogoskoufis (Athens University of Economics and Business) |
| Abstract: | This paper puts forward an alternative “new Keynesian” dynamic stochastic general equilibrium model of aggregate fluctuations. The model is characterized by one period nominal wage contracts and endogenous persistence of deviations of unemployment from its natural rate. Aggregate fluctuations are analyzed under both a Taylor nominal interest rate rule and under the assumption of optimal discretionary monetary policy. Under both types of monetary policy, the persistence of unemployment results in persistent inflation as the central bank responds to deviations of unemployment from its natural rate. Econometric evidence from the United States since the 1890s cannot reject the main predictions of the model. |
| Keywords: | Aggregate Fluctuations, Unemployment Persistence, Inflation, Monetary Policy, Insiders Outsiders, Natural Rate |
| JEL: | E3 E4 E5 |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:aeb:wpaper:201604&r=sog |
| By: | Lauren Stagnol |
| Abstract: | In this paper, we apply the principle of Equal Risk Contribution (ERC) to a corporate bond index, an asset class so far left behind in this literature. Specifically, we rely on the Duration Time Spread (DTS) and demonstrate that it is an coherent metric for bond risk. We construct indexes based on sector - issuer - and bond level using structured block correlation matrices, weights being inversely proportional to DTS. Our results provide evidence that applying ERC using DTS in the index design significantly improves corporate bond index risk-adjusted returns. It appears that the higher the granularity is, the higher will be the risk adjusted performance enhancements. More generally, the ERC application we present appears to be a valuable trade-off between heuristic and more complex risk-modeling based weighting schemes. |
| Keywords: | Equal Risk Contribution, Risk Parity, Smart Beta, Risk Measure, Risk-Based Indexing, Alternative Corporate Bond Index. |
| JEL: | G10 G11 C60 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-27&r=sog |
| By: | Cuthbert, James R.; Magni, Carlo Alberto |
| Abstract: | The internal rate of return (IRR) is widely used in Private Finance Initiative (PFI) schemes in the UK for measuring performance. However, it is well-known that the IRR may be a misleading indicator of economic profitability. Treasury Guidance (2004) recognises that the the IRR should not be used and net present value (NPV) should be calculated instead, unless the cash flow pattern is even. The distortion generated by the IRR can be quantified by the notion of scheduling effect, introduced in Cuthbert and Cuthbert (2012). We combine this notion with the notion of average IRR (AIRR), introduced in Magni (2010, 2013) and show that a positive scheduling effect arises if the AIRR, relative to a flat payment stream, exceeds the project’s IRR. The scheduling component can be measured in two separate ways, in terms of specific AIRRs, one of which enables the scheduling component to be decomposed into relative capital and relative rate components. We also highlight the role of average capital, whose quotation in the market, in association with IRRs or AIRRs, would deepen the economic analysis of the project. |
| Keywords: | PFI, AIRR, profitability index, scheduling effect, internal rate of return. |
| JEL: | G00 G11 G12 G31 M2 M40 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:72857&r=sog |
| By: | Yiannis Vailakis (University of Glasgow); V. Filipe Martins-da-Rocha (FGV) |
| Abstract: | How domestic costs of default do interact with the threat of exclusion from credit markets to determine interest rates and sovereign debt sustainability? In this paper, we address this question in the context of a stochastic general equilibrium model with lack of commitment and self-enforcing debt in which default has two consequences: loss of access to international borrowing and output costs. In contrast to Bulow and Rogoff (1989), we show that part of the ability to borrow is merely attributed to the threat of credit exclusion, or equivalently, to the loss of the sovereign's reputation. Apart from the limit case--analyzed by Hellwig and Lorenzoni (2009)--where output costs are absent, equilibrium interest rates are always higher than growth rates, implying that the way "reputation for repayment" supports debt does not depend on whether debt limits allow agents to exactly roll over existing debt period by period. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:706&r=sog |
| By: | Alessio Ciarlone (Banca d'Italia); Andrea Colabella (Banca d'Italia) |
| Abstract: | In this paper we provide evidence that the effects of the ECB’s asset purchase programmes spill over into CESEE countries, contributing to easing their financial conditions both in the short and in the long term through different transmission channels. In the short term, a number of variables in CESEE financial markets appear to respond to news related to the ECB’s non-standard policies by moving in the expected direction. Over a longer-term horizon, we found that cross-border portfolio and banking capital flows towards CESEE economies have been ffected by both the announcement and the actual implementation of the ECB’s asset purchase programmes, pointing to the existence of a portfolio rebalancing and a banking liquidity channel. |
| Keywords: | unconventional monetary policy, ECB, Central and Eastern Europe, international spillovers, event study |
| JEL: | C32 C33 E52 E58 F32 F36 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_351_16&r=sog |
| By: | Vandenberg, Paul (Asian Development Bank Institute); Trinh, Long Q. (Asian Development Bank Institute) |
| Abstract: | The paper analyzes the link between human capital and firm-level productivity in five Asian countries. It draws on a dataset of over 4,000 enterprises and considers both the prior educational attainment of workers and in-service training programs of enterprises. Differences between small, medium-sized, and large enterprises and between countries are also presented. The key finding is that both preservice education and in-service training are positively correlated with labor productivity. The productivity of small and medium-sized enterprises (SMEs) is enhanced by a higher level of skills and education of the workforce, just as it is with large firms. However, there are country differences. The policy implications are that competitiveness is enhanced both by raising the general level of education in the workforce and by encouraging enterprise-based training programs. |
| Keywords: | SME; human capital; firms; enterprises; services; productivity; skills; education; in-service training; labor; workforce; competitiveness; enterprise-based training; People’s Republic of China; Indonesia; Malaysia; Thailand; Viet Nam |
| JEL: | D22 D24 J24 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0582&r=sog |
| By: | Stohr, Christian |
| Abstract: | This paper revises Swiss GDP emphasizing the difference between single and double deflation, which depends on trading gains: i.e. gains from terms of trade and from the real exchange rate. These gains contributed significantly to Swiss economic growth between 1930 and 1990. Earlier series of Swiss GDP have neglected trading gains. In backward projections, this leads to overestimation of GDP (per capita) levels. The Maddison database (Bolt & Zanden 2014), for example, suggests that Swiss GDP per capita was 38 percent above that of the USA in 1875. My series shows that Swiss GDP per capita was still below the Western European average. |
| Keywords: | Historical National Accounts, Gross Domestic Income, Double Deflation, Real Exchange Rate, Terms of Trade, Switzerland |
| JEL: | C82 E01 N13 N14 O47 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:86942&r=sog |
| By: | Lydon, Reamonn (Central Bank of Ireland); Lozej, Matija (Central Bank of Ireland) |
| Abstract: | Two recent papers that are able to distinguish between the wage flexibility of new hires, incumbent workers and job changers provide opposite results. We use an administrative tax database on earnings and the data from Household Finance and Consumption Survey in Ireland to examine this issue and find that the earnings of new hires are substantially more flexible than those of the existing workers. This is driven entirely by the flexibility of earnings of new hires from unemployment, while earnings of job changers do not appear to behave differently than earnings of existing workers. The findings are robust to different econometric specifications, including controls for compositional shifts, age, education, occupation, and sector. We find that earnings of new hires from unemployment are more procyclical for workers with less valuable outside options, i.e., less educated workers and workers who cannot afford to wait out until retirement. Overall, our results indicate that wage rigidity may not be a suitable device to generate sufficient unemployment volatility in macroeconomic models for Ireland. |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:wpaper:06/rt/16&r=sog |
| By: | Knobel, Alexander (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kazaryan, Margarita (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kuznetsov, D.E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sedalishchev, V.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Firanchuk, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The analysis of the agreement on free trade area between Ukraine and the EU and an assessment of the signing of this agreement and the political situation around him will affect the GDP of Russia, Ukraine and the EU, trade flows between the two countries and discussed the risks of termination of cooperation for the individual enterprises of Ukraine and Russia. On the basis of the general equilibrium model, the authors consider the implications for different scenarios of further development of trade relations between Russia and Ukraine. The first scenario is the implementation of the trade agreement on association, namely the zeroing reciprocal duties between the EU and Ukraine. The second scenario is the introduction of CCT EAEC countries in relation to imports from Ukraine, without consideration of the implementation of the commercial part of the association agreement. The third scenario is considering a complete cessation of mutual trade through the introduction of protective (in magnitude) of mutual non-tariff barriers Russia and Ukraine. |
| Keywords: | Ukraine , Russia, EU, CIS, trade unions |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1854&r=sog |
| By: | Zhang, Yuan (Asian Development Bank Institute) |
| Abstract: | Relying on the present literature, official statistics, and household survey data in the People’s Republic of China (PRC), this paper summarizes research findings on the relationship between urbanization, urban–rural inequality, and poverty, and provides further empirical evidence on the role of urbanization and government policies in urban poverty. Several conclusions can be drawn from this paper. First, urbanization has a significant effect on reducing both poverty of rural residents and poverty of migrating peasants, and, consequently, has a positive effect on narrowing the rural–urban income/consumption gap. Urban labor markets play an important role in this effect. Second, urbanization is positively correlated to urban poverty. This can be explained by the competition between migrating peasants and urban workers in the labor market, and the failure of the government’s anti-poverty policies in urban areas. Third, the existence of an informal sector has a negative effect on the poverty of urban citizens. Being employed by the informal sector significantly increases the probability of falling into poverty for urban citizens. Fourth, the minimum wage has a positive effect on reducing urban poverty, while the effect of other policies, such as Di Bao and Minimum Living Standard, is limited. |
| Keywords: | Inequality; poverty; urban; rural; labor market; urbanization; PRC; migration; households; peasants; workers; minimum wage; living standard; income; government policy; income gap |
| JEL: | D63 I32 J42 R23 |
| Date: | 2016–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0584&r=sog |
| By: | Sundmaeker, Harald |
| Abstract: | Supply of fresh food is of vital importance to feed Europe in a healthy way, while Europe has also an important role in feeding the world. Food products and other perishables such as flowers impose very challenging demands on the management of its supply chains. Food networks are struggling with an integrated usage of information and communication technology (ICT) that enables the heterogeneous stakeholders in the food chain to exchange information in real-time and control workflows based on requirements with respect to quality, costs and schedule. Innovative ICT systems that are addressing such challenges are currently being developed by a large European initiative, called FIWARE. Within this paper, we will discuss a portfolio of 31 projects that are realising solutions for the food chain in close collaboration with supporting business partners. Diverse food related topics are addressed, such as logistics, transport, planning & control, tracking & tracing, information management as well as new ways to realise e-commerce within the chain as well as for consumers. The FIWARE initiative is accelerating startups and supporting SME type technology developers that are realising solutions for real world business cases, which are serving as reference customers and test cases to assure an end-user acceptance and valid business models. This paper discusses the main food chain related topics and innovation potentials that are addressed as well as outlining the related methodological and technological approaches that are used to facilitate the realisation of impact and growth for commercial exploitation. |
| Keywords: | Acceleration, Business Models, Minimum Viable Product, Food Chain, App Development, FIWARE, Future Internet, Agribusiness, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244525&r=sog |
| By: | Stark, Oded; Zawojska, Ewa |
| Abstract: | We study a policy response to an increase in post-merger social stress. If a merger of groups of people is viewed as a revision of their social space, then the merger alters people’s comparators and increases social stress: the social stress of a merged population is greater than the sum of the levels of social stress of the constituent populations when apart. We use social stress as a proxy measure for looming social protest. As a response to the post-merger increase in social stress, we consider a policy aimed at reversing the negative effect of the merger by bringing the social stress of the merged population back to the sum of the pre-merger levels of social stress of the constituent populations when apart. We present, in the form of an algorithm, a cost-effective policy response which is publicly financed and does not reduce the incomes of the members of the merged population. We then compare the financial cost of implementing such a policy when the merger involves more or fewer groups. We show that the cost may fall as the number of merging groups rises. |
| Keywords: | Merger of populations, Revision of social space, Aggregate relative deprivation, Social stress, A cost-effective policy response, Institutional and Behavioral Economics, Public Economics, D04, D63, F55, H53, P51, |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:244570&r=sog |
| By: | Elisabetta Manzoli (Banca d'Italia); Sauro Mocetti (Banca d'Italia) |
| Abstract: | The paper examines the geographical variability in house prices, focusing on the gradient from the center to peripheral areas. The results reveal large price differentials in the main urban areas, even more than those between the Centre-North and South. The higher real estate prices in the centers of urban areas are affected by centripetal pressures from the demand side (also related to the local economic activities) to which supply only partially adjusts. We find that better infrastructures and lower commuting times can, however, bring the suburbs closer to the center and accordingly mitigate the cost of living centrally and the inclination of the gradient. Finally, we find a center-periphery gradient also for incomes, though this is less steep than that of house prices; it follows that the ratio between the value of houses and income is higher in the city center and lower in the periphery. |
| Keywords: | housing prices, agglomeration, mobility, income |
| JEL: | R30 R14 R41 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_348_16&r=sog |
| By: | YOKOYAMA Izumi; KODAMA Naomi; HIGUCHI Yoshio |
| Abstract: | Using comprehensive government statistics, we show the extent to which wage inequality among men and women has increased in Japan from 1989 to 2013, and the factors that are behind the changes using the Dinardo, Fortin and Lemieux (DFL) and Firpo, Fortin and Lemieux (FFL) decomposition methods. First, we find that the increase in the wage rate prevailed in all quantiles in both genders in the 1990s, and the real wage rate inequality was unchanged. Second, since the 2000s, the wage rate of the middle wage workers has been reduced more than that of any other group. Along with other developed countries, the decrease in wages of the middle class is observed even in Japan during the 2000s, although Japan is known for its solid middle class. Among women, the 90-50 gap increased while the 50-10 gap decreased, which resulted in the unchanged overall inequality for female workers. Finally, our exercise using the FFL decomposition method reveals the contemporaneous occurrence of the decrease in the return on general human capital of males and top females and the increase in the return of firm-specific human capital among male workers with a high wage rate. This suggests that Japanese firms undermined employee involvement and problem solving activities at the grassroots level, which is considered as one of the key elements of Japanese employment system. Moreover, our findings suggest that Japanese firms invest in just a few selected able workers, regardless of their age, because they no longer have enough reserves to invest in all of their employees. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16081&r=sog |
| By: | Krasnova, Gulnara (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Polushkina, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Currently, Russia is a party to several interstate educational spaces, namely the European Union, the Commonwealth of Independent States, the Eurasian Economic Union, the Shanghai Cooperation Organization. The report analyzes the EU's mechanisms for the formation and activities of intergovernmental educational spaces and the EAEC, that in future will help to build approaches to the long-term Russian strategy of cooperation in the framework of educational alliances with European countries and the EAEC, as well as help formulate approaches to emerging new educational spaces within BRICS, ASEAN . But already now we can say that even humanitarian cooperation in the field of education has economic consequences, measured in concrete terms, and requires analysis of the socio-economic efficiency of Russia's participation in international educational space of the EU, the CIS, EAEC, SCO, above all, for the national labor market highly qualified personnel, labor mobility. |
| Keywords: | EU, CIS, EAEC, SCO, Russia |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2867&r=sog |
| By: | Alvaro S Almeida (CEF.UP and Faculdade de Economia, Universidade do Porto) |
| Abstract: | The national health services (NHS) of England, Portugal, Finland and other single-payer universalist systems financed by general taxation, are based on the theoretical principle of an integrated public sector payer-provider. However, in practice one can find different forms of participation of non-public healthcare providers in those NHS, including private for profit providers, but also third sector non-profit organizations (NPO). This paper reviews the role of non-public non-profit healthcare organizations in NHS systems. By crossing a literature review on privatization of national health services with a literature review on the comparative performance of non-profit and for-profit healthcare organizations, this paper assesses the impact of contracting private non-profit healthcare organizations on the efficiency, quality and responsiveness of services, in public universal health care systems. The results of the review were then compared to the existing evidence on the Portuguese hospital devolution to NPO program. The evidence in this paper suggests that NHS health system reforms that transfer some public sector hospitals to NPO should deliver improvements to the health system with minimal downside risks. The very limited existing evidence on the Portuguese hospital devolution program suggests it improved efficiency and access, without sacrificing quality. |
| Keywords: | health systems, non-profit organizations, privatization |
| JEL: | I11 I18 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:577&r=sog |
| By: | James G. MacKinnon (Department of Economics, Queen's University); Matthew D. Webb (Department of Economics, Carleton University) |
| Abstract: | Inference using difference-in-differences with clustered data requires care. Previous research has shown that, when there are few treated clusters, t tests based on a cluster-robust variance estimator (CRVE) severely over-reject, different variants of the wild cluster bootstrap can over-reject or under-reject dramatically, and procedures based on randomization inference show promise. We demonstrate that randomization inference (RI) procedures based on estimated coefficients, such as the one proposed by Conley and Taber (2011), fail whenever the treated clusters are atypical. We propose an RI procedure based on t statistics which fails only when the treated clusters are atypical and few in number. We also propose a bootstrap-based alternative to randomization inference, which mitigates the discrete nature of RI P values when the number of clusters is small. Two empirical examples demonstrate that alternative procedures can yield dramatically different inferences. |
| Keywords: | CRVE, grouped data, clustered data, panel data, randomization inference, difference-in-differences, wild cluster bootstrap, DiD |
| JEL: | C12 C21 |
| Date: | 2016–06–25 |
| URL: | http://d.repec.org/n?u=RePEc:car:carecp:16-11&r=sog |
| By: | Antonio Mele (University of Surrey); Radoslaw Stefanski (University of St. Andrews and University of Oxford) |
| Abstract: | Monetary velocity declines as economies grow. We argue that this is due to the process of structural transformation - the shift of workers from agricultural to non-agricultural production associated with rising income. A calibrated, two-sector model of structural transformation with monetary and non-monetary trade accurately generates the long run monetary velocity of the US between 1869 and 2013 as well as the velocity of a panel of 92 countries between 1980 and 2010. Three lessons arise from our analysis: 1) Developments in agriculture, rather than non-agriculture, are key in driving monetary velocity; 2) Inflationary policies are disproportionately more costly in richer than in poorer countries; and 3) Nominal prices and inflation rates are not ‘always and everywhere a monetary phenomenon’: the composition of output influences money demand and hence the secular trends of price levels. |
| JEL: | O1 O4 E4 E5 N1 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:1116&r=sog |
| By: | Catalina Gómez Toro; Carolina Ortega Londoño; Daniel Gómez Mesa; Lina Cardona Sosa |
| Abstract: | In recent decades, studies on economics have identified happiness as a life quality indicator that not only accounts for individuals’ socioeconomic improvement but also accounts for their interactions with institutions and public goods, such as personal safety and protection of life. This study examines the determinants of individual happiness of Latin American citizens by focusing on whether the individual had been a victim of a crime in the last twelve months. To do this, a generalized ordered logit with partial constraints is used to analyze data obtained from the Americas Barometer Survey of 2014. The individual self- reported level of life satisfaction is used to study its relationship with having been a victim of a crime during the previous year. The results suggest the existence of a negative relationship between having been a victim of a crime in the past twelve months and being very satisfied with life. |
| Keywords: | crime, happiness, life satisfaction, generalized ordered logit |
| JEL: | I3 K42 D62 |
| Date: | 2016–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:015054&r=sog |
| By: | Álvarez, Inmaculada C.; Barbero, Javier; Zofío, José L. |
| Abstract: | The production function approach is used to introduce the effect of public infrastructure on economic growth focusing on its spillover effects. We improve the existing literature both from a conceptual and methodological perspective. As regressors we incorporate variables related to the new concepts of internal and imported transport infrastructure capital stocks, which are actually used in commercial flows, calculated by network analysis performed in GIS. The internally used capital stock represents own infrastructure that benefits accessing markets within the region itself, while the imported capital stock captures the spillover effect associated to the use of the infrastructure situated in neighboring regions. From a methodological perspective, we introduce spatial interdependence into these models, applying the most recent spatial econometric techniques based on instrumental variables estimation in spatial autoregressive panel models in comparison with Maximum Likelihood estimation methods. We illustrate the methodology with Spanish provincial panel data for the period 1980-2007. Results support the hypothesis that the imported capital has a positive spillover effect on production. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:oeg:wpaper:2016/02&r=sog |
| By: | Koffi Elitcha; Raquel Fonseca Benito |
| Abstract: | Financial constraints affect in important ways the decision of individuals to become entrepreneur (self-employed). This implicitly suggests a positive relation between the propensity of individuals to become entrepreneur and their personal wealth. Recent theoretical work and empirical evidence confirm this hypothesis. More interestingly, it has been shown that the slope of the entrepreneurship-wealth relationship increases with the extent of liquidity constraints and flattens with the magnitude of start-up costs. Using individual level data from 3 surveys (SHARE, ELSA and HRS) in Europe and the United States, as well as the World Bank’s Doing Business data, this paper empirically zeroes in on the impact of start-up costs on the self-employment-wealth relationship. The dynamic nature of the data enables us to investigate potential effects of the last global financial crisis. Results confirm the strong positive relationship between the entrepreneurial choice and wealth, as well as the negative effect stemming from the increase in start-up costs. Interestingly, although there is no strong evidence that wealth in itself played a bigger role during the crisis, we find that the negative impact of start-up costs on wealth proved to be significantly pronounced during the last crisis. |
| Keywords: | Self-Employment, Occupational Choice, Wealth, Liquidity Constraints, Start-up Costs, Financial Crisis, |
| JEL: | E02 E21 J21 J24 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2016s-51&r=sog |
| By: | Aguiar, Victor; Pongou, Roland; Tondji, Jean-Baptiste |
| Abstract: | We study the Shapley wage function, a wage scheme in which a worker's pay depends both on the number of hours worked and on the output of the firm. We then provide a way to measure the distance of an arbitrary wage scheme to this function in limited datasets. In particular, for a fixed technology and a given supply of labor, this distance is additively decomposable into violations of the classical axioms of efficiency, equal treatment of identical workers, and marginality. The findings have testable implications for the different ways in which popular wage schemes violate basic properties of distributive justice in market organizations. Applications to the linear contract and to other well-known compensation schemes are shown. |
| Keywords: | Shapley wage function, firm, fairness violations, linear contract, bargaining, limited data |
| JEL: | C71 C78 D20 D30 J30 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73606&r=sog |
| By: | Li Chen |
| Abstract: | This thesis consists of three independent essays on the design of matching markets, with a primary goal to understand how information interacts with matching mechanisms especially in the applications to school choice and college admissions. The first chapter compares theoretically the non-strategyproof Boston mechanism and the strategy-proof deferred acceptance mechanism when taking into account that students may face uncertainty about their own priorities when submitting preferences, one important variation from the complete information assumption. The second chapter evaluates the effectiveness of a strategy-proof mechanism when students have to submit preferences before knowing their priorities using both theory and data. The third chapter turns attention to a new mechanism that is sequentially implemented and can encourage truth-telling. Nevertheless, such implementation often faces time constraint. This chapter therefore offers an inquiry of the pros and cons of the time-constrained sequential mechanism. |
| Keywords: | market design; school choice; information design; college admissions |
| Date: | 2016–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/235227&r=sog |
| By: | Yuichi Ikeda (Graduate School of Advanced Integrated Studies in Human Survivability, Kyoto University); Tsutomu Watanabe (Graduate School of Economics, University of Tokyo) |
| Abstract: | We developed a model to reconstruct the international trade network by considering both commodities and industry sectors in order to study the effects of reduced trade costs. First, we estimated trade costs to reproduce WIOD and NBER- UN data. Using these costs, we estimated the trade costs of sector specific trade by types of commodities. We successfully reconstructed sector-specific trade for each types of commodities by maximizing the configuration entropy with the estimated costs. In WIOD, trade is actively conducted between the same industry sectors. On the other hand, in NBER-UN, trade is actively conducted between neighboring countries. This seems like a contradiction. We conducted community analysis for the reconstructed sector-specific trade network by type of commodities. The community analysis showed that products are actively traded among same industry sectors in neighboring countries. Therefore the observed features of the community structure for WIOD and NBER-UN are complementary. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cfi:fseres:cf393&r=sog |
| By: | Serguei Maliar (Santa Clara University); John Taylor (Stanford University); Lilia Maliar (Stanford University) |
| Abstract: | We investigate the effects of a regime shift in monetary policy on macroeconomic variables and welfare in the context of a model with staggered price setting and a Taylor rule. The studied economy is nonstationary because the parameters in the Taylor rule may change over time. We analyze how such time-dependent monetary policy can affect economy. In particular, the EFP allows us to study questions like "Should the Fed normalize policy now or later?"; "Should the Fed normalize policy gradually or all at once?"; and , "Should the Fed announce the regime shift publicly in advance?". We also assess the effects of anchoring inflation expectations of economic agents. Finally, we consider the effects of the zero lower bound (ZLB) on nominal interest rates, and we analyze and compare different transitions out of the ZLB |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:794&r=sog |
| By: | Gersbach, Hans; Schneider, Maik; Tejada, Oriol |
| Abstract: | We examine the effects of a novel political institution called Coalition Preclusion Contracts (CPCs) on the functioning of democracies with proportional representation. CPCs enable political parties to credibly exclude one or several parties from the range of coalitions they are prepared to envisage after elections. We consider a simple political game with a two-dimensional policy space in which three parties compete to form the government. We find that CPCs with a one-party exclusion rule defend the interests of the majority by precluding coalition governments that would include so-called extreme parties. This translates into moderation of the policies implemented and yields welfare gains for a large set of parameter values. We discuss the robustness of the results in more general settings and study how party-exclusion rules have to be adjusted when more than three parties compete in an election. |
| Keywords: | coalition formation; elections; government formation.; political contracts |
| JEL: | D72 D82 H55 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11492&r=sog |
| By: | Bahrs, Michael; Schumann, Mathias |
| Abstract: | In this study, we analyse the long-term effects of school starting age on smoking behaviour and health in adulthood. School entry rules combined with birth month are used as an instrument for school starting age. The analysis adopts the German Socio- Economic Panel data and employs a fuzzy regression discontinuity design. The results reveal that school starting age reduces the long-term risk to smoke, improves long-term health, and affects physical rather than mental health. In addition, we find that the relative age composition of peers and the school environment are important mechanisms. |
| Keywords: | smoking,health,peer effects,education,school starting age,regression discontinuity design |
| JEL: | I12 I21 I28 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hcherp:201613&r=sog |
| By: | Stranieri, S.; Ricci, E.; Banterle, A. |
| Abstract: | The demand for sustainable food products is in continuous growth. There are many different instruments that can be used in order to signal to consumers environmentally-friendly characteristics of food products, among which product labelling. Organic certification is probably the most well-known. Many studies have investigated consumer preferences towards organic products (Andersen, 2011; Bravo et al., 2013; Breustedt et al., 2011; Falguera et al., 2012; Gil et al., 2000; Gracia and De Magistris, 2008; Meike and Ulrich, 2014; Krystallis et al., 2006; Lee Wan-Chen et al., 2013). Despite the relevance of this aspect, other crucial labelled product attributes related to the sustainability have not yet been widely investigated (Bazoche et al., 2014; Govindasamy and Italia, 1998; Magnusson and Cranfiled, 2005; Yigezu et al., 2013). The paper aims at understanding the main factors affecting consumer purchase of products that report environmentally-friendly labelled features. The analysis refers to minimally processed pre-packed salad with environmental-friendly labelled characteristics related to integrated pest management. The Theory of Planned Behaviour (TPB) (Ajzen, 1985) represents the conceptual framework of this analysis. Purchases of such products show a steady upward trend in Italy (Freshfel, 2015). Most of the research about the food category of minimally processed vegetables focuses on microbiological quality, safety, processing and packaging issues (Fusi et al., 2016) . The analysis on the determinants affecting consumers preferences towards environmental characteristics of such products are still underdeveloped (Sillani and Nassivera, 2015). The paper is organized as follow. The next section will introduce the conceptual framework. Afterword, the methodology is presented. Results and some preliminary final remarks are placed at the end. |
| Keywords: | Agribusiness, Food Consumption/Nutrition/Food Safety, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244475&r=sog |
| By: | Deodhar, Satish Y. |
| Abstract: | Pulses have been an important traditional food crop of India. India is the largest producer and consumer of pulses. However, pulse acreage and yield has not kept pace with the growing demand in India. As a result, India is also the single largest importer of pulses today. While Green Revolution in India focused on cereal crops, pulses remained an orphaned and neglected crop. However, from the triple perspective of economy, environmental sustainability, and provision of balanced nutrition; pulses have now been recognized as the future of food. India can substantially increase her production and yield in pulses with a strategic emphasis on research in public and private sector, expanding irrigation infrastructure, provision of MSP to pulses, assured procurement by government for PDS/MDMS, facilitation of mini dal mills and storage at village level, and allowing futures markets to function. Price stability for consumers can also be attained by reduction in middlemen margins through modern warehousing, FDI in wholesale and retail trade, introducing competition to APMC markets, and substantial reduction in import tariffs on substitute products such as chicken. |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:14549&r=sog |
| By: | Bin Qiao (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Shenle Pan (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Eric Ballot (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper investigates a decision-making problem consisting of less-than-truckload dynamic pricing (LTLDP) under Physical Internet (PI). PI can be seen as the interconnection of logistics networks via open PI-hubs, which can be considered as spot freight markets where LTL requests of different volume/destination continuously arrive over time for a short-stay. Carriers can bid for the requests by using short-term contract. This paper proposes a dynamic pricing model to optimise carrier's bid price to maximise his expected profits. Three influencing factors are investigated: requests quantity, carrier's capacity and cost. The results provide useful guidelines to carriers on pricing decisions in PI-hub. |
| Keywords: | Dynamic pricing model,less then truckload,transport,Physical Internet |
| Date: | 2016–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01326416&r=sog |
| By: | Kuznetsov, D.E.kuznetsovde@iep.ru (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This work is devoted to the analysis of the export, import and consumption of Russia in terms of jobs. The calculations in this section are mainly used data base WIOD Socio Economic Account. An important aspect of the global value chains of international corporations is to optimize the costs of factors of production, in particular labor. Production of sophisticated technology products are often composed of a plurality of production steps, each of which requires a different proportion of production factors and components. Logistics and development of information technology has led to the fact that the manufacturing steps can be greatly geographically quite distant from each other. All these circumstances oblige governments to take into account not only domestic but also global factors in the formation of the optimal industrial policy and the rules of the game in the labor market. Depending on the conditions, some goods can be carried out within the country, thus creating jobs or imported, that could be perceived as an import jobs. Ultimately, these aspects may be important in determining the level of the country's total income, exactly as determining the level of inequality. |
| Keywords: | WIOD, export, import, jobs |
| Date: | 2016–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1856&r=sog |
| By: | Zeineb Affes (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Rania Hentati-Kaffel (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In this paper, we compare the performance of two non-parametric methods of classification, Regression Trees (CART) and the newly Multivariate Adaptive Regression Splines (MARS) models, in forecasting bankruptcy. Models are implemented on a large universe of US banks over a complete market cycle and running under a K-Fold Cross validation. A hybrid model which combines K-means clustering and MARS is tested as well. Our findings highlight that i) Either in training or testing sample, MARS provides, in average, better correct classification rate than CART model, ii) Hybrid approach significantly enhances the classification accuracy rate for both the training and the testing samples, iii) MARS prediction underperforms when the misclassification rate is adopted as a criteria, iv) Results proves that Non-parametric models are more suitable for bank failure prediction than the corresponding Logit model. |
| Keywords: | Bankruptcy prediction,MARS,CART,K-means,Early-Warning System |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01314553&r=sog |
| By: | Christian Rohe |
| Abstract: | I analyze the symmetry of economic shocks in South America by comparing the volatility of unexpected changes in bilateral real exchange rates within an existing monetary union, the intra-Brazilian currency area, with the volatility found in real exchange rates between Brazilian regions and nine South American countries for the 1994-2013 time period. My results show that shocks across South America are substantially less symmetric than shocks within Brazil, indicating potentially high costs if a continent-wide monetary union should eliminate nominal exchange rate exibility between countries. |
| Keywords: | Optimum currency area, Real exchange rates, Monetary union |
| JEL: | F31 F33 O54 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:cqe:wpaper:5316&r=sog |
| By: | International Monetary Fund. |
| Abstract: | The economy of Bosnia and Herzegovina (BiH) continues to recover. Growth was 3.2 percent in 2015, despite fiscal consolidation forced by financing constraints, and is expected to be at about the same level this year. External and internal imbalances have eased substantially in the past year. However, since the global financial crisis, economic convergence with advanced European economies has lagged. Unemployment, especially among the youth, is high and persistent, and creates incentives for emigration. There are important challenges in the areas of improving the business environment, reorienting fiscal policy to support growth while ensuring sustainability, promoting credit while safeguarding financial stability, and ensuring the fragmented governance structure does not affect the single economic space. |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/291&r=sog |
| By: | Giulia Ferrari; Valeria Ferraro; Paola Profeta; Chiara Pronzato |
| Abstract: | In 2011, Italy introduced board gender quotas in listed companies. Comparing within firms before-after reform changes, we document that quotas are associated with a higher share of female board directors, with higher levels of education of board members and a lower share of elderly members. We then use the reform period as an instrument for the share of female directors and find no significant impact on firmsÕ performance. Interestingly, we find that the share of female directors is associated to a lower variability of stock market prices. We also run event studies on the stock price reaction to the introduction of gender quotas. A positive effect of the quota law on stock market returns emerges at the date of boardÕs election. Our results are consistent with gender quotas inducing a beneficial renovation of the board, which is positively received by the market. |
| Keywords: | education, age, financial markets |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:don:donwpa:092&r=sog |
| By: | Alexandre Skoda (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We consider restricted games on weighted communication graphs associated with minimum partitions. We replace in the classical definition of Myerson's graph-restricted game the connected components of any subgraph by the sub-components corresponding to a minimum partition. This minimum partition P min is induced by the deletion of the minimum weight edges. We provide necessary conditions on the graph edge-weights to have inheritance of convexity from the underlying game to the restricted game associated with P min. Then we establish that these conditions are also sufficient for a weaker condition, called F-convexity, obtained by restriction of convexity to connected subsets. Moreover we show that Myerson's game associated to a given graph G can be obtained as a particular case of the P min-restricted game for a specific weighted graph G ′. Then we prove that G is cycle-complete if and only if a specific condition on adjacent cycles is satisfied on G ′ . |
| Keywords: | restricted game,partitions,communication networks,cooperative game |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01305005&r=sog |
| By: | Andrew B. Bernard; Toshihiro Okubo |
| Abstract: | This paper explores role of product adding and dropping within manufacturing firms over the business cycle. While a substantial body of work has explored the importance of the extensive margins of firm entry and exit in employment and output flows, only recently has research begun to examine the adjustment across products within firms and its importance for firm and aggregate output and employment flows. Using a novel, annual firm-product data set covering all Japanese manufacturing firms with more than 4 employees from 1992 to 2006, we provide the first evidence on annual changes in product adding and dropping by continuing firms over the business cycle. We find very high rates of product adding and dropping by continuing firms between the last year of the recession and the first year of the subsequent expansion and offer an explanation and supporting evidence based on a “trapped factors” model of firm behavior. |
| Keywords: | product adding; product dropping; multi-product firms; trapped factors |
| JEL: | E32 L11 L21 L25 L60 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67660&r=sog |
| By: | Ilaria De Angelis (Banca d'Italia); Vincenzo Mariani (Banca d'Italia); Francesca Modena (Banca d'Italia); Pasqualino Montanaro (Banca d'Italia) |
| Abstract: | Italy has fewer graduates than most OECD countries, because of both a lower university enrolment rate and a modest completion rate. During the last decade, enrolment in tertiary education in Italy has fallen, despite a slight recovery over the last two years. The decline is partly due to the fading of the effects of the Bologna Process, which had led to a temporary increase in the number of students with prior work experience. The reduction in enrolment has also involved younger students, mainly as a consequence of weak demographic dynamics, only partly offset by an increase in immigrants, whose enrolment rates are however very low. Regardless of demographic trends, many students have decided not to enroll in tertiary education for reasons also related to the economic recession, including the sharp drop in household income, the increase in the tuition fees-to-income ratio and the reduction in grants. Enrolment has fallen more noticeably in Southern universities, also reflecting a greater propensity to migrate to the North. Nevertheless, on-time graduations have increased throughout the country and time-to-degree has decreased. |
| Keywords: | university, enrolment, mobility, academic performance JEL Classification: I20, I21 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_354_16&r=sog |
| By: | Soumyatanu Mukherjee |
| Abstract: | This paper, using a full-employment general equilibrium model for a developing Asian country like India with internationally non-traded goods and international fragmentation in skill-intensive production, illuminates how liberalised input trade, by enhancing demand for skills in the skill-intensive service sectors, could affect the unskilled wages prevailing in the informal sectors and employment conditions in those sectors, through the existence of finished non-tradable and the corresponding domestic demand-supply forces. The model economy is characterised by dual unskilled labour market with unionised formal and non-unionised informal sectors. Quantitative analyses have also been performed to simulate how the changes in elasticities of factor substitution in production of different sectors account for the movement in informal wage and therefore the movement in skilled–unskilled wage gap. Therefore, the relative wage inequality in a developing Asian country like India with dual labour markets has not been governed only by the increase in the skilled wages. |
| Keywords: | Input trade reform; non-traded goods; informal wage; informal employment; wage inequality; general equilibrium; India |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:16/15&r=sog |
| By: | Asongu, Simplice; Nwachukwu, Jacinta |
| Abstract: | In this study, we argue that an approach which will reconcile the two opposing camps in Sino-African relations and bring the most progress is a “middle passage” that greases contradictions and offers an accommodative, balanced and pragmatic vision on which Africans can unite. We present a case under which countries can substantially enhance the prospect of development if an African consensus builds on a merger between the Western and Chinese models. We balance national interest with human rights, sovereign authority with individual rights and economic goals with political rights. The chapter presents arguments on the need for a development paradigm in Africa that reconciles the Washington Consensus with the Beijing Model. The analytical framework is organised in three main strands, notably: (i) historical perspectives and contemporary views; (ii) reconciliation of dominant schools of thought and paradigms surrounding Sino-African relations and (iii) practical and contemporary implications. Reconciled schools of thought are engaged in four main categories: optimists versus (vs.) pessimists; preferences in rights (human vs. national, idiosyncratic vs. sovereign and political vs. economic) and the Beijing model vs. the Washington Consensus. |
| Keywords: | Economic relations; China; Africa |
| JEL: | F19 F21 O10 O19 O55 |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73685&r=sog |
| By: | Tsukada, Rachel (UNU-MERIT); Hailu, Degol (United Nations Development Programme) |
| Abstract: | In the absence of piped water from a utility company, households rely on alternative supply from small-scale private providers. We quantify losses of wellbeing associated with using small-scale private providers instead of piped water from the utility company. We measure welfare in three dimensions: health, wealth (income), and time available for education, work, or leisure. An empirical application to Burkina Faso reveals that households' greatest welfare losses are in terms of time availability. The opportunity cost of collecting water is estimated to be 23 hours per week, which is comparable to half of a full weekly working period of an employed person. This loss is often borne by women. In terms of health and affordability of water, paradoxically, households using alternative sources of water are slightly better off. |
| Keywords: | piped water, small-scale private provision, welfare loss, synthetic index |
| JEL: | D13 L95 L33 O15 I18 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016046&r=sog |
| By: | Thibault Darcillon (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article aims at analyzing the role of the interactions between financial deregulation policies and changes in top tax marginal rates to explain the evolution in top income shares since the 1980s in most OECD countries. I argue that higher financial integration should have an increasing-effect on top income shares by resulting in lower marginal top tax rates. First, international financial integration has gradually contributed to increased tax competition by raising capital mobility. Second, financial integration also reflects higher bargaining power for top earners, pushing for a reduction in marginal top tax rates. Based on instrumental variables and simultaneous equations system regressions, I find strong evidence of my hypothesis: first, financial integration is negatively correlated with higher top marginal tax rates; second, this result seems to explain the negative relationship between marginal top tax rates and top income shares. |
| Abstract: | Cet article cherche à analyser le rôle des interactions qui peuvent exister entre les politiques de dérégulation financière et les récentes modifications de politique fiscale pour expliquer l'évolution de la part du revenu national détenue par les hauts revenus depuis les années 1980 dans la plupart des pays de l'OCDE. Nous avançons l'argument selon lequel l'intégration financière aurait contribué à accroitre les inégalités dans le haut de la distribution des revenus en réduisant les taux de taxation auxquels sont les hauts revenus. Premièrement, l'intégration financière au niveau international a contribué progressivement à renforcer la concurrence fiscale en accentuant la mobilité du capital. Deuxièmement, l'intégration financière s'est également traduite par renforcer le pouvoir de négociation pour les hauts revenus, ceux-ci prônant un faible niveau de taxation sur leurs propres revenus. A l'aide d'un modèle à variables instrumentales et d'un modèle à équations simultanées, notre hypothèse principale semble vérifiée : d'une part, une plus forte intégration financière est corrélée à de plus faibles taux de taxation sur les hauts revenus ; d'autre part, ce résultat semble expliquer la relation négative entre le niveau des taxations des hauts revenus et la part du revenu national détenue par ces derniers. |
| Keywords: | Financial integration,top income shares,tax policy,Intégration financière,part des hauts revenus,politique fiscale |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01316927&r=sog |
| By: | David Laidler (University of Western Ontario) |
| Abstract: | The problems posed by monetary policy cannot be dealt with by legislating enduring policy rules. With the passage of time, economic understanding does not systematically converge ever more closely on a “true” model of the economy, a process which is now sufficiently far along that our current ideas can form the basis for designing such measures. Rather, economic ideas evolve unsteadily and unpredictably and disagreement about them is routine. They influence the behaviour of the economy and they are influenced by it as they develop, requiring policy principles to adapt as well. Monetary policy thus poses problems that cannot be solved once and for all, but must be coped with continuously. |
| Keywords: | Monetary Policy; Rules versus Discretion; Gold Standard; Revolutions in Macroeconomics |
| JEL: | E5 B1 B2 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:uwowop:20164&r=sog |
| By: | Hoai-Son Nguyen (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CNRS - Centre National de la Recherche Scientifique - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - École des Ponts ParisTech (ENPC) - AgroParisTech - AgroParisTech, CleanED - Clean Energy and Sustainable Development Lab - USTH - Université des Sciences et des Technologies de Hanoi); Minh Ha-Duong (Université des Sciences et des Technologies de Hanoi - USTH (VIETNAM) - USTH - Université des Sciences et des Technologies de Hanoi, CIRED - Centre International de Recherche sur l'Environnement et le Développement - CNRS - Centre National de la Recherche Scientifique - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - École des Ponts ParisTech (ENPC) - AgroParisTech - AgroParisTech, CleanED - Clean Energy and Sustainable Development Lab - USTH - Université des Sciences et des Technologies de Hanoi) |
| Abstract: | My doctoral research intersects two recent developments of the global economy. The first is the emergence of the wind turbine industry, to provide the machines for climate-friendly electricity generation. The second is the increasing importance of production networks in East Asia. Production networks are defined by the cross-border dispersion of component production/assembly within vertically integrated production processes. In industries where a production network pattern is in place, each country specializes in a particular stage of the production sequence. The ultimate goal of my research is to understand which factors determine the participation of East Asia developing countries in wind turbine industry’s production network. The findings from this research will broaden our understanding on production networks and its policy implications for developing countries in East Asia, Vietnam in particular. This first-year poster presents four preliminary trade data analysis results. A) Except for a unique decline in 2009, the extent of the wind turbine network had been expanding during the period 2007-2014. B) The network was intra-regional rather than inter-regional. C) Europe was the largest one followed by Asia. D) Developing countries in East Asia only account for minor share of the network. Next, these findings will be confronted to the existing theoretical concept models based on neo-classical trade theory; industrial organization theory and global value chain theory. In the following years, such quantitative international trade analysis will be completed by qualitative sector surveys, most likely in Europe. |
| Keywords: | International Economics, Organization Behavior, Trade, Production fragmentation networks, Renewable Energy, Wind turbine industry |
| Date: | 2016–04–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01321551&r=sog |
| By: | Brian Bell; John Van Reenen |
| Abstract: | Would moving to relative performance contracts improve the alignment between CEO pay and performance? To address this, we exploit the large rise in relative performance awards and the share of equity pay in the UK over the last two decades. Using new employer-employee matched datasets we find that the CEO pay-performance relationship remains asymmetric: pay responds more to increases in shareholders’ return performance than to decreases. Further, this asymmetry is stronger when governance appears weak. Second, there is substantial “pay-for-luck” as remuneration increases with random positive shocks, even when the CEO has equity awards that explicitly condition on firm performance relative to peer firms in the same sector. A reason why relative performance pay fails to deal with pay for luck is that CEOs who fail to meet the terms of their past performance awards are able to obtain more generous new equity rewards in the future. Moreover, this “compensation effect” is stronger when the firm has weak corporate governance. These findings suggest that reforms to the formal structure of CEO pay contracts are unlikely to align incentives in the absence of strong shareholder governance. |
| Keywords: | CEO; pay; incentives; equity plans |
| JEL: | G30 J31 J33 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67674&r=sog |
| By: | Marcelo Bergolo (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Guillermo Cruces (CEDLAS-UNLP) |
| Abstract: | The disincentive effects of social assistance programs on registered (or formal) employment are a first order policy concern in developing and middle income countries. Means tests determine eligibility with respect to some income threshold, and governments can only verify earnings from registered employment. The loss of benefit at some level of formal earnings is an implicit tax – a notch – that results in a strong disincentive for formal employment, and there is extensive evidence on its effects. We study an income-tested program in Uruguay and extend this literature by developing an anatomy of the behavioral responses to this program and by establishing its welfare implications in full. Our identification strategy is based on a sharp discontinuity in the program’s eligibility rule. We rely on information on the universe of applicants to the program for the period 2004-2012 (about 400,000 individuals) from the program’s records, from administrative data on registered employment from the social security administration, and from a complementary follow-up survey with information on informal work. We construct the anatomy of the program’s effects along four dimensions. First, we establish that, as predicted by the theory, beneficiaries respond to the program’s incentives by reducing their levels of registered employment by about 8 percentage points. Second, we find substantial heterogeneity in these effects: the program induces a larger reduction of formal employment for individuals with a medium probability to be a registered employee, suggesting some form of segmentation – those with a low propensity to work formally do not respond to the financial incentives of the program, probably because they have limited opportunities in the labor market to begin with. Third, the follow-up survey allows us to establish that the fall in registered employment is due to a larger extent (about two thirds) to an increase in unregistered employment, and to a lesser extent (about one third) to a shift towards non-employment. Fourth, we find an elasticity of participation in registered employment of about 1.7. These results imply a deadweight loss from the behavioral responses to the program of about 3.2% of total registered labor income. |
| Keywords: | welfare policy, labor supply, registered employment, labor informality |
| JEL: | H31 I38 J22 O17 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-05-16&r=sog |
| By: | Clemente, Flavia; Nasuelli, Piero; Baggio, Rodolfo |
| Abstract: | Various economic theories and many approaches in the study of food chains have produced, over the years, a variety of models. They are used as tools for analysis and forecasting, and often offer a basis for the development in software of various kinds. In an earlier stage of our field research we developed a model mapping the dense network of links connecting the actors of the supply chains of products of animal origin of the Italian territory. An initial version of the model has shown the basic characteristics of the system and already provided a number of interesting insights (Clemente et al., 2015a, 2015b). The Eva.CAN model (Evaluation of Complex Agro‐food Networks) is a complex network model representing together the chains of milk (cow, goat, sheep and buffalo), and beef and pig meat along with all their products, fresh and matured, in which the links represent the economic exchanges between the different actors. In this next phase of analysis our aim is to show, in particular, a study of the structure of the Italian pig meat sector (fresh and cured products), the dynamics of import of raw materials and export of processed products, and also those of consumption on the Italian territory. A special attention is given to our PDO products, considered among the best in the World as for quality and quantity. The pig production in Italy reached 1.6 million tons. The meat of more than 70% of the bred animals is destined to the production of PDO products (In Italy the PDO products are 21 out of a total of 36 European). The industry imports nearly 1.2 million tons of meat that is intended in part to fresh consumption and in part to the transformation. In the analysis we use a higher amount of actual data pertaining to a greater number of years compared to the previous works. We apply network analytic methods to assess the topology (structural characteristics) of the network which is known to affect the overall functionality and dynamics (Newman, 2010). For the analysis of the sector it is important to understand what is the mix of processed products destined to domestic consumption and exports that allow the company to get the best economic performance. On this basis a series of simulations can provide different development scenarios. The evidence resulting from these allows examining possible strategic suggestions for what concerns business management and policies to be adopted in the whole sector. |
| Keywords: | food supply chain, network analysis, Italian pig meat chain, fresh and seasoned products, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244542&r=sog |
| By: | Bjoern Rother; Gaelle Pierre; Davide Lombardo; Risto Herrala; Priscilla Toffano; Erik Roos; Allan G Auclair; Karina Manasseh |
| Abstract: | In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges. |
| Date: | 2016–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfsdn:16/8&r=sog |
| By: | Gregor Bäurle; Rolf Scheufele |
| Abstract: | The global Great Recession has sparked renewed interest in the relationships between financial conditions and real activity. This paper considers the Swiss experience, studying the impact of credit market conditions and housing prices on real activity over the last three decades through the lens of a medium-scale structural Bayesian vector autoregressive model (BVAR). From a methodological point of view, the analysis is challenging for two reasons. First, we must cope with a large number of variables which leads to a high-dimensional parameter space in our model. Second, the identification of economically interpretable shocks is complicated by the interaction among many different relevant factors. As to the first challenge, we use Bayesian shrinkage techniques to make the estimation of a large number of parameters tractable. Specifically, we combine a Minnesota prior with information from training observations to form an informative prior for our parameter space. The second challenge, the identification of shocks, is overcome by combining zero and sign restrictions to narrow the plausible range of responses of observed variables to the shocks. Our empirical analysis indicates that while credit demand and, in particular, credit supply shocks explain a large fraction of housing price and credit fluctuation, they have a limited impact on real activity. |
| Keywords: | Credit supply and demand, housing prices, SVARs, Bayesian shrinkage |
| JEL: | C11 C32 E30 E44 E51 E52 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2016-13&r=sog |
| By: | Grein, Theresa; Herrmann, Roland |
| Abstract: | Online markets are developing rapidly in many industrialized countries and have already reached a rather mature status for some product categories. This, however, is not the case in the food sector. In Germany, the online food market captured still less than 1 % of total food sales in 2014. Despite this small share of the online market, the segment is clearly increasing and major players on the offline grocery market engage themselves on the online market, too, or they plan to do so. It is intended in this paper to contribute to our knowledge on competitive strategies of multichannel suppliers and pure online traders which are active on this growing market segment. A major element of competitive strategies on the online market for foods is pricing. We concentrate on pricing strategies of multichannel firms and pure online traders on the German online market and present evidence for the product group chocolate. More and quicker price information for consumers will become available with the development of online markets. Theory suggests that buyers’ search costs will be lowered and market efficiency will be improved. With lower search costs, it is expected that price dispersion will be reduced, i.e. markets will tend towards the law of one price for identical goods, and that the price level will decline and adjust rapidly. It may, however, happen that online markets induce new search costs for consumers as the variety of products offered will also increase substantially. It is an empirical question whether the level and the dispersion of prices will actually fall as the online supply of foods grows. The increasing empirical evidence on non-food markets indicates that remarkable differences between various suppliers persist with the growing importance of online markets and prices remain relatively rigid over time. Different explanations for these patterns are offered in the literature including a growing importance of product differentiation and non-price strategies on online and offline markets. |
| Keywords: | Agribusiness, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244457&r=sog |
| By: | Karbowski, Adam |
| Abstract: | In the following article the measures and models of firm innovativeness used in the field of industrial organization were discussed. Firstly, the attention was given to the traditional measures of firm innovativeness, both input and output measures. The special emphasis was put on strengths and weaknesses of the above measures. Further, the modern measures (also based on open and networked innovation concepts) of firm innovativeness were presented. Finally, the evolution of firm innovativeness models was discussed. |
| Keywords: | innovation, firm, industrial organization |
| JEL: | O31 O32 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73617&r=sog |
| By: | Mohamed Arouri (LEO - Laboratoire d'économie d'Orleans - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique); Adel Ben Youssef (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique); Cuong Nguyen-Viet (Chercheur Indépendant) |
| Abstract: | There is no doubt that parental smoking can cause health problems for children. It is expected that parents who are aware of the harmful effect of secondhand smoke would decrease parental smoking when having more children. Yet, using instrumental variable regressions and data from the 2006 and 2008 Vietnam Household Living Standard Surveys , we find a very strongly positive and significant effect of the number of children on the probability of households smoking tobacco in Vietnam. Having an additional child increases the probability of households consuming tobacco by approximately 15 percent. These findings imply low awareness levels regarding the harmful effects of secondhand smoke on children " s health in Vietnam and indicate the need for policy action that disseminates knowledge on the harmful effects of smoking. |
| Keywords: | I31,parental smoking behaviors, children,health, instrumental variable regressions JEL Classifications: I12,O1 |
| Date: | 2016–01–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01302770&r=sog |
| By: | Ochieng, Dennis O.; Veettil, Prakashan C.; Qaim, Matin |
| Abstract: | With the modernization of global agri-food systems, the role of contract farming is increasing. This also involves smallholder farmers in developing countries. While previous studies have looked at economic impacts of contract schemes on smallholder farmers, little is known about farmers’ preferences for contracting in general, and for specific contract design attributes in particular. Better understanding farmers’ preferences and constraints is important to make smallholder contract schemes more viable and beneficial. This article builds on a choice experiment to analyze farmers’ preferences and preference heterogeneity for contracts in Kenya. In the study region, supermarkets use contracts to source for fresh vegetables directly from preferred suppliers. However, farmer dropout rates are high. Mixed logit models are estimated to examine farmers’ attitudes towards critical contract design attributes. Having to deliver their harvest to urban supermarkets is costly; hence farmers require a significant output price markup. Farmers also dislike delayed payments that are commonplace in contract schemes. The most problematic contract attribute is related to unpredictable product rejection rates, which substantially add to farmers’ risk. Designing contracts with lower transaction costs, more transparent quality grading, and fairer risk-sharing clauses could enhance smallholder participation in supermarket procurement channels. |
| Keywords: | supermarkets, contracts, farmers’ preferences, choice experiment, Kenya, Agribusiness, Community/Rural/Urban Development, Industrial Organization, Institutional and Behavioral Economics, International Development, O12, O13, Q12, Q13, Q18, |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gagfdp:244354&r=sog |
| By: | Ncube, Prince; Cheteni, Priviledge |
| Abstract: | This paper examines the impact of the BRICS alliance on South Africa’s economy and the impact that trade openness in the alliance has on South Africa’s economy. The study uses series data from 1980 to 2012 and employs up to date econometric methodologies- unit root and vector error correction model estimates to achieve its aims. The empirical result reveals that international trade has contributed a lot to the high economic growth rates experienced by the BRICS economies during the recent decades. However, it is also found that international trade is not the only contributing factor. Human Capital formation, Gross Domestic Capital Formation and Real Effective Exchange Rate appreciation are equally important contributors. Results of the study however reveal that South Africa’s trade openness in the alliance has detrimental long run effects for the economy. The study also reveals that despite the growth experienced overall in the alliance, South Africa’s economic participation is limited due to unfair trade practices amongst the members of the alliance. The findings provide an insight of the policies to be adopted to achieve higher growth rates in South Africa within BRICS alliance. |
| Keywords: | Keywords: Trade openness, Growth, BRICS, Unit Root, Vector Error Correction Model. |
| JEL: | E2 E22 E6 G2 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73488&r=sog |
| By: | Davis, John B. (Department of Economics Marquette University) |
| Abstract: | This paper examines Geoff Hodgson’s interpretation of Veblen in agency-structure terms, and argues it produces a conception of reflexive economic agents. It then sets out an account of cumulative causation processes using this reflexive agent conception, modeling them as a two-part causal process, one part involving a linear causal relation and one part involving a circular causal relation. The paper compares the reflexive agent conception to the standard expected utility conception of economic agents, and argues that on a cumulative causation view of the world the completeness assumption essential to the standard view of rationality cannot be applied. The final discussion addresses the nature of the choice behavior of reflexive economic agents, using the thinking of Amartya Sen and Herbert Simon to frame how agents might approach choice in regard to each of the two different parts of cumulative causal processes, and closing with brief comments on behavioral economics’ understanding of reference dependence and position adjustment. |
| Keywords: | Hodgson, Veblen, cumulative causation, reflexive agents, completeness assumption |
| JEL: | B41 B52 D01 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:mrq:wpaper:2016-05&r=sog |
| By: | Sharma, Ram Sewak (Telecom Regulatory Authority of India) |
| Abstract: | The Unique Identification Authority of India (UIDAI) was mandated to issue unique identification numbers to every resident of India. The Authority has largely accomplished this mandate in a short time and within budget because it took many innovative and bold decisions. The first innovative decision we consider, in this paper, is the UIDAI's decision to add iris images to the set of biometrics collected by it. Another innovation of the UIDAI was its practice of conducting on-field trials. The last innovation we consider relates to how the UIDAI promoted competition and standardisation. The success of the UIDAI offers lessons for other government projects. Government processes need not prevent it from taking innovative decisions. High-quality procurement and project management skills can help the government outsource many functions that are currently housed within it. Testing major hypotheses through field trials before launching projects at scale can help ensure best use of public resources. |
| Keywords: | Aadhaar ; UIDAI ; Biometrics ; Iris recognition ; Identity ; Authentication ; Digital ID |
| JEL: | L32 L33 L38 O31 D47 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:16/176&r=sog |
| By: | Nicholas Bloom; Raffaella Sadun; John Van Reenen |
| Abstract: | Are some management practices akin to a technology that can explain company and national productivity, or do they simply reflect contingent management styles? We collect data on core management practices from over 11,000 firms in 34 countries. We find large cross-country differences in the adoption of basic management practices, with the US having the highest size-weighted average management score. We present a formal model of \Management as a Technology", and structurally estimate it using panel data to recover parameters including the depreciation rate and adjustment costs of managerial capital (both found to be larger than for tangible nonmanagerial capital). Our model also predicts (i) a positive effect of management on firm performance; (ii) a positive relationship between product market competition and average management quality (part of which stems from the larger covariance between management with firm size as competition strengthens); and (iii) a rise (fall) in the level (dispersion) of management with firm age. We find strong empirical support for all of these predictions in our data. Finally, building on our model, we find that differences in management practices account for about 30% of cross-country total factor productivity differences. |
| Keywords: | management practices; productivity; competition |
| JEL: | L2 M2 O32 O33 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67661&r=sog |
| By: | Breßler, Julia |
| Abstract: | Kreativität, Widersprüchlichkeit, Unsicherheit, Nachhaltigkeit sind handlungsrelevante Phänomene in Lebens- und Arbeitskontexten. Dieses Working Paper widmet sich der Kreativitätsförderung in nachhaltigen Kontexten aus lerntheoretischer Sicht und evaluiert die Umsetzung einer expansiven Bildungskonzeption. Dabei werden die Komponenten Thematik, Lernprozess, Lernziele und Methodik adressiert. Aufgrund der Evaluation lassen sich so Implikationen für die expansive Bildungskonzeption finden und Erkenntnisse im Rahmen der Bildung für nachhaltige Entwicklung und pfadabhängiger Prozesse gewinnen. |
| Abstract: | Creativity, contradiction, uncertainty, sustainability are relevant phenomena in living and working contexts. This working paper aims to promote creativity from a learning theory perspective and evaluate the implementation of an expansive conception of education. The topic, the learning process, the learning objectives and the methodology will be addressed. Thus implications for the expansive conception of education can be made. Furthermore, effects arose in the field of environmental education and path-dependent processes. |
| Keywords: | Evaluation,Lernen durch Expansion,Bildung für nachhaltige Entwicklung in der Hochschuldidaktik,Pfadbrechung durch expansives Lernen,Evaluation,expansive learning,environmental education,path dependence |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tucitm:81&r=sog |
| By: | Huixia Wang (Hunan University, School of Economy and Trade); Chenggang Wang (University of Hawaii at Manoa, Department of Economics); Timothy Halliday (University of Hawaii at Manoa, Department of Economics, University of Hawaii Economic Research Organization) |
| Abstract: | We employ granular information on local macro-economic conditions from the Panel Study of Income Dynamics to estimate the impact of the Great Recession on health and health-related behaviors. Among working-aged adults, a one percentage point increase in the county-level unemployment rate resulted in a 2.4-3.2 percent increase in chronic drinking, a 1.8-1.9 percent decrease in mental health status, and a 7.8-8.9 percent increase in reports of poor health. Notably, there was heterogeneity in the impact of the recession across socioeconomic groups. Particularly, obesity and overweight rates increased for blacks and high school educated people, while there is weak evidence that they decreased for whites and the college educated. Along some dimensions, the Great Recession may have widened some socioeconomic health disparities in the United States. |
| Keywords: | Great Recession, Health Behaviors, Health Outcomes, Obesity, Inequality |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:201615&r=sog |
| By: | Bobylev, Yuri (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rasenko, O.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The oil sector is one of the base in the Russian economy and plays a leading role in the formation of government revenues and the country's trade balance. This paper analyzes the main trends in the Russian oil sector, including the production and processing of crude oil, petroleum exports, domestic consumption of oil, the price of oil and petroleum products, government regulation. Proposed public policy measures to ensure the further development of the oil sector of the Russian economy. |
| Keywords: | Russia, oil, economy |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1667&r=sog |
| By: | Yasin Ozcan; Shane Greenstein |
| Abstract: | Using patents as indicators of inventive activity, this article characterizes the concentration of origins of invention from 1976 to 2010, and how these changed over time. The analysis finds pervasive deconcentration in virtually every area related to ICT, but it can explain only a small part of this trend. Deconcentration happens despite the role of lateral entry by existing firms. New firm entry drives part of the deconcentration, but this alone cannot explain the change. A single supply factor in the market for ideas, such as the breakup of AT&T, also cannot explain the trend. Finally, eleven percent of patents change hands through mergers and acquisitions activity, but this does not make up for the declines in concentration in the origins of invention. |
| JEL: | G34 L96 O32 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22631&r=sog |
| By: | Agyenim Boateng (Glasgow Caledonian University, UK); Simplice Asongu (Yaoundé, Cameroon); Raphael Akamavi (Hull, UK); Vanessa Tchamyou (Yaoundé, Cameroon) |
| Abstract: | This study investigates the role of information sharing offices and its association with market power in the African banking industry. The empirical evidence is based on a panel of 162 banks from 42 countries for the period 2001-2011. Five simultaneity-robust estimation techniques are employed, namely: (i) Two Stage Least Squares; (ii) Instrumental Fixed effects to control for the unobserved heterogeneity; (iii) Instrumental Tobit regressions to control for the limited range in the dependent variable; (iv) Generalised Method of Moments (GMM) to control for persistence in market power and (v) Instrumental Quantile Regressions (QR) to account for initial levels of market power. The following findings have been established from non-interactive regressions. First, the effects of information sharing offices are significant in Two Stage Least Squares, with a positive effect from private credit bureaus. Second, in GMM, public credit registries increase market power. Third, from Quintile Regressions, private credit bureaus consistently increase market power throughout the conditional distributions of market power. Given that the above findings are contrary to theoretical postulations, we extended the analytical framework with interactive regressions in order to assess whether the anticipated effects can be established if information sharing offices are increased. The extended findings show a: (i) negative net effect from public credit registries on market power in GMM regressions and; (ii) negative net impacts from public credit registries on market power in the 0.25th and 0.50th quintiles of market power. |
| Keywords: | Financial access; Market power; Information asymmetry |
| JEL: | G20 G29 L96 O40 O55 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:16/032&r=sog |
| By: | Luhmann, Henrike; Schaper, Christian; Theuvsen, Ludwig |
| Abstract: | As a major agricultural subsector, milk production plays an important role in the EU 28. Political decisions such as the aboli-tion of the milk quota system in 2015, highly volatile milk prices and fierce international competition have led to challenges for both farmers and dairies and a need to improve competitiveness. The concept of sustainability in the form of a produc-tion standard can be seen as a means for both dairy farmers and dairies to gain competitive advantages and meet stake-holders’ demands. Farmers’ acceptance of a sustainability standard is an important factor for its successful implementation. Therefore, future-oriented farmers are an important target group for dairies. This study investigates future-oriented dairy farmers’ acceptance of a comprehensive sustainability standard and, based on their responses, categorizes farmers into three different clusters: ‘halfhearted sustainability proponents’, ‘highly dedicated sustainability proponents’ and ‘profit-oriented sustainability refusers’. Further analysis provides insights into the determinants of farmers’ acceptance of a sus-tainability standard. The results of this study provide manifold starting points for deriving managerial implications for dair-ies and the implementation of sustainability standards. |
| Keywords: | Agribusiness, Farm Management, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244538&r=sog |
| By: | Jérémie Faham (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA), IMS - Laboratoire de l'intégration, du matériau au système - Université Sciences et Technologies - Bordeaux 1 - Institut Polytechnique de Bordeaux - CNRS - Centre National de la Recherche Scientifique); Maxime Daniel (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA), LaBRI - Laboratoire Bordelais de Recherche en Informatique - Université Bordeaux Segalen - Bordeaux 2 - Université Sciences et Technologies - Bordeaux 1 - École Nationale Supérieure d'Électronique, Informatique et Radiocommunications de Bordeaux (ENSEIRB) - CNRS - Centre National de la Recherche Scientifique); Benjamin Tyl (APESA Innovation - APESA Innovation - APESA); Iban Lizarralde (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA)); Iñaki Garagorri (Universidad de Deusto); Jérémy Legardeur (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA), IMS - Laboratoire de l'intégration, du matériau au système - Université Sciences et Technologies - Bordeaux 1 - Institut Polytechnique de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The 2014-2020 European Union cohesion policy settled the obligation to establish “Research and Innovation Strategies for the Smart Specialization” (RIS3) to build competitive advantages for each region. The originality of RIS3 is the “bottom-up” identification of regional priorities through the “Entrepreneurial Discovery” (ED) process which stresses the need to involve all the regional “entrepreneurs” (RE) - companies, research, consulting, public authorities etc. - into the design of territorial orientations. However there is a lack of recommendations to implement it into heterogeneous regions. The Collaborative Business Models (CBM) approach has probably a role to play within this process as a suitable strategic tool to set up regional “value networks”. However, the preparatory stage of CBM and especially the identification and the matching processes among potential RE partners is often not addressed. This work is a proposition to answer this issue of matching in order to improve the CBM efficacy within RIS3. |
| Keywords: | Matching,Collaborative Business Models,Profile Comprehension,Regional Entrepreneurs,Dialogical questionnaire,Entrepreneurial Discovery,RIS3,Innovation,Collaborative Platform,Smart Interface,Networking |
| Date: | 2016–06–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01332579&r=sog |
| By: | Sebastian Galiani; Nadya Hajj; Pablo Ibarraran; Nandita Krishnaswamy; Patrick J. McEwan |
| Abstract: | We analyzed two conditional cash transfers experiments that preceded Honduran presidential elections in 2001 and 2013. In the first, smaller transfers had no effects on voter turnout or incumbent vote share. In the second, larger transfers increased turnout and incumbent share in similar magnitudes, consistent with the mobilization of the incumbent party base rather than vote switching. Moreover, we found that turnout and incumbent share increased when cumulative payments were similar, but larger payments were made closer to the elections. As in prior lab experiments, individuals seem to overweight “peak” and “end” payments in their retrospective estimation of net benefits. We further argue that a model of intrinsically-reciprocal voters is most consistent with the findings. |
| JEL: | H3 I38 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22588&r=sog |
| By: | Zoltan Eisler; Jean-Philippe Bouchaud |
| Abstract: | We present a study of price impact in the over-the-counter credit index market, where no limit order book is used. Contracts are traded via dealers, that compete for the orders of clients. Despite this distinct microstructure, we successfully apply the propagator technique to estimate the price impact of individual transactions. Because orders are typically split less than in multilateral markets, impact is observed to be mainly permanent, in line with theoretical expectations. A simple method is presented to correct for errors in our classification of trades between buying and selling. We find a very significant, temporary increase in order flow correlations during late 2015 and early 2016, which we attribute to increased order splitting or herding among investors. We also find indications that orders advertised to less dealers may have lower price impact. Quantitative results are compatible with earlier findings in other more classical markets, further supporting the argument that price impact is a universal phenomenon, to a large degree independent of market microstructure. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.04620&r=sog |
| By: | Danilov, Yury A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Yandiev, Magomet (Moscow State University - Faculty of Economics) |
| Abstract: | The paper deals with the introduction of Islamic finance model in the practice of the Russian financial market. The reasons of advancing growth of Islamic finance in the modern world, international experience on the formation of Islamic finance segments in various countries around the world, both Muslim and non-Muslim. Analyzes the main obstacles are formulated basic options to overcome them and made suggestions on the choice of the optimal variant. Estimates of the socio-economic effects of the introduction of Islamic finance in Russia. |
| Keywords: | islam, finances, banking, Russia |
| Date: | 2016–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2862&r=sog |
| By: | Palakiyem Kpemoua (Université de Lomé - Université de Lomé) |
| Abstract: | The general purpose of this study is to analyze the effect of the consumption of electric energy on Togo’s economic growth and check the direction of the causality between this consumption and economic growth. From a simple methodological approach, the study uses cointegration and causality techniques to meet its objectives and tests the research hypothesis that consumption of electric energy causes, as Granger puts, the economic growth. The results show that there is a positive correlation between economic growth, capital stock and consumption of electric energy with a negative effect energy crisis in 1983. These results also show that there is no causality between economic growth and consumption of electric energy, in other words, the consumption of electric energy dwells a small component of economic growth. |
| Abstract: | La présente étude a pour objectif général d’analyser l’effet de la consommation de l’énergie électrique sur la croissance économique du Togo et de vérifier le sens de la causalité entre cette consommation et la croissance économique. A partir d'une approche méthodologique simple, l'étude utilise des techniques de cointégration et de causalité pour répondre à l'objectif de l'étude et tester l'hypothèse de recherche selon laquelle, consommation de l’énergie électrique cause au sens de Granger la croissance économique. Les résultats montrent qu’il existe une corrélation, positive entre la croissance économique, le stock de capital et la consommation d’énergie électrique avec un effet négatif en 1983 du à la crise énergétique. Ces résultats montrent également qu’il n’existe pas de causalité entre la croissance économique et la consommation d’énergie électrique, en d’autres termes, cette consommation d’énergie ne représente qu’une infime composante de cette croissance économique. |
| Keywords: | Electric energy consumption, economic growth, Granger causality |
| Date: | 2016–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01333659&r=sog |
| By: | Bown, Chad P.; Tovar, Patricia |
| Abstract: | There is not yet consensus in the trade agreements literature as to whether preferential liberalization leads to more or less multilateral liberalization. However, research thus far has focused mostly on tariff measures of import protection. We develop more comprehensive measures of trade policy that include the temporary trade barrier (TTB) policies of antidumping and safeguards; studies in other contexts have also shown how these policies can erode some of the trade liberalization gains that arise when examining tariffs alone. We examine the experiences of Argentina and Brazil during the formation of the MERCOSUR over 1990-2001, and we find that an exclusive focus on applied tariffs may lead to a mischaracterization of the relationship between preferential liberalization and liberalization toward non-member countries. First, any "building block" evidence that arises by focusing on tariffs during the period in which MERCOSUR was only a free trade area can disappear once we also include changes in import protection that arise through TTBs. Furthermore, there is also evidence of a "stumbling block" effect of preferential tariff liberalization for the period in which MERCOSUR became a customs union, and this result tends to strengthen upon inclusion of TTBs. Finally, we also provide a first empirical examination of whether market power motives can help explain the patterns of changes to import protection that are observed in these settings. |
| Keywords: | antidumping; Argentina; Brazil; MERCOSUR; MFN; preferential trade agreements; safeguards; Tariffs; temporary trade barriers |
| JEL: | F13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11494&r=sog |
| By: | Sheremeta, Roman |
| Abstract: | Researchers have proposed various theories to explain overbidding in rent-seeking contents, including mistakes, systematic biases, the utility of winning, and relative payoff maximization. Through an eight-part experiment, we test and find significant support for the existing theories. Also, we discover some new explanations based on cognitive ability and impulsive behavior. Out of all explanations examined, we find that impulsivity is the most important factor explaining overbidding in contests. |
| Keywords: | rent-seeking, contest, competition, impulsive behavior, experiments |
| JEL: | C72 C91 D01 D72 |
| Date: | 2016–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73731&r=sog |
| By: | Peter Cohen; Robert Hahn; Jonathan Hall; Steven Levitt; Robert Metcalfe |
| Abstract: | Estimating consumer surplus is challenging because it requires identification of the entire demand curve. We rely on Uber’s “surge” pricing algorithm and the richness of its individual level data to first estimate demand elasticities at several points along the demand curve. We then use these elasticity estimates to estimate consumer surplus. Using almost 50 million individual-level observations and a regression discontinuity design, we estimate that in 2015 the UberX service generated about $2.9 billion in consumer surplus in the four U.S. cities included in our analysis. For each dollar spent by consumers, about $1.60 of consumer surplus is generated. Back-of-the-envelope calculations suggest that the overall consumer surplus generated by the UberX service in the United States in 2015 was $6.8 billion. |
| JEL: | H0 J0 L0 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22627&r=sog |
| By: | Giulietti, Corrado (University of Southampton, UNU-MERIT, and IZA); Rettore, Enrico (University of Trento, UNU-MERIT, and IZA); Tonini, Sara (University of Trento) |
| Abstract: | Understanding the formation of trust at the individual level is a key issue given the impact that it has been recognised to have on economic development. Theoretical work highlights the role of the transmission of values such as trust from parents to their children. Attempts to empirically measure the strength of this transmission relied so far on the cross-sectional regression of the trust of children on the contemporaneous trust of their parents. We introduce a new identification strategy which hinges on a panel of parents and their children drawn from the German Socio-Economic Panel. Our results show that: 1) a half to two thirds of the observed variability of trust is pure noise irrelevant to the transmission process; 2) this noise strongly biases the parameter estimates of the OLS regression of children's trust on parents' trust; however an instrumental variable procedure straightforwardly emerges from the analysis; 3) the dynamics of the component of trust relevant to the transmission process shed light on the structural interpretation of the parameters of this regression; 4) the strength of the flow of trust that parents pass to their children as well as of the sibling correlations due to other factors are easily summarised by the conventional R2 of a latent equation. In our sample, approximately one fourth of the variability of children's trust is inherited from their parents while two thirds are attributable to the residual sibling correlation. |
| Keywords: | Economic Development,Trust, Intergenerational transmission, Siblings correlations, Cultural transmission |
| JEL: | J62 O15 P16 Z13 |
| Date: | 2016–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016041&r=sog |
| By: | Lavrutich, Maria (Tilburg University, School of Economics and Management) |
| Abstract: | The focus of this thesis is the analysis of the strategic behavior of the firms undertaking an irreversible investment decision in an uncertain environment. In particular, this thesis contains three studies, in which we develop continuous-time investment models under uncertainty with lumpy investment. The first two studies analyze firms’ competitive strategies in a setting where they decide not only upon the optimal timing of the investment, but also upon the scale of its installment. In Chapter 2, we examine how hidden competition affects the capacity investment decisions in a duopoly. Chapter 3 extends the strategic investment model with capacity choice by incorporating the exit option. Chapter 4 presents a stochastic dynamic model of predatory pricing under firm-specific uncertainty. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:a83e0597-6450-4df7-a1e6-7de867d3bdd2&r=sog |
| By: | Angus Deaton; Nancy Cartwright |
| Abstract: | The use of RCTs is spreading in economics. They are seen as desirable for discovery and for generating evidence for policy. Yet some of the enthusiasm for RCTs comes from misunderstandings: that randomization provides a fair test by equalizing everything but the treatment and so allows a precise estimate of the treatment alone; that randomization is required to solve selection problems; that lack of blinding does little to compromise inference; and that statistical inference in RCTs is straightforward, because it requires only the comparison of two means. RCTs do indeed require minimal assumptions and prior knowledge, an advantage when persuading distrustful audiences, but a crucial disadvantage for cumulative scientific progress, where randomization undermines precision. It is hard to use them outside of their original context. Yet, once they are seen as part of a cumulative program, they can play a role in building general knowledge and useful predictions, provided they are combined with other methods, including conceptual and theoretical development, to discover not “what works,” but why things work. Unless we are prepared to make assumptions, and to stand on what we know, making statements that will be incredible to some, all the credibility of RCTs is for naught. |
| JEL: | C10 C26 C93 O22 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22595&r=sog |
| By: | Irem Bozbay (University of Surrey) |
| Abstract: | This paper analyses the problem of aggregating judgments over multiple interconnected issues. Voters share a common preference for reaching true collective judgments, but hold private information about what the truth might be. Information conflicts may occur both between and within voters. Following Bozbay, Dietrich and Peters (2014), we assume strategic voting in a Bayesian voting game setting and we want to determine voting rules which induces an ecient Bayesian Nash equilibrium in truthful strategies, hence lead to collective judgments that efficiently incorporate all private information. Unlike in judgment aggregation problems with two independent issues where it is always possible to aggregate information eciently, efficient information aggregation is not always possible with interconnected issues. We characterize the (rare) situations in which such rules exist, as well as the nature of these rules. |
| JEL: | C70 D70 D71 D80 D82 |
| Date: | 2015–06 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0916&r=sog |
| By: | Mester, Loretta J. (Federal Reserve Bank of Cleveland) |
| Abstract: | I thank the Kentucky Philanthropy Initiative (KPI) for inviting me to be with you today, and for the great partnership KPI has forged with the Cleveland Fed as we work together to understand and find solutions to the economic challenges facing this region. I appreciate this opportunity not only to enjoy the beautiful bluegrass scenery but also to gather firsthand information about economic conditions in this part of the country. Yesterday I observed an electrical/fiber optic lineman training program at Hazard Community and Technical College and met with representatives of the Eastern Kentucky Concentrated Employment Program, the Foundation for Appalachian Kentucky, the Housing Development Alliance, and the Mountain Association for Community Economic Development. These were very productive discussions. |
| Keywords: | employment; coal mining; retraining; |
| Date: | 2016–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcsp:75&r=sog |
| By: | Wenxin Du; Carolin E. Pflueger; Jesse Schreger |
| Abstract: | Nominal debt provides consumption-smoothing benefits if it can be inflated away during recessions. However, we document empirically that countries with more countercyclical inflation, where nominal debt provides better consumption-smoothing, issue more foreign-currency debt. We propose that monetary policy credibility explains the currency composition of sovereign debt and nominal bond risks in the presence of risk-averse investors. In our model, low credibility governments inflate during recessions, generating excessively countercyclical inflation in addition to the standard inflationary bias. With countercyclical inflation, investors require risk premia on nominal debt, making nominal debt issuance costly for low credibility governments. We provide empirical support for this mechanism, showing that countries with higher nominal bond-stock betas have significantly larger nominal bond risk premia and borrow less in local currency. |
| JEL: | E4 F3 G12 G15 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22592&r=sog |
| By: | Quitterie Roquebert (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Roméo Fontaine (LEDi - Laboratoire d'Economie de Dijon - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique); Agnès Gramain (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | With population ageing, the demand for home care of the disabled elderly is increasing and a large part of care is provided by informal caregivers. This paper focuses on the determinants of care provision by children to an old, single and disabled parent. We focus on two-child families and apply a semi-structural methodology, already implemented on European data (survey SHARE). It makes it possible to distinguish between two types of determinants: structural determinants (individual, parental and family characteristics) and interactions (effect of the care provision of one child on the care provision of the other). The estimation of this model on data of the French survey "Handicap Santé Ménages" (2008) highlights two distinct behaviors according to sibling rank. Indeed, if the care decisions of both children are sensitive to the characteristics of their parent, the older child reacts more on the sibling composition, whereas the younger child's decision is much more influenced by her personal characteristics. Interactions are found to be asymmetric: when the sibling provides care, the elder is more likely to be caregiver, whereas it is the reverse for the younger child. These differences are interpreted as follows: in two-child families, the older child provides care as a response of a socially-assigned role, whereas the younger child decides through a trade-off between the advantages and the opportunity costs of care provision. |
| Abstract: | Cet article étudie les déterminants des décisions d'aide de la part des membres d'une fratrie de deux enfants à l'égard d'un parent âgé, seul et dépendant. L'application d'une méthodologie semi-structurelle, déjà utilisée sur données européennes (enquête SHARE), permet de distinguer les déterminants structurels (individuels et familiaux) et les interactions (influence de la décision d'un membre de la fratrie sur la décision de l'autre). Les résultats obtenus sur les données françaises de l'enquête Handicap-Santé de 2008 confirment l'importance du rang dans la fratrie pour comprendre les comportements d'aide. En effet, deux logiques de comportements distinctes apparaissent, aussi bien dans les déterminants structurels que dans les interactions. D'une part, si l'aide des enfants est influencée par les caractéristiques du parent quelque soit leur rang, les aînés semblent par ailleurs réagir principalement à la composition de la fratrie, tandis que les cadets adaptent leurs comportements à leurs contraintes personnelles. D'autre part, l'implication de l'autre membre de la fratrie augmente l'utilité d'être aidant pour les aînés, alors qu'elle la diminue pour les cadets. L'aide des aînés se comprendrait alors comme l'acceptation d'une assignation sociale, tandis que celle des cadets répondrait à une logique d'arbitrage, fondée sur la comparaison des coûts et des avantages associés à l'aide. |
| Keywords: | long-terme care,informal care,social interactions,aide informelle,interactions sociales,personnes âgées dépendantes |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01316903&r=sog |
| By: | Berg, Ernst |
| Abstract: | The recent fluctuations of agricultural commodity prices have stimulated the debate on the potential causes of price volatility. The most common explanation is that weather shocks or other external factors perturb supply, thus leading to substantial price fluctuations. In view of the development of global markets, which tend to average out supply disturbances, one would expect price volatility to decrease if primarily caused by external shocks. This however is contradicted by the experience of the recent past. An alternative explanation proposes that the persistent fluctuations are the result of nonlinear dynamics and would even occur in the absence of external shocks. The focus of this paper is on the latter type of explanation. It is investigated under which conditions price volatility is primarily caused by nonlinear dynamics. A system dynamics modelling approach is used for the analysis. The model results show that plausible behaviour of actors can lead to persistent price fluctuations, even in the absence of external shocks. |
| Keywords: | commodity cycles, nonlinear dynamics, price volatility, system dynamics, Agribusiness, Agricultural Finance, Demand and Price Analysis, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244441&r=sog |
| By: | IWAOMTO Koichi |
| Abstract: | This paper describes the results of the research not covered in my previous paper "Implications for the Development of Local Economies and SMEs in Japan: Perspective from a field survey conducted on Germany, the EU's strongest economy" which was conducted after another PDP on the same theme, from the view of small and medium-sized enterprises (SME) global development. Although Germany was regarded previously as the "sick man of Europe," it is currently the sole leader in Europe. During this period, strong SMEs, especially those referred to as "the hidden champions," played a major role. Analyzing this phenomenon would provide us the key to raising the status of Japanese SMEs to that of global niche top (GNT). In principle, these enterprises develop products that are sellable around the world. We previously discussed and reported on the first part, which partly contributed to policymaking of the Japanese government. However, we are still conducting sampling surveys on the latter part. Japanese companies are the weakest in the world in forecasting demand. In order to surmount this difficulty, it is necessary to grasp Germany's SME global development comprehensively. |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:16010&r=sog |
| By: | J. Stephen Ferris (Department of Economics, Carleton University); Bharatee B. Dash (National Institute of Public Finance and Policy) |
| Abstract: | In this paper we argue that the search for opportunism in government budgets is weakened by the absence of a strong reason for why such expenditures should be restricted solely to the period leading into the next election. Here we argue that the need to fulfill a set of election platform promises in combination with the characteristic that some budget items better attract the attention of voters (with deteriorating memories) will lead to a predictable reallocation of budgetary spending across the life of a government. Our test for a predictable pattern rather than a specific period of election motivated spending uses capital expenditures as our example of more politically visible budgetary items and a data set of 14 Indian states over 54 years (1959/60 – 2012/13). The results of the hypotheses that capital expenditures as a ratio of both total government expenditure and government consumption alone should rise across the entire governing interval are found to be consistent with this hypothesis and provide a fit with the data that is marginally better than more traditional models that use either all pre-election periods or only the pre-election year of scheduled elections to test for opportunism. The absence of a similar interval effect on aggregate state expenditures and on the net budgetary position suggests that evidence of political interaction with the budget is more likely to be found in its composition rather than in its overall level or in the size of its surplus or deficit. |
| Keywords: | Political business or budget cycle, the spending composition of Indian States, visibility of capital expenditures, panel data, ARDL modeling |
| JEL: | H5 H72 O53 C23 |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:car:carecp:16-14&r=sog |
| By: | Sémirat, S. |
| Abstract: | We analyze a cheap talk game, à la Crawford and Sobel, in a two dimensional framework, with uniform prior, quadratic preferences and binary signaling rule. Credible information is revealed from the Sender to the Receiver when the conflict of interest vanishes through the alternative issues. The literature has focused on symmetrical equilibria and their sustainability upon limited exogenous asymmetry in preferences. We exhibit a second type of equilibrium, with endogenous asymmetry with respect to the revealed information. This type of equilibrium occurs with or without conflict of interest between the players, and is introduced by the multi-dimensionality. However, the conflict of interest conditions the design of decisions and their intrinsic meaning. Finally, we derive the existence of an influential equilibria for any conflict of interest. |
| Keywords: | CHEAP TALK;ASYMMETRIC INFORMATION;INEQUITY |
| JEL: | D82 D84 D63 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gbl:wpaper:2016-06&r=sog |
| By: | Iriberri, Nagore; Rey-Biel, Pedro |
| Abstract: | In two-stage elimination math contests participants from four different age groups compete to pass from stage 1 to stage 2 and later to be among the winners. Although female participants have higher Math grades at school the gender gap reverses in the two stages of the contests. More importantly, following the same individual participant across different stages, we find that the gender gap in performance increases from stage 1 to stage 2 of the competition. The increase in female underperformance is attributed to higher competitive pressure and alternative explanations based on selection, discrimination and differences in reaction to increasing difficulty are ruled out. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11493&r=sog |
| By: | Mukherjee, Sacchidananda; Chakraborty, Debashis |
| Abstract: | With rise in population and the ongoing urbanisation drive, the urge to ensure energy security both for the rural and urban areas has emerged as a major challenge in India. The demand for energy has increased in all spheres of life, e.g. for cooking, cultivation, production purposes, transportation, and so on. Although through various government initiatives, adoption of liquefied petroleum gas (LPG) for cooking has increased, given the vast population, use of biofuels is expected to continue for poorer households. Generation of biogas from cattle waste in India has intensified through policies, but the same from human waste is still in a nascent stage. The present study explores the possibilities of recovering energy and nutrients from human waste by discussing the present system of human waste collection, treatment and disposal in India, followed by the reasons behind the failures of the past initiatives (e.g., Ganga Action Plan, GAP). It further focuses on a few alternative systems and their technical feasibility. It is concluded that various ongoing policies, viz., National Mission for Clean Ganga (NMCG), ‘Swachh Bharat Mission’ (SBM) - should be coordinated for integrating collection and treatment of human waste for generation of renewable energy. |
| Keywords: | human waste management, urban wastewater management, renewable energy, resource recovery, biogas generation, public health management, government policy, technology adoption, energy policy, India. |
| JEL: | I18 Q28 Q35 Q37 Q42 Q48 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73669&r=sog |
| By: | Kim Christensen (Aarhus University and CREATES); Ulrich Hounyo (Aarhus University and CREATES); Mark Podolskij (Aarhus University and CREATES) |
| Abstract: | In this paper, we propose a new way to measure and test the presence of time-varying volatility in a discretely sampled jump-diffusion process that is contaminated by microstructure noise. We use the concept of pre-averaged truncated bipower variation to construct our t-statistic, which diverges in the presence of a heteroscedastic volatility term (and has a standard normal distribution otherwise). The test is inspected in a general Monte Carlo simulation setting, where we note that in finite samples the asymptotic theory is severely distorted by infinite-activity price jumps. To improve inference, we suggest a bootstrap approach to test the null of homoscedasticity. We prove the first-order validity of this procedure, while in simulations the bootstrap leads to almost correctly sized tests. As an illustration, we apply the bootstrapped version of our t-statistic to a large cross-section of equity high-frequency data. We document the importance of jump-robustness, when measuring heteroscedasticity in practice. We also find that a large fraction of variation in intraday volatility is accounted for by seasonality. This suggests that, once we control for jumps and deate asset returns by a non-parametric estimate of the conventional U-shaped diurnality profile, the variance of the rescaled return series is often close to constant within the day. |
| Keywords: | Bipower variation, bootstrapping, heteroscedasticity, high-frequency data, microstructure noise, pre-averaging, time-varying volatility |
| JEL: | C10 C80 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2016-27&r=sog |
| By: | Swenson, Andrew L. |
| Abstract: | The performance of over 500 North Dakota farms, 2006-2015, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Five-year averages, 2010-2014, are also presented. In 2015, median and average acreage per farm was 1,847 and 2,371, respectively. Median and average cash farm revenue was $499,756 and $687,287, respectively. Over 70% of farms were crop farms and 50 percent of farms had gross sales exceeding $500,000. Median age of farm operators was 48. Median net farm income in 2015 declined to $18,982, the lowest since 1997, from $54,543 in 2014. The 10 year high was $238,054 in 2012. Financial measures for 2012, 2011, 2010, 2008 and 2007 were much superior to those in other years for the 2006-2015 period. The Red River Valley and crop farms typically had stronger profitability, solvency, and repayment capacity than other regions and farm types, respectively, but not in 2013 and 2014. Median net farm income of livestock farms decreased to $18,999 in 2015 from a ten year high of $95,130 in 2014. Median term debt coverage ratio was 0.69 in 2015 compared to a 2010-2014 average of 2.75. Farms with sales less than $500,000 were nearly twice as likely to have debt-to-asset higher than 70 percent as farms with sales greater than $500,000. Farms that own some crop land, but less than 40 percent of the land they operate were more likely to be crop farms, farm more acreage, have larger sales, and be more profitable. As expected, solvency and percent of crop land owned increased with farmer age. Median net farm income as a percent of gross revenue was the lowest in the decade in 2015, at 5.1%, and the highest in 2012, at 36.8%. |
| Keywords: | Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota, Agribusiness, Agricultural Finance, Farm Management, Financial Economics, Land Economics/Use, Production Economics, |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nddaae:244566&r=sog |
| By: | Titeca, Hannes |
| Abstract: | Healthcare systems differ greatly across the world, however, it appears that the extent of public insurance (publicly/government funded healthcare) is the only institutional characteristic that plays a significant role in accounting for the large disparities in total healthcare spending. Other factors, such as whether healthcare services are provided by the private or public sector, play much less of a role, highlighting the important distinction between how services are provided and how those services are funded. A regression analysis is conducted utilising an existing categorisation of the predominately high-income countries of the OECD in 2009. It is found that more public insurance and less private insurance is associated with significantly lower spending after controlling for differences in income through GDP and healthcare quality/outcomes through life expectancy. This result is robust to the inclusion of additional controls for lifestyle factors and the proportion of the population aged 65 and over, as well as the inclusion or exclusion of the US that could otherwise be seen as some kind of outlier. A typical country relying largely on private provision and insurance, such as the Netherlands, Germany or the US, could reduce total healthcare spending by around a third by moving to a system with extensive public insurance whilst retaining extensive private provision of services, a situation typical of some countries such as Austria, Greece and Japan. |
| Keywords: | healthcare systems; healthcare spending; healthcare expenditure; healthcare institutions; international comparison; regression analysis; private; public; health insurance; institutional differences; health care spending; health care institutions; health care expenditure |
| JEL: | D02 H51 I1 I11 I13 I18 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73678&r=sog |
| By: | Ravi Bansal (Duke University); Hengjie Ai (University of Minnesota) |
| Abstract: | Empirical evidence shows that a large fraction of equity premium is realized on a relatively small number of trading days with significant macroeconomic news announcements. In the 1961-2014 period, for example, about 55% of the entire equity premium is earned on about 30 trading days per year with significant macroeconomic announcements. In addition, the market equity premium typically rises prior to the announcement and falls immediately afterwards. In this paper, we develop an abstract theory and a quantitative model for the equity premium associated with macroeconomic news announcements. We demonstrate that the announcement premium identifies the compensation for investors’ uncertainty aversion on capital markets. We present a dynamic model to account for the evolution of equity premium around macroeconomic announcements. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:715&r=sog |
| By: | Victor H. Aguiar (University of Western Ontario) |
| Abstract: | In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized consideration set formed by the intersection of the mental category and the menu of alternatives. If no alternative is present both within the considered mental category and within the menu the decision maker picks the default option. We provide the necessary and sufficient conditions that characterize this model in a complete stochastic choice dataset in the form of an acyclicicity restriction on a stochastic choice revealed preference and other regularity conditions. We recover the utility function uniquely up to a monotone transformation and the probability distribution over mental categories uniquely. This model is able to accommodate violations of IIA (independence of irrelevant alternatives), of stochastic transitivity, and of the Manzini-Mariotti menu independence notion (i-Independence). A generalization of the categorizing procedure accommodates violations of regularity and thus provides an alternative model to random utility. |
| Keywords: | Decision Theory; Random Choice; Bounded Rationality; Categorization; Consideration Sets |
| JEL: | C60 D10 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:uwowop:20163&r=sog |
| By: | Vitor Castro (Faculty of Economics - University of Coimbra and NIPE) |
| Abstract: | This paper analyses how the functional components and sub-components of government expenditures are affected by fiscal consolidations. A fixed-effects estimator is employed over a panel of 15 European Union countries during the period 1990-2012. The results show that spending on public services increases during fiscal consolidations, while spending on defence, public order, health, education and social protection is significantly cut. A more disaggregated analysis proves that fiscal consolidations are harmful for important social public expenditures, undermining citizens' safety, health assistance, investment in human capital and social protection. Public services are likely to be increased due to a rise in public debt transactions observed during periods of fiscal consolidation. All this evidence has proved to be stronger in a particular group of countries, known in the literature as PIIGS. |
| Keywords: | Government expenditures; Functional components; Fiscal consolidations; European Union. |
| JEL: | E62 H50 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nip:nipewp:11/2016&r=sog |
| By: | Yulia V. Kuzmina (National Research University Higher School of Economics) |
| Abstract: | Researchers have postulated that there is a positive effect of autonomy-supportive teacher practices on academic interest. Few studies, however, investigate how these practices can reduce the gender gap in mathematics interest. The goal of our study is to examine how autonomy-supportive practices effect on attitudes toward mathematics for girls and boys with different level of mathematics achievements. We used data from the Russian longitudinal study “Trajectories in Education and Career” (TrEC) to identify teacher practices which can reduce the gender gap in mathematics interest. Using hierarchical linear regression analysis we focused on two types of teacher practices: autonomy-supportive and controlling. We conducted analysis for boys and girls separately and evaluated how the effect of teacher practices on mathematics interest varies for boys and girls in general and according to their level of mathematics achievements. Our analysis demonstrates that girls are more sensitive to different teacher practices and some autonomy-supportive practices have a positive effect on mathematics interest for girls only and no effect on boys’ interest. We also identified that some teacher practices have different effects on students’ interest according to the level of their prior achievements. Autonomy-supportive practices are more important for students with high achievements |
| Keywords: | mathematics interest, intrinsic motivation to learn mathematics, gender differences, autonomy-supportive practices, controlling practices |
| JEL: | Z |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:35edu2016&r=sog |
| By: | Raphael Schoettler; Nikolaus Wolf; ; |
| Abstract: | Abstract: German reunification was a positive market access shock for both East and West Ger- many. Regions that for 45 years had experienced a decline in population due to their loss in market access following the division of Germany after WWII were most strongly aected by this positive shock. We use an entirely new data set to analyse the eects of German reunication on the value of land in West Germany. We nd that regions in the immediate border area experienced a relative rise in land prices compared to regions outside a 100km radius from the border. At the same time we conrm the absence of a population eect (Redding and Sturm, 2008) even including rural boroughs. We nd that land values have adjusted more quickly than population and in some cases even overshot predicted long-run levels within the rst decade of reunication. We attribute this nding to the information and expectation component of land prices. Land values incorporate expectations about long- run equilibrium adjustments following reunication more swiftly, but rms and households are slower to react due to the costs of relocating. The results are consistent with empirical work on the positive eects of infrastructure projects on land values (Yiu and Wong, 2005; Lai et al., 2007; Duncan, 2011). |
| JEL: | F15 N14 N94 R12 R30 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:hum:wpaper:sfb649dp2016-034&r=sog |
| By: | Erwan Joud (ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société); Nicolas Jullien (ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société); Marine Le Gall-Ely (ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société) |
| Abstract: | The consumer endorsing the role of producer can find solutions outside the framework of the organization. Thus, volunteer contributors to the content of the online encyclopedia Wikipedia setup a community that integrates non-human actors, bots. These autonomous programs have a social trajectory. Which can be likened to life for humans that have social interactions with this sort of artifact, as suggested by the CASA paradigm, "Computers are social actors" (Nass et al., 1994; Reeves and Nass, 1996). Through the life narrative of one such bot, struggling against malicious contributions, we explore the process of acceptance that makes it an actor acknowledged by the community. |
| Abstract: | Le consommateur endossant le rôle de producteur peut trouver des solutions en dehors du cadre de l'organisation. Ainsi, les contributeurs bénévoles au contenu de l'encyclopédie en ligne Wikipédia forment une communauté qui intègre des acteurs non-humains, les bots. Ces programmes autonomes ont une trajectoire sociale. Celle-ci peut s’apparenter au sens d'une vie pour des humains qui ont des interactions sociales avec ce type d'artefact, comme le suggère le paradigme CASA, « Computers are social actors » (Nass et al., 1994 ; Reeves et Nass, 1996). Au travers du récit de vie de l'un de ces bots, luttant contre les contributions malveillantes, nous explorons le processus d'acceptation qui en fait un acteur reconnu par la communauté. |
| Keywords: | social actor,acceptance,bot,life narrative,Wikipedia,acteur social,acceptation,récit de vie |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01341906&r=sog |
| By: | Jörn-Steffen Pischke |
| Abstract: | Many economists suspect that downward nominal wage rigidities in ongoing labor contracts are an important source of employment fluctuations over the business cycle but there is little direct empirical evidence on this conjecture. This paper compares three occupations in the housing sector with very different wage setting institutions, real estate agents, architects, and construction workers. I study the wage and employment responses of these occupations to the housing cycle, a proxy for labor demand shocks to the industry. The employment of real estate agents, whose pay is far more flexible than the other occupations, indeed reacts less to the cycle than employment in the other occupations. However, unless labor demand elasticities are large, the estimates do not suggest that the level of wage flexibility enjoyed by real estate agents would buffer employment fluctuations in response to demand shocks by more than 10 to 20 percent compared to completely rigid wages. |
| Keywords: | Wage setting; wage rigidity; commissions; real estate agents; architects; construction workers |
| JEL: | E24 J20 J44 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67675&r=sog |
| By: | Zander, Katrin; Feucht, Yvonne |
| Abstract: | Although climate change is reported to be an important issue for European citizens, market relevance of climate-friendly labelled products remains limited. Various barriers such as low knowledge, distrust in labels, time preference and uncertainty/risk prevent consumers from acting according to their ethical attitudes. The aim of this contribution is to better understand the factors which influence consumers’ purchase behaviour of climate-friendly labelled products with emphasis on knowledge, trust in labels and time preference. Based on the data obtained by an online survey with 6007 respondents in six European countries (DE, ES, FR, IT, NO, UK) in July 2015 a multinomial regression was conducted. Dependent variable was the actual buying frequency of climate-friendly food. Higher subjective knowledge had a positive impact while lack of trust in labels negatively influenced the probability of purchasing climate-friendly products. Test persons with higher time preference were less likely to buy climate-friendly products and vice versa. This is in line with theoretical considerations according to which the present saving of money and pleasure gains are valued higher than the possible benefits resulting of less future impacts of climate change. In contrast, the effects of different indicators of risk attitudes were ambiguous. |
| Keywords: | Food labelling, consumer behaviour, attitude behaviour gap, Agribusiness, Consumer/Household Economics, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244466&r=sog |
| By: | Ana María Iregui-Bohórquez (Banco de la República de Colombia); Ligia Alba Melo-Becerra (Banco de la República de Colombia); María Teresa Ramírez-Giraldo (Banco de la República de Colombia); Ana María Tribín-Uribe (Banco de la República de Colombia) |
| Abstract: | Este documento proporciona evidencia empírica sobre los determinantes de la probabilidad de que un hogar tenga crédito, con el sector formal o informal, tanto en zonas urbanas como rurales, para lo cual se utiliza información de la Encuesta Longitudinal Colombiana de la Universidad de los Andes. También, se analizan los posibles factores que afectan la probabilidad de que los hogares se encuentren atrasados en el pago de sus créditos. Los resultados indican que la probabilidad de que un hogar tenga crédito está relacionada positivamente con el hecho de que el jefe del hogar esté casado, con el nivel educativo, el nivel de ingreso, el tamaño del hogar, la propiedad de la vivienda y la participación laboral. En particular, las estimaciones indican que el ingreso y la educación tienen una correlación positiva con la probabilidad de tener crédito formal y negativa con la probabilidad de tener crédito informal. Finalmente, los choques que tienen un efecto directo sobre el ingreso de las familias y eventos inesperados aumentan la probabilidad de estar en mora. *** This paper studies the effects of an in utero program on birth outcomes addressed to vulnerable pregnant women. We use information from the Buen Comienzo program, an initiative run by the local government of Medellin, the second largest city of Colombia. In order to identify the effects we obtain matching estimates using data from program participants and the census of birth statistics. We find that the program increased the birth weight of participant children by 0.09 and 0.23 standard deviations for boys and girls, respectively, and reduced the prevalence of low birth weight by 2.6 and 4.6 ppts for boys and girls, respectively. In terms of size, the program reduces the incidence of being short by 3 and 4 ppts, for boys and girls, respectively. The program also significantly reduced preterm births between 3 and 8 ppts. We also provide evidence of the existence of heterogeneous effects depending on a mother’s exposure to the program and her frequency of attendance. Finally, an estimate of the cost-benefit ratio of the program suggests that its benefits could be 2 to 6 times its costs, respectively for boys and girls born from participant mothers with early exposure to the program. Classification JEL: C25, G21, D12, R22 |
| Keywords: | Deuda de los hogares, crédito formal, crédito informal, mora, Colombia. *** household debt, formal credit, informal credit, credit default, Colombia. |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:956&r=sog |
| By: | M. Mogliani; T. Ferrière |
| Abstract: | We analyze French GDP revisions and we investigate the rationality of preliminary announcements of GDP. We consider nonlinearities, taking the form of business cycle asymmetry and time changes, and their effect on both unconditional moments of revisions and the rationality of announcements. We find that nonlinearity represents an interesting feature of French GDP announcements and revisions. Our results suggest that revisions are unbiased, but announcements are overall inefficient, conditionally on a set of macro-financial indicators. Finally, we investigate the forecastability of GDP revisions in real-time and we find out that total revisions are predictable. |
| Keywords: | GDP Revisions, Real-time dataset, Efficiency, Unbiasedness, Forecasting. |
| JEL: | C22 C52 E37 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:600&r=sog |
| By: | International Monetary Fund. |
| Abstract: | Prior to this mission, two Monetary and Capital Markets (MCM) Department IMF missions visited Ljubljana during December 15–19, 2014 and July 9–20, 2015 to assist the Slovenian authorities in introducing an effective framework for contingency planning and crisis management (CPCM), including bank resolution and deposit guarantee. As a result of the 2014 mission, two follow-up missions were planned on: (i) bank resolution and deposit insurance; and (ii) CPCM. This report documents the findings of the second follow-up mission. It should be read in conjunction with the reports of the previous two missions—information that was shared in the previous reports is not repeated in this report. |
| Keywords: | Banking sector;Financial crisis;Bank resolution;Deposit insurance;Risk management;Technical Assistance Reports;Slovenia; |
| Date: | 2016–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/286&r=sog |
| By: | James B. Davies (University of Western Ontario) |
| Abstract: | The Gini coefficient is the most popular inequality index. It is based on the sum of pairwise absolute income differences, which can be viewed as taking a separate sum for each individual of the differences between his/her income and others’, and then adding up those separate sums. The differences vis-à-vis people with lower income can be used to construct an individual’s advantage, while the differences with respect to people with higher incomes generate the individual’s deprivation. Deprivation and advantage can be weighted differently, producing a whole family of “Gini admissible” personal inequality indexes. The population average of any one of the latter equals the Gini coefficient. The properties of the personal inequality indexes explain the sensitivity of the Gini coefficient to transfers in different ranges of the income distribution. They also throw light on individual views of secular changes in income distribution interesting for their own sake. For example, throughout the change from a traditional to a modern economy that gives rise to the Kuznets curve, those in the traditional sector believe that inequality is constantly increasing while those in the modern sector believe the opposite. Personal views about polarization and rising inequality, as seen in most high income countries in recent decades, are also illuminated. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:uwowop:20161&r=sog |
| By: | Amel Ben Abdesslem (LAREFI; University of Bordeaux, France); Raphaël Chiappini (Université Côte d'Azur; GREDEG CNRS) |
| Abstract: | This study empirically analyzes the effects of a cluster policy on firms' productivity, exports, employment and capital in the French optic/photonic industry. Exploiting firm-level data, we first analyze the selection process of the French cluster policy through a logit model, before combining a propensity score matching procedure and a differences-in-differences estimation in order to capture its impact on firms' performance in the optic/photonic industry. We first show that larger firms are more likely to be selected by the French public policy in the optic/photonic industry. Second, the firms that have received the competitiveness cluster label have become more productive. We also found a positive and significant impact of the public policy on exports, total fixed assets and employment, but no evidence has been found localization economies. Third, when compared to an industrial cluster that only benefits from agglomeration economies, we found that firms from the competitiveness clusters have experienced a labor productivity gain, greater employment, and an increase in total fixed assets. |
| Keywords: | Cluster policy, productivity, difference-in-difference, optic/phonotic industry |
| JEL: | L25 L52 R12 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2016-26&r=sog |
| By: | Olga Chiappinelli |
| Abstract: | This paper presents a novel theory of corruption in public procurement. It considers an agency setting of contract execution where the principal is a politician who can commit to a contract auditing policy. It is found that a benevolent politician, by choosing a sufficiently strict auditing, deters the contracting firm from padding costs, conversely, a selfish politician chooses a relatively lax auditing in order to create an incentive for cost-padding, and engages in corruption with the firm in case of detection. If the cost of auditing is high enough, even a benevolent politician might prefer to allow cost-padding. |
| Keywords: | Corruption in procurement, Cost-padding, Selfish politician, Endogenous auditing, Procurement contracts, Principal-agent model |
| JEL: | D73 D82 L51 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1607&r=sog |
| By: | Longmei Zhang |
| Abstract: | China is transitioning to a greener, more inclusive, more consumer and service based, and less credit-driven economy. This paper defines a framework for assessing rebalancing, reviews progress, and discusses medium-term prospects. External rebalancing has advanced well, while progress on internal rebalancing has been mixed, with substantial progress on the supply side, moderate progress on the demand side, and limited progress on the credit side. Rebalancing on income equality and environment has also been mixed, with the energy intensity of growth falling and labor’s share of income rising, but income inequality and local air pollution remaining very high. Going forward, the high national saving is expected to fall owing to demographic change and a stronger social safety net, while the investment ratio is expected to fall similarly, with increasing competition and profit normalization as growth slows. The service sector will continue to gain importance, helping reduce the carbon intensity of output and increase labor’s share of national income and household consumption. Reducing the credit intensity of growth is likely to progress slowly unless decisive corporate restructuring and SOE reforms are implemented. |
| Keywords: | Transition economies;China;Demand;Supply;Credit;Fiscal policy;Exchange rate policy;Domestic savings;Income distribution;Environment;Demographic transition;Rebalancing, China |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:16/183&r=sog |
| By: | Bukvić, Rajko |
| Abstract: | This article analyzes the presumptions for the development of cooperation between the Republic of Serbia and Krasnodar Krai, one of the subjects of Russian Federation. At the beginning it was provided a geographic and socio-economic description of Krasnodar Krai, one of the federal subjects of the complexly organized Russian Federation. Its size and population are comparable to the ones of smaller European countries, such as Austria, Czech Republic, Republic of Ireland or Denmark, Finland and Slovakia. In comparison to Serbia, this region is somewhat smaller and less densely populated. Its landscape and climate diversity, as well as an abundance of natural resources make a good starting point for a further economic and social development of the region. The agro-industrial complex and tourism are especially developed in this region and are considered its strong points both within Russia and outside its borders. In the production of many agrarian products Krasnodar Krai is leader, or at the top in the Russian Federation. The level of industrial cooperation between Serbia and Russia is considerably lower than in the times of SFRY and USSR. However, it will certainly increase in the future, leading to an intensification of cooperation with Krasnodar region which will not only be based on trade relations. У овом раду се анализирају претпоставке развијања сарадње између Републике Србије и Краснодарске покрајине, једног од субјеката Руске Федерације. Најпре је дат географски и друштвеноекономски приказ Краснодарске покрајине, једног од субјеката сложено уређене Руске Федерације. По величини територије и броју становника упоредив с мањим европским земљама, попут Аустрије, Чешке или Републике Ирске, односно Данске, Финске и Словачке, овај руски регион је нешто мањи и слабије насељен од Србије. Разноврсност рељефа, климатских услова и велика природна богатства чине повољне услове за економски и друштвени развој региона. Посебно су развијени агроиндустријски комплекс и туризам, што и представља знак распознавања региона не само у оквирима Русије, већ и ван њених граница. У производњи низа пољопривредних култура Краснодарска покрајина заузима водеће, или једно од водећих места у оквирима Руске Федерације. Привредна сарадња Србије с Русијом у целини знатно заостаје за оном из времена СФРЈ и СССР, али ће у будућности свакако бити повећана, а у оквиру тога и сарадња с Краснодарском Покрајином, која се неће заснивати само на трговинским односима. |
| Keywords: | Economic cooperation, Krasnodar Krai, Republic of Serbia, agro-industry, tourism, development Економска сарадња, Краснодарска покрајина, Република Србија, агроиндустрија, туризам, развој |
| JEL: | F59 O57 R10 R11 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73656&r=sog |
| By: | FARAYIBI, Adesoji |
| Abstract: | The study examined the impact of the quality of service delivery on customer satisfaction in the Nigerian banks using Ordinary Least Square (OLS) methodology. The study established a relationship between better banks performance in service delivery and customer satisfaction through effective customer relationship management (CRM). Findings revealed that increase in the number of working days and number of bank branches led to better levels of customer satisfaction. Empirical evidence also revealed that increase in PROFIT margin is a function of improved level of customer satisfaction while number of bank branches (NNB) has a positive but insignificant relationship with customer satisfaction because the spread of branch networks or channels has better effects on customer satisfaction than number of banks. It also emphasized the role of the number of working days in achieving better bank services and profitable customer relationship management. The study thus recommends that the Nigeria banking industry should improve the quality of service delivery as it is a prerequisite for achieving a high level of customer satisfaction. |
| Keywords: | Service Delivery, Customer Satisfaction, Nigerian Banks, Bank Branches, Profit Margin. |
| JEL: | L80 L89 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73612&r=sog |
| By: | Christoph-Schulz, Inken; Weible, Daniela; Salamon, Petra |
| Abstract: | Snacks and lunches offered at school can decisively influence children’s dietary habits. In the light of discussions to establish prevention and intervention programs to abate current trends of rising childhood obesity, children’s preferences for food items with lower calorie content gain on importance. But youths preferences concerning different school milk products are not well-known. Therefore, the objective is to investigate if the milk products offered at school still meet older children’s preferences or if modifications could prove to be useful. Based on outcomes of an online survey covering a choice experiment and conducted among juveniles in Germany the probability that youths benefit from different products as well as varying prices, sugar and fat contents is estimated. Socio-demographics, psycho-metrics and perceived weight status are employed to explain youths choices preferring novel school milk products yet unavailable in German schools. Results of the choice experiment show that youths aged 15-18 are a heterogeneous group. They prefer a wider range of different products including drinking yoghurt as an option as well. Results indicate that nutritional aspects (low sugar/fat content, artificial sweetener) and body image are important for some of them. |
| Keywords: | school milk, youths, preferences, choice experiment, body image, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244518&r=sog |
| By: | Machado, Abdias Garcia; dos Santos, Fábio Alexandre |
| Abstract: | This article aims to discuss the power of finance capital as environmental conservation promoter by building Payment for Environmental Services mechanisms, specifically livestock chain Brazilian court, listing the barriers to its full operation. The creation of cattle, started and accompanied the colonization and development of Brazil at first predominated by an extensive model, with animals coming from Portugal and Spain, with low performance in the tropics and without a systematic work of selection and breeding. It is now one of the main value chains of Brazilian agribusiness, with a herd of more than 200 million head and total export around US $ 7.4 billion in 2014. However, the period in years of livestock development in Brazil, it was often linked to pressure on the deforestation of native forests, mainly in the Amazon and Cerrado biomes. While groups linked to the productive sector argue that deforestation was linked to the Forest Code of 1973 and the national sovereignty of policies in food production from the Federal Government, groups linked to civil society organizations claim that the effect of this expansion is due to market interest and it is funded by national and international financial capital. Financial capital and agricultural production, as theoretical objects of research have generally been treated separately in the context of the economy and even the social sciences in general. In the Amazon, the expansion of the agricultural frontier created in March geo-graphic "Arc of Deforestation", which advances the replacement of natural forests for agricultural production. An expensive process that requires huge sums of financing, mostly coming from public financial institutions. In 2012, with the aprovoção the new version of the Brazilian Forest Code, replacing the version 1973, the Federal Government authorized the creation of support programs and incentives for conservation of the environment, as well as adoption of technologies and best practices that reconcile agriculture and forest productivity. Provided through a literature review, it was identified barriers to building an economic arrangement for structuring a permanent mechanism for Payment for Environmental Services, which would meet the demand created by the new federal law. Interviews with actors and significant entities financially and politically to the livestock sector, were held at the beginning and end of the research to understand the barriers and potentials in the use of Payments for Environmental Services - PSA in the targeting and use of finance capital. It was identified that the most frequently cited beneficiaries are owners and land owners, farmers and traditional communities and indigenous peoples. Still, few laws indicate which eligible land supportable categories for projects and actions of PSA. Furthermore, the legal uncertainty caused by the lack of a specific law for paying agents, agent receiver and inspection agent of PSA prevents actions to migrate the level of models and projects on a national scale. Keywords: beef cattle; payment for environmental services; deforestation; sustainability, payment for environmental services; sustainability; livestock; deforestation |
| Keywords: | beef cattle, payment for environmental services, deforestation, sustainability, payment for environmental services, sustainability, livestock, deforestation, Agribusiness, Agricultural Finance, Livestock Production/Industries, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244522&r=sog |
| By: | Philip Oreopoulos; Uros Petronijevic |
| Abstract: | Recent studies show that programs offering structured, one-on-one coaching and tutoring tend to have large effects on the academic outcomes of both high school and college students. These programs are often costly to implement and difficult to scale, however, calling into question whether making them available to large student populations is feasible. In contrast, interventions that rely on technology to maintain low-touch contact with students can be implemented at large scale and minimal cost but with the risk of not being as effective as one-on-one, in-person assistance. In this paper, we test whether the effects of coaching programs can be replicated at scale by using technology to reach a larger population of students. We work with a sample of over four thousand undergraduate students from a large Canadian university, randomly assigning students into one of the following three interventions: (i) a one-time online exercise designed to affirm students’ values and goals; (ii) a text messaging campaign that provides students with academic advice, information, and motivation; and (iii) a personal coaching service, in which students are matched with upper-year undergraduate coaches. We find large positive effects from the coaching program, as coached students realize a 0.3 standard deviation increase in average grades and a 0.35 standard deviation increase in GPA. In contrast, we find no effects from either the online exercise or the text messaging campaign on any academic outcome, both in the general student population and across several student subgroups. A comparison of the key features of the text messaging campaign and the coaching service suggests that proactively and regularly initiating conversations with students and working to establish trust are important design features to incorporate in future interventions that use technology to reach large populations of students. |
| JEL: | I20 I23 J24 J38 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22630&r=sog |
| By: | Stephen J. Redding; David E. Weinstein |
| Abstract: | The measurement of price changes, economic welfare, and demand parameters is currently based on three disjoint approaches: macroeconomic models derived from time-invariant utility functions, microeconomic estimation based on time-varying utility (demand) systems, and actual price and real output data constructed using formulas that differ from either approach. The inconsistencies are so deep that the same assumptions that form the foundation of demand-system estimation can be used to prove that standard price indexes are incorrect, and the assumptions underlying standard exact and superlative price indexes invalidate demand-system estimation. In other words, we show that extant micro and macro welfare estimates are biased and inconsistent with each other as well as the data. We develop a unified approach to demand and price measurement that exactly rationalizes observed micro data on prices and expenditure shares while permitting exact aggregation and meaningful macro comparisons of welfare over time. We show that all standard price indexes are special cases of our approach for particular values of the elasticity of substitution, constant preferences for each good, and a constant set of goods. In contrast to these standard index numbers, our approach allows us to compute changes in the cost of living that take into account both changes in the preferences for individual goods and the entry and exit of goods over time. Using barcode data for the U.S. consumer goods industry, we show that allowing for the entry and exit of products, changing preferences for individual goods, and a value for the elasticity of substitution estimated from the data yields substantially different conclusions for changes in the cost of living from standard index numbers. |
| Keywords: | elasticity of substitution; price index; consumer valuation bias; new goods; welfare |
| JEL: | D11 D12 E01 E31 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67681&r=sog |
| By: | Louw, André; van der Merwe, Melissa; Louw, Johan |
| Abstract: | The global food sector is a highly interdependent and competitive sector that strives for food security, food affordability and sustainability. In South Africa, Fresh Produce Markets (FPMs) are faced with increasing competition in the form of direct contracting by retailers in response to consumer demand for better quality. These FPMs lack the ability to compete with retailers. Over the past two decades there has been an increased pace of corporatization of State‐Owned Enterprises (SOE). The main focus of this research is to determine, by using the method of paired comparisons, whether corporatization into a Municipal Entity is indeed the best solution to allow for faster adaptability and improved performance. |
| Keywords: | Corporatization, South African fresh produce markets, paired comparison, sustainability, performance, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244453&r=sog |
| By: | Sanghamitra Bandyopadhyay |
| Abstract: | The persistence of regional inequalities in developing countries is well recognised to be of great concern. In this paper I track stochastic convergence in relative incomes for Indian states between 1960-2011 with the intent to identify high persistence and mean reversal. Traditional unit root tests suggest that shocks to relative incomes across the Indian states are permanent thus contradicting the stochastic convergence hypothesis. Interval estimates of the largest autoregressive root for the relative incomes of 15 Indian states are very wide. However, confidence interval estimates of the half life of the relative income shocks, that are robust to high persistence and small samples, reveal that in most cases they die out within 10 years, suggesting mean reversion for a large number of states. Finally, I estimate a fractionally integrated model and obtain mixed evidence of mean reversion in the data, with six out of the fifteen states experiencing mean reversion. In sum, while the evidence obtained does not support the stochastic convergence hypothesis, our findings reveal that the relative incomes have a relatively short half life and that some states relative incomes are mean-everting. This result is encouraging and in contrast to earlier studies which indicate long term divergence and polarisation (Bandyopadhyay 2011). |
| Keywords: | Inequality; Stochastic Convergence; Half Life; Fractional Integration; India |
| JEL: | D30 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2016-26&r=sog |
| By: | Manabu Asai (Soka University, Japan); Chia-Lin Chang (National Chung Hsing University, Taiwan); Michael McAleer (National Tsing Hua University, Taiwan; Erasmus School of Economics, Erasmus University Rotterdam; Complutense University of Madrid, Spain; Yokohama National University, Japan) |
| Abstract: | The paper develops a novel realized matrix-exponential stochastic volatility model of multivariate returns and realized covariances that incorporates asymmetry and long memory (hereafter the RMESV-ALM model). The matrix exponential transformation guarantees the positive-definiteness of the dynamic covariance matrix. The contribution of the paper ties in with Robert Basmann’s seminal work in terms of the estimation of highly non-linear model specifications (“Causality tests and observationally equivalent representations of econometric models”, Journal of Econometrics , 1988, 39(1-2), 69–104), especially for developing tests for leverage and spillover effects in the covariance dynamics. Efficient importance sampling is used to maximize the likelihood function of RMESV-ALM, and the finite sample properties of the quasi-maximum likelihood estimator of the parameters are analysed. Using high frequency data for three US financial assets, the new model is estimated and evaluated. The forecasting performance of the new model is compared with a novel dynamic realized matrix-exponential conditional covariance model. The volatility and co-volatility spillovers are examined via the news impact curves and the impulse response functions from returns to volatility and co-volatility. |
| Keywords: | Matrix-exponential transformation; Realized stochastic covariances; Realized conditional covariances; Asymmetry; Long memory; Spillovers; Dynamic covariance matrix; Finite sample properties; Forecasting performance |
| JEL: | C22 C32 C58 G32 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20160076&r=sog |
| By: | Karbowski, Adam |
| Abstract: | The aim of this paper is to present the concept of solution of the incentive conflict that exists within R&D cooperation between firms that share know-how. In the relevant literature formal and legally-based solutions to the above conflict are discussed, i.e. (i) know-how contracting and (ii) know-how licensing. In the following work the solution based on the idea of selecting the value of fixed set-up cost of cooperation is presented. The fixed set-up cost of cooperation can be treated as a strategic device that can be used by firms to stabilize R&D cooperation. On the basis of formal analysis it is found that optimal levels of know-how revealed by all cooperating firms rise with the value of fixed set-up cost of R&D cooperation borne by any of cooperating firms. This novel result seems salient to the management practice in the field of R&D cooperation. |
| Keywords: | interfirm cooperation, research and development, knowledge sharing, strategy |
| JEL: | D83 L24 O32 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73603&r=sog |
| By: | Hicham Ezzat (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Marine Agogué (HEC Montréal - HEC MONTRÉAL); Pascal Le Masson (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Benoit Weil (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The generation of novel ideas is critical to any innovative endeavor. However, one of the key obstacles to creativity is known as the fixation effect, which is the cognitive effect that constrains the generation of novel ideas due to the spontaneous activation of existing knowledge and solutions in individuals’ mind. Expert leaders have been considered to play an important role in overcoming these biases using diverse tools. One of these principal instruments is task instruction. Our hypothesis is that leaders’ instructions can have significant effects on followers’ ideation capacity. We investigated the effect of an instruction given by a leader to his team to generate as many original ideas to a particular creative task, either using solution or novelty-oriented approaches. Results confirmed that solution-oriented instructions activated knowledge bases in fixation, while solution-oriented instructions inhibited these knowledge bases. These results give us new sights into novel models of “less-expert” creative leadership. |
| Keywords: | Leadership, Creativity, Innovation, Functional Fixedness, Instructions |
| Date: | 2016–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01301511&r=sog |
| By: | Zack Cooper; Stephen Gibbons; Matthew Skellern |
| Abstract: | This paper examines the impact of competition from government-facilitated entry of private, specialty surgical centres on the efficiency and case mix of incumbent public hospitals within the English NHS. We exploit the fact that the government chose the location of these surgical centres (Independent Sector Treatment Centres or ISTCs) based on nearby public hospitals’ waiting times – not length of stay or clinical quality – to construct treatment and control groups that are comparable with respect to key outcome variables of interest. Using a difference-in-difference estimation strategy, we find that ISTC entry led to greater efficiency – measured by presurgery length of stay for hip and knee replacements – at nearby public hospitals. However, these new entrants took on healthier patients and left incumbent hospitals treating patients who were sicker, and who stayed in hospital longer after surgery. |
| Keywords: | Hospital Competition; Public-Private Competition; Market Entry; Market Structure; Outsourcing; Hospital Efficiency; Risk Selection; Cherry Picking |
| JEL: | C23 H57 I11 L1 L33 R12 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67662&r=sog |
| By: | Mawuli Segnon (Department of Economics, University of Münster, Germany); Rangan Gupta (Department of Economics, University of Pretoria, South Africa); Stelios Bekiros (Department of Economics, European University Institute, Florence, Italy); Mark E. Wohar (Department of Economics, University of Nebraska, Omaha, USA and School of Business and Economics, Loughborough University, UK) |
| Abstract: | There are a large number of models developed in the literature to analyse and forecast the changes in output dynamics. The objective of this paper is to compare the forecasting ability of uni- and bivariate models in terms of forecasting U.S. GNP growth at different forecasting horizons, with the bivariate models containing information on a measure of economic uncertainty. Based on point and density forecast accuracy measures, as well as the superior predictive ability (SPA) and equal accuracy tests, we evaluate the forecasting performance of our models over the quarterly period of 1919:2-2014:4, given an in-sample of 1900:1 1919:1. We find that the economic policy uncertainty index should be improving the accuracy of U.S. GNP growth forecasts in the bivariate models. While we find that the Markov switching time varying parameter VAR (MS-TVP-VAR) models in most cases cannot be outperformed its competitive models according to the root mean squared error (RMSE), the density forecast measure reveals that the Bayesian VAR (BVAR) model with stochastic volatility in most cases is the model that produces more accurate forecasts. More importantly, our results highlight the importance of uncertainty in forecasting US GNP growth rate. |
| Keywords: | Forecast comparison, vector autoregressive models, US GNP, Economic Policy Uncertainty |
| JEL: | C22 C32 E32 E37 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201667&r=sog |
| By: | Prayudhi Azwar; Rod Tyers |
| Abstract: | The post-GFC era sees slower global growth and a substantial Chinese slowdown, unusually combined with lower investment financing costs, and with the eventual prospect of a US-led re-tightening of global financial markets. For Indonesia in the medium term, these developments imply a slowing of export growth and a temporary surge in net inward investment incentives. These changes are examined here using a numerical macro model. The results suggest that recent fiscal reform is long-run beneficial and that it will moderate the negative effects of expectations linked to these global events, the formation of which is shown to be an important determinant of performance. Finally, a sensitivity analysis is conducted, mainly on parameters indicating Indonesian openness to trade and finance. Liberal product markets and home investment are shown to offer unambiguous gains in the face of negative external shocks, while openness to external financial flows does not. |
| Keywords: | Indonesia, External shocks, Exchange rates, Macroeconomic policy |
| JEL: | E37 E44 E47 E65 F47 N15 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:een:camaaa:2016-58&r=sog |
| By: | Clemens Jobst (OeNB - The Oesterreichische Nationalbank - The Oesterreichische Nationalbank); Stefano Ugolini (LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT1 - Université Toulouse 1 Capitole - UT2 - Université Toulouse 2 - Institut d'Études Politiques [IEP] - Toulouse - École Nationale de Formation Agronomique - ENFA) |
| Abstract: | Money market structures shape monetary policy design, but the way central banks perform their operations also has an impact on the evolution of money markets. This is important, because microeconomic differences in the way the same macroeconomic policy is implemented may be non-neutral. In this paper, we take a panel approach in order to investigate both directions of causality. Thanks to three newly-collected datasets covering ten countries over two centuries, we ask (1) where, (2) how, and (3) with what results interaction between money markets and central banks has taken place. Our findings allow establishing a periodization singling out phases of convergence and divergence. They also suggest that exogenous factors – by changing both money market structures and monetary policy targets – may impact coevolution from both directions. This makes sensible theoretical treatment of the interaction between central bank policy and market structures a particularly complex endeavor. |
| Keywords: | Central banking,Money markets,Monetary policy implementation |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01357712&r=sog |
| By: | Tsukada, Rachel (UNU-MERIT); Dupuy, Arnaud (University of Luxembourg) |
| Abstract: | This paper investigates heterogeneity of the impact of labor-saving technologies on household time use across stages of the family life cycle. Using the Ghana Living Standards Survey 5, we assess the impact of two treatments - piped water and borehole water supply technologies. Results confirm the hypothesis that technology is more useful for relaxing the time constraint in households with children. The effect is stronger the more labor-saving is the technology. In households with young children (0 to 6 years old), however, the technologies show no significant effect. Parents in that stage of the family life cycle are in such an extreme time constraint that the relatively small amount of time saved with the water supply technology is not enough to significantly release their burden. |
| Keywords: | labor-saving technology, technological change, household production, family life cycle |
| JEL: | D12 D13 O33 |
| Date: | 2016–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2016047&r=sog |
| By: | Siddig, Khalid; Elagra, Samir; Grethe, Harald; Mubarak, Amel |
| Abstract: | The 2012 SAM for the Sudan, with a special focus on agriculture, water and energy, is built using data from domestic sources in the Sudan including the Central Bureau of Statistics, the Ministry of Agriculture, the Ministry of Finance and Economic Planning and the Central Bank of Sudan besides other external sources. Major data sets used include the 2012 National Accounts and Trade Statistics of the CBS, the 53rd Annual Report of the Central Bank of the Sudan, the 2011 Labor Force Survey, the 2009 Household Income and Expenditure Survey, The 2009-2012 Agricultural Production Cost Survey and the 2005 Industrial Survey. Data from external sources are used to complement national sources. These sources include IMF studies on government finances, FAO reports and data on agriculture and ILO reports on labor. The SAM distinguishes between agricultural activities based on the modes of irrigation, energy based on its major sources and water based on modes of production and types of uses. Land is divided into irrigated and non-irrigated, while natural water resources are added in a separate account. Households are categorized by state, location (rural and urban) and income quintiles. Labor accounts are differentiated based on location (rural and urban), skill level and gender. |
| Keywords: | Sudan, Social Accounting Matrix, agriculture, water, energy, Demand and Price Analysis, International Development, International Relations/Trade, Labor and Human Capital, Production Economics, E16, |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:huiawp:244286&r=sog |
| By: | Ryan Michaels; David Ratner (Federal Reserve Board); Michael Elsby (University of Edinburgh) |
| Abstract: | Replacement hiring—recruitment that seeks to replace positions vacated by workers who quit—is a prominent feature of empirical firm dynamics. We document this phenomenon by establishing a set of novel facts: 1) many establishments exhibit no net change in employment over time, despite nontrivial quit rates; 2) higher quit rates are associated with lower degrees of net inaction; and 3) rates of inaction over net changes decay slowly by frequency (quarterly, yearly, bi-yearly etc.) suggesting that high-frequency net changes are exactly reversed at lower frequencies. A model of replacement hiring that is calibrated to match these empirical facts reveals a novel positive feedback channel through which an initial rise in vacancy posting in an expansion induces still more vacancy posting to replace employees who are poached. This vacancy chain in turn induces volatile responses of vacancies, and thereby unemployment, to cyclical shocks. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:753&r=sog |
| By: | Ning Xu; Jian Hong; Timothy C. G. Fisher |
| Abstract: | In this paper, we study the generalization ability (GA)---the ability of a model to predict outcomes in new samples from the same population---of the extremum estimators. By adapting the classical concentration inequalities, we propose upper bounds for the empirical out-of-sample prediction error for extremum estimators, which is a function of the in-sample error, the severity of heavy tails, the sample size of in-sample data and model complexity. The error bounds not only serve to measure GA, but also to illustrate the trade-off between in-sample and out-of-sample fit, which is connected to the traditional bias-variance trade-off. Moreover, the bounds also reveal that the hyperparameter $K$, the number of folds in $K$-fold cross-validation, cause the bias-variance trade-off for cross-validation error, which offers a route to hyperparameter optimization in terms of GA. As a direct application of GA analysis, we implement the new upper bounds in penalized regression estimates for both $n\geq p$ and $n |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1609.03344&r=sog |
| By: | Massimo Baldini; Giovanni Gallo; Manuel Reverberi; Andrea Trapani |
| Abstract: | This paper studies whether there are systematic differences in the ability of cash transfers, belonging to different welfare systems, to reach the poor and to lift them out of poverty. We structure the analysis following the classic breakdown of the various European welfare states into welfare regimes, in search of specific features of them that can explain the variable results shown in the ability to effectively tackle economic poverty. The analysis is carried out both with a cross-sectional approach as well as using a more long-run definition of persistent poverty. |
| Keywords: | Cash transfers; Poverty; Europe; Welfare Regimes; Persistent poverty. |
| JEL: | I3 I38 H53 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:mod:cappmo:0145&r=sog |
| By: | Tatiana Damjanovic (Durham Business School); Dudley Cooke (University of Exeter) |
| Abstract: | This paper develops a general equilibrium model of firm entry and financial frictions.Movements in the volatility of firm-level shocks and aggregate productivity generate procyclical entry and a countercyclical firm default rate. We derive analytical results for optimal fiscal policy and show that the government faces two trade-offs. The first arises from a profit destruction and a consumer surplus effect when firm entry is endogenous. The second arises because financial frictions reduce firm entry and default is costly. We also study the optimal mix of taxes on labor-income and firm profits in a quantitative version of the model. We find that a countercyclical labor-income tax is always part of the optimal fiscal policy, whereas the cyclicality of the profit tax is sensitive to the source of aggregate fluctuations. |
| Keywords: | Firm Entry, Financial Frictions, Optimal Fiscal Policy |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:dur:cegapw:2016_02&r=sog |
| By: | Lionel Thomas (Université de Bourgogne Franche-Comté, CRESE) |
| JEL: | D82 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:crb:wpaper:2016-09&r=sog |
| By: | Mark Shepard |
| Abstract: | Health insurers increasingly compete on their covered networks of medical providers. Using data from Massachusetts’ pioneer insurance exchange, I find substantial adverse selection against plans covering the most prestigious and expensive “star” hospitals. I highlight a theoretically distinct selection channel: these plans attract consumers loyal to the star hospitals and who tend to use their high-price care when sick. Using a structural model, I show that selection creates a strong incentive to exclude star hospitals but that standard policy solutions do not improve net welfare. A key reason is the connection between selection and moral hazard in star hospital use. |
| JEL: | I11 I13 I18 L13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22600&r=sog |
| By: | Aithal, Sreeramana; Aithal, Shubrajyotsna |
| Abstract: | The strategies followed by educational institutions and the students become very important when the performance of students in the examinations is concerned. By means of properly planned and well guided model of training and motivation to do hard work, students can follow a well disciplined study plan and become exceptionally successful in examinations. Teaching and training by experienced and dedicated faculty members, continuous support by parents and motivating the students based on setting their goal through proper career guidance and orienting them to focus on the study are few motivating factors in a planned systematic accelerated study model. It is found that instead of studying at last minutes for the exams, if students continuously study every day through hard work and with the proper plan, they can do a better performance. In this paper, we have discussed the strategies the students should adopt during such transition of the curriculum, the importance of Pre-university education in deciding the career of a student, Opportunities in intermediate education, challenges in intermediate education, plan of study etc. The paper also contains the strategies the parents of such students to be followed based on changing family environment, parents dream, expectations, pressure, and worry. To face such critical situation, and support the students and the parents, Expert Pre-University College in Mangalore, India, developed a new innovative hard-work based training model called Seven to Seven (12 hours) Training Model. In the environment of enhanced competition, this new model is Student Centric. The paper contains the Core values of this new model, SWOC analysis, ABCD analysis, Stakeholders expectations, Institutional expectations, Student expectation, Teachers expectations and Parents expectations as a Case Study. |
| Keywords: | Innovation in intermediate education, Seven to seven study model, SWOC analysis, ABCD analysis. |
| JEL: | I21 |
| Date: | 2016–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73621&r=sog |
| By: | Oosterhaven, Jan; Bouwmeester, Maaike (Groningen University) |
| Abstract: | In this paper we use a non-linear programming approach to predict the wider interregional and interindustry impacts of natural gas flow disruptions. In the short run, economic actors attempt to continue their business-as-usual and follow established trade patters as closely as possible. In the model this is modelled by minimizing the information gain between the original pattern of economic transactions and the situation in which natural gas flows are disrupted. We analyze four scenarios that simulate Russian export stops of natural gas by means of a model calibrated on an international input-output table with six sectors and six regions. The simulations show that at the lower levels of aggregation considerable effects are found. At the aggregate level of the whole economy, however, the impacts of the four scenarios are negligible for Europe and only a little less so for Russia itself. Interestingly, the effects on the size of the economy, as measured by its GDP, are predominantly positive for the various European regions, but negative for Russia. The effects on the welfare of the populations involved, however, as measured by the size of domestic final demand, have an opposite sign; with predominantly negligible but negative effects for European regions, and very small positive effects for the Russian population. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gro:rugsom:16003-gem&r=sog |
| By: | Fadi Hassan; Paolo Lucchino |
| Abstract: | More than 1.3 billion people worldwide have no access to electricity and this has first-order effects on several development dimensions. In this paper we focus on the link between access to light and education. We randomly distribute solar lamps to 7th grade pupils in rural Kenya and monitor their educational outcomes throughout the year at quarterly frequency. We find that access to lights through solar lamps is a relevant and effective input to education. Our identification strategy accounts for spillovers by exploiting the variation in treatment at the pupil level and in treatment intensity across classes. We find a positive and significant intention-to-treat effect as well as a positive and significant spillover effect on control students. In a class with the average treatment intensity of our sample (43%), treated students experience an increase in math grades of 0.88 standard deviations. Moreover, we find a positive marginal effect of treatment intensity on control students: raising the share of treated students in a class by 10% increases grades of control students by 0.22 standard deviations. We exploit household geolocation to disentangle within-class and geographical spillovers. We show that geographical spillovers do not have a significant impact and within-school interaction is the main source of spillovers. Finally, we provide suggestive evidence that the mechanism through which lamps affect students is by increasing co-studying at school especially after sunset. |
| Keywords: | Randomised controlled trial; solar lamps; education; energy access; spillover effects; randomised saturation design |
| JEL: | C93 O12 |
| Date: | 2016–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:67673&r=sog |
| By: | Katarzyna Cieslik |
| Abstract: | Present-day development theory and practice highlight the potential of micro-entrepreneurship for poverty reduction in least developed countries. Fostered by the seminal writings of microfinance founder Muhammad Yunus and the bottom-of-the-pyramid propagator Krishnarao Prahalad, the new approach is marked by a stress on participation and sustainability, and the new, market-based development models. With the growing popularity of the new approach there has been an increased demand for research on the efficacy and impact of innovations. What has scarcely been addressed, however, is the legitimacy of the new paradigm within its contexts of application. Since engagement and participation have been made the focal point of the new approach, my research investigates how the innovative, mostly market-based models have been received by the local populations on the ground. This doctoral dissertation is looking up-close at the rural populations of Burundi, describing and explaining their perceptions, behaviors and actions in response to the market-based development innovations: microfinance, rural entrepreneurship and community social enterprise. Do the concepts of entrepreneurship, community engagement and participation find a fertile ground among the poorest rural dwellers of sub-Saharan Africa? Can subsistence farmers be entrepreneurs? How to create social value in the context of extreme resource scarcity? It is investigating these and other questions that guided the subsequent stages of my work. I based my dissertation on extensive field research, conducted periodically over the period of four years in the remote areas of rural Burundi.In the first chapter, I question the applicability of entrepreneurship-based interventions to the socio-cultural context of rural Burundi. Basing my quantitative analysis on a unique cross-section dataset from Burundi of over 900 households, I look into the entrepreneurial livelihood strategies at the near-subsistence level: diversifying crops, processing food for sale, supplementary wage work and non-agricultural employment. I find that the farmers living closer to the subsistence level are indeed less likely to pursue innovative entrepreneurial opportunities, unable to break the poverty cycle and move beyond subsistence agriculture. The paper contributes to the ongoing debate on by analyzing its drivers and inhibitors in the context of a subsistence economy. It questions the idea of alleviating rural poverty through the external promotion of entrepreneurship as it constitutes ‘a denial of the poor’s capacity for agency to bring about social change by themselves on their own terms’.Drawing on these findings, the second chapter focusses on the role of local communities as shareholders of projects. The aim of this paper is to investigate the ways in which the agrarian communities in rural Burundi accommodate the model of a community social enterprise. The project understudy, implemented by the UNICEF Burundi Innovation Lab, builds upon the provision of green energy generators to the village child protection committees in the energy-deficient rural regions of the country. The electricity-producing machines are also a new income source for the groups, transforming them into economically viable community enterprises. Since the revenue earned is to directly support the village orphans’ fund, the communities in question engage in a true post-development venture: they gradually assume the role of the development-provisioning organizations.The third chapter of this work focusses on the complex interaction between the microfinance providers and the population of its clients and potential clients: the rural poor. It draws on the existing research on positive deviance among African communities and explores the social entrepreneurial potential of the rule-breaking practices of microfinance programs’ beneficiaries. Using the storyboard methodology, I examine the strategies employed by the poor in Burundi to bypass institutional rules. My results suggest that transgressive practices and nonconformity of development beneficiaries can indeed be seen as innovative, entrepreneurial initiatives to reform the microfinance system from within, postulating a more participatory mode of MFIs’ organizational governance. The three empirical chapters provide concrete examples illustrating the contested nature of the development process. In the last, theoretical, chapter, I examine how the different conceptualizations of social entrepreneurship have been shaped by the disparate socio-political realities in the North and in the South. I then analyze how the process of constructing academic representation has been influenced by the prevalent public discourses.Since doubling or tripling of the external development finance has not sufficed to bring about systemic change, the assumption that technology, managerial efficacy and the leveraging power of financial markets could be applied to solving the problem of persisting global poverty has a lot of appeal. At the same time, my findings point to the fact that if the ultimate objective of development is broadly defined value creation, the definition of what constitutes value should be negotiated among all the stakeholders. The dissertation makes an important contribution to the understanding of participation, entrepreneurship and community engagement in the context of development studies.I strongly believe that development organizations must have a quality understanding of the social and cultural characteristics of the need or problem they are targeting in order to make productive decisions about the application and scaling of interventions. I very much hope that my work can provide some guidance for their work on the ground. |
| Keywords: | social entrepreneurship, micro-entrepreneurship, agrarian economy, positive deviance, Burundi |
| Date: | 2016–01–04 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/222062&r=sog |
| By: | David Lapierre (Department of Economics, University of Quebec in Montreal); Pierre Lefebvre (Department of Economics, University of Quebec in Montreal); Philip Merrigan (Department of Economics, University of Quebec in Montreal) |
| Abstract: | (in French) Peu d?études peuvent évaluer les effets de long terme de l?école privée secondaire sur les résultats éducatifs des élèves, tout en contrôlant pour les caractéristiques des élèves et des parents. Au Québec, la deuxième province canadienne la plus populeuse, plus de vingt pourcent des élèves du secondaire fréquentent les écoles privées subventionnées par l?État, mais avec frais de scolarité plafonnés. Les biais de sélection, de causalité et de recrutement causés par la possibilité pour l?école privée de sélectionner les élèves rendent toutefois inappropriée une comparaison simpliste de leurs résultats éducatifs par rapport à leurs pairs du secteur public. Cette étude utilise les quatre premiers cycles de deux cohortes longitudinales de l?Enquête sur les jeunes en transition (EJET) réalisée par Statistique Canada. Elle estime l?effet de traitement de l?école privée sur le taux de graduation du secondaire selon le temps attendu, la fréquentation d?un CEGEP à 19 ans, la fréquentation de l?université à 21 ans ou plus, la graduation universitaire à partir de 24 ans ou plus ainsi que l?inscription aux programmes menant à des professions régies par des ordres professionnels au Québec. L?analyse économétrique estime les effets de traitement selon l?appariement par balancement entropique prenant en considération plusieurs variables clés dont le statut socioéconomique des élèves. Les résultats sont ensuite validés par une simulation de variable confondante. Les effets significatifs et robustes estimés attribuables à l?école privée expliquent plus de 56 de l?écart observé entre les élèves par les données (administratives ou descriptives de l?EJET), et près de 81 pourcent selon le modèle, la cohorte et le sexe. Abstract (in English, working paper is in French) Very few studies analyze the long term educational effects of private secondary school students while controlling for their socioeconomic status. In Québec, the second most populous Canadian province, twenty percent of students at this level are enrolled in private schools subsidized by the government, who however set a relatively low ceiling for the fees in exchange for subsidies. Bias from selection, causality and admission coming from the fact that private schools may select their students, give way to inappropriate simplistic comparison of their educational results with their public sector peers. This study uses the first four longitudinal waves on the two cohorts of Statistics Canada?s Youth in Transition Survey (YITS). The analysis estimates the average treatment on the treated the effect of private school on secondary school graduation rate within expected number of years (5), enrollment in postsecondary institutions at age 19, university enrollment at age 21 or more, university graduation at age 24 or more, and enrollment in professional degrees program. The econometric analysis of treatment effects is based on a particular entropy balancing algorithm with a large set of key balancing covariates. Results are validated by a simulation-based sensitivity analysis for matching estimators. We find large, positive and statistically significant effects of private schooling on almost all outcomes analyzed. The results are not sensitive to simulations of omitted variable bias. |
| Keywords: | EJET-YITS, école privée, graduation à l?école secondaire, poursuite et obtention de diplômes d?études postsecondaires et professionnels, données longitudinales, effets de traitement, balancement entropique |
| JEL: | I20 I21 I28 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:grc:wpaper:16-01&r=sog |
| By: | Philipp Möhlmeier (BiGSEM - Bielefeld University - Center for Mathematical Economics); Agnieszka Rusinowska (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Emily Tanimura (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In a network formation framework, where payoffs reflect an agent's ability to access information from direct and indirect contacts, we integrate negative externalities due to connectivity associated with two types of effects: competition for the access to information, and rivalrous use of information. We consider two separate models to capture the first and the second situations, respectively. In the first model, we assume that information is a non-rivalrous good but that there is competition for the access to information, for example because an agent with many contacts must share his time between them and thus has fewer opportunities to pass on information to each particular contact. The main idea is that the probability that each neighbor receives the information decreases with the number of contacts the sender has. In the second model, we assume that there is not competition for the access to information but that the use of information is rivalrous. In this case, it is assumed that when people receive the information before me, the harmful effect is greater than when others receive the information at the same time as myself. Our results concern pairwise stability and efficiency in both models and allow us to compare and contrast the effects of two kinds of competition for information. |
| Abstract: | Dans un cadre de formation de réseau, où les gains reflètent la capacité d'un agent pour accéder aux informations de contacts directs et indirects, nous intégrons des externalités négatives dues à la connectivité associé à deux types d'effets : la concurrence pour l'accès à l'information, et l'utilisation de la rivalité de l'information. Nous considérons deux modèles distincts pour capturer la première et la seconde situation, respectivement. Dans le premier modèle, nous supposons que l'information est un bien non-rivalité, mais qu'il existe une concurrence pour l'accès à l'information, par exemple en raison d'un agent avec de nombreux contacts qui doit partager son temps entre eux et a donc moins d'occasions de transmettre des informations à chaque contact. L'idée principale est que la probabilité que chaque voisin reçoit l'information diminue avec le nombre de contacts qu'a l'expéditeur. Dans le second modèle, nous supposons qu'il n'y a pas de concurrence pour l'accès à l'information, mais que l'utilisation de l'information est compétitive. En outre, il est supposé que les personnes qui reçoivent l'information avant moi ont un effet plus néfaste sur mon utilité que les personnes qui reçoivent l'information en même temps que moi. Nos résultats concernent la stabilité par paire et l'efficacité dans les deux modèles et nous permettent de comparer et contraster les effets de deux types de concurrence pour obtenir des informations. |
| Keywords: | network formation,connections model,negative externalities,pairwise stability,efficiency,formation de réseaux,modèle des connexions,information,externalités négatives,stabilité,efficacité |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01316936&r=sog |
| By: | Pablo del Rio (IPP-CSIC); Pere Mir-Artigues (UdL & Energy Sustainability Research Group (UB)); Elisa Trujillo-Baute (University of Warwick & Barcelona Institute of Economics,Chair of Energy Sustainability) |
| Abstract: | Retail electricity prices have substantially increased in the last decade in the European Union (EU) as a result of different regulations, raising the concern of policy makers. The growth in the support costs for electricity from renewable energy sources (RES-E) has often been singled out as a main driver of these prices. The aim of this paper is to analyse the degree of influence of RES-E promotion costs on the evolution of the retail price of electricity in the EU Member States. The analysis is carried out for households as well as for industry, with the help of a panel data econometric model. Our results show that the impact of renewable energy promotion costs on the retail electricity prices is positive and statistically significant, although relatively small. Differences across consumer types can be observed. An increase of 1% in those costs induces an average increase of only 0.023% in industrial retail prices and 0.008% in the residential retail prices. This impact on retail prices is mediated by the type of support scheme being adopted, with price-based support instruments showing a greater effect than quantity-based ones. |
| Keywords: | Electricity prices, renewable energy, public support |
| JEL: | L11 Q41 C24 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2016-19&r=sog |
| By: | Sidharta, Iwan; Wati, Mirna |
| Abstract: | Urunan Desa (URDES) is an imposition of levies in the form of a sum of money to the villagers with a particular classification, with the services provided by the village government or form of participation of rural communities in supporting the implementation of rural development and village government organization magnitude value based on the results of consultation and agreement between the government village with BPD (Badan Pemusyawarahan Desa) is taken from the calculation of the principal provisions of the property tax each taxpayer. However, the low percentages of taxpayers still lower the level of tax receipts and URDES. In addition because there is widespread awareness of the public to pay taxes, the lack of a system intended for taxpayers who want to know the necessary information about the taxpayer's property tax as well as the village and used data processing and reports that are running currently using Microsoft Excel. Based on the phenomenon than designed and implemented Information System Based on Percentage URDES Property Tax using descriptive and Waterfall system development methods, other than that this final project using Visual Studio 2005, Microsoft Access 2007 as database and operating system Windows XP. The expected result of this system that software can help users in the preparation of reports required by this system and to facilitate the presentation of information systems URDES percentage of the amount of property tax. |
| Keywords: | system information; tax property |
| JEL: | H2 M15 |
| Date: | 2015–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73581&r=sog |
| By: | Fernanda Nechio (Federal Reserve Bank of San Francisco); Andrea Ferrero (University of Oxford); Carlos Carvalho (PUC-Rio) |
| Abstract: | The demographic transition can affect the equilibrium real interest rate through three channels. An increase in longevity---or expectations thereof---puts downward pressure on the real interest rate, as agents build up their savings in anticipation of a longer retirement period. A reduction in the population growth rate has two counteracting effects. On the one hand, capital per-worker rises, thus inducing lower real interest rates through a reduction in the marginal product of capital. On the other hand, the decline in population growth eventually leads to a higher dependency ratio (the fraction of retirees to workers). Because retirees save less than workers, this compositional effect lowers the aggregate savings rate and pushes real rates up. We calibrate a tractable life-cycle model to capture salient features of the demographic transition in developed economies, and find that its overall effect is a reduction of the equilibrium interest rate by at least one and a half percentage points between 1990 and 2014. Demographic trends have important implications for the conduct of monetary policy, especially in light of the zero lower bound on nominal interest rates. Other policies can offset the negative effects of the demographic transition on real rates with different degrees of success. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:717&r=sog |
| By: | Tryphon Kollintzas (Athens University of Economics and Business and CEPR); Dimitris Papageorgiou (Bank of Greece, Economic Analysis and Research Departme); Efthymios Tsionas (Athens University of Economics and Business); Vanghelis Vassilatos (Athens University of Economics and Business) |
| Abstract: | In this paper, using a dynamic panel of 21 OECD countries, we find that, unlike the other OECD countries in the sample, wage setting institutions, competition conditions, public finances and external imbalances can account for the behavior of the public sector wage premium (WPR) and the self employed taxation gap (TSL) in Greece and to a lesser extent in Spain and Portugal, in a manner that is consistent with an “insiders-outsider s society” (IOS). That is, a politicoeconomic system characterized by groups of selfish elites that enjoy market power, but at the same time cooperate in influencing government in protecting and promoting their collective self interests. Then, we find that for Greece as well as Spain and Portugal, WPR and TSL have an adverse effect on both TFP and output growth. Finally, the effect of WPR and TSL on the business cycle (shock propagation mechanism) is investigated via a panel VAR analysis. Again, impulse response function analysis suggests that the shock propagation mechanism of WPR and TSL for Greece and to a lesser extent for Spain and Portugal, are quite different from the rest of the OECD countries. For example, in Greece, unlike the other OECD countries in the sample, a positive temporary shock in WPR causes TFP and output to fall and the public and current account deficits to increase. We take the TFP/output growth and the shock propagation mechanism results to provide strong evidence that Greece and to a lesser extent Spain and Portugal behave like IOS. For that matter, these results are important in order to understand the Greek crisis. |
| Keywords: | Labor market institutions; Political Institutions; Public sector wage premium; Self employed taxation gap; Growth;Business cycles; Greek crisis |
| JEL: | J44 J45 O43 O47 O57 P16 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:aeb:wpaper:201606&r=sog |
| By: | Derek Kellenberg; Arik Levinson |
| Abstract: | In official international trade statistics, annual commerce between every pair of countries is reported twice: once by the importing country and once by the exporter. These double reports provide an opportunity for audit. In principle, the two reported trade values should differ systematically only by transport costs, because the values reported by importers include freight and insurance. But in practice, after controlling for distance and other standard trade costs, the remaining gaps between importer- and exporter-reported trade vary systematically with GDP, tariffs and taxes, auditing standards, corruption, and trade agreements, suggesting that firms intentionally misreport trade data. These misreports have implications for trade agreements and domestic fiscal policy, and for empirical assessments of the efficacy of those policies. |
| JEL: | F14 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22593&r=sog |
| By: | Jain, Tarun (Indian School of Business); Maitra, Pushkar (Monash University); Mani, Subha (Fordham University) |
| Abstract: | Skill development is increasingly viewed as a way to escape the low education – high unemployment trap in developing countries. Consequently, policy makers in these countries are extensively investing in skill development programs. However, participation and completion rates in many of these programs remains low. This paper investigates factors that prevent individuals from acquiring spoken English, an important skill with potentially high returns in the labor market. Using data from a field experiment in India that subsidizes the cost of learning spoken English, we find that full subsidy (compared to partial or no subsidy) positively effects the probability of participating in a spoken English training program. Conversely, distance to the training center, pre-existing knowledge of spoken English, and past enrollment in a similar course act as significant barriers to take-up. These findings suggest that multidimensional policy solutions are required to overcome the barriers to skill development in developing countries. |
| Keywords: | skill development, vocational training, spoken English, field experiment, India |
| JEL: | I25 J24 J44 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10199&r=sog |
| By: | Mathieu Béal (Centre de Recherche Magellan - Université Jean Moulin - Lyon III - Institut d'Administration des Entreprises (IAE) - Lyon); Yany Grégoire (HEC Montréal - HEC MONTRÉAL); William Sabadie (Centre de Recherche Magellan - Université Jean Moulin - Lyon III - Institut d'Administration des Entreprises (IAE) - Lyon) |
| Abstract: | This working paper studies a new conceptual approach of customers' complaints that we called " improvement complaining ". The underlying idea is that customers' dissatisfaction can be turned into a creative learning process. Indeed, dissatisfaction is often considered as one of the strongest antecedents leading to creativity (Boichuk & Menguc, 2013; Carbonell et al. 2009; Duverger, 2012; Füller, 2010; Zhou & George, 2001). Many successful products have been suggested by dissatisfied customers or employees (e.g. McDonald's Filet-O-Fish or Starbucks' Frappuccino). Accordingly, we define improvement complaining as the expression of customer's voice following a service failure in which he or she expresses innovative suggestions to improve the firm's practices and/or services. The main question is: " What influence customers' willingness to share ideas while complaining? " To the best of our knowledge, no study has examined the creative potential of customers' complaints and this one can fill that literature gap, about how a service failure may be the starting point for the innovation process In sum, this work is motivated by three questions related to improvement complaining. Our first research question is about improvement complaining's occurrence. For that, we run a content analysis on 375 complaint letters collected from a French bank's database and find that around 3.5% of customers' complaints can be considered as an improvement complaint. Secondly, we question the customers' motives associated with improvement complaining. Our results show that this complaint is more related with others-oriented motives (company and other customers) compared to other complaining forms. Finally, our third question examines the effect of the organizational climate on complaint intentions. We find that when organizational climate is favorable, customers are more open to complain in an innovative and less in a vindictive way. |
| Keywords: | improvement complaining, service failure, innovation, customers' motives |
| Date: | 2016–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01340094&r=sog |
| By: | Malak-Rawlikowska, Agata; Milczarek-Andrzejewska, Dominika |
| Abstract: | The extensive and growing literature on food supply chain has been mainly focused on relations between farmers, processing and retail sectors. Various studies have investigated for example the determinants of supply chain relationships (e.g. Dries et al., 2014) and a situation of small-scale producers in the face of rapid supply chain restructuring (e.g. Briones, 2015; Vorley et al., 2007). However, a systematic understanding of how farmers interact with input suppliers is very scarce. In response to this, the paper aims at improving our knowledge about farmers’ relations with input suppliers. The specific example that we examine comes from the Polish dairy sector, which seems to be particularly well suited for investigating relationships within the food value chain. On the one hand, fragmented structure of local farms, and poor income situation of small agricultural holdings are frequently emphasised (Milczarek-Andrzejewska, 2014). On the other hand, Polish dairy and feed sectors have undergone a thorough modernisation (Dries et al., 2011; Piwowar 2013). Rising farmer demand (due to production technology change being necessitated by milk productivity improvement) and increased competition in the feed sector have led to new vertical relations between the farm and feed production segments. Vertical coordination took many forms, including contracting, advisory programs, financial support etc. However, the existing theoretical and empitical literature on vertical spillovers through backward linkages (i.e. from buyers to suppliers) is scarce and focused on manufacturing (Kuijpers, Swinnen, 2016; Jarzębowski, 2013). A study on the relationship between dairy farmers and feed producers means that we examine also the relations between two agri-food chains. These two – dairy and feed – supply chains are vertically connected. The feed supply chain ends at the farm level where the feed is finally used in the milk production process, and where the dairy supply chain starts. Our study allows then to characterize the “boundary” segments of supply chains. |
| Keywords: | Agribusiness, Farm Management, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244537&r=sog |
| By: | Jan Baran (Faculty of Economic Sciences, University of Warsaw; Institute for Structural Research) |
| Keywords: | overeducation, education mismatch, tertiary education |
| JEL: | I21 J21 J24 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2016-22&r=sog |
| By: | Isabelle Laplace (ENAC - Ecole Nationale de l'Aviation Civile); Chantal Latgé-Roucolle (LEEA - ENAC - Laboratoire d'Economie et d'Econométrie de l'Aérien - PRES Université de Toulouse - Ecole Nationale de l'Aviation Civile) |
| Abstract: | ASEAN Member States are currently in a step through liberalization of air traffic market in their region. The target is the 5th freedom right for South-East Asia in 2020. Two opposite effects might be observed following the deregulation: one negative on flag carrier due to increase in competition, one positive on national and regional economies. One main issue concerns the impact of expected development of airport activity on national and regional economies. We propose an estimation of these impact, using a two stage econometric model applied to four ASEAN countries. We show that GDP is the most sensible to air traffic growth in region where only international airports are located, that is for region that exhibit the highest level of development. We show that up to the 5th freedom right, given the expectation in tourism development, national GDP is expected to increase by 9% (Myanmar) to 51% (The Philippines) depending on the country. The magnitude of the impact depends on the tourism development expectation as well as on the tourism contribution to GDP. The analysis show then that economic benefit of air transport liberalization are non-negligible for the ASEAN countries. Given the magnitude of the estimated effect, the benefits would certainly overlap the negative effect of competition on the flag carriers. |
| Keywords: | Airport capacity |
| Date: | 2016–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01338251&r=sog |
| By: | Sonagnon Hounwanou (PIESO-ENSMSE - Département Performance Industrielle et Environnementale des Systèmes et des Organisations - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom - Institut Henri Fayol, EVS - UMR 5600 Environnement Ville Société - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - Université Jean Moulin - Lyon III - Université Jean Monnet - Saint-Etienne - École Nationale des Travaux Publics de l'État [ENTPE] - Ecole Nationale Supérieure des Mines de Saint-Etienne - ENSAL - École nationale supérieure d'architecture de Lyon - CNRS - Centre National de la Recherche Scientifique); Natacha Gondran (PIESO-ENSMSE - Département Performance Industrielle et Environnementale des Systèmes et des Organisations - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom - Institut Henri Fayol, EVS - UMR 5600 Environnement Ville Société - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - Université Jean Moulin - Lyon III - Université Jean Monnet - Saint-Etienne - École Nationale des Travaux Publics de l'État [ENTPE] - Ecole Nationale Supérieure des Mines de Saint-Etienne - ENSAL - École nationale supérieure d'architecture de Lyon - CNRS - Centre National de la Recherche Scientifique); Jesus Gonzalez-Feliu (PIESO-ENSMSE - Département Performance Industrielle et Environnementale des Systèmes et des Organisations - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom - Institut Henri Fayol, EVS - UMR 5600 Environnement Ville Société - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - Université Jean Moulin - Lyon III - Université Jean Monnet - Saint-Etienne - École Nationale des Travaux Publics de l'État [ENTPE] - Ecole Nationale Supérieure des Mines de Saint-Etienne - ENSAL - École nationale supérieure d'architecture de Lyon - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper aims, via an analysis of the literature, to propose a first modelling and assessment framework to estimate the impact of retail location and characteristics on the environment. The contribution at this point remains conceptual and methodological, but the proposed framework is able to be applied if suitable assessment tools are available. The framework combines a freight trip flow and a shopping trip flow models for vehicle and transport distance estimation, and a life cycle analysis method to convert those vehicles and distances into environmental impacts, taking into account both direct and indirect impacts. First, an overview on retailing location and the motivation of the proposed framework is presented. Second, the general methodology is described. Third, the different modelling schemes are proposed, relating them to what is proposed currently in literature. Finally, future developments are presented. |
| Keywords: | City center stores,peripheral shopping centers,freight flows,logistic movements,end-consumers' movements |
| Date: | 2016–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01357008&r=sog |
| By: | Silvio Schumacher |
| Abstract: | This paper provides an empirical analysis of the network characteristics of two interrelated interbank money markets and their impact on overall market conditions. Based on transaction data from the unsecured and secured Swiss franc money markets, the trading network structures are assessed before, during and after the financial market crisis. It can be shown that banks in the unsecured market are connected to a lower number of counterparties but rely heavily on reciprocal and clustered trading relationships. The corresponding network structure likely favored the exchange of liquidity prior to the financial market crisis but also might have led to a lower resilience of the unsecured market. There is empirical evidence that conditions in both sub-markets were significantly driven by the individual network position of banks. The network topology likely affected the shift observed from unsecured to secured lending and the increase in risk premia for unsecured lending during the financial market crisis. This paper therefore provides further evidence on the functioning of interbank money markets and, especially, on the impact of market participants interconnectedness. |
| Keywords: | Repo transaction, unsecured interbank money market, financial market turmoil, financial stability, Switzerland |
| JEL: | E42 E43 E58 G01 G12 G21 L14 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2016-12&r=sog |
| By: | Lauslahti, Kristian; Mattila, Juri; Seppälä, Timo |
| Abstract: | Unlike conventional contracts established through speech, written words, or actions, smart contracts are algorithmic, self-executing and self-enforcing computer programs. In this article, we analyze smart contracts from the perspective of digital platforms and the Finnish contract law. We examine how well the formation mechanisms of the general principles of contract law can be applied to the new technological framework of smart contracts. In addition, the adoptability of smart contracts as a part of our current legislation is evaluated on the basis of this analysis. We find that instead of a clearly defined single use case, smart contracts can be applied in a multitude of different ways, with highly varying goals and circumstances. We conclude that at least in some cases, smart contracts can create legally binding rights and obligations to their parties. The mechanism best suited for describing the formation of a smart contract seems to be analogous to a vending machine where the declaration of intent is implicitly expressed by performing contractual obligations. Contracts have not been formerly percieved as a technical boundary resource in the sense that platform ecosystems could foster broader network effects by opening their technical contracting interfaces to third parties. Smart contracts are an example of the new kinds of technology-enabled contracting practices to which companies and public policy makers should start preparing well ahead of time. However, due to the relative immaturity of the smart contract technology, the number of current real-world applications is still very limited. The evolution of digital platforms requires an approach with a combination of technological, economic and legal perspectives. |
| Keywords: | Digital platforms, boundary resources, blockchain, smart contracts |
| JEL: | K12 K19 O33 O38 |
| Date: | 2016–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:57&r=sog |
| By: | Matt Hopkins (The Academic-Industry Research Network.); William Lazonick (University of Massachusetts Lowell and The Academic-Industry Research Network.) |
| Abstract: | On April 7, 2016, the Wall Street Journal ran an article headlined “CEO pay shrank most since financial crisis,†while on May 27, 2016, a similar New York Times story declared “Top CEO pay fell – yes, fell – in 2015.†Unfortunately, both the Journal and the Times mismeasured the actual take-home pay of each and every one of these CEOs in 2014 and 2015. The reason for this mismeasure is that both articles relied on “fair value†estimates of the stock-based pay of these CEOs as reported in the Summary Compensation Table of the definitive proxy statement (Form DEF 14A) that each publicly listed company files annually with the U.S. Securities and Exchange Commission (SEC). Yet the very same proxy statements also report the actual realized gains of these CEOs in the Option Exercises and Stock Vested Table. It is the realized gains on stock-based pay, not fair-value estimates, that enter into the total compensation that a CEO actually takes home and reports as income in his or her income-tax return. Moreover, including actual realized gains instead of estimated fair value of stock– based pay in the measure of total executive compensation can make a big difference. In 2014 average total compensation of the 500 highest-paid executives named on corporate proxy statements based on actual realized gains was $34.3 million, with 81 percent coming from stock-based pay. But average total compensation of the 500 highest paid based on estimated fair value was $19.3 million, with 62 percent attributable to stock- based pay. The excess of total actual realized-gains compensation over total estimated fair-value compensation was greatest in those years when the stock market was booming. Why would the Wall Street Journal and the New York Times report estimates of executive pay when they could be reporting the CEOs’ actual pay? In this paper, we answer this question by explaining the origins of the “fair value†estimates of stock-based pay and how the obsession with these estimates by the SEC, relying on the business-run Financial Accounting Standards Board (FASB), has relegated to statistical obscurity executives’ readily available, accurate, and actual realized gains from stock-based pay. We use Standard & Poor’s ExecuComp database to document that a) stock-based pay, in the forms of realized gains from stock options and stock awards, dominates both the size of and the changes over time in the total compensation of the highest-paid senior executives; and b) the fair-value estimates of stock-based pay tend to understate, often substantially, the realized gains from stock-based pay that these executives actually receive. An irony is that even critics of excessive executive pay, most notably the AFL-CIO on its Executive Paywatch website, use the fair-value estimates when the actual CEO compensation numbers would reveal a much larger ratio of CEO pay to the earnings of the average worker. Indeed, as we discuss in the conclusion to this paper, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, this mismeasure of executive pay has become institutionalized in U.S. government policy in the SEC’s Pay Ratio Disclosure Rule, which beginning in 2017 requires every company to publish the ratio of CEO to median-worker pay. Under this rule, the SEC requires companies to use the fair-value measure of CEO pay. The Pay Ratio Disclosure Rule is supposed to provide the public with a company-level indicator of income inequality. Instead it will tend to underestimate inequality, substituting fictitious estimates for actual known amounts of income that CEOs put into their bank accounts and declare in their income-tax returns. |
| Keywords: | Executive compensation, stock-based pay, stock options, stock awards, estimated fair value, actual realized gains, ExecuComp, SEC, FASB |
| JEL: | D22 D31 G35 J33 K22 L21 M41 M52 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:49&r=sog |
| By: | Todd Messer (UC Berkeley); Michael Siemer (Federal Reserve System Board of Governors); Francois Gourio (Federal Reserve Bank of Chicago) |
| Abstract: | Unlike most previous recessions, the 2007-2009 contraction was associated with a very large and persistent decline in new business formation. We study the aggregate implications of this phenomenon. While reduced entry rate plays only a minor role in accounting for the initial contraction, the effects are very persistent under plausible models of firm dynamics. This suggests that lower entry may account for part of the slow U.S. recovery. We start with a simple calculation that illustrates that lower en- try since 2006 “accounts†for a significant reduction of employment. We next present state-level and MSA-level evidence within the U.S. in order to evaluate this hypothesis. We consider several alternative factors that may affect the speed of the recovery such as the debt to GDP ratio, the decline in house prices, or the decline in small business lending. Among the considered hypothesis the decline in entry stands out as the dominant factor in predicting the speed of the recovery. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed016:752&r=sog |
| By: | Moradi, Alireza |
| Abstract: | IN this paper, the Iranian Business Cycle characteristics were investigated via uni-variate and multivariate Markov-switching specifications. By using Hamilton (1989) and Krolzig (1997) (MS-VAR) models, we examined the stochastic properties of the cyclical pattern of the quarterly Iranian real GDP between 1988:Q2 - 2008:Q3. The empirical analysis consists of mainly three parts. First, two kinds of alternative specifications were tried and we were adopted best specification with respect to various diagnostic statistics. Then, selected models were tested against their linear benchmarks. LR test results imply strong evidence in favor of the nonlinear regime switching behavior. Furthermore, the multivariate specification with various macro aggregates and changing variance parameter outperformed the other MS models with reference to one-step ahead forecasting performance. With this specification, we can detect the three recessionary periods experienced by the Iranian economy between 1988:Q2 and 2008:Q3. Finally, based on inference from this model a chronology of business cycle turning points was determined. |
| Keywords: | Markov Switching Models, Business Cycles, MSVAR, Iran. |
| JEL: | C32 E32 |
| Date: | 2016–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73608&r=sog |
| By: | IWAOMTO Koichi |
| Abstract: | This paper addresses Industrie 4.0 - The Impact of the German 4th Industrial Revolution , Nikkan Kogyo Shinbun, 2015. In order to clarify the origin of the idea of Industrie 4.0, this paper is retroactive to the unification of East and West Germany in 1989. Currently, the system of the Internet of Things (IoT) has been disseminated in various fields globally. Against this backdrop, this study also elucidates the reason why Germany proposed its plan to focus on the manufacturing floor, which is its driving force as a nation as well as its national goal. Finally, this paper compares Japan with Germany. In Japanese companies, there is a lack of understanding between managers; if capital is invested in the IT fields, cost cutting continues to be prioritized instead of earning profits. That being the case, this thesis points out Japanese manufacturing is at a very high risk of lagging behind its European and U.S. counterparts. |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:16009&r=sog |
| By: | Daniel Baksa (Central European University); Zsuzsa Munkacsi (Bank of Lithuania) |
| Abstract: | Southern Europe is currently experiencing a double-whammy: high levels of government debt coupled with a rapidly aging population. Thus, the consolidation of (pension) budgets seems inevitable. In this paper we examine the short- and long-run macroeconomic e ects of public old-age pension reforms and other scal policies under conditions of population aging. To do so, we calibrate OGRE, a New Keynesian model with overlapping generations, unemployment and an underground sector to match annual data on Portugal and Spain. Our main nding is that a retirement-age increase is the least harmful policy with respect to long-run output. However, we raise some doubts about the feasibility of implementing this policy. |
| Keywords: | population aging, public old-age pension reforms, pay-as-you-go, fully funded, shadow economy, informal employment, government debt, New Keynesian model, overlapping generations, demography, unemployment, retirement ageLength: 71 pages |
| JEL: | E24 E26 H55 J11 J46 |
| Date: | 2016–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:32&r=sog |
| By: | Julio J. Elias; Nicola Lacetera; Mario Macis |
| Abstract: | Societies prohibit many transactions considered morally repugnant, although potentially efficiency-enhancing. We conducted an online choice experiment to characterize preferences for the morality and efficiency of payments to kidney donors. Preferences were heterogeneous, ranging from deontological to strongly consequentialist; the median respondent would support payments by a public agency if they increased the annual kidney supply by six percentage points, and private transactions for a thirty percentage-point increase. Fairness concerns drive this difference. Our findings suggest that cost-benefit considerations affect the acceptance of morally controversial transactions, and imply that trial studies of the effects of payments would inform the public debate. |
| JEL: | C91 D01 D47 D63 D64 I11 K32 Z13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22632&r=sog |
| By: | Bessolitsyn, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Prepared material traces the main stages of the formation of representative business organizations, representing the interests of the mining and processing industries, as well as transport. Arisen from the top, according to the government's initiative is mainly at the stage of economic modernization in the XIX-XX centuries. In the form of sectoral conventions, these organizations have become the leading form of representation of the interests of the business community in the state. The present study focuses on the analysis of the main areas of development, the identification of problems of interaction and the formation mechanisms of cooperation between state authorities and representative organizations of employers on behalf of their vanguard - the national and the regional and sectoral conventions at the turn of XIX-XX centuries. The conclusion is that, despite a number of features, these organizations were adequate form of representation of Russian business interests. They carry out certain functions of an intermediary between the state and the business community and laid the foundations of the social partnership system. |
| Keywords: | state, industry, Russia, history, XIX century |
| Date: | 2016–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:16612&r=sog |
| By: | Saatkamp, H.W.; Roskam, J.L.; Gocsik, E. |
| Abstract: | Development of antimicrobial resistance (AMR) is considered to be one of the main human health problems. Livestock production, particularly hog and broiler production, are regarded as sources of human exposure to resistant pathogens. It is envisaged that the issue of AMR will be on the agenda of both policy makers at various levels (e.g. supra-national (EU), national and production organisations) and researchers. In the last decade a large range of (potential) exposure and/or risk reducing measures have become available or are envisaged. Examples are: − On-farm: reduction of usage of antimicrobial agents, more robust animals, therapeutic alternatives to antimicrobials and increased bio-security; − Beyond-farm: various cleansing and disinfection measures, cross-contamination reducing logistics within the entire chain, various types of meat processing ways which reduce the prevalence of pathogens and further contamination. Chain-wide implementation of (sets of these) measures is complex and involves simultaneous consideration of various issues, such as: the potential to reduce microbial exposure to humans, the (economic) impact on livestock production, (cost-)effectivity technology and acceptance by the general public, asymmetry of effects and costs between chain participants, the risk of counteracting risk-reduction downstream the chain, legal and institutional thresholds, compliance and governance. Quantitative risk-based economic analysis of (sets of) measures throughout the supply chain can support decision making in this regard. Such analysis should be comprehensive and focused on optimal (i.e. low risks and low additional costs) and coherent sets of measures. Given the complexity of the matters, a conceptual framework was developed to facilitate subsequent quantitative analysis. This framework describes qualitatively all possible factors and aspects that influence both human exposure to pathogens and economic performance. Two levels are considered: (1) the on-farm level and (2) the beyond-farm level up to consumer. Moreover, the issue of (economics of) (non-) compliance is included. Furthermore, the framework includes a rather complete list of risk reducing measures and their direct and indirect relations with human exposure and production costs. Because (1) the range of potential measures, and (2) the range of various criteria each (set of) measures can be characterized by and on which they can have positive or negative impacts on, analysing all options together is quite laborious. Therefore, it makes sense to elicit a set of promising measures for subsequent quantitative analysis. The aim of this workshop is to perform such an elicitation with experts in the field of supply chain management; in this workshop elicitation, the emphasis will be on supply chain management characteristics of AMR reducing measures, such as: (1) organisation, governance and management of the supply chain, (2) envisaged effects and costs, (3) legal and institutional possibilities. The focus will be at the beyond farm level, i.e. the range between transport and retail. |
| Keywords: | Agribusiness, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, Risk and Uncertainty, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244476&r=sog |
| By: | Maria Demertzis; Guntram B. Wolff |
| Abstract: | Executive Summary This is the background paper for the presentation given at the informal ECOFIN in Bratislava on 9 September 2016. A shortened version of this paper was circulated to the Ministers, click here to download it. A monetary union without fiscal union is generally considered to be incomplete. We consider three steps for increasing the centralisation of fiscal functions, and discuss the prerequisites for moving forward at each one. Above all, fiscal integration is a matter of trust, which is currently at a low level. The first step would be to complete banking union and establish a more credible no-bailout clause. The conditions for addressing the fiscal dimensions of banking union are a denationalisation of the banking policy framework – including as regards exposure to sovereign debt – addressing non-performing loans and legitimising the fiscal backstop. The second step would move on from the first by adding funds for public goods and investment in the EU. With these, this step would create a re-insurance framework to help euro-area countries absorb large shocks. We consider a review of the EU budget and additional resources as conditions for this scenario. A system of check and balances is important. Last, we consider structural convergence to better deal with shocks as an essential prerequisite for mechanisms to cope with large country-specific shocks. The last step constitutes our analytical benchmark as it would move substantial government spending to the central level. This would allow euro-area fiscal stabilisation to be fully centralised. To enable this scenario, real economic differences between countries need to be lower, and a proper political union would need to be established, with legitimacy and a level of political integration very different from the situation today. 1. Introduction The debate on what kind of fiscal union is needed for Europe’s monetary union dates back to before the start of Economic and Monetary Union (EMU) (Eichengreen and von Hagen, 1996) and re-emerged with the more recent crisis[1]. One view is that fiscal union for the euro area was rejected before monetary union started because it would have required political union, which member states did not want. But the view held by others, perhaps most notably former German chancellor Helmut Kohl, was that the euro would ultimately lead to irreversible European unification (Mody, 2014). Historical-comparative research typically finds that monetary and fiscal unions go hand in hand. Functioning federations require at a minimum a credible no-bailout clause for sub-federal debt and a central budget that provides federation-wide public goods and services. The central budget is decided on by way of appropriate mechanisms that ensure political legitimacy. In established political unions, this central budget is typically large enough to provide fiscal stabilisation (Bordo et al, 2011). The United States of the founding fathers often serves a yardstick of comparison for the EU. But such comparisons have limitations[2]. The level of political integration that already existed in the US, the relatively small debt markets and the unsophisticated nature of the financial system at the time mean that such comparisons are not entirely relevant to the euro area. Furthermore, since US states had an overall small government sector, it was a comparatively small step to add the federal layer. But in the euro area, government spending is much larger, at between 40 percent and 58 percent of GDP. If fiscal union is to be understood as a centralisation of fiscal policy, one would have to discuss the shifting of significant spending from the national to the union-wide level. Discussing fiscal union is not easy in current circumstances. Trust in the European Union has fallen in recent years and remains at low levels (Figure 1). But some survey evidence suggests that support for the EU has risen in a number of countries after the Brexit vote[3]. Nevertheless, the United Kingdom’s vote to leave the EU is often interpreted as a pushback against far-reaching integration steps[4], though there is a counter view that the only way to salvage the monetary union project is to undertake further integration steps to improve its performance[5]. But there is substantial intellectual disagreement on what further integration steps would actually be helpful and necessary[6]. Figure 1 - Trust in the EU Source - Bruegel based on Eurobarometer. Note - Trust is measured as net trust in euro-area countries. Net trust is computed as the difference between 'tend to trust' and 'tend not to trust'. In our assessment, the current euro-area institutional set-up has a number of key problems. The current fiscal rules are not implemented[7], they lack credibility and do not achieve the optimal combination of fiscal sustainability and fiscal stabilisation. The EU’s fiscal framework has also been shown to suffer from significant measurement problems (Claeys and Darvas, 2015). |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bre:polcon:16381&r=sog |
| By: | SATO Hiroki; MIWA Satoshi; TAKAMI Tomohiro; TAKAMURA Shizuka; ISHIDA Ayako |
| Abstract: | Based upon 'The Survey on Decision-Making of Marriage' conducted by the Cabinet Office in 2015, this paper attempts to reveal a decision-making mechanism of transition of one's marital status from unmarried to married. The Survey covered 25 to 34 year-old males and females nationwide, and made comparison of the current situation or the situation at the decision of one's marriage with that of three years ago, focusing on encounter, dating, daily life, work, sense of values, social relations, and marriage. The study investigates the following three themes; 1) Willingness to marry with whom one is currently dating with - difference among unmarried males and females in his/her twenties-, 2) Decision-making of and willingness of marriage, and 3) Influence of individual's social relations on transition from dating to marriage. Theme one deals with a hypothesis whether growth of willingness to marry shows a gender bias. The study finds that many 27 to 29 year-old females tend to have a willingness to get married, while many males at the same age group think they would rather get married later. The study also finds that the decision maker is male in most of the cases, and that that is the barrier for marriage matchmaking as their willingness to marry is not matured in their twenties. Theme two analyses crucial factors of three transitional stages of marriage decision through the Transition Model. The analysis finds that in the first stage, i.e. continuation of dating, there is little effect from socio-economic factors but that length of living together and living closer has a positive effect, while the number of acquaintances of opposite sex and that of married acquaintances worked negative. In the second stage, making one's decision, males in non-regular employment or self-employment tend to wait until their partner makes a decision first. In the third stage, partners' decision-making prior to the examinees' decision, females with higher education tend to have less possibility of making a decision after her partner. Socio-economic status generally works on a decision making of the male side. Theme three investigates young generation's transition from dating to marriage with a focus on social connectedness, and finds that the Bonding Type works positive on marriage. On the other hand, the Bridging Type has possibilities of facilitating transition to marriage of the couples in a dating stage that males have less income than their partners albeit such income combination pattern of couples in a dating stage is one of the major negative factors for marriage decision. |
| Keywords: | marriage decision, willingness to marry, transition from dating to marriage, factor of marriage. |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:esj:esridp:332&r=sog |
| By: | Schwärzler, Marion Cornelia; Kronenberg, Tobias |
| Abstract: | The National Health Account for Germany is a standard reporting tool for the sector’s contribution to economic growth, employment and international trade. Its compilation is based on the supply and use tables of national accounts. Consequently, it refers to a satellite system of the health economy within the overall German economy. It further contains a health input-output table (HIOT) enabling the calculation of multiplier effects. The HIOT is fully consistent with the official input-output table, but it facilitates a more thorough analysis of this heterogeneous inter-sectoral industry, dividing the economy into a number of ‘core’ health sectors, ‘extended’ health sectors, and ‘non-health’ sectors. Concepts and methodology have been developed within projects on behalf of the Federal Ministry of Economic Affairs and Energy of Germany over several years. This paper describes underlying approaches for the compilation of the National Health Account with special emphasis on recent developments due to revisions of statistical standards in the con-text of supply and use tables, NACE 2008 and ESA 2010. Consequently, its contribution to existing scientific research is the methodological point of view the paper addresses, which has not been discussed in detail before. The sector’s relevance for export activities is evaluated as an exemplary field of application of the National Health Account by conducting input-output analysis. |
| Keywords: | Input-Output analysis, economic footprint, health economy, Germany |
| JEL: | C67 E01 I11 I18 |
| Date: | 2016–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73561&r=sog |
| By: | Blanche Segrestin (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Kevin Levillain (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Armand Hatchuel (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In a number of States, new legal " benefit " or " purpose " corporate forms are introduced to promote stakeholder-oriented companies. If it is too early to know empirically if this legal framework will work, we can build upon what we know on corporate governance to predict whether it is likely to work or not. In this paper, we present a mapping of the theories on corporate governance and derive some tentative predictions for purpose-driven corporations. We find that theories make diverging predictions, and in a paradoxical way: agency theory is seen as a shareholder-oriented theory, but it supports the new legal forms while stakeholder theory does not. This reordering of the field reveals that theories may overlook the possibility of a legal change. Our work thus contributes to suggest an empirical test of the theories with the purpose-driven companies, but it also opens further avenues to reappraise the theories of corporate governance. |
| Keywords: | Corporate law,purpose-driven corporation,stakeholder,corporate governance,agency theory,stewardship |
| Date: | 2016–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01323118&r=sog |
| By: | de Almeida, Luciana Florêncio; Zylbersztajn, Decio |
| Abstract: | Coffee production has grown 100% in volume over the past 30 years, with 30 million bags of coffee consumed every year in the world. Brazil is responsible for 35% of this production, followed by Vietnam (16%), Indonesia (7%), Colombia (5%), and Ethiopia (5%). At this pace, consumption has expanded not only in traditional markets such as the United States of America (4.2 kg/year), Germany (6.9 kg/year) and France (5.7 kg/year), but also in tea‐driven markets such as Japan, Korea, Russia and China (CECAFE 2013). In 2013, Brazil harvested 49.15 million 60 kg bags of processed coffee, 38.29 million of which were of Arabica coffee and 10.86 million of Conilon species (CONAB 2014). The planted area in Brazil is 2.3 million hectares and there are about 287,000 producers, predominantly mini and small farmers. Having continental dimensions, the country presents a variety of climates, reliefs, altitudes and latitudes that allow the production of a wide range of types and qualities of coffee (MAPA 2014). This research aimed to clarify present and future challenges for the Brazilian coffee agrichain, considering the growing demand and also competitiveness between the coffee countries’ producers. To capture the vivid perception of the actors in the coffee chain, a qualitative approach was employed. The research was conducted in three phases. In the first phase, 10 coffee specialists were interviewed using the snowball technique with the saturation premise, to identify the coffee sector’s main milestones for Brazil over the next 30 years. In the second phase, desk research was conducted to collect data and bibliographical information. This culminated in eight key success factors for coffee farming management. Finally, in the third phase, the results of phase two were submitted for analysis by 39 coffee farmers through three discussion panels held in the major producing regions: Sul de Minas (corresponding to 60% of the national production), Cerrado Mineiro (with 20%), and Matas de Minas (with 15%) (CECAFE 2012). The first outcome was a comparative analysis of the three regions using the lens of the key success factors and, secondly, the main future challenges faced by each region. Added to those results, the panels provided insights for public policies and private strategies. The study consolidated new drivers of change that directly impact corporate strategies and public policies, namely: a) increasing complexity in coffee farming, b) farm succession, c) mechanization, d) increased use of pesticides, d) climate change, e) consumer behavior, and e) risk management in the coffee agrichain. Given these drivers of change, companies in the Brazilian coffee agrichain may move forward with relevant strategic focus on important issues, leading to: i) loyalty from the farmer to guarantee high quality coffee supply, ii) increase in entry barriers to ensure the maintenance of leadership in world coffee production and exportation, iii) operational risk minimization for companies as well as coffee farmers, iv) encourage and participate in the farmers´ actions to make coffee activity more environmental friendly, and finally, v) designing marketing plans connected with the coffee consumers’ habits and desires, current and future. |
| Keywords: | coffee, agribusiness, key success factors, Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244477&r=sog |
| By: | Gilbert Cette; Jimmy Lopez; Jacques Mairesse |
| Abstract: | On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers. |
| JEL: | C23 E22 E24 L50 O30 O43 O47 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22603&r=sog |
| By: | FARAYIBI, Adesoji |
| Abstract: | This paper examined stress testing in the Nigerian banking sector from 2004-2014 using error correction mechanism (ECM) and Ordinary Least Square (OLS) methodologies. The study adopted the bottom-up approach to stress management. Evidence from the analysis showed that stress testing is important to building a strong and viable financial system in the country. Bank’s going concern depends on profitability, solvency and liquidity whereas banks performance index depends on the behaviours of macroeconomic variables. The study found that Nigerian banking system is susceptible to various risks both within and outside the country. They are also exposed to macroeconomic risks as their performance index is based on these variables. The study concluded that how banks respond to risks determines the going concern and the viability of the nation’s financial system. Thus, a thorough credit risk management framework championed by the major stakeholders involved in the credit disbursement was recommended. |
| Keywords: | Stress Testing, Banking Sector, Credit Risk, Bottom-up Approach, Performance Index |
| JEL: | G2 G21 G24 |
| Date: | 2016–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73615&r=sog |
| By: | Gilles Eric Fombasso Toyem |
| Abstract: | Research on SME public policies has greatly evolved during the past years. This is the case particularly in developed countries, where many institutions have been put in place to support these firms owing notably to their social and economic importance. Yet, the scientific community acknowledges that we still have substantial knowledge gaps with regards to the question of how and when governments should intervene to assist SMEs, and which specific categories of SMEs should receive assistance in some shape or form. The objective of this thesis is to bring an element of response to the above-mentioned question concerning public financing measures in particular. More precisely, its objective is to show how the type of measures used by governments and the internal characteristics of beneficiary firms contribute to make government intervention more or less effective in the short term (over a one-year interval) notably in terms of job creation. The interest of this thesis thus lies in the fact that it highlights new parameters which can be used in the framework of strategies aiming at improving the results of government intervention in the SME sector. The measures we examine include research and development subsidies, capital interventions, and loans. The characteristics of firms we consider include the level of cash-flow, the level of equity, and the level of financial debt. To achieve our objective, we focus on the context of the Brussels-capital Region in Belgium and consider 2004-2010 as the period of study. The thesis is principally inspired by Storey’s propositions (one of the pioneers of research on entrepreneurship and public policies), who posits that setting effective SME policies requires an understanding of factors influencing the birth, the growth, and the death of the latter. It uses the comparative and longitudinal approaches in a quasi-experimental research design with the relative difference-in-differences estimation and panel-data regression including dummy variables as techniques of analysis. The thesis is presented in five chapters. The first is devoted to the general introduction, in which we delineate the framework of the study. The second reviews the literature on the foundations and evaluation methods of SME policies. It gives the state of the art of current research on the topic addressed and defines the background of the thesis. The third chapter describes the methodology used to answer the research question. The fourth chapter is devoted to the results, which are presented through two empirical studies. The first empirical study analyzes the influence of the type of measures. It reveals that subsidies are on average more effective than the two other forms of financing followed respectively by loans, and capital interventions. The second empirical study analyzes the simultaneous influence of the type of measures and the characteristics of beneficiary firms. It shows that public measures are in general more effective in categories of firms having a relatively-high level of cash-flow, a relatively-high level of equity, or a relatively-low level of debt than in the other categories of firms. This result means that a high level of cash-flow as a high level of equity and a low level of debt have a positive effect on the expected outcomes of government intervention in the SME sector. Finally, chapter 5 presents the general conclusion. In this chapter, we summarize the main points developed; present the limitations of the thesis and the perspectives for future research. |
| Abstract: | La recherche sur les politiques publiques visant à soutenir les PME s’est fortement développée au cours de ces dernières années. C’est le cas en particulier dans les pays développés, où de nombreuses institutions ont été mises en place pour soutenir ces entreprises en raison notamment de leur importance socio-économique. Pourtant, la communauté scientifique s’accorde sur le fait que nous ayons toujours des gaps de connaissance substantiels concernant la question du comment et quand les pouvoirs publics devraient intervenir pour assister les PME (ou les entrepreneurs), et quelles catégories spécifiques de PME devraient recevoir de l’aide sous une forme quelconque. Cette thèse essaye d’apporter un élément de réponse à la question susmentionnée en prenant le cas particulier des mesures publiques de financement. Son objectif est de montrer comment le type de mesure utilisé par les pouvoirs publics et les caractéristiques internes des entreprises bénéficiaires contribuent à rendre l’intervention publique plus ou moins efficaces dans le court terme (sur un intervalle d’un an) notamment en termes de création d’emplois. Ainsi, l’intérêt de cette thèse réside dans le fait qu’elle met en évidence de nouveaux paramètres ou facteurs qui peuvent être utilisés dans le cadre des stratégies visant à optimiser les résultats de l’intervention publique dans le secteur des PME. Les mesures que nous examinons incluent les subsides à la recherche développement, les interventions en capital, et les prêts. Les caractéristiques des entreprises que nous considérons comprennent le niveau de cash-flow, le niveau des capitaux propres, et le niveau de la dette financière à plus d’un an. Pour atteindre notre objectif, nous nous focalisons sur le contexte de la Région de Bruxelles-capitale en Belgique et considérons la période 2004-2010 comme période d’étude. La thèse s’inspire principalement des travaux de Storey (un des pionniers de la recherche sur l’entrepreneuriat et les politiques publiques), qui soutient que la mise en place de politiques efficaces dans le secteur des PME nécessite une compréhension et une prise en compte des facteurs concourant à la naissance, la croissance, et la faillite de ces entreprises. Elle utilise les approches comparative et longitudinale, dans un design de recherche quasi-expérimental avec l’estimation par différence-en-différences relative et la régression avec des données de panel incluant les variables dummy comme techniques d’analyse. La thèse est présentée en cinq chapitres. Le premier chapitre porte sur l’introduction générale, qui délimite le cadre général de la thèse. Le second passe en revue la littérature et ressort les fondements et méthodes d’évaluation des politiques visant à soutenir les PME. Il fait un état de l’art de la recherche actuelle sur le sujet abordé et définit le cadre théorique de la thèse. Le troisième chapitre présente la méthodologie utilisée pour répondre à la question de recherche. Le quatrième chapitre est consacré aux résultats, qui sont présentés à travers deux études empiriques. La première étude empirique analyse l’influence du type. Elle révèle que les subsides sont en moyenne plus efficaces que les deux autres formes de financement, suivis par les prêts, et le capital respectivement. La deuxième étude empirique analyse l’influence simultanée du type de mesure et des caractéristiques des entreprises bénéficiaires. Elle montre que les mesures publiques sont en général plus efficaces chez les catégories entreprises présentant un niveau de cash-flow relativement élevé, un montant de capitaux propres relativement élevé, et un niveau d’endettement relativement faible. Ces résultats indiquent ainsi qu’un niveau de cash-flow élevé de même qu’un niveau de capitaux propres élevé et un niveau d’endettement faible contribuent à rendre les mesures publiques plus efficaces. Pour finir, le chapitre 5 présente la conclusion générale. Dans ce chapitre, nous résumons les principaux point développés, et présentons les limites de la thèse ainsi que les perspectives pour la recherche future. |
| Keywords: | Public financing measures; SMEs; Evaluation; Effectiveness; Mesures publiques de financement; PME; Evaluation; Efficacité |
| Date: | 2015–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/222201&r=sog |
| By: | Xu, Ning; Hong, Jian; Fisher, Timothy |
| Abstract: | In this paper, we study the generalization ability (GA)---the ability of a model to predict outcomes in new samples from the same population---of the extremum estimators. By adapting the classical concentration inequalities, we propose upper bounds for the empirical out-of-sample prediction error for extremum estimators, which is a function of the in-sample error, the severity of heavy tails, the sample size of in-sample data and model complexity. The error bounds not only serve to measure GA, but also to illustrate the trade-off between in-sample and out-of-sample fit, which is connected to the traditional bias-variance trade-off. Moreover, the bounds also reveal that the hyperparameter K, the number of folds in $K$-fold cross-validation, cause the bias-variance trade-off for cross-validation error, which offers a route to hyperparameter optimization in terms of GA. As a direct application of GA analysis, we implement the new upper bounds in penalized regression estimates for both n>p and n |
| Keywords: | generalization ability, upper bound of generalization error, penalized regression, bias-variance trade-off, lasso, high-dimensional data, cross-validation, $\mathcal{L}_2$ difference between penalized and unpenalized regression |
| JEL: | C13 C52 C55 |
| Date: | 2016–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73622&r=sog |
| By: | Michael R. Carter; Emilia Tjernström; Patricia Toledo |
| Abstract: | We study the impacts of a rural development program designed to boost the income of the small-farm sector in Nicaragua. Exploiting the random assignment of treatment, we find statistically and economically significant impacts on farm incomes and investment in farm capital. Using continuous treatment estimation techniques, we examine the evolution of program impacts over time and find that incomes in the activities targeted by the program as well as farm capital rise significantly over time, even after the expiration of the program. Because of the temporal pattern of impacts, shorter-term binary treatment estimators do not fully capture the impacts of the program. Additionally, panel quantile methods reveal striking heterogeneity of program impacts on both income and investment. We show that this heterogeneity is not random, and that there are some low-performing households that simply do not benefit from this program that tried to engage them as agricultural entrepreneurs. While the benefit-cost ratio of the program is on average highly positive, these findings on impact heterogeneity signal limitations of business development programs as a way to eliminate rural poverty. |
| JEL: | I32 O12 O13 Q12 Q13 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22628&r=sog |
| By: | Carlos León (Banco de la República de Colombia); José Fernando Moreno (Banco de la República de Colombia); Jorge Cely (Banco de la República de Colombia) |
| Abstract: | The balance sheet is a snapshot that portraits the financial position of a firm at a specific point of time. Under the reasonable assumption that the financial position of a firm is unique and representative, we use a basic artificial neural network pattern recognition method on Colombian banks’ 2000-2014 monthly 25-account balance sheet data to test whether it is possible to classify them with fair accuracy. Results demonstrate that the chosen method is able to classify out-of-sample banks by learning the main features of their balance sheets, and with great accuracy. Results confirm that balance sheets are unique and representative for each bank, and that an artificial neural network is capable of recognizing a bank by its financial accounts. Further developments fostered by our findings may contribute to enhancing financial authorities’ supervision and oversight duties, especially in designing early-warning systems. Classification JEL: C45, C53, G21, M41 |
| Keywords: | supervised learning, machine learning, artificial neural networks, classification |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:959&r=sog |
| By: | Van Hertem, Tom; Lague, Simon; Rooijakkers, Luc; Vranken, Erik |
| Abstract: | In future years, modern farmers will be under greater pressure to care for a large number of animals in order to remain economically viable. There is a growing global awareness of welfare conditions in animal production and a tendency towards more intensive production, resulting in a need for better genetics and a more precise way to monitor them. The challenge and the success of intensive farming will lie in how precisely we can steer the animals towards their genetic potential. Sensors have the potential to replace the eyes, ears and nose of the farmer by continuously assessing different key indicators throughout the production process, 24 hours a day and 7 days a week. The continuous automated monitoring of varying needs of individual living farm animals at every moment and anywhere is called Precision Livestock Farming (PLF). The aim of this paper is to describe how PLF-systems are used within the EU-PLF project to work towards an automated assessment of sustainability on farm level, by continuous monitoring of animal behaviour. The roadmap towards a sustainable meat production, viewed from a technologist’s point of view, is described hereafter in four steps. This phase comprises an implementation of PLF tools, where the basic inputs are measured and monitored in function of time. In a next step, a more complete control of the production process is pursued. In this step, the animal is used as a sensor to gather evidence on the animals’ bio response to its environment and management by the farmer. The final step towards the management of the meat production is through the monitoring of emissions and resource efficiency. PLF-technology and continuous monitoring of animal bio responses will improve the understanding of the production process. This will allow the farmer to manage his process by exception. Production data collection and sharing will enhance the transparency throughout the production chain and help the consumer make educated decisions. |
| Keywords: | Agribusiness, Farm Management, Livestock Production/Industries, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244524&r=sog |
| By: | David Vallat (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - Institut d'Études Politiques [IEP] - Lyon - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The Sharing Economy is much more than collaborative consumption (Botsman and Rogers, 2011) even if this appears as the most visible achievement of this sector. Production, consumption, finance, exchanges are disrupted by the sharing economy revolution. But what are the common points between Airbnb, Uber, Wikipedia, Ulule, Blablacar, Kickstarter, the FabLabs/hackespaces, the Local exchange trading systems (LETS), Linux, etc.? Most of these achievements rely upon digital platforms (Kenney and Zysman, 2015) enabling peer-to-peer exchanges. These digital platforms act as « weapon of mass collaboration » (Tapscott & Williams - 2007), flattening relationships between Internet users and inside organizations (Castells, 1996 ; 2002). Specifying what the sharing economy is isn’t an easy task. For-profit, non-profit, reciprocity, competition can be observed at a stage or another in the sharing economy galaxy. A bright constellation in this galaxy is the think tank Ouishare created in France in 2012. It’s s a « global community that connects people, organizations and ideas around fairness, openness and trust » (ouishare.net). For them collaborative economy deals with five phenomena: collaborative consumption, crowdfunding, open knowledge (open data, open education, open governance), the maker movement (open design and manufacturing, do it yourself), open and horizontal governance (participatory budgeting, open government initiatives, co-operatives, open value networks, do-ocracries, holacracies). Internet seems to enable peer-to-peer exchanges between consumers (Bauwens, 2005) who are also sometimes producers (Tapscot and William - 2007 speak about “prosumers” to stress how the lines have been blurring). Of course Uber and Airbnb’s algorithms are working like digital auctioneers: tiny invisible hands enabling peer-to-peer exchanges. Could this be the return of Smith or Hayek? Why am I asking this question? Because Jimmy Wales, Wikipedia’s founder, pointed out “Hayek’s work on price theory is central to my own thinking about how to manage the Wikipedia project” (Mangu-Ward, 2007). In order to figure out how to understand the complexity of the sharing economy we propose to explore three paths to characterize it. In the first one we’ll distinguish, with Karl Polanyi, two kinds of economy. Then we will try to figure out where to position the sharing economy (1). In the second one we’ll see if all the sharing economy organizations really share everything and how (2). The last way to characterize the sharing economy is around its global political project (3). 1) The economic anthropologist Karl Polanyi is known for his opposition to traditional economic thought. He distinguishes two ways to understand economy: formal and substantive (Polanyi, 1944). The formal meaning refers to an economy interested only in minimizing means and maximizing results (in neoclassical words: utility maximization under conditions of scarcity). The substantive meaning refers to how humans make a living interacting within their social and natural environments. In this case the economy is embedded in society. Karl Polanyi identifies four principles (or forms of integration) of economic behavior, three in a substantive meaning (reciprocity, redistribution, domestic administration) and the last in the formal sense (market exchange). These principles will be used to classify sharing economies. 2) The sharing economy seems to offer a third way between state and market, the collaborative commons (Rifkin, 2014), which are aimed to produce, innovate, manage, all in common (Ostrom, 1990; Hess & Ostrom, 2007). Some projects or organizations of the sharing economy are managed as common pool resources (Wikipedia, Linux). These projects/organizations have been deeply influenced by the free culture movement (Lessig, 2004 ; Suber, 2012 ; Stallman, 1985) very present in Internet culture (Castells, 1996 ; Benkler 2002) and are close to a an economy in its substantive meaning. The principles of common pool resource management (Ostrom, 1990) are, according to us, useful tools to characterize sharing economy projects. 3) Proponents of the sharing economy advocate action. This is to participate in the creation of a new world by being an agent of change. Acting is a way to test ideas and overcome the internal contradictions of the movement. 3D printers, laser cutters, digital milling machine found in all FabLabs provide access to a new form of bricolage, an interconnected DIY (Anderson, 2012 ; Lallement, 2015). More than a political project, a way of being: to not be a passive consumer and join the ranks of the makers (Anderson, 2012). The concept of bricolage (Levi-Strauss, 1962 ; Duymedian et Rüling, 2010 ; Gundry et al., 2003 ; Garud et Karnøe, 2003) could help us in identifying the real spirit of the sharing economy. On the one hand the culture of open access (Suber, 2012) where peers gather behind a socially useful project and produce in common; on the other huge corporations that take advantage of the opportunities opened up by the internet to establish a " netarchical capitalism” (Bauwens and Kostakis, 2014). The sharing economy concentrates contradictions. We hope to give, in this paper, some guidelines to identify sharing economies. |
| Keywords: | collaborative economy , sharing economy , Uber , Polanyi , Wikipedia , Ostrom , Commons , Rifkin , Levi-Strauss ,économie collaborative , bricolage |
| Date: | 2016–06–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01331107&r=sog |
| By: | Florén, Britta; Amani, Pegah; Davis, Jennifer |
| Abstract: | The climate impact of food consumption corresponds to about 2 tons of CO2 eq. per capita, representing around 25 % of the total consumption-driven climate change impact in Sweden. There are several diverse ongoing trends of food consumption in Sweden, and their primary drivers are environmental and health considerations. The results of a market research carried out by YouGov (2010) indicated that nearly 75 percent of respondents would buy climate-labeled food, and nearly 50 percent of the respondents would be willing to pay a higher price for such a product. The climate impact from meals could be significantly decreased through small changes in recipes by reducing the amount of ingredients with high carbon footprints or substituting them with other ingredients with the same function but lower carbon footprints. By making more climate-conscious choices, e.g. eating more vegetables as well as poultry, egg and seafood instead of red meat, the climate impact per person and year could be reduced by half. Several recent studies suggest that dietary changes can reduce food-related environmental impacts significantly (e.g. Tilman and Clark, 2014; Hallström et al., 2015; Stehfest, 2014; Röös et al., 2015; Bryngelsson et al., 2016). These studies have mainly explored theoretical dietary scenarios, and not what people actually eat; for example, in one study a model-based theoretical diet, which reduced GHGs by 90%, included unrealistic amounts of only seven food items (Macdiarmid, 2012). Still, this information is important when aiming to guide food producers, public authorities and consumers towards more sustainable and healthy options. The national food agency Sweden updated their dietary advice in 2015, which now also takes environmental consideration into account, besides health impact (SLV, 2015). |
| Keywords: | Agribusiness, |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi16:244465&r=sog |